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 | Smaller reporting company | o | |
Emerging growth company | o | |||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.01 par value | OUT | New York Stock Exchange |
As of | ||||||||
(in millions) | March 31, 2019 | December 31, 2018 | ||||||
Assets: | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Restricted cash | ||||||||
Receivables, less allowance ($10.7 in 2019 and $10.7 in 2018) | ||||||||
Prepaid lease and transit franchise costs | ||||||||
Prepaid MTA equipment deployment costs (Note 18) | ||||||||
Other prepaid expenses | ||||||||
Other current assets | ||||||||
Total current assets | ||||||||
Property and equipment, net (Note 5) | ||||||||
Goodwill | ||||||||
Intangible assets (Note 6) | ||||||||
Operating lease assets (Note 4) | ||||||||
Prepaid MTA equipment deployment costs (Note 18) | ||||||||
Other assets | ||||||||
Total assets | $ | $ | ||||||
Liabilities: | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | $ | ||||||
Accrued compensation | ||||||||
Accrued interest | ||||||||
Accrued lease and transit franchise costs | ||||||||
Other accrued expenses | ||||||||
Deferred revenues | ||||||||
Short-term debt (Note 9) | ||||||||
Short-term operating lease liabilities (Note 4) | ||||||||
Other current liabilities | ||||||||
Total current liabilities | ||||||||
Long-term debt, net (Note 9) | ||||||||
Deferred income tax liabilities, net | ||||||||
Asset retirement obligation (Note 7) | ||||||||
Operating lease liabilities (Note 4) | ||||||||
Other liabilities | ||||||||
Total liabilities | ||||||||
Commitments and contingencies (Note 18) | ||||||||
Stockholders’ equity (Note 10): | ||||||||
Common stock (2019 - 450.0 shares authorized, and 141.6 shares issued | ||||||||
and outstanding; 2018 - 450.0 shares authorized, and 140.2 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 | ||||||||
March 31, | ||||||||
(in millions, except per share amounts) | 2019 | 2018 | ||||||
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 | ||||||||
Interest expense, net | ( | ) | ( | ) | ||||
Other income (expense), net | ( | ) | ||||||
Income 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 | $ | $ | ||||||
Net income per common share: | ||||||||
Basic | $ | $ | ||||||
Diluted | $ | $ | ||||||
Weighted average shares outstanding: | ||||||||
Basic | ||||||||
Diluted | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2019 | 2018 | ||||||
Net income | $ | $ | ||||||
Other comprehensive income (loss), net of tax: | ||||||||
Cumulative translation adjustments | ( | ) | ||||||
Net actuarial gain | ||||||||
Change in fair value of interest rate swap agreements | ( | ) | ||||||
Total other comprehensive income (loss), 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, 2017 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ) | ( | ) | — | ( | ) | ||||||||||||||||||||
Stock-based payments: | |||||||||||||||||||||||||||||||
Vested | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization | — | — | — | — | — | ||||||||||||||||||||||||||
Shares paid for tax withholding for stock-based payments | ( | ) | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Dividends ($0.36 per share) | — | — | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||||||||
Balance as of March 31, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Balance as of December 31, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Cumulative effect of a new accounting standard (Note 2) | — | — | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||
Stock-based payments: | |||||||||||||||||||||||||||||||
Vested | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization | — | — | — | — | — | ||||||||||||||||||||||||||
Shares paid for tax withholding for stock-based payments | ( | ) | — | ( | ) | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Class A equity interest redemptions | — | — | — | ( | ) | — | |||||||||||||||||||||||||
Shares issued under the ATM Program | — | — | — | — | |||||||||||||||||||||||||||
Dividends ($0.36 per share) | — | — | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||||||||||||
Other | — | — | — | — | |||||||||||||||||||||||||||
Balance as of March 31, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||||||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2019 | 2018 | ||||||
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 | ||||||||
Net gain 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: | ||||||||
Decrease in receivables | ||||||||
Increase in prepaid MTA equipment deployment costs | ( | ) | ( | ) | ||||
Increase in prepaid expenses and other current assets | ( | ) | ( | ) | ||||
Decrease in accounts payable and accrued expenses | ( | ) | ( | ) | ||||
Increase in deferred revenues | ||||||||
Decrease in income taxes | ( | ) | ( | ) | ||||
Other, net | ||||||||
Net cash flow provided by operating activities | ||||||||
Investing activities: | ||||||||
Capital expenditures | ( | ) | ( | ) | ||||
Acquisitions | ( | ) | ( | ) | ||||
MTA franchise rights | ( | ) | ( | ) | ||||
Net proceeds from dispositions | ||||||||
Return of investment in investee companies | ||||||||
Net cash flow used for investing activities | ( | ) | ( | ) | ||||
Financing activities: | ||||||||
Proceeds from long-term debt borrowings | ||||||||
Proceeds from borrowings under short-term debt facilities | ||||||||
Repayments of borrowings under short-term debt facilities | ( | ) | ( | ) | ||||
Proceeds from shares issued under the ATM Program | ||||||||
Taxes withheld for stock-based compensation | ( | ) | ( | ) | ||||
Dividends | ( | ) | ( | ) | ||||
Net cash flow used for financing activities | ( | ) | ( | ) | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2019 | 2018 | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ) | ||||||
Net increase in cash, cash equivalents and restricted cash | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | ||||||
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 | $ | $ | ||||||
Accrued MTA franchise rights | ||||||||
Taxes withheld for stock-based compensation | ||||||||
As of | ||||||||||||
(in millions) | March 31, 2019 | March 31, 2018 | December 31, 2018 | |||||||||
Cash and cash equivalents | $ | $ | $ | |||||||||
Restricted cash | ||||||||||||
Cash, cash equivalents and restricted cash | $ | $ | $ | |||||||||
(in millions) | Operating Leases | |||
2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
2024 and thereafter | ||||
Total operating lease payments | ||||
Less: Interest | ||||
Present value of lease liabilities | $ | |||
(in millions) | Non-Cancellable Operating Leases | |||
2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
2024 and thereafter | ||||
Total minimum payments | $ | |||
(in millions) | Rental Income | |||
2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
2024 and thereafter | ||||
Total minimum payments | $ | |||
As of | ||||||||||
(in millions) | Estimated Useful Lives | March 31, 2019 | December 31, 2018 | |||||||
Land | $ | $ | ||||||||
Buildings | 20 to 40 years | |||||||||
Advertising structures | 5 to 20 years | |||||||||
Furniture, equipment and other | 3 to 10 years | |||||||||
Construction in progress | ||||||||||
Less: accumulated depreciation | ||||||||||
Property and equipment, net | $ | $ | ||||||||
(in millions) | Gross | Accumulated Amortization | Net | |||||||||
As of March 31, 2019: | ||||||||||||
Permits and leasehold agreements | $ | $ | ( | ) | $ | |||||||
Franchise agreements | ( | ) | ||||||||||
Other intangible assets | ( | ) | ||||||||||
Total intangible assets | $ | $ | ( | ) | $ | |||||||
As of December 31, 2018: | ||||||||||||
Permits and leasehold agreements | $ | $ | ( | ) | $ | |||||||
Franchise agreements | ( | ) | ||||||||||
Other intangible assets | ( | ) | ||||||||||
Total intangible assets | $ | $ | ( | ) | $ | |||||||
(in millions) | ||||
As of December 31, 2018 | $ | |||
Accretion expense | ||||
Additions | ||||
Liabilities settled | ( | ) | ||
Foreign currency translation adjustments | ||||
As of March 31, 2019 | $ | |||
As of | ||||||||
(in millions, except percentages) | March 31, 2019 | December 31, 2018 | ||||||
Short-term debt: | ||||||||
AR Facility | $ | $ | ||||||
Repurchase Facility | ||||||||
Total short-term debt | ||||||||
Long-term debt: | ||||||||
Revolving credit facility | ||||||||
Term loan, due 2024 | ||||||||
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 | ||||||||
Total debt, net | $ | $ | ||||||
Weighted average cost of debt | % | % | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2019 | 2018 | ||||||
Billboard: | ||||||||
Static displays | $ | $ | ||||||
Digital displays | ||||||||
Other | ||||||||
Billboard revenues | ||||||||
Transit: | ||||||||
Static displays | ||||||||
Digital displays | ||||||||
Other | ||||||||
Total transit revenues | ||||||||
Sports marketing and other | ||||||||
Transit and other revenues | ||||||||
Total revenues | $ | $ | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2019 | 2018 | ||||||
United States: | ||||||||
Billboard | $ | $ | ||||||
Transit and other | ||||||||
Sports marketing and other | ||||||||
Total United States revenues | ||||||||
Canada | ||||||||
Total revenues | $ | $ | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2019 | 2018 | ||||||
Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), 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, 2018 | $ | ||||||
Granted: | |||||||
RSUs | |||||||
PRSUs | |||||||
Vested: | |||||||
RSUs | ( | ) | |||||
PRSUs | ( | ) | |||||
Forfeitures: | |||||||
RSUs | ( | ) | |||||
PRSUs | ( | ) | |||||
Non-vested as of March 31, 2019 | |||||||
Activity | Weighted Average Exercise Price | ||||||
Outstanding as of December 31, 2018 | $ | ||||||
Exercised | ( | ) | |||||
Outstanding as of March 31, 2019 | |||||||
Exercisable as of March 31, 2019 | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2019 | 2018 | ||||||
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 | ||||||||
March 31, | ||||||||
(in millions) | 2019 | 2018 | ||||||
Net income available for common stockholders, diluted | $ | $ | ||||||
Less: Distributions to holders of Class A equity interests of a subsidiary | ||||||||
Net income available for common stockholders, basic | $ | $ | ||||||
Weighted average shares for basic EPS | ||||||||
Dilutive potential shares from grants of RSUs, PRSUs and stock options(a) | ||||||||
Weighted average shares for diluted EPS | ||||||||
(a) |
(b) |
(in millions) | Beginning Balance | Deployment Costs Incurred | Recoupment | Amortization | Ending Balance | |||||||||||||||
Three months ended March 31, 2019: | ||||||||||||||||||||
Prepaid MTA equipment deployment costs | $ | $ | $ | ( | ) | $ | — | $ | ||||||||||||
Intangible assets (franchise agreements) | — | ( | ) | |||||||||||||||||
Total | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||
Year ended December 31, 2018: | ||||||||||||||||||||
Prepaid MTA equipment deployment costs | $ | $ | $ | ( | ) | $ | — | $ | ||||||||||||
Intangible assets (franchise agreements) | — | ( | ) | |||||||||||||||||
Total | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2019 | 2018 | ||||||
Revenues: | ||||||||
U.S. Media | $ | $ | ||||||
Other | ||||||||
Total revenues | $ | $ | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2019 | 2018 | ||||||
Net income | $ | $ | ||||||
Benefit for income taxes | ( | ) | ( | ) | ||||
Equity in earnings of investee companies, net of tax | ( | ) | ( | ) | ||||
Interest expense, net | ||||||||
Other (income) expense, net | ( | ) | ||||||
Operating income | ||||||||
Restructuring charges | ||||||||
Net gain on dispositions | ( | ) | ( | ) | ||||
Depreciation and amortization | ||||||||
Stock-based compensation | ||||||||
Total Adjusted OIBDA | $ | $ | ||||||
Adjusted OIBDA: | ||||||||
U.S. Media | $ | $ | ||||||
Other | ( | ) | ||||||
Corporate | ( | ) | ( | ) | ||||
Total Adjusted OIBDA | $ | $ | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2019 | 2018 | ||||||
Operating income (loss): | ||||||||
U.S. Media | $ | $ | ||||||
Other | ( | ) | ( | ) | ||||
Corporate | ( | ) | ( | ) | ||||
Total operating income | $ | $ | ||||||
Net gain on dispositions: | ||||||||
U.S. Media | $ | ( | ) | $ | ( | ) | ||
Total gain 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) | March 31, 2019 | December 31, 2018 | ||||||
Assets: | ||||||||
U.S. Media | $ | $ | ||||||
Other | ||||||||
Corporate | ||||||||
Total assets | $ | $ | ||||||
As of March 31, 2019 | ||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||
Operating lease assets | ||||||||||||||||||||||||
Investment in subsidiaries | ( | ) | ||||||||||||||||||||||
Prepaid MTA equipment deployment costs | ||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||
Intercompany | ( | ) | ||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Total current liabilities | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Long-term debt, net | ||||||||||||||||||||||||
Deferred income tax liabilities, net | ||||||||||||||||||||||||
Operating lease liability | ||||||||||||||||||||||||
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, 2018 | ||||||||||||||||||||||||
(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 | ( | ) | ||||||||||||||||||||||
Prepaid MTA equipment deployment costs | ||||||||||||||||||||||||
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 March 31, 2019 | ||||||||||||||||||||||||
(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 | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
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 March 31, 2018 | ||||||||||||||||||||||||
(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 expense, 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 | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Net income | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Total other comprehensive loss, net of tax | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
Total comprehensive income (loss) | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
Three Months Ended March 31, 2019 | ||||||||||||||||||||||||
(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 | ( | ) | ( | ) | ||||||||||||||||||||
MTA franchise rights | ( | ) | ( | ) | ||||||||||||||||||||
Net proceeds from dispositions | ||||||||||||||||||||||||
Return of investment in investee companies | ||||||||||||||||||||||||
Net cash flow used for investing activities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Proceeds from long-term debt borrowings | ||||||||||||||||||||||||
Proceeds from borrowings under short-term debt facilities | ||||||||||||||||||||||||
Repayments of borrowings under short-term debt facilities | ( | ) | ( | ) | ||||||||||||||||||||
Proceeds from shares issued under the ATM Program | ||||||||||||||||||||||||
Taxes withheld for stock-based compensation | ( | ) | ( | ) | ||||||||||||||||||||
Dividends | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Intercompany | ( | ) | ( | ) | ||||||||||||||||||||
Net cash flow provided by (used for) financing activities | ( | ) | ( | ) | ||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ) | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | ||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Three Months Ended March 31, 2018 | ||||||||||||||||||||||||
(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 | ( | ) | ( | ) | ||||||||||||||||||||
MTA franchise rights | ( | ) | ( | ) | ||||||||||||||||||||
Net proceeds from dispositions | ||||||||||||||||||||||||
Net cash flow used for investing activities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Proceeds from long-term debt borrowings | ||||||||||||||||||||||||
Proceeds from borrowings under short-term debt facilities | ||||||||||||||||||||||||
Repayments of borrowings under short-term debt facilities | ( | ) | ( | ) | ||||||||||||||||||||
Taxes withheld for stock-based compensation | ( | ) | ( | ) | ||||||||||||||||||||
Dividends | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Intercompany | ( | ) | ( | ) | ||||||||||||||||||||
Net cash flow provided by (used for) financing activities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ) | ( | ) | ||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ) | ( | ) | ||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | ||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Digital Revenues (in millions) for the Three Months Ended March 31, 2019(a) | Number of Digital Displays as of March 31, 2019(a) | ||||||||||||||||||||
Location | Digital Billboard | Digital Transit and Other | Total Digital Revenues | Digital Billboard Displays | Digital Transit and Other Displays | Total Digital Displays | |||||||||||||||
United States | $ | 41.8 | $ | 16.5 | $ | 58.3 | 992 | 3,600 | 4,592 | ||||||||||||
Canada | 5.2 | 0.1 | 5.3 | 188 | 52 | 240 | |||||||||||||||
Total | $ | 47.0 | $ | 16.6 | $ | 63.6 | 1,180 | 3,652 | 4,832 | ||||||||||||
(a) | Digital display amounts (1) include displays reserved for transit agency use and (2) exclude: (i) all displays under our multimedia rights agreements with colleges, universities and other educational institutions; and (ii) 1,649 MetroCard vending machine digital screens. Our number of digital displays is impacted by acquisitions, dispositions, management agreements, the net effect of new and lost billboards, and the net effect of won and lost franchises in the period. |
Three Months Ended March 31, | % | ||||||||||
(in millions, except percentages) | 2019 | 2018 | Change | ||||||||
Revenues | $ | 371.7 | $ | 337.9 | 10 | % | |||||
Organic revenues(a)(b) | 371.7 | 337.2 | 10 | ||||||||
Operating income | 36.9 | 31.7 | 16 | ||||||||
Adjusted OIBDA(b) | 86.8 | 81.2 | 7 | ||||||||
Adjusted OIBDA(b) margin | 23 | % | 24 | % | |||||||
Funds from operations (“FFO”)(b) | 42.1 | 45.3 | (7 | ) | |||||||
Adjusted FFO (“AFFO”)(b) | 39.2 | 38.1 | 3 | ||||||||
Net income | 6.1 | 9.1 | (33 | ) | |||||||
(a) | Organic revenues exclude 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 | ||||||||
March 31, | ||||||||
(in millions, except per share amounts) | 2019 | 2018 | ||||||
Total revenues | $ | 371.7 | $ | 337.9 | ||||
Operating income | $ | 36.9 | $ | 31.7 | ||||
Restructuring charges | 0.3 | 1.1 | ||||||
Net gain on dispositions | (1.5 | ) | (0.2 | ) | ||||
Depreciation | 21.1 | 21.1 | ||||||
Amortization | 24.7 | 22.5 | ||||||
Stock-based compensation | 5.3 | 5.0 | ||||||
Adjusted OIBDA | $ | 86.8 | $ | 81.2 | ||||
Adjusted OIBDA margin | 23 | % | 24 | % | ||||
Net income | $ | 6.1 | $ | 9.1 | ||||
Depreciation of billboard advertising structures | 16.3 | 17.0 | ||||||
Amortization of real estate-related intangible assets | 10.9 | 10.6 | ||||||
Amortization of direct lease acquisition costs | 10.3 | 8.7 | ||||||
Net gain on disposition of real estate assets | (1.5 | ) | (0.2 | ) | ||||
Adjustment related to equity-based investments | — | 0.1 | ||||||
FFO | $ | 42.1 | $ | 45.3 | ||||
FFO | $ | 42.1 | $ | 45.3 | ||||
Non-cash portion of income taxes | (1.8 | ) | (6.9 | ) | ||||
Cash paid for direct lease acquisition costs | (14.0 | ) | (12.5 | ) | ||||
Maintenance capital expenditures | (4.1 | ) | (3.1 | ) | ||||
Restructuring charges | 0.3 | 1.1 | ||||||
Other depreciation | 4.8 | 4.1 | ||||||
Other amortization | 3.5 | 3.2 | ||||||
Stock-based compensation | 5.3 | 5.0 | ||||||
Non-cash effect of straight-line rent | 1.1 | 0.1 | ||||||
Accretion expense | 0.6 | 0.6 | ||||||
Amortization of deferred financing costs | 1.4 | 1.4 | ||||||
Income tax effect of adjustments(a) | — | (0.2 | ) | |||||
AFFO | $ | 39.2 | $ | 38.1 | ||||
(a) | Income tax effect related to Restructuring charges. |
Three Months Ended March 31, | % | ||||||||||
(in millions, except percentages) | 2019 | 2018 | Change | ||||||||
Revenues: | |||||||||||
Billboard | $ | 251.0 | $ | 239.3 | 5 | % | |||||
Transit and other | 120.7 | $ | 98.6 | 22 | |||||||
Total revenues | $ | 371.7 | $ | 337.9 | 10 | ||||||
Organic revenues(a): | |||||||||||
Billboard | $ | 251.0 | $ | 238.7 | 5 | ||||||
Transit and other | 120.7 | 98.5 | 23 | ||||||||
Total organic revenues(a) | 371.7 | 337.2 | 10 | ||||||||
Non-organic revenues: | |||||||||||
Billboard | — | 0.6 | * | ||||||||
Transit and other | — | 0.1 | * | ||||||||
Total non-organic revenues | — | 0.7 | * | ||||||||
Total revenues | $ | 371.7 | $ | 337.9 | 10 | ||||||
• | Calculation is not meaningful. |
(a) | Organic revenues exclude the impact of foreign currency exchange rates (“non-organic revenues”). |
Three Months Ended March 31, | % | ||||||||||
(in millions, except percentages) | 2019 | 2018 | Change | ||||||||
Expenses: | |||||||||||
Operating | $ | 216.9 | $ | 197.1 | 10 | % | |||||
Selling, general and administrative | 73.3 | 64.6 | 13 | ||||||||
Restructuring charges | 0.3 | 1.1 | (73 | ) | |||||||
Net gain on dispositions | (1.5 | ) | (0.2 | ) | * | ||||||
Depreciation | 21.1 | 21.1 | — | ||||||||
Amortization | 24.7 | 22.5 | 10 | ||||||||
Total expenses | $ | 334.8 | $ | 306.2 | 9 | ||||||
* | Calculation is not meaningful. |
Three Months Ended March 31, | % | ||||||||||
(in millions, except percentages) | 2019 | 2018 | Change | ||||||||
Operating expenses: | |||||||||||
Billboard property lease | $ | 96.0 | $ | 93.5 | 3 | % | |||||
Transit franchise | 58.1 | 47.3 | 23 | ||||||||
Posting, maintenance and other | 62.8 | 56.3 | 12 | ||||||||
Total operating expenses | $ | 216.9 | $ | 197.1 | 10 | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(in millions) | 2019 | 2018 | ||||||
Revenues: | ||||||||
U.S. Media | $ | 338.4 | $ | 309.9 | ||||
Other | 33.3 | 28.0 | ||||||
Total revenues | 371.7 | 337.9 | ||||||
Operating income | $ | 36.9 | $ | 31.7 | ||||
Restructuring charges | 0.3 | 1.1 | ||||||
Net gain on dispositions | (1.5 | ) | (0.2 | ) | ||||
Depreciation | 21.1 | 21.1 | ||||||
Amortization | 24.7 | 22.5 | ||||||
Stock-based compensation | 5.3 | 5.0 | ||||||
Total Adjusted OIBDA | $ | 86.8 | $ | 81.2 | ||||
Adjusted OIBDA: | ||||||||
U.S. Media | $ | 94.6 | $ | 88.9 | ||||
Other | 1.2 | (0.8 | ) | |||||
Corporate | (9.0 | ) | (6.9 | ) | ||||
Total Adjusted OIBDA | $ | 86.8 | $ | 81.2 | ||||
Operating income (loss): | ||||||||
U.S. Media | $ | 55.5 | $ | 50.6 | ||||
Other | (4.0 | ) | (7.0 | ) | ||||
Corporate | (14.6 | ) | (11.9 | ) | ||||
Total operating income | $ | 36.9 | $ | 31.7 | ||||
Three Months Ended March 31, | % | ||||||||||
(in millions, except percentages) | 2019 | 2018 | Change | ||||||||
Revenues: | |||||||||||
Billboard | $ | 236.2 | $ | 226.3 | 4 | % | |||||
Transit and other | 102.2 | 83.6 | 22 | ||||||||
Total revenues | 338.4 | 309.9 | 9 | ||||||||
Operating expenses | (193.4 | ) | (175.5 | ) | 10 | ||||||
SG&A expenses | (50.4 | ) | (45.5 | ) | 11 | ||||||
Adjusted OIBDA | $ | 94.6 | $ | 88.9 | 6 | ||||||
Adjusted OIBDA margin | 28 | % | 29 | % | |||||||
Operating income | $ | 55.5 | $ | 50.6 | 10 | ||||||
Restructuring charges | — | 0.5 | * | ||||||||
Net gain on dispositions | (1.5 | ) | (0.2 | ) | * | ||||||
Depreciation and amortization | 40.6 | 38.0 | 7 | ||||||||
Adjusted OIBDA | $ | 94.6 | $ | 88.9 | 6 | ||||||
* | Calculation is not meaningful. |
Three Months Ended March 31, | % | ||||||||||
(in millions, except percentages) | 2019 | 2018 | Change | ||||||||
Revenues: | |||||||||||
Billboard | $ | 14.8 | $ | 13.0 | 14 | % | |||||
Transit and other | 18.5 | 15.0 | 23 | ||||||||
Total revenues | $ | 33.3 | $ | 28.0 | 19 | ||||||
Organic revenues(a): | |||||||||||
Billboard | $ | 14.8 | $ | 12.4 | 19 | ||||||
Transit and other | 18.5 | 14.9 | 24 | ||||||||
Total organic revenues(a) | 33.3 | 27.3 | 22 | ||||||||
Non-organic revenues: | |||||||||||
Billboard | — | 0.6 | * | ||||||||
Transit and other | — | 0.1 | * | ||||||||
Total non-organic revenues | — | 0.7 | * | ||||||||
Total revenues | 33.3 | 28.0 | 19 | ||||||||
Operating expenses | (23.5 | ) | (21.6 | ) | 9 | ||||||
SG&A expenses | (8.6 | ) | (7.2 | ) | 19 | ||||||
Adjusted OIBDA | $ | 1.2 | $ | (0.8 | ) | * | |||||
Adjusted OIBDA margin | 4 | % | (3 | )% | |||||||
Operating loss | $ | (4.0 | ) | $ | (7.0 | ) | (43 | ) | |||
Restructuring charges | — | 0.6 | * | ||||||||
Depreciation and amortization | 5.2 | 5.6 | (7 | ) | |||||||
Adjusted OIBDA | $ | 1.2 | $ | (0.8 | ) | * | |||||
* | Calculation is not meaningful. |
(a) | Organic revenues exclude the impact of foreign currency exchange rates (“non-organic revenues”). |
As of | |||||||||||
(in millions, except percentages) | March 31, 2019 | December 31, 2018 | % Change | ||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 52.7 | $ | 52.7 | — | % | |||||
Restricted cash | 1.4 | 1.4 | — | ||||||||
Receivables, less allowance ($10.7 in 2019 and $10.7 in 2018) | 229.1 | 264.9 | (14 | ) | |||||||
Prepaid lease and transit franchise costs | 13.4 | 69.3 | (81 | ) | |||||||
Prepaid MTA equipment deployment costs | 31.1 | 18.9 | 65 | ||||||||
Other prepaid expenses | 15.3 | 13.9 | 10 | ||||||||
Other current assets | 8.7 | 8.4 | 4 | ||||||||
Total current assets | 351.7 | 429.5 | (18 | ) | |||||||
Liabilities: | |||||||||||
Accounts payable | 53.3 | 56.5 | (6 | ) | |||||||
Accrued compensation | 24.4 | 47.1 | (48 | ) | |||||||
Accrued interest | 26.0 | 19.1 | 36 | ||||||||
Accrued lease and transit franchise costs | 40.7 | 44.2 | (8 | ) | |||||||
Other accrued expenses | 32.9 | 31.2 | 5 | ||||||||
Deferred revenues | 37.3 | 29.8 | 25 | ||||||||
Short-term debt | 155.0 | 160.0 | (3 | ) | |||||||
Short-term operating lease liabilities | 153.8 | — | * | ||||||||
Other current liabilities | 15.1 | 14.7 | 3 | ||||||||
Total current liabilities | 538.5 | 402.6 | 34 | ||||||||
Working capital (deficit) | $ | (186.8 | ) | $ | 26.9 | * | |||||
• | Calculation is not meaningful. |
(in millions) | Beginning Balance | Deployment Costs Incurred | Recoupment | Amortization | Ending Balance | |||||||||||||||
Three months ended March 31, 2019: | ||||||||||||||||||||
Prepaid MTA equipment deployment costs | $ | 79.5 | $ | 27.1 | $ | (4.4 | ) | $ | — | $ | 102.2 | |||||||||
Intangible assets (franchise agreements) | 14.8 | 5.8 | — | (0.5 | ) | 20.1 | ||||||||||||||
Total | $ | 94.3 | $ | 32.9 | $ | (4.4 | ) | $ | (0.5 | ) | $ | 122.3 | ||||||||
Year ended December 31, 2018: | ||||||||||||||||||||
Prepaid MTA equipment deployment costs | $ | 4.7 | $ | 76.5 | $ | (1.7 | ) | $ | — | $ | 79.5 | |||||||||
Intangible assets (franchise agreements) | 0.9 | 14.7 | — | (0.8 | ) | 14.8 | ||||||||||||||
Total | $ | 5.6 | $ | 91.2 | $ | (1.7 | ) | $ | (0.8 | ) | $ | 94.3 | ||||||||
As of | ||||||||
(in millions, except percentages) | March 31, 2019 | December 31, 2018 | ||||||
Short-term debt: | ||||||||
AR Facility | $ | 80.0 | $ | 85.0 | ||||
Repurchase Facility | 75.0 | 75.0 | ||||||
Total short-term debt | 155.0 | 160.0 | ||||||
Long-term debt: | ||||||||
Revolving credit facility | 35.0 | — | ||||||
Term loan, due 2024 | 668.2 | 668.1 | ||||||
Senior unsecured notes: | ||||||||
5.250% senior unsecured notes, due 2022 | 549.7 | 549.7 | ||||||
5.625% senior unsecured notes, due 2024 | 502.1 | 502.2 | ||||||
5.875% senior unsecured notes, due 2025 | 450.0 | 450.0 | ||||||
Total senior unsecured notes | 1,501.8 | 1,501.9 | ||||||
Debt issuance costs | (19.3 | ) | (20.4 | ) | ||||
Total long-term debt, net | 2,185.7 | 2,149.6 | ||||||
Total debt, net | $ | 2,340.7 | $ | 2,309.6 | ||||
Weighted average cost of debt | 5.1 | % | 5.1 | % | ||||
Payments Due by Period | ||||||||||||||||||||
(in millions) | Total | 2019 | 2020-2021 | 2022-2023 | 2024 and thereafter | |||||||||||||||
Long-term debt | $ | 2,205.0 | $ | — | $ | — | $ | 585.0 | $ | 1,620.0 | ||||||||||
Interest | 586.6 | 122.7 | 233.7 | 177.3 | 52.9 | |||||||||||||||
Total | $ | 2,791.6 | $ | 122.7 | $ | 233.7 | $ | 762.3 | $ | 1,672.9 | ||||||||||
Three Months Ended March 31, | % | ||||||||||
(in millions, except percentages) | 2019 | 2018 | Change | ||||||||
Cash provided by operating activities | $ | 41.4 | $ | 62.1 | (33 | )% | |||||
Cash used for investing activities | (28.7 | ) | (22.1 | ) | 30 | ||||||
Cash used for financing activities | (12.8 | ) | (35.6 | ) | (64 | ) | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.1 | (0.2 | ) | * | |||||||
Net increase in cash, cash equivalents and restricted cash | $ | — | $ | 4.2 | (100 | ) | |||||
* | Calculation is not meaningful. |
Three Months Ended March 31, | % | ||||||||||
(in millions, except percentages) | 2019 | 2018 | Change | ||||||||
Growth | $ | 14.0 | $ | 13.7 | 2 | % | |||||
Maintenance | 4.1 | 3.1 | 32 | ||||||||
Total capital expenditures | $ | 18.1 | $ | 16.8 | 8 | ||||||
• | Declines in advertising and general economic conditions; |
• | Competition; |
• | Government regulation; |
• | Our inability to increase the number of digital advertising displays in our portfolio; |
• | Our ability to implement our digital display platform and deploy digital advertising displays to our transit franchise partners; |
• | 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 our long-lived assets and goodwill; |
• | Our failure to remain qualified to be taxed as a real estate investment trust (“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 before July 17, 2019, we could be subject to tax on any unrealized net built-in gains in the assets held before electing to be treated as a REIT; |
• | The Internal Revenue Service (the “IRS”) may deem the gains from sales of our outdoor advertising assets to be subject to a 100% prohibited transaction tax; |
• | Establishing operating partnerships as part of our REIT structure; and |
• | U.S. federal tax reform legislation could affect us in ways that are difficult to anticipate. |
(in millions, except percentages) | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | Fair Value Loss as of 3/31/19 | ||||||||||||||||||||||||
Pay fixed/receive variable | $ | — | $ | 150.0 | $ | — | $ | — | $ | — | $ | — | $ | 150.0 | $ | 3.2 | ||||||||||||||||
Average pay rate | 3.0 | % | 3.0 | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||
Average receive rate(a) | one-month LIBOR | one-month LIBOR | — | — | — | — | ||||||||||||||||||||||||||
(a) | The one-month LIBOR rate was approximately 2.5% as of March 31, 2019. |
Total Number of Shares Purchased(a) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Remaining Authorizations | ||||||||||
January 1, 2019 through January 31, 2019 | 2,710 | $ | 20.13 | — | — | ||||||||
February 1, 2019 through February 28, 2019 | — | — | — | — | |||||||||
March 1, 2019 through March 31, 2019 | — | — | — | — | |||||||||
Total | 2,710 | — | — | — | |||||||||
(a) | Reflects shares deemed to be surrendered by the Company in connection with tax withholding payments upon exercise of employee stock options at the related exercise prices. |
Exhibit Number | Description | |
3.1 | ||
10.1 | ||
10.2 | ||
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 | |
OUTFRONT MEDIA INC. | ||||
By: | /s/ Matthew Siegel | |||
Name: | Matthew Siegel | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
(Principal Financial 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/ 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/ Matthew Siegel | |||
Name: | Matthew Siegel | |||
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/ Matthew Siegel | |||
Name: | Matthew Siegel | |||
Title: | Executive Vice President and | |||
Chief Financial Officer | ||||
Document and Entity Information Document - shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
May 07, 2019 |
|
| Document and Entity Information [Abstract] | ||
| Document Type | 10-Q | |
| Current Fiscal Year End Date | --12-31 | |
| Document Fiscal Period Focus | Q1 | |
| Document Fiscal Year Focus | 2019 | |
| Document Period End Date | Mar. 31, 2019 | |
| Entity Central Index Key | 0001579877 | |
| Entity Registrant Name | OUTFRONT Media Inc. | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Emerging Growth Company | false | |
| Entity Small Business | false | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding | 141,634,725 |
Consolidated Statement of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Allowance for receivables | $ 10.7 | $ 10.7 |
| Common Stock, Shares Authorized | 450,000,000 | 450,000,000 |
| Common Stock, Shares Issued | 141,634,024 | 140,239,977 |
| Common Stock, Shares Outstanding | 141,634,024 | 140,239,977 |
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Revenues: | ||
| Billboard | $ 251.0 | $ 239.3 |
| Transit and other | 120.7 | 98.6 |
| Total revenues | 371.7 | 337.9 |
| Expenses: | ||
| Operating | 216.9 | 197.1 |
| Selling, general and administrative | 73.3 | 64.6 |
| Restructuring charges | 0.3 | 1.1 |
| Net gain on dispositions | (1.5) | (0.2) |
| Depreciation | 21.1 | 21.1 |
| Amortization | 24.7 | 22.5 |
| Total expenses | 334.8 | 306.2 |
| Operating income | 36.9 | 31.7 |
| Interest expense, net | (32.7) | (30.0) |
| Other income (expense), net | 0.1 | (0.1) |
| Income before benefit for income taxes and equity in earnings of investee companies | 4.3 | 1.6 |
| Benefit for income taxes | 1.0 | 6.7 |
| Equity in earnings of investee companies, net of tax | 0.8 | 0.8 |
| Net income | $ 6.1 | $ 9.1 |
| Net income per common share: | ||
| Basic (in dollars per share) | $ 0.04 | $ 0.06 |
| Diluted (in dollars per share) | $ 0.04 | $ 0.06 |
| Weighted average shares outstanding: | ||
| Basic (in shares) | 140.7 | 138.8 |
| Diluted (in shares) | 141.1 | 139.1 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Statement of Comprehensive Income [Abstract] | ||
| Net income | $ 6.1 | $ 9.1 |
| Other comprehensive income (loss), net of tax: | ||
| Cumulative translation adjustments | 2.6 | (5.4) |
| Net actuarial gain | 0.0 | 0.3 |
| Change in fair value of interest rate swap agreements | (0.8) | 0.0 |
| Total other comprehensive income (loss), net of tax | 1.8 | (5.1) |
| Total comprehensive income | $ 7.9 | $ 4.0 |
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
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| Statement of Stockholders' Equity [Abstract] | ||||
| Common stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
| Dividends declared per common share (in dollars per share) | $ 0.36 | $ 0.36 | ||
Description of Business and Basis of Presentation |
3 Months Ended |
|---|---|
Mar. 31, 2019 | |
| 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 140 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. 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, 2018, filed with the SEC on February 27, 2019. |
New Accounting Standards |
3 Months Ended |
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Mar. 31, 2019 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards Leases In the first quarter of 2019, we adopted the Financial Accounting Standards Board’s (the “FASB’s”) guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors using the transition method to adopt the new lease standard. The transition method allows entities to apply the new lease standard at the adoption date rather than adjusting each period presented at the date of adoption. 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 determines 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 regardless of their classification. We elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed us to carry forward our historical lease classification. We also elected the practical expedient related to land easements, which allowed us to carry forward our accounting treatment for land easements on existing leases. In addition we elected the hindsight practical expedient which resulted in increasing the length of our lease term for existing leases with cancellation provisions. At adoption, we had approximately 23,600 lease agreements as lessee, all of which were classified as operating leases. On January 1, 2019, the adoption of this standard resulted in the recognition of an operating lease liability of $1.2 billion and a right-of-use operating lease asset of the same amount. Existing prepaid and accrued lease costs were reclassified to the right-of-use operating lease asset, resulting in a net asset of $1.3 billion on the Consolidated Statement of Financial Position. As a result of the adoption of this standard, we also recorded a cumulative-effect adjustment of $24.8 million to beginning Distribution in excess of earnings on the Consolidated Statement of Equity for lease costs which would have been recognized in prior periods as a result of the change in the lease term. Under the new guidance, lessors account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases and operating leases. Our billboard lease revenues will continue to be recognized on a straight-line basis over their respective lease terms. Adoption of this guidance did not have a material effect on our consolidated financial statements. |
Restricted Cash |
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| Restricted Cash [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Cash | In the third quarter of 2018, we entered into an escrow agreement in connection with one of our transit franchise contracts, which requires us to deposit funds into an escrow account to fund capital expenditures over the term of the transit franchise contract. As of March 31, 2019, we have $1.4 million of restricted cash deposited in the escrow account.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Text Block] | Leases Effective January 1, 2019, we adopted the FASB’s guidance addressing the recognition, measurement, presentation and disclosure of leases for both lessees and lessors using the transition method to adopt the new lease standard. See Note 2. New Accounting Standards: Adoption of New Accounting Standards. Lessee We generally lease the underlying sites upon which the physical billboard structures on which we display advertising copy for our customers are located. We also have leases for office and warehouse spaces. All leases are recorded on the Consolidated Statement of Financial Position and we recognize lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components from contracts. Many of our leases include one or more options to renew, with renewal terms that can extend the lease term for varying lengths of time. These renewal provisions typically require consent of both parties. Many of our leases also contain termination provisions at our option, based on a variety of factors, including termination due to changing economic conditions of the related billboard location. Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. We rent or sublease certain real estate to third parties. As of March 31, 2019, we have operating lease assets of $1.3 billion, short-term operating lease liabilities of $153.8 million and non-current operating lease liabilities of $1.2 billion. For the three months ended March 31, 2019, we recorded operating lease costs of $94.4 million in Operating expenses and $2.1 million in Selling, general and administrative expenses. These costs include $19.5 million of variable operating lease costs. For the three months ended March 31, 2019, sublease income was immaterial. As of March 31, 2019, minimum rental payments under operating leases are as follows:
As of December 31, 2018, minimum rental payments under non-cancellable operating leases with original terms in excess of one year are as follows:
As of March 31, 2019, the weighted-average remaining lease term was 10.0 years and the weighted-average discount rate was 6.3%. For the three months ended March 31, 2019, cash paid for operating leases was $94.2 million and leased assets obtained in exchange for new operating lease liabilities was $147.6 million. Lessor Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 5. Property and Equipment) are utilized in the sale of advertising to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year. Our leases do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard. For the three months ended March 31, 2019, we recorded rental income of $242.0 million in Revenues on our Consolidated Statement of Operations. As of March 31, 2019, rental payments to be received under non-cancellable operating leases are as follows:
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Property and Equipment |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment | Property and Equipment The table below presents the balances of major classes of assets and accumulated depreciation.
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Intangible Assets |
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| Goodwill and Other Intangible Assets | Intangible Assets Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements, and franchise agreements, which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals. Our identifiable intangible assets consist of the following:
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Asset Retirement Obligation |
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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 |
3 Months Ended |
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Mar. 31, 2019 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions |
Debt |
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| Debt | Debt Debt, net, consists of the following:
Term Loan The interest rate on the term loan due in 2024 (the “Term Loan”) was 4.5% per annum as of March 31, 2019. As of March 31, 2019, a discount of $1.8 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. Revolving Credit Facility We also have a $430.0 million revolving credit facility, which matures in 2022 (the “Revolving Credit Facility,” together with the Term Loan, the “Senior Credit Facilities”). As of March 31, 2019, there were $35.0 million of outstanding borrowings under the Revolving Credit Facility, at a borrowing rate of approximately 4.5%. The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.4 million in the three months ended March 31, 2019, and $0.3 million in the three months ended March 31, 2018. As of March 31, 2019, we had issued letters of credit totaling approximately $66.1 million against the letter of credit facility sublimit under the Revolving Credit Facility. Standalone Letter of Credit Facilities As of March 31, 2019, we had issued letters of credit totaling approximately $143.0 million under our aggregate $150.0 million standalone letter of credit facilities. The total fees under the letter of credit facilities were immaterial in each of the three months ended March 31, 2019 and 2018. Accounts Receivable Securitization Facilities We have a $100.0 million revolving accounts receivable securitization facility (the “AR Facility”) which terminates in June 2021, unless extended, and a 364-day uncommitted $75.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”). In connection with the AR Securitization Facilities, Outfront Media LLC, a wholly-owned subsidiary of the Company (the “Originator”), 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 assets to certain purchasers from time to time (the “Purchasers”). 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. In connection with the Repurchase Facility, the Originator may borrow up to $75.0 million, collateralized by a subordinated note (the “Subordinated Note”) issued by the SPV in favor of the Originator and representing a portion of the outstanding balance of the accounts receivable assets sold by the Originator to the SPV under the AR Facility. The Subordinated Note will be transferred to MUFG, as repurchase buyer, on an uncommitted basis, and subject to repurchase by the Originator on termination of the Repurchase Facility. The Originator has granted MUFG a security interest in the Subordinated Note to secure its obligations under the agreements governing the Repurchase Facility, and the Company has agreed to guarantee the Originator’s obligations under the agreements governing the Repurchase Facility. As of March 31, 2019, there were $80.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of approximately 3.5%, and $75.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of approximately 3.7%. As of March 31, 2019, borrowing capacity remaining under the AR Facility was approximately $20.0 million based on approximately $192.4 million of accounts receivable used as collateral for the AR Securitization Facilities, and there was no borrowing capacity remaining under the Repurchase Facility, in accordance with the agreements governing the AR Securitization Facilities. The commitment fee based on the amount of unused commitments under the AR Facility was immaterial for each of the three months ended March 31, 2019 and 2018. Senior Unsecured Notes As of March 31, 2019, a discount of $0.3 million on $150.0 million aggregate principal amount of the 5.250% Senior Unsecured Notes due 2022, remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations. As of March 31, 2019, a premium of $2.1 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 Our credit agreement, dated as of January 31, 2014 (as amended, supplemented or otherwise modified, the “Credit Agreement”), governing the Senior Credit Facilities, the agreements governing the AR Securitization Facilities, and the indentures governing our senior unsecured notes contain customary affirmative and negative covenants, subject to certain exceptions, including but not limited to those that limit the Company’s and our subsidiaries’ abilities to (i) pay dividends on, repurchase or make distributions in respect to the Company’s or its wholly-owned subsidiary, Outfront Media Capital LLC’s (“Finance LLC’s”) capital stock or make other restricted payments other than dividends or distributions necessary for us to maintain our REIT status, subject to certain conditions, and (ii) enter into agreements restricting certain subsidiaries’ ability to pay dividends or make other intercompany or third-party transfers. The terms of the Credit Agreement (and under certain circumstances, the agreements governing the AR Securitization Facilities) require that we maintain a Consolidated Net Secured Leverage Ratio, which is the ratio of (i) our consolidated secured debt (less up to $150.0 million of unrestricted cash) to (ii) our Consolidated EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters, of no greater than 4.0 to 1.0. As of March 31, 2019, our Consolidated Net Secured Leverage Ratio was 1.5 to 1.0 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 March 31, 2019, our Consolidated Total Leverage Ratio was 4.6 to 1.0 in accordance with the Credit Agreement. As of March 31, 2019, we are in compliance with our debt covenants. Deferred Financing Costs As of March 31, 2019, we had deferred $22.8 million in fees and expenses associated with the Term Loan, Revolving Credit Facility, AR Securitization Facilities and our senior unsecured notes. We are amortizing the deferred fees through Interest expense, net, on our Consolidated Statement of Operations over the respective terms of the Term Loan, Revolving Credit Facility, AR Securitization Facilities and our senior unsecured notes. Interest Rate Swap Agreements We have several interest rate cash flow swap agreements to effectively convert a portion of our LIBOR-based variable rate debt to a fixed rate. The fair value of these swap positions was a net liability of approximately $3.2 million as of March 31, 2019, and $2.4 million as of December 31, 2018, and is included in Other liabilities on our Consolidated Statement of Financial Position. As of March 31, 2019, under the terms of the agreements, we will pay interest based on an aggregate notional amount of $150.0 million, under a weighted-average fixed interest rate of 3.0%, with a receive rate of one-month LIBOR and maturing on December 29, 2021. The one-month LIBOR rate was approximately 2.5% as of March 31, 2019. Fair Value |
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Equity |
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Mar. 31, 2019 | |
| Equity [Abstract] | |
| Equity | Equity As of March 31, 2019, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 141,634,024 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. In June 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 outdoor advertising assets in Canada, and effectuated an amalgamation of All Vision’s Canadian business with our Canadian business (the “Transaction”). 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. 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. During the three months ended March 31, 2019, we made distributions of $0.6 million to holders of the Class A equity interests, which are recorded in Dividends on our Consolidated Statements of Equity and Consolidated Statements of Cash Flows. As of March 31, 2019, 330,151 Class A equity interests have been redeemed for shares of the Company’s common stock. In the three months ended March 31, 2019, we issued 5,512 shares of our common stock under the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan, valued at $0.1 million, to a consultant for services rendered. We have a sales agreement in connection with an “at-the-market” equity offering program (the “ATM Program”), under which we may, from time to time, issue and sell shares of our common stock up to an aggregate offering price of $300.0 million. We have no obligation to sell any of our common stock under the sales agreement and may at any time suspend solicitations and offers under the sales agreement. During the three months ended March 31, 2019, 750,000 shares of our common stock were sold under the ATM Program for gross proceeds of $17.0 million with commissions of $0.3 million, for total net proceeds of $16.7 million. As of March 31, 2019, we had approximately $267.5 million of capacity remaining under the ATM Program. |
Revenues |
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| Revenues | Revenues The following table summarizes revenues by source:
Rental income was $242.0 million in the three months ended March 31, 2019, and $231.9 million in the three months ended March 31, 2018, and is recorded in Billboard revenues on the Consolidated Statement of Operations. The following table summarizes revenues by geography:
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Restructuring Charges |
3 Months Ended |
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Mar. 31, 2019 | |
| Restructuring and Related Activities [Abstract] | |
| Restructuring charges | Restructuring Charges |
Acquisitions |
3 Months Ended |
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Mar. 31, 2019 | |
| Business Combinations [Abstract] | |
| Acquisitions | Acquisitions We completed several asset acquisitions for a total purchase price of approximately $2.5 million in the three months ended March 31, 2019, and $4.1 million in the three months ended March 31, 2018. In the first quarter of 2019, we entered into an agreement to acquire four digital billboard displays in Atlanta, Georgia, for an aggregate purchase price of $24.0 million. In connection with the execution of the agreement, we paid a deposit of $5.0 million to an escrow agent, which is included in Other assets on our Consolidated Statement of Financial Position. The transaction is expected to close in 2019, subject to customary closing conditions. |
Stock-Based Compensation |
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| Stock-Based Compensation | Stock-Based Compensation The following table summarizes our stock-based compensation expense for the three months ended March 31, 2019 and 2018.
As of March 31, 2019, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $39.8 million, which is expected to be recognized over a weighted average period of 2.4 years. RSUs and PRSUs The following table summarizes activity for the three months ended March 31, 2019, of RSUs and PRSUs issued to our employees.
Stock Options The following table summarizes activity for the three months ended March 31, 2019, of stock options issued to our employees.
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Retirement Benefits |
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| 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 |
3 Months Ended |
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Mar. 31, 2019 | |
| 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. Tax years 2015 to present are open for examination by the tax authorities. We are currently under examination by the Internal Revenue Service for the 2016 tax year and by New York State for the 2014 tax year. 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 (EPS) | Earnings Per Share (“EPS”)
(b) The potential impact of 1.7 million shares of Class A equity interests of Outfront Canada in the three months ended March 31, 2019, and 2.0 million in the three months ended March 31, 2018, was antidilutive. (See Note 10. Equity to the Consolidated Financial Statements.)
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| Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Arrangements Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments. These arrangements result from our normal course of business and represent obligations that are payable over several years. Contractual Obligations We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment. 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. Under the New York Metropolitan Transportation Authority (“the “MTA”) agreement, we are obligated to deploy, over a number of years, (i) 8,565 digital advertising screens on subway and train platforms and entrances, (ii) 37,716 smaller-format digital advertising screens on rolling stock, and (iii) 7,829 MTA communications displays. In addition, we are obligated to pay to the MTA the greater of a percentage of revenues or a guaranteed minimum annual payment. Incremental revenues that exceed an annual base revenue amount will be retained by us for the cost of deploying advertising and communications displays throughout the transit system. As presented in the table below, MTA equipment deployment costs are being recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, and as these costs are recouped from incremental revenues that the MTA would otherwise be entitled to receive, Prepaid MTA equipment deployment costs will be reduced. If incremental revenues generated over the term of the agreement are not sufficient to cover all or a portion of the equipment deployment costs, the costs will not be recouped, which could have an adverse effect on our business, financial condition and results of operation. As of March 31, 2019, 1,964 digital displays had been installed, of which 735 installations occurred in the three months ended March 31, 2019. For the full year of 2019, we expect our MTA equipment deployment costs to be approximately $175.0 million.
Letters of Credit We have indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. As of March 31, 2019, the outstanding letters of credit were approximately $209.1 million and outstanding surety bonds were approximately $26.6 million, and were not recorded on the Consolidated Statements of Financial Position. Legal Matters |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information 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.
We present Operating income before Depreciation, Amortization, Net gain (loss) on dispositions, Stock-based compensation and Restructuring charges (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments.
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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 8. Debt to the Consolidated Financial Statements). 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) |
3 Months Ended |
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Mar. 31, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Use of Estimates | The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
New Accounting Standards (Policies) |
3 Months Ended |
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Mar. 31, 2019 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New Accounting Standards | We elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed us to carry forward our historical lease classification. We also elected the practical expedient related to land easements, which allowed us to carry forward our accounting treatment for land easements on existing leases. In addition we elected the hindsight practical expedient which resulted in increasing the length of our lease term for existing leases with cancellation provisions. |
Leases (Policies) |
3 Months Ended |
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Mar. 31, 2019 | |
| Leases [Abstract] | |
| Lessee, Leases [Policy Text Block] | We generally lease the underlying sites upon which the physical billboard structures on which we display advertising copy for our customers are located. We also have leases for office and warehouse spaces. All leases are recorded on the Consolidated Statement of Financial Position and we recognize lease expense on a straight-line basis over the lease term. We do not separate lease and non-lease components from contracts. Many of our leases include one or more options to renew, with renewal terms that can extend the lease term for varying lengths of time. These renewal provisions typically require consent of both parties. Many of our leases also contain termination provisions at our option, based on a variety of factors, including termination due to changing economic conditions of the related billboard location. Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. |
| Lessor, Leases [Policy Text Block] | Our agreements with customers to advertise on our billboards are considered operating leases. Substantially all of our advertising structures (see Note 5. Property and Equipment) are utilized in the sale of advertising to customers, for which the contracts are accounted for as rental income. Billboard display revenues are recognized as rental income on a straight-line basis over the customer lease term. We exclude from rental income all taxes assessed by a governmental authority that we collect from customers. These operating leases are short-term in duration, typically a term of 4 weeks to one year. Our leases do not include any variable lease provisions or options to extend the lease. Certain contracts may include provisions for the early termination of the lease after an agreed upon notice period. We account for non-lease installation services and the lease associated with providing advertising space on our billboards as a combined component under the lease standard. |
Restricted Cash (Tables) |
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Cash [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Cash |
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Leases (Tables) |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum rental payments under operating leases | As of March 31, 2019, minimum rental payments under operating leases are as follows:
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| Minimum rental payments under non-cancellable operating leases with original terms in excess of one year | As of December 31, 2018, minimum rental payments under non-cancellable operating leases with original terms in excess of one year are as follows:
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| Minimum rental payments to be received | As of March 31, 2019, rental payments to be received under non-cancellable operating leases are as follows:
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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.
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Intangible Assets (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets | Our identifiable intangible assets consist of the following:
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Asset Retirement Obligation (Tables) |
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| Asset Retirement Obligation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Change in Asset Retirement Obligation | The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience.
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Debt (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt Instruments | Debt, net, consists of the following:
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Revenues (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue | The following table summarizes revenues by source:
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| Revenue from External Customers by Geographic Areas | The following table summarizes revenues by geography:
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Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | The following table summarizes our stock-based compensation expense for the three months ended March 31, 2019 and 2018.
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| Activity of RSUs and PRSUs Issued to Our Employees | The following table summarizes activity for the three months ended March 31, 2019, of RSUs and PRSUs issued to our employees.
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| Activity of Stock Options Issued to Our Employees | The following table summarizes activity for the three months ended March 31, 2019, of stock options issued to our employees.
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Retirement Benefits (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 ("EPS") (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted |
(b) The potential impact of 1.7 million shares of Class A equity interests of Outfront Canada in the three months ended March 31, 2019, and 2.0 million in the three months ended March 31, 2018, was antidilutive. (See Note 10. Equity to the Consolidated Financial Statements.)
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Commitment and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MTA agreement schedule |
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Revenue from Segments to Consolidated | The following tables set forth our financial performance by segment.
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| Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income |
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| Tabular Disclosure by Reportable Segments |
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| Reconciliation of Assets from Segment to Consolidated |
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Condensed Consolidating Financial Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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) |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
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 | 140 |
| Number of operating segments | segment | 3 |
New Accounting Standards Narrative (Details) $ in Millions |
Mar. 31, 2019
USD ($)
leases
|
Jan. 01, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|---|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Number of leases | leases | 23,600 | ||
| Operating lease liability | $ 1,320.3 | $ 1,200.0 | |
| Right-of-use operating lease asset | $ 1,327.8 | 1,200.0 | $ 0.0 |
| Net Assets | 1,300.0 | ||
| Cumulative effect of a new accounting standard | $ 24.8 | $ (24.8) |
Restricted Cash - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
|---|---|---|---|
| Restricted Cash [Abstract] | |||
| Restricted cash | $ 1.4 | $ 1.4 | $ 0.0 |
Restricted Cash (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|---|---|
| Restricted Cash [Abstract] | ||||
| Cash and cash equivalents | $ 52.7 | $ 52.7 | $ 52.5 | |
| Restricted cash | 1.4 | 1.4 | 0.0 | |
| Cash, cash equivalents and restricted cash | $ 54.1 | $ 54.1 | $ 52.5 | $ 48.3 |
Leases - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|
| Lessee, Lease, Description [Line Items] | ||||
| Operating lease assets | $ 1,327.8 | $ 1,200.0 | $ 0.0 | |
| Short-term operating lease liabilities | 153.8 | 0.0 | ||
| Operating lease liabilities | 1,166.5 | $ 0.0 | ||
| Variable lease costs | $ 19.5 | |||
| Weighted average remaining lease term | 10 years | |||
| Weighted average discount rate | 6.30% | |||
| Cash paid for operating leases | $ 94.2 | |||
| Operating lease asset obtained in exchange for operating lease liability | 147.6 | |||
| Lessor, Lease, Description [Line Items] | ||||
| Rental income | $ 242.0 | $ 231.9 | ||
| Minimum | ||||
| Lessor, Lease, Description [Line Items] | ||||
| Customer lease term | 28 days | |||
| Maximum | ||||
| Lessor, Lease, Description [Line Items] | ||||
| Customer lease term | 1 year | |||
| Operating expense | ||||
| Lessee, Lease, Description [Line Items] | ||||
| Operating lease costs | $ 94.4 | |||
| Selling, general and administrative | ||||
| Lessee, Lease, Description [Line Items] | ||||
| Operating lease costs | $ 2.1 | |||
Leases Minimum rental payments under operating leases (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Jan. 01, 2019 |
|---|---|---|
| Leases [Abstract] | ||
| 2019 | $ 167.9 | |
| 2020 | 231.2 | |
| 2021 | 214.8 | |
| 2022 | 197.4 | |
| 2023 | 175.5 | |
| 2024 and thereafter | 854.9 | |
| Total operating lease payments | 1,841.7 | |
| Less: Interest | 521.4 | |
| Present value of lease liabilities | $ 1,320.3 | $ 1,200.0 |
Leases Minimum rental payments under non-cancellable leases with original terms in excess of one year (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2019 | $ 154.8 |
| 2020 | 151.8 |
| 2021 | 139.1 |
| 2022 | 126.2 |
| 2023 | 109.8 |
| 2024 and thereafter | 574.6 |
| Total minimum payments | $ 1,256.3 |
Leases Minimum rental payments to be received (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2019 | $ 386.3 |
| 2020 | 39.4 |
| 2021 | 9.7 |
| 2022 | 2.6 |
| 2023 | 1.6 |
| 2024 and thereafter | 0.9 |
| Total minimum payments | $ 440.5 |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Property, Plant and Equipment [Abstract] | ||
| Depreciation | $ 21.1 | $ 21.1 |
Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | $ 1,634.2 | $ 1,625.0 |
| Accumulated amortization | (1,102.2) | (1,087.8) |
| Intangible assets | 532.0 | 537.2 |
| Permits and leasehold agreements | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 1,110.2 | 1,107.4 |
| Accumulated amortization | (706.8) | (697.6) |
| Intangible assets | 403.4 | 409.8 |
| Franchise agreements | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 477.0 | 470.7 |
| Accumulated amortization | (360.4) | (357.1) |
| Intangible assets | 116.6 | 113.6 |
| Other intangible assets | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 47.0 | 46.9 |
| Accumulated amortization | (35.0) | (33.1) |
| Intangible assets | $ 12.0 | $ 13.8 |
Intangible Assets Narrative (Details) - Intangible Assets - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Finite-Lived Intangible Assets [Line Items] | ||
| Amortization of intangible assets | $ 24.7 | $ 22.5 |
| Amortization of direct lease acquisition costs | $ 10.3 | $ 8.7 |
| Direct lease acquisition costs | Minimum | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Intangible asset, useful life | 28 days | |
| Direct lease acquisition costs | Maximum | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Intangible asset, useful life | 1 year | |
Asset Retirement Obligation - Narrative (Details) |
3 Months Ended |
|---|---|
Mar. 31, 2019 | |
| Asset Retirement Obligation Disclosure [Abstract] | |
| Asset retirement obligation, expected term | 50 years |
| Asset retirement obligations, description | The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. |
Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
| |
| Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
| As of December 31, 2018 | $ 34.2 |
| Accretion expense | 0.6 |
| Additions | 0.1 |
| Liabilities settled | (0.6) |
| Foreign currency translation adjustments | 0.1 |
| As of March 31, 2019 | $ 34.4 |
Related Party Transactions - Narrative (Details) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
|
Mar. 31, 2019
USD ($)
joint_venture
Displays
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
| Related Party Transaction [Line Items] | |||
| Equity method investment, ownership percentage | 50.00% | ||
| Equity method investments | $ | $ 15.5 | $ 16.1 | |
| Management fee revenue | $ | $ 1.7 | $ 1.6 | |
| Transit shelter joint ventures | |||
| Related Party Transaction [Line Items] | |||
| Equity method investment, number of investments | joint_venture | 2 | ||
| Acquired businesses | |||
| Related Party Transaction [Line Items] | |||
| Equity method investment, number of investments | joint_venture | 4 | ||
| Equity method investment, number of displays | Displays | 11 | ||
Revenues - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Revenue from Contract with Customer [Abstract] | ||
| Rental income | $ 242.0 | $ 231.9 |
Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Disaggregation of Revenue [Line Items] | ||
| Billboard | $ 251.0 | $ 239.3 |
| Transit | 120.7 | 98.6 |
| Revenues | 371.7 | 337.9 |
| Static displays | ||
| Disaggregation of Revenue [Line Items] | ||
| Billboard | 194.3 | 189.5 |
| Transit | 79.0 | 67.8 |
| Digital displays | ||
| Disaggregation of Revenue [Line Items] | ||
| Billboard | 47.0 | 41.9 |
| Transit | 16.6 | 10.7 |
| Other | ||
| Disaggregation of Revenue [Line Items] | ||
| Billboard | 9.7 | 7.9 |
| Transit | 8.8 | 7.3 |
| Transit | ||
| Disaggregation of Revenue [Line Items] | ||
| Transit | 104.4 | 85.8 |
| Sports marketing and other | ||
| Disaggregation of Revenue [Line Items] | ||
| Transit | $ 16.3 | $ 12.8 |
Revenues Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Disaggregation of Revenue [Line Items] | ||
| Billboard | $ 251.0 | $ 239.3 |
| Transit and other | 120.7 | 98.6 |
| Revenues | 371.7 | 337.9 |
| United States | ||
| Disaggregation of Revenue [Line Items] | ||
| Billboard | 236.2 | 226.3 |
| Revenues | 354.7 | 322.7 |
| Canada | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues | 17.0 | 15.2 |
| Transit and other | ||
| Disaggregation of Revenue [Line Items] | ||
| Transit and other | 104.4 | 85.8 |
| Transit and other | United States | ||
| Disaggregation of Revenue [Line Items] | ||
| Transit and other | 102.2 | 83.6 |
| Sports marketing and other | ||
| Disaggregation of Revenue [Line Items] | ||
| Transit and other | 16.3 | 12.8 |
| Sports marketing and other | United States | ||
| Disaggregation of Revenue [Line Items] | ||
| Transit and other | $ 16.3 | $ 12.8 |
Restructuring Charges - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring charges | $ 0.3 | $ 1.1 |
| Restructuring reserve | $ 1.2 | |
| Operating segments | Other | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring charges | 0.6 | |
| Operating segments | U.S. Media | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring charges | $ 0.5 | |
Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Tax benefit | $ (0.3) | $ (0.3) |
| Stock-based compensation expense, net of tax | 5.0 | 4.7 |
| Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Stock-based compensation expense, before income taxes | $ 5.3 | $ 5.0 |
Stock-Based Compensation - Narrative (Details) - Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Compensation not yet recognized, share-based awards other than options | $ 39.8 |
| Compensation cost not yet recognized, period for recognition | 2 years 4 months 24 days |
Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
$ / shares
shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
| Outstanding as of December 31, 2018 | shares | 141,847 |
| Exercised | shares | (15,319) |
| Outstanding as of March 31, 2019 | shares | 126,528 |
| Exercisable as of March 31, 2019 | shares | 126,528 |
| 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, 2018 | $ / shares | $ 23.08 |
| Weighted average exercise price, options exercised | $ / shares | 10.78 |
| Weighted average exercise price, options outstanding, as of March 31, 2019 | $ / shares | 24.57 |
| Weighted average exercise price, options exercisable, as of September 30, 2018 | $ / shares | $ 24.57 |
Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|||
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
| Service cost | $ 0.5 | $ 0.4 | ||
| Interest cost | 0.5 | 0.5 | ||
| Expected return on plan assets | (0.7) | (0.6) | ||
| Amortization of net actuarial losses | [1] | 0.2 | 0.1 | |
| Net periodic pension cost | $ 0.5 | $ 0.4 | ||
| ||||
Retirement Benefits - Narrative (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
| |
| Retirement Benefits [Abstract] | |
| Pension contributions | $ 0.1 |
| Estimated future employer contributions in current fiscal year | $ 1.6 |
Income Taxes - Narrative (Details) |
3 Months Ended |
|---|---|
Mar. 31, 2019 | |
| Minimum | |
| Operating Loss Carryforwards [Line Items] | |
| Open Tax Year | 2015 |
| Internal Revenue Service (IRS) | |
| Operating Loss Carryforwards [Line Items] | |
| Income Tax Examination, Year under Examination | 2016 |
| New York State Division of Taxation and Finance | Minimum | |
| Operating Loss Carryforwards [Line Items] | |
| Income Tax Examination, Year under Examination | 2014 |
Commitment and Contingencies - Narrative (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
|
Mar. 31, 2019
USD ($)
Displays
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
| Other Commitments [Line Items] | |||
| MTA equipment development cost additions | $ | $ 32.9 | $ 91.2 | |
| MTA digital advertising screens on subway and train platforms | |||
| Other Commitments [Line Items] | |||
| Number of displays | 8,565 | ||
| MTA smaller-format digital advertising screens rolling stock | |||
| Other Commitments [Line Items] | |||
| Number of displays | 37,716 | ||
| MTA communication displays | |||
| Other Commitments [Line Items] | |||
| Number of displays | 7,829 | ||
| MTA displays installed | |||
| Other Commitments [Line Items] | |||
| Number of displays | 1,964 | ||
| Number of display additions | 735 | ||
| Standalone letters of credit and sublimit to revolving credit facility [Member] | |||
| Other Commitments [Line Items] | |||
| Letters of credit outstanding, amount | $ | $ 209.1 | ||
| Surety Bond | |||
| Other Commitments [Line Items] | |||
| Surety bonds outstanding | $ | $ 26.6 | ||
| Subsequent Event | |||
| Other Commitments [Line Items] | |||
| MTA equipment development cost additions | $ | $ 175.0 | ||
Commitment and Contingencies MTA Agreement Schedule (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
| Change In MTA Deployment Costs [Roll Forward] | |||
| Prepaid MTA equipment deployment costs, beginning of period | $ 79.5 | $ 4.7 | $ 4.7 |
| Intangible assets, gross, beginning of period | 1,625.0 | ||
| MTA deployment costs, beginning of period | 94.3 | 5.6 | 5.6 |
| Amortization of intangible assets | 24.7 | 22.5 | |
| MTA equipment development cost additions | 32.9 | 91.2 | |
| Prepaid MTA equipment deployment costs, end of period | 102.2 | 79.5 | |
| Intangible assets, gross, end of period | 1,634.2 | 1,625.0 | |
| MTA deployment costs, end of period | 122.3 | 94.3 | |
| MTA equipment deployment costs | |||
| Change In MTA Deployment Costs [Roll Forward] | |||
| Dployment costs incurred | 27.1 | 76.5 | |
| Recoupment | (4.4) | (1.7) | |
| Amortization of intangible assets | (0.5) | (0.8) | |
| Franchise agreements | |||
| Change In MTA Deployment Costs [Roll Forward] | |||
| Intangible assets, gross, beginning of period | 470.7 | ||
| Intangible assets, gross, end of period | 477.0 | 470.7 | |
| Franchise agreements | MTA equipment deployment costs | |||
| Change In MTA Deployment Costs [Roll Forward] | |||
| Intangible assets, gross, beginning of period | 14.8 | $ 0.9 | 0.9 |
| Intangible asset additions | 5.8 | 14.7 | |
| Amortization of intangible assets | (0.5) | (0.8) | |
| Intangible assets, gross, end of period | $ 20.1 | $ 14.8 | |
Segment Information - Narrative (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
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 | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Segment Reporting Information [Line Items] | ||
| Revenues | $ 371.7 | $ 337.9 |
| Operating segments | U.S. Media | ||
| Segment Reporting Information [Line Items] | ||
| Revenues | 338.4 | 309.9 |
| Operating segments | Other | ||
| Segment Reporting Information [Line Items] | ||
| Revenues | $ 33.3 | $ 28.0 |
Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Segment Reporting Information [Line Items] | ||
| Net income | $ 6.1 | $ 9.1 |
| (Benefit) provision for income taxes | (1.0) | (6.7) |
| Equity in earnings of investee companies, net of tax | (0.8) | (0.8) |
| Interest expense, net | 32.7 | 30.0 |
| Other (income) expense, net | (0.1) | 0.1 |
| Operating income (loss) | 36.9 | 31.7 |
| Restructuring charges | 0.3 | 1.1 |
| Net gain on dispositions | (1.5) | (0.2) |
| Depreciation and amortization | 45.8 | 43.6 |
| Stock-based compensation | 5.3 | 5.0 |
| Adjusted OIBDA | 86.8 | 81.2 |
| Capital expenditures | 18.1 | 16.8 |
| Operating segments | ||
| Segment Reporting Information [Line Items] | ||
| Operating income (loss) | 36.9 | 31.7 |
| Net gain on dispositions | (1.5) | (0.2) |
| Depreciation and amortization | 45.8 | 43.6 |
| Capital expenditures | 18.1 | 16.8 |
| Operating segments | U.S. Media | ||
| Segment Reporting Information [Line Items] | ||
| Operating income (loss) | 55.5 | 50.6 |
| Restructuring charges | 0.5 | |
| Net gain on dispositions | (1.5) | (0.2) |
| Depreciation and amortization | 40.6 | 38.0 |
| Adjusted OIBDA | 94.6 | 88.9 |
| Capital expenditures | 17.3 | 14.4 |
| Operating segments | Other | ||
| Segment Reporting Information [Line Items] | ||
| Operating income (loss) | (4.0) | (7.0) |
| Restructuring charges | 0.6 | |
| Depreciation and amortization | 5.2 | 5.6 |
| Adjusted OIBDA | 1.2 | (0.8) |
| Capital expenditures | 0.8 | 2.4 |
| Corporate | ||
| Segment Reporting Information [Line Items] | ||
| Operating income (loss) | (14.6) | (11.9) |
| Adjusted OIBDA | $ (9.0) | $ (6.9) |
Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Total assets | $ 5,077.0 | $ 3,828.7 |
| Operating segments | U.S. Media | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | 4,775.2 | 3,610.0 |
| Operating segments | Other | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | 282.6 | 202.5 |
| Corporate | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | $ 19.2 | $ 16.2 |
Condensed Consolidating Financial Information - Narrative (Details) |
Mar. 31, 2019 |
|---|---|
| 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 |
Mar. 31, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
|---|---|---|---|---|---|
| Condensed Statements of Financial Position, Captions [Line Items] | |||||
| Cash and cash equivalents | $ 52.7 | $ 52.7 | $ 52.5 | ||
| Receivables, less allowance | 229.1 | 264.9 | |||
| Other current assets | 69.9 | 111.9 | |||
| Total current assets | 351.7 | 429.5 | |||
| Property and equipment, net | 654.7 | 652.9 | |||
| Goodwill | 2,080.7 | 2,079.7 | |||
| Intangible assets | 532.0 | 537.2 | |||
| Operating lease assets | 1,327.8 | $ 1,200.0 | 0.0 | ||
| Investment in subsidiaries | 0.0 | 0.0 | |||
| Prepaid MTA equipment deployment costs | 71.1 | 60.6 | |||
| Other assets | 59.0 | 68.8 | |||
| Intercompany | 0.0 | 0.0 | |||
| Total assets | 5,077.0 | 3,828.7 | |||
| Total current liabilities | 538.5 | 402.6 | |||
| Long-term debt, net | 2,185.7 | 2,149.6 | |||
| Deferred income tax liabilities, net | 17.5 | 17.0 | |||
| Operating lease liabilities | 1,166.5 | 0.0 | |||
| Asset retirement obligation | 34.4 | 34.2 | |||
| Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | |||
| Other liabilities | 42.5 | 80.0 | |||
| Intercompany | 0.0 | 0.0 | |||
| Total liabilities | 3,985.1 | 2,683.4 | |||
| Total stockholders' equity | 1,051.3 | 1,102.8 | 1,131.8 | $ 1,181.1 | |
| Non-controlling interests | 40.6 | 42.5 | |||
| Total equity | 1,091.9 | 1,145.3 | $ 1,177.4 | $ 1,226.6 | |
| Total liabilities and equity | 5,077.0 | 3,828.7 | |||
| Eliminations | |||||
| Condensed Statements of Financial Position, Captions [Line Items] | |||||
| Cash and cash equivalents | 0.0 | 0.0 | |||
| Receivables, less allowance | (22.6) | (19.9) | |||
| Other current assets | (174.2) | (146.9) | |||
| Total current assets | (196.8) | (166.8) | |||
| Property and equipment, net | 0.0 | 0.0 | |||
| Goodwill | 0.0 | 0.0 | |||
| Intangible assets | 0.0 | 0.0 | |||
| Operating lease assets | 0.0 | ||||
| Investment in subsidiaries | (4,570.1) | (4,622.2) | |||
| Prepaid MTA equipment deployment costs | 0.0 | 0.0 | |||
| Other assets | 0.0 | 0.0 | |||
| Intercompany | (178.9) | (181.7) | |||
| Total assets | (4,945.8) | (4,970.7) | |||
| Total current liabilities | (196.8) | (166.8) | |||
| Long-term debt, net | 0.0 | 0.0 | |||
| Deferred income tax liabilities, net | 0.0 | 0.0 | |||
| Operating lease liabilities | 0.0 | ||||
| Asset retirement obligation | 0.0 | 0.0 | |||
| Deficit in excess of investment in subsidiaries | (2,199.3) | (2,154.7) | |||
| Other liabilities | 0.0 | 0.0 | |||
| Intercompany | (178.9) | (181.7) | |||
| Total liabilities | (2,575.0) | (2,503.2) | |||
| Total stockholders' equity | (2,370.8) | (2,467.5) | |||
| Non-controlling interests | 0.0 | 0.0 | |||
| Total equity | (2,370.8) | (2,467.5) | |||
| Total liabilities and equity | (4,945.8) | (4,970.7) | |||
| Parent Company | |||||
| Condensed Statements of Financial Position, Captions [Line Items] | |||||
| Cash and cash equivalents | 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 | |||
| Operating lease assets | 0.0 | ||||
| Investment in subsidiaries | 1,051.3 | 1,102.8 | |||
| Prepaid MTA equipment deployment costs | 0.0 | 0.0 | |||
| Other assets | 0.0 | 0.0 | |||
| Intercompany | 0.0 | 0.0 | |||
| Total assets | 1,051.3 | 1,102.8 | |||
| Total current liabilities | 0.0 | 0.0 | |||
| Long-term debt, net | 0.0 | 0.0 | |||
| Deferred income tax liabilities, net | 0.0 | 0.0 | |||
| Operating lease liabilities | 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 | 1,051.3 | 1,102.8 | |||
| Non-controlling interests | 0.0 | 0.0 | |||
| Total equity | 1,051.3 | 1,102.8 | |||
| Total liabilities and equity | 1,051.3 | 1,102.8 | |||
| Subsidiary Issuer | |||||
| Condensed Statements of Financial Position, Captions [Line Items] | |||||
| Cash and cash equivalents | 11.4 | 12.0 | |||
| Receivables, less allowance | 0.0 | 0.0 | |||
| Other current assets | 1.3 | 1.0 | |||
| Total current assets | 12.7 | 13.0 | |||
| Property and equipment, net | 0.0 | 0.0 | |||
| Goodwill | 0.0 | 0.0 | |||
| Intangible assets | 0.0 | 0.0 | |||
| Operating lease assets | 0.0 | ||||
| Investment in subsidiaries | 3,250.6 | 3,257.5 | |||
| Prepaid MTA equipment deployment costs | 0.0 | 0.0 | |||
| Other assets | 2.0 | 2.3 | |||
| Intercompany | 0.0 | 0.0 | |||
| Total assets | 3,265.3 | 3,272.8 | |||
| Total current liabilities | 25.1 | 18.0 | |||
| Long-term debt, net | 2,185.7 | 2,149.6 | |||
| Deferred income tax liabilities, net | 0.0 | 0.0 | |||
| Operating lease liabilities | 0.0 | ||||
| Asset retirement obligation | 0.0 | 0.0 | |||
| Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | |||
| Other liabilities | 3.2 | 2.4 | |||
| Intercompany | 0.0 | 0.0 | |||
| Total liabilities | 2,214.0 | 2,170.0 | |||
| Total stockholders' equity | 1,051.3 | 1,102.8 | |||
| Non-controlling interests | 0.0 | 0.0 | |||
| Total equity | 1,051.3 | 1,102.8 | |||
| Total liabilities and equity | 3,265.3 | 3,272.8 | |||
| Guarantor Subsidiaries | |||||
| Condensed Statements of Financial Position, Captions [Line Items] | |||||
| Cash and cash equivalents | 0.0 | 0.0 | |||
| Receivables, less allowance | 46.3 | 52.7 | |||
| Other current assets | 137.0 | 176.3 | |||
| Total current assets | 183.3 | 229.0 | |||
| Property and equipment, net | 606.0 | 604.3 | |||
| Goodwill | 2,059.9 | 2,059.9 | |||
| Intangible assets | 473.7 | 478.4 | |||
| Operating lease assets | 1,233.2 | ||||
| Investment in subsidiaries | 268.2 | 261.9 | |||
| Prepaid MTA equipment deployment costs | 71.1 | 60.6 | |||
| Other assets | 53.7 | 63.4 | |||
| Intercompany | 81.0 | 81.0 | |||
| Total assets | 5,030.1 | 3,838.5 | |||
| Total current liabilities | 527.2 | 375.5 | |||
| Long-term debt, net | 0.0 | 0.0 | |||
| Deferred income tax liabilities, net | 0.0 | 0.0 | |||
| Operating lease liabilities | 1,087.0 | ||||
| Asset retirement obligation | 30.1 | 29.9 | |||
| Deficit in excess of investment in subsidiaries | 2,199.3 | 2,154.7 | |||
| Other liabilities | 37.3 | 74.9 | |||
| Intercompany | 97.9 | 100.7 | |||
| Total liabilities | 3,978.8 | 2,735.7 | |||
| Total stockholders' equity | 1,051.3 | 1,102.8 | |||
| Non-controlling interests | 0.0 | 0.0 | |||
| Total equity | 1,051.3 | 1,102.8 | |||
| Total liabilities and equity | 5,030.1 | 3,838.5 | |||
| Non-Guarantor Subsidiaries | |||||
| Condensed Statements of Financial Position, Captions [Line Items] | |||||
| Cash and cash equivalents | 41.3 | 40.7 | |||
| Receivables, less allowance | 205.4 | 232.1 | |||
| Other current assets | 105.8 | 81.5 | |||
| Total current assets | 352.5 | 354.3 | |||
| Property and equipment, net | 48.7 | 48.6 | |||
| Goodwill | 20.8 | 19.8 | |||
| Intangible assets | 58.3 | 58.8 | |||
| Operating lease assets | 94.6 | ||||
| Investment in subsidiaries | 0.0 | 0.0 | |||
| Prepaid MTA equipment deployment costs | 0.0 | 0.0 | |||
| Other assets | 3.3 | 3.1 | |||
| Intercompany | 97.9 | 100.7 | |||
| Total assets | 676.1 | 585.3 | |||
| Total current liabilities | 183.0 | 175.9 | |||
| Long-term debt, net | 0.0 | 0.0 | |||
| Deferred income tax liabilities, net | 17.5 | 17.0 | |||
| Operating lease liabilities | 79.5 | ||||
| Asset retirement obligation | 4.3 | 4.3 | |||
| Deficit in excess of investment in subsidiaries | 0.0 | 0.0 | |||
| Other liabilities | 2.0 | 2.7 | |||
| Intercompany | 81.0 | 81.0 | |||
| Total liabilities | 367.3 | 280.9 | |||
| Total stockholders' equity | 268.2 | 261.9 | |||
| Non-controlling interests | 40.6 | 42.5 | |||
| Total equity | 308.8 | 304.4 | |||
| Total liabilities and equity | $ 676.1 | $ 585.3 |
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Condensed Statements of Operations, Captions [Line Items] | ||
| Billboard | $ 251.0 | $ 239.3 |
| Transit and other | 120.7 | 98.6 |
| Total revenues | 371.7 | 337.9 |
| Operating | 216.9 | 197.1 |
| Selling, general and administrative | 73.3 | 64.6 |
| Restructuring charges | 0.3 | 1.1 |
| Net gain on dispositions | (1.5) | (0.2) |
| Depreciation | 21.1 | 21.1 |
| Amortization | 24.7 | 22.5 |
| Total expenses | 334.8 | 306.2 |
| Operating income (loss) | 36.9 | 31.7 |
| Interest expense, net | (32.7) | (30.0) |
| Other income (expense), net | 0.1 | (0.1) |
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 4.3 | 1.6 |
| Benefit (provision) for income taxes | 1.0 | 6.7 |
| Equity in earnings of investee companies, net of tax | 0.8 | 0.8 |
| Net income (loss) | 6.1 | 9.1 |
| Total other comprehensive income (loss), net of tax | 1.8 | (5.1) |
| Total comprehensive income (loss) | 7.9 | 4.0 |
| Eliminations | ||
| Condensed Statements of Operations, Captions [Line Items] | ||
| Billboard | 0.0 | 0.0 |
| Transit and other | 0.0 | 0.0 |
| Total revenues | 0.0 | 0.0 |
| Operating | 0.0 | 0.0 |
| Selling, general and administrative | 0.0 | 0.0 |
| Restructuring charges | 0.0 | 0.0 |
| Net gain on dispositions | 0.0 | 0.0 |
| Depreciation | 0.0 | 0.0 |
| Amortization | 0.0 | 0.0 |
| Total expenses | 0.0 | 0.0 |
| Operating income (loss) | 0.0 | 0.0 |
| Interest expense, net | 0.0 | 0.0 |
| Other income (expense), net | 0.0 | 0.0 |
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 0.0 | 0.0 |
| Benefit (provision) for income taxes | 0.0 | 0.0 |
| Equity in earnings of investee companies, net of tax | (10.7) | (19.9) |
| Net income (loss) | (10.7) | (19.9) |
| Total other comprehensive income (loss), net of tax | (6.2) | 15.3 |
| Total comprehensive income (loss) | (16.9) | (4.6) |
| Parent Company | ||
| Condensed Statements of Operations, Captions [Line Items] | ||
| Billboard | 0.0 | 0.0 |
| Transit and other | 0.0 | 0.0 |
| Total revenues | 0.0 | 0.0 |
| Operating | 0.0 | 0.0 |
| Selling, general and administrative | 0.4 | 0.4 |
| Restructuring charges | 0.0 | 0.0 |
| Net gain on dispositions | 0.0 | 0.0 |
| Depreciation | 0.0 | 0.0 |
| Amortization | 0.0 | 0.0 |
| Total expenses | 0.4 | 0.4 |
| Operating income (loss) | (0.4) | (0.4) |
| Interest expense, net | 0.0 | 0.0 |
| Other income (expense), net | 0.0 | 0.0 |
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (0.4) | (0.4) |
| Benefit (provision) for income taxes | 0.0 | 0.0 |
| Equity in earnings of investee companies, net of tax | 6.5 | 9.5 |
| Net income (loss) | 6.1 | 9.1 |
| Total other comprehensive income (loss), net of tax | 1.8 | (5.1) |
| Total comprehensive income (loss) | 7.9 | 4.0 |
| Subsidiary Issuer | ||
| Condensed Statements of Operations, Captions [Line Items] | ||
| Billboard | 0.0 | 0.0 |
| Transit and other | 0.0 | 0.0 |
| Total revenues | 0.0 | 0.0 |
| Operating | 0.0 | 0.0 |
| Selling, general and administrative | 0.1 | 0.1 |
| Restructuring charges | 0.0 | 0.0 |
| Net gain on dispositions | 0.0 | 0.0 |
| Depreciation | 0.0 | 0.0 |
| Amortization | 0.0 | 0.0 |
| Total expenses | 0.1 | 0.1 |
| Operating income (loss) | (0.1) | (0.1) |
| Interest expense, net | (30.3) | (28.6) |
| Other income (expense), net | 0.0 | 0.0 |
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (30.4) | (28.7) |
| Benefit (provision) for income taxes | 0.0 | 0.0 |
| Equity in earnings of investee companies, net of tax | 36.9 | 38.2 |
| Net income (loss) | 6.5 | 9.5 |
| Total other comprehensive income (loss), net of tax | 1.8 | (5.1) |
| Total comprehensive income (loss) | 8.3 | 4.4 |
| Guarantor Subsidiaries | ||
| Condensed Statements of Operations, Captions [Line Items] | ||
| Billboard | 236.0 | 226.2 |
| Transit and other | 118.4 | 96.4 |
| Total revenues | 354.4 | 322.6 |
| Operating | 204.9 | 184.2 |
| Selling, general and administrative | 69.9 | 62.9 |
| Restructuring charges | 0.3 | 1.1 |
| Net gain on dispositions | (1.5) | (0.2) |
| Depreciation | 18.4 | 17.7 |
| Amortization | 22.6 | 20.7 |
| Total expenses | 314.6 | 286.4 |
| Operating income (loss) | 39.8 | 36.2 |
| Interest expense, net | (1.0) | (0.9) |
| Other income (expense), net | 0.0 | 0.0 |
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | 38.8 | 35.3 |
| Benefit (provision) for income taxes | (0.2) | 1.3 |
| Equity in earnings of investee companies, net of tax | (32.1) | (27.1) |
| Net income (loss) | 6.5 | 9.5 |
| Total other comprehensive income (loss), net of tax | 1.8 | (5.1) |
| Total comprehensive income (loss) | 8.3 | 4.4 |
| Non-Guarantor Subsidiaries | ||
| Condensed Statements of Operations, Captions [Line Items] | ||
| Billboard | 15.0 | 13.1 |
| Transit and other | 2.3 | 2.2 |
| Total revenues | 17.3 | 15.3 |
| Operating | 12.0 | 12.9 |
| Selling, general and administrative | 2.9 | 1.2 |
| Restructuring charges | 0.0 | 0.0 |
| Net gain on dispositions | 0.0 | 0.0 |
| Depreciation | 2.7 | 3.4 |
| Amortization | 2.1 | 1.8 |
| Total expenses | 19.7 | 19.3 |
| Operating income (loss) | (2.4) | (4.0) |
| Interest expense, net | (1.4) | (0.5) |
| Other income (expense), net | 0.1 | (0.1) |
| Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies | (3.7) | (4.6) |
| Benefit (provision) for income taxes | 1.2 | 5.4 |
| Equity in earnings of investee companies, net of tax | 0.2 | 0.1 |
| Net income (loss) | (2.3) | 0.9 |
| Total other comprehensive income (loss), net of tax | 2.6 | (5.1) |
| Total comprehensive income (loss) | $ 0.3 | $ (4.2) |
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Condensed Statements of Cash Flows, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | $ 41.4 | $ 62.1 |
| Capital expenditures | (18.1) | (16.8) |
| Acquisitions | (7.5) | (4.1) |
| MTA franchise rights | (5.4) | (1.4) |
| Net proceeds from dispositions | 2.2 | 0.2 |
| Return of investment in investee companies | 0.1 | 0.0 |
| Net cash flow provided by (used for) investing activities | (28.7) | (22.1) |
| Proceeds from long-term debt borrowings | 35.0 | 10.0 |
| Proceeds from borrowings under short-term debt facilities | 15.0 | 57.0 |
| Repayments of borrowings under short-term debt facilities | (20.0) | (45.0) |
| Proceeds from shares issued under the ATM Program | 16.6 | 0.0 |
| Taxes withheld for stock-based compensation | (7.6) | (6.5) |
| Dividends | (51.8) | (51.1) |
| Intercompany | 0.0 | 0.0 |
| Net cash flow provided by (used for) financing activities | (12.8) | (35.6) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.1 | (0.2) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 0.0 | 4.2 |
| Cash, cash equivalents and restricted cash, beginning of period | 54.1 | 48.3 |
| Cash, cash equivalents and restricted cash, end of period | 54.1 | 52.5 |
| 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 |
| MTA franchise rights | 0.0 | 0.0 |
| Net proceeds from dispositions | 0.0 | 0.0 |
| Return of investment in investee companies | 0.0 | |
| Net cash flow provided by (used for) investing activities | 0.0 | 0.0 |
| Proceeds from long-term debt borrowings | 0.0 | 0.0 |
| Proceeds from borrowings under short-term debt facilities | 0.0 | 0.0 |
| Repayments of borrowings under short-term debt facilities | 0.0 | 0.0 |
| Proceeds from shares issued under the ATM Program | 0.0 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | 0.0 | 0.0 |
| Intercompany | 0.0 | 0.0 |
| Net cash flow provided by (used for) financing activities | 0.0 | 0.0 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.0 | 0.0 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 0.0 | 0.0 |
| Cash, cash equivalents and restricted cash, beginning of period | 0.0 | 0.0 |
| Cash, cash equivalents and restricted cash, 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 | (0.4) | (0.4) |
| Capital expenditures | 0.0 | 0.0 |
| Acquisitions | 0.0 | 0.0 |
| MTA franchise rights | 0.0 | 0.0 |
| Net proceeds from dispositions | 0.0 | 0.0 |
| Return of investment in investee companies | 0.0 | |
| Net cash flow provided by (used for) investing activities | 0.0 | 0.0 |
| Proceeds from long-term debt borrowings | 0.0 | 0.0 |
| Proceeds from borrowings under short-term debt facilities | 0.0 | 0.0 |
| Repayments of borrowings under short-term debt facilities | 0.0 | 0.0 |
| Proceeds from shares issued under the ATM Program | 16.6 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | (51.2) | (50.4) |
| Intercompany | 35.0 | 50.8 |
| Net cash flow provided by (used for) financing activities | 0.4 | 0.4 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.0 | 0.0 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 0.0 | 0.0 |
| Cash, cash equivalents and restricted cash, beginning of period | 0.0 | 0.0 |
| Cash, cash equivalents and restricted cash, 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 | (21.8) | (19.5) |
| Capital expenditures | 0.0 | 0.0 |
| Acquisitions | 0.0 | 0.0 |
| MTA franchise rights | 0.0 | 0.0 |
| Net proceeds from dispositions | 0.0 | 0.0 |
| Return of investment in investee companies | 0.0 | |
| Net cash flow provided by (used for) investing activities | 0.0 | 0.0 |
| Proceeds from long-term debt borrowings | 35.0 | 10.0 |
| Proceeds from borrowings under short-term debt facilities | 0.0 | 0.0 |
| Repayments of borrowings under short-term debt facilities | 0.0 | 0.0 |
| Proceeds from shares issued under the ATM Program | 0.0 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | 0.0 | 0.0 |
| Intercompany | (13.8) | 17.8 |
| Net cash flow provided by (used for) financing activities | 21.2 | 27.8 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.0 | 0.0 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (0.6) | 8.3 |
| Cash, cash equivalents and restricted cash, beginning of period | 12.0 | 10.2 |
| Cash, cash equivalents and restricted cash, end of period | 11.4 | 18.5 |
| Guarantor Subsidiaries | ||
| Condensed Statements of Cash Flows, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | 62.4 | 81.8 |
| Capital expenditures | (15.5) | (14.5) |
| Acquisitions | (7.5) | (4.1) |
| MTA franchise rights | (5.4) | (1.4) |
| Net proceeds from dispositions | 2.2 | 0.2 |
| Return of investment in investee companies | 0.1 | |
| Net cash flow provided by (used for) investing activities | (26.1) | (19.8) |
| Proceeds from long-term debt borrowings | 0.0 | 0.0 |
| Proceeds from borrowings under short-term debt facilities | 0.0 | 0.0 |
| Repayments of borrowings under short-term debt facilities | 0.0 | 0.0 |
| Proceeds from shares issued under the ATM Program | 0.0 | |
| Taxes withheld for stock-based compensation | (7.6) | (6.5) |
| Dividends | 0.0 | 0.0 |
| Intercompany | (28.7) | (57.2) |
| Net cash flow provided by (used for) financing activities | (36.3) | (63.7) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.0 | 0.0 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 0.0 | (1.7) |
| Cash, cash equivalents and restricted cash, beginning of period | 1.4 | 3.7 |
| Cash, cash equivalents and restricted cash, end of period | 1.4 | 2.0 |
| Non-Guarantor Subsidiaries | ||
| Condensed Statements of Cash Flows, Captions [Line Items] | ||
| Net cash flow provided by (used for) operating activities | 1.2 | 0.2 |
| Capital expenditures | (2.6) | (2.3) |
| Acquisitions | 0.0 | 0.0 |
| MTA franchise rights | 0.0 | 0.0 |
| Net proceeds from dispositions | 0.0 | 0.0 |
| Return of investment in investee companies | 0.0 | |
| Net cash flow provided by (used for) investing activities | (2.6) | (2.3) |
| Proceeds from long-term debt borrowings | 0.0 | 0.0 |
| Proceeds from borrowings under short-term debt facilities | 15.0 | 57.0 |
| Repayments of borrowings under short-term debt facilities | (20.0) | (45.0) |
| Proceeds from shares issued under the ATM Program | 0.0 | |
| Taxes withheld for stock-based compensation | 0.0 | 0.0 |
| Dividends | (0.6) | (0.7) |
| Intercompany | 7.5 | (11.4) |
| Net cash flow provided by (used for) financing activities | 1.9 | (0.1) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0.1 | (0.2) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 0.6 | (2.4) |
| Cash, cash equivalents and restricted cash, beginning of period | 40.7 | 34.4 |
| Cash, cash equivalents and restricted cash, end of period | $ 41.3 | $ 32.0 |