Segment Information

6 Months Ended

Jun. 30, 2020

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				Six Months Ended
	June 30,				June 30,
(in millions)	2020		2019		2020		2019
Revenues:
U.S. Media	$	213.5	$	419.6	$	568.2	$	758.0
Other	19.4		40.3		50.0		73.6
Total revenues	$	232.9	$	459.9	$	618.2	$	831.6

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2020		2019		2020		2019
Net income (loss) before allocation to non-controlling interests	$	(58.0)	$	50.3	$	(51.7)	$	56.4
(Benefit) provision for income taxes	(1.5)		6.2		(3.2)		5.2
Equity in earnings of investee companies, net of tax	0.3		(1.7)		(0.1)		(2.5)
Interest expense, net	33.3		33.9		63.1		66.6
Other loss, net	—		—		(0.2)		(0.1)
Operating income (loss)	(25.9)		88.7		7.9		125.6
Restructuring charges	4.7		—		4.7		0.3
Net (gain) loss on dispositions	(5.2)		0.4		(5.3)		(1.1)
Depreciation and amortization	42.9		49.0		90.2		94.8
Stock-based compensation	5.2		5.5		11.0		10.8
Total Adjusted OIBDA	$	21.7	$	143.6	$	108.5	$	230.4
Adjusted OIBDA:
U.S. Media	$	37.4	$	145.8	$	128.2	$	240.4
Other	(5.4)		8.8		(4.9)		10.0
Corporate	(10.3)		(11.0)		(14.8)		(20.0)
Total Adjusted OIBDA	$	21.7	$	143.6	$	108.5	$	230.4

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2020		2019		2020		2019
Operating income (loss):
U.S. Media	$	(3.9)	$	101.9	$	43.5	$	157.4
Other	(5.5)		3.3		(8.8)		(0.7)
Corporate	(16.5)		(16.5)		(26.8)		(31.1)
Total operating income (loss)	$	(25.9)	$	88.7	$	7.9	$	125.6
Net (gain) loss on dispositions:
U.S. Media	$	(1.1)	$	0.2	$	(1.2)	$	(1.3)
Other	(4.1)		0.2		(4.1)		0.2
Total (gain) loss on dispositions	$	(5.2)	$	0.4	$	(5.3)	$	(1.1)
Depreciation and amortization:
U.S. Media	$	39.4	$	43.7	$	82.9	$	84.3
Other	3.5		5.3		7.3		10.5
Total depreciation and amortization	$	42.9	$	49.0	$	90.2	$	94.8
Capital expenditures:
U.S. Media	$	13.6	$	21.0	$	30.9	$	38.3
Other	0.1		0.5		1.0		1.3
Total capital expenditures	$	13.7	$	21.5	$	31.9	$	39.6

	As of
(in millions)	June 30, 2020		December 31, 2019
Assets:
U.S. Media	$	5,021.3	$	5,077.1
Other	258.4		284.0
Corporate	607.4		21.2
Total assets	$	5,887.1	$	5,382.3