10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from	to

Commission File Number: 001-36367

OUTFRONT Media Inc.

(Exact name of registrant as specified in its charter)

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)

(212) 297-6400

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     ☒ Yes        ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).        ☒ Yes     ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    ☐ Yes    ☒ No

Securities registered pursuant to Section 12(b) of the Act:

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 November 4, 2019, the number of shares outstanding of the registrant’s common stock was 143,524,982.

OUTFRONT MEDIA INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2019

TABLE OF CONTENTS

PART I	3
Item 1. Financial Statements (Unaudited)	3
Consolidated Statements of Financial Position as of September 30, 2019, and December 31, 2018	3
Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018	4
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018	5
Consolidated Statements of Equity for the three and nine months ended September 30, 2019 and 2018	6
Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018	8
Notes to Consolidated Financial Statements	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3. Quantitative and Qualitative Disclosures About Market Risk	56
Item 4. Controls and Procedures	58
PART II	59
Item 1. Legal Proceedings	59
Item 1A. Risk Factors	59
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	59
Item 3. Defaults Upon Senior Securities	59
Item 4. Mine Safety Disclosures	59
Item 5. Other Information	59
Item 6. Exhibits	59
SIGNATURES	61

PART 1

Item 1.    Financial Statements.

OUTFRONT Media Inc.

Consolidated Statements of Financial Position

(Unaudited)

	As of
(in millions)	September 30, 2019			December 31, 2018
Assets:
Current assets:
Cash and cash equivalents	$	58.3		$	52.7
Restricted cash	5.4			1.4
Receivables, less allowance ($11.9 in 2019 and $10.7 in 2018)	290.7			264.9
Prepaid lease and transit franchise costs	12.5			69.3
Prepaid MTA equipment deployment costs (Note 18)	60.7			18.9
Other prepaid expenses	21.9			13.9
Other current assets	10.5			8.4
Total current assets	460.0			429.5
Property and equipment, net (Note 5)	665.8			652.9
Goodwill	2,082.8			2,079.7
Intangible assets (Note 6)	548.6			537.2
Operating lease assets (Note 4)	1,408.1			—
Prepaid MTA equipment deployment costs (Note 18)	83.0			60.6
Other assets	72.6			68.8
Total assets	$	5,320.9		$	3,828.7
Liabilities:
Current liabilities:
Accounts payable	$	53.4		$	56.5
Accrued compensation	45.1			47.1
Accrued interest	23.6			19.1
Accrued lease and transit franchise costs	48.6			44.2
Other accrued expenses	38.4			31.2
Deferred revenues	38.9			29.8
Short-term debt (Note 9)	210.0			160.0
Short-term operating lease liabilities (Note 4)	169.4			—
Other current liabilities	17.7			14.7
Total current liabilities	645.1			402.6
Long-term debt, net (Note 9)	2,212.5			2,149.6
Deferred income tax liabilities, net	18.7			17.0
Asset retirement obligation (Note 7)	35.0			34.2
Operating lease liabilities (Note 4)	1,237.7			—
Other liabilities	45.7			80.0
Total liabilities	4,194.7			2,683.4
Commitments and contingencies (Note 18)
Stockholders’ equity (Note 10):
Common stock (2019 - 450.0 shares authorized, and 143.5 shares issued
and outstanding; 2018 - 450.0 shares authorized, and 140.2 issued and outstanding)	1.4			1.4
Additional paid-in capital	2,067.6			1,995.0
Distribution in excess of earnings	(957.3		)	(871.6		)
Accumulated other comprehensive loss	(18.7		)	(22.0		)
Total stockholders’ equity	1,093.0			1,102.8
Non-controlling interests	33.2			42.5
Total equity	1,126.2			1,145.3
Total liabilities and equity	$	5,320.9		$	3,828.7

See accompanying notes to unaudited consolidated financial statements.

3

OUTFRONT Media Inc.

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions, except per share amounts)	2019			2018			2019			2018
Revenues:
Billboard	$	312.0		$	290.6		$	868.8		$	810.3
Transit and other	150.5			123.6			425.3			343.5
Total revenues	462.5			414.2			1,294.1			1,153.8
Expenses:
Operating	245.5			215.3			702.7			624.4
Selling, general and administrative	82.3			74.4			237.1			209.1
Restructuring charges	—			0.1			0.3			1.4
Net gain on dispositions	(1.9		)	(1.3		)	(3.0		)	(4.2		)
Impairment charge	—			—			—			42.9
Depreciation	22.4			21.0			64.9			63.4
Amortization	28.7			25.8			81.0			73.3
Total expenses	377.0			335.3			1,083.0			1,010.3
Operating income	85.5			78.9			211.1			143.5
Interest expense, net	(33.9		)	(32.0		)	(100.5		)	(93.0		)
Loss on extinguishment of debt	(11.0		)	—			(11.0		)	—
Other income (expense), net	—			0.2			0.1			(0.1		)
Income before provision for income taxes and equity in earnings of investee companies	40.6			47.1			99.7			50.4
Provision for income taxes	(3.3		)	(1.0		)	(8.5		)	(2.4		)
Equity in earnings of investee companies, net of tax	1.4			0.7			3.9			2.7
Net income	$	38.7		$	46.8		$	95.1		$	50.7
Net income per common share:
Basic	$	0.27		$	0.33		$	0.66		$	0.35
Diluted	$	0.27		$	0.33		$	0.66		$	0.35
Weighted average shares outstanding:
Basic	143.4			139.3			142.1			139.1
Diluted	144.2			141.5			142.7			139.4

See accompanying notes to unaudited consolidated financial statements.

4

OUTFRONT Media Inc.

Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(in millions)	2019			2018		2019			2018
Net income	$	38.7		$	46.8	$	95.1		$	50.7
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(0.8		)	1.7		6.4			(9.8		)
Net actuarial gain	0.2			—		0.1			0.6
Change in fair value of interest rate swap agreements	(0.4		)	—		(3.2		)	—
Total other comprehensive income (loss), net of tax	(1.0		)	1.7		3.3			(9.2		)
Total comprehensive income	$	37.7		$	48.5	$	98.4		$	41.5

See accompanying notes to unaudited consolidated financial statements.

5

OUTFRONT Media Inc.

Consolidated Statements of Equity

(Unaudited)

(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 June 30, 2018	139.3	$	1.4	$	1,965.5		$	(873.5	)	$	(18.6	)	$	1,074.8		$	45.7		$	1,120.5
Net income	—	—		—			46.8			—			46.8			—			46.8
Other comprehensive income	—	—		—			—			1.7			1.7			—			1.7
Stock-based payments:
Amortization	—	—		4.8			—			—			4.8			—			4.8
Shares paid for tax withholding for stock-based payments	—	—		(0.1		)	—			—			(0.1		)	—			(0.1		)
Class A equity interest redemptions	0.2	—		4.2			—			—			4.2			(4.2		)	—
Dividends ($0.36 per share)	—	—		—			(50.9		)	—			(50.9		)	—			(50.9		)
Other	—	—		0.1			—			—			0.1			0.8			0.9
Balance as of September 30, 2018	139.5	$	1.4	$	1,974.5		$	(877.6	)	$	(16.9	)	$	1,081.4		$	42.3		$	1,123.7
Balance as of June 30, 2019	143.3	$	1.4	$	2,057.9		$	(943.9	)	$	(17.7	)	$	1,097.7		$	37.2		$	1,134.9
Net income	—	—		—			38.7			—			38.7			—			38.7
Other comprehensive income	—	—		—			—			(1.0		)	(1.0		)	—			(1.0		)
Stock-based payments:
Amortization	—	—		5.6			—			—			5.6			—			5.6
Class A equity interest redemptions	0.2	—		4.1			—			—			4.1			(4.1		)	—
Dividends ($0.36 per share)	—	—		—			(52.1		)	—			(52.1		)	—			(52.1		)
Other	—	—		—			—			—			—			0.1			0.1
Balance as of September 30, 2019	143.5	$	1.4	$	2,067.6		$	(957.3	)	$	(18.7	)	$	1,093.0		$	33.2		$	1,126.2

6

OUTFRONT Media Inc.

Consolidated Statements of Equity (Continued)

(Unaudited)

(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	138.6		$	1.4	$	1,963.0		$	(775.6	)	$	(7.7	)	$	1,181.1		$	45.5		$	1,226.6
Net income	—		—		—			50.7			—			50.7			—			50.7
Other comprehensive loss	—		—		—			—			(9.2		)	(9.2		)	—			(9.2		)
Stock-based payments:
Vested	1.0		—		—			—			—			—			—			—
Amortization	—		—		15.4			—			—			15.4			—			15.4
Shares paid for tax withholding for stock-based payments	(0.3	)	—		(8.2		)	—			—			(8.2		)	—			(8.2		)
Class A equity interest redemptions	0.2		—		4.2			—			—			4.2			(4.2		)	—
Dividends ($1.08 per share)	—		—		—			(152.7		)	—			(152.7		)	—			(152.7		)
Other	—		—		0.1			—			—			0.1			1.0			1.1
Balance as of September 30, 2018	139.5		$	1.4	$	1,974.5		$	(877.6	)	$	(16.9	)	$	1,081.4		$	42.3		$	1,123.7
Balance as of December 31, 2018	140.2		$	1.4	$	1,995.0		$	(871.6	)	$	(22.0	)	$	1,102.8		$	42.5		$	1,145.3
Cumulative effect of a new accounting standard (Note 2)	—		—		—			(24.8		)	—			(24.8		)	—			(24.8		)
Net income	—		—		—			95.1			—			95.1			—			95.1
Other comprehensive income	—		—		—			—			3.3			3.3			—			3.3
Stock-based payments:
Vested	0.9		—		—			—			—			—			—			—
Amortization	—		—		16.4			—			—			16.4			—			16.4
Shares paid for tax withholding for stock-based payments	(0.4	)	—		(7.7		)	—			—			(7.7		)	—			(7.7		)
Class A equity interest redemptions	0.6		—		13.0			—			—			13.0			(13.0		)	—
Shares issued under the ATM Program	2.2		—		50.8			—			—			50.8			—			50.8
Dividends ($1.08 per share)	—		—		—			(156.0		)	—			(156.0		)	—			(156.0		)
Other	—		—		0.1			—			—			0.1			3.7			3.8
Balance as of September 30, 2019	143.5		$	1.4	$	2,067.6		$	(957.3	)	$	(18.7	)	$	1,093.0		$	33.2		$	1,126.2

See accompanying notes to unaudited consolidated financial statements.

7

OUTFRONT Media Inc.

Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	September 30,
(in millions)	2019			2018
Operating activities:
Net income	$	95.1		$	50.7
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization	145.9			136.7
Deferred tax (benefit) provision	1.2			(1.8		)
Stock-based compensation	16.4			15.4
Provision for doubtful accounts	4.0			0.7
Accretion expense	1.9			1.8
Net gain on dispositions	(3.0		)	(4.2		)
Impairment charge	—			42.9
Loss on extinguishment of debt	11.0			—
Equity in earnings of investee companies, net of tax	(3.9		)	(2.7		)
Distributions from investee companies	3.1			1.5
Amortization of deferred financing costs and debt discount and premium	4.9			4.2
Cash paid for direct lease acquisition costs	(34.5		)	(30.2		)
Change in assets and liabilities, net of investing and financing activities:
Increase in receivables	(29.2		)	(30.9		)
Increase in prepaid MTA equipment deployment costs	(64.2		)	(48.8		)
(Increase) decrease in prepaid expenses and other current assets	(10.4		)	1.1
Increase (decrease) in accounts payable and accrued expenses	3.0			(0.4		)
Increase in deferred revenues	9.1			8.8
Decrease in income taxes	(0.5		)	(3.1		)
Other, net	12.2			(4.3		)
Net cash flow provided by operating activities	162.1			137.4
Investing activities:
Capital expenditures	(65.4		)	(62.1		)
Acquisitions	(60.7		)	(5.6		)
MTA franchise rights	(16.9		)	(9.4		)
Net proceeds from dispositions	4.9			6.0
Net cash flow used for investing activities	(138.1		)	(71.1		)
Financing activities:
Proceeds from long-term debt borrowings	760.0			89.0
Repayments of long-term debt borrowings	(695.0		)	(79.0		)
Proceeds from borrowings under short-term debt facilities	280.0			200.0
Repayments of borrowings under short-term debt facilities	(230.0		)	(105.0		)
Payments of deferred financing costs	(9.5		)	(0.2		)
Payment of debt extinguishment charges	(7.4		)	—
Proceeds from shares issued under the ATM Program	50.9			—
Taxes withheld for stock-based compensation	(7.7		)	(8.2		)
Dividends	(156.0		)	(152.9		)
Net cash flow used for financing activities	(14.7		)	(56.3		)

8

OUTFRONT Media Inc.

Consolidated Statements of Cash Flows (Continued)

(Unaudited)

	Nine Months Ended
	September 30,
(in millions)	2019		2018
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.3		(0.2		)
Net increase in cash, cash equivalents and restricted cash	9.6		9.8
Cash, cash equivalents and restricted cash at beginning of period	54.1		48.3
Cash, cash equivalents and restricted cash at end of period	$	63.7	$	58.1
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	7.9	$	7.2
Cash paid for interest	92.3		79.2
Non-cash investing and financing activities:
Accrued purchases of property and equipment	$	10.9	$	6.1
Accrued MTA franchise rights	2.3		—

See accompanying notes to unaudited consolidated financial statements.

9

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 1. Description of Business and Basis of Presentation

Description of Business

OUTFRONT Media Inc. (the “Company”) and its subsidiaries (collectively, “we,” “us” or “our”) is a real estate investment trust (“REIT”), which provides advertising space (“displays”) on out-of-home advertising structures and sites in the United States (the “U.S.”) and Canada. Our inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. and Canada. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sports events. In total, we have displays in all of the 25 largest markets in the U.S. and approximately 150 markets across the U.S. and Canada. We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing.

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.

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.

Note 2. 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 modified retrospective transition method to adopt the new lease standard. The modified retrospective 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.

10

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

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.

Recent Pronouncements

In June 2016 (updated in May 2019), the FASB issued guidance which requires a reporting entity to estimate credit losses on certain types of financial instruments, and present assets held at amortized cost and available-for-sale debt securities at the amount expected to be collected. The new guidance is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. We do not expect this guidance to have a material effect on our consolidated financial statements.

Note 3. 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 September 30, 2019, we have $5.4 million of restricted cash deposited in the escrow account.

	As of
(in millions)	September 30, 2019		September 30, 2018		December 31, 2018
Cash and cash equivalents	$	58.3	$	56.7	$	52.7
Restricted cash	5.4		1.4		1.4
Cash, cash equivalents and restricted cash	$	63.7	$	58.1	$	54.1

Note 4. 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.

11

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

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 or amendment.

We rent or sublease certain real estate to third parties.

As of September 30, 2019, we have operating lease assets of $1.4 billion, short-term operating lease liabilities of $169.4 million and non-current operating lease liabilities of $1.2 billion.

For the three months ended September 30, 2019, we recorded operating lease costs of $103.5 million in Operating expenses and $2.5 million in Selling, general and administrative expenses. For the three months ended September 30, 2019, these costs include $26.3 million of variable operating lease costs. For the nine months ended September 30, 2019, we recorded operating lease costs of $300.5 million in Operating expenses and $6.9 million in Selling, general and administrative expenses. For the nine months ended September 30, 2019, these costs include $66.2 million of variable operating lease costs. For the three and nine months ended September 30, 2019, sublease income was immaterial.

As of September 30, 2019, minimum rental payments under operating leases are as follows:

(in millions)	Operating  Leases
2019	$	49.5
2020	257.4
2021	239.2
2022	221.4
2023	198.8
2024 and thereafter	999.9
Total operating lease payments	1,966.2
Less: Interest	559.1
Present value of lease liabilities	$	1,407.1

As of December 31, 2018, minimum rental payments under non-cancellable operating leases with original terms in excess of one year are as follows:

(in millions)	Non-Cancellable Operating Leases
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

As of September 30, 2019, the weighted-average remaining lease term was 10.2 years and the weighted-average discount rate was 6.1%.

For the nine months ended September 30, 2019, cash paid for operating leases was $296.5 million. Leased assets obtained in exchange for new operating lease liabilities was $321.9 million.

12

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

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, Net) are utilized to lease advertising space 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 and 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.

We recorded rental income of $301.3 million for the three months ended September 30, 2019, and $839.4 million for the nine months ended September 30, 2019, in Revenues on our Consolidated Statement of Operations.

As of September 30, 2019, rental payments to be received under non-cancellable operating leases are as follows:

(in millions)	Rental Income
2019	$	234.7
2020	157.7
2021	16.7
2022	5.3
2023	2.9
2024 and thereafter	1.9
Total minimum payments	$	419.2

Note 5. Property and Equipment, Net

The table below presents the balances of major classes of assets and accumulated depreciation.

		As of
(in millions)	Estimated Useful Lives	September 30, 2019		December 31, 2018
Land		$	98.5	$	97.5
Buildings	20 to 40 years	49.9		48.7
Advertising structures	5 to 20 years	1,838.2		1,789.4
Furniture, equipment and other	3 to 10 years	150.9		134.3
Construction in progress		30.2		19.3
		2,167.7		2,089.2
Less: accumulated depreciation		1,501.9		1,436.3
Property and equipment, net		$	665.8	$	652.9

Depreciation expense was $22.4 million in the three months ended September 30, 2019, $21.0 million in the three months ended September 30, 2018, $64.9 million in the nine months ended September 30, 2019 and $63.4 million in the nine months ended September 30, 2018.

Note 6. 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.

13

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Our identifiable intangible assets consist of the following:

(in millions)	Gross		Accumulated Amortization			Net
As of September 30, 2019:
Permits and leasehold agreements	$	1,144.6	$	(725.7	)	$	418.9
Franchise agreements	489.1		(367.6		)	121.5
Other intangible assets	47.0		(38.8		)	8.2
Total intangible assets	$	1,680.7	$	(1,132.1	)	$	548.6
As of December 31, 2018:
Permits and leasehold agreements	$	1,107.4	$	(697.6	)	$	409.8
Franchise agreements	470.7		(357.1		)	113.6
Other intangible assets	46.9		(33.1		)	13.8
Total intangible assets	$	1,625.0	$	(1,087.8	)	$	537.2

All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $28.7 million in the three months ended September 30, 2019, and $25.8 million in the three months ended September 30, 2018, which includes the amortization of direct lease acquisition costs of $13.6 million in the three months ended September 30, 2019, and $11.9 million in the three months ended September 30, 2018. Amortization expense was $81.0 million in the nine months ended September 30, 2019, and $73.3 million in the nine months ended September 30, 2018, which includes the amortization of direct lease acquisition costs of $36.9 million in the nine months ended September 30, 2019, and $31.7 million in the nine months ended September 30, 2018. Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year.

Note 7. Asset Retirement Obligation

The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience.

(in millions)
As of December 31, 2018	$	34.2
Accretion expense	1.9
Additions	0.3
Liabilities settled	(1.5		)
Foreign currency translation adjustments	0.1
As of September 30, 2019	$	35.0

Note 8. Related Party Transactions

We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and four joint ventures which currently operate a total of 11 billboard displays in New York and Boston. All of these joint ventures are accounted for as equity investments. These investments totaled $16.8 million as of September 30, 2019, and $16.1 million as of December 31, 2018, and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $2.2 million in each of the three months ended September 30, 2019 and 2018, $6.1 million in the nine months ended September 30, 2019 and $5.7 million in the nine months ended September 30, 2018.

14

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 9. Debt

Debt, net, consists of the following:

	As of
(in millions, except percentages)	September 30, 2019			December 31, 2018
Short-term debt:
AR Facility	$	120.0		$	85.0
Repurchase Facility	90.0			75.0
Total short-term debt	210.0			160.0
Long-term debt:
Revolving credit facility	15.0			—
Term loan, due 2024	618.5			668.1
Senior unsecured notes:
5.250% senior unsecured notes, due 2022	—			549.7
5.625% senior unsecured notes, due 2024	501.9			502.2
5.875% senior unsecured notes, due 2025	450.0			450.0
5.000% senior unsecured notes, due 2027	650.0			—
Total senior unsecured notes	1,601.9			1,501.9
Debt issuance costs	(22.9		)	(20.4		)
Total long-term debt, net	2,212.5			2,149.6
Total debt, net	$	2,422.5		$	2,309.6
Weighted average cost of debt	4.9		%	5.1		%

Term Loan

The interest rate on the term loan due in 2024 (the “Term Loan”) was 4.0% per annum as of September 30, 2019. As of September 30, 2019, a discount of $1.5 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 September 30, 2019, there were $15.0 million of outstanding borrowings under the Revolving Credit Facility, at a borrowing rate of approximately 4.0%.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.4 million in each of the three months ended September 30, 2019 and 2018, $1.1 million in the nine months ended September 30, 2019, and $1.0 million in the nine months ended September 30, 2018. As of September 30, 2019, we had issued letters of credit totaling approximately $2.0 million against the letter of credit facility sublimit under the Revolving Credit Facility.

15

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Standalone Letter of Credit Facilities

As of September 30, 2019, we had issued letters of credit totaling approximately $71.0 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 and nine months ended September 30, 2019 and 2018.

Effective October 2, 2019, we reduced our standalone letter of credit facilities by $42.0 million and effective October 3, 2019, we further reduced our standalone letter of credit facilities by $30.0 million. As of November 4, 2019, our standalone letter of credit facilities totaled $78.0 million.

Accounts Receivable Securitization Facilities

As of September 30, 2019, we have a $125.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2022, unless further extended, and a 364-day uncommitted $90.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”), which terminates in June 2020, unless further extended.

On July 19, 2019, the Company, certain subsidiaries of the Company and MUFG Bank, Ltd. (“MUFG”) entered into amendments to the agreements governing the AR Securitization Facilities, along with other agreements with MUFG, pursuant to which the Company (i) granted the Purchasers (as defined below) a security interest in the existing and future accounts receivable and certain related assets of the Company’s taxable REIT subsidiaries (“TRSs”) as additional collateral under the AR Facility, (ii) increased the borrowing capacity under the AR Facility from $100.0 million to its current capacity of $125.0 million, (ii) increased the borrowing capacity under the Repurchase Facility from $75.0 million to its current capacity of $90.0 million, (iii) extended the term of the AR Facility so that it now terminates on June 30, 2022, unless further extended, and (iv) extended the term of the Repurchase Facility so that it now terminates on June 30, 2020, unless further extended. The amendments to the agreements governing the AR Securitization Facilities do not change how we account for the AR Securitization Facilities as a collateralized financing activity.

In connection with the AR Securitization Facilities, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s TRSs (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs will transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.

In connection with the Repurchase Facility, the Originators may borrow funds collateralized by subordinated notes (the “Subordinated Notes”) issued by the SPVs in favor of their respective Originators and representing a portion of the outstanding balance of the accounts receivable assets sold by the Originators to the SPVs under the AR Facility. The Subordinated Notes will be transferred to MUFG, as repurchase buyer, on an uncommitted basis, and subject to repurchase by the applicable Originators on termination of the Repurchase Facility. The Originators have granted MUFG a security interest in the Subordinated Notes to secure their obligations under the agreements governing the Repurchase Facility, and the Company has agreed to guarantee the Originators’ obligations under the agreements governing the Repurchase Facility.

16

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

As of September 30, 2019, there were $120.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 3.1%, and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of 3.2%. As of September 30, 2019, borrowing capacity remaining under the AR Facility was $5.0 million based on approximately $329.0 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 and nine months ended September 30, 2019 and 2018. As of November 4, 2019, there were $105.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of approximately 3.0%, and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of approximately 3.1%.

Senior Unsecured Notes

On July 15, 2019, we used the net proceeds from our June 14, 2019, issuance of $650.0 million aggregate principal amount of 5.000% Senior Unsecured Notes due 2027 (the “Notes”) to, among other things, redeem all of our outstanding 5.250% Senior Unsecured Notes due 2022 (the “Old Notes”), pay accrued and unpaid interest on the Old Notes, pay fees and expenses in connection with the Notes offering and Old Notes redemption. In the third quarter of 2019, we recorded a Loss on extinguishment of debt of $11.0 million relating to the Old Notes on the Consolidated Statement of Operations.

As of September 30, 2019, a premium of $1.9 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 September 30, 2019, our Consolidated Net Secured Leverage Ratio was 1.3 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 September 30, 2019, our Consolidated Total Leverage Ratio was 4.4 to 1.0 in accordance with the Credit Agreement. As of September 30, 2019, we are in compliance with our debt covenants.

Deferred Financing Costs

As of September 30, 2019, we had deferred $25.9 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.

17

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

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 and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net liability of approximately $5.6 million as of September 30, 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 September 30, 2019, under the terms of the agreements, we will pay interest based on an aggregate notional amount of $200.0 million, under a weighted-average fixed interest rate of 2.7%, with a receive rate of one-month LIBOR and which mature at various dates until June 30, 2022. The one-month LIBOR rate was approximately 2.0% as of September 30, 2019.

Fair Value

Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.5 billion as of September 30, 2019, and $2.3 billion as of December 31, 2018. The fair value of our debt as of both September 30, 2019, and December 31, 2018, is classified as Level 2. The aggregate fair value loss associated with our interest rate cash flow swap agreements was approximately $5.6 million as of September 30, 2019, and $2.4 million as of December 31, 2018. The aggregate fair value of our interest rate cash flow swap agreements as of both September 30, 2019 and December 31, 2018, is classified as Level 2.

Note 10. Equity

As of September 30, 2019, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 143,524,043 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 nine months ended September 30, 2019, we made distributions of $1.5 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 September 30, 2019, 774,727 Class A equity interests have been redeemed for shares of the Company’s common stock.

In the nine months ended September 30, 2019, we issued 8,166 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 nine months ended September 30, 2019, 2,150,000 shares of our common stock were sold under the ATM Program for gross proceeds of $52.0 million with commissions of $0.8 million, for total net proceeds of $51.2 million. No shares were sold under the ATM Program during the three months ended September 30, 2019. As of September 30, 2019, we had approximately $232.5 million of capacity remaining under the ATM Program.

18

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

On October 22, 2019, we announced that our board of directors approved a quarterly cash dividend of $0.36 per share on our common stock, payable on December 31, 2019, to stockholders of record at the close of business on December 6, 2019.

Note 11. Revenues

The following table summarizes revenues by source:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2019		2018		2019		2018
Billboard:
Static displays	$	234.7	$	223.9	$	658.1	$	630.6
Digital displays	65.8		57.4		179.0		152.6
Other	11.5		9.3		31.7		27.1
Billboard revenues	312.0		290.6		868.8		810.3
Transit:
Static displays	94.1		87.0		270.2		238.8
Digital displays	27.6		15.2		72.6		39.9
Other	11.6		9.6		33.3		27.2
Total transit revenues	133.3		111.8		376.1		305.9
Sports marketing and other	17.2		11.8		49.2		37.6
Transit and other revenues	150.5		123.6		425.3		343.5
Total revenues	$	462.5	$	414.2	$	1,294.1	$	1,153.8

Rental income was $301.3 million in the three months ended September 30, 2019, $281.9 million in the three months ended September 30, 2018, $839.4 million in the nine months ended September 30, 2019, and $785.0 million in the nine months ended September 30, 2018, and is recorded in Billboard revenues on the Consolidated Statement of Operations.

The following table summarizes revenues by geography:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2019		2018		2019		2018
United States:
Billboard	$	292.8	$	271.3	$	814.1	$	760.1
Transit and other	129.9		108.4		366.6		296.7
Sports marketing and other	17.2		11.8		49.2		37.6
Total United States revenues	439.9		391.5		1,229.9		1,094.4
Canada	22.6		22.7		64.2		59.4
Total revenues	$	462.5	$	414.2	$	1,294.1	$	1,153.8

We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2018, during the three months ended March 31, 2019.

19

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 12. Restructuring Charges

For the three months ended September 30, 2018, we recorded restructuring charges of $0.1 million, which was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments. For the nine months ended September 30, 2019, we recorded restructuring charges of $0.3 million associated with the elimination of a corporate management position. For the nine months ended September 30, 2018, we recorded restructuring charges of $1.4 million, of which $0.8 million was recorded in Other for severance charges primarily associated with the reorganization of our Sports Marketing operating segment and $0.6 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments. As of September 30, 2019, $0.5 million in restructuring reserves remain outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position.

Note 13. Acquisitions

We completed several asset acquisitions for a total purchase price of approximately $41.7 million in the nine months ended September 30, 2019, and $5.6 million in the nine months ended September 30, 2018.

In the second quarter of 2018, we entered into an agreement to acquire 14 digital and seven static billboard displays in California for a total estimated purchase price of $35.4 million. As of September 30, 2019, we have completed this acquisition except with respect to four digital displays, which we expect to acquire in 2020 for an estimated purchase price of $9.2 million, subject to customary closing conditions and the timing of site development.

In the first quarter of 2019, we entered into an agreement to acquire eight digital billboard displays in Atlanta, Georgia, for an aggregate purchase price of $24.0 million. In connection with the execution of the agreement and a subsequent amendment, 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, and in the third quarter of 2019, we paid a deposit of $14.0 million to an escrow account, which is also included in Other assets on our Consolidated Statement of Financial Position. The transaction is expected to close in the first quarter of 2020, subject to customary closing conditions.

Note 14. Stock-Based Compensation

Effective as of June 10, 2019, we amended the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (the “Stock Plan”) to, among other things, increase the number of shares of our common stock reserved for issuance under our prior plan by 5,100,000 shares, so that the aggregate number of shares reserved for issuance under the Stock Plan is 13,100,000 shares of our common stock.

The following table summarizes our stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2019			2018			2019			2018
Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes	$	5.6		$	4.8		$	16.4		$	15.4
Tax benefit	(0.4		)	(0.4		)	(1.1		)	(1.1		)
Stock-based compensation expense, net of tax	$	5.2		$	4.4		$	15.3		$	14.3

As of September 30, 2019, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $29.6 million, which is expected to be recognized over a weighted average period of 2.0 years.

20

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

RSUs and PRSUs

The following table summarizes activity for the nine months ended September 30, 2019, of RSUs and PRSUs issued to our employees.

	Activity		Weighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 2018	1,723,980		$	22.39
Granted:
RSUs	853,965		21.73
PRSUs	376,418		21.41
Vested:
RSUs	(586,553	)	21.99
PRSUs	(246,542	)	21.99
Forfeitures:
RSUs	(42,425	)	22.16
PRSUs	(5,250	)	22.17
Non-vested as of September 30, 2019	2,073,593		22.10

Stock Options

The following table summarizes activity for the nine months ended September 30, 2019, of stock options issued to our employees.

	Activity		Weighted Average Exercise Price
Outstanding as of December 31, 2018	141,847		$	23.08
Exercised	(15,319	)	10.78
Outstanding as of September 30, 2019	126,528		24.57
Exercisable as of September 30, 2019	126,528		24.57

21

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 15. Retirement Benefits

The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2019			2018			2019			2018
Components of net periodic pension cost:
Service cost	$	0.6		$	0.3		$	1.5		$	1.1
Interest cost	0.5			0.5			1.5			1.4
Expected return on plan assets	(0.7		)	(0.5		)	(2.0		)	(1.6		)
Amortization of net actuarial losses(a)	0.1			0.2			0.4			0.5
Amortization of transitional obligation	—			(0.1		)	—			(0.1		)
Net periodic pension cost	$	0.5		$	0.4		$	1.4		$	1.3

(a) Reflects amounts reclassified from accumulated other comprehensive income to net income.

In the nine months ended September 30, 2019, we contributed $1.1 million to our pension plans. In 2019, we expect to contribute approximately $1.6 million to our pension plans.

Note 16. 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 TRSs. As such, we have provided for their federal, state and foreign income taxes.

In the second quarter of 2019, we had recorded a provision for uncertain tax positions of $4.5 million to correct an error related to prior open tax years. In the third quarter of 2019, pursuant to an audit for the 2016 tax year, the Internal Revenue Service has issued a Notice of Proposed Adjustment, increasing our tax liability by $2.2 million, which represents a settlement of the $4.5 million provision for uncertain tax positions recorded in the second quarter of 2019.

Tax years 2016 to present are open for examination by the tax authorities. New York State has concluded an audit of our 2014 tax year without proposing any adjustments.

Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results.

In the three and nine months ended September 30, 2019 and 2018, our effective tax rate differed from the U.S. federal statutory income tax rate primarily due to our REIT status, including the dividends paid deduction, the impact of state and local taxes, and the effect of foreign operations.

22

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 17. Earnings Per Share (“EPS”)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2019		2018		2019		2018
Net income available for common stockholders(a)	$	38.7	$	46.8	$	95.1	$	50.7
Less: Distributions to holders of Class A equity interests of a subsidiary	0.4		0.6		1.5		2.0
Net income available for common stockholders, basic and diluted(a)	$	38.3	$	46.2	$	93.6	$	48.7
Weighted average shares for basic EPS	143.4		139.3		142.1		139.1
Dilutive potential shares from grants of RSUs, PRSUs and stock options(b)	0.8		0.3		0.6		0.3
Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary(c)	—		1.9		—		—
Weighted average shares for diluted EPS	144.2		141.5		142.7		139.4

(a) Diluted EPS for the three months ended September 30, 2018, was calculated based on Net income available for common stockholders including distributions to holders of Class A equity interests of a subsidiary to include the impact of dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary.

(b) The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options in the three months ended September 30, 2018, 0.1 million in the nine months ended September 30, 2019, and 0.4 million in the nine months ended September 30, 2018, were antidilutive.

(c) The potential impact of 1.3 million shares of Class A equity interests of Outfront Canada in the three months ended September 30, 2019, 1.5 million in the nine months ended September 30, 2019, and 1.9 million in the nine months ended September 30, 2018, was antidilutive. (See Note 10. Equity to the Consolidated Financial Statements.)

23

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 18. 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, with such deployment amounts being subject to modification as agreed-upon by us and the MTA. 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 September 30, 2019, 3,740 digital displays had been installed, of which 972 installations occurred in the three months ended September 30, 2019, for a total of 2,511 installations in the nine months ended September 30, 2019. For the full year of 2019, we expect our MTA equipment deployment costs to be approximately $150.0 million.

(in millions)	Beginning Balance		Deployment Costs Incurred		Recoupment			Amortization			Ending Balance
Nine months ended September 30, 2019:
Prepaid MTA equipment deployment costs	$	79.5	$	83.3	$	(19.1	)	$	—		$	143.7
Intangible assets (franchise agreements)	14.8		17.8		—			(2.1		)	30.5
Total	$	94.3	$	101.1	$	(19.1	)	$	(2.1	)	$	174.2
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

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 September 30, 2019, the outstanding letters of credit were approximately $73.0 million and outstanding surety bonds were approximately $162.1 million, and were not recorded on the Consolidated Statements of Financial Position.

24

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Legal Matters

On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

Note 19. 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.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2019		2018		2019		2018
Revenues:
U.S. Media	$	422.7	$	379.7	$	1,180.7	$	1,056.8
Other	39.8		34.5		113.4		97.0
Total revenues	$	462.5	$	414.2	$	1,294.1	$	1,153.8

We present Operating income before Depreciation, Amortization, Net gain on dispositions, Stock-based compensation, Restructuring charges and an Impairment charge (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2019			2018			2019			2018
Net income	$	38.7		$	46.8		$	95.1		$	50.7
Provision for income taxes	3.3			1.0			8.5			2.4
Equity in earnings of investee companies, net of tax	(1.4		)	(0.7		)	(3.9		)	(2.7		)
Interest expense, net	33.9			32.0			100.5			93.0
Loss on extinguishment of debt	11.0			—			11.0			—
Other (income) expense, net	—			(0.2		)	(0.1		)	0.1
Operating income	85.5			78.9			211.1			143.5
Restructuring charges	—			0.1			0.3			1.4
Net gain on dispositions	(1.9		)	(1.3		)	(3.0		)	(4.2		)
Impairment charge	—			—			—			42.9
Depreciation and amortization	51.1			46.8			145.9			136.7
Stock-based compensation	5.6			4.8			16.4			15.4
Total Adjusted OIBDA	$	140.3		$	129.3		$	370.7		$	335.7
Adjusted OIBDA:
U.S. Media	$	147.3		$	136.2		$	387.7		$	356.3
Other	4.3			4.2			14.3			7.6
Corporate	(11.3		)	(11.1		)	(31.3		)	(28.2		)
Total Adjusted OIBDA	$	140.3		$	129.3		$	370.7		$	335.7

25

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2019			2018			2019			2018
Operating income (loss):
U.S. Media	$	103.1		$	96.0		$	260.5		$	240.4
Other	(0.7		)	(1.2		)	(1.4		)	(53.3		)
Corporate	(16.9		)	(15.9		)	(48.0		)	(43.6		)
Total operating income	$	85.5		$	78.9		$	211.1		$	143.5
Net (gain) loss on dispositions:
U.S. Media	$	(1.9	)	$	(1.1	)	$	(3.2	)	$	(4.0	)
Other	—			(0.2		)	0.2			(0.2		)
Total gain on dispositions	$	(1.9	)	$	(1.3	)	$	(3.0	)	$	(4.2	)
Impairment charge:
Other	$	—		$	—		$	—		$	42.9
Total impairment charge	$	—		$	—		$	—		$	42.9
Depreciation and amortization:
U.S. Media	$	46.1		$	41.2		$	130.4		$	119.3
Other	5.0			5.6			15.5			17.4
Total depreciation and amortization	$	51.1		$	46.8		$	145.9		$	136.7
Capital expenditures:
U.S. Media	$	25.1		$	14.0		$	63.4		$	54.0
Other	0.7			1.7			2.0			8.1
Total capital expenditures	$	25.8		$	15.7		$	65.4		$	62.1

	As of
(in millions)	September 30, 2019		December 31, 2018
Assets:
U.S. Media	$	5,011.8	$	3,610.0
Other	294.8		202.5
Corporate	14.3		16.2
Total assets	$	5,320.9	$	3,828.7

26

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 20. 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 9. 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.

	As of September 30, 2019
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	7.2	$	1.3	$	49.8	$	—		$	58.3
Receivables, less allowance	—		—		—		339.9		(49.2		)	290.7
Other current assets	—		1.2		190.3		69.2		(149.7		)	111.0
Total current assets	—		8.4		191.6		458.9		(198.9		)	460.0
Property and equipment, net	—		—		616.7		49.1		—			665.8
Goodwill	—		—		2,059.9		22.9		—			2,082.8
Intangible assets	—		—		476.3		72.3		—			548.6
Operating lease assets	—		—		1,294.4		113.7		—			1,408.1
Investment in subsidiaries	1,093.0		3,325.2		331.6		—		(4,749.8		)	—
Prepaid MTA equipment deployment costs	—		—		83.0		—		—			83.0
Other assets	—		1.5		67.4		3.7		—			72.6
Intercompany	—		—		81.0		87.7		(168.7		)	—
Total assets	$	1,093.0	$	3,335.1	$	5,201.9	$	808.3	$	(5,117.4	)	$	5,320.9
Total current liabilities	$	—	$	24.0	$	579.6	$	240.4	$	(198.9	)	$	645.1
Long-term debt, net	—		2,212.5		—		—		—			2,212.5
Deferred income tax liabilities, net	—		—		—		18.7		—			18.7
Operating lease liability	—		—		1,140.4		97.3		—			1,237.7
Asset retirement obligation	—		—		30.6		4.4		—			35.0
Deficit in excess of investment of subsidiaries	—		—		2,232.2		—		(2,232.2		)	—
Other liabilities	—		5.6		38.4		1.7		—			45.7
Intercompany	—		—		87.7		81.0		(168.7		)	—
Total liabilities	—		2,242.1		4,108.9		443.5		(2,599.8		)	4,194.7
Total stockholders’ equity	1,093.0		1,093.0		1,093.0		331.6		(2,517.6		)	1,093.0
Non-controlling interests	—		—		—		33.2		—			33.2
Total equity	1,093.0		1,093.0		1,093.0		364.8		(2,517.6		)	1,126.2
Total liabilities and equity	$	1,093.0	$	3,335.1	$	5,201.9	$	808.3	$	(5,117.4	)	$	5,320.9

27

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	As of December 31, 2018
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	12.0	$	—	$	40.7	$	—		$	52.7
Receivables, less allowance	—		—		52.7		232.1		(19.9		)	264.9
Other current assets	—		1.0		176.3		81.5		(146.9		)	111.9
Total current assets	—		13.0		229.0		354.3		(166.8		)	429.5
Property and equipment, net	—		—		604.3		48.6		—			652.9
Goodwill	—		—		2,059.9		19.8		—			2,079.7
Intangible assets	—		—		478.4		58.8		—			537.2
Investment in subsidiaries	1,102.8		3,257.5		261.9		—		(4,622.2		)	—
Prepaid MTA equipment deployment costs	—		—		60.6		—		—			60.6
Other assets	—		2.3		63.4		3.1		—			68.8
Intercompany	—		—		81.0		100.7		(181.7		)	—
Total assets	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7
Total current liabilities	$	—	$	18.0	$	375.5	$	175.9	$	(166.8	)	$	402.6
Long-term debt, net	—		2,149.6		—		—		—			2,149.6
Deferred income tax liabilities, net	—		—		—		17.0		—			17.0
Asset retirement obligation	—		—		29.9		4.3		—			34.2
Deficit in excess of investment of subsidiaries	—		—		2,154.7		—		(2,154.7		)	—
Other liabilities	—		2.4		74.9		2.7		—			80.0
Intercompany	—		—		100.7		81.0		(181.7		)	—
Total liabilities	—		2,170.0		2,735.7		280.9		(2,503.2		)	2,683.4
Total stockholders’ equity	1,102.8		1,102.8		1,102.8		261.9		(2,467.5		)	1,102.8
Non-controlling interests	—		—		—		42.5		—			42.5
Total equity	1,102.8		1,102.8		1,102.8		304.4		(2,467.5		)	1,145.3
Total liabilities and equity	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7

28

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Three Months Ended September 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	290.8		$	21.2		$	—		$	312.0
Transit and other	—			—			147.1			3.4			—			150.5
Total revenues	—			—			437.9			24.6			—			462.5
Expenses:
Operating	—			—			231.9			13.6			—			245.5
Selling, general and administrative	0.4			0.1			80.3			1.5			—			82.3
Net gain on dispositions	—			—			(1.9		)	—			—			(1.9		)
Depreciation	—			—			19.8			2.6			—			22.4
Amortization	—			—			26.3			2.4			—			28.7
Total expenses	0.4			0.1			356.4			20.1			—			377.0
Operating income (loss)	(0.4		)	(0.1		)	81.5			4.5			—			85.5
Interest expense, net	—			(31.9		)	(0.7		)	(1.3		)	—			(33.9		)
Loss on extinguishment of debt	—			(11.0		)	—			—			—			(11.0		)
Income (loss) before provision for income taxes and equity in earnings of investee companies	(0.4		)	(43.0		)	80.8			3.2			—			40.6
Provision for income taxes	—			—			(1.8		)	(1.5		)	—			(3.3		)
Equity in earnings of investee companies, net of tax	39.1			82.1			(39.9		)	0.3			(80.2		)	1.4
Net income	$	38.7		$	39.1		$	39.1		$	2.0		$	(80.2	)	$	38.7
Net income	$	38.7		$	39.1		$	39.1		$	2.0		$	(80.2	)	$	38.7
Total other comprehensive loss, net of tax	(1.0		)	(1.0		)	(1.0		)	(0.7		)	2.7			(1.0		)
Total comprehensive income	$	37.7		$	38.1		$	38.1		$	1.3		$	(77.5	)	$	37.7

29

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Three Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	271.1		$	19.5		$	—		$	290.6
Transit and other	—			—			120.3			3.3			—			123.6
Total revenues	—			—			391.4			22.8			—			414.2
Expenses:
Operating	—			—			202.6			12.7			—			215.3
Selling, general and administrative	0.4			0.1			71.1			2.8			—			74.4
Restructuring charges	—			—			0.1			—			—			0.1
Net gain on dispositions	—			—			(1.1		)	(0.2		)	—			(1.3		)
Depreciation	—			—			18.1			2.9			—			21.0
Amortization	—			—			23.4			2.4			—			25.8
Total expenses	0.4			0.1			314.2			20.6			—			335.3
Operating income (loss)	(0.4		)	(0.1		)	77.2			2.2			—			78.9
Interest expense, net	—			(30.1		)	(1.0		)	(0.9		)	—			(32.0		)
Other expense, net	—			—			—			0.2			—			0.2
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.4		)	(30.2		)	76.2			1.5			—			47.1
Benefit (provision) for income taxes	—			—			(1.6		)	0.6			—			(1.0		)
Equity in earnings of investee companies, net of tax	47.2			77.4			(27.4		)	0.4			(96.9		)	0.7
Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8
Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8
Total other comprehensive income, net of tax	1.7			1.7			1.7			1.7			(5.1		)	1.7
Total comprehensive income	$	48.5		$	48.9		$	48.9		$	4.2		$	(102.0	)	$	48.5

30

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Nine Months Ended September 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	811.2		$	57.6		$	—		$	868.8
Transit and other	—			—			415.9			9.4			—			425.3
Total revenues	—			—			1,227.1			67.0			—			1,294.1
Expenses:
Operating	—			—			663.9			38.8			—			702.7
Selling, general and administrative	1.2			0.2			227.6			8.1			—			237.1
Restructuring charges	—			—			0.3			—			—			0.3
Net gain on dispositions	—			—			(3.1		)	0.1			—			(3.0		)
Depreciation	—			—			57.0			7.9			—			64.9
Amortization	—			—			74.1			6.9			—			81.0
Total expenses	1.2			0.2			1,019.8			61.8			—			1,083.0
Operating income (loss)	(1.2		)	(0.2		)	207.3			5.2			—			211.1
Interest expense, net	—			(94.1		)	(2.4		)	(4.0		)	—			(100.5		)
Loss on extinguishment of debt	—			(11.0		)	—			—			—			(11.0		)
Other income, net	—			—			—			0.1			—			0.1
Income (loss) before provision for income taxes and equity in earnings of investee companies	(1.2		)	(105.3		)	204.9			1.3			—			99.7
Provision for income taxes	—			—			(8.4		)	(0.1		)	—			(8.5		)
Equity in earnings of investee companies, net of tax	96.3			201.6			(100.2		)	0.9			(194.7		)	3.9
Net income	$	95.1		$	96.3		$	96.3		$	2.1		$	(194.7	)	$	95.1
Net income	$	95.1		$	96.3		$	96.3		$	2.1		$	(194.7	)	$	95.1
Total other comprehensive income, net of tax	3.3			3.3			3.3			6.4			(13.0		)	3.3
Total comprehensive income	$	98.4		$	99.6		$	99.6		$	8.5		$	(207.7	)	$	98.4

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OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	759.6		$	50.7		$	—		$	810.3
Transit and other	—			—			334.4			9.1			—			343.5
Total revenues	—			—			1,094.0			59.8			—			1,153.8
Expenses:
Operating	—			—			585.3			39.1			—			624.4
Selling, general and administrative	1.2			0.2			202.1			5.6			—			209.1
Restructuring charges	—			—			1.4			—			—			1.4
Net gain on dispositions	—			—			(4.0		)	(0.2		)	—			(4.2		)
Impairment charge	—			—			—			42.9			—			42.9
Depreciation	—			—			53.6			9.8			—			63.4
Amortization	—			—			67.0			6.3			—			73.3
Total expenses	1.2			0.2			905.4			103.5			—			1,010.3
Operating income (loss)	(1.2		)	(0.2		)	188.6			(43.7		)	—			143.5
Interest expense, net	—			(88.1		)	(2.8		)	(2.1		)	—			(93.0		)
Other expense, net	—			—			—			(0.1		)	—			(0.1		)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(1.2		)	(88.3		)	185.8			(45.9		)	—			50.4
Benefit (provision) for income taxes	—			—			(4.1		)	1.7			—			(2.4		)
Equity in earnings of investee companies, net of tax	51.9			140.2			(129.8		)	0.8			(60.4		)	2.7
Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7
Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7
Total other comprehensive loss, net of tax	(9.2		)	(9.2		)	(9.2		)	(9.2		)	27.6			(9.2		)
Total comprehensive income (loss)	$	41.5		$	42.7		$	42.7		$	(52.6	)	$	(32.8	)	$	41.5

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OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Nine Months Ended September 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(84.4	)	$	227.4		$	20.3		$	—	$	162.1
Investing activities:
Capital expenditures	—			—			(59.8		)	(5.6		)	—		(65.4		)
Acquisitions	—			—			(60.7		)	—			—		(60.7		)
MTA franchise rights	—			—			(16.9		)	—			—		(16.9		)
Net proceeds from dispositions	—			—			4.9			—			—		4.9
Net cash flow used for investing activities	—			—			(132.5		)	(5.6		)	—		(138.1		)
Financing activities:
Proceeds from long-term debt borrowings	—			760.0			—			—			—		760.0
Repayments of long-term debt borrowings	—			(695.0		)	—			—			—		(695.0		)
Proceeds from borrowings under short-term debt facilities	—			—			90.0			190.0			—		280.0
Repayments of borrowings under short-term debt facilities	—			—			(75.0		)	(155.0		)	—		(230.0		)
Payments of deferred financing costs	—			(9.3		)	(0.2		)	—			—		(9.5		)
Payment of debt extinguishment charges	—			(7.4		)	—			—			—		(7.4		)
Proceeds from shares issued under the ATM Program	50.9			—			—			—			—		50.9
Taxes withheld for stock-based compensation	—			—			(7.7		)	—			—		(7.7		)
Dividends	(154.5		)	—			—			(1.5		)	—		(156.0		)
Intercompany	104.8			31.3			(96.7		)	(39.4		)	—		—
Net cash flow provided by (used for) financing activities	1.2			79.6			(89.6		)	(5.9		)	—		(14.7		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			0.3			—		0.3
Net increase (decrease) in cash, cash equivalents and restricted cash	—			(4.8		)	5.3			9.1			—		9.6
Cash, cash equivalents and restricted cash at beginning of period	—			12.0			1.4			40.7			—		54.1
Cash, cash equivalents and restricted cash at end of period	$	—		$	7.2		$	6.7		$	49.8		$	—	$	63.7

33

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(74.5	)	$	216.2		$	(3.1	)	$	—	$	137.4
Investing activities:
Capital expenditures	—			—			(52.5		)	(9.6		)	—		(62.1		)
Acquisitions	—			—			(5.6		)	—			—		(5.6		)
MTA franchise rights	—			—			(9.4		)	—			—		(9.4		)
Net proceeds from dispositions	—			—			5.7			0.3			—		6.0
Net cash flow used for investing activities	—			—			(61.8		)	(9.3		)	—		(71.1		)
Financing activities:
Proceeds from long-term debt borrowings	—			89.0			—			—			—		89.0
Repayments of long-term debt borrowings	—			(79.0		)	—			—			—		(79.0		)
Proceeds from borrowings under short-term debt facilities	—			—			75.0			125.0			—		200.0
Repayments of borrowings under short-term debt facilities	—			—			—			(105.0		)	—		(105.0		)
Payments of deferred financing costs	—			(0.1		)	—			(0.1		)	—		(0.2		)
Taxes withheld for stock-based compensation	—			—			(8.2		)	—			—		(8.2		)
Dividends	(150.9		)	—			—			(2.0		)	—		(152.9		)
Intercompany	152.1			74.3			(216.2		)	(10.2		)	—		—
Net cash flow provided by (used for) financing activities	1.2			84.2			(149.4		)	7.7			—		(56.3		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			(0.2		)	—		(0.2		)
Net increase (decrease) in cash, cash equivalents and restricted cash	—			9.7			5.0			(4.9		)	—		9.8
Cash, cash equivalents and restricted cash at beginning of period	—			10.2			3.7			34.4			—		48.3
Cash, cash equivalents and restricted cash at end of period	$	—		$	19.9		$	8.7		$	29.5		$	—	$	58.1

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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with our historical consolidated financial statements and the notes thereto appearing in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2019, and the unaudited consolidated financial statements and the notes thereto included in this Quarterly Report on Form 10-Q. This MD&A contains forward-looking statements that involve numerous risks and uncertainties. The forward-looking statements are subject to a number of important factors, including, but not limited to, those factors discussed in the sections entitled “Risk Factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 27, 2019, and the section entitled “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q, that could cause our actual results to differ materially from the results described herein or implied by such forward-looking statements. Except as otherwise indicated or unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to (i) “OUTFRONT Media,” “the Company,” “we,” “our,” “us” and “our company” mean OUTFRONT Media Inc., a Maryland corporation, and unless the context requires otherwise, its consolidated subsidiaries, and (ii) the “25 largest markets in the U.S.,” “150 markets in the U.S. and Canada” and “Nielsen Designated Market Areas” are based, in whole or in part, on Nielsen Media Research’s Designated Market Area rankings as of January 1, 2019.

Overview

OUTFRONT Media 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. 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 (see Note 19. Segment Information to the Consolidated Financial Statements).

Business

We are one of the largest providers of advertising space on out-of-home advertising structures and sites across the U.S. and Canada. Our inventory consists of billboard displays, which are primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (“DMAs”), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. and Canada. We also have marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle us to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sports events. In total, we have displays in all of the 25 largest markets in the U.S. and approximately 150 markets in the U.S. and Canada. Our top market, high profile location focused portfolio includes sites such as the Bay Bridge in San Francisco, various locations along Sunset Boulevard in Los Angeles, and sites in and around both Grand Central Station and Times Square in New York. The breadth and depth of our portfolio provides our customers with a range of options to address their marketing objectives, from national, brand-building campaigns to hyper-local campaigns that drive customers to the advertiser’s website or retail location “one mile down the road.” 

In addition to providing location-based displays, we also focus on delivering audiences to our customers. Using Geopath, the out-of-home advertising industry’s audience measurement system, we provide advertisers with the size and demographic composition of the audience that is exposed to individual displays or a complete campaign. As part of our technology platform, we are also developing hardware and software solutions for enhanced demographic and location targeting, and engaging ways to connect with consumers on-the-go. Additionally, our OUTFRONT Mobile Network allows our customers to further leverage location targeting with interactive mobile advertising that uses geofence technology and other data to push mobile ads to consumers within a pre-defined radius around a corresponding billboard display or other designated advertising location. Further, our social influencer add-on product allows our customers to leverage location targeting with social sharing amplification.

We believe out-of-home advertising continues to be an attractive form of advertising, as our displays are always viewable and cannot be turned off, skipped, blocked or fast-forwarded. Further, out-of-home advertising can be an effective “stand-alone” medium, as well as an integral part of a campaign to reach audiences using multiple forms of media, including television, radio, print, online, mobile and social media advertising platforms. We provide our customers with a differentiated advertising solution at an attractive price point relative to other forms of advertising. In addition to leasing displays, we provide other value-added services to our customers, such as pre-campaign category research, attribution, consumer insights, creative design

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support through OUTFRONT Studios, print production and post-campaign tracking and analytics, as well as use of a real-time mobile operations reporting system that facilitates proof of performance to customers.

U.S. Media. Our U.S. Media segment generated 22% of its revenues in the New York City metropolitan area in each of the three months ended September 30, 2019 and 2018, 23% in the nine months ended September 30, 2019 and 22% in the nine months ended September 30, 2018, and generated 16% of its revenues in the Los Angeles metropolitan area in the three months ended September 30, 2019, 17% in the three months ended September 30, 2018, and 16% in each of the nine months ended September 30, 2019 and 2018. In the three months ended September 30, 2019, our U.S. Media segment generated $422.7 million of Revenues and $147.3 million of Operating income before Depreciation, Amortization, Net (gain) loss on dispositions, Stock-based compensation, Restructuring charges and an Impairment charge (“Adjusted OIBDA”). In the three months ended September 30, 2018, our U.S. Media segment generated $379.7 million of Revenues and $136.2 million of Adjusted OIBDA. In the nine months ended September 30, 2019, our U.S. Media segment generated $1,180.7 million of Revenues and $387.7 million of Adjusted OIBDA. In the nine months ended September 30, 2018, our U.S. Media segment generated $1,056.8 million of Revenues and $356.3 million of Adjusted OIBDA. (See the “Segment Results of Operations” section of this MD&A.)

Other (includes International and Sports Marketing). In the three months ended September 30, 2019, Other generated $39.8 million of Revenues and $4.3 million of Adjusted OIBDA. In the three months ended September 30, 2018, Other generated $34.5 million of Revenues and $4.2 million of Adjusted OIBDA. In the nine months ended September 30, 2019, Other generated $113.4 million of Revenues and $14.3 million of Adjusted OIBDA. In the nine months ended September 30, 2018, Other generated $97.0 million of Revenues and $7.6 million of Adjusted OIBDA.

Economic Environment

Our revenues and operating results are sensitive to fluctuations in advertising expenditures, general economic conditions and other external events beyond our control.

Business Environment

The outdoor advertising industry is fragmented, consisting of several companies operating on a national basis, as well as hundreds of smaller regional and local companies operating a limited number of displays in a single or a few local geographic markets. We compete with these companies for both customers and structure and display locations. We also compete with other media, including online, mobile and social media advertising platforms and traditional advertising platforms (such as television, radio, print and direct mail marketers). In addition, we compete with a wide variety of out-of-home media, including advertising in shopping centers, airports, movie theaters, supermarkets and taxis.

Increasing the number of digital displays in our prime audience locations is an important element of our organic growth strategy, as digital displays have the potential to attract additional business from both new and existing customers. We believe digital displays are attractive to our customers because they allow for the development of richer and more visually engaging messages, provide our customers with the flexibility both to target audiences by time of day and to quickly launch new advertising campaigns, and eliminate or greatly reduce print production and installation costs. In addition, digital displays enable us to run multiple advertisements on each display. Digital billboard displays generate approximately four times more revenue per display on average than traditional static billboard displays. Digital billboard displays also incur, on average, approximately two to four times more costs, including higher variable costs associated with the increase in revenue than traditional static billboard displays. As a result, digital billboard displays generate higher profits and cash flows than traditional static billboard displays. The majority of our digital billboard displays were converted from traditional static billboard displays.

In 2017, we commenced deployment of state-of-the-art digital transit displays in connection with several transit franchises and are planning to increase deployments significantly over the coming years. Once the digital transit displays have been deployed at scale, we expect that revenue generated on digital transit displays will be a multiple of the revenue generated on comparable static transit displays. We intend to incur significant equipment deployment costs and capital expenditures in the coming years to continue increasing the number of digital displays in our portfolio.

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We have built or converted 70 new digital billboard displays in the United States and 7 in Canada during the nine months ended September 30, 2019. Additionally, in the nine months ended September 30, 2019, we entered into marketing arrangements to sell advertising on 42 third-party digital billboard displays in the U.S. and 16 third-party digital billboard displays in Canada. In the nine months ended September 30, 2019, we have built, converted or replaced 2,741 digital transit and other displays in the United States. The following table sets forth information regarding our digital displays.

	Digital Revenues (in millions) for the Nine Months Ended September 30, 2019(a)						Number of Digital Displays as of  September 30, 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	$	157.5	$	72.5	$	230.0	1,079	5,709	6,788
Canada	21.5		0.1		21.6		205	93	298
Total	$	179.0	$	72.6	$	251.6	1,284	5,802	7,086

(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.

Our revenues and profits may fluctuate due to seasonal advertising patterns and influences on advertising markets. Typically, our revenues and profits are highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust their spending following the holiday shopping season.

We have a diversified base of customers across various industries. During the three months ended September 30, 2019, our largest categories of advertisers were financial services, retail and professional services, each of which represented approximately 8% of our total U.S. Media segment revenues. During the three months ended September 30, 2018, our largest categories of advertisers were television, retail and healthcare/pharmaceuticals, which represented approximately 8%, 8% and 7% of our total U.S. Media segment revenues, respectively. During the nine months ended September 30, 2019, our largest categories of advertisers were retail, professional services and healthcare/pharmaceuticals, which represented approximately 8%, 8% and 7% of our total U.S. Media segment revenues, respectively. During the nine months ended September 30, 2018, our largest categories of advertisers were retail, television and healthcare/pharmaceuticals, each of which represented approximately 8%, 8% and 7% of our total U.S. Media segment revenues, respectively.

Our large-scale portfolio allows our customers to reach a national audience and also provides the flexibility to tailor campaigns to specific regions or markets. In each of the three months ended September 30, 2019 and 2018, we generated approximately 46% of our U.S. Media segment revenues from national advertising campaigns. In each of the nine months ended September 30, 2019 and 2018, we generated approximately 44% of our U.S. Media segment revenues from national advertising campaigns.

Our transit businesses requires us to periodically obtain and renew contracts with municipalities and other governmental entities. When these contracts expire, we generally must participate in highly competitive bidding processes in order to obtain or renew contracts.

Key Performance Indicators

Our management reviews our performance by focusing on the indicators described below.

Several of our key performance indicators are not prepared in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”). We believe these non-GAAP performance indicators are meaningful supplemental measures of our operating performance and should not be considered in isolation of, or as a substitute for, their most directly comparable GAAP financial measures.

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	Three Months Ended								Nine Months Ended
	September 30,						%		September 30,						%
(in millions, except percentages)	2019			2018			Change		2019			2018			Change
Revenues	$	462.5		$	414.2		12	%	$	1,294.1		$	1,153.8		12	%
Organic revenues(a)(b)	462.5			413.9			12		1,294.1			1,152.0			12
Operating income	85.5			78.9			8		211.1			143.5			47
Adjusted OIBDA(b)	140.3			129.3			9		370.7			335.7			10
Adjusted OIBDA(b) margin	30		%	31		%			29		%	29		%
Funds from operations (“FFO”)(b)	79.0			85.2			(7	)	211.7			204.6			3
Adjusted FFO (“AFFO”)(b)	92.6			86.4			7		228.1			201.7			13
Net income	38.7			46.8			(17	)	95.1			50.7			88

(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.

Adjusted OIBDA

We calculate Adjusted OIBDA as operating income (loss) before depreciation, amortization, net (gain) loss on dispositions, stock-based compensation, restructuring charges and impairment charges. We calculate Adjusted OIBDA margin by dividing Adjusted OIBDA by total revenues. Adjusted OIBDA and Adjusted OIBDA margin are among the primary measures we use for managing our business, evaluating our operating performance and planning and forecasting future periods, as each is an important indicator of our operational strength and business performance. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of Adjusted OIBDA and Adjusted OIBDA margin, as supplemental measures, are useful in evaluating our business because eliminating certain non-comparable items highlight operational trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental measures provide users of our financial data with an important perspective on our operating performance and also make it easier for users of our financial data to compare our results with other companies that have different financing and capital structures or tax rates.

FFO and AFFO

We calculate FFO in accordance with the definition established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO reflects net income (loss) adjusted to exclude gains and losses from the sale of real estate assets, impairment charges, depreciation and amortization of real estate assets, amortization of direct lease acquisition costs and the same adjustments for our equity-based investments, as well as the related income tax effect of adjustments, as applicable. We calculate AFFO as FFO adjusted to include cash paid for direct lease acquisition costs as such costs are generally amortized over a period ranging from four weeks to one year and therefore are incurred on a regular basis. AFFO also includes cash paid for maintenance capital expenditures since these are routine uses of cash that are necessary for our operations. In addition, AFFO excludes restructuring charges and losses on extinguishment of debt, as well as certain non-cash items, including non-real estate depreciation and amortization, stock-based compensation expense, accretion expense, the non-cash effect of straight-line rent and amortization of deferred financing costs, and the non-cash portion of income taxes, as well as the related income tax effect of adjustments, as applicable. We use FFO and AFFO measures for managing our business and for planning and forecasting future periods, and each is an important indicator of our operational strength and business performance, especially compared to other REITs. Our management believes users of our financial data are best served if the information that is made available to them allows them to align their analysis and evaluation of our operating results along the same lines that our management uses in managing, planning and executing our business strategy. Our management also believes that the presentations of FFO and AFFO, as supplemental measures, are useful in evaluating our business because adjusting results to reflect items that have more bearing on the operating performance of REITs highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. It is management’s opinion that these supplemental

38

measures provide users of our financial data with an important perspective on our operating performance and also make it easier to compare our results to other companies in our industry, as well as to REITs.

Since Adjusted OIBDA, Adjusted OIBDA margin, FFO and AFFO are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, operating income (loss), net income (loss) and revenues, the most directly comparable GAAP financial measures, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. In addition, these measures do not necessarily represent funds available for discretionary use and are not necessarily a measure of our ability to fund our cash needs.

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Reconciliation of Non-GAAP Financial Measures

The following table reconciles Operating income to Adjusted OIBDA, and Net income to FFO and AFFO.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions, except per share amounts)	2019			2018			2019			2018
Total revenues	$	462.5		$	414.2		$	1,294.1		$	1,153.8
Operating income	$	85.5		$	78.9		$	211.1		$	143.5
Restructuring charges	—			0.1			0.3			1.4
Net gain on dispositions	(1.9		)	(1.3		)	(3.0		)	(4.2		)
Impairment charge	—			—			—			42.9
Depreciation	22.4			21.0			64.9			63.4
Amortization	28.7			25.8			81.0			73.3
Stock-based compensation	5.6			4.8			16.4			15.4
Adjusted OIBDA	$	140.3		$	129.3		$	370.7		$	335.7
Adjusted OIBDA margin	30		%	31		%	29		%	29		%
Net income	$	38.7		$	46.8		$	95.1		$	50.7
Depreciation of billboard advertising structures	17.0			16.9			49.2			51.0
Amortization of real estate-related intangible assets	11.6			10.6			33.4			31.8
Amortization of direct lease acquisition costs	13.6			11.9			36.9			31.7
Net gain on disposition of real estate assets	(1.9		)	(1.3		)	(3.0		)	(4.2		)
Impairment charge	—			—			—			42.9
Adjustment related to equity-based investments	—			0.1			0.1			0.2
Income tax effect of adjustments(a)	—			0.2			—			0.5
FFO	$	79.0		$	85.2		$	211.7		$	204.6
FFO	$	79.0		$	85.2		$	211.7		$	204.6
Non-cash portion of income taxes	0.7			(0.3		)	0.6			(4.8		)
Cash paid for direct lease acquisition costs	(10.5		)	(9.7		)	(34.5		)	(30.2		)
Maintenance capital expenditures	(6.4		)	(3.5		)	(15.0		)	(13.6		)
Restructuring charges	—			0.1			0.3			1.4
Other depreciation	5.4			4.1			15.7			12.4
Other amortization	3.5			3.3			10.7			9.8
Stock-based compensation	5.6			4.8			16.4			15.4
Non-cash effect of straight-line rent	1.8			0.4			4.4			0.9
Accretion expense	0.6			0.6			1.9			1.8
Amortization of deferred financing costs	1.9			1.4			4.9			4.2
Loss on extinguishment of debt	11.0			—			11.0			—
Income tax effect of adjustments(b)	—			—			—			(0.2		)
AFFO	$	92.6		$	86.4		$	228.1		$	201.7

(a) Income tax effect relate to Net gain on disposition of real estate assets.

(b) Income tax effect related to Restructuring charges.

FFO in the three months ended September 30, 2019, of $79.0 million decreased $6.2 million, or 7%, compared to the same prior-year period, primarily due to lower net income, partially offset by higher amortization of direct lease acquisition costs. AFFO in the three months ended September 30, 2019, of $92.6 million increased $6.2 million, or 7%, compared to the same

40

prior-year period, due to higher operating income, partially offset by higher maintenance capital expenditures, higher interest expense and higher cash paid for direct lease acquisition costs. FFO in the nine months ended September 30, 2019, of $211.7 million increased $7.1 million, or 3%, compared to the same prior-year period, primarily due to higher net income and higher amortization of direct lease acquisition costs, partially offset by an impairment charge recorded in 2018. AFFO in the nine months ended September 30, 2019, of $228.1 million increased $26.4 million, or 13%, compared to the same prior-year period, due to higher operating income, including an impairment recorded in 2018, and higher non-cash straight-line rent, partially offset by higher interest expense and higher cash paid for direct lease acquisition costs.

Analysis of Results of Operations

Revenues

We derive Revenues primarily from providing advertising space to customers on our advertising structures and sites. Our contracts with customers generally cover periods ranging from four weeks to one year. Revenues from billboard displays are recognized as rental income on a straight-line basis over the contract term. Transit and other revenues are recognized over the contract period. (See Note 11. Revenues to the Consolidated Financial Statements.)

	Three Months Ended						Nine Months Ended
	September 30,				%		September 30,				%
(in millions, except percentages)	2019		2018		Change		2019		2018		Change
Revenues:
Billboard	$	312.0	$	290.6	7	%	$	868.8	$	810.3	7	%
Transit and other	150.5		123.6		22		425.3		$	343.5	24
Total revenues	$	462.5	$	414.2	12		$	1,294.1	$	1,153.8	12
Organic revenues(a):
Billboard	$	312.0	$	290.3	7		$	868.8	$	808.8	7
Transit and other	150.5		123.6		22		425.3		343.2		24
Total organic revenues(a)	462.5		413.9		12		1,294.1		1,152.0		12
Non-organic revenues:
Billboard	—		0.3		*		—		1.5		*
Transit and other	—		—		*		—		0.3		*
Total non-organic revenues	—		0.3		*		—		1.8		*
Total revenues	$	462.5	$	414.2	12		$	1,294.1	$	1,153.8	12

• Calculation is not meaningful.

(a) Organic revenues exclude the impact of foreign currency exchange rates (“non-organic revenues”).

Total revenues increased by $48.3 million, or 12%, and organic revenues increased $48.6 million, or 12%, in the three months ended September 30, 2019, compared to the same prior-year period. Total revenues increased by $140.3 million, or 12%, and organic revenues increased $142.1 million, or 12%, in the nine months ended September 30, 2019, compared to the same prior-year period.

In the three and nine months ended September 30, 2018, non-organic revenues reflect the impact of foreign currency exchange rates.

Total billboard revenues increased $21.4 million, or 7%, in the three months ended September 30, 2019, compared to the same prior-year period, principally driven by an increase in average revenue per display (yield) and the conversion of traditional static billboard displays to digital billboard displays. Total billboard revenues increased $58.5 million, or 7%, in the nine months ended September 30, 2019, compared to the same prior-year period, principally driven by an increase in average revenue per display (yield), the conversion of traditional static billboard displays to digital billboard displays and the net effect of new and lost billboards in the period.

Organic billboard revenues in the three months ended September 30, 2019, increased $21.7 million, or 7%, compared to the same prior-year period, due to an increase in average revenue per display (yield) and the conversion of traditional static

41

billboard displays to digital billboard displays. Organic billboard revenues in the nine months ended September 30, 2019, increased $60.0 million, or 7%, compared to the same prior-year period, due to an increase in average revenue per display (yield), the conversion of traditional static billboard displays to digital billboard displays and the net effect of new and lost billboards in the period and.

Total transit and other revenues increased $26.9 million, or 22%, in the three months ended September 30, 2019, compared to the same prior-year period, driven by an increase in average revenue per display (yield), growth in digital displays, an increase in third-party digital equipment sales and the net effect of won and lost franchises in the period (primarily the San Francisco Bay Area Rapid Transit (“BART”) transit franchise). Total transit and other revenues increased $81.8 million, or 24%, in the nine months ended September 30, 2019, compared to the same prior-year period, driven by an increase in average revenue per display (yield), growth in digital displays, the net effect of won and lost franchises in the period (primarily the BART transit franchise) and an increase in third-party digital equipment sales.

The increase in organic transit and other revenues in the three and nine months ended September 30, 2019, compared to the same prior-year period, is due to an increase in average revenue per display (yield), growth in digital displays, the net effect of won and lost franchises in the period (primarily the BART transit franchise) and an increase in third-party digital equipment sales.

Expenses

	Three Months Ended								Nine Months Ended
	September 30,						%		September 30,						%
(in millions, except percentages)	2019			2018			Change		2019			2018			Change
Expenses:
Operating	$	245.5		$	215.3		14	%	$	702.7		$	624.4		13	%
Selling, general and administrative	82.3			74.4			11		237.1			209.1			13
Restructuring charges	—			0.1			*		0.3			1.4			(79	)
Net gain on dispositions	(1.9		)	(1.3		)	46		(3.0		)	(4.2		)	(29	)
Impairment charge	—			—			*		—			42.9			*
Depreciation	22.4			21.0			7		64.9			63.4			2
Amortization	28.7			25.8			11		81.0			73.3			11
Total expenses	$	377.0		$	335.3		12		$	1,083.0		$	1,010.3		7

* Calculation is not meaningful.

Operating Expenses

	Three Months Ended						Nine Months Ended
	September 30,				%		September 30,				%
(in millions, except percentages)	2019		2018		Change		2019		2018		Change
Operating expenses:
Billboard property lease	$	104.5	$	96.1	9	%	$	302.2	$	284.1	6	%
Transit franchise	69.8		57.8		21		201.5		164.3		23
Posting, maintenance and other	71.2		61.4		16		199.0		176.0		13
Total operating expenses	$	245.5	$	215.3	14		$	702.7	$	624.4	13

Billboard property lease expenses represented 33% of billboard revenues in each of the three months ended September 30, 2019 and 2018, and 35% in each of the nine months ended September 30, 2019 and 2018.

Transit franchise expenses represented 57% of transit display revenues in each of the three months ended September 30, 2019 and 2018. Transit franchise expenses represented 59% of transit display revenues in each of the nine months ended September 30, 2019 and 2018.

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Billboard property lease and transit franchise expenses increased by $20.4 million in the three months ended September 30, 2019, compared to the same prior-year period. Billboard property lease and transit franchise expenses increased by $55.3 million in the nine months ended September 30, 2019, compared to the same prior-year period.

Posting, maintenance and other expenses increased $9.8 million, or 16%, in the three months ended September 30, 2019, compared to the same prior-year period, primarily due to higher costs related to third-party digital equipment sales, higher posting and rotation costs, higher compensation and benefits-related costs and higher expenses related to our Sports Marketing operating segment. Posting, maintenance and other expenses increased $23.0 million, or 13%, in the nine months ended September 30, 2019, compared to the same prior-year period, primarily due to higher posting and rotation costs, higher costs related to third-party equipment sales, higher compensation and benefits-related costs, and higher expenses related to our Sports Marketing operating segment.

Selling, General and Administrative Expenses (“SG&A”)

SG&A expenses represented 18% of Revenues in each of the three months ended September 30, 2019 and 2018. SG&A expenses increased $7.9 million, or 11%, in the three months ended September 30, 2019, compared to the same prior-year period, primarily due to higher compensation and other employee-related costs. SG&A expenses represented 18% of Revenues in each of the nine months ended September 30, 2019 and 2018. SG&A expenses increased $28.0 million, or 13%, in the nine months ended September 30, 2019, compared to the same prior-year period, primarily due to higher compensation and other employee-related costs, higher professional fees and higher bad debt expense.

Net Gain on Dispositions

Net gain on dispositions was $1.9 million for the three months ended September 30, 2019, compared to $1.3 million for the same prior-year period. Net gain on dispositions was $3.0 million for the nine months ended September 30, 2019, compared to $4.2 million for the same prior-year period. The gains for the nine months ended September 30, 2019 and 2018, primarily related to the sales of office locations.

Impairment Charge

As a result of an impairment analysis performed during the second quarter of 2018, we determined that the carrying value of our Canadian reporting unit exceeded its fair value and we recorded an impairment charge of $42.9 million in the Consolidated Statements of Operations.

Depreciation

Depreciation increased $1.4 million, or 7%, in the three months ended September 30, 2019, compared to the same prior-year period, primarily due to software and related equipment utilized for the operation of our digital displays. Depreciation increased $1.5 million, or 2%, in the nine months ended September 30, 2019, compared to the same prior-year period, primarily due to software and related equipment utilized for the operation of our digital displays.

Amortization

Amortization increased $2.9 million, or 11%, in the three months ended September 30, 2019, compared to the same prior-year period, principally driven by higher direct lease acquisition costs and higher amortization of intangible assets. Amortization of direct lease acquisition costs was $13.6 million in the three months ended September 30, 2019 and $11.9 million in the three months ended September 30, 2018. Capitalized direct lease acquisition costs were $13.6 million in the three months ended September 30, 2019 and $11.9 million in the three months ended September 30, 2018. Amortization increased $7.7 million, or 11%, in the nine months ended September 30, 2019, compared to the same prior-year period, principally driven by higher direct lease acquisition costs and higher amortization of intangible assets. Amortization of direct lease acquisition costs was $36.9 million in the nine months ended September 30, 2019 and $31.7 million in the nine months ended September 30, 2018. Capitalized direct lease acquisition costs were $36.9 million in the nine months ended September 30, 2019 and $31.7 million in the nine months ended September 30, 2018.

Interest Expense, Net

Interest expense, net, was $33.9 million (including $1.9 million of deferred financing costs) in the three months ended September 30, 2019, and $32.0 million (including $1.4 million of deferred financing costs) in the same prior-year period. The

43

increase in Interest expense, net, was primarily due to a higher outstanding average debt balance and higher interest rates. Interest expense, net, was $100.5 million (including $4.9 million of deferred financing costs) in the nine months ended September 30, 2019, and $93.0 million (including $4.2 million of deferred financing costs) in the same prior-year period. The increase in Interest expense, net, was primarily due to higher interest rates and a higher outstanding average debt balance.

Provision for Income Taxes

Provision for income taxes was $3.3 million in the three months ended September 30, 2019, an increase of $2.3 million compared to the same prior-year period, due primarily to improved performance of our taxable REIT subsidiaries (“TRSs”). Provision for income taxes was $8.5 million in the nine months ended September 30, 2019, an increase of $6.1 million compared to the same prior-year period, due primarily to improved performance of our TRSs and to a $2.6 million proposed settlement of a 2016 IRS audit and related state income taxes.

Net Income

Net income was $38.7 million in the three months ended September 30, 2019, a decrease of $8.1 million compared to the same prior-year period, due primarily to a loss on extinguishment of debt and higher interest expense, partially offset by higher operating income. Net income was $95.1 million in the nine months ended September 30, 2019, an increase of $44.4 million compared to the same prior-year period, due primarily to higher operating income, including the impact of an impairment charge recorded in 2018, partially offset by a loss on extinguishment of debt and higher interest expense.

Segment Results of Operations

We present Adjusted OIBDA as the primary measure of profit and loss for our reportable segments. (See the “Key Performance Indicators” section of this MD&A and Note 19. Segment Information to the Consolidated Financial Statements.)

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. Our segment reporting therefore includes U.S. Media and Other.

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The following table presents our Revenues, Adjusted OIBDA and Operating income (loss) by segment in the three and nine months ended September 30, 2019 and 2018.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2019			2018			2019			2018
Revenues:
U.S. Media	$	422.7		$	379.7		$	1,180.7		$	1,056.8
Other	39.8			34.5			113.4			97.0
Total revenues	462.5			414.2			1,294.1			1,153.8
Operating income	$	85.5		$	78.9		$	211.1		$	143.5
Restructuring charges	—			0.1			0.3			1.4
Net gain on dispositions	(1.9		)	(1.3		)	(3.0		)	(4.2		)
Impairment charge	—			—			—			42.9
Depreciation	22.4			21.0			64.9			63.4
Amortization	28.7			25.8			81.0			73.3
Stock-based compensation	5.6			4.8			16.4			15.4
Total Adjusted OIBDA	$	140.3		$	129.3		$	370.7		$	335.7
Adjusted OIBDA:
U.S. Media	$	147.3		$	136.2		$	387.7		$	356.3
Other	4.3			4.2			14.3			7.6
Corporate	(11.3		)	(11.1		)	(31.3		)	(28.2		)
Total Adjusted OIBDA	$	140.3		$	129.3		$	370.7		$	335.7
Operating income (loss):
U.S. Media	$	103.1		$	96.0		$	260.5		$	240.4
Other	(0.7		)	(1.2		)	(1.4		)	(53.3		)
Corporate	(16.9		)	(15.9		)	(48.0		)	(43.6		)
Total operating income	$	85.5		$	78.9		$	211.1		$	143.5

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U.S. Media

	Three Months Ended								Nine Months Ended
	September 30,						%		September 30,						%
(in millions, except percentages)	2019			2018			Change		2019			2018			Change
Revenues:
Billboard	$	292.8		$	271.3		8	%	$	814.1		$	760.1		7	%
Transit and other	129.9			108.4			20		366.6			296.7			24
Total revenues	422.7			379.7			11		1,180.7			1,056.8			12
Operating expenses	(218.1		)	(192.2		)	13		(628.8		)	(557.0		)	13
SG&A expenses	(57.3		)	(51.3		)	12		(164.2		)	(143.5		)	14
Adjusted OIBDA	$	147.3		$	136.2		8		$	387.7		$	356.3		9
Adjusted OIBDA margin	35		%	36		%			33		%	34		%
Operating income	$	103.1		$	96.0		7		$	260.5		$	240.4		8
Restructuring charges	—			0.1			*		—			0.6			*
Net gain on dispositions	(1.9		)	(1.1		)	73		(3.2		)	(4.0		)	(20	)
Depreciation and amortization	46.1			41.2			12		130.4			119.3			9
Adjusted OIBDA	$	147.3		$	136.2		8		$	387.7		$	356.3		9

* Calculation is not meaningful.

Total U.S. Media segment revenues increased $43.0 million, or 11%, in the three months ended September 30, 2019, compared to the same prior-year period. Total U.S. Media segment revenues increased $123.9 million, or 12%, in the nine months ended September 30, 2019, compared to the same prior-year period.

Total U.S. Media segment revenue increased 11% in the three months ended September 30, 2019, reflecting an increase in average revenue per display (yield), growth in transit digital displays and the conversion of traditional static billboard displays to digital billboard displays. In each of the three months ended September 30, 2019 and 2018, we generated approximately 46% of our U.S. Media segment revenues from national advertising campaigns. Total U.S. Media segment revenue increased 12% in the nine months ended September 30, 2019, reflecting an increase in average revenue per display (yield), growth in transit digital displays and the conversion of traditional static billboard displays to digital billboard displays. In each of the nine months ended September 30, 2019 and 2018, we generated approximately 44% of our U.S. Media segment revenues from national advertising campaigns.

Revenues from U.S. Media segment billboards increased $21.5 million, or 8%, in the three months ended September 30, 2019, compared to the same prior-year period, reflecting an increase in average revenue per display (yield), the conversion of traditional static billboard displays to digital billboard displays and the net effect of new and lost billboards in the period. Revenues from U.S. Media segment billboards increased $54.0 million, or 7%, in the nine months ended September 30, 2019, compared to the same prior-year period, reflecting an increase in average revenue per display (yield), the net effect of new and lost billboards in the period and the conversion of traditional static billboard displays to digital billboard displays.

Transit and other revenues in the U.S. Media segment increased $21.5 million, or 20%, in the three months ended September 30, 2019, compared to the same prior-year period, reflecting an increase in average revenue per display (yield), growth in digital displays and the net effect of won and lost franchises in the period (primarily the BART transit franchise). Transit and other revenues in the U.S. Media segment increased $69.9 million, or 24%, in the nine months ended September 30, 2019, compared to the same prior-year period, reflecting an increase in average revenue per display (yield), growth in digital displays and the net effect of won and lost franchises in the period (primarily the BART transit franchise).

U.S. Media segment operating expenses increased $25.9 million, or 13%, in the three months ended September 30, 2019, compared to the same prior-year period, primarily due to increased costs related to the New York Metropolitan Transportation Authority (the “MTA”) agreement as a result of increased transit revenues and increased costs related to the BART transit franchise agreement, and an increase in billboard lease costs. U.S. Media segment SG&A expenses increased $6.0 million, or 12%, in the three months ended September 30, 2019, compared to the same prior-year period, primarily due to higher compensation and other employee-related costs. U.S. Media segment operating expenses increased $71.8 million, or 13%, in

46

the nine months ended September 30, 2019, compared to the same prior-year period, primarily due to increased costs related to the MTA agreement as a result of increased transit revenues and increased costs related to the BART transit franchise agreement, and an increase in billboard lease costs. U.S. Media segment SG&A expenses increased $20.7 million, or 14%, in the nine months ended September 30, 2019, compared to the same prior-year period, primarily due to higher compensation and other employee-related costs, higher professional fees and higher bad debt expense.

U.S. Media segment Adjusted OIBDA increased $11.1 million, or 8%, in the three months ended September 30, 2019, compared to the same prior-year period. Adjusted OIBDA margin was 35% in the three months ended September 30, 2019, and 36% in the three months ended September 30, 2018. U.S. Media segment Adjusted OIBDA increased $31.4 million, or 9%, in the nine months ended September 30, 2019, compared to the same prior-year period. Adjusted OIBDA margin was 33% in the nine months ended September 30, 2019, and 34% in the nine months ended September 30, 2018.

Other

	Three Months Ended								Nine Months Ended
	September 30,						%		September 30,						%
(in millions, except percentages)	2019			2018			Change		2019			2018			Change
Revenues:
Billboard	$	19.2		$	19.3		(1	)%	$	54.7		$	50.2		9	%
Transit and other	20.6			15.2			36		58.7			46.8			25
Total revenues	$	39.8		$	34.5		15		$	113.4		$	97.0		17
Organic revenues(a):
Billboard	$	19.2		$	19.0		1		$	54.7		$	48.7		12
Transit and other	20.6			15.2			36		58.7			46.5			26
Total organic revenues(a)	39.8			34.2			16		113.4			95.2			19
Non-organic revenues:
Billboard	—			0.3			*		—			1.5			*
Transit and other	—			—			*		—			0.3			*
Total non-organic revenues	—			0.3			*		—			1.8			*
Total revenues	39.8			34.5			15		113.4			97.0			17
Operating expenses	(27.4		)	(23.1		)	19		(73.9		)	(67.4		)	10
SG&A expenses	(8.1		)	(7.2		)	13		(25.2		)	(22.0		)	15
Adjusted OIBDA	$	4.3		$	4.2		2		$	14.3		$	7.6		88
Adjusted OIBDA margin	11		%	12		%			13		%	8		%
Operating loss	$	(0.7	)	$	(1.2	)	(42	)	$	(1.4	)	$	(53.3	)	(97	)
Restructuring charges	—			—			*		—			0.8			*
Net gain on dispositions	—			(0.2		)	*		0.2			(0.2		)	*
Impairment charge	—			—			*		—			42.9			*
Depreciation and amortization	5.0			5.6			(11	)	15.5			17.4			(11	)
Adjusted OIBDA	$	4.3		$	4.2		2		$	14.3		$	7.6		88

* Calculation is not meaningful.

(a) Organic revenues exclude the impact of foreign currency exchange rates (“non-organic revenues”).

Total Other revenues increased $5.3 million, or 15%, in the three months ended September 30, 2019, compared to the same prior-year period, reflecting an increase in third-party digital equipment sales. Total Other revenues increased $16.4 million, or 17%, in the nine months ended September 30, 2019, compared to the same prior-year period, reflecting an increase in third-party digital equipment sales and improved performance in Canada and our Sports Marketing operating segment.

Other operating expenses increased $4.3 million, or 19%, in the three months ended September 30, 2019, compared to the same prior-year period, driven by higher costs related to third-party digital equipment sales. Other SG&A expenses increased $0.9

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million, or 13%, in the three months ended September 30, 2019, compared to the prior-year period, primarily driven by higher expenses related to Canada and our Sports Marketing operating segment. Other operating expenses increased $6.5 million, or 10%, in the nine months ended September 30, 2019, compared to the same prior-year period, driven by higher costs related to third-party digital equipment sales and higher costs related to our Sports Marketing operating segment, partially offset by lower costs in Canada. Other SG&A expenses increased $3.2 million, or 15%, in the nine months ended September 30, 2019, compared to the prior-year period, primarily driven by higher expenses related to our Sports Marketing operating segment and Canada.

Other Adjusted OIBDA increased $0.1 million, or 2%, in the three months ended September 30, 2019, compared to the same prior-year period, primarily driven by improved performance in our Sports Marketing operating segment, partially offset by lower performance in Canada. Other Adjusted OIBDA increased $6.7 million, or 88%, in the nine months ended September 30, 2019, compared to the same prior-year period, primarily driven by improved performance in Canada and our Sports Marketing operating segment.

Corporate

Corporate expenses primarily include expenses associated with employees who provide centralized services. Corporate expenses, excluding stock-based compensation, were $11.3 million in the three months ended September 30, 2019, compared to $11.1 million in the same prior-year period, primarily due to higher compensation-related expenses. Corporate expenses, excluding stock-based compensation, were $31.3 million in the nine months ended September 30, 2019, compared to $28.2 million in the same prior-year period, primarily due to higher compensation-related expenses.

Liquidity and Capital Resources

	As of
(in millions, except percentages)	September 30, 2019			December 31, 2018		% Change
Assets:
Cash and cash equivalents	$	58.3		$	52.7	11	%
Restricted cash	5.4			1.4		*
Receivables, less allowance ($11.9 in 2019 and $10.7 in 2018)	290.7			264.9		10
Prepaid lease and transit franchise costs	12.5			69.3		(82	)
Prepaid MTA equipment deployment costs	60.7			18.9		*
Other prepaid expenses	21.9			13.9		58
Other current assets	10.5			8.4		25
Total current assets	460.0			429.5		7
Liabilities:
Accounts payable	53.4			56.5		(5	)
Accrued compensation	45.1			47.1		(4	)
Accrued interest	23.6			19.1		24
Accrued lease and transit franchise costs	48.6			44.2		10
Other accrued expenses	38.4			31.2		23
Deferred revenues	38.9			29.8		31
Short-term debt	210.0			160.0		31
Short-term operating lease liabilities	169.4			—		*
Other current liabilities	17.7			14.7		20
Total current liabilities	645.1			402.6		60
Working capital (deficit)	$	(185.1	)	$	26.9	*

• Calculation is not meaningful.

We continually project anticipated cash requirements for our operating, investing and financing needs as well as cash flows generated from operating activities available to meet these needs. Due to seasonal advertising patterns and influences on advertising markets, our revenues and operating income are typically highest in the fourth quarter, during the holiday shopping season, and lowest in the first quarter, as advertisers adjust their spending following the holiday shopping season. Further,

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certain of our municipal transit contracts, as well as our marketing and multimedia rights agreements with colleges and universities, require guaranteed minimum annual payments to be paid at the beginning of the year.

Our short-term cash requirements primarily include payments for operating leases, guaranteed minimum annual payments, capital expenditures, equipment deployment costs, interest and dividends. Funding for short-term cash needs will come primarily from our cash on hand, operating cash flows, our ability to issue debt and equity securities, and borrowing capacity under the Revolving Credit Facility (as defined below), the AR Securitization Facilities (as defined below) or other secured credit facilities that we may establish.

In addition, as part of our growth strategy, we frequently evaluate strategic opportunities to acquire new businesses, assets or digital technology. Consistent with this strategy, we regularly evaluate potential acquisitions, ranging from small transactions to larger acquisitions, which transactions could be funded through cash on hand, additional borrowings, equity or other securities, or some combination thereof.

Our long-term cash needs include principal payments on outstanding indebtedness and commitments related to operating leases and franchise and other agreements, including any related guaranteed minimum annual payments, and equipment deployment costs. Funding for long-term cash needs will come from our cash on hand, operating cash flows, our ability to issue debt and equity securities, and borrowing capacity under the Revolving Credit Facility or other secured credit facilities that we may establish.

The working capital deficit as of September 30, 2019, is primarily due to the impact of the adoption of the new lease accounting standard (see Note 2. New Accounting Standards to the Consolidated Financial Statements), which resulted in the recognition of short-term operating lease liabilities and a decline in Prepaid lease and transit franchise costs on our Consolidated Statement of Financial Position, partially offset by an increase in Prepaid MTA equipment deployment costs.

Under 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, with such deployment amounts being subject to modification as agreed-upon by us and the MTA. 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. We expect to utilize incremental third-party financing of approximately $350.0 million within the original four-year time frame to fund equipment deployment costs. As of September 30, 2019, we have issued surety bonds (in place of letters of credit) in favor of the MTA totaling approximately $136.0 million, which amount is subject to change as equipment installations are completed and revenues are generated. As indicated in the table below, we incurred $101.1 million related to MTA equipment deployment costs in the nine months ended September 30, 2019 (which includes equipment deployment costs related to future deployments), for a total of $197.9 million to date, of which $20.8 million had been recouped from incremental revenues to date. As of September 30, 2019, 3,740 digital displays had been installed, of which 972 installations occurred in the three months ended September 30, 2019, for a total of 2,511 installations in the nine months ended September 30, 2019. For the full year of 2019, we expect our MTA equipment deployment costs to be approximately $150.0 million. In addition, we expect transit franchise operating expenses to gradually increase if our revenues increase over an annual base revenue amount.

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(in millions)	Beginning Balance		Deployment Costs Incurred		Recoupment			Amortization			Ending Balance
Nine months ended September 30, 2019:
Prepaid MTA equipment deployment costs	$	79.5	$	83.3	$	(19.1	)	$	—		$	143.7
Intangible assets (franchise agreements)	14.8		17.8		—			(2.1		)	30.5
Total	$	94.3	$	101.1	$	(19.1	)	$	(2.1	)	$	174.2
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 September 30, 2019, we had total indebtedness of $2.2 billion.

On October 22, 2019, we announced that our board of directors approved a quarterly cash dividend of $0.36 per share on our common stock, payable on December 31, 2019, to stockholders of record at the close of business on December 6, 2019.

Debt

Debt, net, consists of the following:

	As of
(in millions, except percentages)	September 30, 2019			December 31, 2018
Short-term debt:
AR Facility	$	120.0		$	85.0
Repurchase Facility	90.0			75.0
Total short-term debt	210.0			160.0
Long-term debt:
Revolving credit facility	15.0			—
Term loan, due 2024	618.5			668.1
Senior unsecured notes:
5.250% senior unsecured notes, due 2022	—			549.7
5.625% senior unsecured notes, due 2024	501.9			502.2
5.875% senior unsecured notes, due 2025	450.0			450.0
5.000% senior unsecured notes, due 2027	650.0			—
Total senior unsecured notes	1,601.9			1,501.9
Debt issuance costs	(22.9		)	(20.4		)
Total long-term debt, net	2,212.5			2,149.6
Total debt, net	$	2,422.5		$	2,309.6
Weighted average cost of debt	4.9		%	5.1		%

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	Payments Due by Period
(in millions)	Total		2019		2020-2021		2022-2023		2024 and thereafter
Long-term debt	$	2,235.0	$	—	$	—	$	—	$	2,235.0
Interest	750.6		110.1		233.8		224.9		181.8
Total	$	2,985.6	$	110.1	$	233.8	$	224.9	$	2,416.8

Term Loan

The interest rate on the term loan due in 2024 (the “Term Loan”) was 4.0% per annum as of September 30, 2019. As of September 30, 2019, a discount of $1.5 million on the Term Loan remains unamortized. The discount is being amortized through Interest expense, net, on the Consolidated Statement of Operations.

On July 8, 2019, we made a payment of $50.0 million on the Term Loan.

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 September 30, 2019, there were $15.0 million of outstanding borrowings under the Revolving Credit Facility, at a borrowing rate of approximately 4.0%.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.4 million in each of the three months ended September 30, 2019 and 2018, $1.1 million in the nine months ended September 30, 2019, and $1.0 million in the nine months ended September 30, 2018. As of September 30, 2019, we had issued letters of credit totaling approximately $2.0 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

As of September 30, 2019, we had issued letters of credit totaling approximately $71.0 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 and nine months ended September 30, 2019 and 2018.

Effective October 2, 2019, we reduced our standalone letter of credit facilities by $42.0 million and effective October 3, 2019, we further reduced our standalone letter of credit facilities by $30.0 million. As of November 4, 2019, our standalone letter of credit facilities totaled $78.0 million.

Accounts Receivable Securitization Facilities

As of September 30, 2019, we have a $125.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2022, unless further extended, and a 364-day uncommitted $90.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”), which terminates in June 2020, unless further extended.

On July 19, 2019, the Company, certain subsidiaries of the Company and MUFG Bank, Ltd. (“MUFG”) entered into amendments to the agreements governing the AR Securitization Facilities, along with other agreements with MUFG, pursuant to which the Company (i) granted the Purchasers (as defined below) a security interest in the existing and future accounts receivable and certain related assets of the Company’s TRSs as additional collateral under the AR Facility, (ii) increased the borrowing capacity under the AR Facility from $100.0 million to its current capacity of $125.0 million, (ii) increased the borrowing capacity under the Repurchase Facility from $75.0 million to its current capacity of $90.0 million, (iii) extended the term of the AR Facility so that it now terminates on June 30, 2022, unless further extended, and (iv) extended the term of the Repurchase Facility so that it now terminates on June 30, 2020, unless further extended. The amendments to the agreements governing the AR Securitization Facilities do not change how we account for the AR Securitization Facilities as a collateralized financing activity.

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In connection with the AR Securitization Facilities, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s TRSs (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs will transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.

In connection with the Repurchase Facility, the Originators may borrow funds collateralized by subordinated notes (the “Subordinated Notes”) issued by the SPVs in favor of their respective Originators and representing a portion of the outstanding balance of the accounts receivable assets sold by the Originators to the SPVs under the AR Facility. The Subordinated Notes will be transferred to MUFG, as repurchase buyer, on an uncommitted basis, and subject to repurchase by the applicable Originators on termination of the Repurchase Facility. The Originators have granted MUFG a security interest in the Subordinated Notes to secure their obligations under the agreements governing the Repurchase Facility, and the Company has agreed to guarantee the Originators’ obligations under the agreements governing the Repurchase Facility.

As of September 30, 2019, there were $120.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 3.1%, and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of 3.2%. As of September 30, 2019, borrowing capacity remaining under the AR Facility was $5.0 million based on approximately $329.0 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 and nine months ended September 30, 2019 and 2018. As of November 4, 2019, there were $105.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of approximately 3.0%, and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of approximately 3.1%.

Senior Unsecured Notes

On July 15, 2019, we used the net proceeds from our June 14, 2019, issuance of $650.0 million aggregate principal amount of 5.000% Senior Unsecured Notes due 2027 (the “Notes”) to, among other things, redeem all of our outstanding 5.250% Senior Unsecured Notes due 2022 (the “Old Notes”), pay accrued and unpaid interest on the Old Notes, pay fees and expenses in connection with the Notes offering and Old Notes redemption. In the third quarter of 2019, we recorded a Loss on extinguishment of debt of $11.0 million relating to the Old Notes on the Consolidated Statement of Operations.

As of September 30, 2019, a premium of $1.9 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.

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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 September 30, 2019, our Consolidated Net Secured Leverage Ratio was 1.3 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 September 30, 2019, our Consolidated Total Leverage Ratio was 4.4 to 1.0 in accordance with the Credit Agreement. As of September 30, 2019, we are in compliance with our debt covenants.

Deferred Financing Costs

As of September 30, 2019, we had deferred $25.9 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 and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net liability of approximately $5.6 million as of September 30, 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 September 30, 2019, under the terms of the agreements, we will pay interest based on an aggregate notional amount of $200.0 million, under a weighted-average fixed interest rate of 2.7%, with a receive rate of one-month LIBOR and which mature at various dates until June 30, 2022. The one-month LIBOR rate was approximately 2.0% as of September 30, 2019.

At-the-Market Equity Offering Program

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 nine months ended September 30, 2019, 2,150,000 shares of our common stock were sold under the ATM Program for gross proceeds of $52.0 million with commissions of $0.8 million, for total net proceeds of $51.2 million. No shares were sold under the ATM Program during the three months ended September 30, 2019. As of September 30, 2019, we had approximately $232.5 million of capacity remaining under the ATM Program.

Cash Flows

The following table presents our cash flows in the nine months ended September 30, 2019 and 2018.

	Nine Months Ended
	September 30,						%
(in millions, except percentages)	2019			2018			Change
Cash provided by operating activities	$	162.1		$	137.4		18	%
Cash used for investing activities	(138.1		)	(71.1		)	94
Cash used for financing activities	(14.7		)	(56.3		)	(74	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.3			(0.2		)	*
Net increase in cash, cash equivalents and restricted cash	$	9.6		$	9.8		(2	)

* Calculation is not meaningful.

Cash provided by operating activities increased $24.7 million in the nine months ended September 30, 2019, compared to the same prior-year period, principally as a result of higher net income, as adjusted for non-cash items, partially offset by an increase in prepaid MTA equipment deployment costs. In the nine months ended September 30, 2019, we paid $83.3 million related to MTA equipment deployment costs and installed 2,511 digital displays. In the nine months ended September 30, 2019,

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we recouped $19.1 million of MTA equipment deployment costs from incremental revenues. In the nine months ended September 30, 2018, we paid $58.2 million related to MTA equipment deployment costs.

Cash used for investing activities increased $67.0 million in the nine months ended September 30, 2019, compared to the same prior-year period. In the nine months ended September 30, 2019, we incurred $65.4 million in capital expenditures and total cash payments of approximately $60.7 million related to acquisitions. In the nine months ended September 30, 2018, we incurred $62.1 million in capital expenditures and completed several acquisitions for total cash payments of approximately $5.6 million.

The following table presents our capital expenditures in the nine months ended September 30, 2019 and 2018.

	Nine Months Ended
	September 30,				%
(in millions, except percentages)	2019		2018		Change
Growth	$	50.4	$	48.5	4	%
Maintenance	15.0		13.6		10
Total capital expenditures	$	65.4	$	62.1	5

Capital expenditures increased $3.3 million, or 5%, in the nine months ended September 30, 2019, compared to the same prior-year period, due to higher spending on office remodel projects, safety and vehicles partially offset by lower spending on improvements to our static displays.

For the full year of 2019, we expect our capital expenditures to be approximately $80.0 million, which will be used primarily for maintenance, growth in digital displays, installation of the most current LED lighting technology to improve the quality and extend the life of our static billboards, and to renovate certain office facilities. This estimate does not include equipment deployment costs that will be incurred in connection with the MTA agreement (as described above), which will be recorded as Prepaid MTA equipment deployment costs and Intangible assets on our Consolidated Statement of Financial Position, as applicable.

Cash used by financing activities were $14.7 million in the nine months ended September 30, 2019, compared to $56.3 million the same prior-year period. In the nine months ended September 30, 2019, we paid cash dividends of $156.0 million and made a discretionary payment of $50.0 million on the Term Loan. In addition, we received net proceeds of approximately $100.0 million related to the Notes offering, received net proceeds of $50.9 million related to the sale of our common stock under the ATM Program, drew net borrowings of $50.0 million on the AR Securitization Facilities and drew net borrowings of $15.0 million on the Revolving Credit Facility. In the nine months ended September 30, 2018, we drew net borrowings of $10.0 million on the Revolving Credit Facility, drew net borrowings of $95.0 million on the AR Securitization Facilities and paid cash dividends of $152.9 million.

Cash paid for income taxes was $7.9 million for the nine months ended September 30, 2019, compared to $7.2 million for the nine months ended September 30, 2018.

Off-Balance Sheet Arrangements

Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments. (See Note 18. Commitments and Contingencies to the Consolidated Financial Statements for information about our off-balance sheet commitments.)

Critical Accounting Policies

The preparation of our financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. On an ongoing basis, we evaluate these estimates, which are based on historical experience and on various assumptions that we believe are reasonable under the circumstances. The result of these evaluations forms the basis for making judgments about the carrying values of assets and liabilities and the reported amount of revenues and expenses that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions.

We consider the following accounting policy to be the most critical as it is significant to our financial condition and results of operations, and requires significant judgment and estimates on the part of management in its application. For a summary of our

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significant accounting policies, see Item 8., Note 2. Summary of Significant Accounting Policies to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 27, 2019.

MTA Agreement

Under 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, with such deployment amounts being subject to modification as agreed-upon by us and the MTA. In addition, we are entitled to generate revenue through the sale of advertising on transit advertising displays and incur transit franchise expenses, which are calculated based on contractually stipulated percentages of revenue generated under the contract, subject to a minimum guarantee.

Title of the various digital displays transfers to the MTA on installation, therefore the cost of deploying these screens throughout the transit system does not represent our property and equipment. The portion of deployment costs expected to be reimbursed from transit franchise fees that would otherwise be payable to the MTA are recorded as Prepaid MTA equipment deployment costs on the Consolidated Statement of Financial Position and charged to operating expenses as advertising revenue is generated. The short-term portion of Prepaid MTA equipment deployment costs represents the costs that we expect to recover from the MTA in the next twelve months. The portion of deployment costs expected to be reimbursed from advertising revenues that would otherwise be retained by us under the contract are recorded as Intangible assets on the Consolidated Statement of Financial Position and charged to amortization expense on a straight line basis over the contract period.

If we do not generate sufficient advertising revenues from the MTA contract, there is a risk that the related Prepaid MTA equipment deployment costs and Intangible assets may not be recoverable. Impairment triggers for these assets are assessed on a quarterly basis. Based on our latest revenue projections, no impairment triggers were identified.

Accounting Standards

See Note 2. New Accounting Standards to the Consolidated Financial Statements for information about the adoption of new accounting standards and recent accounting pronouncements.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

We have made statements in this MD&A and other sections of this Quarterly Report on Form 10-Q that are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “could,” “would,” “may,” “might,” “will,” “should,” “seeks,” “likely,” “intends,” “plans,” “projects,” “predicts,” “estimates,” “forecast” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions related to our capital resources, portfolio performance and results of operations.

Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and may not be able to be realized. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:

• 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;

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• 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 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 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;

• 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.

While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements in this Quarterly Report on Form 10-Q apply as of the date of this report or as of the date they were made and, except as required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could impact our future results, performance or transactions, see the section entitled “Risk Factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 27, 2019. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

We are exposed to market risk related to commodity prices and foreign currency exchange rates, and to a limited extent, interest rates and credit risks.

Commodity Price Risk

We incur various operating costs that are subject to price risk caused by volatility in underlying commodity values. Commodity price risk is present in electricity costs associated with powering our digital billboard displays and lighting our traditional static billboard displays at night.

We do not currently use derivatives or other financial instruments to mitigate our exposure to commodity price risk. However, we do enter into contracts with commodity providers to limit our exposure to commodity price fluctuations. For the year ended December 31, 2018, such contracts accounted for 18.9% of our total utility costs. As of November 4, 2019, we had active electricity purchase agreements with fixed contract rates for locations throughout Connecticut, Illinois, New Jersey, New York,

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Pennsylvania, Ohio and Texas, which expire at various dates until June 2024.

Foreign Exchange Risk

Foreign currency translation risk is the risk that exchange rate gains or losses arise from translating our Canadian business’s statements of earnings and statements of financial position from functional currency to our reporting currency (the U.S. Dollar) for consolidation purposes. Any gain or loss on translation is included within comprehensive income and Accumulated other comprehensive income on our Consolidated Statement of Financial Position. The functional currency of our international subsidiaries is their respective local currency. As of September 30, 2019, we have $6.2 million of unrecognized foreign currency translation losses included within Accumulated other comprehensive loss on our Consolidated Statement of Financial Position.

Substantially all of our transactions at our Canadian subsidiary are denominated in their local functional currency, thereby reducing our risk of foreign currency transaction gains or losses.

We do not currently use derivatives or other financial instruments to mitigate foreign currency risk, although we may do so in the future.

Interest Rate Risk

We are subject to interest rate risk to the extent we have variable-rate debt outstanding including under the Senior Credit Facilities and the AR Securitization Facilities.

As of September 30, 2019, we had a $620.0 million variable-rate Term Loan due 2024 outstanding, which has an interest rate of 4.0% per year. An increase or decrease of 1/4% in our interest rate on the Term Loan will change our annualized interest expense by approximately $1.1 million.

As of September 30, 2019, there were $120.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 3.1%, and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of 3.2%. An increase or decrease of 1/4% in our interest rate on the AR Securitization Facilities will change our annualized interest expense by approximately $0.5 million.

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 and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net unrecognized loss of approximately $5.6 million as of September 30, 2019, and is included in Other liabilities on our Consolidated Statement of Financial Position. The following table provides information about our interest rate swap agreements, which are sensitive to changes in interest rates. Notional amounts are used to calculate the contractual cash flows to be exchanged under the agreements.

(in millions, except percentages)	2020			2021			2022			2023			2024			Thereafter			Total		Fair Value Loss as of 9/30/19
Pay fixed/receive variable	$	—		$	150.0		$	50.0		$	—		$	—		$	—		$	200.0	$	5.6
Average pay rate	2.7		%	2.7		%	1.8		%	—		%	—		%	—		%
Average receive rate(a)	one-month LIBOR			one-month LIBOR			one-month LIBOR			—			—			—

(a) The one-month LIBOR rate was approximately 2.0% as of September 30, 2019.

Credit Risk

In the opinion of our management, credit risk is limited due to the large number of customers and advertising agencies utilized. We perform credit evaluations on our customers and agencies and believe that the allowances for doubtful accounts are adequate. We do not currently use derivatives or other financial instruments to mitigate credit risk.

57

Item 4.    Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our management has carried out an evaluation, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a-15(e) of the Exchange Act, as of the end of the period covered by this report. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q, were effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act, during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on Effectiveness of Disclosure Controls and Procedures and Internal Control Over Financial Reporting

In designing and evaluating our disclosure controls and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

58

PART II

Item 1. Legal Proceedings.

On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

Item 1A. Risk Factors.

We have disclosed the risk factors affecting our business, results of operations and financial condition in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 27, 2019. There have been no material changes from the risk factors previously disclosed.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Unregistered Sales of Equity Securities

None.

Purchases of Equity Securities by the Issuer

	Total Number of Shares  Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs	Remaining Authorizations
July 1, 2019 through July 31, 2019	—	$	—	—	—
August 1, 2019 through August 31, 2019	—	—		—	—
September 1, 2019 through September 30, 2019	—	—		—	—
Total	—	—		—	—

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

Item 6. Exhibits.

See Exhibit Index immediately following this Item, which is incorporated herein by reference.

59

EXHIBIT INDEX

Exhibit Number	Description
3.1	Articles of Amendment and Restatement of OUTFRONT Media Inc. effective March 28, 2014, as amended by the Articles of Amendment of OUTFRONT Media Inc. effective November 20, 2014 and June 10, 2019 (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on June 10, 2019).
3.2	Amended and Restated Bylaws of OUTFRONT Media Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on February 26, 2019).
10.1	Amended and Restated Receivables Purchase Agreement, dated as of July 19, 2019, by and among Outfront Media LLC, Outfront Media Receivables LLC, Outfront Media Receivables TRS, LLC, MUFG Bank, Ltd., the other parties thereto from time to time as purchasers and group agents, and Gotham Funding Corporation (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
10.2	Amended and Restated QRS Purchase and Sale Agreement, dated as of July 19, 2019, between Outfront Media LLC and Outfront Media Receivables LLC (including the Form of Subordinated Note) (incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
10.3	Amended and Restated Performance Guaranty, dated as of July 19, 2019, between OUTFRONT Media Inc. and MUFG Bank, Ltd. (incorporated herein by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
10.4	TRS Purchase and Sale Agreement, dated as of July 19, 2019, by and among Outfront Media LLC, Outfront Media Receivables TRS, LLC and the originators party thereto (including the Form of Subordinated Note) (incorporated herein by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
10.5	Amended and Restated Master Framework Agreement, dated as of July 19, 2019, by and among Outfront Media LLC, Outfront Media Outernet Inc., MUFG Bank, Ltd. and the originators party thereto (incorporated herein by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
10.6	Master Repurchase Agreement, dated as of July 19, 2019, between Outfront Media Outernet Inc. and MUFG Bank, Ltd. (incorporated herein by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
10.7	Amended and Restated Guaranty, dated as of July 19, 2019, between OUTFRONT Media Inc. and MUFG Bank, Ltd. (incorporated herein by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K (File No. 001-36367), filed on July 23, 2019).
31.1	Certification of the Chief Executive Officer of OUTFRONT Media Inc. pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of the Chief Financial Officer of OUTFRONT Media Inc. pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of the Chief Executive Officer of OUTFRONT Media Inc. furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002.
32.2	Certification of the Chief Financial Officer of OUTFRONT Media Inc. furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley act of 2002.
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema
101.CAL	Inline XBRL Taxonomy Calculation Linkbase
101.DEF	Inline XBRL Taxonomy Definition Document
101.LAB	Inline XBRL Taxonomy Label Linkbase
101.PRE	Inline XBRL Taxonomy Presentation Linkbase
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

60

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

OUTFRONT MEDIA INC.
By:	/s/ Matthew Siegel
	Name:	Matthew Siegel
	Title:	Executive Vice President and
		Chief Financial Officer
		(Principal Financial Officer)

Date: November 5, 2019

61

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Jeremy J. Male, certify that:

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.

Date: November 5, 2019

By:	/s/ Jeremy J. Male
	Name:	Jeremy J. Male
	Title:	Chairman and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Matthew Siegel, certify that:

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.

Date: November 5, 2019

By:	/s/ Matthew Siegel
	Name:	Matthew Siegel
	Title:	Executive Vice President and
		Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

In connection with the Quarterly Report of OUTFRONT Media Inc. (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jeremy J. Male, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 5, 2019

By:	/s/ Jeremy J. Male
	Name:	Jeremy J. Male
	Title:	Chairman and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

In connection with the Quarterly Report of OUTFRONT Media Inc. (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Matthew Siegel, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 5, 2019

By:	/s/ Matthew Siegel
	Name:	Matthew Siegel
	Title:	Executive Vice President and
		Chief Financial Officer

XML

Earnings Per Share ("EPS") (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2019		2018		2019		2018
Net income available for common stockholders(a)	$	38.7	$	46.8	$	95.1	$	50.7
Less: Distributions to holders of Class A equity interests of a subsidiary	0.4		0.6		1.5		2.0
Net income available for common stockholders, basic and diluted(a)	$	38.3	$	46.2	$	93.6	$	48.7
Weighted average shares for basic EPS	143.4		139.3		142.1		139.1
Dilutive potential shares from grants of RSUs, PRSUs and stock options(b)	0.8		0.3		0.6		0.3
Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary(c)	—		1.9		—		—
Weighted average shares for diluted EPS	144.2		141.5		142.7		139.4

(a) Diluted EPS for the three months ended September 30, 2018, was calculated based on Net income available for common stockholders including distributions to holders of Class A equity interests of a subsidiary to include the impact of dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary.

(b) The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options in the three months ended September 30, 2018, 0.1 million in the nine months ended September 30, 2019, and 0.4 million in the nine months ended September 30, 2018, were antidilutive.

(c)

The potential impact of 1.3 million shares of Class A equity interests of Outfront Canada in the three months ended September 30, 2019, 1.5 million in the nine months ended September 30, 2019, and 1.9 million in the nine months ended September 30, 2018, was antidilutive. (See Note 10. Equity to the Consolidated Financial Statements.)

XML

Description of Business and Basis of Presentation - Narrative (Details)	9 Months Ended
	Sep. 30, 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	150
Number of operating segments | segment	3

XML

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 1,408.1		$ 1,408.1		$ 1,200.0	$ 0.0
Short-term operating lease liabilities	169.4		169.4			0.0
Operating lease liabilities	1,237.7		1,237.7			$ 0.0
Variable lease costs	$ 26.3		$ 66.2
Weighted average remaining lease term	10 years 2 months 12 days		10 years 2 months 12 days
Weighted average discount rate	6.10%		6.10%
Cash paid for operating leases			$ 296.5
Operating lease asset obtained in exchange for operating lease liability			321.9
Lessor, Lease, Description [Line Items]
Rental income	$ 301.3	$ 281.9	$ 839.4	$ 785.0
Minimum
Lessor, Lease, Description [Line Items]
Customer lease term	28 days		28 days
Maximum
Lessor, Lease, Description [Line Items]
Customer lease term	1 year		1 year
Operating expense
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 103.5		$ 300.5
Selling, general and administrative
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 2.5		$ 6.9

XML

Revenues Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Billboard	$ 312.0	$ 290.6	$ 868.8	$ 810.3
Transit and other	150.5	123.6	425.3	343.5
Revenues	462.5	414.2	1,294.1	1,153.8
United States
Disaggregation of Revenue [Line Items]
Billboard	292.8	271.3	814.1	760.1
Revenues	439.9	391.5	1,229.9	1,094.4
Canada
Disaggregation of Revenue [Line Items]
Revenues	22.6	22.7	64.2	59.4
Transit and other
Disaggregation of Revenue [Line Items]
Transit and other	133.3	111.8	376.1	305.9
Transit and other | United States
Disaggregation of Revenue [Line Items]
Transit and other	129.9	108.4	366.6	296.7
Sports marketing and other
Disaggregation of Revenue [Line Items]
Transit and other	17.2	11.8	49.2	37.6
Sports marketing and other | United States
Disaggregation of Revenue [Line Items]
Transit and other	$ 17.2	$ 11.8	$ 49.2	$ 37.6

XML

Debt - Narrative (Details) - Line of Credit Facility - USD ($) $ in Millions			3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 03, 2019	Oct. 02, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Nov. 04, 2019	Jul. 19, 2019	Jul. 18, 2019
Line of Credit Facility [Line Items]
Derivative, Variable Interest Rate			2.00%		2.00%
Interest rate cash flow hedge liability at fair value			$ 5.6		$ 5.6
Derivative liability							$ 2.4
Fair Value, Inputs, Level 2
Line of Credit Facility [Line Items]
Interest rate cash flow hedge liability at fair value			5.6		5.6		$ 2.4
Interest Rate Swap
Line of Credit Facility [Line Items]
Derivative liability, notional amount			$ 200.0		$ 200.0
Derivative, fixed interest rate			2.70%		2.70%
Debt instrument, description of variable rate basis					one-month LIBOR
Maximum | Interest Rate Swap
Line of Credit Facility [Line Items]
Derivative, maturity date					Jun. 30, 2022
Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 430.0		$ 430.0
Credit facility, expiration date					Mar. 16, 2022		Mar. 16, 2022
Commitment fee for unused commitments			0.4	$ 0.4	$ 1.1	$ 1.0
Revolving credit facility | Long-term debt
Line of Credit Facility [Line Items]
Credit facility, outstanding amount			$ 15.0		$ 15.0		$ 0.0
Line of Credit Facility, Interest Rate at Period End			4.00%		4.00%
Letter of credit sublimit to revolving credit facility
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount			$ 2.0		$ 2.0
Letter of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			150.0		150.0
Letters of credit outstanding, amount			71.0		71.0
Letter of credit | Subsequent Event
Line of Credit Facility [Line Items]
Maximum borrowing capacity								$ 78.0
Line of Credit Facility, Increase (Decrease), Net	$ 30.0	$ 42.0
AR Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			125.0		$ 125.0				$ 125.0	$ 100.0
Credit facility, expiration date					Jun. 30, 2022
AR Facility | Short-term debt
Line of Credit Facility [Line Items]
Credit facility, outstanding amount			$ 120.0		$ 120.0		85.0
Short-term Debt, Weighted Average Interest Rate, at Point in Time			3.10%		3.10%
Line of credit facility, remaining borrowing capacity			$ 5.0		$ 5.0
AR Facility | Short-term debt | Subsequent Event
Line of Credit Facility [Line Items]
Credit facility, outstanding amount								$ 105.0
Short-term Debt, Weighted Average Interest Rate, at Point in Time								3.00%
Repurchase facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			90.0		$ 90.0				$ 90.0	$ 75.0
Credit facility, expiration date					Jun. 30, 2020
Repurchase facility | Short-term debt
Line of Credit Facility [Line Items]
Credit facility, outstanding amount			$ 90.0		$ 90.0		$ 75.0
Short-term Debt, Weighted Average Interest Rate, at Point in Time			3.20%		3.20%
Line of credit facility, remaining borrowing capacity			$ 0.0		$ 0.0
Repurchase facility | Short-term debt | Subsequent Event
Line of Credit Facility [Line Items]
Credit facility, outstanding amount								$ 90.0
Short-term Debt, Weighted Average Interest Rate, at Point in Time								3.10%
AR securitization facilities | Maximum
Line of Credit Facility [Line Items]
Debt instrument, collateral amount			$ 329.0		$ 329.0

XML

Description of Business and Basis of Presentation

9 Months Ended

Sep. 30, 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 150 markets across the U.S. and Canada. We manage our operations through three operating segments—(1) U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, (2) International and (3) Sports Marketing.

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.

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.

XML

Condensed Consolidating Financial Information

9 Months Ended

Sep. 30, 2019

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 9. 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.

	As of September 30, 2019
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	7.2	$	1.3	$	49.8	$	—		$	58.3
Receivables, less allowance	—		—		—		339.9		(49.2		)	290.7
Other current assets	—		1.2		190.3		69.2		(149.7		)	111.0
Total current assets	—		8.4		191.6		458.9		(198.9		)	460.0
Property and equipment, net	—		—		616.7		49.1		—			665.8
Goodwill	—		—		2,059.9		22.9		—			2,082.8
Intangible assets	—		—		476.3		72.3		—			548.6
Operating lease assets	—		—		1,294.4		113.7		—			1,408.1
Investment in subsidiaries	1,093.0		3,325.2		331.6		—		(4,749.8		)	—
Prepaid MTA equipment deployment costs	—		—		83.0		—		—			83.0
Other assets	—		1.5		67.4		3.7		—			72.6
Intercompany	—		—		81.0		87.7		(168.7		)	—
Total assets	$	1,093.0	$	3,335.1	$	5,201.9	$	808.3	$	(5,117.4	)	$	5,320.9
Total current liabilities	$	—	$	24.0	$	579.6	$	240.4	$	(198.9	)	$	645.1
Long-term debt, net	—		2,212.5		—		—		—			2,212.5
Deferred income tax liabilities, net	—		—		—		18.7		—			18.7
Operating lease liability	—		—		1,140.4		97.3		—			1,237.7
Asset retirement obligation	—		—		30.6		4.4		—			35.0
Deficit in excess of investment of subsidiaries	—		—		2,232.2		—		(2,232.2		)	—
Other liabilities	—		5.6		38.4		1.7		—			45.7
Intercompany	—		—		87.7		81.0		(168.7		)	—
Total liabilities	—		2,242.1		4,108.9		443.5		(2,599.8		)	4,194.7
Total stockholders’ equity	1,093.0		1,093.0		1,093.0		331.6		(2,517.6		)	1,093.0
Non-controlling interests	—		—		—		33.2		—			33.2
Total equity	1,093.0		1,093.0		1,093.0		364.8		(2,517.6		)	1,126.2
Total liabilities and equity	$	1,093.0	$	3,335.1	$	5,201.9	$	808.3	$	(5,117.4	)	$	5,320.9

	As of December 31, 2018
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	12.0	$	—	$	40.7	$	—		$	52.7
Receivables, less allowance	—		—		52.7		232.1		(19.9		)	264.9
Other current assets	—		1.0		176.3		81.5		(146.9		)	111.9
Total current assets	—		13.0		229.0		354.3		(166.8		)	429.5
Property and equipment, net	—		—		604.3		48.6		—			652.9
Goodwill	—		—		2,059.9		19.8		—			2,079.7
Intangible assets	—		—		478.4		58.8		—			537.2
Investment in subsidiaries	1,102.8		3,257.5		261.9		—		(4,622.2		)	—
Prepaid MTA equipment deployment costs	—		—		60.6		—		—			60.6
Other assets	—		2.3		63.4		3.1		—			68.8
Intercompany	—		—		81.0		100.7		(181.7		)	—
Total assets	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7
Total current liabilities	$	—	$	18.0	$	375.5	$	175.9	$	(166.8	)	$	402.6
Long-term debt, net	—		2,149.6		—		—		—			2,149.6
Deferred income tax liabilities, net	—		—		—		17.0		—			17.0
Asset retirement obligation	—		—		29.9		4.3		—			34.2
Deficit in excess of investment of subsidiaries	—		—		2,154.7		—		(2,154.7		)	—
Other liabilities	—		2.4		74.9		2.7		—			80.0
Intercompany	—		—		100.7		81.0		(181.7		)	—
Total liabilities	—		2,170.0		2,735.7		280.9		(2,503.2		)	2,683.4
Total stockholders’ equity	1,102.8		1,102.8		1,102.8		261.9		(2,467.5		)	1,102.8
Non-controlling interests	—		—		—		42.5		—			42.5
Total equity	1,102.8		1,102.8		1,102.8		304.4		(2,467.5		)	1,145.3
Total liabilities and equity	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7

	Three Months Ended September 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	290.8		$	21.2		$	—		$	312.0
Transit and other	—			—			147.1			3.4			—			150.5
Total revenues	—			—			437.9			24.6			—			462.5
Expenses:
Operating	—			—			231.9			13.6			—			245.5
Selling, general and administrative	0.4			0.1			80.3			1.5			—			82.3
Net gain on dispositions	—			—			(1.9		)	—			—			(1.9		)
Depreciation	—			—			19.8			2.6			—			22.4
Amortization	—			—			26.3			2.4			—			28.7
Total expenses	0.4			0.1			356.4			20.1			—			377.0
Operating income (loss)	(0.4		)	(0.1		)	81.5			4.5			—			85.5
Interest expense, net	—			(31.9		)	(0.7		)	(1.3		)	—			(33.9		)
Loss on extinguishment of debt	—			(11.0		)	—			—			—			(11.0		)
Income (loss) before provision for income taxes and equity in earnings of investee companies	(0.4		)	(43.0		)	80.8			3.2			—			40.6
Provision for income taxes	—			—			(1.8		)	(1.5		)	—			(3.3		)
Equity in earnings of investee companies, net of tax	39.1			82.1			(39.9		)	0.3			(80.2		)	1.4
Net income	$	38.7		$	39.1		$	39.1		$	2.0		$	(80.2	)	$	38.7
Net income	$	38.7		$	39.1		$	39.1		$	2.0		$	(80.2	)	$	38.7
Total other comprehensive loss, net of tax	(1.0		)	(1.0		)	(1.0		)	(0.7		)	2.7			(1.0		)
Total comprehensive income	$	37.7		$	38.1		$	38.1		$	1.3		$	(77.5	)	$	37.7

	Three Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	271.1		$	19.5		$	—		$	290.6
Transit and other	—			—			120.3			3.3			—			123.6
Total revenues	—			—			391.4			22.8			—			414.2
Expenses:
Operating	—			—			202.6			12.7			—			215.3
Selling, general and administrative	0.4			0.1			71.1			2.8			—			74.4
Restructuring charges	—			—			0.1			—			—			0.1
Net gain on dispositions	—			—			(1.1		)	(0.2		)	—			(1.3		)
Depreciation	—			—			18.1			2.9			—			21.0
Amortization	—			—			23.4			2.4			—			25.8
Total expenses	0.4			0.1			314.2			20.6			—			335.3
Operating income (loss)	(0.4		)	(0.1		)	77.2			2.2			—			78.9
Interest expense, net	—			(30.1		)	(1.0		)	(0.9		)	—			(32.0		)
Other expense, net	—			—			—			0.2			—			0.2
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.4		)	(30.2		)	76.2			1.5			—			47.1
Benefit (provision) for income taxes	—			—			(1.6		)	0.6			—			(1.0		)
Equity in earnings of investee companies, net of tax	47.2			77.4			(27.4		)	0.4			(96.9		)	0.7
Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8
Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8
Total other comprehensive income, net of tax	1.7			1.7			1.7			1.7			(5.1		)	1.7
Total comprehensive income	$	48.5		$	48.9		$	48.9		$	4.2		$	(102.0	)	$	48.5

	Nine Months Ended September 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	811.2		$	57.6		$	—		$	868.8
Transit and other	—			—			415.9			9.4			—			425.3
Total revenues	—			—			1,227.1			67.0			—			1,294.1
Expenses:
Operating	—			—			663.9			38.8			—			702.7
Selling, general and administrative	1.2			0.2			227.6			8.1			—			237.1
Restructuring charges	—			—			0.3			—			—			0.3
Net gain on dispositions	—			—			(3.1		)	0.1			—			(3.0		)
Depreciation	—			—			57.0			7.9			—			64.9
Amortization	—			—			74.1			6.9			—			81.0
Total expenses	1.2			0.2			1,019.8			61.8			—			1,083.0
Operating income (loss)	(1.2		)	(0.2		)	207.3			5.2			—			211.1
Interest expense, net	—			(94.1		)	(2.4		)	(4.0		)	—			(100.5		)
Loss on extinguishment of debt	—			(11.0		)	—			—			—			(11.0		)
Other income, net	—			—			—			0.1			—			0.1
Income (loss) before provision for income taxes and equity in earnings of investee companies	(1.2		)	(105.3		)	204.9			1.3			—			99.7
Provision for income taxes	—			—			(8.4		)	(0.1		)	—			(8.5		)
Equity in earnings of investee companies, net of tax	96.3			201.6			(100.2		)	0.9			(194.7		)	3.9
Net income	$	95.1		$	96.3		$	96.3		$	2.1		$	(194.7	)	$	95.1
Net income	$	95.1		$	96.3		$	96.3		$	2.1		$	(194.7	)	$	95.1
Total other comprehensive income, net of tax	3.3			3.3			3.3			6.4			(13.0		)	3.3
Total comprehensive income	$	98.4		$	99.6		$	99.6		$	8.5		$	(207.7	)	$	98.4

	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	759.6		$	50.7		$	—		$	810.3
Transit and other	—			—			334.4			9.1			—			343.5
Total revenues	—			—			1,094.0			59.8			—			1,153.8
Expenses:
Operating	—			—			585.3			39.1			—			624.4
Selling, general and administrative	1.2			0.2			202.1			5.6			—			209.1
Restructuring charges	—			—			1.4			—			—			1.4
Net gain on dispositions	—			—			(4.0		)	(0.2		)	—			(4.2		)
Impairment charge	—			—			—			42.9			—			42.9
Depreciation	—			—			53.6			9.8			—			63.4
Amortization	—			—			67.0			6.3			—			73.3
Total expenses	1.2			0.2			905.4			103.5			—			1,010.3
Operating income (loss)	(1.2		)	(0.2		)	188.6			(43.7		)	—			143.5
Interest expense, net	—			(88.1		)	(2.8		)	(2.1		)	—			(93.0		)
Other expense, net	—			—			—			(0.1		)	—			(0.1		)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(1.2		)	(88.3		)	185.8			(45.9		)	—			50.4
Benefit (provision) for income taxes	—			—			(4.1		)	1.7			—			(2.4		)
Equity in earnings of investee companies, net of tax	51.9			140.2			(129.8		)	0.8			(60.4		)	2.7
Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7
Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7
Total other comprehensive loss, net of tax	(9.2		)	(9.2		)	(9.2		)	(9.2		)	27.6			(9.2		)
Total comprehensive income (loss)	$	41.5		$	42.7		$	42.7		$	(52.6	)	$	(32.8	)	$	41.5

	Nine Months Ended September 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(84.4	)	$	227.4		$	20.3		$	—	$	162.1
Investing activities:
Capital expenditures	—			—			(59.8		)	(5.6		)	—		(65.4		)
Acquisitions	—			—			(60.7		)	—			—		(60.7		)
MTA franchise rights	—			—			(16.9		)	—			—		(16.9		)
Net proceeds from dispositions	—			—			4.9			—			—		4.9
Net cash flow used for investing activities	—			—			(132.5		)	(5.6		)	—		(138.1		)
Financing activities:
Proceeds from long-term debt borrowings	—			760.0			—			—			—		760.0
Repayments of long-term debt borrowings	—			(695.0		)	—			—			—		(695.0		)
Proceeds from borrowings under short-term debt facilities	—			—			90.0			190.0			—		280.0
Repayments of borrowings under short-term debt facilities	—			—			(75.0		)	(155.0		)	—		(230.0		)
Payments of deferred financing costs	—			(9.3		)	(0.2		)	—			—		(9.5		)
Payment of debt extinguishment charges	—			(7.4		)	—			—			—		(7.4		)
Proceeds from shares issued under the ATM Program	50.9			—			—			—			—		50.9
Taxes withheld for stock-based compensation	—			—			(7.7		)	—			—		(7.7		)
Dividends	(154.5		)	—			—			(1.5		)	—		(156.0		)
Intercompany	104.8			31.3			(96.7		)	(39.4		)	—		—
Net cash flow provided by (used for) financing activities	1.2			79.6			(89.6		)	(5.9		)	—		(14.7		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			0.3			—		0.3
Net increase (decrease) in cash, cash equivalents and restricted cash	—			(4.8		)	5.3			9.1			—		9.6
Cash, cash equivalents and restricted cash at beginning of period	—			12.0			1.4			40.7			—		54.1
Cash, cash equivalents and restricted cash at end of period	$	—		$	7.2		$	6.7		$	49.8		$	—	$	63.7

	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(74.5	)	$	216.2		$	(3.1	)	$	—	$	137.4
Investing activities:
Capital expenditures	—			—			(52.5		)	(9.6		)	—		(62.1		)
Acquisitions	—			—			(5.6		)	—			—		(5.6		)
MTA franchise rights	—			—			(9.4		)	—			—		(9.4		)
Net proceeds from dispositions	—			—			5.7			0.3			—		6.0
Net cash flow used for investing activities	—			—			(61.8		)	(9.3		)	—		(71.1		)
Financing activities:
Proceeds from long-term debt borrowings	—			89.0			—			—			—		89.0
Repayments of long-term debt borrowings	—			(79.0		)	—			—			—		(79.0		)
Proceeds from borrowings under short-term debt facilities	—			—			75.0			125.0			—		200.0
Repayments of borrowings under short-term debt facilities	—			—			—			(105.0		)	—		(105.0		)
Payments of deferred financing costs	—			(0.1		)	—			(0.1		)	—		(0.2		)
Taxes withheld for stock-based compensation	—			—			(8.2		)	—			—		(8.2		)
Dividends	(150.9		)	—			—			(2.0		)	—		(152.9		)
Intercompany	152.1			74.3			(216.2		)	(10.2		)	—		—
Net cash flow provided by (used for) financing activities	1.2			84.2			(149.4		)	7.7			—		(56.3		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			(0.2		)	—		(0.2		)
Net increase (decrease) in cash, cash equivalents and restricted cash	—			9.7			5.0			(4.9		)	—		9.8
Cash, cash equivalents and restricted cash at beginning of period	—			10.2			3.7			34.4			—		48.3
Cash, cash equivalents and restricted cash at end of period	$	—		$	19.9		$	8.7		$	29.5		$	—	$	58.1

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Income Taxes

9 Months Ended

Sep. 30, 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 TRSs. As such, we have provided for their federal, state and foreign income taxes.

In the second quarter of 2019, we had recorded a provision for uncertain tax positions of $4.5 million to correct an error related to prior open tax years. In the third quarter of 2019, pursuant to an audit for the 2016 tax year, the Internal Revenue Service has issued a Notice of Proposed Adjustment, increasing our tax liability by $2.2 million, which represents a settlement of the $4.5 million provision for uncertain tax positions recorded in the second quarter of 2019.

Tax years 2016 to present are open for examination by the tax authorities. New York State has concluded an audit of our 2014 tax year without proposing any adjustments.

Our effective income tax rate represents a combined annual effective tax rate for federal, state, local and foreign taxes applied to interim operating results.

In the three and nine months ended September 30, 2019 and 2018, our effective tax rate differed from the U.S. federal statutory income tax rate primarily due to our REIT status, including the dividends paid deduction, the impact of state and local taxes, and the effect of foreign operations.

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 38.7	$ 46.8	$ 95.1	$ 50.7
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(0.8)	1.7	6.4	(9.8)
Net actuarial gain	0.2	0.0	0.1	0.6
Change in fair value of interest rate swap agreements	(0.4)	0.0	(3.2)	0.0
Total other comprehensive income (loss), net of tax	(1.0)	1.7	3.3	(9.2)
Total comprehensive income	$ 37.7	$ 48.5	$ 98.4	$ 41.5

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Document and Entity Information Document - $ / shares	9 Months Ended
	Sep. 30, 2019	Nov. 04, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Quarterly period ended	Sep. 30, 2019
Document Transition Report	false
Commission File Number	001-36367
Exact name of registrant as specified in its charter	OUTFRONT Media Inc.
State or other jurisdiction of incorporation or organization	MD
I.R.S. Employer Identification No.	46-4494703
Entity Address, Address Line One	405, Lexington Avenue, 17th Floor
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Zip Code	10174
City Area Code	212
Registrant's telephone number, including area code	297-6400
Filed all reports required to be filed by Section 13 or 15(d)	Yes
Entity Interactive Data Current	Yes
Entity filer category	Large Accelerated Filer
Entity Small Business	false
Emerging growth company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Common stock, par value per share	$ 0.01		$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Trading Symbol	OUT
Security Exchange Name	NYSE
Shares outstanding		143,524,982
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0001579877

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Restructuring Charges

9 Months Ended

Sep. 30, 2019

Restructuring and Related Activities [Abstract]

Restructuring charges

Restructuring Charges

For the three months ended September 30, 2018, we recorded restructuring charges of $0.1 million, which was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments. For the nine months ended September 30, 2019, we recorded restructuring charges of $0.3 million associated with the elimination of a corporate management position. For the nine months ended September 30, 2018, we recorded restructuring charges of $1.4 million, of which $0.8 million was recorded in Other for severance charges primarily associated with the reorganization of our Sports Marketing operating segment and $0.6 million was recorded in our U.S. Media segment for severance charges associated with the reorganization of various departments. As of September 30, 2019, $0.5 million in restructuring reserves remain outstanding and is included in Other current liabilities on the Consolidated Statement of Financial Position.

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Related Party Transactions

9 Months Ended

Sep. 30, 2019

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

We have a 50% ownership interest in two joint ventures that operate transit shelters in the greater Los Angeles area and Vancouver, and four joint ventures which currently operate a total of 11 billboard displays in New York and Boston. All of these joint ventures are accounted for as equity investments. These investments totaled $16.8 million as of September 30, 2019, and $16.1 million as of December 31, 2018, and are included in Other assets on the Consolidated Statements of Financial Position. We provided sales and management services to these joint ventures and recorded management fees in Revenues on the Consolidated Statement of Operations of $2.2 million in each of the three months ended September 30, 2019 and 2018, $6.1 million in the nine months ended September 30, 2019 and $5.7 million in the nine months ended September 30, 2018.

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Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

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 or amendment.

We rent or sublease certain real estate to third parties.

As of September 30, 2019, we have operating lease assets of $1.4 billion, short-term operating lease liabilities of $169.4 million and non-current operating lease liabilities of $1.2 billion.

For the three months ended September 30, 2019, we recorded operating lease costs of $103.5 million in Operating expenses and $2.5 million in Selling, general and administrative expenses. For the three months ended September 30, 2019, these costs include $26.3 million of variable operating lease costs. For the nine months ended September 30, 2019, we recorded operating lease costs of $300.5 million in Operating expenses and $6.9 million in Selling, general and administrative expenses. For the nine months ended September 30, 2019, these costs include $66.2 million of variable operating lease costs. For the three and nine months ended September 30, 2019, sublease income was immaterial.

As of September 30, 2019, minimum rental payments under operating leases are as follows:

(in millions)	Operating  Leases
2019	$	49.5
2020	257.4
2021	239.2
2022	221.4
2023	198.8
2024 and thereafter	999.9
Total operating lease payments	1,966.2
Less: Interest	559.1
Present value of lease liabilities	$	1,407.1

As of December 31, 2018, minimum rental payments under non-cancellable operating leases with original terms in excess of one year are as follows:

(in millions)	Non-Cancellable Operating Leases
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

As of September 30, 2019, the weighted-average remaining lease term was 10.2 years and the weighted-average discount rate was 6.1%.

For the nine months ended September 30, 2019, cash paid for operating leases was $296.5 million. Leased assets obtained in exchange for new operating lease liabilities was $321.9 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, Net) are utilized to lease advertising space 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 and 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.

We recorded rental income of $301.3 million for the three months ended September 30, 2019, and $839.4 million for the nine months ended September 30, 2019, in Revenues on our Consolidated Statement of Operations.

As of September 30, 2019, rental payments to be received under non-cancellable operating leases are as follows:

(in millions)	Rental Income
2019	$	234.7
2020	157.7
2021	16.7
2022	5.3
2023	2.9
2024 and thereafter	1.9
Total minimum payments	$	419.2

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Leases (Policies)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases - 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 or amendment.

We rent or sublease certain real estate to third parties.

Leases - 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, Net) are utilized to lease advertising space 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 and 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.

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Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Our identifiable intangible assets consist of the following:

(in millions)	Gross		Accumulated Amortization			Net
As of September 30, 2019:
Permits and leasehold agreements	$	1,144.6	$	(725.7	)	$	418.9
Franchise agreements	489.1		(367.6		)	121.5
Other intangible assets	47.0		(38.8		)	8.2
Total intangible assets	$	1,680.7	$	(1,132.1	)	$	548.6
As of December 31, 2018:
Permits and leasehold agreements	$	1,107.4	$	(697.6	)	$	409.8
Franchise agreements	470.7		(357.1		)	113.6
Other intangible assets	46.9		(33.1		)	13.8
Total intangible assets	$	1,625.0	$	(1,087.8	)	$	537.2

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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock-based compensation expense

The following table summarizes our stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2019			2018			2019			2018
Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes	$	5.6		$	4.8		$	16.4		$	15.4
Tax benefit	(0.4		)	(0.4		)	(1.1		)	(1.1		)
Stock-based compensation expense, net of tax	$	5.2		$	4.4		$	15.3		$	14.3

Activity of RSUs and PRSUs Issued to Our Employees

The following table summarizes activity for the nine months ended September 30, 2019, of RSUs and PRSUs issued to our employees.

	Activity		Weighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 2018	1,723,980		$	22.39
Granted:
RSUs	853,965		21.73
PRSUs	376,418		21.41
Vested:
RSUs	(586,553	)	21.99
PRSUs	(246,542	)	21.99
Forfeitures:
RSUs	(42,425	)	22.16
PRSUs	(5,250	)	22.17
Non-vested as of September 30, 2019	2,073,593		22.10

Activity of Stock Options Issued to Our Employees

The following table summarizes activity for the nine months ended September 30, 2019, of stock options issued to our employees.

	Activity		Weighted Average Exercise Price
Outstanding as of December 31, 2018	141,847		$	23.08
Exercised	(15,319	)	10.78
Outstanding as of September 30, 2019	126,528		24.57
Exercisable as of September 30, 2019	126,528		24.57

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Asset Retirement Obligation - Schedule of Change in Asset Retirement Obligation (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
As of December 31, 2018	$ 34.2
Accretion expense	1.9
Additions	0.3
Liabilities settled	(1.5)
Foreign currency translation adjustments	0.1
As of September 30, 2019	$ 35.0

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Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Depreciation	$ 22.4	$ 21.0	$ 64.9	$ 63.4

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Leases Minimum rental payments under operating leases (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
2019	$ 49.5
2020	257.4
2021	239.2
2022	221.4
2023	198.8
2024 and thereafter	999.9
Total operating lease payments	1,966.2
Less: Interest	559.1
Present value of lease liabilities	$ 1,407.1	$ 1,200.0

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Condensed Consolidating Financial Information - Narrative (Details)	Sep. 30, 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%

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Retirement Benefits - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost		$ 0.6	$ 0.3	$ 1.5	$ 1.1
Interest cost		0.5	0.5	1.5	1.4
Expected return on plan assets		(0.7)	(0.5)	(2.0)	(1.6)
Amortization of net actuarial losses	[1]	0.1	0.2	0.4	0.5
Amortization of transition obligation		0.0	(0.1)	0.0	(0.1)
Net periodic pension cost		$ 0.5	$ 0.4	$ 1.4	$ 1.3

[1] Reflects amounts reclassified from accumulated other comprehensive income to net income.

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Commitment and Contingencies - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2019 USD ($) Displays	Sep. 30, 2019 USD ($) Displays	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Other Commitments [Line Items]
MTA equipment development cost additions | $		$ 101.1		$ 91.2
Subsequent Event
Other Commitments [Line Items]
MTA equipment development cost additions | $			$ 150.0
Standalone letters of credit and sublimit to revolving credit facility [Member]
Other Commitments [Line Items]
Letters of credit outstanding, amount | $	$ 73.0	73.0
Surety Bond
Other Commitments [Line Items]
Surety bonds outstanding | $	$ 162.1	$ 162.1
MTA digital advertising screens on subway and train platforms
Other Commitments [Line Items]
Number of displays	8,565	8,565
MTA smaller-format digital advertising screens rolling stock
Other Commitments [Line Items]
Number of displays	37,716	37,716
MTA communication displays
Other Commitments [Line Items]
Number of displays	7,829	7,829
MTA displays installed
Other Commitments [Line Items]
Number of displays	3,740	3,740
Number of display additions	972	2,511

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Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

Debt

Debt, net, consists of the following:

	As of
(in millions, except percentages)	September 30, 2019			December 31, 2018
Short-term debt:
AR Facility	$	120.0		$	85.0
Repurchase Facility	90.0			75.0
Total short-term debt	210.0			160.0
Long-term debt:
Revolving credit facility	15.0			—
Term loan, due 2024	618.5			668.1
Senior unsecured notes:
5.250% senior unsecured notes, due 2022	—			549.7
5.625% senior unsecured notes, due 2024	501.9			502.2
5.875% senior unsecured notes, due 2025	450.0			450.0
5.000% senior unsecured notes, due 2027	650.0			—
Total senior unsecured notes	1,601.9			1,501.9
Debt issuance costs	(22.9		)	(20.4		)
Total long-term debt, net	2,212.5			2,149.6
Total debt, net	$	2,422.5		$	2,309.6
Weighted average cost of debt	4.9		%	5.1		%

Term Loan

The interest rate on the term loan due in 2024 (the “Term Loan”) was 4.0% per annum as of September 30, 2019. As of September 30, 2019, a discount of $1.5 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 September 30, 2019, there were $15.0 million of outstanding borrowings under the Revolving Credit Facility, at a borrowing rate of approximately 4.0%.

The commitment fee based on the amount of unused commitments under the Revolving Credit Facility was $0.4 million in each of the three months ended September 30, 2019 and 2018, $1.1 million in the nine months ended September 30, 2019, and $1.0 million in the nine months ended September 30, 2018. As of September 30, 2019, we had issued letters of credit totaling approximately $2.0 million against the letter of credit facility sublimit under the Revolving Credit Facility.

Standalone Letter of Credit Facilities

As of September 30, 2019, we had issued letters of credit totaling approximately $71.0 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 and nine months ended September 30, 2019 and 2018.

Effective October 2, 2019, we reduced our standalone letter of credit facilities by $42.0 million and effective October 3, 2019, we further reduced our standalone letter of credit facilities by $30.0 million. As of November 4, 2019, our standalone letter of credit facilities totaled $78.0 million.

Accounts Receivable Securitization Facilities

As of September 30, 2019, we have a $125.0 million revolving accounts receivable securitization facility (the “AR Facility”), which terminates in June 2022, unless further extended, and a 364-day uncommitted $90.0 million structured repurchase facility (the “Repurchase Facility” and together with the AR Facility, the “AR Securitization Facilities”), which terminates in June 2020, unless further extended.

On July 19, 2019, the Company, certain subsidiaries of the Company and MUFG Bank, Ltd. (“MUFG”) entered into amendments to the agreements governing the AR Securitization Facilities, along with other agreements with MUFG, pursuant to which the Company (i) granted the Purchasers (as defined below) a security interest in the existing and future accounts receivable and certain related assets of the Company’s taxable REIT subsidiaries (“TRSs”) as additional collateral under the AR Facility, (ii) increased the borrowing capacity under the AR Facility from $100.0 million to its current capacity of $125.0 million, (ii) increased the borrowing capacity under the Repurchase Facility from $75.0 million to its current capacity of $90.0 million, (iii) extended the term of the AR Facility so that it now terminates on June 30, 2022, unless further extended, and (iv) extended the term of the Repurchase Facility so that it now terminates on June 30, 2020, unless further extended. The amendments to the agreements governing the AR Securitization Facilities do not change how we account for the AR Securitization Facilities as a collateralized financing activity.

In connection with the AR Securitization Facilities, Outfront Media LLC and Outfront Media Outernet Inc., each a wholly-owned subsidiary of the Company, and certain of the Company’s TRSs (the “Originators”), will sell and/or contribute their respective existing and future accounts receivable and certain related assets to either Outfront Media Receivables LLC, a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s qualified REIT subsidiary accounts receivable assets (the “QRS SPV”) or Outfront Media Receivables TRS, LLC a special purpose vehicle and wholly-owned subsidiary of the Company relating to the Company’s TRS accounts receivable assets (the “TRS SPV” and together with the QRS SPV, the “SPVs”). The SPVs will transfer undivided interests in their respective accounts receivable assets to certain purchasers from time to time (the “Purchasers”). The SPVs are separate legal entities with their own separate creditors who will be entitled to access the SPVs’ assets before the assets become available to the Company. Accordingly, the SPVs’ assets are not available to pay creditors of the Company or any of its subsidiaries, although collections from the receivables in excess of amounts required to repay the Purchasers and other creditors of the SPVs may be remitted to the Company. Outfront Media LLC will service the accounts receivables on behalf of the SPVs for a fee. The Company has agreed to guarantee the performance of the Originators and Outfront Media LLC, in its capacity as servicer, of their respective obligations under the agreements governing the AR Facility. Neither the Company, the Originators nor the SPVs guarantee the collectability of the receivables under the AR Facility. Further, the TRS SPV and the QRS SPV are jointly and severally liable for their respective obligations under the agreements governing the AR Facility.

In connection with the Repurchase Facility, the Originators may borrow funds collateralized by subordinated notes (the “Subordinated Notes”) issued by the SPVs in favor of their respective Originators and representing a portion of the outstanding balance of the accounts receivable assets sold by the Originators to the SPVs under the AR Facility. The Subordinated Notes will be transferred to MUFG, as repurchase buyer, on an uncommitted basis, and subject to repurchase by the applicable Originators on termination of the Repurchase Facility. The Originators have granted MUFG a security interest in the Subordinated Notes to secure their obligations under the agreements governing the Repurchase Facility, and the Company has agreed to guarantee the Originators’ obligations under the agreements governing the Repurchase Facility.

As of September 30, 2019, there were $120.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of 3.1%, and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of 3.2%. As of September 30, 2019, borrowing capacity remaining under the AR Facility was $5.0 million based on approximately $329.0 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 and nine months ended September 30, 2019 and 2018. As of November 4, 2019, there were $105.0 million of outstanding borrowings under the AR Facility, at a borrowing rate of approximately 3.0%, and $90.0 million of outstanding borrowings under the Repurchase Facility, at a borrowing rate of approximately 3.1%.

Senior Unsecured Notes

On July 15, 2019, we used the net proceeds from our June 14, 2019, issuance of $650.0 million aggregate principal amount of 5.000% Senior Unsecured Notes due 2027 (the “Notes”) to, among other things, redeem all of our outstanding 5.250% Senior Unsecured Notes due 2022 (the “Old Notes”), pay accrued and unpaid interest on the Old Notes, pay fees and expenses in connection with the Notes offering and Old Notes redemption. In the third quarter of 2019, we recorded a Loss on extinguishment of debt of $11.0 million relating to the Old Notes on the Consolidated Statement of Operations.

As of September 30, 2019, a premium of $1.9 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 September 30, 2019, our Consolidated Net Secured Leverage Ratio was 1.3 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 September 30, 2019, our Consolidated Total Leverage Ratio was 4.4 to 1.0 in accordance with the Credit Agreement. As of September 30, 2019, we are in compliance with our debt covenants.

Deferred Financing Costs

As of September 30, 2019, we had deferred $25.9 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 and hedge our interest rate risk related to such variable rate debt. The fair value of these swap positions was a net liability of approximately $5.6 million as of September 30, 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 September 30, 2019, under the terms of the agreements, we will pay interest based on an aggregate notional amount of $200.0 million, under a weighted-average fixed interest rate of 2.7%, with a receive rate of one-month LIBOR and which mature at various dates until June 30, 2022. The one-month LIBOR rate was approximately 2.0% as of September 30, 2019.

Fair Value

Under the fair value hierarchy, observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities are defined as Level 1; observable inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability are defined as Level 2; and unobservable inputs for the asset or liability are defined as Level 3. The aggregate fair value of our debt, which is estimated based on quoted market prices of similar liabilities, was approximately $2.5 billion as of September 30, 2019, and $2.3 billion as of December 31, 2018. The fair value of our debt as of both September 30, 2019, and December 31, 2018, is classified as Level 2. The aggregate fair value loss associated with our interest rate cash flow swap agreements was approximately $5.6 million as of September 30, 2019, and $2.4 million as of December 31, 2018. The aggregate fair value of our interest rate cash flow swap agreements as of both September 30, 2019 and December 31, 2018, is classified as Level 2.

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Property and Equipment, Net

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and Equipment, Net

The table below presents the balances of major classes of assets and accumulated depreciation.

		As of
(in millions)	Estimated Useful Lives	September 30, 2019		December 31, 2018
Land		$	98.5	$	97.5
Buildings	20 to 40 years	49.9		48.7
Advertising structures	5 to 20 years	1,838.2		1,789.4
Furniture, equipment and other	3 to 10 years	150.9		134.3
Construction in progress		30.2		19.3
		2,167.7		2,089.2
Less: accumulated depreciation		1,501.9		1,436.3
Property and equipment, net		$	665.8	$	652.9

Depreciation expense was $22.4 million in the three months ended September 30, 2019, $21.0 million in the three months ended September 30, 2018, $64.9 million in the nine months ended September 30, 2019 and $63.4 million in the nine months ended September 30, 2018.

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Revenues (Tables)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table summarizes revenues by source:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2019		2018		2019		2018
Billboard:
Static displays	$	234.7	$	223.9	$	658.1	$	630.6
Digital displays	65.8		57.4		179.0		152.6
Other	11.5		9.3		31.7		27.1
Billboard revenues	312.0		290.6		868.8		810.3
Transit:
Static displays	94.1		87.0		270.2		238.8
Digital displays	27.6		15.2		72.6		39.9
Other	11.6		9.6		33.3		27.2
Total transit revenues	133.3		111.8		376.1		305.9
Sports marketing and other	17.2		11.8		49.2		37.6
Transit and other revenues	150.5		123.6		425.3		343.5
Total revenues	$	462.5	$	414.2	$	1,294.1	$	1,153.8

Revenue from External Customers by Geographic Areas

The following table summarizes revenues by geography:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2019		2018		2019		2018
United States:
Billboard	$	292.8	$	271.3	$	814.1	$	760.1
Transit and other	129.9		108.4		366.6		296.7
Sports marketing and other	17.2		11.8		49.2		37.6
Total United States revenues	439.9		391.5		1,229.9		1,094.4
Canada	22.6		22.7		64.2		59.4
Total revenues	$	462.5	$	414.2	$	1,294.1	$	1,153.8

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New Accounting Standards (Policies)

9 Months Ended

Sep. 30, 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.

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Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

The table below presents the balances of major classes of assets and accumulated depreciation.

		As of
(in millions)	Estimated Useful Lives	September 30, 2019		December 31, 2018
Land		$	98.5	$	97.5
Buildings	20 to 40 years	49.9		48.7
Advertising structures	5 to 20 years	1,838.2		1,789.4
Furniture, equipment and other	3 to 10 years	150.9		134.3
Construction in progress		30.2		19.3
		2,167.7		2,089.2
Less: accumulated depreciation		1,501.9		1,436.3
Property and equipment, net		$	665.8	$	652.9

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Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1,680.7	$ 1,625.0
Accumulated amortization	(1,132.1)	(1,087.8)
Intangible assets	548.6	537.2
Permits and leasehold agreements
Finite-Lived Intangible Assets [Line Items]
Gross	1,144.6	1,107.4
Accumulated amortization	(725.7)	(697.6)
Intangible assets	418.9	409.8
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross	489.1	470.7
Accumulated amortization	(367.6)	(357.1)
Intangible assets	121.5	113.6
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross	47.0	46.9
Accumulated amortization	(38.8)	(33.1)
Intangible assets	$ 8.2	$ 13.8

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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

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Related Party Transactions - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($) joint_venture Displays	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) joint_venture Displays	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%
Equity method investments | $	$ 16.8		$ 16.8		$ 16.1
Management fee revenue | $	$ 2.2	$ 2.2	$ 6.1	$ 5.7
Transit shelter joint ventures
Related Party Transaction [Line Items]
Equity method investment, number of investments | joint_venture	2		2
Acquired businesses
Related Party Transaction [Line Items]
Equity method investment, number of investments | joint_venture	4		4
Equity method investment, number of displays | Displays	11		11

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Segment Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 5,320.9	$ 3,828.7
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Total assets	5,011.8	3,610.0
Operating segments | Other
Segment Reporting Information [Line Items]
Total assets	294.8	202.5
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 14.3	$ 16.2

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Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - Stock options	9 Months Ended
	Sep. 30, 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 September 30, 2019 | shares	126,528
Exercisable as of September 30, 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 September 30, 2019 | $ / shares	24.57
Weighted average exercise price, options exercisable, as of September 30, 2019 | $ / shares	$ 24.57

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Earnings Per Share ("EPS") (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income available to common stockholders	[1]	$ 38.7	$ 46.8	$ 95.1	$ 50.7
Less: Distributions to holders of Class A equity interests of a subsidiary				156.0	152.9
Net income available to common stockholders, basic and diluted	[1]	$ 38.3	$ 46.2	$ 93.6	$ 48.7
Weighted average shares for basic EPS		143.4	139.3	142.1	139.1
Dilutive potential shares from grants of RSUs, PRSUs and stock options	[2]	0.8	0.3	0.6	0.3
Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary	[3]	0.0	1.9	0.0	0.0
Weighted average shares for diluted EPS		144.2	141.5	142.7	139.4
Noncontrolling Interest
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Less: Distributions to holders of Class A equity interests of a subsidiary		$ 0.4	$ 0.6	$ 1.5	$ 2.0
Noncontrolling Interest
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share, number of shares		1.3		1.5	1.9
Stock compensation plan
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share, number of shares			0.4	0.1	0.4

[1] Diluted EPS for the three months ended September 30, 2018, was calculated based on Net income available for common stockholders including distributions to holders of Class A equity interests of a subsidiary to include the impact of dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary.

[2] The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options in the three months ended September 30, 2018, 0.1 million in the nine months ended September 30, 2019, and 0.4 million in the nine months ended September 30, 2018, were antidilutive.

[3] The potential impact of 1.3 million shares of Class A equity interests of Outfront Canada in the three months ended September 30, 2019, 1.5 million in the nine months ended September 30, 2019, and 1.9 million in the nine months ended September 30, 2018, was antidilutive. (See Note 10. Equity to the Consolidated Financial Statements.)

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Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Condensed Statements of Cash Flows, Captions [Line Items]
Net cash flow provided by (used for) operating activities	$ 162.1	$ 137.4
Capital expenditures	(65.4)	(62.1)
Acquisitions	(60.7)	(5.6)
MTA franchise rights	(16.9)	(9.4)
Net proceeds from dispositions	4.9	6.0
Net cash flow provided by (used for) investing activities	(138.1)	(71.1)
Proceeds from long-term debt borrowings	760.0	89.0
Repayments of long-term debt borrowings	(695.0)	(79.0)
Proceeds from borrowings under short-term debt facilities	280.0	200.0
Repayments of borrowings under short-term debt facilities	(230.0)	(105.0)
Payments of deferred financing costs	(9.5)	(0.2)
Payment of debt extinguishment charges	(7.4)	0.0
Proceeds from shares issued under the ATM Program	50.9	0.0
Taxes withheld for stock-based compensation	(7.7)	(8.2)
Dividends	(156.0)	(152.9)
Intercompany	0.0	0.0
Net cash flow provided by (used for) financing activities	(14.7)	(56.3)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.3	(0.2)
Net increase (decrease) in cash, cash equivalents and restricted cash	9.6	9.8
Cash, cash equivalents and restricted cash, beginning of period	54.1	48.3
Cash, cash equivalents and restricted cash, end of period	63.7	58.1
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
Net cash flow provided by (used for) investing activities	0.0	0.0
Proceeds from long-term debt borrowings	0.0	0.0
Repayments of 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
Payments of deferred financing costs	0.0	0.0
Payment of debt extinguishment charges	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	(1.2)	(1.2)
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
Net cash flow provided by (used for) investing activities	0.0	0.0
Proceeds from long-term debt borrowings	0.0	0.0
Repayments of 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
Payments of deferred financing costs	0.0	0.0
Payment of debt extinguishment charges	0.0
Proceeds from shares issued under the ATM Program	50.9
Taxes withheld for stock-based compensation	0.0	0.0
Dividends	(154.5)	(150.9)
Intercompany	104.8	152.1
Net cash flow provided by (used for) financing activities	1.2	1.2
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	(84.4)	(74.5)
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
Net cash flow provided by (used for) investing activities	0.0	0.0
Proceeds from long-term debt borrowings	760.0	89.0
Repayments of long-term debt borrowings	(695.0)	(79.0)
Proceeds from borrowings under short-term debt facilities	0.0	0.0
Repayments of borrowings under short-term debt facilities	0.0	0.0
Payments of deferred financing costs	(9.3)	(0.1)
Payment of debt extinguishment charges	(7.4)
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	31.3	74.3
Net cash flow provided by (used for) financing activities	79.6	84.2
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	(4.8)	9.7
Cash, cash equivalents and restricted cash, beginning of period	12.0	10.2
Cash, cash equivalents and restricted cash, end of period	7.2	19.9
Guarantor Subsidiaries
Condensed Statements of Cash Flows, Captions [Line Items]
Net cash flow provided by (used for) operating activities	227.4	216.2
Capital expenditures	(59.8)	(52.5)
Acquisitions	(60.7)	(5.6)
MTA franchise rights	(16.9)	(9.4)
Net proceeds from dispositions	4.9	5.7
Net cash flow provided by (used for) investing activities	(132.5)	(61.8)
Proceeds from long-term debt borrowings	0.0	0.0
Repayments of long-term debt borrowings	0.0	0.0
Proceeds from borrowings under short-term debt facilities	90.0	75.0
Repayments of borrowings under short-term debt facilities	(75.0)	0.0
Payments of deferred financing costs	(0.2)	0.0
Payment of debt extinguishment charges	0.0
Proceeds from shares issued under the ATM Program	0.0
Taxes withheld for stock-based compensation	(7.7)	(8.2)
Dividends	0.0	0.0
Intercompany	(96.7)	(216.2)
Net cash flow provided by (used for) financing activities	(89.6)	(149.4)
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	5.3	5.0
Cash, cash equivalents and restricted cash, beginning of period	1.4	3.7
Cash, cash equivalents and restricted cash, end of period	6.7	8.7
Non-Guarantor Subsidiaries
Condensed Statements of Cash Flows, Captions [Line Items]
Net cash flow provided by (used for) operating activities	20.3	(3.1)
Capital expenditures	(5.6)	(9.6)
Acquisitions	0.0	0.0
MTA franchise rights	0.0	0.0
Net proceeds from dispositions	0.0	0.3
Net cash flow provided by (used for) investing activities	(5.6)	(9.3)
Proceeds from long-term debt borrowings	0.0	0.0
Repayments of long-term debt borrowings	0.0	0.0
Proceeds from borrowings under short-term debt facilities	190.0	125.0
Repayments of borrowings under short-term debt facilities	(155.0)	(105.0)
Payments of deferred financing costs	0.0	(0.1)
Payment of debt extinguishment charges	0.0
Proceeds from shares issued under the ATM Program	0.0
Taxes withheld for stock-based compensation	0.0	0.0
Dividends	(1.5)	(2.0)
Intercompany	(39.4)	(10.2)
Net cash flow provided by (used for) financing activities	(5.9)	7.7
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.3	(0.2)
Net increase (decrease) in cash, cash equivalents and restricted cash	9.1	(4.9)
Cash, cash equivalents and restricted cash, beginning of period	40.7	34.4
Cash, cash equivalents and restricted cash, end of period	$ 49.8	$ 29.5

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Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Restricted Cash [Abstract]
Cash and cash equivalents	$ 58.3	$ 52.7	$ 56.7
Restricted cash	5.4	1.4	1.4
Cash, cash equivalents and restricted cash	$ 63.7	$ 54.1	$ 58.1	$ 58.1	$ 48.3

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Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 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:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2019			2018			2019			2018
Components of net periodic pension cost:
Service cost	$	0.6		$	0.3		$	1.5		$	1.1
Interest cost	0.5			0.5			1.5			1.4
Expected return on plan assets	(0.7		)	(0.5		)	(2.0		)	(1.6		)
Amortization of net actuarial losses(a)	0.1			0.2			0.4			0.5
Amortization of transitional obligation	—			(0.1		)	—			(0.1		)
Net periodic pension cost	$	0.5		$	0.4		$	1.4		$	1.3

(a)

Reflects amounts reclassified from accumulated other comprehensive income to net income.

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Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2019

Condensed Consolidating Financial Information [Abstract]

Condensed Statement of Financial Position

	As of September 30, 2019
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	7.2	$	1.3	$	49.8	$	—		$	58.3
Receivables, less allowance	—		—		—		339.9		(49.2		)	290.7
Other current assets	—		1.2		190.3		69.2		(149.7		)	111.0
Total current assets	—		8.4		191.6		458.9		(198.9		)	460.0
Property and equipment, net	—		—		616.7		49.1		—			665.8
Goodwill	—		—		2,059.9		22.9		—			2,082.8
Intangible assets	—		—		476.3		72.3		—			548.6
Operating lease assets	—		—		1,294.4		113.7		—			1,408.1
Investment in subsidiaries	1,093.0		3,325.2		331.6		—		(4,749.8		)	—
Prepaid MTA equipment deployment costs	—		—		83.0		—		—			83.0
Other assets	—		1.5		67.4		3.7		—			72.6
Intercompany	—		—		81.0		87.7		(168.7		)	—
Total assets	$	1,093.0	$	3,335.1	$	5,201.9	$	808.3	$	(5,117.4	)	$	5,320.9
Total current liabilities	$	—	$	24.0	$	579.6	$	240.4	$	(198.9	)	$	645.1
Long-term debt, net	—		2,212.5		—		—		—			2,212.5
Deferred income tax liabilities, net	—		—		—		18.7		—			18.7
Operating lease liability	—		—		1,140.4		97.3		—			1,237.7
Asset retirement obligation	—		—		30.6		4.4		—			35.0
Deficit in excess of investment of subsidiaries	—		—		2,232.2		—		(2,232.2		)	—
Other liabilities	—		5.6		38.4		1.7		—			45.7
Intercompany	—		—		87.7		81.0		(168.7		)	—
Total liabilities	—		2,242.1		4,108.9		443.5		(2,599.8		)	4,194.7
Total stockholders’ equity	1,093.0		1,093.0		1,093.0		331.6		(2,517.6		)	1,093.0
Non-controlling interests	—		—		—		33.2		—			33.2
Total equity	1,093.0		1,093.0		1,093.0		364.8		(2,517.6		)	1,126.2
Total liabilities and equity	$	1,093.0	$	3,335.1	$	5,201.9	$	808.3	$	(5,117.4	)	$	5,320.9

	As of December 31, 2018
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	12.0	$	—	$	40.7	$	—		$	52.7
Receivables, less allowance	—		—		52.7		232.1		(19.9		)	264.9
Other current assets	—		1.0		176.3		81.5		(146.9		)	111.9
Total current assets	—		13.0		229.0		354.3		(166.8		)	429.5
Property and equipment, net	—		—		604.3		48.6		—			652.9
Goodwill	—		—		2,059.9		19.8		—			2,079.7
Intangible assets	—		—		478.4		58.8		—			537.2
Investment in subsidiaries	1,102.8		3,257.5		261.9		—		(4,622.2		)	—
Prepaid MTA equipment deployment costs	—		—		60.6		—		—			60.6
Other assets	—		2.3		63.4		3.1		—			68.8
Intercompany	—		—		81.0		100.7		(181.7		)	—
Total assets	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7
Total current liabilities	$	—	$	18.0	$	375.5	$	175.9	$	(166.8	)	$	402.6
Long-term debt, net	—		2,149.6		—		—		—			2,149.6
Deferred income tax liabilities, net	—		—		—		17.0		—			17.0
Asset retirement obligation	—		—		29.9		4.3		—			34.2
Deficit in excess of investment of subsidiaries	—		—		2,154.7		—		(2,154.7		)	—
Other liabilities	—		2.4		74.9		2.7		—			80.0
Intercompany	—		—		100.7		81.0		(181.7		)	—
Total liabilities	—		2,170.0		2,735.7		280.9		(2,503.2		)	2,683.4
Total stockholders’ equity	1,102.8		1,102.8		1,102.8		261.9		(2,467.5		)	1,102.8
Non-controlling interests	—		—		—		42.5		—			42.5
Total equity	1,102.8		1,102.8		1,102.8		304.4		(2,467.5		)	1,145.3
Total liabilities and equity	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7

Condensed Statement of Operations

	Three Months Ended September 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	290.8		$	21.2		$	—		$	312.0
Transit and other	—			—			147.1			3.4			—			150.5
Total revenues	—			—			437.9			24.6			—			462.5
Expenses:
Operating	—			—			231.9			13.6			—			245.5
Selling, general and administrative	0.4			0.1			80.3			1.5			—			82.3
Net gain on dispositions	—			—			(1.9		)	—			—			(1.9		)
Depreciation	—			—			19.8			2.6			—			22.4
Amortization	—			—			26.3			2.4			—			28.7
Total expenses	0.4			0.1			356.4			20.1			—			377.0
Operating income (loss)	(0.4		)	(0.1		)	81.5			4.5			—			85.5
Interest expense, net	—			(31.9		)	(0.7		)	(1.3		)	—			(33.9		)
Loss on extinguishment of debt	—			(11.0		)	—			—			—			(11.0		)
Income (loss) before provision for income taxes and equity in earnings of investee companies	(0.4		)	(43.0		)	80.8			3.2			—			40.6
Provision for income taxes	—			—			(1.8		)	(1.5		)	—			(3.3		)
Equity in earnings of investee companies, net of tax	39.1			82.1			(39.9		)	0.3			(80.2		)	1.4
Net income	$	38.7		$	39.1		$	39.1		$	2.0		$	(80.2	)	$	38.7
Net income	$	38.7		$	39.1		$	39.1		$	2.0		$	(80.2	)	$	38.7
Total other comprehensive loss, net of tax	(1.0		)	(1.0		)	(1.0		)	(0.7		)	2.7			(1.0		)
Total comprehensive income	$	37.7		$	38.1		$	38.1		$	1.3		$	(77.5	)	$	37.7

	Three Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	271.1		$	19.5		$	—		$	290.6
Transit and other	—			—			120.3			3.3			—			123.6
Total revenues	—			—			391.4			22.8			—			414.2
Expenses:
Operating	—			—			202.6			12.7			—			215.3
Selling, general and administrative	0.4			0.1			71.1			2.8			—			74.4
Restructuring charges	—			—			0.1			—			—			0.1
Net gain on dispositions	—			—			(1.1		)	(0.2		)	—			(1.3		)
Depreciation	—			—			18.1			2.9			—			21.0
Amortization	—			—			23.4			2.4			—			25.8
Total expenses	0.4			0.1			314.2			20.6			—			335.3
Operating income (loss)	(0.4		)	(0.1		)	77.2			2.2			—			78.9
Interest expense, net	—			(30.1		)	(1.0		)	(0.9		)	—			(32.0		)
Other expense, net	—			—			—			0.2			—			0.2
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.4		)	(30.2		)	76.2			1.5			—			47.1
Benefit (provision) for income taxes	—			—			(1.6		)	0.6			—			(1.0		)
Equity in earnings of investee companies, net of tax	47.2			77.4			(27.4		)	0.4			(96.9		)	0.7
Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8
Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8
Total other comprehensive income, net of tax	1.7			1.7			1.7			1.7			(5.1		)	1.7
Total comprehensive income	$	48.5		$	48.9		$	48.9		$	4.2		$	(102.0	)	$	48.5

	Nine Months Ended September 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	811.2		$	57.6		$	—		$	868.8
Transit and other	—			—			415.9			9.4			—			425.3
Total revenues	—			—			1,227.1			67.0			—			1,294.1
Expenses:
Operating	—			—			663.9			38.8			—			702.7
Selling, general and administrative	1.2			0.2			227.6			8.1			—			237.1
Restructuring charges	—			—			0.3			—			—			0.3
Net gain on dispositions	—			—			(3.1		)	0.1			—			(3.0		)
Depreciation	—			—			57.0			7.9			—			64.9
Amortization	—			—			74.1			6.9			—			81.0
Total expenses	1.2			0.2			1,019.8			61.8			—			1,083.0
Operating income (loss)	(1.2		)	(0.2		)	207.3			5.2			—			211.1
Interest expense, net	—			(94.1		)	(2.4		)	(4.0		)	—			(100.5		)
Loss on extinguishment of debt	—			(11.0		)	—			—			—			(11.0		)
Other income, net	—			—			—			0.1			—			0.1
Income (loss) before provision for income taxes and equity in earnings of investee companies	(1.2		)	(105.3		)	204.9			1.3			—			99.7
Provision for income taxes	—			—			(8.4		)	(0.1		)	—			(8.5		)
Equity in earnings of investee companies, net of tax	96.3			201.6			(100.2		)	0.9			(194.7		)	3.9
Net income	$	95.1		$	96.3		$	96.3		$	2.1		$	(194.7	)	$	95.1
Net income	$	95.1		$	96.3		$	96.3		$	2.1		$	(194.7	)	$	95.1
Total other comprehensive income, net of tax	3.3			3.3			3.3			6.4			(13.0		)	3.3
Total comprehensive income	$	98.4		$	99.6		$	99.6		$	8.5		$	(207.7	)	$	98.4

	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	759.6		$	50.7		$	—		$	810.3
Transit and other	—			—			334.4			9.1			—			343.5
Total revenues	—			—			1,094.0			59.8			—			1,153.8
Expenses:
Operating	—			—			585.3			39.1			—			624.4
Selling, general and administrative	1.2			0.2			202.1			5.6			—			209.1
Restructuring charges	—			—			1.4			—			—			1.4
Net gain on dispositions	—			—			(4.0		)	(0.2		)	—			(4.2		)
Impairment charge	—			—			—			42.9			—			42.9
Depreciation	—			—			53.6			9.8			—			63.4
Amortization	—			—			67.0			6.3			—			73.3
Total expenses	1.2			0.2			905.4			103.5			—			1,010.3
Operating income (loss)	(1.2		)	(0.2		)	188.6			(43.7		)	—			143.5
Interest expense, net	—			(88.1		)	(2.8		)	(2.1		)	—			(93.0		)
Other expense, net	—			—			—			(0.1		)	—			(0.1		)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(1.2		)	(88.3		)	185.8			(45.9		)	—			50.4
Benefit (provision) for income taxes	—			—			(4.1		)	1.7			—			(2.4		)
Equity in earnings of investee companies, net of tax	51.9			140.2			(129.8		)	0.8			(60.4		)	2.7
Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7
Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7
Total other comprehensive loss, net of tax	(9.2		)	(9.2		)	(9.2		)	(9.2		)	27.6			(9.2		)
Total comprehensive income (loss)	$	41.5		$	42.7		$	42.7		$	(52.6	)	$	(32.8	)	$	41.5

Condensed Statements of Cash Flows

	Nine Months Ended September 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(84.4	)	$	227.4		$	20.3		$	—	$	162.1
Investing activities:
Capital expenditures	—			—			(59.8		)	(5.6		)	—		(65.4		)
Acquisitions	—			—			(60.7		)	—			—		(60.7		)
MTA franchise rights	—			—			(16.9		)	—			—		(16.9		)
Net proceeds from dispositions	—			—			4.9			—			—		4.9
Net cash flow used for investing activities	—			—			(132.5		)	(5.6		)	—		(138.1		)
Financing activities:
Proceeds from long-term debt borrowings	—			760.0			—			—			—		760.0
Repayments of long-term debt borrowings	—			(695.0		)	—			—			—		(695.0		)
Proceeds from borrowings under short-term debt facilities	—			—			90.0			190.0			—		280.0
Repayments of borrowings under short-term debt facilities	—			—			(75.0		)	(155.0		)	—		(230.0		)
Payments of deferred financing costs	—			(9.3		)	(0.2		)	—			—		(9.5		)
Payment of debt extinguishment charges	—			(7.4		)	—			—			—		(7.4		)
Proceeds from shares issued under the ATM Program	50.9			—			—			—			—		50.9
Taxes withheld for stock-based compensation	—			—			(7.7		)	—			—		(7.7		)
Dividends	(154.5		)	—			—			(1.5		)	—		(156.0		)
Intercompany	104.8			31.3			(96.7		)	(39.4		)	—		—
Net cash flow provided by (used for) financing activities	1.2			79.6			(89.6		)	(5.9		)	—		(14.7		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			0.3			—		0.3
Net increase (decrease) in cash, cash equivalents and restricted cash	—			(4.8		)	5.3			9.1			—		9.6
Cash, cash equivalents and restricted cash at beginning of period	—			12.0			1.4			40.7			—		54.1
Cash, cash equivalents and restricted cash at end of period	$	—		$	7.2		$	6.7		$	49.8		$	—	$	63.7

	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(74.5	)	$	216.2		$	(3.1	)	$	—	$	137.4
Investing activities:
Capital expenditures	—			—			(52.5		)	(9.6		)	—		(62.1		)
Acquisitions	—			—			(5.6		)	—			—		(5.6		)
MTA franchise rights	—			—			(9.4		)	—			—		(9.4		)
Net proceeds from dispositions	—			—			5.7			0.3			—		6.0
Net cash flow used for investing activities	—			—			(61.8		)	(9.3		)	—		(71.1		)
Financing activities:
Proceeds from long-term debt borrowings	—			89.0			—			—			—		89.0
Repayments of long-term debt borrowings	—			(79.0		)	—			—			—		(79.0		)
Proceeds from borrowings under short-term debt facilities	—			—			75.0			125.0			—		200.0
Repayments of borrowings under short-term debt facilities	—			—			—			(105.0		)	—		(105.0		)
Payments of deferred financing costs	—			(0.1		)	—			(0.1		)	—		(0.2		)
Taxes withheld for stock-based compensation	—			—			(8.2		)	—			—		(8.2		)
Dividends	(150.9		)	—			—			(2.0		)	—		(152.9		)
Intercompany	152.1			74.3			(216.2		)	(10.2		)	—		—
Net cash flow provided by (used for) financing activities	1.2			84.2			(149.4		)	7.7			—		(56.3		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			(0.2		)	—		(0.2		)
Net increase (decrease) in cash, cash equivalents and restricted cash	—			9.7			5.0			(4.9		)	—		9.8
Cash, cash equivalents and restricted cash at beginning of period	—			10.2			3.7			34.4			—		48.3
Cash, cash equivalents and restricted cash at end of period	$	—		$	19.9		$	8.7		$	29.5		$	—	$	58.1

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Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0.0	$ 0.1	$ 0.3	$ 1.4
Restructuring reserve	$ 0.5		0.5
Operating segments | Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges				0.8
Operating segments | U.S. Media
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 0.1		$ 0.6
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 0.3

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Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 06, 2019	Oct. 22, 2019	Jun. 13, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Nov. 21, 2017
Class of Stock [Line Items]
Common Stock, Shares Authorized					450,000,000		450,000,000			450,000,000
Common stock, par value per share					$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common Stock, Shares Issued					143,524,043		143,524,043			140,239,977
Common Stock, Shares Outstanding					143,524,043		143,524,043			140,239,977
Preferred Stock, Shares Authorized					50,000,000		50,000,000
Preferred stock, par value per share					$ 0.01		$ 0.01
Preferred Stock, Shares Issued					0		0
Preferred Stock, Shares Outstanding					0		0
Restriction for disposition of assets acquired				5 years
Distributions to holders of Class A equity interests of a subsidiary							$ 156.0	$ 152.9
Stock Issued During Period, Shares, Issued for Services							8,166
Stock Issued During Period, Value, Issued for Services						$ 0.1	$ 0.1	$ 0.1
Dividends declared per common share (in dollars per share)					$ 0.36	$ 0.36	$ 1.08	$ 1.08
Subsequent Event
Class of Stock [Line Items]
Dividends Payable, Date Declared			Oct. 22, 2019
Dividends declared per common share (in dollars per share)			$ 0.36
Ordinary dividend | Subsequent Event
Class of Stock [Line Items]
Dividends Payable, Date to be Paid	Dec. 31, 2019
Dividends Payable, Date of Record		Dec. 06, 2019
At-The-Market Equity Offering Program
Class of Stock [Line Items]
At-The-Market Equity Offering Program, Authorized Amount Outstanding					$ 232.5		$ 232.5						$ 300.0
Shares issued under the ATM Program					0		2,150,000
Shares issued under the ATM Program (value)							$ 52.0
Payments of Stock Issuance Costs							0.8
Sale of Stock, Consideration Received on Transaction							$ 51.2
Noncontrolling Interest
Class of Stock [Line Items]
Equity interest issued for an acquisition (in shares)							1,953,407
Distributions to holders of Class A equity interests of a subsidiary					$ 0.4	$ 0.6	$ 1.5	$ 2.0
Equity interests redeemed during the period							774,727

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Earnings Per Share ("EPS")

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share (EPS)

Earnings Per Share (“EPS”)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2019		2018		2019		2018
Net income available for common stockholders(a)	$	38.7	$	46.8	$	95.1	$	50.7
Less: Distributions to holders of Class A equity interests of a subsidiary	0.4		0.6		1.5		2.0
Net income available for common stockholders, basic and diluted(a)	$	38.3	$	46.2	$	93.6	$	48.7
Weighted average shares for basic EPS	143.4		139.3		142.1		139.1
Dilutive potential shares from grants of RSUs, PRSUs and stock options(b)	0.8		0.3		0.6		0.3
Dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary(c)	—		1.9		—		—
Weighted average shares for diluted EPS	144.2		141.5		142.7		139.4

(a) Diluted EPS for the three months ended September 30, 2018, was calculated based on Net income available for common stockholders including distributions to holders of Class A equity interests of a subsidiary to include the impact of dilutive potential shares upon redemption of shares of Class A equity interests of a subsidiary.

(b) The potential impact of an aggregate 0.4 million granted RSUs, PRSUs and stock options in the three months ended September 30, 2018, 0.1 million in the nine months ended September 30, 2019, and 0.4 million in the nine months ended September 30, 2018, were antidilutive.

(c)

The potential impact of 1.3 million shares of Class A equity interests of Outfront Canada in the three months ended September 30, 2019, 1.5 million in the nine months ended September 30, 2019, and 1.9 million in the nine months ended September 30, 2018, was antidilutive. (See Note 10. Equity to the Consolidated Financial Statements.)

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Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Billboard	$ 312.0	$ 290.6	$ 868.8	$ 810.3
Transit and other	150.5	123.6	425.3	343.5
Total revenues	462.5	414.2	1,294.1	1,153.8
Expenses:
Operating	245.5	215.3	702.7	624.4
Selling, general and administrative	82.3	74.4	237.1	209.1
Restructuring charges	0.0	0.1	0.3	1.4
Net gain on dispositions	(1.9)	(1.3)	(3.0)	(4.2)
Impairment charge	0.0	0.0	0.0	42.9
Depreciation	22.4	21.0	64.9	63.4
Amortization	28.7	25.8	81.0	73.3
Total expenses	377.0	335.3	1,083.0	1,010.3
Operating income	85.5	78.9	211.1	143.5
Interest expense, net	(33.9)	(32.0)	(100.5)	(93.0)
Loss on extinguishment of debt	(11.0)	0.0	(11.0)	0.0
Other income (expense), net	0.0	0.2	0.1	(0.1)
Income before provision for income taxes and equity in earnings of investee companies	40.6	47.1	99.7	50.4
Provision for income taxes	(3.3)	(1.0)	(8.5)	(2.4)
Equity in earnings of investee companies, net of tax	1.4	0.7	3.9	2.7
Net income	$ 38.7	$ 46.8	$ 95.1	$ 50.7
Net income per common share:
Basic (in dollars per share)	$ 0.27	$ 0.33	$ 0.66	$ 0.35
Diluted (in dollars per share)	$ 0.27	$ 0.33	$ 0.66	$ 0.35
Weighted average shares outstanding:
Basic (in shares)	143.4	139.3	142.1	139.1
Diluted (in shares)	144.2	141.5	142.7	139.4

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Acquisitions

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Acquisitions

Acquisitions

We completed several asset acquisitions for a total purchase price of approximately $41.7 million in the nine months ended September 30, 2019, and $5.6 million in the nine months ended September 30, 2018.

In the second quarter of 2018, we entered into an agreement to acquire 14 digital and seven static billboard displays in California for a total estimated purchase price of $35.4 million. As of September 30, 2019, we have completed this acquisition except with respect to four digital displays, which we expect to acquire in 2020 for an estimated purchase price of $9.2 million, subject to customary closing conditions and the timing of site development.

In the first quarter of 2019, we entered into an agreement to acquire eight digital billboard displays in Atlanta, Georgia, for an aggregate purchase price of $24.0 million. In connection with the execution of the agreement and a subsequent amendment, 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, and in the third quarter of 2019, we paid a deposit of $14.0 million to an escrow account, which is also included in Other assets on our Consolidated Statement of Financial Position. The transaction is expected to close in the first quarter of 2020, subject to customary closing conditions.

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities:
Net income	$ 95.1	$ 50.7
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization	145.9	136.7
Deferred tax (benefit) provision	1.2	(1.8)
Stock-based compensation	16.4	15.4
Provision for doubtful accounts	4.0	0.7
Accretion expense	1.9	1.8
Net gain on dispositions	(3.0)	(4.2)
Impairment charge	0.0	42.9
Loss on extinguishment of debt	11.0	0.0
Equity in earnings of investee companies, net of tax	(3.9)	(2.7)
Distributions from investee companies	3.1	1.5
Amortization of deferred financing costs and debt discount and premium	4.9	4.2
Cash paid for direct lease acquisition costs	(34.5)	(30.2)
Change in assets and liabilities, net of investing and financing activities:
Increase in receivables	(29.2)	(30.9)
Increase in prepaid MTA equipment deployment costs	(64.2)	(48.8)
(Increase) decrease in prepaid expenses and other current assets	(10.4)	1.1
Increase (decrease) in accounts payable and accrued expenses	3.0	(0.4)
Increase in deferred revenues	9.1	8.8
Decrease in income taxes	(0.5)	(3.1)
Other, net	12.2	(4.3)
Net cash flow provided by (used for) operating activities	162.1	137.4
Investing Activities:
Capital expenditures	(65.4)	(62.1)
Acquisitions	(60.7)	(5.6)
MTA franchise rights	(16.9)	(9.4)
Net proceeds from dispositions	4.9	6.0
Net cash flow provided by (used for) investing activities	(138.1)	(71.1)
Financing Activities:
Proceeds from long-term debt borrowings	760.0	89.0
Repayments of long-term debt borrowings	(695.0)	(79.0)
Proceeds from borrowings under short-term debt facilities	280.0	200.0
Repayments of borrowings under short-term debt facilities	(230.0)	(105.0)
Payments of deferred financing costs	(9.5)	(0.2)
Payment of debt extinguishment charges	(7.4)	0.0
Proceeds from shares issued under the ATM Program	50.9	0.0
Taxes withheld for stock-based compensation	(7.7)	(8.2)
Dividends	(156.0)	(152.9)
Net cash flow provided by (used for) financing activities	(14.7)	(56.3)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.3	(0.2)
Net increase in cash, cash equivalents and restricted cash	9.6	9.8
Cash, cash equivalents and restricted cash, beginning of period	54.1	48.3
Cash, cash equivalents and restricted cash, end of period	63.7	58.1
Supplemental disclosure of cash flow Information:
Cash paid for income taxes	7.9	7.2
Cash paid for interest	92.3	79.2
Non-cash investing and financing activities:
Accrued purchases of property and equipment	10.9	6.1
Accrued MTA franchise rights	$ 2.3	$ 0.0

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Description of Business and Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 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.

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Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2019

Restricted Cash [Abstract]

Restricted Cash

	As of
(in millions)	September 30, 2019		September 30, 2018		December 31, 2018
Cash and cash equivalents	$	58.3	$	56.7	$	52.7
Restricted cash	5.4		1.4		1.4
Cash, cash equivalents and restricted cash	$	63.7	$	58.1	$	54.1

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Asset Retirement Obligation (Tables)

9 Months Ended

Sep. 30, 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.

(in millions)
As of December 31, 2018	$	34.2
Accretion expense	1.9
Additions	0.3
Liabilities settled	(1.5		)
Foreign currency translation adjustments	0.1
As of September 30, 2019	$	35.0

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Revenues

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

The following table summarizes revenues by source:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2019		2018		2019		2018
Billboard:
Static displays	$	234.7	$	223.9	$	658.1	$	630.6
Digital displays	65.8		57.4		179.0		152.6
Other	11.5		9.3		31.7		27.1
Billboard revenues	312.0		290.6		868.8		810.3
Transit:
Static displays	94.1		87.0		270.2		238.8
Digital displays	27.6		15.2		72.6		39.9
Other	11.6		9.6		33.3		27.2
Total transit revenues	133.3		111.8		376.1		305.9
Sports marketing and other	17.2		11.8		49.2		37.6
Transit and other revenues	150.5		123.6		425.3		343.5
Total revenues	$	462.5	$	414.2	$	1,294.1	$	1,153.8

Rental income was $301.3 million in the three months ended September 30, 2019, $281.9 million in the three months ended September 30, 2018, $839.4 million in the nine months ended September 30, 2019, and $785.0 million in the nine months ended September 30, 2018, and is recorded in Billboard revenues on the Consolidated Statement of Operations.

The following table summarizes revenues by geography:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2019		2018		2019		2018
United States:
Billboard	$	292.8	$	271.3	$	814.1	$	760.1
Transit and other	129.9		108.4		366.6		296.7
Sports marketing and other	17.2		11.8		49.2		37.6
Total United States revenues	439.9		391.5		1,229.9		1,094.4
Canada	22.6		22.7		64.2		59.4
Total revenues	$	462.5	$	414.2	$	1,294.1	$	1,153.8

We recognized substantially all of the Deferred revenues on the Consolidated Statement of Financial Position as of December 31, 2018, during the three months ended March 31, 2019.

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Asset Retirement Obligation

9 Months Ended

Sep. 30, 2019

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation

Asset Retirement Obligation

The following table sets forth the change in the asset retirement obligations associated with our advertising structures located on leased properties. The obligation is calculated based on the assumption that all of our advertising structures will be removed within the next 50 years. The estimated annual costs to dismantle and remove the structures upon the termination or non-renewal of our leases are consistent with our historical experience.

(in millions)
As of December 31, 2018	$	34.2
Accretion expense	1.9
Additions	0.3
Liabilities settled	(1.5		)
Foreign currency translation adjustments	0.1
As of September 30, 2019	$	35.0

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Restricted Cash

9 Months Ended

Sep. 30, 2019

Restricted Cash [Abstract]

Restricted Cash

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 September 30, 2019, we have $5.4 million of restricted cash deposited in the escrow account.

	As of
(in millions)	September 30, 2019		September 30, 2018		December 31, 2018
Cash and cash equivalents	$	58.3	$	56.7	$	52.7
Restricted cash	5.4		1.4		1.4
Cash, cash equivalents and restricted cash	$	63.7	$	58.1	$	54.1

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Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Revenues	$ 462.5	$ 414.2	$ 1,294.1	$ 1,153.8
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Revenues	422.7	379.7	1,180.7	1,056.8
Operating segments | Other
Segment Reporting Information [Line Items]
Revenues	$ 39.8	$ 34.5	$ 113.4	$ 97.0

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Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Jun. 10, 2019	Jun. 09, 2019
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]
Compensation not yet recognized, share-based awards other than options	$ 29.6
Compensation cost not yet recognized, period for recognition	2 years
Omnibus Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock plan shares authorized		13,100,000	5,100,000

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Retirement Benefits - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Retirement Benefits [Abstract]
Pension contributions	$ 1.1
Estimated employer contributions in current fiscal year	$ 1.6

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Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Condensed Statements of Financial Position, Captions [Line Items]
Cash and cash equivalents	$ 58.3			$ 52.7	$ 56.7
Receivables, less allowance	290.7			264.9
Other current assets	111.0			111.9
Total current assets	460.0			429.5
Property and equipment, net	665.8			652.9
Goodwill	2,082.8			2,079.7
Intangible assets	548.6			537.2
Operating lease assets	1,408.1		$ 1,200.0	0.0
Investment in subsidiaries	0.0			0.0
Prepaid MTA equipment deployment costs	83.0			60.6
Other assets	72.6			68.8
Intercompany	0.0			0.0
Total assets	5,320.9			3,828.7
Total current liabilities	645.1			402.6
Long-term debt, net	2,212.5			2,149.6
Deferred income tax liabilities, net	18.7			17.0
Operating lease liabilities	1,237.7			0.0
Asset retirement obligation	35.0			34.2
Deficit in excess of investment in subsidiaries	0.0			0.0
Other liabilities	45.7			80.0
Intercompany	0.0			0.0
Total liabilities	4,194.7			2,683.4
Total stockholders' equity	1,093.0	$ 1,097.7		1,102.8	1,081.4	$ 1,074.8	$ 1,181.1
Non-controlling interests	33.2			42.5
Total equity	1,126.2	$ 1,134.9		1,145.3	$ 1,123.7	$ 1,120.5	$ 1,226.6
Total liabilities and equity	5,320.9			3,828.7
Eliminations
Condensed Statements of Financial Position, Captions [Line Items]
Cash and cash equivalents	0.0			0.0
Receivables, less allowance	(49.2)			(19.9)
Other current assets	(149.7)			(146.9)
Total current assets	(198.9)			(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	(4,749.8)			(4,622.2)
Prepaid MTA equipment deployment costs	0.0			0.0
Other assets	0.0			0.0
Intercompany	(168.7)			(181.7)
Total assets	(5,117.4)			(4,970.7)
Total current liabilities	(198.9)			(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	(2,232.2)			(2,154.7)
Other liabilities	0.0			0.0
Intercompany	(168.7)			(181.7)
Total liabilities	(2,599.8)			(2,503.2)
Total stockholders' equity	(2,517.6)			(2,467.5)
Non-controlling interests	0.0			0.0
Total equity	(2,517.6)			(2,467.5)
Total liabilities and equity	(5,117.4)			(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	1,093.0			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	1,093.0			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	1,093.0			1,102.8
Non-controlling interests	0.0			0.0
Total equity	1,093.0			1,102.8
Total liabilities and equity	1,093.0			1,102.8
Subsidiary Issuer
Condensed Statements of Financial Position, Captions [Line Items]
Cash and cash equivalents	7.2			12.0
Receivables, less allowance	0.0			0.0
Other current assets	1.2			1.0
Total current assets	8.4			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	3,325.2			3,257.5
Prepaid MTA equipment deployment costs	0.0			0.0
Other assets	1.5			2.3
Intercompany	0.0			0.0
Total assets	3,335.1			3,272.8
Total current liabilities	24.0			18.0
Long-term debt, net	2,212.5			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	5.6			2.4
Intercompany	0.0			0.0
Total liabilities	2,242.1			2,170.0
Total stockholders' equity	1,093.0			1,102.8
Non-controlling interests	0.0			0.0
Total equity	1,093.0			1,102.8
Total liabilities and equity	3,335.1			3,272.8
Guarantor Subsidiaries
Condensed Statements of Financial Position, Captions [Line Items]
Cash and cash equivalents	1.3			0.0
Receivables, less allowance	0.0			52.7
Other current assets	190.3			176.3
Total current assets	191.6			229.0
Property and equipment, net	616.7			604.3
Goodwill	2,059.9			2,059.9
Intangible assets	476.3			478.4
Operating lease assets	1,294.4
Investment in subsidiaries	331.6			261.9
Prepaid MTA equipment deployment costs	83.0			60.6
Other assets	67.4			63.4
Intercompany	81.0			81.0
Total assets	5,201.9			3,838.5
Total current liabilities	579.6			375.5
Long-term debt, net	0.0			0.0
Deferred income tax liabilities, net	0.0			0.0
Operating lease liabilities	1,140.4
Asset retirement obligation	30.6			29.9
Deficit in excess of investment in subsidiaries	2,232.2			2,154.7
Other liabilities	38.4			74.9
Intercompany	87.7			100.7
Total liabilities	4,108.9			2,735.7
Total stockholders' equity	1,093.0			1,102.8
Non-controlling interests	0.0			0.0
Total equity	1,093.0			1,102.8
Total liabilities and equity	5,201.9			3,838.5
Non-Guarantor Subsidiaries
Condensed Statements of Financial Position, Captions [Line Items]
Cash and cash equivalents	49.8			40.7
Receivables, less allowance	339.9			232.1
Other current assets	69.2			81.5
Total current assets	458.9			354.3
Property and equipment, net	49.1			48.6
Goodwill	22.9			19.8
Intangible assets	72.3			58.8
Operating lease assets	113.7
Investment in subsidiaries	0.0			0.0
Prepaid MTA equipment deployment costs	0.0			0.0
Other assets	3.7			3.1
Intercompany	87.7			100.7
Total assets	808.3			585.3
Total current liabilities	240.4			175.9
Long-term debt, net	0.0			0.0
Deferred income tax liabilities, net	18.7			17.0
Operating lease liabilities	97.3
Asset retirement obligation	4.4			4.3
Deficit in excess of investment in subsidiaries	0.0			0.0
Other liabilities	1.7			2.7
Intercompany	81.0			81.0
Total liabilities	443.5			280.9
Total stockholders' equity	331.6			261.9
Non-controlling interests	33.2			42.5
Total equity	364.8			304.4
Total liabilities and equity	$ 808.3			$ 585.3

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Commitment and Contingencies MTA Agreement Schedule (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 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	$ 28.7	$ 25.8	81.0	73.3
MTA equipment development cost additions			101.1		91.2
Prepaid MTA equipment deployment costs, end of period	143.7		143.7		79.5
Intangible assets, gross, end of period	1,680.7		1,680.7		1,625.0
MTA deployment costs, end of period	174.2		174.2		94.3
MTA equipment deployment costs
Change In MTA Deployment Costs [Roll Forward]
Dployment costs incurred			83.3		76.5
Recoupment			(19.1)		(1.7)
Amortization of intangible assets			(2.1)		(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	489.1		489.1		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			17.8		14.7
Amortization of intangible assets			(2.1)		(0.8)
Intangible assets, gross, end of period	$ 30.5		$ 30.5		$ 14.8

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Asset Retirement Obligation - Narrative (Details)	9 Months Ended
	Sep. 30, 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.

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Property and Equipment, Net - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Property and Equipment [Line Items]
Property and equipment	$ 2,167.7	$ 2,089.2
Less: accumulated depreciation	1,501.9	1,436.3
Property and equipment, net	665.8	652.9
Land
Property and Equipment [Line Items]
Property and equipment	98.5	97.5
Buildings
Property and Equipment [Line Items]
Property and equipment	$ 49.9	48.7
Buildings | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	20 years
Buildings | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	40 years
Advertising structures
Property and Equipment [Line Items]
Property and equipment	$ 1,838.2	1,789.4
Advertising structures | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	5 years
Advertising structures | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	20 years
Furniture, equipment and other
Property and Equipment [Line Items]
Property and equipment	$ 150.9	134.3
Furniture, equipment and other | Minimum
Property and Equipment [Line Items]
Property and equipment, useful life	3 years
Furniture, equipment and other | Maximum
Property and Equipment [Line Items]
Property and equipment, useful life	10 years
Construction in progress
Property and Equipment [Line Items]
Property and equipment	$ 30.2	$ 19.3

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Stock-Based Compensation - Schedule of Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit	$ (0.4)	$ (0.4)	$ (1.1)	$ (1.1)
Stock-based compensation expense, net of tax	5.2	4.4	15.3	14.3
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	$ 5.6	$ 4.8	$ 16.4	$ 15.4

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Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Rental income	$ 301.3	$ 281.9	$ 839.4	$ 785.0

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Debt - Narrative (Details) - Debt Instruments $ in Millions			3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 15, 2019 USD ($)	Jun. 14, 2019	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Long-term debt, net			$ 2,212.5		$ 2,212.5		$ 2,149.6
Loss on extinguishment of debt			(11.0)	$ 0.0	$ (11.0)	$ 0.0
Debt Instrument, covenant description					The Credit Agreement also requires that, in connection with the incurrence of certain indebtedness, we satisfy a Consolidated Total Leverage Ratio, which is the ratio of our consolidated total debt to our Consolidated EBITDA for the trailing four consecutive quarters, of no greater than 6.0 to 1.0.
Consolidated Total Leverage Ratio					4.4
Debt Covenant, Maximum Consolidated Total Leverage Ratio					6.0
Deferred financing costs			25.9		$ 25.9
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Long-term debt at fair value			$ 2,500.0		$ 2,500.0		$ 2,300.0
Secured debt | Term loan, due 2024
Debt Instrument [Line Items]
Interest rate at period end			4.00%		4.00%
Unamortized debt discount			$ 1.5		$ 1.5
Maturity date					Mar. 16, 2024		Mar. 16, 2024
Senior unsecured notes | 5.000% senior unsecured notes, due 2027
Debt Instrument [Line Items]
Long-term debt, net	$ 650.0
Stated interest rate	5.00%		5.00%		5.00%
Maturity date	Aug. 15, 2027				Aug. 15, 2027
Senior unsecured notes | 5.250% senior unsecured notes, due 2022
Debt Instrument [Line Items]
Stated interest rate							5.25%
Maturity date							Jan. 31, 2022
Debt instrument, repurchase date	Jul. 15, 2019
Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Stated interest rate			5.625%		5.625%		5.625%
Maturity date					Feb. 15, 2024		Feb. 15, 2024
Debt face amount			$ 100.0		$ 100.0
Unamortized premium			1.9		$ 1.9
Senior unsecured notes | 5.250% senior unsecured notes, due 2022
Debt Instrument [Line Items]
Stated interest rate		5.25%
Maturity date		Jan. 31, 2022
Revolving credit facility
Debt Instrument [Line Items]
Debt Instrument, covenant description					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.
Maximum Consolidated Net Secured Leverage Ratio					1.3
Debt Covenant, Maximum Consolidated Net Secured Coverage Ratio, REIT Election					4.0
Revolving credit facility | Maximum
Debt Instrument [Line Items]
Debt Covenant Restricted Cash Limit			$ 150.0		$ 150.0

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Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

MTA agreement schedule

(in millions)	Beginning Balance		Deployment Costs Incurred		Recoupment			Amortization			Ending Balance
Nine months ended September 30, 2019:
Prepaid MTA equipment deployment costs	$	79.5	$	83.3	$	(19.1	)	$	—		$	143.7
Intangible assets (franchise agreements)	14.8		17.8		—			(2.1		)	30.5
Total	$	94.3	$	101.1	$	(19.1	)	$	(2.1	)	$	174.2
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

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New Accounting Standards Narrative (Details) $ in Millions	Sep. 30, 2019 USD ($)	Mar. 31, 2019 leases	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of leases | leases		23,600
Operating lease liability	$ 1,407.1		$ 1,200.0
Right-of-use operating lease asset	$ 1,408.1		1,200.0	$ 0.0
Net Assets			1,300.0
Cumulative effect of a new accounting standard			$ 24.8	$ (24.8)

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Segment Information

9 Months Ended

Sep. 30, 2019

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.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2019		2018		2019		2018
Revenues:
U.S. Media	$	422.7	$	379.7	$	1,180.7	$	1,056.8
Other	39.8		34.5		113.4		97.0
Total revenues	$	462.5	$	414.2	$	1,294.1	$	1,153.8

We present Operating income before Depreciation, Amortization, Net gain on dispositions, Stock-based compensation, Restructuring charges and an Impairment charge (“Adjusted OIBDA”) as the primary measure of profit and loss for our operating segments.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2019			2018			2019			2018
Net income	$	38.7		$	46.8		$	95.1		$	50.7
Provision for income taxes	3.3			1.0			8.5			2.4
Equity in earnings of investee companies, net of tax	(1.4		)	(0.7		)	(3.9		)	(2.7		)
Interest expense, net	33.9			32.0			100.5			93.0
Loss on extinguishment of debt	11.0			—			11.0			—
Other (income) expense, net	—			(0.2		)	(0.1		)	0.1
Operating income	85.5			78.9			211.1			143.5
Restructuring charges	—			0.1			0.3			1.4
Net gain on dispositions	(1.9		)	(1.3		)	(3.0		)	(4.2		)
Impairment charge	—			—			—			42.9
Depreciation and amortization	51.1			46.8			145.9			136.7
Stock-based compensation	5.6			4.8			16.4			15.4
Total Adjusted OIBDA	$	140.3		$	129.3		$	370.7		$	335.7
Adjusted OIBDA:
U.S. Media	$	147.3		$	136.2		$	387.7		$	356.3
Other	4.3			4.2			14.3			7.6
Corporate	(11.3		)	(11.1		)	(31.3		)	(28.2		)
Total Adjusted OIBDA	$	140.3		$	129.3		$	370.7		$	335.7

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2019			2018			2019			2018
Operating income (loss):
U.S. Media	$	103.1		$	96.0		$	260.5		$	240.4
Other	(0.7		)	(1.2		)	(1.4		)	(53.3		)
Corporate	(16.9		)	(15.9		)	(48.0		)	(43.6		)
Total operating income	$	85.5		$	78.9		$	211.1		$	143.5
Net (gain) loss on dispositions:
U.S. Media	$	(1.9	)	$	(1.1	)	$	(3.2	)	$	(4.0	)
Other	—			(0.2		)	0.2			(0.2		)
Total gain on dispositions	$	(1.9	)	$	(1.3	)	$	(3.0	)	$	(4.2	)
Impairment charge:
Other	$	—		$	—		$	—		$	42.9
Total impairment charge	$	—		$	—		$	—		$	42.9
Depreciation and amortization:
U.S. Media	$	46.1		$	41.2		$	130.4		$	119.3
Other	5.0			5.6			15.5			17.4
Total depreciation and amortization	$	51.1		$	46.8		$	145.9		$	136.7
Capital expenditures:
U.S. Media	$	25.1		$	14.0		$	63.4		$	54.0
Other	0.7			1.7			2.0			8.1
Total capital expenditures	$	25.8		$	15.7		$	65.4		$	62.1

	As of
(in millions)	September 30, 2019		December 31, 2018
Assets:
U.S. Media	$	5,011.8	$	3,610.0
Other	294.8		202.5
Corporate	14.3		16.2
Total assets	$	5,320.9	$	3,828.7

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Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Distribution in Excess of Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest	At-The-Market Equity Offering Program	At-The-Market Equity Offering Program Additional Paid-In Capital
Shares of common stock, beginning balance at Dec. 31, 2017		138,600,000
Total stockholders' equity, beginning balance at Dec. 31, 2017	$ 1,181.1
Non-controlling interests, beginning balance at Dec. 31, 2017						$ 45.5
Total equity, beginning balance at Dec. 31, 2017	1,226.6	$ 1.4	$ 1,963.0	$ (775.6)	$ (7.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	50.7			50.7
Other comprehensive income (loss)	(9.2)				(9.2)
Other comprehensive income (loss) - total equity	(9.2)
Stock-based payments: Vested (shares)		1,000,000.0
Stock-based payments: Amortization	15.4		15.4
Shares paid for tax withholding for stock-based payments (shares)		(300,000)
Shares paid for tax withholding for stock-based payments	(8.2)		(8.2)
Class A equity interest redemptions (shares)		200,000
Class A equity interest redemptions	4.2		4.2
Decrease in non-controlling interests due to redemptions						(4.2)
Dividends	(152.7)			(152.7)
Stock Issued During Period, Value, Issued for Services	0.1		0.1
Other	1.1
Issuance of shares of a subsidiary						1.0
Shares of common stock, ending balance at Sep. 30, 2018		139,500,000
Total stockholders' equity, ending balance at Sep. 30, 2018	1,081.4
Non-controlling interests, ending balance at Sep. 30, 2018						42.3
Total equity, ending balance at Sep. 30, 2018	1,123.7	$ 1.4	1,974.5	(877.6)	(16.9)
Shares of common stock, beginning balance at Jun. 30, 2018		139,300,000
Total stockholders' equity, beginning balance at Jun. 30, 2018	1,074.8
Non-controlling interests, beginning balance at Jun. 30, 2018						45.7
Total equity, beginning balance at Jun. 30, 2018	1,120.5	$ 1.4	1,965.5	(873.5)	(18.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46.8			46.8
Other comprehensive income (loss)	1.7				1.7
Other comprehensive income (loss) - total equity	1.7
Stock-based payments: Amortization	4.8		4.8
Shares paid for tax withholding for stock-based payments	(0.1)		(0.1)
Class A equity interest redemptions (shares)		200,000
Class A equity interest redemptions	4.2		4.2
Decrease in non-controlling interests due to redemptions						(4.2)
Dividends	(50.9)			(50.9)
Stock Issued During Period, Value, Issued for Services	0.1		0.1
Other	0.9
Issuance of shares of a subsidiary						0.8
Shares of common stock, ending balance at Sep. 30, 2018		139,500,000
Total stockholders' equity, ending balance at Sep. 30, 2018	1,081.4
Non-controlling interests, ending balance at Sep. 30, 2018						42.3
Total equity, ending balance at Sep. 30, 2018	1,123.7	$ 1.4	1,974.5	(877.6)	(16.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of a new accounting standard	$ (24.8)			(24.8)
Shares of common stock, beginning balance at Dec. 31, 2018	140,239,977	140,200,000
Total stockholders' equity, beginning balance at Dec. 31, 2018	$ 1,102.8
Non-controlling interests, beginning balance at Dec. 31, 2018	42.5					42.5
Total equity, beginning balance at Dec. 31, 2018	1,145.3	$ 1.4	1,995.0	(871.6)	(22.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	95.1			95.1
Other comprehensive income (loss)	3.3				3.3
Other comprehensive income (loss) - total equity	3.3
Stock-based payments: Vested (shares)		900,000
Stock-based payments: Amortization	16.4		16.4
Shares paid for tax withholding for stock-based payments (shares)		(400,000)
Shares paid for tax withholding for stock-based payments	(7.7)		(7.7)
Class A equity interest redemptions (shares)		600,000
Class A equity interest redemptions	13.0		13.0
Decrease in non-controlling interests due to redemptions						(13.0)
Shares issued under the ATM Program		2,200,000					2,150,000
Other							$ 50.8	$ 50.8
Dividends	(156.0)			(156.0)
Stock Issued During Period, Value, Issued for Services	0.1		0.1
Other	$ 3.8
Issuance of shares of a subsidiary						3.7
Shares of common stock, ending balance at Sep. 30, 2019	143,524,043	143,500,000
Total stockholders' equity, ending balance at Sep. 30, 2019	$ 1,093.0
Non-controlling interests, ending balance at Sep. 30, 2019	33.2					33.2
Total equity, ending balance at Sep. 30, 2019	1,126.2	$ 1.4	2,067.6	(957.3)	(18.7)
Shares of common stock, beginning balance at Jun. 30, 2019		143,300,000
Total stockholders' equity, beginning balance at Jun. 30, 2019	1,097.7
Non-controlling interests, beginning balance at Jun. 30, 2019						37.2
Total equity, beginning balance at Jun. 30, 2019	1,134.9	$ 1.4	2,057.9	(943.9)	(17.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	38.7			38.7
Other comprehensive income (loss)	(1.0)				(1.0)
Other comprehensive income (loss) - total equity	(1.0)
Stock-based payments: Amortization	5.6		5.6
Class A equity interest redemptions (shares)		200,000
Class A equity interest redemptions	4.1		4.1
Decrease in non-controlling interests due to redemptions						(4.1)
Shares issued under the ATM Program							0
Dividends	(52.1)			(52.1)
Other	$ 0.1
Issuance of shares of a subsidiary						0.1
Shares of common stock, ending balance at Sep. 30, 2019	143,524,043	143,500,000
Total stockholders' equity, ending balance at Sep. 30, 2019	$ 1,093.0
Non-controlling interests, ending balance at Sep. 30, 2019	33.2					$ 33.2
Total equity, ending balance at Sep. 30, 2019	$ 1,126.2	$ 1.4	$ 2,067.6	$ (957.3)	$ (18.7)

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Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 58.3	$ 52.7
Restricted cash	5.4	1.4
Receivables, less allowance ($11.9 in 2019 and $10.7 in 2018)	290.7	264.9
Prepaid lease and transit franchise costs	12.5	69.3
Prepaid MTA equipment deployment costs	60.7	18.9
Other prepaid expenses	21.9	13.9
Other current assets	10.5	8.4
Total current assets	460.0	429.5
Noncurrent assets:
Property and equipment, net	665.8	652.9
Goodwill	2,082.8	2,079.7
Intangible assets	548.6	537.2
Operating lease assets	1,408.1	0.0
Prepaid MTA equipment deployment costs	83.0	60.6
Other assets	72.6	68.8
Total assets	5,320.9	3,828.7
Current liabilities:
Accounts payable	53.4	56.5
Accrued compensation	45.1	47.1
Accrued interest	23.6	19.1
Accrued lease and transit franchise costs	48.6	44.2
Other accrued expenses	38.4	31.2
Deferred revenues	38.9	29.8
Short-term debt	210.0	160.0
Short-term operating lease liabilities	169.4	0.0
Other current liabilities	17.7	14.7
Total current liabilities	645.1	402.6
Noncurrent liabilities:
Long-term debt, net	2,212.5	2,149.6
Deferred income tax liabilities, net	18.7	17.0
Asset retirement obligation	35.0	34.2
Operating lease liabilities	1,237.7	0.0
Other liabilities	45.7	80.0
Total liabilities	4,194.7	2,683.4
Commitments and contingencies
Stockholders’ equity:
Common stock (2019 - 450.0 shares authorized, and 143.5 shares issued and outstanding; 2018 - 450.0 shares authorized, and 140.2 issued and outstanding)	1.4	1.4
Additional paid-in capital	2,067.6	1,995.0
Distribution in excess of earnings	(957.3)	(871.6)
Accumulated other comprehensive loss	(18.7)	(22.0)
Total stockholders' equity	1,093.0	1,102.8
Non-controlling interests	33.2	42.5
Total equity	1,126.2	1,145.3
Total liabilities and equity	$ 5,320.9	$ 3,828.7

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Retirement Benefits

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Retirement Benefits

Retirement Benefits

The following table presents the components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for our pension plans:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2019			2018			2019			2018
Components of net periodic pension cost:
Service cost	$	0.6		$	0.3		$	1.5		$	1.1
Interest cost	0.5			0.5			1.5			1.4
Expected return on plan assets	(0.7		)	(0.5		)	(2.0		)	(1.6		)
Amortization of net actuarial losses(a)	0.1			0.2			0.4			0.5
Amortization of transitional obligation	—			(0.1		)	—			(0.1		)
Net periodic pension cost	$	0.5		$	0.4		$	1.4		$	1.3

(a) Reflects amounts reclassified from accumulated other comprehensive income to net income.

In the nine months ended September 30, 2019, we contributed $1.1 million to our pension plans. In 2019, we expect to contribute approximately $1.6 million to our pension plans.

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Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Billboard	$ 312.0	$ 290.6	$ 868.8	$ 810.3
Transit	150.5	123.6	425.3	343.5
Revenues	462.5	414.2	1,294.1	1,153.8
Static displays
Disaggregation of Revenue [Line Items]
Billboard	234.7	223.9	658.1	630.6
Transit	94.1	87.0	270.2	238.8
Digital displays
Disaggregation of Revenue [Line Items]
Billboard	65.8	57.4	179.0	152.6
Transit	27.6	15.2	72.6	39.9
Other
Disaggregation of Revenue [Line Items]
Billboard	11.5	9.3	31.7	27.1
Transit	11.6	9.6	33.3	27.2
Transit
Disaggregation of Revenue [Line Items]
Transit	133.3	111.8	376.1	305.9
Sports marketing and other
Disaggregation of Revenue [Line Items]
Transit	$ 17.2	$ 11.8	$ 49.2	$ 37.6

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Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Millions			9 Months Ended	12 Months Ended
	Jul. 15, 2019	Jun. 14, 2019	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total short-term debt			$ 210.0	$ 160.0
Long-term debt, net			2,212.5	2,149.6
Total debt, net			$ 2,422.5	$ 2,309.6
Weighted average cost of debt			4.90%	5.10%
Secured debt | Term loan, due 2024
Debt Instrument [Line Items]
Maturity date			Mar. 16, 2024	Mar. 16, 2024
Senior unsecured notes | 5.250% senior unsecured notes, due 2022
Debt Instrument [Line Items]
Stated interest rate				5.25%
Maturity date				Jan. 31, 2022
Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Stated interest rate			5.625%	5.625%
Maturity date			Feb. 15, 2024	Feb. 15, 2024
Senior unsecured notes | 5.875% senior unsecured notes, due 2025
Debt Instrument [Line Items]
Stated interest rate			5.875%	5.875%
Maturity date			Mar. 15, 2025	Mar. 15, 2025
Senior unsecured notes | 5.000% senior unsecured notes, due 2027
Debt Instrument [Line Items]
Long-term debt, net	$ 650.0
Stated interest rate	5.00%		5.00%
Maturity date	Aug. 15, 2027		Aug. 15, 2027
Senior unsecured notes | 5.250% senior unsecured notes, due 2022
Debt Instrument [Line Items]
Stated interest rate		5.25%
Maturity date		Jan. 31, 2022
Short-term debt | AR Facility
Debt Instrument [Line Items]
Credit facility, outstanding amount			$ 120.0	$ 85.0
Short-term debt | Repurchase facility
Debt Instrument [Line Items]
Credit facility, outstanding amount			90.0	75.0
Long-term debt
Debt Instrument [Line Items]
Debt issuance costs			(22.9)	(20.4)
Long-term debt | Secured debt | Term loan, due 2024
Debt Instrument [Line Items]
Long-term debt, net			618.5	668.1
Long-term debt | Senior unsecured notes
Debt Instrument [Line Items]
Long-term debt, net			1,601.9	1,501.9
Long-term debt | Senior unsecured notes | 5.250% senior unsecured notes, due 2022
Debt Instrument [Line Items]
Long-term debt, net			0.0	549.7
Long-term debt | Senior unsecured notes | 5.625% senior unsecured notes, due 2024
Debt Instrument [Line Items]
Long-term debt, net			501.9	502.2
Long-term debt | Senior unsecured notes | 5.875% senior unsecured notes, due 2025
Debt Instrument [Line Items]
Long-term debt, net			450.0	450.0
Long-term debt | Senior unsecured notes | 5.000% senior unsecured notes, due 2027
Debt Instrument [Line Items]
Long-term debt, net			650.0	0.0
Long-term debt | Revolving credit facility
Debt Instrument [Line Items]
Credit facility, outstanding amount			$ 15.0	$ 0.0

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Acquisitions - Narrative (Details) $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Mar. 31, 2020 USD ($) Displays	Sep. 30, 2019 USD ($) Displays	Mar. 31, 2019 USD ($)	Sep. 30, 2019 USD ($) Displays	Sep. 30, 2018 USD ($)	Dec. 31, 2020 USD ($) Displays
Business Acquisition [Line Items]
Noncash or part noncash acquisition, value of assets acquired				$ 41.7	$ 5.6
Acquired businesses
Business Acquisition [Line Items]
Noncash or part noncash acquisition, value of assets acquired				$ 35.4
Acquired businesses | Subsequent Event
Business Acquisition [Line Items]
Noncash or part noncash acquisition, value of assets acquired						$ 9.2
Acquired businesses | Digital displays
Business Acquisition [Line Items]
Number of displays | Displays		14		14
Acquired businesses | Digital displays | Subsequent Event
Business Acquisition [Line Items]
Number of displays | Displays						4
Acquired businesses | Static displays
Business Acquisition [Line Items]
Number of displays | Displays		7		7
Acquired businesses other
Business Acquisition [Line Items]
Deposit for pending acquisition		$ 14.0	$ 5.0
Acquired businesses other | Subsequent Event
Business Acquisition [Line Items]
Noncash or part noncash acquisition, value of assets acquired	$ 24.0
Acquired businesses other | Digital displays | Subsequent Event
Business Acquisition [Line Items]
Number of displays | Displays	8

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

The following tables set forth our financial performance by segment.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2019		2018		2019		2018
Revenues:
U.S. Media	$	422.7	$	379.7	$	1,180.7	$	1,056.8
Other	39.8		34.5		113.4		97.0
Total revenues	$	462.5	$	414.2	$	1,294.1	$	1,153.8

Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2019			2018			2019			2018
Net income	$	38.7		$	46.8		$	95.1		$	50.7
Provision for income taxes	3.3			1.0			8.5			2.4
Equity in earnings of investee companies, net of tax	(1.4		)	(0.7		)	(3.9		)	(2.7		)
Interest expense, net	33.9			32.0			100.5			93.0
Loss on extinguishment of debt	11.0			—			11.0			—
Other (income) expense, net	—			(0.2		)	(0.1		)	0.1
Operating income	85.5			78.9			211.1			143.5
Restructuring charges	—			0.1			0.3			1.4
Net gain on dispositions	(1.9		)	(1.3		)	(3.0		)	(4.2		)
Impairment charge	—			—			—			42.9
Depreciation and amortization	51.1			46.8			145.9			136.7
Stock-based compensation	5.6			4.8			16.4			15.4
Total Adjusted OIBDA	$	140.3		$	129.3		$	370.7		$	335.7
Adjusted OIBDA:
U.S. Media	$	147.3		$	136.2		$	387.7		$	356.3
Other	4.3			4.2			14.3			7.6
Corporate	(11.3		)	(11.1		)	(31.3		)	(28.2		)
Total Adjusted OIBDA	$	140.3		$	129.3		$	370.7		$	335.7

Tabular Disclosure by Reportable Segments

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2019			2018			2019			2018
Operating income (loss):
U.S. Media	$	103.1		$	96.0		$	260.5		$	240.4
Other	(0.7		)	(1.2		)	(1.4		)	(53.3		)
Corporate	(16.9		)	(15.9		)	(48.0		)	(43.6		)
Total operating income	$	85.5		$	78.9		$	211.1		$	143.5
Net (gain) loss on dispositions:
U.S. Media	$	(1.9	)	$	(1.1	)	$	(3.2	)	$	(4.0	)
Other	—			(0.2		)	0.2			(0.2		)
Total gain on dispositions	$	(1.9	)	$	(1.3	)	$	(3.0	)	$	(4.2	)
Impairment charge:
Other	$	—		$	—		$	—		$	42.9
Total impairment charge	$	—		$	—		$	—		$	42.9
Depreciation and amortization:
U.S. Media	$	46.1		$	41.2		$	130.4		$	119.3
Other	5.0			5.6			15.5			17.4
Total depreciation and amortization	$	51.1		$	46.8		$	145.9		$	136.7
Capital expenditures:
U.S. Media	$	25.1		$	14.0		$	63.4		$	54.0
Other	0.7			1.7			2.0			8.1
Total capital expenditures	$	25.8		$	15.7		$	65.4		$	62.1

Reconciliation of Assets from Segment to Consolidated

	As of
(in millions)	September 30, 2019		December 31, 2018
Assets:
U.S. Media	$	5,011.8	$	3,610.0
Other	294.8		202.5
Corporate	14.3		16.2
Total assets	$	5,320.9	$	3,828.7

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Restricted Cash - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Restricted Cash [Abstract]
Restricted cash	$ 5.4	$ 1.4	$ 1.4

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Commitment and Contingencies

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Off-Balance Sheet Arrangements

Our off-balance sheet commitments primarily consist of guaranteed minimum annual payments. These arrangements result from our normal course of business and represent obligations that are payable over several years.

Contractual Obligations

We have agreements with municipalities and transit operators which entitle us to operate advertising displays within their transit systems, including on the interior and exterior of rail and subway cars and buses, as well as on benches, transit shelters, street kiosks, and transit platforms. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant revenues, net of agency fees, or a specified guaranteed minimum annual payment.

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, with such deployment amounts being subject to modification as agreed-upon by us and the MTA. 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 September 30, 2019, 3,740 digital displays had been installed, of which 972 installations occurred in the three months ended September 30, 2019, for a total of 2,511 installations in the nine months ended September 30, 2019. For the full year of 2019, we expect our MTA equipment deployment costs to be approximately $150.0 million.

(in millions)	Beginning Balance		Deployment Costs Incurred		Recoupment			Amortization			Ending Balance
Nine months ended September 30, 2019:
Prepaid MTA equipment deployment costs	$	79.5	$	83.3	$	(19.1	)	$	—		$	143.7
Intangible assets (franchise agreements)	14.8		17.8		—			(2.1		)	30.5
Total	$	94.3	$	101.1	$	(19.1	)	$	(2.1	)	$	174.2
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

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 September 30, 2019, the outstanding letters of credit were approximately $73.0 million and outstanding surety bonds were approximately $162.1 million, and were not recorded on the Consolidated Statements of Financial Position.

Legal Matters

On an ongoing basis, we are engaged in lawsuits and governmental proceedings and respond to various investigations, inquiries, notices and claims from national, state and local governmental and other authorities (collectively, “litigation”). Litigation is inherently uncertain and always difficult to predict. Although it is not possible to predict with certainty the eventual outcome of any litigation, in our opinion, none of our current litigation is expected to have a material adverse effect on our results of operations, financial position or cash flows.

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Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Common stock, par value per share	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Dividends declared per common share (in dollars per share)	$ 0.36	$ 0.36	$ 1.08	$ 1.08

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Consolidated Statement of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for receivables	$ 11.9	$ 10.7
Common Stock, Shares Authorized	450,000,000	450,000,000
Common Stock, Shares Issued	143,524,043	140,239,977
Common Stock, Shares Outstanding	143,524,043	140,239,977

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Stock-Based Compensation

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Effective as of June 10, 2019, we amended the OUTFRONT Media Inc. Amended and Restated Omnibus Stock Incentive Plan (the “Stock Plan”) to, among other things, increase the number of shares of our common stock reserved for issuance under our prior plan by 5,100,000 shares, so that the aggregate number of shares reserved for issuance under the Stock Plan is 13,100,000 shares of our common stock.

The following table summarizes our stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2019			2018			2019			2018
Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes	$	5.6		$	4.8		$	16.4		$	15.4
Tax benefit	(0.4		)	(0.4		)	(1.1		)	(1.1		)
Stock-based compensation expense, net of tax	$	5.2		$	4.4		$	15.3		$	14.3

As of September 30, 2019, total unrecognized compensation cost related to non-vested RSUs and PRSUs was $29.6 million, which is expected to be recognized over a weighted average period of 2.0 years.

RSUs and PRSUs

The following table summarizes activity for the nine months ended September 30, 2019, of RSUs and PRSUs issued to our employees.

	Activity		Weighted Average Per Share Grant Date Fair Market Value
Non-vested as of December 31, 2018	1,723,980		$	22.39
Granted:
RSUs	853,965		21.73
PRSUs	376,418		21.41
Vested:
RSUs	(586,553	)	21.99
PRSUs	(246,542	)	21.99
Forfeitures:
RSUs	(42,425	)	22.16
PRSUs	(5,250	)	22.17
Non-vested as of September 30, 2019	2,073,593		22.10

Stock Options

The following table summarizes activity for the nine months ended September 30, 2019, of stock options issued to our employees.

	Activity		Weighted Average Exercise Price
Outstanding as of December 31, 2018	141,847		$	23.08
Exercised	(15,319	)	10.78
Outstanding as of September 30, 2019	126,528		24.57
Exercisable as of September 30, 2019	126,528		24.57

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Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Minimum rental payments under operating leases

As of September 30, 2019, minimum rental payments under operating leases are as follows:

(in millions)	Operating  Leases
2019	$	49.5
2020	257.4
2021	239.2
2022	221.4
2023	198.8
2024 and thereafter	999.9
Total operating lease payments	1,966.2
Less: Interest	559.1
Present value of lease liabilities	$	1,407.1

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:

(in millions)	Non-Cancellable Operating Leases
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

Minimum rental payments to be received

As of September 30, 2019, rental payments to be received under non-cancellable operating leases are as follows:

(in millions)	Rental Income
2019	$	234.7
2020	157.7
2021	16.7
2022	5.3
2023	2.9
2024 and thereafter	1.9
Total minimum payments	$	419.2

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Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Debt, net, consists of the following:

	As of
(in millions, except percentages)	September 30, 2019			December 31, 2018
Short-term debt:
AR Facility	$	120.0		$	85.0
Repurchase Facility	90.0			75.0
Total short-term debt	210.0			160.0
Long-term debt:
Revolving credit facility	15.0			—
Term loan, due 2024	618.5			668.1
Senior unsecured notes:
5.250% senior unsecured notes, due 2022	—			549.7
5.625% senior unsecured notes, due 2024	501.9			502.2
5.875% senior unsecured notes, due 2025	450.0			450.0
5.000% senior unsecured notes, due 2027	650.0			—
Total senior unsecured notes	1,601.9			1,501.9
Debt issuance costs	(22.9		)	(20.4		)
Total long-term debt, net	2,212.5			2,149.6
Total debt, net	$	2,422.5		$	2,309.6
Weighted average cost of debt	4.9		%	5.1		%

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Intangible Assets

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

Our identifiable intangible assets primarily consist of acquired permits and leasehold agreements, and franchise agreements, which grant us the right to operate out-of-home structures in specified locations and the right to provide advertising space on railroad and municipal transit properties. Identifiable intangible assets are amortized on a straight-line basis over their estimated useful life, which is the respective life of the agreement that in some cases includes historical experience of renewals.

Our identifiable intangible assets consist of the following:

(in millions)	Gross		Accumulated Amortization			Net
As of September 30, 2019:
Permits and leasehold agreements	$	1,144.6	$	(725.7	)	$	418.9
Franchise agreements	489.1		(367.6		)	121.5
Other intangible assets	47.0		(38.8		)	8.2
Total intangible assets	$	1,680.7	$	(1,132.1	)	$	548.6
As of December 31, 2018:
Permits and leasehold agreements	$	1,107.4	$	(697.6	)	$	409.8
Franchise agreements	470.7		(357.1		)	113.6
Other intangible assets	46.9		(33.1		)	13.8
Total intangible assets	$	1,625.0	$	(1,087.8	)	$	537.2

All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $28.7 million in the three months ended September 30, 2019, and $25.8 million in the three months ended September 30, 2018, which includes the amortization of direct lease acquisition costs of $13.6 million in the three months ended September 30, 2019, and $11.9 million in the three months ended September 30, 2018. Amortization expense was $81.0 million in the nine months ended September 30, 2019, and $73.3 million in the nine months ended September 30, 2018, which includes the amortization of direct lease acquisition costs of $36.9 million in the nine months ended September 30, 2019, and $31.7 million in the nine months ended September 30, 2018. Direct lease acquisition costs are amortized on a straight-line basis over the related customer lease term, which generally ranges from four weeks to one year.

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New Accounting Standards

9 Months Ended

Sep. 30, 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 modified retrospective transition method to adopt the new lease standard. The modified retrospective 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.

Recent Pronouncements

In June 2016 (updated in May 2019), the FASB issued guidance which requires a reporting entity to estimate credit losses on certain types of financial instruments, and present assets held at amortized cost and available-for-sale debt securities at the amount expected to be collected. The new guidance is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. We do not expect this guidance to have a material effect on our consolidated financial statements.

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Equity

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Equity

Equity

As of September 30, 2019, 450,000,000 shares of our common stock, par value $0.01 per share, were authorized; 143,524,043 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 nine months ended September 30, 2019, we made distributions of $1.5 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 September 30, 2019, 774,727 Class A equity interests have been redeemed for shares of the Company’s common stock.

In the nine months ended September 30, 2019, we issued 8,166 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 nine months ended September 30, 2019, 2,150,000 shares of our common stock were sold under the ATM Program for gross proceeds of $52.0 million with commissions of $0.8 million, for total net proceeds of $51.2 million. No shares were sold under the ATM Program during the three months ended September 30, 2019. As of September 30, 2019, we had approximately $232.5 million of capacity remaining under the ATM Program.

On October 22, 2019, we announced that our board of directors approved a quarterly cash dividend of $0.36 per share on our common stock, payable on December 31, 2019, to stockholders of record at the close of business on December 6, 2019.

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Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2019 segment
Segment Reporting [Abstract]
Number of operating segments	3

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Segment Information - Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Net income	$ 38.7	$ 46.8	$ 95.1	$ 50.7
Provision for income taxes	3.3	1.0	8.5	2.4
Equity in earnings of investee companies, net of tax	(1.4)	(0.7)	(3.9)	(2.7)
Interest expense, net	33.9	32.0	100.5	93.0
Loss on extinguishment of debt	11.0	0.0	11.0	0.0
Other (income) expense, net	0.0	(0.2)	(0.1)	0.1
Operating income	85.5	78.9	211.1	143.5
Restructuring charges	0.0	0.1	0.3	1.4
Net gain on dispositions	(1.9)	(1.3)	(3.0)	(4.2)
Impairment charge	0.0	0.0	0.0	42.9
Depreciation and amortization	51.1	46.8	145.9	136.7
Stock-based compensation	5.6	4.8	16.4	15.4
Adjusted OIBDA	140.3	129.3	370.7	335.7
Capital expenditures			65.4	62.1
Operating segments
Segment Reporting Information [Line Items]
Operating income	85.5	78.9	211.1	143.5
Net gain on dispositions	(1.9)	(1.3)	(3.0)	(4.2)
Impairment charge	0.0	0.0	0.0	42.9
Depreciation and amortization	51.1	46.8	145.9	136.7
Capital expenditures	25.8	15.7	65.4	62.1
Operating segments | U.S. Media
Segment Reporting Information [Line Items]
Operating income	103.1	96.0	260.5	240.4
Restructuring charges		0.1		0.6
Net gain on dispositions	(1.9)	(1.1)	(3.2)	(4.0)
Depreciation and amortization	46.1	41.2	130.4	119.3
Adjusted OIBDA	147.3	136.2	387.7	356.3
Capital expenditures	25.1	14.0	63.4	54.0
Operating segments | Other
Segment Reporting Information [Line Items]
Operating income	(0.7)	(1.2)	(1.4)	(53.3)
Restructuring charges				0.8
Net gain on dispositions	0.0	(0.2)	0.2	(0.2)
Impairment charge	0.0	0.0	0.0	42.9
Depreciation and amortization	5.0	5.6	15.5	17.4
Adjusted OIBDA	4.3	4.2	14.3	7.6
Capital expenditures	0.7	1.7	2.0	8.1
Corporate
Segment Reporting Information [Line Items]
Operating income	(16.9)	(15.9)	(48.0)	(43.6)
Restructuring charges			0.3
Adjusted OIBDA	$ (11.3)	$ (11.1)	$ (31.3)	$ (28.2)

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Stock-Based Compensation - Schedule of RSU and PRSU Award Activity (Details)	9 Months Ended
	Sep. 30, 2019 $ / shares shares
Stock-based compensation expenses (restricted share units (“RSUs”) and performance-based RSUs (“PRSUs”)), before income taxes
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward]
Non-vested as of December 31, 2018 | shares	1,723,980
Non-vested as of September 30, 2019 | shares	2,073,593
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Non-Vested, as of December 31, 2018 ($ per share) | $ / shares	$ 22.39
Weighted Average Grant Date Fair Value, Non-Vested, as of September 30, 2019 ($ per share) | $ / shares	$ 22.10
Restricted Stock Units (RSUs)
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward]
Granted | shares	853,965
Vested | shares	(586,553)
Forfeitures | shares	(42,425)
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Grants ($ per share) | $ / shares	$ 21.73
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares	21.99
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares	$ 22.16
Performance Restricted Stock Units (PRSUs)
RSUs and PRSUs, Nonvested, Number of Shares [Roll Forward]
Granted | shares	376,418
Vested | shares	(246,542)
Forfeitures | shares	(5,250)
RSUs and PRSUs, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Grants ($ per share) | $ / shares	$ 21.41
Weighted Average Grant Date Fair Value, Vested ($ per share) | $ / shares	21.99
Weighted Average Grant Date Fair Value, Forfeited ($ per share) | $ / shares	$ 22.17

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019
Operating Loss Carryforwards [Line Items]
Unrecognized Tax Benefits, Increase resulting from current period tax positions		$ 4.5
Unrecognized Tax Benefits, Increase in liability resulting from prior year	$ 2.2		$ 2.2
Unrecognized Tax Benefits, Decrease resulting from settlements with taxing authorities	$ 4.5
Minimum
Operating Loss Carryforwards [Line Items]
Open Tax Year			2016
New York State Division of Taxation and Finance | Minimum
Operating Loss Carryforwards [Line Items]
Income Tax Examination, Year under Examination			2014

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Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Statements of Operations, Captions [Line Items]
Billboard	$ 312.0	$ 290.6	$ 868.8	$ 810.3
Transit and other	150.5	123.6	425.3	343.5
Total revenues	462.5	414.2	1,294.1	1,153.8
Operating	245.5	215.3	702.7	624.4
Selling, general and administrative	82.3	74.4	237.1	209.1
Restructuring charges	0.0	0.1	0.3	1.4
Net gain on dispositions	(1.9)	(1.3)	(3.0)	(4.2)
Impairment charge	0.0	0.0	0.0	42.9
Depreciation	22.4	21.0	64.9	63.4
Amortization	28.7	25.8	81.0	73.3
Total expenses	377.0	335.3	1,083.0	1,010.3
Operating income (loss)	85.5	78.9	211.1	143.5
Interest expense, net	(33.9)	(32.0)	(100.5)	(93.0)
Loss on extinguishment of debt	(11.0)	0.0	(11.0)	0.0
Other income (expense), net	0.0	0.2	0.1	(0.1)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	40.6	47.1	99.7	50.4
Benefit (provision) for income taxes	(3.3)	(1.0)	(8.5)	(2.4)
Equity in earnings of investee companies, net of tax	1.4	0.7	3.9	2.7
Net income	38.7	46.8	95.1	50.7
Total other comprehensive income (loss), net of tax	(1.0)	1.7	3.3	(9.2)
Total comprehensive income (loss)	37.7	48.5	98.4	41.5
Eliminations
Condensed Statements of Operations, Captions [Line Items]
Billboard	0.0	0.0	0.0	0.0
Transit and other	0.0	0.0	0.0	0.0
Total revenues	0.0	0.0	0.0	0.0
Operating	0.0	0.0	0.0	0.0
Selling, general and administrative	0.0	0.0	0.0	0.0
Restructuring charges		0.0	0.0	0.0
Net gain on dispositions	0.0	0.0	0.0	0.0
Impairment charge				0.0
Depreciation	0.0	0.0	0.0	0.0
Amortization	0.0	0.0	0.0	0.0
Total expenses	0.0	0.0	0.0	0.0
Operating income (loss)	0.0	0.0	0.0	0.0
Interest expense, net	0.0	0.0	0.0	0.0
Loss on extinguishment of debt	0.0		0.0
Other income (expense), net		0.0	0.0	0.0
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	0.0	0.0	0.0	0.0
Benefit (provision) for income taxes	0.0	0.0	0.0	0.0
Equity in earnings of investee companies, net of tax	(80.2)	(96.9)	(194.7)	(60.4)
Net income	(80.2)	(96.9)	(194.7)	(60.4)
Total other comprehensive income (loss), net of tax	2.7	(5.1)	(13.0)	27.6
Total comprehensive income (loss)	(77.5)	(102.0)	(207.7)	(32.8)
Parent Company
Condensed Statements of Operations, Captions [Line Items]
Billboard	0.0	0.0	0.0	0.0
Transit and other	0.0	0.0	0.0	0.0
Total revenues	0.0	0.0	0.0	0.0
Operating	0.0	0.0	0.0	0.0
Selling, general and administrative	0.4	0.4	1.2	1.2
Restructuring charges		0.0	0.0	0.0
Net gain on dispositions	0.0	0.0	0.0	0.0
Impairment charge				0.0
Depreciation	0.0	0.0	0.0	0.0
Amortization	0.0	0.0	0.0	0.0
Total expenses	0.4	0.4	1.2	1.2
Operating income (loss)	(0.4)	(0.4)	(1.2)	(1.2)
Interest expense, net	0.0	0.0	0.0	0.0
Loss on extinguishment of debt	0.0		0.0
Other income (expense), net		0.0	0.0	0.0
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.4)	(0.4)	(1.2)	(1.2)
Benefit (provision) for income taxes	0.0	0.0	0.0	0.0
Equity in earnings of investee companies, net of tax	39.1	47.2	96.3	51.9
Net income	38.7	46.8	95.1	50.7
Total other comprehensive income (loss), net of tax	(1.0)	1.7	3.3	(9.2)
Total comprehensive income (loss)	37.7	48.5	98.4	41.5
Subsidiary Issuer
Condensed Statements of Operations, Captions [Line Items]
Billboard	0.0	0.0	0.0	0.0
Transit and other	0.0	0.0	0.0	0.0
Total revenues	0.0	0.0	0.0	0.0
Operating	0.0	0.0	0.0	0.0
Selling, general and administrative	0.1	0.1	0.2	0.2
Restructuring charges		0.0	0.0	0.0
Net gain on dispositions	0.0	0.0	0.0	0.0
Impairment charge				0.0
Depreciation	0.0	0.0	0.0	0.0
Amortization	0.0	0.0	0.0	0.0
Total expenses	0.1	0.1	0.2	0.2
Operating income (loss)	(0.1)	(0.1)	(0.2)	(0.2)
Interest expense, net	(31.9)	(30.1)	(94.1)	(88.1)
Loss on extinguishment of debt	(11.0)		(11.0)
Other income (expense), net		0.0	0.0	0.0
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(43.0)	(30.2)	(105.3)	(88.3)
Benefit (provision) for income taxes	0.0	0.0	0.0	0.0
Equity in earnings of investee companies, net of tax	82.1	77.4	201.6	140.2
Net income	39.1	47.2	96.3	51.9
Total other comprehensive income (loss), net of tax	(1.0)	1.7	3.3	(9.2)
Total comprehensive income (loss)	38.1	48.9	99.6	42.7
Guarantor Subsidiaries
Condensed Statements of Operations, Captions [Line Items]
Billboard	290.8	271.1	811.2	759.6
Transit and other	147.1	120.3	415.9	334.4
Total revenues	437.9	391.4	1,227.1	1,094.0
Operating	231.9	202.6	663.9	585.3
Selling, general and administrative	80.3	71.1	227.6	202.1
Restructuring charges		0.1	0.3	1.4
Net gain on dispositions	(1.9)	(1.1)	(3.1)	(4.0)
Impairment charge				0.0
Depreciation	19.8	18.1	57.0	53.6
Amortization	26.3	23.4	74.1	67.0
Total expenses	356.4	314.2	1,019.8	905.4
Operating income (loss)	81.5	77.2	207.3	188.6
Interest expense, net	(0.7)	(1.0)	(2.4)	(2.8)
Loss on extinguishment of debt	0.0		0.0
Other income (expense), net		0.0	0.0	0.0
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	80.8	76.2	204.9	185.8
Benefit (provision) for income taxes	(1.8)	(1.6)	(8.4)	(4.1)
Equity in earnings of investee companies, net of tax	(39.9)	(27.4)	(100.2)	(129.8)
Net income	39.1	47.2	96.3	51.9
Total other comprehensive income (loss), net of tax	(1.0)	1.7	3.3	(9.2)
Total comprehensive income (loss)	38.1	48.9	99.6	42.7
Non-Guarantor Subsidiaries
Condensed Statements of Operations, Captions [Line Items]
Billboard	21.2	19.5	57.6	50.7
Transit and other	3.4	3.3	9.4	9.1
Total revenues	24.6	22.8	67.0	59.8
Operating	13.6	12.7	38.8	39.1
Selling, general and administrative	1.5	2.8	8.1	5.6
Restructuring charges		0.0	0.0	0.0
Net gain on dispositions	0.0	(0.2)	0.1	(0.2)
Impairment charge				42.9
Depreciation	2.6	2.9	7.9	9.8
Amortization	2.4	2.4	6.9	6.3
Total expenses	20.1	20.6	61.8	103.5
Operating income (loss)	4.5	2.2	5.2	(43.7)
Interest expense, net	(1.3)	(0.9)	(4.0)	(2.1)
Loss on extinguishment of debt	0.0		0.0
Other income (expense), net		0.2	0.1	(0.1)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	3.2	1.5	1.3	(45.9)
Benefit (provision) for income taxes	(1.5)	0.6	(0.1)	1.7
Equity in earnings of investee companies, net of tax	0.3	0.4	0.9	0.8
Net income	2.0	2.5	2.1	(43.4)
Total other comprehensive income (loss), net of tax	(0.7)	1.7	6.4	(9.2)
Total comprehensive income (loss)	$ 1.3	$ 4.2	$ 8.5	$ (52.6)

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Intangible Assets Narrative (Details) - Intangible Assets - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 28.7	$ 25.8	$ 81.0	$ 73.3
Amortization of direct lease acquisition costs	$ 13.6	$ 11.9	$ 36.9	$ 31.7
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

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Leases Minimum rental payments to be received (Details) $ in Millions	Sep. 30, 2019 USD ($)
Leases [Abstract]
2019	$ 234.7
2020	157.7
2021	16.7
2022	5.3
2023	2.9
2024 and thereafter	1.9
Total minimum payments	$ 419.2