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Segment Information | 6 Months Ended
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Jun. 30, 2020
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) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Revenues: |  |  |  |  |  |  |  |
U.S. Media |  | $ | 213.5 |  |  | $ | 419.6 |  |  | $ | 568.2 |  |  | $ | 758.0 |
Other |  | 19.4 |  |  | 40.3 |  |  | 50.0 |  |  | 73.6 |
Total revenues |  | $ | 232.9 |  |  | $ | 459.9 |  |  | $ | 618.2 |  |  | $ | 831.6 |
We present Operating income (loss) before Depreciation, Amortization, Net (gain) loss on dispositions, Stock-based compensation and Restructuring charges (“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) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Net income (loss) before allocation to non-controlling interests |  | $ | (58.0) |  |  | $ | 50.3 |  |  | $ | (51.7) |  |  | $ | 56.4 |
(Benefit) provision for income taxes |  | (1.5) |  |  | 6.2 |  |  | (3.2) |  |  | 5.2 |
Equity in earnings of investee companies, net of tax |  | 0.3 |  |  | (1.7) |  |  | (0.1) |  |  | (2.5) |
Interest expense, net |  | 33.3 |  |  | 33.9 |  |  | 63.1 |  |  | 66.6 |
Other loss, net |  | — |  |  | — |  |  | (0.2) |  |  | (0.1) |
Operating income (loss) |  | (25.9) |  |  | 88.7 |  |  | 7.9 |  |  | 125.6 |
Restructuring charges |  | 4.7 |  |  | — |  |  | 4.7 |  |  | 0.3 |
Net (gain) loss on dispositions |  | (5.2) |  |  | 0.4 |  |  | (5.3) |  |  | (1.1) |
Depreciation and amortization |  | 42.9 |  |  | 49.0 |  |  | 90.2 |  |  | 94.8 |
Stock-based compensation |  | 5.2 |  |  | 5.5 |  |  | 11.0 |  |  | 10.8 |
Total Adjusted OIBDA |  | $ | 21.7 |  |  | $ | 143.6 |  |  | $ | 108.5 |  |  | $ | 230.4 |
Adjusted OIBDA: |  |  |  |  |  |  |  |
U.S. Media |  | $ | 37.4 |  |  | $ | 145.8 |  |  | $ | 128.2 |  |  | $ | 240.4 |
Other |  | (5.4) |  |  | 8.8 |  |  | (4.9) |  |  | 10.0 |
Corporate |  | (10.3) |  |  | (11.0) |  |  | (14.8) |  |  | (20.0) |
Total Adjusted OIBDA |  | $ | 21.7 |  |  | $ | 143.6 |  |  | $ | 108.5 |  |  | $ | 230.4 |
|  | Three Months Ended |  |  |  | Six Months Ended |  |
|  | June 30, |  |  |  | June 30, |  |
(in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Operating income (loss): |  |  |  |  |  |  |  |
U.S. Media |  | $ | (3.9) |  |  | $ | 101.9 |  |  | $ | 43.5 |  |  | $ | 157.4 |
Other |  | (5.5) |  |  | 3.3 |  |  | (8.8) |  |  | (0.7) |
Corporate |  | (16.5) |  |  | (16.5) |  |  | (26.8) |  |  | (31.1) |
Total operating income (loss) |  | $ | (25.9) |  |  | $ | 88.7 |  |  | $ | 7.9 |  |  | $ | 125.6 |
Net (gain) loss on dispositions: |  |  |  |  |  |  |  |
U.S. Media |  | $ | (1.1) |  |  | $ | 0.2 |  |  | $ | (1.2) |  |  | $ | (1.3) |
Other |  | (4.1) |  |  | 0.2 |  |  | (4.1) |  |  | 0.2 |
Total (gain) loss on dispositions |  | $ | (5.2) |  |  | $ | 0.4 |  |  | $ | (5.3) |  |  | $ | (1.1) |
Depreciation and amortization: |  |  |  |  |  |  |  |
U.S. Media |  | $ | 39.4 |  |  | $ | 43.7 |  |  | $ | 82.9 |  |  | $ | 84.3 |
Other |  | 3.5 |  |  | 5.3 |  |  | 7.3 |  |  | 10.5 |
Total depreciation and amortization |  | $ | 42.9 |  |  | $ | 49.0 |  |  | $ | 90.2 |  |  | $ | 94.8 |
Capital expenditures: |  |  |  |  |  |  |  |
U.S. Media |  | $ | 13.6 |  |  | $ | 21.0 |  |  | $ | 30.9 |  |  | $ | 38.3 |
Other |  | 0.1 |  |  | 0.5 |  |  | 1.0 |  |  | 1.3 |
Total capital expenditures |  | $ | 13.7 |  |  | $ | 21.5 |  |  | $ | 31.9 |  |  | $ | 39.6 |
|  | As of |  |
(in millions) |  | June 30, 2020 |  | December 31, 2019
Assets: |  |  |  |
U.S. Media |  | $ | 5,021.3 |  |  | $ | 5,077.1 |
Other |  | 258.4 |  |  | 284.0 |
Corporate |  | 607.4 |  |  | 21.2 |
Total assets |  | $ | 5,887.1 |  |  | $ | 5,382.3 |

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- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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