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 June 30, 2022

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)

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

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

As of August 3, 2022, the number of shares outstanding of the registrant’s common stock was 164,046,342.

OUTFRONT MEDIA INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2022

TABLE OF CONTENTS

PART I	3
Item 1. Financial Statements (Unaudited)	3
Consolidated Statements of Financial Position as of June 30, 2022, and December 31, 2021	3
Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021	4
Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2022 and 2021	5
Consolidated Statements of Equity for the three and six months ended June 30, 2022 and 2021	6
Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021	8
Notes to Consolidated Financial Statements	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3. Quantitative and Qualitative Disclosures About Market Risk	44
Item 4. Controls and Procedures	46
PART II	47
Item 1. Legal Proceedings	47
Item 1A. Risk Factors	47
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 3. Defaults Upon Senior Securities	47
Item 4. Mine Safety Disclosures	47
Item 5. Other Information	47
Item 6. Exhibits	47
SIGNATURES	49

PART I

Item 1.    Financial Statements.

OUTFRONT Media Inc.

Consolidated Statements of Financial Position

(Unaudited)

	As of
(in millions)	June 30, 2022		December 31, 2021
Assets:
Current assets:
Cash and cash equivalents	$	117.0	$	424.8
Receivables, less allowance ($19.6 in 2022 and $18.5 in 2021)	288.4		310.5
Prepaid lease and franchise costs	7.5		12.5
Other prepaid expenses	20.1		17.8
Other current assets	8.8		11.7
Total current assets	441.8		777.3
Property and equipment, net (Note 4)	679.6		647.9
Goodwill	2,077.5		2,077.8
Intangible assets (Note 5)	806.6		614.9
Operating lease assets (Note 6)	1,531.2		1,485.5
Prepaid MTA equipment deployment costs (Note 17)	327.9		279.8
Other assets	44.4		41.5
Total assets	$	5,909.0	$	5,924.7
Liabilities:
Current liabilities:
Accounts payable	$	57.9	$	64.9
Accrued compensation	54.4		74.5
Accrued interest	30.8		30.7
Accrued lease and franchise costs	58.9		60.1
Other accrued expenses	45.4		40.3
Deferred revenues	41.9		30.9
Short-term operating lease liabilities (Note 6)	196.9		187.5
Other current liabilities	19.8		18.8
Total current liabilities	506.0		507.7
Long-term debt, net (Note 9)	2,623.3		2,620.6
Deferred income tax liabilities, net	16.6		17.2
Asset retirement obligation (Note 7)	37.3		36.4
Operating lease liabilities (Note 6)	1,345.6		1,308.4
Other liabilities	40.9		43.9
Total liabilities	4,569.7		4,534.2
Commitments and contingencies (Note 17)
Preferred stock (2022 - 50.0 shares authorized, and 0.1 shares of Series A Preferred Stock issued and outstanding; 2021 - 50.0 shares authorized, and 0.4 shares of Series A Preferred Stock issued and outstanding) (Note 10)	119.8		383.4
Stockholders’ equity (Note 10):
Common stock (2022 - 450.0 shares authorized, and 164.0 shares issued and outstanding; 2021 - 450.0 shares authorized, and 145.6 issued and outstanding)	1.6		1.5
Additional paid-in capital	2,399.8		2,119.0
Distribution in excess of earnings	(1,180.4)		(1,122.0)
Accumulated other comprehensive loss	(5.6)		(4.4)
Total stockholders’ equity	1,215.4		994.1
Non-controlling interests	4.1		13.0
Total equity	1,339.3		1,390.5
Total liabilities and equity	$	5,909.0	$	5,924.7

See accompanying notes to unaudited consolidated financial statements.

3

OUTFRONT Media Inc.

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except per share amounts)	2022		2021		2022		2021
Revenues:
Billboard	$	354.0	$	287.3	$	652.2	$	510.9
Transit and other	96.2		53.7		171.5		89.3
Total revenues	450.2		341.0		823.7		600.2
Expenses:
Operating	226.5		189.6		439.3		367.2
Selling, general and administrative	106.9		88.9		205.3		165.4
Net (gain) loss on dispositions	0.2		(2.9)		(0.1)		(3.2)
Depreciation	19.4		20.0		38.7		40.0
Amortization	17.3		16.3		32.1		32.7
Total expenses	370.3		311.9		715.3		602.1
Operating income (loss)	79.9		29.1		108.4		(1.9)
Interest expense, net	(31.6)		(32.1)		(62.3)		(66.7)
Loss on extinguishment of debt	—		—		—		(6.3)
Other income, net	0.1		—		—		—
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	48.4		(3.0)		46.1		(74.9)
Benefit (provision) for income taxes	(1.2)		2.4		0.9		7.1
Equity in earnings of investee companies, net of tax	1.2		(0.1)		1.5		(0.5)
Net income (loss) before allocation to non-controlling interests	48.4		(0.7)		48.5		(68.3)
Net income attributable to non-controlling interests	0.4		0.2		0.6		0.3
Net income (loss) attributable to OUTFRONT Media Inc.	$	48.0	$	(0.9)	$	47.9	$	(68.6)
Net income (loss) per common share:
Basic	$	0.28	$	(0.05)	$	0.25	$	(0.57)
Diluted	$	0.28	$	(0.05)	$	0.25	$	(0.57)
Weighted average shares outstanding:
Basic	164.0		145.6		158.0		145.2
Diluted	164.6		145.6		158.8		145.2

See accompanying notes to unaudited consolidated financial statements.

4

OUTFRONT Media Inc.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2022		2021		2022		2021
Net income (loss) before allocation to non-controlling interests	$	48.4	$	(0.7)	$	48.5	$	(68.3)
Net income attributable to non-controlling interests	0.4		0.2		0.6		0.3
Net income (loss) attributable to OUTFRONT Media Inc.	48.0		(0.9)		47.9		(68.6)
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments	(4.3)		2.4		(1.6)		3.7
Change in fair value of interest rate swap agreements	0.1		1.4		0.4		2.6
Total other comprehensive income (loss), net of tax	(4.2)		3.8		(1.2)		6.3
Total comprehensive income (loss)	$	43.8	$	2.9	$	46.7	$	(62.3)

See accompanying notes to unaudited consolidated financial statements.

5

OUTFRONT Media Inc.

Consolidated Statements of Equity

(Unaudited)

				Stockholders’ Equity
(in millions, except per share amounts)	Shares of Series A Preferred Stock	Series A Preferred Stock ($0.01 per share par value)		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 March 31, 2021	0.4	$	383.4	145.5	$	1.5	$	2,095.5	$	(1,175.1)	$	(15.5)	$	906.4	$	14.4	$	1,304.2
Net income (loss)	—	—		—	—		—		(0.9)		—		(0.9)		0.2		(0.7)
Other comprehensive income	—	—		—	—		—		—		3.8		3.8		—		3.8
Stock-based payments:
Vested	—	—		0.1	—		—		—		—		—		—		—
Amortization	—	—		—	—		7.5		—		—		7.5		—		7.5
Shares paid for tax withholding for stock-based payments	—	—		—	—		(0.2)		—		—		(0.2)		—		(0.2)
Class A equity interest redemptions	—	—		—	—		0.3		—		—		0.3		(0.3)		—
Series A Preferred Stock dividends (7%)	—	—		—	—		—		(7.0)		—		(7.0)		—		(7.0)
Other	—	—		—	—		—		—		—		—		(0.2)		(0.2)
Balance as of June 30, 2021	0.4	$	383.4	145.6	$	1.5	$	2,103.1	$	(1,183.0)	$	(11.7)	$	909.9	$	14.1	$	1,307.4
Balance as of March 31, 2022	0.1	$	119.8	164.0	$	1.6	$	2,391.3	$	(1,176.8)	$	(1.4)	$	1,214.7	$	4.4	$	1,338.9
Net income	—	—		—	—		—		48.0		—		48.0		0.4		48.4
Other comprehensive loss	—	—		—	—		—		—		(4.2)		(4.2)		—		(4.2)
Stock-based payments:
Amortization	—	—		—	—		8.5		—		—		8.5		—		8.5
Series A Preferred Stock dividends (7%)	—	—		—	—		—		(2.2)		—		(2.2)		—		(2.2)
Dividends ($0.30 per share)	—	—		—	—		—		(49.4)		—		(49.4)		—		(49.4)
Other	—	—		—	—		—		—		—		—		(0.7)		(0.7)
Balance as of June 30, 2022	0.1	$	119.8	164.0	$	1.6	$	2,399.8	$	(1,180.4)	$	(5.6)	$	1,215.4	$	4.1	$	1,339.3

6

OUTFRONT Media Inc.

Consolidated Statements of Equity (Continued)

(Unaudited)

				Stockholders’ Equity
(in millions, except per share amounts)	Shares of Series A Preferred Stock	Series A Preferred Stock ($0.01 per share par value)		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, 2020	0.4	$	383.4	144.5	$	1.4	$	2,090.8	$	(1,100.4)	$	(18.0)	$	973.8	$	26.5	$	1,383.7
Net income (loss)	—	—		—	—		—		(68.6)		—		(68.6)		0.3		(68.3)
Other comprehensive income	—	—		—	—		—		—		6.3		6.3		—		6.3
Stock-based payments:
Vested	—	—		1.1	0.1		—		—		—		0.1		—		0.1
Amortization	—	—		—	—		13.5		—		—		13.5		—		13.5
Shares paid for tax withholding for stock-based payments	—	—		(0.5)	—		(8.9)		—		—		(8.9)		—		(8.9)
Class A equity interest redemptions	—	—		0.5	—		11.0		—		—		11.0		(11.0)		—
Series A Preferred Stock dividends (7%)	—	—		—	—		—		(14.0)		—		(14.0)		—		(14.0)
Other	—	—		—	—		(3.3)		—		—		(3.3)		(1.7)		(5.0)
Balance as of June 30, 2021	0.4	$	383.4	145.6	$	1.5	$	2,103.1	$	(1,183.0)	$	(11.7)	$	909.9	$	14.1	$	1,307.4
Balance as of December 31, 2021	0.4	$	383.4	145.6	$	1.5	$	2,119.0	$	(1,122.0)	$	(4.4)	$	994.1	$	13.0	$	1,390.5
Net income	—	—		—	—		—		47.9		—		47.9		0.6		48.5
Other comprehensive loss	—	—		—	—		—		—		(1.2)		(1.2)		—		(1.2)
Stock-based payments:
Vested	—	—		1.0	—		—		—		—		—		—		—
Amortization	—	—		—	—		16.4		—		—		16.4		—		16.4
Shares paid for tax withholding for stock-based payments	—	—		(0.4)	—		(10.9)		—		—		(10.9)		—		(10.9)
Series A Preferred Stock conversions	(0.3)	(266.8)		17.4	0.1		266.7		—		—		266.8		—		—
Class A equity interest redemptions	—	—		0.4	—		8.6		—		—		8.6		(8.6)		—
Series A Preferred Stock dividends (7%)	—	3.2		—	—		—		(7.6)		—		(7.6)		—		(4.4)
Dividends ($0.60 per share)	—	—		—	—		—		(98.7)		—		(98.7)		—		(98.7)
Other	—	—		—	—		—		—		—		—		(0.9)		(0.9)
Balance as of June 30, 2022	0.1	$	119.8	164.0	$	1.6	$	2,399.8	$	(1,180.4)	$	(5.6)	$	1,215.4	$	4.1	$	1,339.3

See accompanying notes to unaudited consolidated financial statements.

7

OUTFRONT Media Inc.

Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
	June 30,
(in millions)	2022		2021
Operating activities:
Net income (loss) attributable to OUTFRONT Media Inc.	$	47.9	$	(68.6)
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Net income attributable to non-controlling interests	0.6		0.3
Depreciation and amortization	70.8		72.7
Deferred tax benefit	(2.5)		(7.1)
Stock-based compensation	16.4		13.5
Provision (recovery) for doubtful accounts	1.7		(4.4)
Accretion expense	1.4		1.3
Net gain on dispositions	(0.1)		(3.2)
Loss on extinguishment of debt	—		6.3
Equity in earnings of investee companies, net of tax	(1.5)		0.5
Distributions from investee companies	0.4		0.4
Amortization of deferred financing costs and debt discount and premium	3.3		3.8
Change in assets and liabilities, net of investing and financing activities:
Decrease in receivables	20.1		10.7
Increase in prepaid MTA equipment deployment costs	(48.1)		(25.0)
Decrease in prepaid expenses and other current assets	4.5		10.2
Decrease in accounts payable and accrued expenses	(24.9)		(18.0)
Increase in operating lease assets and liabilities	2.9		2.1
Increase in deferred revenues	11.0		14.1
Decrease in income taxes	(1.3)		(1.3)
Other, net	(1.5)		5.3
Net cash flow provided by operating activities	101.1		13.6
Investing activities:
Capital expenditures	(41.8)		(25.5)
Acquisitions	(248.6)		(42.7)
MTA franchise rights	(5.1)		(10.0)
Net proceeds from dispositions	1.1		1.2
Net cash flow used for investing activities	(294.4)		(77.0)
Financing activities:
Proceeds from long-term debt borrowings	—		500.0
Repayments of long-term debt borrowings	—		(500.0)
Repayments of borrowings under short-term debt facilities	—		(80.0)
Payments of deferred financing costs	(0.4)		(7.3)
Payments of debt extinguishment charges	—		(4.7)
Taxes withheld for stock-based compensation	(10.9)		(8.9)
Dividends	(102.9)		(14.3)
Other	—		(3.7)
Net cash flow used for financing activities	(114.2)		(118.9)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(0.3)		0.9
Net decrease in cash, cash equivalents and restricted cash	(307.8)		(181.4)
Cash, cash equivalents and restricted cash at beginning of period	424.8		712.0
Cash, cash equivalents and restricted cash at end of period	$	117.0	$	530.6

8

OUTFRONT Media Inc.

Consolidated Statements of Cash Flows (Continued)

(Unaudited)

	Six Months Ended
	June 30,
(in millions)	2022		2021
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$	2.9	$	1.4
Cash paid for interest	59.6		57.3
Non-cash investing and financing activities:
Accrued purchases of property and equipment	$	4.9	$	6.2
Accrued MTA franchise rights	3.6		4.5
Taxes withheld for stock-based compensation	—		0.1

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. 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 currently manage our operations through two operating segments—U.S. Billboard and Transit, which is included in our U.S. Media reportable segment, and International.

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. 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, 2021, filed with the SEC on February 24, 2022.

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 at 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, including the impact of extraordinary events such as the ongoing novel coronavirus (“COVID-19”) pandemic, 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 materially from these estimates under different assumptions or conditions, including the severity and duration of the COVID-19 pandemic.

The COVID-19 pandemic and the related preventative measures taken to help curb the spread, have had, and may continue to have, a significant impact on the global economy and our business. Given the uncertainty around the severity and duration of the COVID-19 pandemic and the measures taken, or may be taken, in response to the COVID-19 pandemic, the Company cannot reasonably estimate the full impact of the COVID-19 pandemic on our business, financial condition and results of operations at this time, which may be material.

Note 2. New Accounting Standards

Recent Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance providing optional expedients and exceptions for accounting for contracts, hedging relationships and other transactions that reference to the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. The guidance is effective for all entities as of March 12, 2020, through December 31, 2022. We do not expect this guidance to impact our accounting for our existing debt and hedging instruments.

In October 2021, the FASB issued guidance on the recognition and measurement of contract assets and contract liabilities acquired in a business combination. At the acquisition date, the acquirer should account for the related revenue contracts as if it had originated the contracts. The guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. This guidance is effective for public entities as of December 15, 2022. We are currently evaluating the impact of this guidance on our consolidated financial statements.

10

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

Note 3. Restricted Cash

In August 2021, the escrow agreement in connection with one of our transit franchise contracts, which required us to deposit funds into an escrow account to fund capital expenditures over the term of the transit franchise contract, was terminated. As of June 30, 2022, we have no restricted cash.

	As of
(in millions)	June 30, 2022		June 30, 2021		December 31, 2021
Cash and cash equivalents	$	117.0	$	529.0	$	424.8
Restricted cash	—		1.6		—
Cash, cash equivalents and restricted cash	$	117.0	$	530.6	$	424.8

Note 4. 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	June 30, 2022		December 31, 2021
Land		$	113.7	$	102.9
Buildings	15 to 35 years	56.5		50.3
Advertising structures	3 to 20 years	1,975.8		1,937.4
Furniture, equipment and other	3 to 10 years	178.5		171.3
Construction in progress		39.3		38.7
		2,363.8		2,300.6
Less: Accumulated depreciation		1,684.2		1,652.7
Property and equipment, net		$	679.6	$	647.9

Depreciation expense was $19.4 million in the three months ended June 30, 2022, $20.0 million in the three months ended June 30, 2021, $38.7 million in the six months ended June 30, 2022, and $40.0 million in the six months ended June 30, 2021.

Note 5. 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 June 30, 2022:
Permits and leasehold agreements	$	1,522.0	$	(839.8)	$	682.2
Franchise agreements	532.3		(409.8)		122.5
Other intangible assets	4.9		(3.0)		1.9
Total intangible assets	$	2,059.2	$	(1,252.6)	$	806.6
As of December 31, 2021:
Permits and leasehold agreements	$	1,303.6	$	(816.5)	$	487.1
Franchise agreements	528.2		(402.7)		125.5
Other intangible assets	4.9		(2.6)		2.3
Total intangible assets	$	1,836.7	$	(1,221.8)	$	614.9

11

OUTFRONT Media Inc.

Notes to Consolidated Financial Statements

(Unaudited)

In the six months ended June 30, 2022, we acquired approximately 1,000 displays, resulting in amortizable intangible assets for permits and leasehold agreements of $220.0 million, which are amortized using the straight-line method over their estimated useful lives, an average period of 16.5 years.

All of our intangible assets, except goodwill, are subject to amortization. Amortization expense was $17.3 million in the three months ended June 30, 2022, $16.3 million in the three months ended June 30, 2021, $32.1 million in the six months ended June 30, 2022, and $32.7 million in the six months ended June 30, 2021.

Note 6. Leases

Lessee

The following table presents our operating lease assets and liabilities:

	As of
(in millions, except years and percentages)	June 30, 2022		December 31, 2021
Operating lease assets	$	1,531.2	$	1,485.5
Short-term operating lease liabilities	196.9		187.5
Non-current operating lease liabilities	1,345.6		1,