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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

The following tables set forth our financial performance by segment.

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2024						2023						2024						2023
Revenues:
U.S. Media						$	460.9					$	443.0					$	850.5					$	819.4
Other						16.4						25.8						35.3						45.2
Total revenues						$	477.3					$	468.8					$	885.8					$	864.6

Adjusted OIBDA by Segment and Reconciliation to Consolidated Net Income

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2024						2023						2024						2023
Net income (loss) before allocation to non-controlling interests						$	177.0					$	(478.4)					$	149.9					$	(507.1)
Provision for income taxes						11.1						0.4						10.6						0.8
Equity in earnings of investee companies, net of tax						(0.2)						0.3						—						1.1
Interest expense, net						41.1						39.7						82.5						77.4
Loss on extinguishment of debt						1.2						—						1.2						—
Other income, net						(1.1)						(0.2)						(1.1)						(0.2)
Operating income (loss)						229.1						(438.2)						243.1						(428.0)
Net (gain) loss on dispositions						(155.2)						(0.1)						(155.1)						0.2
Impairment charges						8.8						511.4						17.9						511.4
Depreciation and amortization						35.7						41.2						71.8						83.1
Stock-based compensation						7.6						7.9						14.8						15.7
Total Adjusted OIBDA						$	126.0					$	122.2					$	192.5					$	182.4
Adjusted OIBDA:
U.S. Media						$	140.5					$	128.1					$	222.3					$	200.2
Other						1.6						6.7						2.5						7.8
Corporate						(16.1)						(12.6)						(32.3)						(25.6)
Total Adjusted OIBDA						$	126.0					$	122.2					$	192.5					$	182.4

Tabular Disclosure by Reportable Segments

						Three Months Ended												Six Months Ended
						June 30,												June 30,
(in millions)						2024						2023						2024						2023
Operating income (loss):
U.S. Media						$	95.9					$	(420.9)					$	132.4					$	(387.6)
Other						156.9						3.2						157.8						0.9
Corporate						(23.7)						(20.5)						(47.1)						(41.3)
Total operating income (loss)						$	229.1					$	(438.2)					$	243.1					$	(428.0)
Net gain (loss) on dispositions:
U.S. Media						$	0.1					$	(0.1)					$	0.2					$	0.2
Other						(155.3)						—						(155.3)						—
Total gain (loss) on dispositions						$	(155.2)					$	(0.1)					$	(155.1)					$	0.2
Impairment charges (a)(b):
U.S. Media						$	8.8					$	511.4					$	17.9					$	511.4
Total impairment charges						$	8.8					$	511.4					$	17.9					$	511.4
Depreciation and amortization:
U.S. Media						$	35.7					$	37.7					$	71.8					$	76.2
Other						—						3.5						—						6.9
Total depreciation and amortization						$	35.7					$	41.2					$	71.8					$	83.1
Capital expenditures:
U.S. Media						$	18.5					$	19.6					$	36.1					$	41.6
Other						5.4						2.7						6.2						3.3
Total capital expenditures						$	23.9					$	22.3					$	42.3					$	44.9

(a)In 2024, Impairment charges related to the long-term outlook of our U.S. Transit and Other reporting unit (see Note 4. Intangible Assets).

(b)In 2023, Impairment charges related to the long-term outlook of our U.S. Transit and Other reporting unit (see Note 4. Intangible Assets) and an other-than-temporary decline in fair value of a cost-method investment.

Reconciliation of Assets from Segment to Consolidated

						As of
(in millions)						June 30, 2024						December 31, 2023
Assets:
U.S. Media						$	5,194.6					$	5,297.2
Other(a)						12.3						259.7
Corporate						45.3						26.0
Total assets						$	5,252.2					$	5,582.9

(a)As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.)

Long-Lived Assets by Geographic Areas

						As of
(in millions)						June 30, 2024						December 31, 2023
Long-lived assets(a):
United States						$	4,891.3					$	4,962.6
Canada(b)						—						214.3
Total assets						$	4,891.3					$	5,176.9

(a)Reflects total assets less current assets, investments and non-current deferred tax assets.

(b)As of December 31, 2023, includes amounts reclassified as Assets held for sale on the Consolidated Statement of Financial Position. (See Note 11. Acquisitions and Dispositions: Dispositions: Canadian Business.)

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