Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2019

Condensed Consolidating Financial Information [Abstract]

Condensed Statement of Financial Position



	As of September 30, 2019
(in millions)	Parent Company		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Current assets:
Cash and cash equivalents	$	—	$	7.2	$	1.3	$	49.8	$	—		$	58.3
Receivables, less allowance	—		—		—		339.9		(49.2		)	290.7
Other current assets	—		1.2		190.3		69.2		(149.7		)	111.0
Total current assets	—		8.4		191.6		458.9		(198.9		)	460.0
Property and equipment, net	—		—		616.7		49.1		—			665.8
Goodwill	—		—		2,059.9		22.9		—			2,082.8
Intangible assets	—		—		476.3		72.3		—			548.6
Operating lease assets	—		—		1,294.4		113.7		—			1,408.1
Investment in subsidiaries	1,093.0		3,325.2		331.6		—		(4,749.8		)	—
Prepaid MTA equipment deployment costs	—		—		83.0		—		—			83.0
Other assets	—		1.5		67.4		3.7		—			72.6
Intercompany	—		—		81.0		87.7		(168.7		)	—
Total assets	$	1,093.0	$	3,335.1	$	5,201.9	$	808.3	$	(5,117.4	)	$	5,320.9

Total current liabilities	$	—	$	24.0	$	579.6	$	240.4	$	(198.9	)	$	645.1
Long-term debt, net	—		2,212.5		—		—		—			2,212.5
Deferred income tax liabilities, net	—		—		—		18.7		—			18.7
Operating lease liability	—		—		1,140.4		97.3		—			1,237.7
Asset retirement obligation	—		—		30.6		4.4		—			35.0
Deficit in excess of investment of subsidiaries	—		—		2,232.2		—		(2,232.2		)	—
Other liabilities	—		5.6		38.4		1.7		—			45.7
Intercompany	—		—		87.7		81.0		(168.7		)	—
Total liabilities	—		2,242.1		4,108.9		443.5		(2,599.8		)	4,194.7
Total stockholders’ equity	1,093.0		1,093.0		1,093.0		331.6		(2,517.6		)	1,093.0
Non-controlling interests	—		—		—		33.2		—			33.2
Total equity	1,093.0		1,093.0		1,093.0		364.8		(2,517.6		)	1,126.2
Total liabilities and equity	$	1,093.0	$	3,335.1	$	5,201.9	$	808.3	$	(5,117.4	)	$	5,320.9



	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 September 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	290.8		$	21.2		$	—		$	312.0
Transit and other	—			—			147.1			3.4			—			150.5
Total revenues	—			—			437.9			24.6			—			462.5
Expenses:
Operating	—			—			231.9			13.6			—			245.5
Selling, general and administrative	0.4			0.1			80.3			1.5			—			82.3
Net gain on dispositions	—			—			(1.9		)	—			—			(1.9		)
Depreciation	—			—			19.8			2.6			—			22.4
Amortization	—			—			26.3			2.4			—			28.7
Total expenses	0.4			0.1			356.4			20.1			—			377.0
Operating income (loss)	(0.4		)	(0.1		)	81.5			4.5			—			85.5
Interest expense, net	—			(31.9		)	(0.7		)	(1.3		)	—			(33.9		)
Loss on extinguishment of debt	—			(11.0		)	—			—			—			(11.0		)
Income (loss) before provision for income taxes and equity in earnings of investee companies	(0.4		)	(43.0		)	80.8			3.2			—			40.6
Provision for income taxes	—			—			(1.8		)	(1.5		)	—			(3.3		)
Equity in earnings of investee companies, net of tax	39.1			82.1			(39.9		)	0.3			(80.2		)	1.4
Net income	$	38.7		$	39.1		$	39.1		$	2.0		$	(80.2	)	$	38.7

Net income	$	38.7		$	39.1		$	39.1		$	2.0		$	(80.2	)	$	38.7
Total other comprehensive loss, net of tax	(1.0		)	(1.0		)	(1.0		)	(0.7		)	2.7			(1.0		)
Total comprehensive income	$	37.7		$	38.1		$	38.1		$	1.3		$	(77.5	)	$	37.7



	Three Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	271.1		$	19.5		$	—		$	290.6
Transit and other	—			—			120.3			3.3			—			123.6
Total revenues	—			—			391.4			22.8			—			414.2
Expenses:
Operating	—			—			202.6			12.7			—			215.3
Selling, general and administrative	0.4			0.1			71.1			2.8			—			74.4
Restructuring charges	—			—			0.1			—			—			0.1
Net gain on dispositions	—			—			(1.1		)	(0.2		)	—			(1.3		)
Depreciation	—			—			18.1			2.9			—			21.0
Amortization	—			—			23.4			2.4			—			25.8
Total expenses	0.4			0.1			314.2			20.6			—			335.3
Operating income (loss)	(0.4		)	(0.1		)	77.2			2.2			—			78.9
Interest expense, net	—			(30.1		)	(1.0		)	(0.9		)	—			(32.0		)
Other expense, net	—			—			—			0.2			—			0.2
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(0.4		)	(30.2		)	76.2			1.5			—			47.1
Benefit (provision) for income taxes	—			—			(1.6		)	0.6			—			(1.0		)
Equity in earnings of investee companies, net of tax	47.2			77.4			(27.4		)	0.4			(96.9		)	0.7
Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8

Net income	$	46.8		$	47.2		$	47.2		$	2.5		$	(96.9	)	$	46.8
Total other comprehensive income, net of tax	1.7			1.7			1.7			1.7			(5.1		)	1.7
Total comprehensive income	$	48.5		$	48.9		$	48.9		$	4.2		$	(102.0	)	$	48.5



	Nine Months Ended September 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	811.2		$	57.6		$	—		$	868.8
Transit and other	—			—			415.9			9.4			—			425.3
Total revenues	—			—			1,227.1			67.0			—			1,294.1
Expenses:
Operating	—			—			663.9			38.8			—			702.7
Selling, general and administrative	1.2			0.2			227.6			8.1			—			237.1
Restructuring charges	—			—			0.3			—			—			0.3
Net gain on dispositions	—			—			(3.1		)	0.1			—			(3.0		)
Depreciation	—			—			57.0			7.9			—			64.9
Amortization	—			—			74.1			6.9			—			81.0
Total expenses	1.2			0.2			1,019.8			61.8			—			1,083.0
Operating income (loss)	(1.2		)	(0.2		)	207.3			5.2			—			211.1
Interest expense, net	—			(94.1		)	(2.4		)	(4.0		)	—			(100.5		)
Loss on extinguishment of debt	—			(11.0		)	—			—			—			(11.0		)
Other income, net	—			—			—			0.1			—			0.1
Income (loss) before provision for income taxes and equity in earnings of investee companies	(1.2		)	(105.3		)	204.9			1.3			—			99.7
Provision for income taxes	—			—			(8.4		)	(0.1		)	—			(8.5		)
Equity in earnings of investee companies, net of tax	96.3			201.6			(100.2		)	0.9			(194.7		)	3.9
Net income	$	95.1		$	96.3		$	96.3		$	2.1		$	(194.7	)	$	95.1

Net income	$	95.1		$	96.3		$	96.3		$	2.1		$	(194.7	)	$	95.1
Total other comprehensive income, net of tax	3.3			3.3			3.3			6.4			(13.0		)	3.3
Total comprehensive income	$	98.4		$	99.6		$	99.6		$	8.5		$	(207.7	)	$	98.4



	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Billboard	$	—		$	—		$	759.6		$	50.7		$	—		$	810.3
Transit and other	—			—			334.4			9.1			—			343.5
Total revenues	—			—			1,094.0			59.8			—			1,153.8
Expenses:
Operating	—			—			585.3			39.1			—			624.4
Selling, general and administrative	1.2			0.2			202.1			5.6			—			209.1
Restructuring charges	—			—			1.4			—			—			1.4
Net gain on dispositions	—			—			(4.0		)	(0.2		)	—			(4.2		)
Impairment charge	—			—			—			42.9			—			42.9
Depreciation	—			—			53.6			9.8			—			63.4
Amortization	—			—			67.0			6.3			—			73.3
Total expenses	1.2			0.2			905.4			103.5			—			1,010.3
Operating income (loss)	(1.2		)	(0.2		)	188.6			(43.7		)	—			143.5
Interest expense, net	—			(88.1		)	(2.8		)	(2.1		)	—			(93.0		)
Other expense, net	—			—			—			(0.1		)	—			(0.1		)
Income (loss) before benefit (provision) for income taxes and equity in earnings of investee companies	(1.2		)	(88.3		)	185.8			(45.9		)	—			50.4
Benefit (provision) for income taxes	—			—			(4.1		)	1.7			—			(2.4		)
Equity in earnings of investee companies, net of tax	51.9			140.2			(129.8		)	0.8			(60.4		)	2.7
Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7

Net income (loss)	$	50.7		$	51.9		$	51.9		$	(43.4	)	$	(60.4	)	$	50.7
Total other comprehensive loss, net of tax	(9.2		)	(9.2		)	(9.2		)	(9.2		)	27.6			(9.2		)
Total comprehensive income (loss)	$	41.5		$	42.7		$	42.7		$	(52.6	)	$	(32.8	)	$	41.5

Condensed Statements of Cash Flows



	Nine Months Ended September 30, 2019
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(84.4	)	$	227.4		$	20.3		$	—	$	162.1
Investing activities:
Capital expenditures	—			—			(59.8		)	(5.6		)	—		(65.4		)
Acquisitions	—			—			(60.7		)	—			—		(60.7		)
MTA franchise rights	—			—			(16.9		)	—			—		(16.9		)
Net proceeds from dispositions	—			—			4.9			—			—		4.9
Net cash flow used for investing activities	—			—			(132.5		)	(5.6		)	—		(138.1		)
Financing activities:
Proceeds from long-term debt borrowings	—			760.0			—			—			—		760.0
Repayments of long-term debt borrowings	—			(695.0		)	—			—			—		(695.0		)
Proceeds from borrowings under short-term debt facilities	—			—			90.0			190.0			—		280.0
Repayments of borrowings under short-term debt facilities	—			—			(75.0		)	(155.0		)	—		(230.0		)
Payments of deferred financing costs	—			(9.3		)	(0.2		)	—			—		(9.5		)
Payment of debt extinguishment charges	—			(7.4		)	—			—			—		(7.4		)
Proceeds from shares issued under the ATM Program	50.9			—			—			—			—		50.9
Taxes withheld for stock-based compensation	—			—			(7.7		)	—			—		(7.7		)
Dividends	(154.5		)	—			—			(1.5		)	—		(156.0		)
Intercompany	104.8			31.3			(96.7		)	(39.4		)	—		—
Net cash flow provided by (used for) financing activities	1.2			79.6			(89.6		)	(5.9		)	—		(14.7		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—			—			—			0.3			—		0.3
Net increase (decrease) in cash, cash equivalents and restricted cash	—			(4.8		)	5.3			9.1			—		9.6
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	$	—		$	7.2		$	6.7		$	49.8		$	—	$	63.7



	Nine Months Ended September 30, 2018
(in millions)	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash flow provided by (used for) operating activities	$	(1.2	)	$	(74.5	)	$	216.2		$	(3.1	)	$	—	$	137.4
Investing activities:
Capital expenditures	—			—			(52.5		)	(9.6		)	—		(62.1		)
Acquisitions	—			—			(5.6		)	—			—		(5.6		)
MTA franchise rights	—			—			(9.4		)	—			—		(9.4		)
Net proceeds from dispositions	—			—			5.7			0.3			—		6.0
Net cash flow used for investing activities	—			—			(61.8		)	(9.3		)	—		(71.1		)
Financing activities:
Proceeds from long-term debt borrowings	—			89.0			—			—			—		89.0
Repayments of long-term debt borrowings	—			(79.0		)	—			—			—		(79.0		)
Proceeds from borrowings under short-term debt facilities	—			—			75.0			125.0			—		200.0
Repayments of borrowings under short-term debt facilities	—			—			—			(105.0		)	—		(105.0		)
Payments of deferred financing costs	—			(0.1		)	—			(0.1		)	—		(0.2		)
Taxes withheld for stock-based compensation	—			—			(8.2		)	—			—		(8.2		)
Dividends	(150.9		)	—			—			(2.0		)	—		(152.9		)
Intercompany	152.1			74.3			(216.2		)	(10.2		)	—		—
Net cash flow provided by (used for) financing activities	1.2			84.2			(149.4		)	7.7			—		(56.3		)
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	—			9.7			5.0			(4.9		)	—		9.8
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	$	—		$	19.9		$	8.7		$	29.5		$	—	$	58.1