Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2015



	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