XML 40 R32.htm IDEA: XBRL DOCUMENT

Acquisitions and Dispositions (Tables)

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



(in millions)		Purchase Price
Base purchase price		$	690.0
Working capital and other adjustments		24.2
Estimated transaction consideration		$	714.2

Current assets		$	48.4
Property and equipment		73.3
Goodwill		298.9
Intangible assets^(a)		325.2
Other assets		10.7
Current liabilities		(36.5		)
Long-term debt^(b)		(1.4		)
Other liabilities		(4.4		)
Total net assets acquired		$	714.2


(a)	Intangible assets included with the preliminary purchase price allocation are as follows:



(in millions)		Estimated Useful Life		Intangible Assets Allocation
Permits and leasehold agreements		12 - 20 years		$	252.0
Franchise agreements		4 - 15 years		35.3
Advertising relationships		7 years		16.0
Other		1 - 5 years		21.9
				$	325.2


(b)	In conjunction with the Acquisition, we assumed a total of $1.4 million of long term debt, due to three unrelated third parties. The debt had varying maturities through June 1, 2021. As of June 30, 2015, we have prepaid several of the debt obligations, leaving a remaining balance of $0.5 million, with varying maturities through January 31, 2017.

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

Intangible assets included with the preliminary purchase price allocation are as follows:



(in millions)		Estimated Useful Life		Intangible Assets Allocation
Permits and leasehold agreements		12 - 20 years		$	252.0
Franchise agreements		4 - 15 years		35.3
Advertising relationships		7 years		16.0
Other		1 - 5 years		21.9
				$	325.2