XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.19.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2019
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) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Revenues: |  |  |  |  |  |  |  |
U.S. Media |  | $ | 419.6 |  |  | $ | 367.2 |  |  | $ | 758.0 |  |  | $ | 677.1 |
Other |  | 40.3 |  |  | 34.5 |  |  | 73.6 |  |  | 62.5 |
Total revenues |  | $ | 459.9 |  |  | $ | 401.7 |  |  | $ | 831.6 |  |  | $ | 739.6 |
We present Operating income before Depreciation, Amortization, Net gain (loss) on dispositions, Stock-based compensation, Restructuring charges and an Impairment charge (“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) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Net income (loss) |  | $ | 50.3 |  |  | $ | (5.2 | ) |  | $ | 56.4 |  |  | $ | 3.9 |
Provision for income taxes |  | 6.2 |  |  | 8.1 |  |  | 5.2 |  |  | 1.4 |
Equity in earnings of investee companies, net of tax |  | (1.7 | ) |  | (1.2 | ) |  | (2.5 | ) |  | (2.0 | )
Interest expense, net |  | 33.9 |  |  | 31.0 |  |  | 66.6 |  |  | 61.0 |
Other (income) expense, net |  | — |  |  | 0.2 |  |  | (0.1 | ) |  | 0.3 |
Operating income |  | 88.7 |  |  | 32.9 |  |  | 125.6 |  |  | 64.6 |
Restructuring charges |  | — |  |  | 0.2 |  |  | 0.3 |  |  | 1.3 |
Net (gain) loss on dispositions |  | 0.4 |  |  | (2.7 | ) |  | (1.1 | ) |  | (2.9 | )
Impairment charge |  | — |  |  | 42.9 |  |  | — |  |  | 42.9 |
Depreciation and amortization |  | 49.0 |  |  | 46.3 |  |  | 94.8 |  |  | 89.9 |
Stock-based compensation |  | 5.5 |  |  | 5.6 |  |  | 10.8 |  |  | 10.6 |
Total Adjusted OIBDA |  | $ | 143.6 |  |  | $ | 125.2 |  |  | $ | 230.4 |  |  | $ | 206.4 |
Adjusted OIBDA: |  |  |  |  |  |  |  |
U.S. Media |  | $ | 145.8 |  |  | $ | 131.2 |  |  | $ | 240.4 |  |  | $ | 220.1 |
Other |  | 8.8 |  |  | 4.2 |  |  | 10.0 |  |  | 3.4 |
Corporate |  | (11.0 | ) |  | (10.2 | ) |  | (20.0 | ) |  | (17.1 | )
Total Adjusted OIBDA |  | $ | 143.6 |  |  | $ | 125.2 |  |  | $ | 230.4 |  |  | $ | 206.4 |
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
(in millions) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Operating income (loss): |  |  |  |  |  |  |  |
U.S. Media |  | $ | 101.9 |  |  | $ | 93.8 |  |  | $ | 157.4 |  |  | $ | 144.4 |
Other |  | 3.3 |  |  | (45.1 | ) |  | (0.7 | ) |  | (52.1 | )
Corporate |  | (16.5 | ) |  | (15.8 | ) |  | (31.1 | ) |  | (27.7 | )
Total operating income |  | $ | 88.7 |  |  | $ | 32.9 |  |  | $ | 125.6 |  |  | $ | 64.6 |
Net (gain) loss on dispositions: |  |  |  |  |  |  |  |
U.S. Media |  | $ | 0.2 |  |  | $ | (2.7 | ) |  | $ | (1.3 | ) |  | $ | (2.9 | )
Other |  | 0.2 |  |  | — |  |  | 0.2 |  |  | — |
Total (gain) loss on dispositions |  | $ | 0.4 |  |  | $ | (2.7 | ) |  | $ | (1.1 | ) |  | $ | (2.9 | )
Impairment charge: |  |  |  |  |  |  |  |
Other |  | $ | — |  |  | $ | 42.9 |  |  | $ | — |  |  | $ | 42.9 |
Total impairment charge |  | $ | — |  |  | $ | 42.9 |  |  | $ | — |  |  | $ | 42.9 |
Depreciation and amortization: |  |  |  |  |  |  |  |
U.S. Media |  | $ | 43.7 |  |  | $ | 40.1 |  |  | $ | 84.3 |  |  | $ | 78.1 |
Other |  | 5.3 |  |  | 6.2 |  |  | 10.5 |  |  | 11.8 |
Total depreciation and amortization |  | $ | 49.0 |  |  | $ | 46.3 |  |  | $ | 94.8 |  |  | $ | 89.9 |
Capital expenditures: |  |  |  |  |  |  |  |
U.S. Media |  | $ | 21.0 |  |  | $ | 25.6 |  |  | $ | 38.3 |  |  | $ | 40.0 |
Other |  | 0.5 |  |  | 4.0 |  |  | 1.3 |  |  | 6.4 |
Total capital expenditures |  | $ | 21.5 |  |  | $ | 29.6 |  |  | $ | 39.6 |  |  | $ | 46.4 |
|  | As of
(in millions) |  | June 30, 2019 |  | December 31, 2018
Assets: |  |  |  |
U.S. Media |  | $ | 4,937.7 |  |  | $ | 3,610.0 |
Other |  | 291.1 |  |  | 202.5 |
Corporate |  | 436.2 |  |  | 16.2 |
Total assets |  | $ | 5,665.0 |  |  | $ | 3,828.7 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration