Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2019

Condensed Consolidating Financial Information [Abstract]

Condensed Statement of Financial Position



	As of June 30, 2019
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	428.0	$	1.7	$	45.1	$	—		$	474.8
Receivables, less allowance	—		—		55.7		246.2		(24.0		)	277.9
Other current assets	—		1.7		178.7		7.6		(93.9		)	94.1
Total current assets	—		429.7		236.1		298.9		(117.9		)	846.8
Property and equipment, net	—		—		609.6		50.8		—			660.4
Goodwill	—		—		2,060.0		22.4		—			2,082.4
Intangible assets	—		—		476.7		74.5		—			551.2
Operating lease assets	—		—		1,288.6		100.4		—			1,389.0
Investment in subsidiaries	1,097.7		3,483.6		291.9		—		(4,873.2		)	—
Prepaid MTA equipment deployment costs	—		—		77.3		—		—			77.3
Other assets	—		1.7		53.0		3.2		—			57.9
Intercompany	—		—		81.0		91.8		(172.8		)	—
Total assets	$	1,097.7	$	3,915.0	$	5,174.2	$	642.0	$	(5,163.9	)	$	5,665.0

Total current liabilities	$	—	$	566.1	$	386.6	$	124.5	$	(117.9	)	$	959.3
Long-term debt, net	—		2,245.9		—		—		—			2,245.9
Deferred income tax liabilities, net	—		—		2.2		16.9		—			19.1
Operating lease liability	—		—		1,137.1		84.2		—			1,221.3
Asset retirement obligation	—		—		30.3		4.5		—			34.8
Deficit in excess of investment of subsidiaries	—		—		2,385.9		—		(2,385.9		)	—
Other liabilities	—		5.3		42.6		1.8		—			49.7
Intercompany	—		—		91.8		81.0		(172.8		)	—
Total liabilities	—		2,817.3		4,076.5		312.9		(2,676.6		)	4,530.1
Total stockholders’ equity	1,097.7		1,097.7		1,097.7		291.9		(2,487.3		)	1,097.7
Non-controlling interests	—		—		—		37.2		—			37.2
Total equity	1,097.7		1,097.7		1,097.7		329.1		(2,487.3		)	1,134.9
Total liabilities and equity	$	1,097.7	$	3,915.0	$	5,174.2	$	642.0	$	(5,163.9	)	$	5,665.0



	As of December 31, 2018
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	12.0	$	—	$	40.7	$	—		$	52.7
Receivables, less allowance	—		—		52.7		232.1		(19.9		)	264.9
Other current assets	—		1.0		176.3		81.5		(146.9		)	111.9
Total current assets	—		13.0		229.0		354.3		(166.8		)	429.5
Property and equipment, net	—		—		604.3		48.6		—			652.9
Goodwill	—		—		2,059.9		19.8		—			2,079.7
Intangible assets	—		—		478.4		58.8		—			537.2
Investment in subsidiaries	1,102.8		3,257.5		261.9		—		(4,622.2		)	—
Prepaid MTA equipment deployment costs	—		—		60.6		—		—			60.6
Other assets	—		2.3		63.4		3.1		—			68.8
Intercompany	—		—		81.0		100.7		(181.7		)	—
Total assets	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7

Total current liabilities	$	—	$	18.0	$	375.5	$	175.9	$	(166.8	)	$	402.6
Long-term debt, net	—		2,149.6		—		—		—			2,149.6
Deferred income tax liabilities, net	—		—		—		17.0		—			17.0
Asset retirement obligation	—		—		29.9		4.3		—			34.2
Deficit in excess of investment of subsidiaries	—		—		2,154.7		—		(2,154.7		)	—
Other liabilities	—		2.4		74.9		2.7		—			80.0
Intercompany	—		—		100.7		81.0		(181.7		)	—
Total liabilities	—		2,170.0		2,735.7		280.9		(2,503.2		)	2,683.4
Total stockholders’ equity	1,102.8		1,102.8		1,102.8		261.9		(2,467.5		)	1,102.8
Non-controlling interests	—		—		—		42.5		—			42.5
Total equity	1,102.8		1,102.8		1,102.8		304.4		(2,467.5		)	1,145.3
Total liabilities and equity	$	1,102.8	$	3,272.8	$	3,838.5	$	585.3	$	(4,970.7	)	$	3,828.7

Condensed Statement of Operations



	Three Months Ended June 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	284.4		$	21.4		$	—		$	305.8
Transit and other	—			—			150.4			3.7			—			154.1
Total revenues	—			—			434.8			25.1			—			459.9
Expenses:
Operating	—			—			227.1			13.2			—			240.3
Selling, general and administrative	0.4			—			77.4			3.7			—			81.5
Net loss on dispositions	—			—			0.3			0.1			—			0.4
Depreciation	—			—			18.8			2.6			—			21.4
Amortization	—			—			25.2			2.4			—			27.6
Total expenses	0.4			—			348.8			22.0			—			371.2
Operating income (loss)	(0.4		)	—			86.0			3.1			—			88.7
Interest expense, net	—			(31.9		)	(0.7		)	(1.3		)	—			(33.9		)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.4		)	(31.9		)	85.3			1.8			—			54.8
Benefit (provision) for income taxes	—			—			(6.4		)	0.2			—			(6.2		)
Equity in earnings of investee companies, net of tax	50.7			82.6			(28.2		)	0.4			(103.8		)	1.7
Net income	$	50.3		$	50.7		$	50.7		$	2.4		$	(103.8	)	$	50.3

Net income	$	50.3		$	50.7		$	50.7		$	2.4		$	(103.8	)	$	50.3
Total other comprehensive income, net of tax	2.5			2.5			2.5			4.5			(9.5		)	2.5
Total comprehensive income	$	52.8		$	53.2		$	53.2		$	6.9		$	(113.3	)	$	52.8



	Three Months Ended June 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Revenues:
Billboard	$	—		$	—		$	262.3		$	18.1		$	—	$	280.4
Transit and other	—			—			117.7			3.6			—		121.3
Total revenues	—			—			380.0			21.7			—		401.7
Expenses:
Operating	—			—			198.5			13.5			—		212.0
Selling, general and administrative	0.4			—			68.1			1.6			—		70.1
Restructuring charges	—			—			0.2			—			—		0.2
Net gain on dispositions	—			—			(2.7		)	—			—		(2.7		)
Impairment charge	—			—			—			42.9			—		42.9
Depreciation	—			—			17.8			3.5			—		21.3
Amortization	—			—			22.9			2.1			—		25.0
Total expenses	0.4			—			304.8			63.6			—		368.8
Operating income (loss)	(0.4		)	—			75.2			(41.9		)	—		32.9
Interest expense, net	—			(29.4		)	(0.9		)	(0.7		)	—		(31.0		)
Other expense, net	—			—			—			(0.2		)	—		(0.2		)
Income (loss) before provision for income taxes and equity in earnings of investee companies	(0.4		)	(29.4		)	74.3			(42.8		)	—		1.7
Provision for income taxes	—			—			(3.8		)	(4.3		)	—		(8.1		)
Equity in earnings of investee companies, net of tax	(4.8		)	24.6			(75.3		)	0.3			56.4		1.2
Net loss	$	(5.2	)	$	(4.8	)	$	(4.8	)	$	(46.8	)	$	56.4	$	(5.2	)

Net loss	$	(5.2	)	$	(4.8	)	$	(4.8	)	$	(46.8	)	$	56.4	$	(5.2	)
Total other comprehensive loss, net of tax	(5.8		)	(5.8		)	(5.8		)	(5.8		)	17.4		(5.8		)
Total comprehensive loss	$	(11.0	)	$	(10.6	)	$	(10.6	)	$	(52.6	)	$	73.8	$	(11.0	)



	Six Months Ended June 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	520.4		$	36.4		$	—		$	556.8
Transit and other	—			—			268.8			6.0			—			274.8
Total revenues	—			—			789.2			42.4			—			831.6
Expenses:
Operating	—			—			432.0			25.2			—			457.2
Selling, general and administrative	0.8			0.1			147.3			6.6			—			154.8
Restructuring charges	—			—			0.3			—			—			0.3
Net gain on dispositions	—			—			(1.2		)	0.1			—			(1.1		)
Depreciation	—			—			37.2			5.3			—			42.5
Amortization	—			—			47.8			4.5			—			52.3
Total expenses	0.8			0.1			663.4			41.7			—			706.0
Operating income (loss)	(0.8		)	(0.1		)	125.8			0.7			—			125.6
Interest expense, net	—			(62.2		)	(1.7		)	(2.7		)	—			(66.6		)
Other income, net	—			—			—			0.1			—			0.1
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.8		)	(62.3		)	124.1			(1.9		)	—			59.1
Benefit (provision) for income taxes	—			—			(6.6		)	1.4			—			(5.2		)
Equity in earnings of investee companies, net of tax	57.2			119.5			(60.3		)	0.6			(114.5		)	2.5
Net income	$	56.4		$	57.2		$	57.2		$	0.1		$	(114.5	)	$	56.4

Net income	$	56.4		$	57.2		$	57.2		$	0.1		$	(114.5	)	$	56.4
Total other comprehensive income, net of tax	4.3			4.3			4.3			7.1			(15.7		)	4.3
Total comprehensive income	$	60.7		$	61.5		$	61.5		$	7.2		$	(130.2	)	$	60.7



	Six Months Ended June 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Revenues:
Billboard	$	—		$	—		$	488.5		$	31.2		$	—	$	519.7
Transit and other	—			—			214.1			5.8			—		219.9
Total revenues	—			—			702.6			37.0			—		739.6
Expenses:
Operating	—			—			382.7			26.4			—		409.1
Selling, general and administrative	0.8			0.1			131.0			2.8			—		134.7
Restructuring charges	—			—			1.3			—			—		1.3
Net gain on dispositions	—			—			(2.9		)	—			—		(2.9		)
Impairment charge	—			—			—			42.9			—		42.9
Depreciation	—			—			35.5			6.9			—		42.4
Amortization	—			—			43.6			3.9			—		47.5
Total expenses	0.8			0.1			591.2			82.9			—		675.0
Operating income (loss)	(0.8		)	(0.1		)	111.4			(45.9		)	—		64.6
Interest expense, net	—			(58.0		)	(1.8		)	(1.2		)	—		(61.0		)
Other expense, net	—			—			—			(0.3		)	—		(0.3		)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.8		)	(58.1		)	109.6			(47.4		)	—		3.3
Benefit (provision) for income taxes	—			—			(2.5		)	1.1			—		(1.4		)
Equity in earnings of investee companies, net of tax	4.7			62.8			(102.4		)	0.4			36.5		2.0
Net income (loss)	$	3.9		$	4.7		$	4.7		$	(45.9	)	$	36.5	$	3.9

Net income (loss)	$	3.9		$	4.7		$	4.7		$	(45.9	)	$	36.5	$	3.9
Total other comprehensive loss, net of tax	(10.9		)	(10.9		)	(10.9		)	(10.9		)	32.7		(10.9		)
Total comprehensive loss	$	(7.0	)	$	(6.2	)	$	(6.2	)	$	(56.8	)	$	69.2	$	(7.0	)

Condensed Statements of Cash Flows



	Six Months Ended June 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(0.8	)	$	(58.6	)	$	133.2		$	9.7		$	—	$	83.5
Investing activities:
Capital expenditures	—			—			(35.5		)	(4.1		)	—		(39.6		)
Acquisitions	—			—			(34.4		)	—			—		(34.4		)
MTA franchise rights	—			—			(10.7		)	—			—		(10.7		)
Net proceeds from dispositions	—			—			2.2			—			—		2.2
Net cash flow used for investing activities	—			—			(78.4		)	(4.1		)	—		(82.5		)
Financing activities:
Proceeds from long-term debt borrowings	—			705.0			—			—			—		705.0
Repayments of long-term debt borrowings	—			(55.0		)	—			—			—		(55.0		)
Proceeds from borrowings under short-term debt facilities	—			—			—			30.0			—		30.0
Repayments of borrowings under short-term debt facilities	—			—			(75.0		)	(115.0		)	—		(190.0		)
Payments of deferred financing costs	—			(8.6		)	—			—			—		(8.6		)
Proceeds from shares issued under the ATM Program	50.9			—			—			—			—		50.9
Taxes withheld for stock-based compensation	—			—			(7.7		)	—			—		(7.7		)
Dividends	(102.8		)	—			—			(1.1		)	—		(103.9		)
Intercompany	52.7			(166.8		)	29.6			84.5			—		—
Net cash flow provided by (used for) financing activities	0.8			474.6			(53.1		)	(1.6		)	—		420.7
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			0.4			—		0.4
Net increase in cash, cash equivalents and restricted cash	—			416.0			1.7			4.4			—		422.1
Cash, cash equivalents and restricted cash at beginning of period	—			12.0			1.4			40.7			—		54.1
Cash, cash equivalents and restricted cash at end of period	$	—		$	428.0		$	3.1		$	45.1		$	—	$	476.2



	Six Months Ended June 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(0.8	)	$	(55.6	)	$	130.6		$	(6.0	)	$	—	$	68.2
Investing activities:
Capital expenditures	—			—			(39.7		)	(6.7		)	—		(46.4		)
Acquisitions	—			—			(4.3		)	—			—		(4.3		)
MTA franchise rights	—			—			(6.1		)	—			—		(6.1		)
Net proceeds from dispositions	—			—			3.4			—			—		3.4
Net cash flow used for investing activities	—			—			(46.7		)	(6.7		)	—		(53.4		)
Financing activities:
Proceeds from long-term debt borrowings	—			79.0			—			—			—		79.0
Repayments of long-term debt borrowings	—			(10.0		)	—			—			—		(10.0		)
Proceeds from borrowings under short-term debt facilities	—			—			—			75.0			—		75.0
Repayments of borrowings under short-term debt facilities	—			—			—			(55.0		)	—		(55.0		)
Payments of deferred financing costs	—			(0.1		)	—			—			—		(0.1		)
Taxes withheld for stock-based compensation	—			—			(8.1		)	—			—		(8.1		)
Dividends	(100.6		)	—			—			(1.4		)	—		(102.0		)
Intercompany	101.4			(14.3		)	(74.0		)	(13.1		)	—		—
Net cash flow provided by (used for) financing activities	0.8			54.6			(82.1		)	5.5			—		(21.2		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			(0.2		)	—		(0.2		)
Net increase (decrease) in cash, cash equivalents and restricted cash	—			(1.0		)	1.8			(7.4		)	—		(6.6		)
Cash, cash equivalents and restricted cash at beginning of period	—			10.2			3.7			34.4			—		48.3
Cash, cash equivalents and restricted cash at end of period	$	—		$	9.2		$	5.5		$	27.0		$	—	$	41.7