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Acquisitions and Dispositions | 3 Months Ended
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Mar. 31, 2024
Business Combinations [Abstract] |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions We completed several asset acquisitions for a total purchase price of approximately $6.0 million in the three months ended March 31, 2024, and $5.1 million in the three months ended March 31, 2023. The value of the assets acquired during 2024 and 2023 has primarily been allocated to the related permits and leasehold agreements intangible assets (see Note 4. Intangible Assets). Dispositions Canadian Business On October 22, 2023, the Selling Subsidiaries entered into a Share Purchase Agreement with the Buyer, relating to the sale of the Canadian Business. Pursuant to the Share Purchase Agreement, the Selling Subsidiaries agreed to sell all of its (and its affiliates) equity interests in Outdoor Systems Americas ULC and its subsidiaries, which hold all of the assets of the Canadian Business, to the Buyer, for C$410.0 million in cash, payable on the date of the consummation of the Transaction. The purchase price is subject to (i) adjustments at and following the Closing for working capital, cash, indebtedness, capital expenditures and transaction expenses, and (ii) a holdback to be released at or following the Closing, in whole or in part, if certain third-party contracts are renewed or extended on certain terms. The consummation of the Transaction is expected to occur in the first half of 2024, subject to certain closing conditions, including, among others, (i) the absence of any enacted or pending law, order, judgment or litigation by a governmental authority prohibiting the consummation of the Transaction, and (ii) receipt of antitrust approval in Canada (the “Antitrust Approval”). The obligation of the Buyer to consummate the Transaction is also conditioned on the absence of a material adverse effect on the Canadian Business following the date of the Share Purchase Agreement and the Selling Subsidiaries’ obligation to spend a target percentage of forecasted capital expenditures through the Closing. The obligation of each party to consummate the Transaction is conditioned on each party’s representations and warranties being true and correct and each party having performed in all material respects its obligations under the Share Purchase Agreement. In addition, the Share Purchase Agreement may be terminated under certain circumstances, including (i) by mutual written agreement of the Buyer and the Selling Subsidiaries; (ii) by either the Buyer or the Selling Subsidiaries if the Closing does not occur by July 22, 2024, with extensions by the Buyer or the Selling Subsidiaries under certain conditions until no later than October 22, 2024 (the “Outside Date”); or (iii) by either the Buyer or the Selling Subsidiaries if a failure by either the Buyer or the Seller Subsidiaries is the principal cause of any closing condition not being satisfied. If the Antitrust Approval is not received by the Outside Date and the principal cause of such failure is not a failure of the Selling Subsidiaries or its subsidiaries to perform any of their obligations under the Share Purchase Agreement, the Buyer will pay a termination fee to the Selling Subsidiaries in the amount of C$20.0 million. In connection with the Transaction, the assets of our outdoor advertising business in Canada has been classified as Assets held for sale on the Consolidated Statement of Financial Position. It is required that we measure assets held for sale at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. The components of Assets held for sale and Liabilities held for sale were as follows:
(in millions) |  | As of March 31, 2024 |  | As of December 31, 2023
Current assets: |  |  |  |
Receivables, less allowances |  | $ | 22.0 |  |  | $ | 26.7 |
Other current assets |  | 9.8 |  |  | 7.9 |
Current assets held for sale |  | 31.8 |  |  | 34.6 |
Property and equipment, net |  | 39.8 |  |  | 39.9 |
Goodwill |  | 22.4 |  |  | 22.9 |
Intangible assets |  | 51.9 |  |  | 53.0 |
Operating lease assets |  | 85.2 |  |  | 85.9 |
Other assets |  | 11.8 |  |  | 12.6 |
Total assets held for sale |  | $ | 242.9 |  |  | $ | 248.9 |
Current liabilities held for sale |  | $ | 21.4 |  |  | $ | 24.1 |
Deferred income tax liabilities, net |  | 16.2 |  |  | 15.5 |
Asset retirement obligation |  | 4.9 |  |  | 5.0 |
Operating lease liabilities |  | 69.7 |  |  | 70.4 |
Total liabilities held for sale |  | $ | 112.2 |  |  | $ | 115.0 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent + Details
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