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Condensed Consolidating Financial Information | 3 Months Ended
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Mar. 31, 2015
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 the Borrowers under the Term Loan and the Revolving Credit Facility) guarantee the obligations under the Term Loan and the Revolving Credit Facility. Our senior unsecured notes are fully and unconditionally, and jointly and severally guaranteed on a senior unsecured basis by us and each of our direct and indirect wholly owned domestic subsidiaries that guarantees the Term Loan and the Revolving Credit Facility (see Note 7. Long-Term Debt). The following condensed consolidating schedules present financial information on a combined basis in conformity with the SEC’s Regulation S-X, Rule 3-10 for: (i) OUTFRONT Media Inc. (the “Parent Company”); (ii) Capital LLC (the “Subsidiary Issuer”); (iii) the guarantor subsidiaries; (iv) the non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent Company with the Subsidiary Issuer, the guarantor subsidiaries and non-guarantor subsidiaries; and (vi) the Parent Company on a consolidated basis. Finance Corp. is a co-issuer finance subsidiary with no assets or liabilities, and therefore has not been included in the tables below.
|  | As of March 31, 2015
(in millions) |  | Parent Company |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 20.4 |  |  | $ | 15.1 |  |  | $ | 20.5 |  |  | $ | — |  |  | $ | 56.0 |
Receivables, less allowance |  | — |  |  | — |  |  | 174.6 |  |  | 26.4 |  |  | — |  |  | 201.0 |
Other current assets |  | — |  |  | 5.7 |  |  | 138.5 |  |  | 24.7 |  |  | — |  |  | 168.9 |
Total current assets |  | — |  |  | 26.1 |  |  | 328.2 |  |  | 71.6 |  |  | — |  |  | 425.9 |
Property and equipment, net |  | — |  |  | — |  |  | 683.1 |  |  | 87.3 |  |  | — |  |  | 770.4 |
Goodwill |  | — |  |  | — |  |  | 2,047.8 |  |  | 98.4 |  |  | — |  |  | 2,146.2 |
Intangible assets |  | — |  |  | — |  |  | 620.3 |  |  | 0.1 |  |  | — |  |  | 620.4 |
Investment in subsidiaries |  | 1,388.0 |  |  | 3,659.2 |  |  | 190.8 |  |  | — |  |  | (5,238.0 | ) |  | — |
Other assets |  | — |  |  | 31.7 |  |  | 55.7 |  |  | 6.9 |  |  | — |  |  | 94.3 |
Intercompany |  | — |  |  | — |  |  | 70.5 |  |  | 58.6 |  |  | (129.1 | ) |  | — |
Total assets |  | $ | 1,388.0 |  |  | $ | 3,717.0 |  |  | $ | 3,996.4 |  |  | $ | 322.9 |  |  | $ | (5,367.1 | ) |  | $ | 4,057.2 |
Total current liabilities |  | $ | — |  |  | $ | 27.6 |  |  | $ | 188.2 |  |  | $ | 33.5 |  |  | $ | — |  |  | $ | 249.3 |
Long-term debt |  | — |  |  | 2,301.4 |  |  | 0.3 |  |  | — |  |  | — |  |  | 2,301.7 |
Deferred income tax liabilities, net |  | — |  |  | — |  |  | — |  |  | 14.6 |  |  | — |  |  | 14.6 |
Asset retirement obligation |  | — |  |  | — |  |  | 28.6 |  |  | 7.8 |  |  | — |  |  | 36.4 |
Deficit in excess of investment of subsidiaries |  | — |  |  | — |  |  | 2,271.2 |  |  | — |  |  | (2,271.2 | ) |  | — |
Other liabilities |  | — |  |  | — |  |  | 61.5 |  |  | 5.7 |  |  | — |  |  | 67.2 |
Intercompany |  | — |  |  | — |  |  | 58.6 |  |  | 70.5 |  |  | (129.1 | ) |  | — |
Total liabilities |  | — |  |  | 2,329.0 |  |  | 2,608.4 |  |  | 132.1 |  |  | (2,400.3 | ) |  | 2,669.2 |
Total stockholders’ equity |  | 1,388.0 |  |  | 1,388.0 |  |  | 1,388.0 |  |  | 190.8 |  |  | (2,966.8 | ) |  | 1,388.0 |
Total liabilities and stockholders’ equity |  | $ | 1,388.0 |  |  | $ | 3,717.0 |  |  | $ | 3,996.4 |  |  | $ | 322.9 |  |  | $ | (5,367.1 | ) |  | $ | 4,057.2 |
|  | As of December 31, 2014
(in millions) |  | Parent Company |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 11.5 |  |  | $ | 8.8 |  |  | $ | 8.2 |  |  | $ | — |  |  | $ | 28.5 |
Receivables, less allowances |  | — |  |  | — |  |  | 186.5 |  |  | 31.0 |  |  | — |  |  | 217.5 |
Other current assets |  | — |  |  | 5.3 |  |  | 83.5 |  |  | 20.5 |  |  | — |  |  | 109.3 |
Total current assets |  | — |  |  | 16.8 |  |  | 278.8 |  |  | 59.7 |  |  | — |  |  | 355.3 |
Property and equipment, net |  | — |  |  | — |  |  | 683.3 |  |  | 99.6 |  |  | — |  |  | 782.9 |
Goodwill |  | — |  |  | — |  |  | 2,050.6 |  |  | 103.6 |  |  | — |  |  | 2,154.2 |
Intangible assets |  | — |  |  | — |  |  | 633.0 |  |  | 0.2 |  |  | — |  |  | 633.2 |
Investment in subsidiaries |  | 1,445.5 |  |  | 3,613.0 |  |  | 208.1 |  |  | — |  |  | (5,266.6 | ) |  | — |
Other assets |  | — |  |  | 31.2 |  |  | 59.5 |  |  | 7.3 |  |  | — |  |  | 98.0 |
Intercompany |  | — |  |  | — |  |  | 75.1 |  |  | 62.9 |  |  | (138.0 | ) |  | — |
Total assets |  | $ | 1,445.5 |  |  | $ | 3,661.0 |  |  | $ | 3,988.4 |  |  | $ | 333.3 |  |  | $ | (5,404.6 | ) |  | $ | 4,023.6 |
Total current liabilities |  | $ | — |  |  | $ | 17.9 |  |  | $ | 219.1 |  |  | $ | 18.2 |  |  | $ | — |  |  | $ | 255.2 |
Long-term debt |  | — |  |  | 2,197.6 |  |  | 0.7 |  |  | — |  |  | — |  |  | 2,198.3 |
Deferred income tax liabilities, net |  | — |  |  | — |  |  | — |  |  | 17.2 |  |  | — |  |  | 17.2 |
Asset retirement obligation |  | — |  |  | — |  |  | 28.3 |  |  | 8.3 |  |  | — |  |  | 36.6 |
Deficit in excess of investment of subsidiaries |  | — |  |  | — |  |  | 2,167.5 |  |  | — |  |  | (2,167.5 | ) |  | — |
Other liabilities |  | — |  |  | — |  |  | 64.4 |  |  | 6.4 |  |  | — |  |  | 70.8 |
Intercompany |  | — |  |  | — |  |  | 62.9 |  |  | 75.1 |  |  | (138.0 | ) |  | — |
Total liabilities |  | — |  |  | 2,215.5 |  |  | 2,542.9 |  |  | 125.2 |  |  | (2,305.5 | ) |  | 2,578.1 |
Total stockholders’ equity |  | 1,445.5 |  |  | 1,445.5 |  |  | 1,445.5 |  |  | 208.1 |  |  | (3,099.1 | ) |  | 1,445.5 |
Total liabilities and stockholders’ equity |  | $ | 1,445.5 |  |  | $ | 3,661.0 |  |  | $ | 3,988.4 |  |  | $ | 333.3 |  |  | $ | (5,404.6 | ) |  | $ | 4,023.6 |
|  | Three Months Ended March 31, 2015
(in millions) |  | Parent Company |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Billboard |  | $ | — |  |  | $ | — |  |  | $ | 221.1 |  |  | $ | 25.8 |  |  | $ | — |  |  | $ | 246.9 |
Transit and other |  | — |  |  | — |  |  | 92.8 |  |  | 4.2 |  |  | — |  |  | 97.0 |
Total revenues |  | — |  |  | — |  |  | 313.9 |  |  | 30.0 |  |  | — |  |  | 343.9 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Operating |  | — |  |  | — |  |  | 176.3 |  |  | 22.5 |  |  | — |  |  | 198.8 |
Selling, general and administrative |  | 0.5 |  |  | — |  |  | 53.8 |  |  | 7.4 |  |  | — |  |  | 61.7 |
Restructuring charges |  | — |  |  | — |  |  | 0.6 |  |  | — |  |  | — |  |  | 0.6 |
Net (gain) loss on dispositions |  | — |  |  | — |  |  | (0.4 | ) |  | 0.1 |  |  | — |  |  | (0.3 | )
Depreciation |  | — |  |  | — |  |  | 23.5 |  |  | 5.2 |  |  | — |  |  | 28.7 |
Amortization |  | — |  |  | — |  |  | 26.8 |  |  | 1.0 |  |  | — |  |  | 27.8 |
Total expenses |  | 0.5 |  |  | — |  |  | 280.6 |  |  | 36.2 |  |  | — |  |  | 317.3 |
Operating income (loss) |  | (0.5 | ) |  | — |  |  | 33.3 |  |  | (6.2 | ) |  | — |  |  | 26.6 |
Interest income (expense), net |  | — |  |  | (27.8 | ) |  | — |  |  | — |  |  | — |  |  | (27.8 | )
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Income (loss) before income tax benefit and equity in earnings of investee companies |  | (0.5 | ) |  | (27.8 | ) |  | 33.3 |  |  | (6.1 | ) |  | — |  |  | (1.1 | )
Income tax benefit |  | — |  |  | — |  |  | 0.3 |  |  | 1.1 |  |  | — |  |  | 1.4 |
Equity in earnings of investee companies, net of tax |  | 1.6 |  |  | 29.4 |  |  | (32.0 | ) |  | 0.3 |  |  | 1.5 |  |  | 0.8 |
Net income (loss) |  | $ | 1.1 |  |  | $ | 1.6 |  |  | $ | 1.6 |  |  | $ | (4.7 | ) |  | $ | 1.5 |  |  | $ | 1.1 |
Net income |  | $ | 1.1 |  |  | $ | 1.6 |  |  | $ | 1.6 |  |  | $ | (4.7 | ) |  | $ | 1.5 |  |  | $ | 1.1 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |  |
Cumulative translation adjustments |  | — |  |  | — |  |  | — |  |  | (13.3 | ) |  | — |  |  | (13.3 | )
Amortization of net actuarial loss |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Other comprehensive income (loss), net of tax, recognized from investee companies |  | (13.1 | ) |  | (13.1 | ) |  | (13.1 | ) |  | — |  |  | 39.3 |  |  | — |
Total other comprehensive income (loss), net of tax |  | (13.1 | ) |  | (13.1 | ) |  | (13.1 | ) |  | (13.1 | ) |  | 39.3 |  |  | (13.1 | )
Total comprehensive income (loss) |  | $ | (12.0 | ) |  | $ | (11.5 | ) |  | $ | (11.5 | ) |  | $ | (17.8 | ) |  | $ | 40.8 |  |  | $ | (12.0 | )
|  | Three Months Ended March 31, 2014
(in millions) |  | Parent Company |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Billboard |  | $ | — |  |  | $ | — |  |  | $ | 176.9 |  |  | $ | 28.2 |  |  | $ | — |  |  | $ | 205.1 |
Transit and other |  | — |  |  | — |  |  | 78.1 |  |  | 4.7 |  |  | — |  |  | 82.8 |
Total revenues |  | — |  |  | — |  |  | 255.0 |  |  | 32.9 |  |  | — |  |  | 287.9 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Operating |  | — |  |  | — |  |  | 139.0 |  |  | 24.5 |  |  | — |  |  | 163.5 |
Selling, general and administrative |  | — |  |  | — |  |  | 43.3 |  |  | 7.3 |  |  | — |  |  | 50.6 |
Net gain on dispositions |  | — |  |  | — |  |  | (0.8 | ) |  | (0.1 | ) |  | — |  |  | (0.9 | )
Depreciation |  | — |  |  | — |  |  | 20.4 |  |  | 5.7 |  |  | — |  |  | 26.1 |
Amortization |  | — |  |  | — |  |  | 20.7 |  |  | 1.2 |  |  | — |  |  | 21.9 |
Total expenses |  | — |  |  | — |  |  | 222.6 |  |  | 38.6 |  |  | — |  |  | 261.2 |
Operating income |  | — |  |  | — |  |  | 32.4 |  |  | (5.7 | ) |  | — |  |  | 26.7 |
Interest income (expense), net |  | — |  |  | (12.4 | ) |  | — |  |  | (0.1 | ) |  | — |  |  | (12.5 | )
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.5 | )
Income (loss) before provision for income taxes and equity in earnings of investee companies |  | — |  |  | (12.4 | ) |  | 32.4 |  |  | (6.3 | ) |  | — |  |  | 13.7 |
Provision for income taxes |  | — |  |  | — |  |  | (5.3 | ) |  | (0.6 | ) |  | — |  |  | (5.9 | )
Equity in earnings of investee companies, net of tax |  | 8.4 |  |  | 20.8 |  |  | (18.7 | ) |  | 0.1 |  |  | (10.0 | ) |  | 0.6 |
Net income (loss) |  | $ | 8.4 |  |  | $ | 8.4 |  |  | $ | 8.4 |  |  | $ | (6.8 | ) |  | $ | (10.0 | ) |  | $ | 8.4 |
Net income |  | $ | 8.4 |  |  | $ | 8.4 |  |  | $ | 8.4 |  |  | $ | (6.8 | ) |  | $ | (10.0 | ) |  | $ | 8.4 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |  |
Cumulative translation adjustments |  | — |  |  | — |  |  | — |  |  | 1.8 |  |  | — |  |  | 1.8 |
Amortization of net actuarial loss |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Other comprehensive income (loss), net of tax, recognized from investee companies |  | 2.0 |  |  | 2.0 |  |  | 2.0 |  |  | — |  |  | (6.0 | ) |  | — |
Total other comprehensive income (loss), net of tax |  | 2.0 |  |  | 2.0 |  |  | 2.0 |  |  | 2.0 |  |  | (6.0 | ) |  | 2.0 |
Total comprehensive income (loss) |  | $ | 10.4 |  |  | $ | 10.4 |  |  | $ | 10.4 |  |  | $ | (4.8 | ) |  | $ | (16.0 | ) |  | $ | 10.4 |
|  | Three Months Ended March 31, 2015
(in millions) |  | Parent Company |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash flow provided by (used for) operating activities |  | $ | (0.5 | ) |  | $ | (17.1 | ) |  | $ | 9.1 |  |  | $ | 14.3 |  |  | $ | — |  |  | $ | 5.8 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  |  | — |  |  | (12.1 | ) |  | (1.0 | ) |  | — |  |  | (13.1 | )
Acquisitions |  | — |  |  | — |  |  | (9.9 | ) |  | — |  |  | — |  |  | (9.9 | )
Net proceeds from dispositions |  | — |  |  | — |  |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |
Net cash flow used for investing activities |  | — |  |  | — |  |  | (21.3 | ) |  | (1.0 | ) |  | — |  |  | (22.3 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt borrowings - new senior notes |  | — |  |  | 103.8 |  |  | — |  |  | — |  |  | — |  |  | 103.8 |
Proceeds from borrowings under revolving credit facility |  | — |  |  | 105.0 |  |  | — |  |  | — |  |  | — |  |  | 105.0 |
Repayments of borrowings under revolving credit facility |  | — |  |  | (105.0 | ) |  | — |  |  | — |  |  | — |  |  | (105.0 | )
Deferred financing costs |  | — |  |  | (2.2 | ) |  | — |  |  | — |  |  | — |  |  | (2.2 | )
Proceeds from stock option exercises |  | 2.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2.0 |
Taxes withheld for stock-based compensation |  | — |  |  | — |  |  | (3.0 | ) |  | — |  |  | — |  |  | (3.0 | )
Dividends |  | (54.9 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (54.9 | )
Intercompany |  | 53.4 |  |  | (75.6 | ) |  | 21.9 |  |  | 0.3 |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | (0.4 | ) |  | — |  |  | — |  |  | (0.4 | )
Net cash flow provided by financing activities |  | 0.5 |  |  | 26.0 |  |  | 18.5 |  |  | 0.3 |  |  | — |  |  | 45.3 |
Effect of exchange rate on cash and cash equivalents |  | — |  |  | — |  |  | — |  |  | (1.3 | ) |  | — |  |  | (1.3 | )
Net increase (decrease) in cash and cash equivalents |  | — |  |  | 8.9 |  |  | 6.3 |  |  | 12.3 |  |  | — |  |  | 27.5 |
Cash and cash equivalents at beginning of period |  | — |  |  | 11.5 |  |  | 8.8 |  |  | 8.2 |  |  | — |  |  | 28.5 |
Cash and cash equivalents at end of period |  | $ | — |  |  | $ | 20.4 |  |  | $ | 15.1 |  |  | $ | 20.5 |  |  | $ | — |  |  | $ | 56.0 |
|  | Three Months Ended March 31, 2014
(in millions) |  | Parent Company |  | Subsidiary Issuer |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash flow provided by operating activities |  | $ | — |  |  | $ | — |  |  | $ | 5.8 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | 7.8 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  |  | — |  |  | (12.2 | ) |  | (3.5 | ) |  | — |  |  | (15.7 | )
Net proceeds from dispositions |  | — |  |  | — |  |  | 0.3 |  |  | 0.2 |  |  | — |  |  | 0.5 |
Net cash flow used for investing activities |  | — |  |  | — |  |  | (11.9 | ) |  | (3.3 | ) |  | — |  |  | (15.2 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt borrowings - term loan and senior notes |  | — |  |  | 1,598.0 |  |  | — |  |  | — |  |  | — |  |  | 1,598.0 |
Deferred financing costs |  | — |  |  | (24.3 | ) |  | — |  |  | — |  |  | — |  |  | (24.3 | )
Distribution of net debt proceeds to CBS |  | — |  |  | (1,523.8 | ) |  | — |  |  | — |  |  | — |  |  | (1,523.8 | )
Net cash (distribution to)/contribution from CBS |  | 2.4 |  |  | — |  |  | 39.8 |  |  | — |  |  | — |  |  | 42.2 |
Intercompany |  | (2.4 | ) |  | 20.5 |  |  | (11.7 | ) |  | (6.4 | ) |  | — |  |  | — |
Other |  | — |  |  | — |  |  | (0.1 | ) |  | — |  |  | — |  |  | (0.1 | )
Net cash flow provided by (used for) financing activities |  | — |  |  | 70.4 |  |  | 28.0 |  |  | (6.4 | ) |  | — |  |  | 92.0 |
Effect of exchange rate on cash and cash equivalents |  | — |  |  | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.5 | )
Net increase (decrease) in cash and cash equivalents |  | — |  |  | 70.4 |  |  | 21.9 |  |  | (8.2 | ) |  | — |  |  | 84.1 |
Cash and cash equivalents at beginning of period |  | — |  |  | — |  |  | 2.1 |  |  | 27.7 |  |  | — |  |  | 29.8 |
Cash and cash equivalents at end of period |  | $ | — |  |  | $ | 70.4 |  |  | $ | 24.0 |  |  | $ | 19.5 |  |  | $ | — |  |  | $ | 113.9 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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