Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | CINCINNATI BELL INC. | ||
Entity Central Index Key | 716,133 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 42,128,999 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 9.7 | $ 7.4 |
Receivables, less allowances of $9.9 and $12.4 | 178.6 | 157.1 |
Inventory, materials and supplies | 22.7 | 20.6 |
Prepaid expenses | 15 | 13.1 |
Other current assets | 3.9 | 2.2 |
Total current assets | 229.9 | 200.4 |
Property, plant and equipment, net | 1,085.5 | 975.5 |
Investment in CyrusOne | 128 | 55.5 |
Goodwill | 14.3 | 14.3 |
Deferred income taxes, net | 64.5 | 182.9 |
Other noncurrent assets | 18.8 | 17.8 |
Total assets | 1,541 | 1,446.4 |
Current liabilities | ||
Current portion of long-term debt | 7.5 | 13.8 |
Accounts payable | 105.9 | 128.9 |
Unearned revenue and customer deposits | 36.3 | 29.2 |
Accrued taxes | 12.9 | 14.5 |
Accrued interest | 12.7 | 11.2 |
Accrued payroll and benefits | 25.7 | 31.2 |
Other current liabilities | 31.9 | 25 |
Other current liabilities from discontinued operations | 0 | 5.4 |
Total current liabilities | 232.9 | 259.2 |
Long-term debt, less current portion | 1,199.1 | 1,223.8 |
Pension and postretirement benefit obligations | 197.7 | 225 |
Other noncurrent liabilities | 33 | 36.6 |
Total liabilities | 1,662.7 | 1,744.6 |
Shareowners' deficit | ||
Preferred stock, 2,357,299 shares authorized; 155,250 shares (3,105,000 depositary shares) of 6 3/4% Cumulative Convertible Preferred Stock issued and outstanding at December 31, 2016 and 2015; liquidation preference $1,000 per share ($50 per depositary share) | 129.4 | 129.4 |
Common shares, $.01 par value; 96,000,000 shares authorized; 42,056,237 and 42,003,600 shares issued; 42,056,237 and 41,975,390 shares outstanding at December 31, 2016 and 2015 | 0.4 | 0.4 |
Additional paid-in capital | 2,570.9 | 2,577.7 |
Accumulated deficit | (2,732.1) | (2,834.2) |
Accumulated other comprehensive loss | (90.3) | (171) |
Common shares in treasury, at cost | 0 | (0.5) |
Total shareowners' deficit | (121.7) | (298.2) |
Total liabilities and shareowners' deficit | $ 1,541 | $ 1,446.4 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for receivables | $ 9.9 | $ 12.4 |
Preferred Stock, Shares Authorized | 2,357,299 | 2,357,299 |
Preferred Stock, 6 3/4% Cumulative Convertible, Shares Issued | 155,250 | 155,250 |
Preferred Stock, 6 3/4% Cumulative Convertible, Shares Outstanding | 155,250 | 155,250 |
Preferred Stock, Depositary Shares | 3,105,000 | 3,105,000 |
Preferred Stock, Dividend Rate, Percentage | 6.75% | 6.75% |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Preferred Stock Liquidation Preference Per Depositary Share | 50 | 50 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 96,000,000 | 96,000,000 |
Common Stock, Shares, Issued | 42,056,237 | 42,003,600 |
Common Stock, Shares, Outstanding | 42,056,237 | 41,975,390 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | |||
Services | $ 978.7 | $ 933 | $ 890.2 |
Products | 207.1 | 234.8 | 271.3 |
Total revenue | 1,185.8 | 1,167.8 | 1,161.5 |
Costs and expenses | |||
Cost of services, excluding items below | 506.4 | 472.5 | 416.2 |
Cost of products sold, excluding items below | 172.5 | 198.1 | 231.5 |
Selling, general and administrative | 218.7 | 219.1 | 204.2 |
Depreciation and amortization | 182.2 | 141.6 | 127.6 |
Restructuring and severance related charges (reversals) | 11.9 | 6 | (0.4) |
Other | 1.1 | 2.5 | 5.5 |
Total operating costs and expenses | 1,092.8 | 1,039.8 | 984.6 |
Operating Income (Loss) | 93 | 128 | 176.9 |
Interest expense | 75.7 | 103.1 | 145.9 |
Loss on extinguishment of debt, net | 19 | 20.9 | 19.6 |
Gain on sale of CyrusOne investment | (157) | (449.2) | (192.8) |
Other (income) expense, net | (7.6) | 2.6 | 5.1 |
Income from continuing operations before income taxes | 162.9 | 450.6 | 199.1 |
Income tax expense (benefit) | 61.1 | 159.8 | 81.4 |
Income from continuing operations | 101.8 | 290.8 | 117.7 |
Income (loss) from discontinued operations, net of tax | 0.3 | 62.9 | (42.1) |
Net income (loss) | 102.1 | 353.7 | 75.6 |
Preferred stock dividends | 10.4 | 10.4 | 10.4 |
Net income applicable to common shareowners | $ 91.7 | $ 343.3 | $ 65.2 |
Basic earnings per common share from continuing operations | $ 2.17 | $ 6.69 | |
Basic earnings (loss) per common share from discontinued operations | 0.01 | 1.50 | |
Basic net earnings per common share | 2.18 | 8.19 | $ 1.56 |
Diluted earnings per common share from continuing operations | 2.17 | 6.68 | |
Diluted earnings (loss) per common share from discontinued operations | 0.01 | 1.49 | |
Diluted net earnings per common share | $ 2.18 | $ 8.17 | $ 1.56 |
Weighted-average common shares outstanding - basic | 42 | 41.9 | 41.7 |
Weighted-average common shares outstanding - diluted | 42.1 | 42 | 41.9 |
Continuing Operations [Member] | |||
Costs and expenses | |||
Depreciation and amortization | $ 182.2 | $ 141.6 | $ 127.6 |
Income tax expense (benefit) | 61.1 | 159.8 | 81.4 |
Income from continuing operations | 101.8 | 290.8 | 117.7 |
Preferred stock dividends | $ 10.4 | $ 10.4 | $ 10.4 |
Basic earnings per common share from continuing operations | $ 2.17 | $ 6.69 | $ 2.57 |
Diluted earnings per common share from continuing operations | $ 2.17 | $ 6.68 | $ 2.56 |
Discontinued Operations [Member] | |||
Revenue | |||
Total revenue | $ 0 | $ 4.4 | $ 132.8 |
Costs and expenses | |||
Selling, general and administrative | 0 | 2.2 | 19.5 |
Depreciation and amortization | 0 | 28.6 | 103.4 |
Total operating costs and expenses | 0 | 39.2 | 193.9 |
Operating Income (Loss) | 0 | (34.8) | (61.1) |
Other (income) expense, net | (0.3) | (2.3) | 2.2 |
Income tax expense (benefit) | 0 | 34.8 | (24) |
Income (loss) from discontinued operations, net of tax | 0.3 | 62.9 | (42.1) |
Preferred stock dividends | $ 0 | $ 0 | $ 0 |
Basic earnings (loss) per common share from discontinued operations | $ 0.01 | $ 1.50 | $ (1.01) |
Diluted earnings (loss) per common share from discontinued operations | $ 0.01 | $ 1.49 | $ (1) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) | $ 102.1 | $ 353.7 | $ 75.6 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains on CyrusOne, net of tax of $36.9 | 68.1 | 0 | 0 |
Foreign currency translation loss | (0.1) | (0.4) | (0.1) |
Defined benefit plans: | |||
Net gain (loss) arising from remeasurement during the period, net of tax of $3.6, ($3.4), ($25.0) | 6.6 | (6.6) | (45.4) |
Amortization of prior service benefits included in net income, net of tax of ($5.2), ($5.5), ($5.4) | (9.4) | (9.8) | (9.8) |
Amortization of net actuarial loss included in net income, net of tax of $8.5, $10.8, $8.0 | 15.5 | 19.5 | 14.7 |
Reclassification adjustment for curtailment loss included in net income, net of tax of $0.1 | 0 | 0.2 | 0 |
Total other comprehensive income (loss), net of tax | 80.7 | 2.9 | (40.6) |
Total comprehensive income | $ 182.8 | $ 356.6 | $ 35 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income Parenthetical - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrealized gains on CyrusOne, tax | $ 36.9 | $ 0 | $ 0 |
Net gain (loss) arising from remeasurement during the period, tax | 3.6 | (3.4) | (25) |
Amortization of prior service benefits included in net income, tax | (5.2) | (5.5) | (5.4) |
Amortization of net actuarial loss included in net income, tax | 8.5 | 10.8 | 8 |
Reclassification adjustment for curtailment loss included in net income, tax | $ 0 | $ 0.1 | $ 0 |
Consolidated Statements of Shar
Consolidated Statements of Shareowners' Deficit - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | $ (298.2) | $ (648.5) | $ (298.2) | $ (648.5) | $ (676.7) | ||
Net income (loss) | $ (1.3) | $ 7 | $ 32.6 | $ 49.2 | 102.1 | 353.7 | 75.6 |
Other comprehensive income (loss) | 80.7 | 2.9 | (40.6) | ||||
Shares issued under employee plans | 3.6 | 0.1 | 1.4 | ||||
Shares purchased under employee plans and other | 0.2 | (0.1) | (1.1) | ||||
Stock-based compensation | $ 5.1 | $ 4.1 | $ 3.3 | ||||
Repurchase and retirement of shares | 0.2 | 0 | 0 | ||||
Stock Repurchased and Retired During Period, Value | $ (4.8) | ||||||
Dividends on preferred stock | (10.4) | $ (10.4) | $ (10.4) | ||||
Balance | $ (121.7) | $ (298.2) | $ (121.7) | $ (298.2) | $ (648.5) | ||
Preferred Stock [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | ||
Balance | $ 129.4 | $ 129.4 | $ 129.4 | $ 129.4 | $ 129.4 | ||
Balance | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | ||
Balance | $ 129.4 | $ 129.4 | $ 129.4 | $ 129.4 | $ 129.4 | ||
Common Stock [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 42 | 41.9 | 42 | 41.9 | 41.7 | ||
Balance | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | ||
Shares issued under employee plans | 0.3 | 0.1 | 0.2 | ||||
Shares issued under employee plans | $ 0 | $ 0 | $ 0 | ||||
Shares purchased under employee plans and other | 0 | 0 | 0 | ||||
Shares purchased under employee plans and other | $ 0 | $ 0 | $ 0 | ||||
Stock-based compensation | 0 | 0 | 0 | ||||
Stock-based compensation | $ 0 | $ 0 | $ 0 | ||||
Repurchase and retirement of shares | (0.2) | ||||||
Stock Repurchased and Retired During Period, Value | $ 0 | ||||||
Balance | 42.1 | 42 | 42.1 | 42 | 41.9 | ||
Balance | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | $ 0.4 | ||
Additional Paid-in Capital [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 2,577.7 | 2,584.6 | 2,577.7 | 2,584.6 | 2,592.3 | ||
Shares issued under employee plans | 3.6 | 0.1 | 1.4 | ||||
Shares purchased under employee plans and other | (0.3) | (0.7) | (2) | ||||
Stock-based compensation | 5.1 | 4.1 | 3.3 | ||||
Stock Repurchased and Retired During Period, Value | (4.8) | ||||||
Dividends on preferred stock | (10.4) | (10.4) | (10.4) | ||||
Balance | 2,570.9 | 2,577.7 | 2,570.9 | 2,577.7 | 2,584.6 | ||
Retained Earnings [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | (2,834.2) | (3,187.9) | (2,834.2) | (3,187.9) | (3,263.5) | ||
Net income (loss) | 102.1 | 353.7 | 75.6 | ||||
Balance | (2,732.1) | (2,834.2) | (2,732.1) | (2,834.2) | (3,187.9) | ||
AOCI Attributable to Parent [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | $ (171) | $ (173.9) | (171) | (173.9) | (133.3) | ||
Other comprehensive income (loss) | 80.7 | 2.9 | (40.6) | ||||
Balance | $ (90.3) | $ (171) | $ (90.3) | $ (171) | $ (173.9) | ||
Treasury Stock [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | (0.1) | (0.1) | (0.1) | (0.1) | (0.1) | ||
Balance | $ (0.5) | $ (1.1) | $ (0.5) | $ (1.1) | $ (2) | ||
Shares issued under employee plans | 0 | 0 | 0 | ||||
Shares issued under employee plans | $ 0 | $ 0 | $ 0 | ||||
Shares purchased under employee plans and other | 0.1 | 0 | 0 | ||||
Shares purchased under employee plans and other | $ 0.5 | $ 0.6 | $ 0.9 | ||||
Stock-based compensation | 0 | 0 | 0 | ||||
Stock-based compensation | $ 0 | $ 0 | $ 0 | ||||
Balance | 0 | (0.1) | 0 | (0.1) | (0.1) | ||
Balance | $ 0 | $ (0.5) | $ 0 | $ (0.5) | $ (1.1) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net income (loss) | $ 102.1 | $ 353.7 | $ 75.6 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 182.2 | 170.2 | 231 |
Loss on extinguishment of debt | 19 | 20.9 | 19.6 |
Gain on sale of CyrusOne investment | (157) | (449.2) | (192.8) |
Impairment of assets | 0 | 0 | 12.1 |
Provision for loss on receivables | 9.4 | 8.5 | 10.4 |
Noncash portion of interest expense | 3.3 | 4.6 | 6.2 |
Deferred income tax expense, including valuation allowance change | 59.4 | 184.5 | 47.4 |
Pension and other postretirement payments in excess of expense | (8.3) | (11.5) | (25.7) |
Deferred gain on sale of wireless spectrum licenses - discontinued operations | 0 | (112.6) | 0 |
Amortization of deferred gain - discontinued operations | 0 | (6.5) | (22.9) |
Stock-based compensation | 5.1 | 4.1 | 3.3 |
Gain on transfer of lease obligations - discontinued operations | 0 | (15.9) | 0 |
Other, net | (3.7) | 3.1 | 10.5 |
Changes in operating assets and liabilities, net of effects of divestitures: | |||
Increase in receivables | (18.3) | (1.9) | (23.7) |
(Increase) decrease in inventory, materials, supplies, prepaid expenses and other current assets | (6.2) | 3.6 | (7.2) |
(Decrease) increase in accounts payable | (13.1) | (17) | 38.7 |
Decrease in accrued and other current liabilities | (3) | (30.6) | (0.8) |
(Increase) decrease in other noncurrent assets | (1.3) | 1.5 | 0.7 |
Increase (decrease) in other noncurrent liabilities | 3.6 | 1.4 | (7.2) |
Net cash provided by operating activities | 173.2 | 110.9 | 175.2 |
Cash flows from investing activities | |||
Capital expenditures | (286.4) | (283.6) | (182.3) |
Proceeds from sale of CyrusOne investment | 189.7 | 643.9 | 355.9 |
Dividends received from CyrusOne (equity method investment) | 2.1 | 22.2 | 28.4 |
Proceeds from sale of wireless spectrum licenses | 0 | 0 | 194.4 |
Other, net | (0.9) | 0.7 | (3.8) |
Net cash (used in) provided by investing activities | (95.5) | 383.2 | 392.6 |
Cash flows from financing activities | |||
Proceeds from issuance of long-term debt | 635 | 0 | 0 |
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | 71.9 | (1.6) | (127) |
Repayment of debt | (759.3) | (531.7) | (376.5) |
Debt issuance costs | (11.1) | (0.4) | (0.9) |
Dividends paid on preferred stock | (10.4) | (10.4) | (10.4) |
Common stock repurchase | (4.8) | 0 | 0 |
Other, net | 3.3 | (0.5) | 0.3 |
Net cash used in financing activities | (75.4) | (544.6) | (514.5) |
Net increase (decrease) in cash and cash equivalents | 2.3 | (50.5) | 53.3 |
Cash and cash equivalents at beginning of year | 7.4 | 57.9 | 4.6 |
Cash and cash equivalents at end of year | $ 9.7 | $ 7.4 | $ 57.9 |
Description of Business and Acc
Description of Business and Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Accounting Policies [Text Block] | Description of Business and Accounting Policies Description of Business — Cincinnati Bell Inc. and its consolidated subsidiaries ("Cincinnati Bell", "we", "our", "us" or the "Company") provides diversified telecommunications and technology services. The Company generates a large portion of its revenue by serving customers in the Greater Cincinnati and Dayton, Ohio areas. An economic downturn or natural disaster occurring in this, or a portion of this, limited operating territory could have a disproportionate effect on our business, financial condition, results of operations and cash flows compared to similar companies of a national scope and similar companies operating in different geographic areas. As of December 31, 2016, we operate our business through the following segments: Entertainment and Communications and IT Services and Hardware. The company has 3,400 employees as of December 31, 2016, and approximately 30% of its employees are covered by a collective bargaining agreement with Communications Workers of America (“CWA”) that will be in effect through May 12, 2018. Basis of Presentation — The consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") and, in the opinion of management, include all adjustments necessary for a fair presentation of the results of operations, comprehensive income, financial position and cash flows for each period presented. On October 4, 2016, the Company filed an amendment to its Amended and Restated Articles of Incorporation to affect a one-for-five reverse split of its issued common stock (the “Reverse Split”) which had the effect of reducing the number of issued shares of common stock from 210,275,005 to 42,055,001 , effective as of 11:59 pm on October 4, 2016. Any fractional shares of common stock resulting from the Reverse Split were settled in cash equal to the fraction of a share to which the holder was entitled. As a result of the Reverse Split, the Company reduced total par value from common stock by $1.7 million and increased the additional paid-in capital by the same amount for the reporting periods. All shares of common stock, stock options, the conversion rate of preferred stock and per share information presented in the consolidated financial statements have been adjusted to reflect the Reverse Split on a retroactive basis for all periods presented and all share information is rounded down to the nearest whole share after reflecting the Reverse Split. Basis of Consolidation — The consolidated financial statements include the consolidated accounts of Cincinnati Bell Inc. and its majority-owned subsidiaries over which it exercises control. Intercompany accounts and transactions have been eliminated in the consolidated financial statements. Investments over which the Company exercises significant influence are recorded under the equity method. Recast of Financial Information for Discontinued Operations — In the second quarter of 2014, we entered into agreements to sell our wireless spectrum licenses and certain other assets related to our wireless business. The agreement to sell our wireless spectrum licenses closed on September 30, 2014, for cash proceeds of $194.4 million . Simultaneously, we entered into a separate agreement to use certain spectrum licenses for $8.00 until we no longer provided wireless service. Effective March 31, 2015, all wireless subscribers were migrated off our network and we ceased providing wireless services and operations. Certain wireless tower lease obligations and other assets were transferred to the acquiring company on April 1, 2015. The closing of our wireless operations represents a strategic shift in our business. Therefore, certain wireless assets, liabilities and results of operations are reported as discontinued operations in our financial statements. Accordingly, the Company recast 2015 and 2014 results with the exception of the Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareowners' Deficit and Consolidated Statements of Cash Flows. See Note 16 for all required disclosures. Use of Estimates — The preparation of financial statements in conformity with generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. Significant items subject to such estimates and judgments include: the carrying value of property, plant and equipment; the valuation of insurance and claims liabilities; the valuation of allowances for receivables and deferred income taxes; reserves recorded for income tax exposures; the valuation of asset retirement obligations; assets and liabilities related to employee benefits; and the valuation of goodwill. In the normal course of business, the Company is also subject to various regulatory and tax proceedings, lawsuits, claims and other matters. The Company believes adequate provision has been made for all such asserted and unasserted claims in accordance with GAAP. Such matters are subject to many uncertainties and outcomes that are not predictable with assurance. Cash and Cash Equivalents — Cash consists of funds held in bank accounts. Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Receivables — Receivables consist principally of trade receivables from customers and are generally unsecured and due within 21 - 90 days. The Company has receivables with one customer, General Electric Company ("GE"), that makes up 21% and 22% of the outstanding accounts receivable balance at December 31, 2016 and 2015 , respectively. Unbilled receivables arise from services rendered but not yet billed. As of December 31, 2016 and 2015 , unbilled receivables totaled $14.5 million and $14.0 million , respectively. Expected credit losses related to trade receivables are recorded as an allowance for uncollectible accounts in the Consolidated Balance Sheets. The Company establishes the allowances for uncollectible accounts using percentages of aged accounts receivable balances to reflect the historical average of credit losses as well as specific provisions for certain identifiable, potentially uncollectible balances. When internal collection efforts on accounts have been exhausted, the accounts are written off and the associated allowance for uncollectible accounts is reduced. Inventory, Materials and Supplies — Inventory, materials and supplies consists of network components, various telephony and IT equipment to be sold to customers, maintenance inventories, and other materials and supplies, which are carried at the lower of average cost or market. Property, Plant and Equipment — Property, plant and equipment is stated at original cost and presented net of accumulated depreciation and impairment losses. Maintenance and repairs are charged to expense as incurred while improvements, which extend an asset's useful life or increase its functionality, are capitalized and depreciated over the asset's remaining life. The majority of the Entertainment and Communications network property, plant and equipment used to generate its voice and data revenue is depreciated using the group method, which develops a depreciation rate annually based on the average useful life of a specific group of assets rather than for each individual asset as would be utilized under the unit method. Provision for depreciation of other property, plant and equipment, except for leasehold improvements, is based on the straight-line method over the estimated economic useful life. Depreciation of leasehold improvements is based on a straight-line method over the lesser of the economic useful life of the asset or the term of the lease, including optional renewal periods if renewal of the lease is reasonably assured. Additions and improvements, including interest and certain labor costs incurred during the construction period, are capitalized. The Company records the fair value of a legal liability for an asset retirement obligation in the period it is incurred. The estimated removal cost is initially capitalized and depreciated over the remaining life of the underlying asset. The associated liability is accreted to its present value each period. Once the obligation is ultimately settled, any difference between the final cost and the recorded liability is recognized as gain or loss on disposition. Goodwill — Goodwill represents the excess of the purchase price consideration over the fair value of net assets acquired and recorded in connection with business acquisitions. Goodwill is generally allocated to reporting units one level below business segments. Goodwill is tested for impairment on an annual basis or when events or changes in circumstances indicate that such assets may be impaired. If the net book value of the reporting unit exceeds its fair value, an impairment loss may be recognized. An impairment loss is measured as the excess of the carrying value of goodwill of a reporting unit over its implied fair value. The implied fair value of goodwill represents the difference between the fair value of the reporting unit and the fair value of all the assets and liabilities of that unit, including any unrecognized intangible assets. Long-Lived Assets — Management reviews the carrying value of property, plant and equipment and other long-lived assets, including intangible assets with definite lives, when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss is recognized when the estimated future undiscounted cash flows expected to result from the use of an asset (or group of assets) and its eventual disposition is less than its carrying amount. An impairment loss is measured as the amount by which the asset’s carrying value exceeds its estimated fair value. Long-lived intangible assets are amortized based on the estimated economic value generated by the asset in future years. Investment in CyrusOne — On January 24, 2013, we completed the initial public offering ("IPO") of CyrusOne Inc. ("CyrusOne"), which owns and operates our former Data Center Colocation business. CyrusOne conducts its data center business through CyrusOne LP, an operating partnership. Effective with the IPO, we retained ownership of approximately 1.9 million shares, or 8.6% , of CyrusOne's common stock and were a limited partner in CyrusOne LP, owning approximately 42.6 million , or 66% , of its partnership units. We effectively owned 69% of CyrusOne and continued to have significant influence over the entity, but we did not control its operations. Therefore, effective January 24, 2013, we no longer included the accounts of CyrusOne in our consolidated financial statements, but accounted for our ownership in CyrusOne as an equity method investment. From the date of IPO, we recognized our proportionate share of CyrusOne's net income or loss as non-operating income or expense in our Consolidated Statement of Operations through December 31, 2015. For the period January 1, 2013 through January 23, 2013, we consolidated CyrusOne's operating results. On December 31, 2015, we exchanged our remaining 6.3 million operating partnership units in CyrusOne LP for an equal number of newly issued shares of common stock of CyrusOne Inc. As a result, our 9.5% ownership in CyrusOne, which consisted of 6.9 million common shares, no longer constituted significant influence over the entity. Effective January 1, 2016, our investment in CyrusOne was no longer accounted for using the equity method. Dividends declared by CyrusOne in 2016 totaled $6.4 million and were included in "Other (income) expense, net" in the Consolidated Statement of Operations. As of December 31, 2016 , we held 2.8 million shares of CyrusOne Inc. common stock valued at $128.0 million which are accounted for as available-for-sale securities. As of December 31, 2016, "Investment in CyrusOne" on the Consolidated Balance Sheets has been recorded at fair value, which was determined based on closing market price of CyrusOne at December 31, 2016 . This investment is classified as Level 1 in the fair value hierarchy. Unrealized gains and losses on our investment in CyrusOne are included in "Accumulated other comprehensive loss", net of taxes on the Consolidated Balance Sheets. At December 31, 2016, gross unrealized gains totaled $105.0 million . When evaluating the investments for other-than-temporary impairment, the Company reviews such factors as the financial condition of the issuer, severity and duration of the fair value decline and evaluation of factors that could cause the investment to have an other-than-temporary decline in fair value. During the year ended December 31, 2016 the Company did not recognize any impairment charges related to Investment in CyrusOne. Equity Method Investments — During 2014, we invested a total of $5.5 million in other entities, which are accounted for as equity method investments and the carrying value has been recorded within “Other noncurrent assets” in the Consolidated Balance Sheets. The Company's proportionate share of the investments’ net loss had a minimal impact on our Consolidated Statement of Operations in 2014, 2015 and 2016. Equity method investments are tested for impairment on an annual basis or when events or changes in circumstances indicate that such assets may be impaired. Cost Method Investments — Certain of our cost method investments do not have readily determinable fair values. The carrying value of these investments was $3.4 million and $3.0 million as of December 31, 2016 and 2015, respectively, and was included in "Other noncurrent assets" in the Consolidated Balance Sheets. Investments are reviewed annually for impairment, or sooner if changes in circumstances indicate the carrying value may not be recoverable. If the carrying value of the investment exceeds its estimated fair value and the decline in value is determined to be other-than-temporary, an impairment loss is recognized for the difference. The Company estimates fair value using external information and discounted cash flow analysis. Leases — Certain property and equipment are leased. At lease inception, the lease terms are assessed to determine if the transaction should be classified as a capital or operating lease. Treasury Shares — The repurchase of common shares is recorded at purchase cost as treasury shares. Our policy is to retire, either formally or constructively, treasury shares that management anticipates will not be reissued. Upon retirement, the purchase cost of the treasury shares that exceeds par value is recorded as a reduction to “Additional paid-in capital” in the Consolidated Balance Sheets. Revenue Recognition — We apply the revenue recognition principles described in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic ("ASC") 605, “Revenue Recognition.” Under ASC 605, revenue is recognized when there is persuasive evidence of a sale arrangement, delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. With respect to arrangements with multiple deliverables, management determines whether more than one unit of accounting exists in an arrangement. To the extent that the deliverables are separable into multiple units of accounting, total consideration is allocated to the individual units of accounting based on their relative fair value, determined by the price of each deliverable when it is regularly sold on a stand-alone basis. Revenue is recognized for each unit of accounting as delivered, or as service is performed, depending on the nature of the deliverable comprising the unit of accounting. The Company has sales with one customer, GE, that contributed 12% to total revenue in each of 2016 and 2015, and 14% in 2014. Revenue derived from foreign operations is less than 1% of consolidated revenue. Entertainment and Communications — Revenues from local telephone, special access, internet product and video services, which are billed monthly prior to performance of service, are not recognized upon billing or cash receipt but rather are deferred until the service is provided. Long distance, switched access and other usage based charges are billed monthly in arrears. Entertainment and Communications bills service revenue in regular monthly cycles, which are spread throughout the days of the month. As the last day of each billing cycle rarely coincides with the end of the reporting period for usage-based services such as long distance and switched access, we must estimate service revenues earned but not yet billed. These estimates are based upon historical usage, and we adjust these estimates during the period in which actual usage is determinable, typically in the following reporting period. Pricing of local voice services is generally subject to oversight by both state and federal regulatory commissions. Such regulation also covers services, competition, and other public policy issues. Various regulatory rulings and interpretations could result in increases or decreases to revenue in future periods. IT Services and Hardware — Services are generally recognized as the service is provided. Maintenance on telephony equipment is deferred and recognized ratably over the term of the underlying customer contract, generally one to three years. Equipment revenue is recognized upon the completion of our contractual obligations, such as shipment, delivery, or customer acceptance. Installation service revenue is generally recognized when installation is complete. We sell equipment and installation services on both a combined and standalone basis. The Company is a reseller of IT and telephony equipment. For these transactions, we consider the gross versus net revenue recording criteria of ASC 605. Based on this criteria, these equipment revenues and associated costs have generally been recorded on a gross basis rather than recording the revenues net of the associated costs. Vendor rebates are earned on certain equipment sales. When the rebate is earned and the amount is determinable, we recognize the rebate as an offset to cost of products sold. Discontinued Operations — Postpaid wireless and reciprocal compensation were billed monthly in arrears. Service revenue was billed in regular monthly cycles, which were spread throughout the days of the month. As the last day of each billing cycle rarely coincided with the end of the reporting period for usage-based services such as postpaid wireless, we estimated service revenues earned but not yet billed. Our estimates were based upon historical usage, and we adjusted these estimates during the period in which actual usage was determinable, typically in the following reporting period. Revenue from prepaid wireless service, which was collected in advance, was not recognized upon billing or cash receipt but rather deferred until the service was provided. Wireless handset revenue and the related activation revenue were recognized when the products were delivered to and accepted by the customer, as this was considered to be a separate earnings process from the sale of wireless services. Wireless equipment costs were also recognized upon handset sale and were generally in excess of the related handset and activation revenue. Revenue from termination fees was recognized when collection was deemed reasonably assured. Advertising Expenses — Costs related to advertising are expensed as incurred. Advertising costs were $9.5 million , $8.3 million , and $7.2 million in 2016 , 2015 , and 2014 , respectively. Legal Expenses — In the normal course of business, the Company is involved in various claims and legal proceedings. Legal costs incurred in connection with loss contingencies are expensed as incurred. Legal claim accruals are recorded once determined to be both probable and estimable. Income, Operating, and Regulatory Taxes Income taxes — The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction as well as various foreign, state and local jurisdictions. The provision for income taxes is based upon income in the consolidated financial statements, rather than amounts reported on the income tax return. The income tax provision consists of an amount for taxes currently payable and an amount for tax consequences deferred to future periods. Deferred investment tax credits are amortized as a reduction of the provision for income taxes over the estimated useful lives of the related property, plant and equipment. Deferred income taxes are provided for temporary differences between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at rates then in effect. Valuation allowances are recorded to reduce deferred tax assets to amounts that are more likely than not to be realized. The ultimate realization of the deferred income tax assets depends upon the ability to generate future taxable income during the periods in which basis differences and other deductions become deductible and prior to the expiration of the net operating loss carryforwards. Previous tax filings are subject to normal reviews by regulatory agencies until the related statute of limitations expires. Operating taxes — Certain operating taxes such as property, sales, use, and gross receipts taxes are reported as expenses in operating income primarily within cost of services. These taxes are not included in income tax expense because the amounts to be paid are not dependent on our level of income. Liabilities for audit exposures are established based on management's assessment of the probability of payment. The provision for such liabilities is recognized as either property, plant and equipment, operating tax expense, or depreciation expense depending on the nature of the audit exposure. Upon resolution of an audit, any remaining liability not paid is released against the account in which it was originally recorded. Regulatory taxes — The Company incurs federal and state regulatory taxes on certain revenue producing transactions. We are permitted to recover certain of these taxes by billing the customer; however, collections cannot exceed the amount due to the federal regulatory agency. These federal regulatory taxes are presented in sales and cost of services on a gross basis because, while the Company is required to pay the tax, it is not required to collect the tax from customers and, in fact, does not collect the tax from customers in certain instances. The amounts recorded as revenue for 2016 , 2015 , and 2014 were $16.3 million , $15.5 million , and $15.2 million , respectively. The amounts expensed for 2016 , 2015 , and 2014 were $17.5 million , $17.9 million , and $16.4 million , respectively. We record all other federal taxes collected from customers on a net basis. Stock-Based Compensation — Compensation cost is recognized for all share-based awards to employees and non-employee directors. We value all share-based awards to employees at fair value on the date of grant and expense this amount over the required service period, generally defined as the applicable vesting period. For awards which contain a performance condition, compensation expense is recognized over the service period, when achievement of the performance condition is deemed probable. The fair value of stock options and stock appreciation rights is determined using the Black-Scholes option-pricing model using assumptions such as volatility, risk-free interest rate, holding period and dividends. The fair value of stock awards is based on the Company’s closing share price on the date of grant. For all share-based payments, an assumption is also made for the estimated forfeiture rate based on the historical behavior of employees. The forfeiture rate reduces the total fair value of the awards to be recognized as compensation expense. Our accounting policy for graded vesting awards is to recognize compensation expense on a straight-line basis over the vesting period. We have also granted employee awards to be ultimately paid in cash which are indexed to the change in the Company’s common stock price. These awards are adjusted to the fair value of the Company's common stock, and the adjusted fair value is expensed on a pro-rata basis over the vesting period. When an award is granted to an employee who is retirement eligible, the compensation cost is recognized over the service period up to the date that the employee first becomes eligible to retire. Pension and Postretirement Benefit Plans — The Company maintains qualified and non-qualified defined benefit pension plans, and also provides postretirement healthcare and life insurance benefits for eligible employees. We recognize the overfunded or underfunded status of the defined benefit pension and other postretirement benefit plans as either an asset or liability. Changes in the funded status of these plans are recognized as a component of comprehensive income (loss) in the year they occur. Pension and postretirement healthcare and life insurance benefits earned during the year and interest on the projected benefit obligations are accrued and recognized currently in net periodic benefit cost. Prior service costs and credits are amortized over the average life expectancy of participants or remaining service period, based upon whether plan participants are mostly retirees or active employees. Net gains or losses resulting from differences between actuarial experience and assumptions or from changes in actuarial assumptions are recognized as a component of annual net periodic benefit cost. Unrecognized actuarial gains or losses that exceed 10% of the projected benefit obligation are amortized on a straight-line basis over the average remaining service life of active employees for the pension and bargained postretirement plans (approximately 9 - 13 years) and average life expectancy of retirees for the management postretirement plan (approximately 17 years). Business Combinations — In accounting for business combinations, we apply the accounting requirements of ASC 805, “Business Combinations,” which requires the recording of net assets of acquired businesses at fair value. In developing estimates of fair value of acquired assets and assumed liabilities, management analyzes a variety of factors including market data, estimated future cash flows of the acquired operations, industry growth rates, current replacement cost for fixed assets, and market rate assumptions for contractual obligations. Such a valuation requires management to make significant estimates and assumptions, particularly with respect to the intangible assets. In addition, contingent consideration is presented at fair value at the date of acquisition. Transaction costs are expensed as incurred. Fair Value Measurements — Fair value of financial and non-financial assets and liabilities is defined as the price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is utilized to measure certain investments on a recurring basis. Fair value measurements are also utilized to determine the initial value of assets and liabilities acquired in a business combination, to perform impairment tests, and for disclosure purposes. Management uses quoted market prices and observable inputs to the maximum extent possible when measuring fair value. In the absence of quoted market prices or observable inputs, fair value is determined using valuation models that incorporate assumptions that a market participant would use in pricing the asset or liability. Fair value measurements are classified within one of three levels, which prioritize the inputs used in the methodologies of measuring fair value for assets and liabilities, as follows: Level 1 — Quoted market prices for identical instruments in an active market; Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs); and Level 3 — Unobservable inputs that reflect management's determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including our own data. Foreign Currency Translation and Transactions — The financial position of foreign subsidiaries is translated at the exchange rates in effect at the end of the period, while revenues and expenses are translated at average rates of exchange during the period. Gains or losses from translation of foreign operations where the local currency is the functional currency are included as components of accumulated other comprehensive income. Gains and losses arising from foreign currency transactions are recorded in other income (expense) in the period incurred. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2016 | |
Recently Issued Accounting Standards [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Standards In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard also includes expanded disclosure requirements that result in an entity providing users of financial statements with comprehensive information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the entity’s contracts with customers. In August 2015, ASU 2015-14 was issued deferring the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2017 with an optional early application date for annual reporting periods beginning after December 15, 2016. The Company will adopt the standard and all subsequent amendments in the first quarter of the fiscal year ending December 31, 2018. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). We currently anticipate adopting the standard using the full retrospective method to restate each prior reporting period presented. Our ability to adopt using the full retrospective method is dependent on the successful and timely implementation of a revenue software application that has been procured from a third-party provider and the completion of our analysis of information necessary to restate prior period financial statements. While we are continuing to assess all potential impacts of the standard, we currently believe the standard will not have a material impact on our consolidated financial statements with the possible exception of our gross treatment of hardware revenue. ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations and was not intended to change the historical presentation of value added resellers as gross, however there appears to be diversity in opinion based on facts and circumstances. We will continue to monitor discussions by the Transition Resource Group and the FASB throughout 2017. The FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern in August 2014. This standard update provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The standard is effective for us for the fiscal year ending December 31, 2016. The adoption of this pronouncement did not have a material impact on our financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in the financial statements. Specifically, this amendment requires that costs associated with the issuance of debt be presented on the balance sheet as a direct deduction from the related debt liability. The Company retrospectively adopted the amended standard effective January 1, 2016. The adoption resulted in a prior period adjustment due to a change in accounting principle. The Consolidated Balance Sheet for the period ending December 31, 2015 has been restated to reflect this change in accounting principle. Note issuance costs of $8.0 million were reclassed from “Other noncurrent assets” to “Long-term debt, less current portion.” On the effective date of ASU 2015-03, the Company made a one-time policy election to record costs incurred in connection with obtaining revolving credit agreements as an asset and to amortize these costs ratably over the term of the agreement. This accounting treatment is consistent with how deferred financing costs were accounted for prior to adoption of ASU 2015-03. Note 6 has been updated to reflect the adjustment. The FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which amends the guidance in GAAP on the classification and measurement of financial instruments in January 2016. The amended guidance requires entities to carry all investments in equity securities at fair value through net income unless the entity has elected the practicability exception to fair value measurement. This standard will be effective for the fiscal year ending December 31, 2018 and will require a cumulative-effect adjustment to beginning retained earnings on this date. The Company is currently in the process of evaluating the impact of adoption of this ASU on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, which represents a wholesale change to lease accounting. The standard introduces a lessee model that brings most leases on the balance sheet as well as aligns certain underlying principles of the new lessor model with those in ASC 606. The new standard is effective for public entities for fiscal years beginning after December 15, 2018, and lessees and lessors are required to use a modified retrospective transition method for existing leases. The Company is in the process of evaluating the impact of adoption of this ASU on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation, which simplifies various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The standard also allows us to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on our cash flows statement, and provides an accounting policy election to account for forfeitures as they occur. The new standard is effective for us beginning January 1, 2017. The primary impact of adoption will be the recognition of excess tax benefits in our provision for income taxes rather than paid-in capital starting in the first quarter of fiscal year 2017. Additional amendments to the accounting for income taxes and minimum statutory withholding tax requirements will have no impact to retained earnings at January 1, 2017, where the cumulative effect of these changes are required to be recorded. We have elected to adopt a company-wide policy change due to the change in accounting principle and will record forfeitures as they are incurred on a go forward basis. As a result of the change in accounting principle the cumulative-effect adjustment to retained earnings to account for the accounting policy election is immaterial to the financial statements. We plan to apply the presentation requirements for cash flows related to excess tax benefits retrospectively to all periods presented which is not expected to have a material impact to 2016 net cash provided by operations and 2016 net cash used in financing when presented in 2017. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact to any of the periods presented in our consolidated cash flows statements since such cash flows have historically been presented as a financing activity. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flow - Classification of Certain Cash Receipts and Cash Payments, which amends ASC 230 to add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. The FASB issued the ASU with the intent of reducing diversity in practice. The new standard is effective for public entities for annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company’s consolidated statement of cash flows and plans to adopt the standard effective January 1, 2018. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which eliminates Step 2 from the goodwill impairment test. Under the amended guidance, the Company shall now recognize an impairment charge for the amount by which the carrying value exceeds the reporting unit's fair value. The new standard is effective for public entities for annual reporting periods beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company plans to early adopt the amended guidance effective January 1, 2017 and does not anticipate a significant impact to the financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share [Text Block] | Earnings Per Common Share Basic earnings per common share ("EPS") is based upon the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that would occur upon issuance of common shares for awards under stock-based compensation plans, or conversion of preferred stock, but only to the extent that they are considered dilutive. The following table shows the computation of basic and diluted EPS after consideration of the 1-for-5 reverse stock split that became effective 11:59 p.m. October 4, 2016: Year Ended December 31, 2016 (in millions, except per share amounts) Continuing Operations Discontinued Operations Total Numerator: Net income $ 101.8 $ 0.3 $ 102.1 Preferred stock dividends 10.4 — 10.4 Net income applicable to common shareowners - basic and diluted $ 91.4 $ 0.3 $ 91.7 Denominator: Weighted-average common shares outstanding - basic 42.0 42.0 42.0 Stock-based compensation arrangements 0.1 0.1 0.1 Weighted-average common shares outstanding - diluted 42.1 42.1 42.1 Basic and diluted earnings per common share $ 2.17 $ 0.01 $ 2.18 Year Ended December 31, 2015 (in millions, except per share amounts) Continuing Operations Discontinued Operations Total Numerator: Net income $ 290.8 $ 62.9 $ 353.7 Preferred stock dividends 10.4 — 10.4 Net income applicable to common shareowners - basic and diluted $ 280.4 $ 62.9 $ 343.3 Denominator: Weighted-average common shares outstanding - basic 41.9 41.9 41.9 Stock-based compensation arrangements 0.1 0.1 0.1 Weighted-average common shares outstanding - diluted 42.0 42.0 42.0 Basic earnings per common share $ 6.69 $ 1.50 $ 8.19 Diluted earnings per common share $ 6.68 $ 1.49 $ 8.17 Year Ended December 31, 2014 (in millions, except per share amounts) Continuing Operations Discontinued Operations Total Numerator: Net income $ 117.7 $ (42.1 ) $ 75.6 Preferred stock dividends 10.4 — 10.4 Net income applicable to common shareowners - basic and diluted $ 107.3 $ (42.1 ) $ 65.2 Denominator: Weighted-average common shares outstanding - basic 41.7 41.7 41.7 Stock-based compensation arrangements 0.2 0.2 0.2 Weighted-average common shares outstanding - diluted 41.9 41.9 41.9 Basic earnings per common share $ 2.57 $ (1.01 ) $ 1.56 Diluted earnings per common share $ 2.56 $ (1.00 ) $ 1.56 For the years ended December 31, 2016 , 2015 and 2014, awards under the Company’s stock-based compensation plans for common shares of 0.4 million , 0.7 million and 0.7 million , respectively, were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For all periods presented, preferred stock convertible into 0.9 million common shares was excluded as it was anti-dilutive. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant and Equipment Property, plant and equipment is comprised of the following: December 31, Depreciable Lives (Years) (dollars in millions) 2016 2015 Land and rights-of-way $ 4.3 $ 4.3 20 - Indefinite Buildings and leasehold improvements 173.7 165.0 3 - 40 Network equipment 3,165.7 2,959.3 2 - 50 Office software, furniture, fixtures and vehicles 150.6 131.4 2 - 14 Construction in process 17.0 29.2 n/a Gross value 3,511.3 3,289.2 Accumulated depreciation (2,425.8 ) (2,313.7 ) Property, plant and equipment, net $ 1,085.5 $ 975.5 Depreciation expense on property, plant and equipment totaled $182.0 million , $141.3 million , and $127.2 million in 2016 , 2015 , and 2014 , respectively. In 2016 , approximately 85% , compared to approximately 79% in 2015 and 81% in 2014 , of "Depreciation," as presented in the Consolidated Statements of Operations, was associated with the cost of providing services. There are numerous assets included within network equipment resulting in a range of depreciable lives between 2 and 50 years, the majority of which fall within the range of 7 to 22 years. In 2016, we reduced the estimated useful life of certain set-top boxes and the related software as we upgraded to new technology. In the fourth quarter of 2015, we reduced the useful life of our copper assets from 15 years to 7 years as customers have continued to migrate to services provided by our fiber network. No asset impairment losses were recognized in 2016 or 2015. During the year ended December 31, 2014, the Entertainment and Communications segment recognized an asset impairment loss of $4.6 million for the abandonment of an internal use software project. As of December 31, 2016 and 2015 , buildings and leasehold improvements, network equipment, and office software, furniture, fixtures and vehicles include $96.8 million and $91.2 million , respectively, of assets accounted for as capital leases. Concurrent with the shut-down of our wireless network as of March 31, 2015, $57.7 million of fully depreciated capital lease assets were transferred to continuing operations as these assets were retained by the Company. These leases were previously reported in discontinued operations as they were still being utilized in our wireless operations. Depreciation of capital lease assets is included in "Depreciation and amortization" in the Consolidated Statements of Operations. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Intangible Assets Goodwill At December 31, 2016 and 2015 , the gross value of goodwill was $14.3 million . A $0.1 million reduction in carrying value was recorded for the year ended December 31, 2015. No impairment losses were recognized in goodwill for the years ended December 31, 2016 or 2015. Intangible Assets Subject to Amortization As of December 31, 2016 and 2015 , intangible assets subject to amortization consisted of customer relationships. For the years ended December 31, 2016 , 2015 , and 2014 , no impairment losses were recognized on intangible assets subject to amortization. Summarized below are the carrying values for the intangible assets subject to amortization: Weighted- Average December 31, 2016 December 31, 2015 Life in Gross Carrying Accumulated Gross Carrying Accumulated (dollars in millions) Years Amount Amortization Amount Amortization Customer relationships - Entertainment and Communications 10 $ 7.0 $ 7.0 $ 7.0 $ 6.8 Amortization expense for intangible assets subject to amortization was $0.2 million in 2016 , $0.3 million in 2015 , and $0.4 million in 2014 . |
Debt and Other Financing Arrang
Debt and Other Financing Arrangements (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instruments [Abstract] | |
Debt and Other Financing Arrangements [Text Block] | Debt and Other Financing Arrangements The Company’s debt consists of the following: December 31, (dollars in millions) 2016 2015 Current portion of long-term debt: Corporate Credit Agreement - Tranche B Term Loan $ — $ 5.4 Capital lease obligations and other debt 7.5 8.4 Current portion of long-term debt 7.5 13.8 Long-term debt, less current portion: Receivables Facility 89.5 17.6 Corporate Credit Agreement - Tranche B Term Loan 315.8 522.5 8 3/8% Senior Notes due 2020 — 478.5 7 1/4% Senior Notes due 2023 22.3 26.3 7 % Senior Notes due 2024 625.0 — Various Cincinnati Bell Telephone notes 87.9 128.7 Capital lease obligations and other debt 62.0 59.9 1,202.5 1,233.5 Net unamortized premium (discount) 8.5 (1.7 ) Unamortized note issuance costs (11.9 ) (8.0 ) Long-term debt, less current portion 1,199.1 1,223.8 Total debt $ 1,206.6 $ 1,237.6 Corporate Credit Agreement Revolving Credit Facility In the fourth quarter of 2012, the Company entered into a new credit agreement ("Corporate Credit Agreement") which provided for a $200.0 million revolving credit facility, with a sublimit of $30.0 million for letters of credit and a $25.0 million sublimit for swingline loans. Effective with the sale of 16.0 million partnership units of CyrusOne, LP in the second quarter of 2014, the amount available under the Corporate Credit Agreement's revolving credit facility was reduced to $150.0 million . However, the Company entered into an Incremental Assumption Agreement to the Company's existing Corporate Credit Agreement in the second quarter of 2015, and effective with the sale of 14.3 million CyrusOne LP operating partnership units in the second quarter of 2015, the aggregate available borrowings on the Corporate Credit Agreement's revolving credit facility was adjusted to $175.0 million . In the second quarter of 2016, the Company amended the Corporate Credit Agreement to reduce the aggregate revolving commitments available under the revolving credit facility to $150.0 million , modify certain financial covenants and related definitions governing leverage ratios and capital expenditures, and extend the maturity date of the revolving credit facility to January 2020. As a result of the amendment, the Company recorded a $1.7 million loss on extinguishment of debt in the second quarter of 2016. Borrowings under the Corporate Credit Agreement's revolving credit facility will be used to provide ongoing working capital and for other general corporate purposes of the Company. Availability under the Corporate Credit Agreement's revolving credit facility is subject to customary borrowing conditions. Borrowings under the Corporate Credit Agreement's revolving credit facility bear interest, at the Company's election, at a rate per annum equal to (i) LIBOR plus the applicable margin or (ii) the base rate plus the applicable margin. The applicable margin for advances under the revolving facility is based on certain financial ratios and ranges between 3.00% and 3.50% for LIBOR rate advances and 2.00% and 2.50% for base rate advances. As of December 31, 2016, the applicable margin was 3.50% for LIBOR rate advances and 2.50% for base rate advances. Base rate is the higher of (i) the bank prime rate, (ii) the one-month LIBOR rate plus 1.00% and (iii) the federal funds rate plus 0.5% . At December 31, 2016 , there were no outstanding borrowings under the Corporate Credit Agreement's revolving credit facility. Amendment for Tranche B Term Loan Facility In the third quarter of 2013, the Company amended and restated its Corporate Credit Agreement to include a $540.0 million Tranche B Term Loan facility ("Tranche B Term Loan") that matures in the third quarter of 2020. The Company received $529.8 million in net proceeds from the Tranche B Term Loan after deducting the original issue discount, fees and expenses. These proceeds were used to redeem all of the Company's $500.0 million 8 1 / 4 % Senior Notes due 2017 ("8 1 / 4 % Senior Notes") in the fourth quarter of 2013 at a redemption price of 104.125% , including payment of accrued interest thereon totaling $20.6 million . The Tranche B Term Loan was issued with 0.75% of original issue discount. Loans under the Tranche B Term Loan bear interest, at the Company's election, at a rate per annum equal to (i) LIBOR (subject to a 1.00% floor) plus 3.00% or (ii) the base rate plus 2.00% . Base rate is the greatest of (a) the bank prime rate, (b) the one-month LIBOR rate plus 1.00% and (c) the federal funds rate plus 0.5% . At December 31, 2016, the interest rate on the outstanding Tranche B Term Loan was 4.00% . In the fourth quarter of 2016, the Company repaid $208.0 million of its outstanding Tranche B Term Loan which resulted in a loss on debt extinguishment of $2.2 million . In accordance with the terms of the amended Corporate Credit Agreement, the Company's ability to make restricted payments, which include share repurchases and common stock dividends, is limited to a total of $15.0 million , with certain permitted exceptions, given that its Consolidated Total Leverage Ratio, as defined by the Corporate Credit Agreement, exceeds 3.50 to 1.00 as of December 31, 2016. The Company may make restricted payments of $45.0 million annually when the Consolidated Total Leverage Ratio is less than or equal to 3.50 to 1.00. There are no dollar limits on restricted payments when the Consolidated Total Leverage Ratio is less than or equal to 3.00 to 1.00. These restricted payment limitations do not impact the Company's ability to make regularly scheduled dividend payments on its 6 3 / 4 % Cumulative Convertible Preferred Stock. Furthermore, the Company may make restricted payments in the form of share repurchases or dividends up to 15% of CyrusOne sale proceeds, subject to a $35.0 million annual cap with carryovers subject to the terms and conditions set forth therein. The Corporate Credit Agreement was also modified to provide that the Tranche B Term Loan participates in mandatory prepayments, subject to the terms and conditions (including with respect to payment priority) set forth in the restated Corporate Credit Agreement. In addition, the Corporate Credit Agreement was modified to provide that 85% , rather than 100% , of proceeds from monetizing any portion of our CyrusOne common stock or CyrusOne LP partnership units, are applied to mandatory prepayments under the restated Corporate Credit Agreement, subject to the terms and conditions set forth therein. Other revisions were also effected pursuant to the amended agreement, including with respect to financial covenant compliance levels. Guarantors and Security Interests, Corporate Credit Agreement (Including Tranche B Term Loan) All existing and future subsidiaries of the Company (other than Cincinnati Bell Telephone Company LLC, Cincinnati Bell Funding LLC (and any other similar special purpose receivables financing subsidiary), Cincinnati Bell Shared Services LLC, Cincinnati Bell Extended Territories LLC, and the Company's joint ventures, subsidiaries prohibited by applicable law from becoming guarantors and foreign subsidiaries) are required to guarantee borrowings under the Corporate Credit Agreement. Debt outstanding under the Corporate Credit Agreement is secured by perfected first priority pledges of and security interests in (i) substantially all of the equity interests of the Company's U.S. subsidiaries (other than subsidiaries of non-guarantors of the Corporate Credit Agreement) and 66% of the equity interests in the first-tier foreign subsidiaries held by the Company and the guarantors under the Corporate Credit Agreement, (ii) certain personal property and intellectual property of the Company and its subsidiaries (other than that of non-guarantors of the Corporate Credit Agreement and certain other excluded property) and (iii) the Company's equity interests in CyrusOne and CyrusOne LP, both of which, together with their respective subsidiaries, are treated as non-subsidiaries of the Company and are not guarantors for purposes of the Corporate Credit Agreement. Borrowings and Commitment Fees, Corporate Credit Agreement As of December 31, 2016 , the Company had no outstanding borrowings under the Corporate Credit Agreement's revolving credit facility, leaving $150.0 million available. As of December 31, 2015, the Company had no outstanding borrowings under the Corporate Credit Agreement's revolving credit facility, leaving $175.0 million available. The Company pays commitment fees for the unused amount of borrowings on the Corporate Credit Agreement and letter of credit fees on outstanding letters of credit. The commitment fees are calculated based on the total leverage ratio and range between 0.250% and 0.500% of the actual daily amount by which the aggregate revolving commitments exceed the sum of outstanding revolving loans and letter of credit obligations. These fees were $0.8 million in 2016 and $0.9 million in 2015 and 2014 . Accounts Receivable Securitization Facility Cincinnati Bell Inc. and certain of its subsidiaries have an accounts receivable securitization facility ("Receivables Facility"), which permits maximum borrowings of up to $120.0 million as of December 31, 2016. CBT, CBET, CBAD, Cincinnati Bell Any Distance of Virginia LLC, CBTS, and eVolve all participate in this facility. Cincinnati Bell Wireless ("CBW") also participated in the facility until it was withdrawn from the agreement during the second quarter of 2015. The available borrowing capacity is calculated monthly based on the quantity and quality of outstanding accounts receivable and thus may be lower than the maximum borrowing limit. At December 31, 2016, the available borrowing capacity was $120.0 million . The transferors sell their respective trade receivables on a continuous basis to Cincinnati Bell Funding LLC ("CBF"), a wholly-owned limited liability company. In turn, CBF grants, without recourse, a senior undivided interest in the pooled receivables to various purchasers, including commercial paper conduits, in exchange for cash while maintaining a subordinated undivided interest in the form of over-collateralization in the pooled receivables. The transferors have agreed to continue servicing the receivables for CBF at market rates; accordingly, no servicing asset or liability has been recorded. In the second quarter of 2016, the Company executed an amendment of its Receivables Facility, which replaced, amended and added certain provisions and definitions to increase the credit availability, renew the facility, which is subject to renewal every 364 days, until May 2017, and extend the facility's termination date to May 2019. During the second quarter of 2015, the Company amended the Receivables Facility to allow CBW to withdraw as a party from the agreement and to be relieved of all of its rights and obligations thereunder. CBW was required to purchase certain receivables that it previously sold to Cincinnati Bell Funding LLC, amounting to $1.7 million . Although CBF is a wholly-owned consolidated subsidiary of the Company, CBF is legally separate from the Company and each of the Company’s other subsidiaries. Upon and after the sale or contribution of the accounts receivable to CBF, such accounts receivable are legally assets of CBF, and, as such, are not available to creditors of other subsidiaries or the parent company. For the purposes of consolidated financial reporting, the Receivables Facility is accounted for as secured financing. Because CBF has the ability to prepay the Receivables Facility at any time by making a cash payment and effectively repurchasing the receivables transferred pursuant to the facility, the transfers do not qualify for "sale" treatment on a consolidated basis under ASC 860, "Transfers and Servicing." Of the total borrowing capacity of $120.0 million at December 31, 2016 , $89.5 million consisted of outstanding borrowings and $6.3 million consisted of outstanding letters of credit. Interest on the Receivables Facility is based on the LIBOR rate plus 1.1% . The average interest rate on the Receivables Facility was 1.3% in 2016. The Company pays letter of credit fees on the securitization facility and also pays commitment fees on the unused portion of the total facility. These fees were $0.8 million in 2016 , 2015 and 2014 . 7 1 / 4 % Notes due 2023 In 1993, the Company issued $50.0 million of 7 1 / 4 % Notes due 2023 ("7 1 / 4 % Notes"). The 7 1 / 4 % Notes rank ratably to the 7% senior notes due 2024 and senior to the CBT Notes. The indenture related to the 7 1 / 4 % Notes does not subject the Company to restrictive financial covenants, but it does contain a covenant providing that if the Company incurs certain liens on its property or assets, the Company must secure the outstanding 7 1 / 4 % Notes equally and ratably with the indebtedness or obligations secured by such liens. The liens under the Corporate Credit Agreement have resulted in the debt outstanding under the 7 1 / 4 % Notes being secured equally and ratably with the obligations secured under the Corporate Credit Agreement. Interest on the 7 1 / 4 % Notes is payable semi-annually on June 15 and December 15. The Company may not call the 7 1 / 4 % Notes prior to maturity. The indenture governing the 7 1 / 4 % Notes provides for customary events of default, including for failure to make any payment when due and for one or more defaults of any other existing debt instruments that exceeds $20.0 million , in the aggregate. During 2015, the Company redeemed $13.7 million of its outstanding 7 1 / 4 % Notes at an average redemption price of 99.853% which resulted in a loss on extinguishment of debt of $0.1 million . The Company also repaid $4.0 million of its 7 1 / 4 % Notes at a redemption price of 100.750% which resulted in a $0.1 million loss on extinguishment of debt during 2016. 7% Senior Notes due 2024 In the third quarter of 2016, the Company issued in a private offering $425.0 million aggregate principal amount of 7% senior notes due 2024 ("7% Senior Notes") at par. The Company issued an additional $200.0 million aggregate principal amount of 7% Senior Notes at a price of 105.000% in the fourth quarter of 2016. The 7% Senior Notes are senior unsecured obligations of the Company, which rank equally in right of payment with all existing and future unsecured senior debt of the Company. The 7% Senior Notes will be effectively subordinated to all existing and future secured indebtedness of the Company to the extent of the value of the assets securing such indebtedness. The 7% Senior Notes are guaranteed on a joint and several basis by certain of the Company’s existing and future domestic subsidiaries. Each such guarantee is a senior unsecured obligation of the applicable guarantor, ranking equally with all existing and future unsecured senior debt of such guarantor and effectively subordinated to all existing and future secured indebtedness of such guarantor to the extent of the value of the assets securing that indebtedness. The 7% Senior Notes are structurally subordinated to all liabilities (including trade payables) of each subsidiary of the Company that does not guarantee the 7% Senior Notes. The 7% Senior Notes bear interest at a rate of 7% per annum, payable semi-annually on January 15 and July 15 of each year, beginning on January 15, 2017, to persons who are registered holders of the 7% Senior Notes on the immediately preceding January 1 and July 1, respectively. The 7% Senior Notes will mature on July 15, 2024. However, prior to September 15, 2019, the Company may, at its option, redeem some or all of the 7% Senior Notes at a redemption price equal to 100% of the principal amount of the 7% Senior Notes, together with accrued and unpaid interest, if any, plus a “make-whole” premium. On or after September 15, 2019, the Company may, at its option, redeem some or all of the 7% Senior Notes at any time at declining redemption prices equal to (i) 105.250% beginning on September 15, 2019, (ii) 103.500% beginning on September 15, 2020, (iii) 101.750% beginning on September 15, 2021 and (iv) 100.000% beginning on September 15, 2022 and thereafter, plus, in each case, accrued and unpaid interest, if any, to the applicable redemption date. In addition, before September 15, 2019, and subject to certain conditions, the Company may, at its option, redeem up to 40% of the aggregate principal amount of 7% Senior Notes with the net proceeds of certain equity offerings at 107.000% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of redemption; provided that (i) at least 60% of the aggregate principal amount of 7% Senior Notes remains outstanding and (ii) the redemption occurs within 180 days of the closing of any such equity offering. The indenture governing the 7% Senior Notes contains covenants including but not limited to the following: limitations on dividends to shareowners and other restricted payments; dividend and other payment restrictions affecting the Company’s subsidiaries such that the subsidiaries are generally not permitted to enter into an agreement that would limit their ability to make dividend payments to the parent; issuance of indebtedness; asset dispositions; transactions with affiliates; liens; investments; issuances and sales of capital stock of subsidiaries; and redemption of debt that is junior in right of payment. The indenture governing the 7% Senior Notes provides for customary events of default, including a cross-default provision for both nonpayment at final maturity or acceleration due to a default of any other existing debt instrument that equals or exceeds $35 million . Cincinnati Bell Telephone Notes In 1998, CBT's predecessor issued $150.0 million in aggregate principal of 6.30% unsecured senior notes due 2028 (the "CBT Notes"), which are guaranteed on a subordinated basis by the Company but not its subsidiaries. The indenture related to the CBT Notes does not subject the Company or CBT to restrictive financial covenants, but it does contain a covenant providing that if CBT incurs certain liens on its property or assets, CBT must secure the outstanding CBT Notes equally and ratably with the indebtedness or obligations secured by such liens. The maturity date of the CBT notes is in 2028, and the CBT Notes may be redeemed at any time at a redemption price equal to the greater of 100% of the principal amount of the CBT Notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest to maturity, plus accrued interest to the redemption date. The indenture governing the CBT Notes provides for customary events of default, including for failure to make any payment when due and for one or more defaults of any other existing debt instruments of the Company or CBT that exceeds $20.0 million , in the aggregate. During 2015, the Company redeemed $5.8 million of its outstanding CBT Notes at an average redemption price of 90.840% which resulted in a gain on extinguishment of debt of $0.5 million . During 2016, the Company redeemed $40.8 million of its CBT Notes at an average redemption price of 92.232% which resulted in a gain on extinguishment of debt of $2.8 million . Capital Lease Obligations Capital lease obligations represent our obligation for certain leased assets, including vehicles and various equipment. These leases generally contain renewal or buyout options. Debt Maturity Schedule The following table summarizes our annual principal maturities of debt and capital leases for the five years subsequent to December 31, 2016 , and thereafter: Capital Total (dollars in millions) Debt Leases Debt Year ended December 31, 2017 $ 0.2 $ 7.3 $ 7.5 2018 — 6.4 6.4 2019 89.5 6.3 95.8 2020 315.8 4.4 320.2 2021 — 3.5 3.5 Thereafter 735.2 41.4 776.6 1,140.7 69.3 1,210.0 Net unamortized premium 8.5 — 8.5 Unamortized note issuance costs (11.9 ) — (11.9 ) Total debt $ 1,137.3 $ 69.3 $ 1,206.6 Total capital lease payments including interest are expected to be $11.8 million for 2017 , $10.5 million for 2018, $10.0 million for 2019, $7.9 million for 2020, $6.7 million for 2021 and $55.7 million thereafter. As of March 31, 2015, $54.5 million of capital lease obligations were retained by the Company in conjunction with discontinuing wireless operations. Deferred Financing Costs Deferred financing costs are costs incurred in connection with obtaining long-term financing and renewing revolving credit agreements. Deferred financing costs are amortized on the effective interest method. The Company incurred deferred financing costs of $9.7 million in 2016 related to the issuance of the 7% Senior Notes. In 2016 and 2015, deferred financing costs incurred for amending and renewing revolving credit agreements were $2.0 million and $0.4 million , respectively. The Company wrote-off deferred financing costs associated with the extinguishment of debt of $5.9 million , $3.7 million and $3.4 million in 2016, 2015 and 2014, respectively. The Company retrospectively adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, effective January 1, 2016. At the time of adoption the Company made a one-time policy election to record costs incurred in connection with obtaining revolving credit agreements as an asset. As of December 31, 2016 and 2015 , deferred financing costs recorded to "Other non-current assets" totaled $2.1 million and $3.2 million , respectively. Amortization of deferred financing costs, included in "Interest expense" in the Consolidated Statements of Operations, totaled $3.0 million in 2016 , $4.1 million in 2015 , and $5.1 million in 2014 . Debt Covenants Corporate Credit Agreement The Corporate Credit Agreement has financial covenants that require the Company to maintain certain leverage and interest coverage ratios and comply with annual limitations on capital expenditures. As of December 31, 2016, these ratios and limitations include a maximum consolidated total leverage ratio of 5.50 , a maximum consolidated senior secured leverage ratio of 3.50 , a minimum consolidated interest coverage ratio of 1.50 and a 2016 maximum capital expenditure limitation of $301.4 million . Capital expenditures are permitted subject to predetermined annual thresholds which are not to exceed $498.6 million in the aggregate over the next three years. In 2016 , capital expenditures for the Company totaled $286.4 million . In addition, the Corporate Credit Agreement contains customary affirmative and negative covenants including, but not limited to, restrictions on the Company's ability to incur additional indebtedness, create liens, pay dividends, make certain investments, prepay other indebtedness, sell, transfer, lease, or dispose of assets and enter into, or undertake, certain liquidations, mergers, consolidations or acquisitions. The Corporate Credit Agreement contains customary events of default (which are in some cases subject to certain exceptions, thresholds and grace periods), including, but not limited to, nonpayment of principal or interest, failure to perform or observe covenants, breaches of representations and warranties, cross-defaults with certain other indebtedness, certain bankruptcy-related events or proceedings, final monetary judgments or orders, ERISA defaults, invalidity of loan documents or guarantees, and certain change of control events. If the Company were to violate any of its covenants and were unable to obtain a waiver, it would be considered a default. If the Company were in default under the Corporate Credit Agreement, no additional borrowings under this facility would be available until the default was waived or cured. The Tranche B Term Loan is subject to the same affirmative and negative covenants and events of default as the Corporate Credit Agreement, except that a breach of the financial covenants will not result in an event of default under the Tranche B Term Loan unless and until the agent or a majority in interest of the lenders under the Corporate Credit Agreement have terminated the commitments under the Corporate Credit Agreement or accelerated the loans then outstanding under the Corporate Credit Agreement in response to such breach. Indentures The Company’s debt is governed by indentures which contain covenants that, among other things, limit the Company’s ability to incur additional debt or liens, pay dividends or make other restricted payments, sell, transfer, lease, or dispose of assets and make investments or merge with another company. One of the financial covenants permits the issuance of additional Indebtedness up to a 5:00 to 1:00 Consolidated Adjusted Senior Debt to EBITDA ratio (as defined by the individual indenture). Once this ratio exceeds 5:00 to 1:00, the Company is not in default; however, additional indebtedness may only be incurred in specified permitted baskets, including a basket which allows $750.0 million of total Corporate Credit Agreement debt. Also, the Company’s ability to make Restricted Payments (as defined by the individual indenture) would be limited, including common stock dividend payments or repurchasing outstanding Company shares. If the Company is under the 5:00 to 1:00 ratio on a pro forma basis, the Company may access its restricted payments basket, which provides the ability to repurchase shares or pay dividends. In addition, the Company may designate one or more of its subsidiaries as Unrestricted (as defined in the various indentures) such that any Unrestricted Subsidiary (as defined in the various indentures) would generally not be subject to the restrictions of these various indentures. However, certain provisions which govern the Company's relationship with Unrestricted Subsidiaries would begin to apply. Extinguished Notes During 2014, the Company redeemed $22.7 million of its outstanding 8 3 / 8 % Senior Notes due 2020 ("8 3 / 8 % Senior Notes") at par which resulted in a $0.2 million loss on extinguishment of debt associated with discontinued operations. During 2015, the Company purchased $182.7 million of its outstanding 8 3 / 8 % Senior Notes at an average redemption price of 105.543% which resulted in recording a loss on extinguishment of debt of $10.9 million . During 2016, the Company repaid the remaining $478.5 million outstanding on the 8 3 / 8 % Senior Notes at an average price of 103.328% , resulting in a $17.8 million loss on extinguishment of debt. In 2014, the Company redeemed $325.0 million of its 8 ¾% Senior Subordinated Notes due 2018 at a redemption price of 104.375% . As a result of the redemption, the Company recorded a debt extinguishment loss of $19.4 million . Additionally, in 2015, the Company redeemed the remaining $300.0 million of outstanding 8 ¾% Senior Subordinated Notes due 2018 at a redemption rate of 102.188% . As a result, the Company recorded a loss on extinguishment of debt of $10.4 million . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies Operating Lease Commitments The Company leases certain circuits, facilities, and equipment used in its operations. Operating lease expense was $9.6 million , $10.1 million and $7.4 million in 2016 , 2015 and 2014 , respectively. In 2015, our retail stores, which were previously used to support our wireless operations, were re-branded to support the growth of our Fioptics suite of products. Rent expense associated with our retail locations totaled $0.6 million and $0.8 million in 2016 and 2015, respectively. Certain facility leases provide for renewal options with fixed rent escalations beyond the initial lease term. At December 31, 2016 , future minimum lease payments required under operating leases having initial or remaining non-cancellable lease terms for the next five years are as follows: (dollars in millions) 2017 $ 4.1 2018 2.9 2019 2.6 2020 2.3 2021 2.2 Thereafter 19.8 Total $ 33.9 Asset Retirement Obligations Asset retirement obligations exist for certain other assets. As of March 31, 2015, certain asset retirement obligations related to our wireless towers were reclassified to continuing operations as the obligations relate to tower leases retained by the Company. The following table presents the activity for the Company’s asset retirement obligations, which are included in "Other noncurrent liabilities" in the Consolidated Balance Sheets: December 31, (dollars in millions) 2016 2015 Balance, beginning of period $ 4.8 $ 1.6 Asset retirement obligations reclassified from discontinued operations — 10.9 Liabilities settled (2.0 ) (5.0 ) Revision to estimated cash flow (1.1 ) (2.9 ) Accretion expense 0.1 0.2 Balance, end of period $ 1.8 $ 4.8 Indemnifications During the normal course of business, the Company makes certain indemnities, commitments, and guarantees under which it may be required to make payments in relation to certain transactions. These include (a) intellectual property indemnities to customers in connection with the use, sale, and/or license of products and services, (b) indemnities to customers in connection with losses incurred while performing services on their premises, (c) indemnities to vendors and service providers pertaining to claims based on negligence or willful misconduct of the Company, (d) indemnities involving the representations and warranties in certain contracts, and (e) outstanding letters of credit which totaled $6.3 million as of December 31, 2016 . In addition, the Company has made contractual commitments to several employees providing for payments upon the occurrence of certain prescribed events. The majority of these indemnities, commitments, and guarantees do not provide for any limitation on the maximum potential for future payments that the Company could be obligated to make. As permitted under Ohio law, the Company has agreements whereby the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company's request in such capacity. The term of the indemnification period is for the lifetime of the officer or director. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits the Company's exposure and enables the Company to recover a portion of any future amounts paid. As a result of the Company's insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is minimal. The Company has no liabilities recorded for these agreements as of December 31, 2016 or 2015 . Purchase Commitments The Company has noncancellable purchase commitments related to certain goods and services. These agreements typically range from one to three years. As of December 31, 2016 and 2015 , the minimum commitments for these arrangements were approximately $191 million and $166 million , respectively. The Company generally has the right to cancel open purchase orders prior to delivery and to terminate the contracts without cause. Litigation Cincinnati Bell and its subsidiaries are subject to various lawsuits, actions, proceedings, claims and other matters asserted under laws and regulations in the normal course of business. We believe the liabilities accrued for legal contingencies in our consolidated financial statements, as prescribed by GAAP, are adequate in light of the probable and estimable contingencies. However, there can be no assurances that the actual amounts required to satisfy alleged liabilities from various legal proceedings, claims, tax examinations, and other matters, and to comply with applicable laws and regulations, will not exceed the amounts reflected in our consolidated financial statements. As such, costs, if any, that may be incurred in excess of those amounts provided as of December 31, 2016 , cannot be reasonably determined. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Disclosures [text block] | Financial Instruments and Fair Value Measurements Fair Value of Financial Instruments The carrying values of our financial instruments do not materially differ from the estimated fair values as of December 31, 2016 and 2015 , except for the Company's long-term debt. The carrying value and fair value of the Company’s long-term debt is as follows: December 31, 2016 December 31, 2015 (dollars in millions) Carrying Value Fair Value Carrying Value Fair Value Long-term debt, including current portion* 1,149.2 1,177.9 1,178.0 1,155.6 *Excludes capital leases and note issuance costs. The fair value of debt instruments was based on closing or estimated market prices of the Company’s debt at December 31, 2016 and 2015 , which is considered Level 2 of the fair value hierarchy. Non-Recurring Fair Value Measurements Certain long-lived assets, intangibles, and goodwill are required to be measured at fair value on a non-recurring basis subsequent to their initial measurement. These non-recurring fair value measurements generally occur when evidence of impairment has occurred. In 2016 and 2015, no assets were remeasured at fair value. During 2014, the following assets were remeasured at fair value in connection with impairment tests: Fair Value Measurements Using (dollars in millions) Year Ended December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impairment Losses Property: Office software, furniture, fixtures, & vehicles (Entertainment and Communications) — — — — $ (4.6 ) Impairment of assets $ (4.6 ) In 2014, certain software projects for our Entertainment and Communications segment were abandoned. These assets had no fair value, as they were no longer being used, resulting in an impairment loss of $4.6 million in 2014. Historically, management used the income approach to determine fair value of the assets, but since the assets will not be used in the future, there are no expected future earnings attributable and the entire value of the assets was impaired. This fair value measurement is considered a Level 3 measurement due to the significance of its unobservable inputs. |
Pension and Postretirement Plan
Pension and Postretirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension and Postretirement Plans [Text Block] | Pension and Postretirement Plans Savings Plans The Company sponsors several defined contribution plans covering substantially all employees. The Company's contributions to the plans are based on matching a portion of the employee contributions. Both employer and employee contributions are invested in various investment funds at the direction of the employee. Employer contributions to the defined contribution plans were $8.4 million , $7.0 million , and $6.4 million in 2016 , 2015 , and 2014 , respectively. Pension and Postretirement Plans The Company sponsors three noncontributory defined benefit pension plans: one for eligible management employees, one for non-management employees, and one supplemental, nonqualified, unfunded plan for certain former senior executives. The management pension plan is a cash balance plan in which the pension benefit is determined by a combination of compensation-based credits and annual guaranteed interest credits. The non-management pension plan is also a cash balance plan in which the combination of service and job-classification-based credits and annual interest credits determine the pension benefit. During the second quarter of 2015, the non-management pension plan was amended to eliminate all future pension credits and transition benefits. As a result, we recognized a curtailment loss of $0.3 million and a $1.7 million reduction to the associated pension obligations. Benefits for the supplemental plan are based on eligible pay, adjusted for age and service upon retirement. We fund both the management and non-management plans in an irrevocable trust through contributions, which are determined using the traditional unit credit cost method. We also use the traditional unit credit cost method for determining pension cost for financial reporting purposes. The Company also provides healthcare and group life insurance benefits for eligible retirees. We fund healthcare benefits and other group life insurance benefits using Voluntary Employee Benefit Association ("VEBA") trusts. It is our practice to fund amounts as deemed appropriate from time to time. Contributions are subject to Internal Revenue Service ("IRS") limitations developed using the traditional unit credit cost method. The actuarial expense calculation for our postretirement health plan is based on numerous assumptions, estimates, and judgments including healthcare cost trend rates and cost sharing with retirees. Retiree healthcare benefits are being phased out for both management and certain retirees. Components of Net Periodic Cost The following information relates to noncontributory defined benefit pension plans, postretirement healthcare plans, and life insurance benefit plans. Approximately 13% in 2016 , 12% in 2015 , and 8% in 2014 of these costs were capitalized to property, plant and equipment related to network construction in the Entertainment and Communications segment. Pension and postretirement benefit costs for these plans were comprised of: Pension Benefits Postretirement and Other Benefits (dollars in millions) 2016 2015 2014 2016 2015 2014 Service cost $ — $ 0.3 $ 1.0 $ 0.3 $ 0.3 $ 0.3 Interest cost on projected benefit obligation 19.3 19.0 21.0 3.3 3.3 4.0 Expected return on plan assets (27.3 ) (29.2 ) (28.1 ) — — — Amortization of: Prior service cost (benefit) 0.1 0.1 0.2 (14.7 ) (15.4 ) (15.4 ) Actuarial loss 19.1 24.9 17.3 4.9 5.4 5.4 Curtailment loss — 0.3 — — — — Pension/postretirement cost (benefit) $ 11.2 $ 15.4 $ 11.4 $ (6.2 ) $ (6.4 ) $ (5.7 ) The following are the weighted-average assumptions used in measuring the net periodic cost of the pension and postretirement benefits: Pension Benefits Postretirement and Other Benefits 2016 2015 2014 2016 2015 2014 Discount rate 3.80 % 3.40 % * 4.20 % 3.70 % 3.40 % 4.10 % Expected long-term rate of return 7.50 % 7.75 % 7.75 % — — — Future compensation growth rate — — — — — — * Discount rate used for the remeasurement of the non-management pension plan in April 2015 was consistent with the discount rate previously established. The expected long-term rate of return on plan assets, developed using the building block approach, is based on the mix of investments held directly by the plans and the current view of expected future returns, which is influenced by historical averages. Changes in actual asset return experience and discount rate assumptions can impact the Company’s operating results, financial position and cash flows. Benefit Obligation and Funded Status Changes in the plans' benefit obligations and funded status are as follows: Postretirement and Other Benefits Pension Benefits (dollars in millions) 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at January 1, $ 530.5 $ 577.3 $ 93.1 $ 109.0 Service cost — 0.3 0.3 0.3 Interest cost 19.3 19.0 3.3 3.3 Actuarial gain (2.7 ) (18.8 ) (4.7 ) (10.9 ) Benefits paid (41.5 ) (47.3 ) (13.1 ) (12.7 ) Retiree drug subsidy received — — 0.6 0.2 Other — — 3.1 3.9 Benefit obligation at December 31, $ 505.6 $ 530.5 $ 82.6 $ 93.1 Change in plan assets: Fair value of plan assets at January 1, $ 378.1 $ 424.3 $ 10.3 $ 11.0 Actual return (loss) on plan assets 30.3 (10.5 ) 0.3 0.1 Employer contributions 5.4 11.6 10.6 11.7 Retiree drug subsidy received — — 0.6 0.2 Benefits paid (41.5 ) (47.3 ) (13.1 ) (12.7 ) Fair value of plan assets at December 31, 372.3 378.1 8.7 10.3 Unfunded status $ (133.3 ) $ (152.4 ) $ (73.9 ) $ (82.8 ) The following are the weighted-average assumptions used in accounting for and measuring the projected benefit obligations: Pension Benefits Postretirement and Other Benefits December 31, December 31, 2016 2015 2016 2015 Discount rate 4.00 % 3.80 % 4.00 % 3.70 % Expected long-term rate of return 7.50 % 7.75 % — — Future compensation growth rate — — — — The assumed healthcare cost trend rate used to measure the postretirement health benefit obligation is shown below: December 31, 2016 2015 Healthcare cost trend 6.5 % 6.5 % Rate to which the cost trend is assumed to decline (ultimate trend rate) 4.5 % 4.5 % Year the rates reach the ultimate trend rate 2021 2020 A one-percentage point change in assumed healthcare cost trend rates would have the following effect on the postretirement benefit costs and obligation: (dollars in millions) 1% Increase 1% Decrease Service and interest costs for 2016 $ 0.2 $ (0.1 ) Postretirement benefit obligation at December 31, 2016 3.2 (2.9 ) The projected benefit obligation is recognized in the Consolidated Balance Sheets as follows: Pension Benefits Postretirement and Other Benefits December 31, December 31, (dollars in millions) 2016 2015 2016 2015 Accrued payroll and benefits (current liability) $ 2.1 $ 2.1 $ 9.4 $ 10.1 Pension and postretirement benefit obligations (noncurrent liability) 131.2 150.3 64.5 72.7 Total $ 133.3 $ 152.4 $ 73.9 $ 82.8 Amounts recognized in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets which have not yet been recognized in net pension costs consisted of the following: Postretirement and Other Benefits Pension Benefits December 31, December 31, (dollars in millions) 2016 2015 2016 2015 Prior service (cost) benefit, net of tax of ($0.1), ($0.1), $10.6, $15.8 $ (0.1 ) $ (0.2 ) $ 19.1 $ 28.6 Actuarial loss, net of tax of ($81.6), ($90.4), ($19.7), ($23.0) (141.8 ) (157.8 ) (34.8 ) (40.9 ) Total $ (141.9 ) $ (158.0 ) $ (15.7 ) $ (12.3 ) Amounts recognized in "Accumulated other comprehensive loss" on the Consolidated Statements of Shareowners’ Deficit and the Consolidated Statements of Comprehensive Income are shown below: Pension Benefits Postretirement and Other Benefits (dollars in millions) 2016 2015 2016 2015 Prior service cost recognized: Reclassification adjustments $ 0.1 $ 0.4 $ (14.7 ) $ (15.4 ) Actuarial (loss) gain recognized: Reclassification adjustments 19.1 24.9 4.9 5.4 Actuarial gain (loss) arising during the period 5.7 (20.9 ) 4.5 10.9 The following amounts currently included in "Accumulated other comprehensive loss" are expected to be recognized in 2017 as a component of net periodic pension and postretirement cost: Pension Benefits Postretirement and Other Benefits (dollars in millions) Prior service benefit $ — $ (4.5 ) Actuarial loss 16.5 4.3 Total $ 16.5 $ (0.2 ) Plan Assets, Investment Policies and Strategies The primary investment objective for the trusts holding the assets of the pension and postretirement plans is preservation of capital with a reasonable amount of long-term growth and income without undue exposure to risk. This is provided by a balanced strategy using fixed income and equity securities. The target allocations for the pension plan assets are 65% equity securities and 35% investment grade fixed income securities. Equity securities are primarily held in the form of passively managed funds that seek to track the performance of a benchmark index. Equity securities include investments in growth and value common stocks of companies located in the United States, which represents approximately 60% of the equity securities held by the pension plans at December 31, 2016 as well as stock of international companies located in both developed and emerging markets around the world. Fixed income securities primarily include holdings of funds, which generally invest in a variety of intermediate and long-term investment grade corporate bonds from diversified industries. The postretirement plan assets are currently invested in a group insurance contract. The fair values of the pension plan assets at December 31, 2016 and 2015 by asset category are as follows: (dollars in millions) December 31, 2016 Quoted Prices in active markets Level 1 Significant observable inputs Level 2 Significant Mutual funds U.S. equity index funds $ 142.7 $ 142.7 $ — $ — International equity index funds 95.6 95.6 — — Fixed income bond funds 123.9 123.9 — — Fixed income short-term money market funds 10.1 10.1 — — Group insurance contract 8.7 — — — Total $ 381.0 $ 372.3 $ — $ — (dollars in millions) December 31, 2015 Quoted Prices in active markets Level 1 Significant observable inputs Level 2 Significant unobservable inputs Level 3 Mutual funds U.S. equity index funds $ 147.8 $ 147.8 $ — $ — International equity index funds 97.0 97.0 — — Fixed income bond funds 133.3 133.3 — — Group insurance contract 10.3 — — — Total $ 388.4 $ 378.1 $ — $ — The fair values of Level 1 investments are based on quoted prices in active markets. The group insurance contract is valued at contract value plus accrued interest and has not been included in the fair value hierarchy, but is included in the totals above. Contributions to our qualified pension plans were $3.1 million in 2016 , $10.3 million in 2015 , and $19.7 million in 2014 . Contributions to our non-qualified pension plan were $2.3 million in 2016 , $2.2 million in 2015 and $2.3 million in 2014 . Based on current assumptions, contributions to qualified and non-qualified pension plans in 2017 are expected to be approximately $2 million each. Management expects to make cash payments of approximately $9 million related to its postretirement health plans in 2017 . Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years: (dollars in millions) Pension Benefits Postretirement and Other Benefits Medicare Subsidy Receipts 2017 $ 42.1 $ 9.9 $ (0.5 ) 2018 41.8 9.2 (0.5 ) 2019 40.2 7.8 (0.4 ) 2020 39.8 7.0 (0.4 ) 2021 38.1 6.7 (0.4 ) Years 2022 - 2026 169.5 28.1 (1.4 ) |
Shareowners' Deficit
Shareowners' Deficit | 12 Months Ended |
Dec. 31, 2016 | |
Shareowners' Deficit [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Shareowners’ Deficit Common Shares The par value of the Company’s common shares is $0.01 per share. At December 31, 2016 and 2015 , common shares outstanding were 42,056,237 and 41,975,390 , respectively. In 2010, the Board of Directors approved a plan for repurchase of up to $150.0 million of the Company's common shares. In 2016 , the Company repurchased and retired approximately 0.2 million shares of its common stock for $4.8 million at an average price of $19.67 per share. In 2015 and 2014 , no shares were repurchased or retired under this plan. As of December 31, 2016 , the Company had the authority to repurchase $124.4 million of its common stock. The Company previously had a deferred compensation plan for certain executives of the Company. The executive deferred compensation plan was terminated in the fourth quarter of 2015. At December 31, 2015 , treasury shares of common stock held under the plan were nominal, with a total cost of $0.5 million . In the fourth quarter of 2016, all amounts due under the plan were distributed to plan participants. Preferred Shares The Company is authorized to issue 1,357,299 shares of voting preferred stock without par value and 1,000,000 shares of nonvoting preferred stock without par value. The Company issued 155,250 voting shares of 6 3 / 4 % cumulative convertible preferred stock at stated value. These shares were subsequently deposited into a trust in which the underlying 155,250 shares are equivalent to 3,105,000 depositary shares. Shares of this preferred stock can be converted at any time at the option of the holder into common stock of the Company at a conversion rate of 5.7676 shares of the Company common stock per one share of 6 3 / 4 % cumulative convertible preferred stock. Annual dividends of $67.50 per share (or $3.3752 per depositary share) on the outstanding 6 3 / 4 % convertible preferred stock are payable quarterly in arrears in cash, or in common stock in certain circumstances if cash payment is not legally permitted. The liquidation preference on the 6 3 / 4 % cumulative convertible preferred stock is $1,000 per share (or $50 per depositary share). The Company paid $10.4 million in preferred stock dividends in 2016 , 2015 , and 2014 . Accumulated Other Comprehensive Loss Shareowners’ deficit includes an accumulated other comprehensive loss that is comprised of pension and postretirement unrecognized prior service cost and unrecognized actuarial losses, unrealized gains on Investment in CyrusOne and foreign currency translation losses. For the years ended December 31, 2016 and 2015, the changes in accumulated other comprehensive loss by component were as follows: (dollars in millions) Unrecognized Net Periodic Pension and Postretirement Benefit Cost Unrealized gain on Investment in CyrusOne Foreign Currency Translation Loss Total Balance as of December 31, 2014 $ (173.6 ) $ — $ (0.3 ) $ (173.9 ) Remeasurement of benefit obligations (6.6 ) — — (6.6 ) Reclassifications, net 9.9 (a) — (0.4 ) 9.5 Balance as of December 31, 2015 (170.3 ) — (0.7 ) (171.0 ) Remeasurement of benefit obligations 6.6 — — 6.6 Reclassifications, net 6.1 (a) — (0.1 ) 6.0 Unrealized gain on Investment in CyrusOne — 68.1 (b) — 68.1 Balance as of December 31, 2016 $ (157.6 ) $ 68.1 $ (0.8 ) $ (90.3 ) (a) These reclassifications are included in the components of net period pension and postretirement benefit costs (see Note 9 for additional details). The components of net period pension and postretirement benefit cost are reported within "Cost of services", "Cost of products sold", and "Selling, general and administrative" expenses on the Consolidated Statements of Operations. (b) The unrealized gain on the investment in CyrusOne was recorded in 2016 as the investment is no longer accounted for using the equity-method and is recorded as an available-for-sale security on the Consolidated Balance Sheets at fair value. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Provision (Benefit) Charged to Continuing Operations, Accumulated Other Comprehensive Income (Loss) or Additional Paid-In Capital [Abstract] | |
Income Taxes [Text Block] | Income Taxes Income tax expense for continuing operations consisted of the following: Year Ended December 31, (dollars in millions) 2016 2015 2014 Current: Federal $ (14.0 ) $ 9.2 $ 9.3 State and local 0.5 1.7 1.9 Total current (13.5 ) 10.9 11.2 Investment tax credits (0.1 ) (0.2 ) (0.2 ) Deferred: Federal 72.6 149.4 69.6 State and local 5.7 5.2 1.9 Total deferred 78.3 154.6 71.5 Valuation allowance (3.6 ) (5.5 ) (1.1 ) Total $ 61.1 $ 159.8 $ 81.4 The following is a reconciliation of the statutory federal income tax rate with the effective tax rate for each year: Year Ended December 31, 2016 2015 2014 U.S. federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal income tax 0.2 0.7 0.8 Change in valuation allowance, net of federal income tax (1.4 ) (0.8 ) (2.0 ) State net operating loss adjustments 0.9 0.3 1.9 Nondeductible interest expense — — 2.7 Unrecognized tax benefit changes 2.3 0.2 1.4 Nondeductible compensation 0.2 0.1 0.7 Other differences, net 0.3 — 0.4 Effective tax rate 37.5 % 35.5 % 40.9 % The income tax provision (benefit) was charged to continuing operations, discontinued operations, accumulated other comprehensive income or additional paid-in capital as follows: Year Ended December 31, (dollars in millions) 2016 2015 2014 Income tax provision (benefit) related to: Continuing operations $ 61.1 $ 159.8 $ 81.4 Discontinued operations — 34.8 (24.0 ) Accumulated other comprehensive income (loss) 43.8 2.0 (22.4 ) Excess tax benefits on stock option exercises 0.1 (0.1 ) (0.1 ) The components of our deferred tax assets and liabilities were as follows: December 31, (dollars in millions) 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 125.2 $ 142.0 Pension and postretirement benefits 78.7 89.1 Investment in CyrusOne — 68.9 Employee benefits 12.2 15.2 AMT Credit Carryforward 17.4 32.7 Texas Margin Credit 10.7 10.7 Other 19.1 17.9 Total deferred tax assets 263.3 376.5 Valuation allowance (54.4 ) (58.4 ) Total deferred tax assets, net of valuation allowance $ 208.9 $ 318.1 Deferred tax liabilities: Property, plant and equipment $ 135.0 $ 134.9 Investment in CyrusOne 9.1 — Other 0.3 0.3 Total deferred tax liabilities 144.4 135.2 Net deferred tax assets $ 64.5 $ 182.9 As of December 31, 2016 , the Company had $219.4 million of federal tax operating loss carryforwards with a deferred tax asset value of $76.8 million , alternative minimum tax credit carryforwards of $17.4 million , state tax credits of $10.7 million , and $48.2 million in deferred tax assets related to state, local, and foreign tax operating loss carryforwards. The majority of the remaining federal tax loss carryforwards will generally expire in 2023 . U.S. tax laws limit the annual utilization of tax loss carryforwards of acquired entities. These limitations should not materially impact the utilization of the tax carryforwards. The ultimate realization of the deferred income tax assets depends upon the Company’s ability to generate future taxable income during the periods in which basis differences and other deductions become deductible, and prior to the expiration of the net operating loss carryforwards. Due to its historical and future projected earnings, management believes it will utilize future federal deductions and available net operating loss carryforwards prior to their expiration. Management also concluded that it was more likely than not that certain state and foreign tax loss carryforwards would not be realized based upon the analysis described above and therefore provided a valuation allowance. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $31.0 million and $27.3 million at December 31, 2016 and December 31, 2015 , respectively. Accrued interest and penalties on income tax uncertainties were immaterial as of December 31, 2016 and 2015. A reconciliation of the unrecognized tax benefits is as follows: Year Ended December 31, (dollars in millions) 2016 2015 2014 Balance, beginning of year $ 27.6 $ 27.1 $ 24.1 Change in tax positions for the current year 1.2 0.5 3.0 Change in tax positions for prior years 2.6 — — Balance, end of year $ 31.4 $ 27.6 $ 27.1 The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various foreign, state and local jurisdictions. With a few exceptions, the Company is no longer subject to U.S. federal, state or local examinations for years before 2013 . |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans [Text Block] | Stock-Based and Deferred Compensation Plans The Company may grant stock options, stock appreciation rights, performance-based awards, and time-based restricted shares to officers and key employees under the 2007 Long Term Incentive Plan and stock options, restricted shares, and restricted stock units to directors under the 2007 Stock Option Plan for Non-Employee Directors. The maximum number of shares authorized under these plans is 5.1 million . Shares available for award under the plans at December 31, 2016 were 0.9 million . Stock Options and Stock Appreciation Rights Generally, the awards of stock options and stock appreciation rights fully vest three years from grant date and expire ten years from grant date. Beginning in 2012, some of the stock options vested over a three year period based on the achievement of certain performance objectives. The Company generally issues new shares when options to purchase common shares or stock appreciation rights are exercised. The following table summarizes stock options and stock appreciation rights activity: 2016 2015 2014 Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares Shares Outstanding at January 1, 776 $ 19.27 1,045 $ 19.27 1,225 $ 18.31 Granted * — — — — 200 17.02 Exercised (236 ) 16.12 (7 ) 9.15 (145 ) 8.65 Forfeited (11 ) 16.16 (100 ) 18.71 (43 ) 19.95 Expired (139 ) 22.79 (162 ) 20.05 (192 ) 18.69 Outstanding at December 31, 390 $ 20.00 776 $ 19.27 1,045 $ 19.27 Expected to vest at December 31, 390 $ 20.00 776 $ 19.27 1,045 $ 19.27 Exercisable at December 31, 330 $ 20.56 635 $ 19.65 695 $ 19.91 (dollars in millions) Compensation expense for the year $ 0.4 $ — $ 0.3 Tax benefit related to compensation expense $ (0.1 ) $ — $ (0.1 ) Intrinsic value of awards exercised $ 1.8 $ 0.1 $ 1.5 Cash received from awards exercised $ 3.8 $ 0.1 $ 1.3 Grant date fair value of awards vested $ 0.5 $ 0.7 $ 0.4 * Assumes the maximum number of awards that can be earned if the performance conditions are achieved. The following table summarizes our outstanding and exercisable awards at December 31, 2016 : Outstanding Exercisable Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares $8.35 26 $ 8.35 26 $ 8.35 $12.40 to $17.05 174 17.01 114 17.03 $23.10 to $26.55 190 24.35 190 24.35 Total 390 $ 20.00 330 $ 20.56 As of December 31, 2016 , the aggregate intrinsic value for awards outstanding and exercisable was $1.3 million and $1.0 million , respectively. The weighted-average remaining contractual life for awards outstanding and exercisable is approximately five years and four years, respectively. As of December 31, 2016 , there was $0.2 million of unrecognized stock compensation expense, which is expected to be recognized over a weighted-average period of approximately one year. The fair values at the date of grant were estimated using the Black-Scholes pricing model with the following assumptions: 2016 2015 2014 Expected volatility — — 35.5 % Risk-free interest rate — — 1.5 % Expected holding period (in years) — — 5 Expected dividends — — 0.0 % Weighted-average grant date fair value $ — $ — $ 5.71 The expected volatility assumption used in the Black-Scholes pricing model was based on historical volatility. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected holding period was estimated using the historical exercise behavior of employees and adjusted for abnormal activity. Expected dividends are based on the Company’s history of not paying dividends. Performance-Based Restricted Awards Awards granted generally vest over three years and upon the achievement of certain performance-based objectives. Performance-based awards are expensed based on their grant date fair value if it is probable that the performance conditions will be achieved. The following table summarizes our outstanding performance-based restricted award activity: 2016 2015 2014 Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares Shares Non-vested at January 1, 721 $ 16.77 349 $ 19.28 307 $ 19.88 Granted* 307 15.45 538 15.46 217 17.80 Vested (51 ) 22.75 (89 ) 19.00 (127 ) 18.55 Forfeited (23 ) 22.35 (77 ) 16.44 (48 ) 18.33 Non-vested at December 31, 954 $ 15.89 721 $ 16.77 349 $ 19.28 (dollars in millions) Compensation expense for the year $ 3.6 $ 3.1 $ 1.4 Tax benefit related to compensation expense $ (1.3 ) $ (1.1 ) $ (0.5 ) Grant date fair value of awards vested $ 1.2 $ 1.7 $ 2.3 * Assumes the maximum number of awards that can be earned if the performance conditions are achieved. As of December 31, 2016 , unrecognized compensation expense related to performance-based awards was $8.1 million , which is expected to be recognized over a weighted-average period of approximately one year. Time-Based Restricted Awards Awards granted to employees in 2016 vest at the end of a three year period. Awards granted to employees prior to 2016 generally vest in one-third increments over a period of three years. Awards granted to directors in 2016, 2015 and 2014 vest on the first anniversary of the grant date. The following table summarizes our time-based restricted award activity: 2016 2015 2014 Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares Shares Non-vested at January 1, 47 $ 19.59 137 $ 18.44 209 $ 17.73 Granted 106 16.75 36 17.35 35 16.04 Vested (47 ) 19.59 (126 ) 17.70 (103 ) 16.22 Forfeited — — — — (4 ) 17.55 Non-vested at December 31, 106 $ 16.75 47 $ 19.59 137 $ 18.44 (dollars in millions) Compensation expense for the year $ 1.1 $ 1.0 $ 1.6 Tax benefit related to compensation expense $ (0.4 ) $ (0.3 ) $ (0.6 ) Grant date fair value of awards vested $ 0.9 $ 2.2 $ 1.7 As of December 31, 2016 , there was $0.9 million of unrecognized compensation expense related to these restricted stock awards, which is expected to be recognized over a weighted-average period of approximately two years. Cash-Settled and Other Awards The Company grants cash-settled stock appreciation rights and performance awards. Beginning in 2012, some of the stock appreciation rights vested over a three year period based on the achievement of certain performance objectives. The final payments of these awards will be indexed to the percentage change in the Company’s stock price from the date of grant. No cash-payment awards were issued in 2016 or 2015. The Company granted cash-payment performance awards of $3.6 million in 2014. For the year ended December 31, 2016, expense incurred for cash-payment awards was $2.2 million . For the years ended December 31, 2015 and 2014, expense of $0.6 million related to cash-payment awards was incurred. At December 31, 2016 there was $1.2 million remaining unrecognized compensation expense for cash-settled and other awards, which will primarily be recognized during 2017, assuming the maximum cash payout that can be earned if the performance conditions are achieved. The aggregate intrinsic value of outstanding and exercisable cash-settled stock appreciation rights at December 31, 2016 was $0.1 million . Deferred Compensation Plans The Company currently has a deferred compensation plan for the Board of Directors. Under the directors deferred compensation plan, each director can defer receipt of all or a part of their director fees and annual retainers, which can be invested in various investment funds including the Company’s common stock. In years prior to 2012, the Company granted 1,200 phantom shares to each non-employee director on the first business day of each year, which are fully vested once a director has five years of service. No phantom shares were granted to non-employee directors in 2016 . Distributions to the directors are generally in the form of cash. The Company previously had a deferred compensation plan for certain executives of the Company. The executive deferred compensation plan was terminated in the fourth quarter of 2015. In the fourth quarter of 2016, all amounts due under the plan were distributed to plan participants. At December 31, 2016 , the number of director deferred common shares was nominal. At December 31, 2015, there were 0.1 million common shares deferred in total for both the director and executive plans. As these awards can be settled in cash, compensation costs each period are based on the change in the Company’s stock price. We recognized compensation expense of $0.1 million and $0.2 million in 2016 and 2015, respectively. A benefit of $0.3 million was recognized in 2014. |
Restructuring and Severance Cha
Restructuring and Severance Charges | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring Charges [Text Block] | Restructuring and Severance Liabilities have been established for employee separations, lease abandonment and contract terminations. A summary of activity in the restructuring and severance liability is shown below: (dollars in millions) Employee Separation Lease Abandonment Other Total Balance as of December 31, 2013 $ 8.4 $ 5.8 $ 0.1 $ 14.3 Charges/(Reversals) 1.0 (1.4 ) — (0.4 ) Utilizations (6.4 ) (2.6 ) — (9.0 ) Balance as of December 31, 2014 3.0 1.8 0.1 4.9 Charges 3.3 0.3 2.4 6.0 Utilizations (6.1 ) (1.3 ) (2.4 ) (9.8 ) Balance as of December 31, 2015 0.2 0.8 0.1 1.1 Charges/(Reversals) 12.5 (0.5 ) (0.1 ) 11.9 Utilizations (1.7 ) (0.1 ) — (1.8 ) Balance as of December 31, 2016 $ 11.0 $ 0.2 $ — $ 11.2 In 2016, employee severance costs were associated with initiatives to reduce costs associated with our legacy copper network, including a voluntary severance program for certain management employees. Employee severance costs were also due to increased in-sourcing of IT professionals by our customers which resulted in headcount reductions in our IT Services and Hardware segment. In 2015, employee severance charges were associated with discontinuing our cyber-security product offering and integrating each of our segments' business markets. In 2014, employee separation charges included charges attributable to outsourcing a portion of our IT function and incurring consulting fees related to a workforce optimization initiative. Lease abandonment costs represent future minimum lease obligations, net of expected sublease income, for abandoned facilities. Reversals in 2014 were related to previously abandoned leased space that was reoccupied. Lease payments on abandoned facilities will continue through 2019. Other charges in 2015 represent project related expenses as we identified opportunities to integrate the business markets within our Entertainment and Communications and IT Services & Hardware segments. A summary of restructuring activity by business segment is presented below: (dollars in millions) Entertainment and Communications IT Services and Hardware Corporate Total Balance as of December 31, 2013 $ 10.5 $ 0.8 $ 3.0 $ 14.3 Charges/(Reversals) (0.5 ) — 0.1 (0.4 ) Utilizations (6.1 ) (0.5 ) (2.4 ) (9.0 ) Balance as of December 31, 2014 3.9 0.3 0.7 4.9 Charges 1.6 2.8 1.6 6.0 Utilizations (4.7 ) (2.8 ) (2.3 ) (9.8 ) Balance as of December 31, 2015 0.8 0.3 — 1.1 Charges 7.7 3.3 0.9 11.9 Utilizations (1.0 ) (0.6 ) (0.2 ) (1.8 ) Balance as of December 31, 2016 $ 7.5 $ 3.0 $ 0.7 $ 11.2 At December 31, 2016 and 2015 , $7.4 million and $0.9 million , respectively, of the restructuring liabilities were included in “Other current liabilities.” At December 31, 2016 and 2015, $3.8 million and $0.2 million was included in "Other noncurrent liabilities," respectively. Subsequent to December 31, 2016 the Company finalized a voluntary severance program for certain bargained employees related to an initiative to reduce costs associated with our copper field and network operations. As a result, a severance charge of approximately $25 million will be recorded in the first quarter of 2017. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information [Text Block] | Business Segment Information For the years ended December 31, 2016, 2015, and 2014, we operated two business segments: Entertainment and Communications and IT Services and Hardware. The closing of our wireless operations, effective March 31, 2015, represented a strategic shift in our business. Therefore, certain wireless assets, liabilities and results of operations are reported as discontinued operations in our financial statements. For further details of Discontinued Operations, see Notes 1 and 16 of Notes to Consolidated Financial Statements. The Entertainment and Communications segment provides data, video, voice and other services. These services are primarily provided to customers in southwestern Ohio, northern Kentucky and southeastern Indiana. Data includes products such as high-speed internet access, digital subscriber lines, private line, multi-protocol label switching, SONET, dedicated internet access, wavelength, audio conferencing and digital signal. These products are used to transport large amounts of data over private networks. Video services provide our Fioptics customers access to over 400 entertainment channels, over 140 high-definition channels, parental controls, HD DVR and video On-Demand. In addition, we offer features that deliver high customer satisfaction including Fioptics MyTV and a Fioptics live TV streaming application. Voice represents local service, including Fioptics voice lines. It also includes VoIP, long distance, digital trunking, switched access and other value-added services such as caller identification, voicemail, call waiting, and call return. VoIP products provide our customers access to widely disbursed communication platforms and access to cloud based services and hosted unified communications products. Other services consists of revenue generated from wiring projects for business customers, advertising, directory assistance, maintenance and information services. Entertainment and Communications revenue increased during 2016 and 2015 due to the demand for strategic fiber products more than offsetting legacy copper declines. Operating income for Entertainment and Communications for 2016 was down compared to a year ago due in large part to increased depreciation expense associated with the impact of accelerating construction of our fiber network and reducing the estimated useful life of certain set-top boxes and the related software as we upgrade to new technology. We also reduced the useful life of our copper assets in the fourth quarter of 2015. Operating income decreased during 2015 primarily due to additional operating expenses associated with the continued acceleration of our fiber investment and costs absorbed as a result of shutting down wireless operations. Entertainment and Communications recognized restructuring and severance related charges of $7.7 million in 2016 primarily related to initiatives to reduce costs associated with our legacy copper network. Entertainment and Communications recognized restructuring and severance related charges of $1.6 million in 2015 and reversed restructuring and severance related charges of $0.5 million in 2014. In 2014, Entertainment and Communications recorded an asset impairment charge of $4.6 million related to the abandonment of an internal use software project that was written off in the fourth quarter. There were no impairment charges recorded in 2016 or 2015. Capital expenditures are incurred to expand our Fioptics product suite, upgrade and increase capacity for our internet and data networks, and to maintain our wireline network. The IT Services and Hardware segment provides a range of fully managed and outsourced IT and telecommunications services along with the sale, installation, and maintenance of major branded IT and telephony equipment. IT Services and Hardware revenue decreased $4.7 million from 2015 as a result of an increase in strategic revenue of $17.7 million in 2016 which was more than offset by the $24.5 million decrease in telecom and IT hardware sales in 2016 compared to the prior year. IT Services and Hardware revenue increased $2.4 million from 2014 to 2015 as a result of an increase of $40.7 million in strategic revenue. This was partially offset by the $35.1 million decrease in telecom and IT hardware sales. Restructuring and severance related charges of $3.3 million were recognized in 2016 primarily related to a reduction in force as customers increased internal IT staff, therefore reducing the need for our professional services. In 2015, restructuring and severance related charges of $2.8 million consisted of employee severance and project related costs for the integration of each segment's business markets and the discontinuation of our advanced cyber-security product offering in the first quarter of 2015. We also abandoned office space in Canada that is no longer in use. There were no restructuring and severance related charges recorded in 2014. As of December 31, 2016 and 2015 , our investment in CyrusOne is included as an asset of the Corporate segment. Deferred tax assets totaling $64.5 million and $182.3 million as of December 31, 2016 and 2015, respectively, are also reported as assets in the Corporate segment. Our business segment information is as follows: Year Ended December 31, (dollars in millions) 2016 2015 2014 Revenue Entertainment and Communications $ 768.8 $ 743.7 $ 740.7 IT Services and Hardware 430.7 435.4 433.0 Intersegment (13.7 ) (11.3 ) (12.2 ) Total revenue $ 1,185.8 $ 1,167.8 $ 1,161.5 Intersegment revenue Entertainment and Communications $ 1.3 $ 1.3 $ 1.2 IT Services and Hardware 12.4 10.0 11.0 Total intersegment revenue $ 13.7 $ 11.3 $ 12.2 Operating income Entertainment and Communications $ 90.6 $ 129.9 $ 178.9 IT Services and Hardware 23.2 20.6 19.8 Corporate (20.8 ) (22.5 ) (21.8 ) Total operating income $ 93.0 $ 128.0 $ 176.9 Expenditures for long-lived assets Entertainment and Communications $ 272.5 $ 269.5 $ 163.7 IT Services and Hardware 13.7 14.0 11.9 Corporate 0.2 0.1 0.2 Total expenditures for long-lived assets $ 286.4 $ 283.6 $ 175.8 Depreciation and amortization Entertainment and Communications $ 168.6 $ 129.2 $ 115.7 IT Services and Hardware 13.5 12.3 11.7 Corporate 0.1 0.1 0.2 Total depreciation and amortization $ 182.2 $ 141.6 $ 127.6 As of December 31, (dollars in millions) 2016 2015 Assets Entertainment and Communications $ 1,093.5 $ 982.5 IT Services and Hardware 60.0 58.0 Corporate and eliminations 387.5 405.9 Total assets $ 1,541.0 $ 1,446.4 Details of our service and product revenues including eliminations are as follows: Year Ended December 31, (dollars in millions) 2016 2015 2014 Service revenue Entertainment and Communications $ 763.0 $ 735.0 $ 728.8 IT Services and Hardware 215.7 198.0 161.4 Total service revenue $ 978.7 $ 933.0 $ 890.2 Product revenue Handsets and accessories $ 4.5 $ 7.4 $ 10.7 Telecom and IT hardware 202.6 227.4 260.6 Total product revenue $ 207.1 $ 234.8 $ 271.3 |
Investment in CyrusOne
Investment in CyrusOne | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in CyrusOne [Text Block] | Investment in CyrusOne On January 24, 2013, we completed the IPO of CyrusOne, which owns and operates our former data center business through CyrusOne LP, an operating partnership. Effective with the IPO, our 69% ownership was held in the form of 1.9 million shares of unregistered common stock of CyrusOne and 42.6 million of economically equivalent partnership units in its underlying operating entity, CyrusOne LP. Therefore, effective January 24, 2013, we no longer included the accounts of CyrusOne in our consolidated financial statements and accounted for our ownership as an equity method investment as we no longer controlled the operations but maintained significant influence. In 2014, we sold 16.0 million operating partnership units for net proceeds totaling $355.9 million that resulted in a gain of $192.8 million . During 2015, we sold 20.3 million operating partnership units and 1.4 million shares of CyrusOne's common stock that combined generated proceeds of $643.9 million and resulted in a gain of $449.2 million . From the date of the IPO, we recognized our proportionate share of CyrusOne's net loss as "Other (income) expense, net" in our statement of operations through December 31, 2015. For 2015 and 2014, our equity method share of CyrusOne's net loss was $5.1 million and $7.0 million , respectively. Dividends received totaling $22.2 million and $28.4 million , in 2015 and 2014, respectively, were recorded as reduction of our investment. Our remaining 6.3 million operating partnership units in CyrusOne LP were exchanged for an equal number of newly issued shares of common stock of CyrusOne on December 31, 2015. As a result, our 9.5% ownership in CyrusOne, which consisted of 6.9 million common shares, no longer constituted significant influence over the entity. Effective January 1, 2016, our investment in CyrusOne was no longer accounted for using the equity-method. Dividends declared by CyrusOne in 2016 totaled $6.4 million and were included in "Other (income) expense, net" in the Consolidated Statement of Operations. We sold 4.1 million shares of CyrusOne's common stock for net proceeds totaling $189.7 million in 2016 that resulted in a gain of $157.0 million . As of December 31, 2016 , we held 2.8 million shares of CyrusOne Inc. common stock valued at $128.0 million . Subsequent to the end of the year, we sold approximately 2 million shares of CyrusOne Inc. common stock for net proceeds totaling approximately $100 million that resulted in a gain of approximately $83 million . The proceeds were primarily used to repay amounts outstanding on Receivables Facility. Transactions with CyrusOne Revenues - The Company records service revenue from CyrusOne under contractual service arrangements which include, among others, providing services such as fiber transport, network support, service calls, management and monitoring, storage and back-up, and IT systems support. Operating Expenses - We lease data center and office space from CyrusOne at certain locations in our operating territory under operating leases and are also billed for other services provided by CyrusOne under contractual service arrangements. In the normal course of business, the Company also provides certain administrative services to CyrusOne which are billed based on agreed-upon rates. Revenues and operating costs and expenses from transactions with CyrusOne were as follows: Year Ended December 31, (dollars in millions) 2016 2015 2014 Revenue: Services provided to CyrusOne $ 1.2 $ 1.3 $ 1.7 Operating costs and expenses: Charges for services provided by CyrusOne $ 10.2 $ 10.2 $ 9.1 Administrative services provided to CyrusOne (0.3 ) (0.4 ) (0.5 ) Total operating costs and expenses $ 9.9 $ 9.8 $ 8.6 Amounts receivable from and payable to CyrusOne were as follows: (dollars in millions) December 31, 2016 December 31, 2015 Accounts receivable $ — $ 0.1 Dividends receivable 1.1 2.1 Receivable from CyrusOne $ 1.1 $ 2.2 Payable to CyrusOne $ 0.9 $ 1.5 |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations Cincinnati Bell Wireless LLC ("CBW"), our former Wireless segment, provided digital wireless voice and data communications services to customers in the Company’s licensed service territory, which included Greater Cincinnati and Dayton, Ohio, and areas of northern Kentucky and southeastern Indiana. The Company’s customers were also able to place and receive wireless calls nationally and internationally due to roaming agreements the Company had with other carriers. In the second quarter of 2014, we entered into agreements to sell our wireless spectrum licenses and certain other assets related to our wireless business, including leases to certain wireless towers and related equipment and other assets. The agreement to sell our spectrum licenses closed on September 30, 2014 for cash proceeds of $194.4 million . Prior to this date, the Company's digital wireless network utilized 50 MHz of licensed spectrum in the Cincinnati area and 40 MHz of licensed spectrum in the Dayton area, which had a carrying value of $88.2 million . Simultaneous with the close of the spectrum sale, the Company entered into a separate agreement to use certain wireless spectrum for $8.00 until we no longer provided wireless services. We ceased providing wireless service effective March 31, 2015. The fair value of the lease, which is considered a Level 3 measurement based on other comparable transactions, totaled $6.4 million and was recorded as a prepaid expense and amortized over a six month period ending March 31, 2015. As of March 31, 2015, there were no subscribers remaining on the network and we no longer required the use of the spectrum being leased. Therefore, the $112.6 million gain on the sale of the wireless spectrum licenses, which had been previously deferred, was recognized in Income (loss) from discontinued operations, net of tax during the three months ended March 31, 2015. On April 1, 2015, we transferred certain other wireless assets to the acquirer, including leases to certain wireless towers and related equipment and other assets, which resulted in a gain of $15.9 million in the second quarter of 2015. Wireless financial results for the twelve months ended December 31, 2016, 2015 and 2014 reported as "Income (loss) from discontinued operations, net of tax" on the Consolidated Statements of Operations are as follows: Twelve Months Ended December 31, (dollars in millions) 2016 2015 2014 Revenue $ — $ 4.4 $ 132.8 Costs and expenses Cost of products and services — 12.0 66.9 Selling, general and administrative — 2.2 19.5 Depreciation and amortization expense — 28.6 103.4 Restructuring charges — 3.3 16.3 Impairment of assets — — 7.5 Transaction costs — — 3.2 Gain on sale or disposal of assets — (0.4 ) — Amortization of deferred gain — (6.5 ) (22.9 ) Total operating costs and expenses — 39.2 193.9 Operating loss — (34.8 ) (61.1 ) Interest (income) expense — (1.7 ) 2.8 Other (income) expense (0.3 ) (2.3 ) 2.2 Gain on transfer of tower lease obligations and other assets — 15.9 — Gain on sale of wireless spectrum licenses — 112.6 — Income (loss) before income taxes 0.3 97.7 (66.1 ) Income tax expense (benefit) — 34.8 (24.0 ) Income (loss) from discontinued operations, net of tax $ 0.3 $ 62.9 $ (42.1 ) Wireless liabilities presented as discontinued operations as of December 31, 2016 and December 31, 2015 are as follows: (dollars in millions) December 31, 2016 December 31, 2015 Current liabilities Restructuring liability $ — $ 4.7 Other current liabilities — 0.7 Total current liabilities from discontinued operations $ — $ 5.4 Restructuring liabilities were established for employee separations, lease abandonments and contract terminations charges. In 2015, restructuring charges were for tower operating leases that were abandoned. During 2014, restructuring charges included $13.1 million in contract termination charges for wireless contracts that were no longer utilized and $3.2 million in employee separation charges. An asset impairment loss of $7.5 million was also recognized in 2014 for the write-off of certain construction-in-progress projects that were not completed due to the wind down of wireless operations. In the fourth quarter of 2014, we repaid $22.7 million 8 3 / 8 % Senior Notes due 2020 using proceeds from the sale of our wireless spectrum licenses. Following is selected operating, investing and financing cash flow activity from discontinued operations included in Consolidated Statements of Cash Flows: Twelve Months Ended December 31, (dollars in millions) 2016 2015 2014 Depreciation and amortization $ — $ 28.6 $ 103.4 Gain on sale of assets — (0.4 ) — Impairment of assets — — 7.5 Deferred gain on sale of spectrum licenses — (112.6 ) — Amortization of deferred gain on sale of towers — (6.5 ) (22.9 ) Gain on transfer of tower lease obligations and other assets — (15.9 ) — Non-cash spectrum lease — 3.2 3.2 Restructuring payments (4.4 ) (14.5 ) (2.4 ) Capital expenditures — — (6.5 ) Proceeds from sale of wireless spectrum licenses — — 194.4 Repayment of debt — (0.3 ) (23.5 ) Operating Lease Commitments The Company's discontinued operations leased certain facilities and equipment. Operating lease expense was $1.4 million and $6.4 million , in 2015 and 2014 , respectively. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Financial Information (Unaudited) [Text Block] | Quarterly Financial Information (Unaudited) 2016 First Second Third Fourth (in millions, except per common share amounts) Quarter Quarter Quarter Quarter Total Revenue $ 288.9 $ 299.2 $ 312.4 $ 285.3 $ 1,185.8 Operating income 29.6 27.4 25.5 10.5 93.0 Income (loss) from continuing operations 7.0 77.6 18.8 (1.6 ) 101.8 Income from discontinued operations, net of tax — — — 0.3 0.3 Net income (loss) 7.0 77.6 18.8 (1.3 ) 102.1 Basic earnings (loss) per common share from continuing operations $ 0.10 $ 1.79 $ 0.39 $ (0.10 ) $ 2.17 Basic earnings per common share from discontinued operations $ — $ — $ — $ 0.01 $ 0.01 Net basic earnings (loss) per common share $ 0.10 $ 1.79 $ 0.39 $ (0.09 ) $ 2.18 Diluted earnings (loss) per common share from continuing operations $ 0.10 $ 1.78 $ 0.38 $ (0.10 ) $ 2.17 Diluted earnings per common share from discontinued operations $ — $ — $ — $ 0.01 $ 0.01 Net diluted earnings (loss) per common share $ 0.10 $ 1.78 $ 0.38 $ (0.09 ) $ 2.18 2015 First Second Third Fourth (in millions, except per common share amounts) Quarter Quarter Quarter Quarter Total Revenue $ 292.9 $ 285.8 $ 299.8 $ 289.3 $ 1,167.8 Operating income 37.1 29.7 36.2 25.0 128.0 Income from continuing operations 0.3 180.7 79.3 30.5 290.8 Income from discontinued operations, net of tax 48.9 10.9 1.0 2.1 62.9 Net income 49.2 191.6 80.3 32.6 353.7 Basic earnings (loss) per common share from continuing operations $ (0.06 ) $ 4.25 $ 1.83 $ 0.66 $ 6.69 Basic earnings per common share from discontinued operations $ 1.17 $ 0.26 $ 0.02 $ 0.05 $ 1.50 Net basic earnings per common share $ 1.11 $ 4.51 $ 1.85 $ 0.71 $ 8.19 Diluted earnings (loss) per common share from continuing operations $ (0.06 ) $ 4.15 $ 1.83 $ 0.66 $ 6.68 Diluted earnings per common share from discontinued operations $ 1.17 $ 0.26 $ 0.02 $ 0.05 $ 1.49 Net diluted earnings per common share $ 1.11 $ 4.41 $ 1.85 $ 0.71 $ 8.17 The effects of assumed common share conversions are determined independently for each respective quarter and year and may not be dilutive during every period due to variations in operating results. Therefore, the sum of quarterly per share results will not necessarily equal the per share results for the full year. Restructuring and employee severance charges totaled $11.9 million in the fourth quarter of 2016. Restructuring and employee severance charges totaled $3.4 million , $2.3 million and $0.3 million in the first, second and third quarters of 2015, respectively. In 2016, Income from continuing operations includes gains from the sale of our CyrusOne investment of $118.6 million , $33.3 million , and $5.1 million in the second, third, and fourth quarters, respectively. Income from continuing operations in 2015 includes gains from the sale of our CyrusOne investment of $295.2 million , $117.7 million , and $36.3 million in the second, third, and fourth quarters, respectively. In the first quarter of 2016, the Company recognized a gain on the extinguishment of debt of $2.4 million . The Company recognized losses on the extinguishment of debt of $5.2 million , $11.4 million , and $4.8 million in the second, third, and fourth quarters, respectively. The Company recognized losses on the extinguishment of debt of $13.5 million and $7.8 million in the second and third quarters of 2015, respectively. In the fourth quarter of 2015, the Company recognized a gain on the extinguishment of debt of $0.4 million . As of March 31, 2015, no subscribers remained on the network, and we no longer required the use of the leased spectrum. Therefore, the $112.6 million gain on the sale of the wireless spectrum licenses, which had been previously deferred, was recognized in Income from discontinued operations, net of tax in the first quarter of 2015. During the second quarter, we transferred certain other assets related to our wireless business, including leases to certain wireless towers and related equipment and other assets, resulting in a gain of $15.9 million in the second quarter of 2015 which was recognized in Income from discontinued operations, net of tax. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information [Text Block] | Supplemental Cash Flow Information Year Ended December 31, (dollars in millions) 2016 2015 2014 Capitalized interest expense $ 0.7 $ 1.1 $ 0.8 Cash paid for: Interest 71.1 108.5 153.1 Income taxes, net of refunds 1.7 8.8 9.1 Noncash investing and financing activities: Accrual of CyrusOne dividends 1.1 2.1 6.0 Acquisition of property by assuming debt and other financing arrangements 12.0 5.8 4.7 Acquisition of property on account 23.8 34.6 24.8 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Consolidating Statements of Income and Comprehensive Income (Loss) Abstract | |
Supplemental Guarantor Information | Supplemental Guarantor Information - Cincinnati Bell Telephone Notes As of December 31, 2016 , Cincinnati Bell Telephone Company LLC ("CBT"), a wholly-owned subsidiary of Cincinnati Bell Inc. (the "Parent Company"), had $87.9 million in notes outstanding that are guaranteed by the Parent Company and no other subsidiaries of the Parent Company. The guarantee is full and unconditional. The Parent Company’s subsidiaries generate substantially all of its income and cash flow and generally distribute or advance the funds necessary to meet the Parent Company’s debt service obligations. The following information sets forth the Condensed Consolidating Balance Sheets of the Company as of December 31, 2016 and 2015 and the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) and Cash Flows for the years ended December 31, 2016 , 2015 , and 2014 of (1) the Parent Company, as the guarantor, (2) CBT, as the issuer, and (3) the non-guarantor subsidiaries on a combined basis. Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2016 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Revenue $ — $ 677.8 $ 547.8 $ (39.8 ) $ 1,185.8 Operating costs and expenses 20.7 592.5 519.4 (39.8 ) 1,092.8 Operating income (loss) (20.7 ) 85.3 28.4 — 93.0 Interest expense (income), net 94.4 4.5 (23.2 ) — 75.7 Other expense (income), net 20.3 4.9 (170.8 ) — (145.6 ) Income (loss) before equity in earnings of subsidiaries and income taxes (135.4 ) 75.9 222.4 — 162.9 Income tax expense (benefit) (46.5 ) 27.1 80.5 — 61.1 Equity in earnings of subsidiaries, net of tax 191.0 — — (191.0 ) — Income from continuing operations 102.1 48.8 141.9 (191.0 ) 101.8 Income from discontinued operations, net of tax — — 0.3 — 0.3 Net income 102.1 48.8 142.2 (191.0 ) 102.1 Other comprehensive income 12.7 — 68.0 — 80.7 Total comprehensive income $ 114.8 $ 48.8 $ 210.2 $ (191.0 ) $ 182.8 Net income 102.1 48.8 142.2 (191.0 ) 102.1 Preferred stock dividends 10.4 — — — 10.4 Net income applicable to common shareowners $ 91.7 $ 48.8 $ 142.2 $ (191.0 ) $ 91.7 Year Ended December 31, 2015 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Revenue $ — $ 660.1 $ 546.3 $ (38.6 ) $ 1,167.8 Operating costs and expenses 22.4 538.6 517.4 (38.6 ) 1,039.8 Operating income (loss) (22.4 ) 121.5 28.9 — 128.0 Interest expense (income), net 112.7 (0.9 ) (8.7 ) — 103.1 Other expense (income), net 19.5 7.0 (452.2 ) — (425.7 ) Income (loss) before equity in earnings of subsidiaries and income taxes (154.6 ) 115.4 489.8 — 450.6 Income tax expense (benefit) (53.3 ) 41.1 172.0 — 159.8 Equity in earnings of subsidiaries, net of tax 455.0 — — (455.0 ) — Income from continuing operations 353.7 74.3 317.8 (455.0 ) 290.8 Income from discontinued operations, net of tax — — 62.9 — 62.9 Net income 353.7 74.3 380.7 (455.0 ) 353.7 Other comprehensive income (loss) 3.3 — (0.4 ) — 2.9 Total comprehensive income $ 357.0 $ 74.3 $ 380.3 $ (455.0 ) $ 356.6 Net income 353.7 74.3 380.7 (455.0 ) 353.7 Preferred stock dividends 10.4 — — — 10.4 Net income applicable to common shareowners $ 343.3 $ 74.3 $ 380.7 $ (455.0 ) $ 343.3 Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2014 (dollars in millions) Parent CBT (Issuer) Other Non-guarantors Eliminations Total Revenue $ — $ 659.6 $ 541.0 $ (39.1 ) $ 1,161.5 Operating costs and expenses 21.5 488.0 514.2 (39.1 ) 984.6 Operating income (loss) (21.5 ) 171.6 26.8 — 176.9 Interest expense (income), net 142.6 (4.5 ) 7.8 — 145.9 Other expense (income), net 17.6 7.4 (193.1 ) — (168.1 ) Income (loss) before equity in earnings of subsidiaries and income taxes (181.7 ) 168.7 212.1 — 199.1 Income tax expense (benefit) (55.8 ) 61.7 75.5 — 81.4 Equity in earnings of subsidiaries, net of tax 201.5 — — (201.5 ) — Income from continuing operations 75.6 107.0 136.6 (201.5 ) 117.7 Loss from discontinued operations, net of tax — — (42.1 ) — (42.1 ) Net income 75.6 107.0 94.5 (201.5 ) 75.6 Other comprehensive loss (40.5 ) — (0.1 ) — (40.6 ) Total comprehensive income $ 35.1 $ 107.0 $ 94.4 $ (201.5 ) $ 35.0 Net income 75.6 107.0 94.5 (201.5 ) 75.6 Preferred stock dividends 10.4 — — — 10.4 Net income applicable to common shareowners $ 65.2 $ 107.0 $ 94.5 $ (201.5 ) $ 65.2 Condensed Consolidating Balance Sheets As of December 31, 2016 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash and cash equivalents $ 7.8 $ 1.4 $ 0.5 $ — $ 9.7 Receivables, net 17.8 — 160.8 — 178.6 Other current assets 1.1 22.3 18.2 — 41.6 Total current assets 26.7 23.7 179.5 — 229.9 Property, plant and equipment, net 0.3 1,029.6 55.6 — 1,085.5 Investment in CyrusOne — — 128.0 — 128.0 Goodwill — 2.2 12.1 — 14.3 Investments in and advances to subsidiaries 816.7 — 914.5 (1,731.2 ) — Other noncurrent assets 179.1 1.6 47.4 (144.8 ) 83.3 Total assets $ 1,022.8 $ 1,057.1 $ 1,337.1 $ (1,876.0 ) $ 1,541.0 Current portion of long-term debt $ — $ 5.0 $ 2.5 $ — $ 7.5 Accounts payable 0.7 71.4 33.8 — 105.9 Other current liabilities 42.9 53.9 22.7 — 119.5 Total current liabilities 43.6 130.3 59.0 — 232.9 Long-term debt, less current portion 960.3 98.2 140.6 — 1,199.1 Other noncurrent liabilities 207.9 166.8 0.8 (144.8 ) 230.7 Intercompany payables — 89.1 — (89.1 ) — Total liabilities 1,211.8 484.4 200.4 (233.9 ) 1,662.7 Shareowners’ (deficit) equity (189.0 ) 572.7 1,136.7 (1,642.1 ) (121.7 ) Total liabilities and shareowners’ equity (deficit) $ 1,022.8 $ 1,057.1 $ 1,337.1 $ (1,876.0 ) $ 1,541.0 Condensed Consolidating Balance Sheets As of December 31, 2015 (dollars in millions) Parent CBT Other Eliminations Total Cash and cash equivalents $ 4.6 $ 1.0 $ 1.8 $ — $ 7.4 Receivables, net 0.7 — 156.4 — 157.1 Other current assets 1.6 20.2 14.1 — 35.9 Total current assets 6.9 21.2 172.3 — 200.4 Property, plant and equipment, net 0.3 921.5 53.7 — 975.5 Investment in CyrusOne — — 55.5 — 55.5 Goodwill — 2.2 12.1 — 14.3 Investments in and advances to subsidiaries 844.6 63.9 647.2 (1,555.7 ) — Other noncurrent assets 207.2 3.0 136.8 (146.3 ) 200.7 Total assets $ 1,059.0 $ 1,011.8 $ 1,077.6 $ (1,702.0 ) $ 1,446.4 Current portion of long-term debt $ 5.4 $ 5.0 $ 3.4 $ — $ 13.8 Accounts payable 0.7 84.8 43.4 — 128.9 Other current liabilities 41.6 45.3 24.2 — 111.1 Other current liabilities from discontinued operations — — 5.4 — 5.4 Total current liabilities 47.7 135.1 76.4 — 259.2 Long-term debt, less current portion 1,018.6 134.3 70.9 — 1,223.8 Other noncurrent liabilities 235.5 168.3 4.0 (146.2 ) 261.6 Intercompany payables 54.7 — — (54.7 ) — Total liabilities 1,356.5 437.7 151.3 (200.9 ) 1,744.6 Shareowners’ (deficit) equity (297.5 ) 574.1 926.3 (1,501.1 ) (298.2 ) Total liabilities and shareowners’ equity (deficit) $ 1,059.0 $ 1,011.8 $ 1,077.6 $ (1,702.0 ) $ 1,446.4 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2016 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash flows provided by (used in) by operating activities $ (61.1 ) $ 203.1 $ 31.2 $ — $ 173.2 Capital expenditures (0.2 ) (260.8 ) (25.4 ) — (286.4 ) Dividends received from CyrusOne (equity method investment) — — 2.1 — 2.1 Proceeds from sale of investment in CyrusOne — — 189.7 — 189.7 Distributions received from subsidiaries 12.0 — — (12.0 ) — Funding between Parent and subsidiaries, net 152.0 — (188.8 ) 36.8 — Other investing activities (0.9 ) — — — (0.9 ) Cash flows provided by (used in) investing activities 162.9 (260.8 ) (22.4 ) 24.8 (95.5 ) Funding between Parent and subsidiaries, net — 103.0 (66.2 ) (36.8 ) — Distributions paid to Parent — — (12.0 ) 12.0 — Proceeds from issuance of long-term debt 635.0 — — — 635.0 Net increase in corporate credit and receivables facilities with initial maturities less than 90 days — — 71.9 — 71.9 Repayment of debt (710.9 ) (44.9 ) (3.5 ) — (759.3 ) Debt issuance costs (10.8 ) — (0.3 ) — (11.1 ) Other financing activities (11.9 ) — — — (11.9 ) Cash flows provided by (used in) financing activities (98.6 ) 58.1 (10.1 ) (24.8 ) (75.4 ) Increase (decrease) in cash and cash equivalents 3.2 0.4 (1.3 ) — 2.3 Beginning cash and cash equivalents 4.6 1.0 1.8 — 7.4 Ending cash and cash equivalents $ 7.8 $ 1.4 $ 0.5 $ — $ 9.7 Year Ended December 31, 2015 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (19.3 ) $ 198.7 $ (68.5 ) $ — $ 110.9 Capital expenditures (0.1 ) (260.7 ) (22.8 ) — (283.6 ) Dividends received from CyrusOne (equity method investment) — — 22.2 — 22.2 Proceeds from sale of investment in CyrusOne — — 643.9 — 643.9 Distributions received from subsidiaries 11.3 — — (11.3 ) — Funding between Parent and subsidiaries, net — 71.9 (555.5 ) 483.6 — Other investing activities (0.3 ) 0.1 0.9 — 0.7 Cash flows provided by (used in) investing activities 10.9 (188.7 ) 88.7 472.3 383.2 Funding between Parent and subsidiaries, net 486.4 — (2.8 ) (483.6 ) — Distributions paid to Parent — — (11.3 ) 11.3 — Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days — — (1.6 ) — (1.6 ) Repayment of debt (518.5 ) (10.0 ) (3.2 ) — (531.7 ) Debt issuance costs (0.2 ) — (0.2 ) — (0.4 ) Other financing activities (10.9 ) — — — (10.9 ) Cash flows provided by (used in) financing activities (43.2 ) (10.0 ) (19.1 ) (472.3 ) (544.6 ) Increase (decrease) in cash and cash equivalents (51.6 ) — 1.1 — (50.5 ) Beginning cash and cash equivalents 56.2 1.0 0.7 — 57.9 Ending cash and cash equivalents $ 4.6 $ 1.0 $ 1.8 $ — $ 7.4 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2014 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (56.3 ) $ 226.3 $ 5.2 $ — $ 175.2 Capital expenditures (0.2 ) (152.5 ) (29.6 ) — (182.3 ) Dividends received from CyrusOne (equity method investment) — — 28.4 — 28.4 Proceeds from sale of investment in CyrusOne — — 355.9 — 355.9 Proceeds from sale of wireless spectrum licenses - discontinued operations — — 194.4 — 194.4 Distributions received from subsidiaries 12.8 — — (12.8 ) — Funding between parent and subsidiaries, net — (71.0 ) (545.0 ) 616.0 — Other investing activities (0.3 ) 0.3 (3.8 ) — (3.8 ) Cash flows provided by (used in) investing activities 12.3 (223.2 ) 0.3 603.2 392.6 Funding between Parent and subsidiaries, net 516.2 — 99.8 (616.0 ) — Distributions paid to Parent — — (12.8 ) 12.8 — Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days (40.0 ) — (87.0 ) — (127.0 ) Repayment of debt (367.3 ) (3.9 ) (5.3 ) — (376.5 ) Debt issuance costs (0.7 ) — (0.2 ) — (0.9 ) Other financing activities (10.1 ) — — — (10.1 ) Cash flows provided by (used in) financing activities 98.1 (3.9 ) (5.5 ) (603.2 ) (514.5 ) Increase (decrease) in cash and cash equivalents 54.1 (0.8 ) — — 53.3 Beginning cash and cash equivalents 2.1 1.8 0.7 — 4.6 Ending cash and cash equivalents $ 56.2 $ 1.0 $ 0.7 $ — $ 57.9 |
Supplemental Guarantor Inform28
Supplemental Guarantor Information HY | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Consolidating Statements of Income and Comprehensive Income (Loss) Abstract | |
Supplemental Guarantor Information High Yield [Text Block] | Supplemental Guarantor Information - 8 3 / 8 % Senior Notes due 2020 and 7% Senior Notes due 2024 As of December 31, 2016, the Parent Company’s 7% Senior Notes due 2024 are guaranteed by the following subsidiaries: Cincinnati Bell Entertainment Inc., Cincinnati Bell Any Distance Inc., Cincinnati Bell Wireless LLC, CBTS Software LLC, Cincinnati Bell Technology Solutions Inc., Cincinnati Bell Any Distance of Virginia LLC, eVolve Business Solutions LLC, Data Center Investments Inc., and Data Centers South Inc. During the fourth quarter of 2016, the Company redeemed the remaining $84.6 million of outstanding 8 3 / 8 % Senior Notes due 2020. The Parent Company owns directly or indirectly 100% of each guarantor and each guarantee is full and unconditional, and joint and several. In certain customary circumstances, a subsidiary may be released from its guarantee obligation. These circumstances are defined as follows: • upon the sale of all of the capital stock of a subsidiary, • if the Company designates the subsidiary as an unrestricted subsidiary under the terms of the indentures, or • if the subsidiary is released as a guarantor from the Company's Corporate Credit Agreement. In the third quarter of 2014, the Company entered into an Amendment to the Corporate Credit Agreement giving the Company the right to provide written notice to the administrative agent on or after the closing of the wireless sale of spectrum assets to remove any designated wireless subsidiary as a guarantor subsidiary. In compliance with certain regulations of the Federal Communications Commission (the “FCC”), the Company’s wholly-owned regulated subsidiary, Cincinnati Bell Telephone Company LLC, has historically accounted for certain of its non-regulated operations through its non-regulated subsidiary, Cincinnati Bell Telecommunications Services LLC, which is a guarantor of the Notes (as defined below). Through an agreement with the FCC, the Company is no longer obligated to segregate these non-regulated operations and has discontinued this accounting practice. Effective December 31, 2016, the Company merged Cincinnati Bell Telecommunications Services LLC into another subsidiary, Cincinnati Bell Entertainment Inc., which is also a guarantor of the Notes. These condensed consolidated financial statements have been retroactively restated to reflect this change. The Parent Company’s subsidiaries generate substantially all of its income and cash flow and generally distribute or advance the funds necessary to meet the Parent Company’s debt service obligations. The following information sets forth the Condensed Consolidating Balance Sheets of the Company as of December 31, 2016 and 2015 and the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) and Cash Flows for the years ended December 31, 2016 , 2015 , and 2014 of (1) the Parent Company, as the issuer, (2) the guarantor subsidiaries on a combined basis, and (3) the non-guarantor subsidiaries on a combined basis. Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2016 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Revenue $ — $ 539.0 $ 686.6 $ (39.8 ) $ 1,185.8 Operating costs and expenses 20.7 510.7 601.2 (39.8 ) 1,092.8 Operating income (loss) (20.7 ) 28.3 85.4 — 93.0 Interest expense (income), net 94.4 (25.2 ) 6.5 — 75.7 Other expense (income), net 20.3 (150.4 ) (15.5 ) — (145.6 ) Income (loss) before equity in earnings of subsidiaries and income taxes (135.4 ) 203.9 94.4 — 162.9 Income tax expense (benefit) (46.5 ) 74.0 33.6 — 61.1 Equity in earnings of subsidiaries, net of tax 191.0 — — (191.0 ) — Income from continuing operations 102.1 129.9 60.8 (191.0 ) 101.8 Income from discontinued operations, net of tax — 0.3 — — 0.3 Net income 102.1 130.2 60.8 (191.0 ) 102.1 Other comprehensive income (loss) 12.7 68.1 (0.1 ) — 80.7 Total comprehensive income $ 114.8 $ 198.3 $ 60.7 $ (191.0 ) $ 182.8 Net income 102.1 130.2 60.8 (191.0 ) 102.1 Preferred stock dividends 10.4 — — — 10.4 Net income applicable to common shareowners $ 91.7 $ 130.2 $ 60.8 $ (191.0 ) $ 91.7 Year Ended December 31, 2015 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Revenue $ — $ 532.4 $ 674.0 $ (38.6 ) $ 1,167.8 Operating costs and expenses 22.4 503.9 552.1 (38.6 ) 1,039.8 Operating income (loss) (22.4 ) 28.5 121.9 — 128.0 Interest expense (income), net 112.7 (10.2 ) 0.6 — 103.1 Other expense (income), net 19.5 (432.9 ) (12.3 ) — (425.7 ) Income (loss) before equity in earnings of subsidiaries and income taxes (154.6 ) 471.6 133.6 — 450.6 Income tax expense (benefit) (53.3 ) 165.5 47.6 — 159.8 Equity in earnings of subsidiaries, net of tax 455.0 — — (455.0 ) — Income from continuing operations 353.7 306.1 86.0 (455.0 ) 290.8 Income from discontinued operations, net of tax — 62.9 — — 62.9 Net income 353.7 369.0 86.0 (455.0 ) 353.7 Other comprehensive income (loss) 3.3 — (0.4 ) — 2.9 Total comprehensive income $ 357.0 $ 369.0 $ 85.6 $ (455.0 ) $ 356.6 Net income 353.7 369.0 86.0 (455.0 ) 353.7 Preferred stock dividends 10.4 — — — 10.4 Net income applicable to common shareowners $ 343.3 $ 369.0 $ 86.0 $ (455.0 ) $ 343.3 Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2014 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Revenue $ — $ 532.0 $ 668.6 $ (39.1 ) $ 1,161.5 Operating costs and expenses 21.5 505.4 496.8 (39.1 ) 984.6 Operating income (loss) (21.5 ) 26.6 171.8 — 176.9 Interest expense (income), net 142.6 6.2 (2.9 ) — 145.9 Other expense (income), net 17.6 (171.6 ) (14.1 ) — (168.1 ) Income (loss) before equity in earnings of subsidiaries and income taxes (181.7 ) 192.0 188.8 — 199.1 Income tax expense (benefit) (55.8 ) 68.3 68.9 — 81.4 Equity in earnings of subsidiaries, net of tax 201.5 — — (201.5 ) — Income from continuing operations 75.6 123.7 119.9 (201.5 ) 117.7 Loss from discontinued operations, net of tax — (42.1 ) — — (42.1 ) Net income 75.6 81.6 119.9 (201.5 ) 75.6 Other comprehensive loss (40.5 ) (0.1 ) — — (40.6 ) Total comprehensive income $ 35.1 $ 81.5 $ 119.9 $ (201.5 ) $ 35.0 Net income 75.6 81.6 119.9 (201.5 ) 75.6 Preferred stock dividends 10.4 — — — 10.4 Net income applicable to common shareowners $ 65.2 $ 81.6 $ 119.9 $ (201.5 ) $ 65.2 Condensed Consolidating Balance Sheets As of December 31, 2016 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Cash and cash equivalents $ 7.8 $ 0.3 $ 1.6 $ — $ 9.7 Receivables, net 17.8 1.7 159.1 — 178.6 Other current assets 1.1 17.9 22.6 — 41.6 Total current assets 26.7 19.9 183.3 — 229.9 Property, plant and equipment, net 0.3 54.4 1,030.8 — 1,085.5 Investment in CyrusOne — 128.0 — — 128.0 Goodwill — 12.1 2.2 — 14.3 Investments in and advances to subsidiaries 816.7 972.2 — (1,788.9 ) — Other noncurrent assets 179.1 43.9 5.1 (144.8 ) 83.3 Total assets $ 1,022.8 $ 1,230.5 $ 1,221.4 $ (1,933.7 ) $ 1,541.0 Current portion of long-term debt $ — $ 2.5 $ 5.0 $ — $ 7.5 Accounts payable 0.7 33.1 72.1 — 105.9 Other current liabilities 42.9 22.5 54.1 — 119.5 Total current liabilities 43.6 58.1 131.2 — 232.9 Long-term debt, less current portion 960.3 51.1 187.7 — 1,199.1 Other noncurrent liabilities 207.9 0.7 166.9 (144.8 ) 230.7 Intercompany payables — — 147.7 (147.7 ) — Total liabilities 1,211.8 109.9 633.5 (292.5 ) 1,662.7 Shareowners’ (deficit) equity (189.0 ) 1,120.6 587.9 (1,641.2 ) (121.7 ) Total liabilities and shareowners’ equity (deficit) $ 1,022.8 $ 1,230.5 $ 1,221.4 $ (1,933.7 ) $ 1,541.0 Condensed Consolidating Balance Sheets As of December 31, 2015 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Cash and cash equivalents $ 4.6 $ 0.4 $ 2.4 $ — $ 7.4 Receivables, net 0.7 2.8 153.6 — 157.1 Other current assets 1.6 13.9 20.4 — 35.9 Total current assets 6.9 17.1 176.4 — 200.4 Property, plant and equipment, net 0.3 53.4 921.8 — 975.5 Investment in CyrusOne — 55.5 — — 55.5 Goodwill — 12.1 2.2 — 14.3 Investments in and advances to subsidiaries 844.6 772.1 63.9 (1,680.6 ) — Other noncurrent assets 207.2 132.6 7.1 (146.2 ) 200.7 Total assets $ 1,059.0 $ 1,042.8 $ 1,171.4 $ (1,826.8 ) $ 1,446.4 Current portion of long-term debt $ 5.4 $ 3.4 $ 5.0 $ — $ 13.8 Accounts payable 0.7 42.8 85.4 — 128.9 Other current liabilities 41.6 23.9 45.6 — 111.1 Other current liabilities from discontinued operations — 5.4 — — 5.4 Total current liabilities 47.7 75.5 136.0 — 259.2 Long-term debt, less current portion 1,018.6 53.3 151.9 — 1,223.8 Other noncurrent liabilities 235.5 3.8 168.5 (146.2 ) 261.6 Intercompany payables 54.7 — 125.7 (180.4 ) — Total liabilities 1,356.5 132.6 582.1 (326.6 ) 1,744.6 Shareowners’ (deficit) equity (297.5 ) 910.2 589.3 (1,500.2 ) (298.2 ) Total liabilities and shareowners’ equity (deficit) $ 1,059.0 $ 1,042.8 $ 1,171.4 $ (1,826.8 ) $ 1,446.4 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2016 (dollars in millions) Parent (Issuer) Guarantors Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (61.1 ) $ 25.0 $ 209.3 $ — $ 173.2 Capital expenditures (0.2 ) (25.4 ) (260.8 ) — (286.4 ) Dividends received from CyrusOne (equity method investment) — 2.1 — — 2.1 Proceeds from sale of investment in CyrusOne — 189.7 — — 189.7 Distributions received from subsidiaries 12.0 — — (12.0 ) — Funding between Parent and subsidiaries, net 152.0 (188.0 ) — 36.0 — Other investing activities (0.9 ) — — — (0.9 ) Cash flows provided by (used in) investing activities 162.9 (21.6 ) (260.8 ) 24.0 (95.5 ) Funding between Parent and subsidiaries, net — — 36.0 (36.0 ) — Distributions paid to Parent — — (12.0 ) 12.0 — Proceeds from issuance of long-term debt 635.0 — — — 635.0 Net increase in corporate credit and receivables facilities with initial maturities less than 90 days — — 71.9 — 71.9 Repayment of debt (710.9 ) (3.5 ) (44.9 ) — (759.3 ) Debt issuance costs (10.8 ) — (0.3 ) — (11.1 ) Other financing activities (11.9 ) — — — (11.9 ) Cash flows provided by (used in) financing activities (98.6 ) (3.5 ) 50.7 (24.0 ) (75.4 ) Increase (decrease) in cash and cash equivalents 3.2 (0.1 ) (0.8 ) — 2.3 Beginning cash and cash equivalents 4.6 0.4 2.4 — 7.4 Ending cash and cash equivalents $ 7.8 $ 0.3 $ 1.6 $ — $ 9.7 Year Ended December 31, 2015 (dollars in millions) Parent (Issuer) Guarantors Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (19.3 ) $ (86.8 ) $ 217.0 $ — $ 110.9 Capital expenditures (0.1 ) (22.5 ) (261.0 ) — (283.6 ) Dividends received from CyrusOne (equity method investment) — 22.2 — — 22.2 Proceeds from sale of investment in CyrusOne — 643.9 — — 643.9 Distributions received from subsidiaries 11.3 — — (11.3 ) — Funding between Parent and subsidiaries, net — (554.3 ) 71.9 482.4 — Other investing activities (0.3 ) 0.9 0.1 — 0.7 Cash flows provided by (used in) investing activities 10.9 90.2 (189.0 ) 471.1 383.2 Funding between Parent and subsidiaries, net 486.4 — (4.0 ) (482.4 ) — Distributions paid to Parent — — (11.3 ) 11.3 — Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days — — (1.6 ) — (1.6 ) Repayment of debt (518.5 ) (3.2 ) (10.0 ) — (531.7 ) Debt issuance costs (0.2 ) — (0.2 ) — (0.4 ) Other financing activities (10.9 ) — — — (10.9 ) Cash flows provided by (used in) financing activities (43.2 ) (3.2 ) (27.1 ) (471.1 ) (544.6 ) Increase (decrease) in cash and cash equivalents (51.6 ) 0.2 0.9 — (50.5 ) Beginning cash and cash equivalents 56.2 0.2 1.5 — 57.9 Ending cash and cash equivalents $ 4.6 $ 0.4 $ 2.4 $ — $ 7.4 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2014 (dollars in millions) Parent (Issuer) Guarantors Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (56.3 ) $ 5.6 $ 225.9 $ — $ 175.2 Capital expenditures (0.2 ) (29.6 ) (152.5 ) — (182.3 ) Dividends received from CyrusOne (equity method investment) — 28.4 — — 28.4 Proceeds from sale of investment in CyrusOne — 355.9 — — 355.9 Proceeds from sale of wireless spectrum licenses - discontinued operations — 194.4 — — 194.4 Distributions received from subsidiaries 12.8 — — (12.8 ) — Funding between Parent and subsidiaries, net — (546.3 ) (71.0 ) 617.3 — Other investing activities (0.3 ) (5.5 ) 2.0 — (3.8 ) Cash flows provided by (used in) investing activities 12.3 (2.7 ) (221.5 ) 604.5 392.6 Funding between Parent and subsidiaries, net 516.2 — 101.1 (617.3 ) — Distributions paid to parent — — (12.8 ) 12.8 — Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days (40.0 ) — (87.0 ) — (127.0 ) Repayment of debt (367.3 ) (3.0 ) (6.2 ) — (376.5 ) Debt issuance costs (0.7 ) — (0.2 ) — (0.9 ) Other financing activities (10.1 ) — — — (10.1 ) Cash flows provided by (used in) financing activities 98.1 (3.0 ) (5.1 ) (604.5 ) (514.5 ) Increase (decrease) in cash and cash equivalents 54.1 (0.1 ) (0.7 ) — 53.3 Beginning cash and cash equivalents 2.1 0.3 2.2 — 4.6 Ending cash and cash equivalents $ 56.2 $ 0.2 $ 1.5 $ — $ 57.9 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events In February 2017, the Company signed an agreement to acquire SunTel Services, based in Troy, Michigan, for approximately $10 million . SunTel Services provides network security, data connectivity, and unified communications solutions to commercial and enterprise customers across multiple sectors throughout Michigan. The acquisition is expected to close in the first quarter of 2017. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Valuation and Qualifying Accounts Disclosure [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VALUATION AND QUALIFYING ACCOUNTS Additions (dollars in millions) Beginning of Period Charge (Benefit) to Expenses (To) From Other Accounts Deductions End of Period Allowance for Doubtful Accounts Year 2016 $ 12.4 $ 9.4 $ (2.0 ) $ 9.9 $ 9.9 Year 2015 $ 12.4 $ 8.5 $ — $ 8.5 $ 12.4 Year 2014 $ 12.2 $ 10.4 $ — $ 10.2 $ 12.4 Deferred Tax Valuation Allowance Year 2016 $ 58.4 $ (3.6 ) $ (0.4 ) $ — $ 54.4 Year 2015 $ 64.4 $ (5.5 ) $ (0.5 ) $ — $ 58.4 Year 2014 $ 68.3 $ (1.1 ) $ (2.8 ) $ — $ 64.4 |
Description of Business and A31
Description of Business and Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation — The consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") and, in the opinion of management, include all adjustments necessary for a fair presentation of the results of operations, comprehensive income, financial position and cash flows for each period presented. On October 4, 2016, the Company filed an amendment to its Amended and Restated Articles of Incorporation to affect a one-for-five reverse split of its issued common stock (the “Reverse Split”) which had the effect of reducing the number of issued shares of common stock from 210,275,005 to 42,055,001 , effective as of 11:59 pm on October 4, 2016. Any fractional shares of common stock resulting from the Reverse Split were settled in cash equal to the fraction of a share to which the holder was entitled. As a result of the Reverse Split, the Company reduced total par value from common stock by $1.7 million and increased the additional paid-in capital by the same amount for the reporting periods. All shares of common stock, stock options, the conversion rate of preferred stock and per share information presented in the consolidated financial statements have been adjusted to reflect the Reverse Split on a retroactive basis for all periods presented and all share information is rounded down to the nearest whole share after reflecting the Reverse Split. |
Basis of Consolidation | Basis of Consolidation — The consolidated financial statements include the consolidated accounts of Cincinnati Bell Inc. and its majority-owned subsidiaries over which it exercises control. Intercompany accounts and transactions have been eliminated in the consolidated financial statements. Investments over which the Company exercises significant influence are recorded under the equity method. |
Recast of Financial Information for Discontinued Operations | Recast of Financial Information for Discontinued Operations — In the second quarter of 2014, we entered into agreements to sell our wireless spectrum licenses and certain other assets related to our wireless business. The agreement to sell our wireless spectrum licenses closed on September 30, 2014, for cash proceeds of $194.4 million . Simultaneously, we entered into a separate agreement to use certain spectrum licenses for $8.00 until we no longer provided wireless service. Effective March 31, 2015, all wireless subscribers were migrated off our network and we ceased providing wireless services and operations. Certain wireless tower lease obligations and other assets were transferred to the acquiring company on April 1, 2015. The closing of our wireless operations represents a strategic shift in our business. Therefore, certain wireless assets, liabilities and results of operations are reported as discontinued operations in our financial statements. Accordingly, the Company recast 2015 and 2014 results with the exception of the Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareowners' Deficit and Consolidated Statements of Cash Flows. See Note 16 for all required disclosures. |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. Significant items subject to such estimates and judgments include: the carrying value of property, plant and equipment; the valuation of insurance and claims liabilities; the valuation of allowances for receivables and deferred income taxes; reserves recorded for income tax exposures; the valuation of asset retirement obligations; assets and liabilities related to employee benefits; and the valuation of goodwill. In the normal course of business, the Company is also subject to various regulatory and tax proceedings, lawsuits, claims and other matters. The Company believes adequate provision has been made for all such asserted and unasserted claims in accordance with GAAP. Such matters are subject to many uncertainties and outcomes that are not predictable with assurance. |
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash consists of funds held in bank accounts. Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. |
Receivables | Receivables — Receivables consist principally of trade receivables from customers and are generally unsecured and due within 21 - 90 days. The Company has receivables with one customer, General Electric Company ("GE"), that makes up 21% and 22% of the outstanding accounts receivable balance at December 31, 2016 and 2015 , respectively. Unbilled receivables arise from services rendered but not yet billed. As of December 31, 2016 and 2015 , unbilled receivables totaled $14.5 million and $14.0 million , respectively. Expected credit losses related to trade receivables are recorded as an allowance for uncollectible accounts in the Consolidated Balance Sheets. The Company establishes the allowances for uncollectible accounts using percentages of aged accounts receivable balances to reflect the historical average of credit losses as well as specific provisions for certain identifiable, potentially uncollectible balances. When internal collection efforts on accounts have been exhausted, the accounts are written off and the associated allowance for uncollectible accounts is reduced. |
Inventory, Materials and Supplies | Inventory, Materials and Supplies — Inventory, materials and supplies consists of network components, various telephony and IT equipment to be sold to customers, maintenance inventories, and other materials and supplies, which are carried at the lower of average cost or market. |
Property, Plant and Equipment | Property, Plant and Equipment — Property, plant and equipment is stated at original cost and presented net of accumulated depreciation and impairment losses. Maintenance and repairs are charged to expense as incurred while improvements, which extend an asset's useful life or increase its functionality, are capitalized and depreciated over the asset's remaining life. The majority of the Entertainment and Communications network property, plant and equipment used to generate its voice and data revenue is depreciated using the group method, which develops a depreciation rate annually based on the average useful life of a specific group of assets rather than for each individual asset as would be utilized under the unit method. Provision for depreciation of other property, plant and equipment, except for leasehold improvements, is based on the straight-line method over the estimated economic useful life. Depreciation of leasehold improvements is based on a straight-line method over the lesser of the economic useful life of the asset or the term of the lease, including optional renewal periods if renewal of the lease is reasonably assured. Additions and improvements, including interest and certain labor costs incurred during the construction period, are capitalized. The Company records the fair value of a legal liability for an asset retirement obligation in the period it is incurred. The estimated removal cost is initially capitalized and depreciated over the remaining life of the underlying asset. The associated liability is accreted to its present value each period. Once the obligation is ultimately settled, any difference between the final cost and the recorded liability is recognized as gain or loss on disposition. |
Goodwill | Goodwill — Goodwill represents the excess of the purchase price consideration over the fair value of net assets acquired and recorded in connection with business acquisitions. Goodwill is generally allocated to reporting units one level below business segments. Goodwill is tested for impairment on an annual basis or when events or changes in circumstances indicate that such assets may be impaired. If the net book value of the reporting unit exceeds its fair value, an impairment loss may be recognized. An impairment loss is measured as the excess of the carrying value of goodwill of a reporting unit over its implied fair value. The implied fair value of goodwill represents the difference between the fair value of the reporting unit and the fair value of all the assets and liabilities of that unit, including any unrecognized intangible assets. |
Long-Lived Assets | Long-Lived Assets — Management reviews the carrying value of property, plant and equipment and other long-lived assets, including intangible assets with definite lives, when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss is recognized when the estimated future undiscounted cash flows expected to result from the use of an asset (or group of assets) and its eventual disposition is less than its carrying amount. An impairment loss is measured as the amount by which the asset’s carrying value exceeds its estimated fair value. Long-lived intangible assets are amortized based on the estimated economic value generated by the asset in future years. |
Investment in CyrusOne | Investment in CyrusOne — On January 24, 2013, we completed the initial public offering ("IPO") of CyrusOne Inc. ("CyrusOne"), which owns and operates our former Data Center Colocation business. CyrusOne conducts its data center business through CyrusOne LP, an operating partnership. Effective with the IPO, we retained ownership of approximately 1.9 million shares, or 8.6% , of CyrusOne's common stock and were a limited partner in CyrusOne LP, owning approximately 42.6 million , or 66% , of its partnership units. We effectively owned 69% of CyrusOne and continued to have significant influence over the entity, but we did not control its operations. Therefore, effective January 24, 2013, we no longer included the accounts of CyrusOne in our consolidated financial statements, but accounted for our ownership in CyrusOne as an equity method investment. From the date of IPO, we recognized our proportionate share of CyrusOne's net income or loss as non-operating income or expense in our Consolidated Statement of Operations through December 31, 2015. For the period January 1, 2013 through January 23, 2013, we consolidated CyrusOne's operating results. On December 31, 2015, we exchanged our remaining 6.3 million operating partnership units in CyrusOne LP for an equal number of newly issued shares of common stock of CyrusOne Inc. As a result, our 9.5% ownership in CyrusOne, which consisted of 6.9 million common shares, no longer constituted significant influence over the entity. Effective January 1, 2016, our investment in CyrusOne was no longer accounted for using the equity method. Dividends declared by CyrusOne in 2016 totaled $6.4 million and were included in "Other (income) expense, net" in the Consolidated Statement of Operations. As of December 31, 2016 , we held 2.8 million shares of CyrusOne Inc. common stock valued at $128.0 million which are accounted for as available-for-sale securities. As of December 31, 2016, "Investment in CyrusOne" on the Consolidated Balance Sheets has been recorded at fair value, which was determined based on closing market price of CyrusOne at December 31, 2016 . This investment is classified as Level 1 in the fair value hierarchy. Unrealized gains and losses on our investment in CyrusOne are included in "Accumulated other comprehensive loss", net of taxes on the Consolidated Balance Sheets. At December 31, 2016, gross unrealized gains totaled $105.0 million . When evaluating the investments for other-than-temporary impairment, the Company reviews such factors as the financial condition of the issuer, severity and duration of the fair value decline and evaluation of factors that could cause the investment to have an other-than-temporary decline in fair value. During the year ended December 31, 2016 the Company did not recognize any impairment charges related to Investment in CyrusOne. |
Equity Method Investments | Equity Method Investments — During 2014, we invested a total of $5.5 million in other entities, which are accounted for as equity method investments and the carrying value has been recorded within “Other noncurrent assets” in the Consolidated Balance Sheets. The Company's proportionate share of the investments’ net loss had a minimal impact on our Consolidated Statement of Operations in 2014, 2015 and 2016. Equity method investments are tested for impairment on an annual basis or when events or changes in circumstances indicate that such assets may be impaired. |
Cost Method Investments | Cost Method Investments — Certain of our cost method investments do not have readily determinable fair values. The carrying value of these investments was $3.4 million and $3.0 million as of December 31, 2016 and 2015, respectively, and was included in "Other noncurrent assets" in the Consolidated Balance Sheets. Investments are reviewed annually for impairment, or sooner if changes in circumstances indicate the carrying value may not be recoverable. If the carrying value of the investment exceeds its estimated fair value and the decline in value is determined to be other-than-temporary, an impairment loss is recognized for the difference. The Company estimates fair value using external information and discounted cash flow analysis. |
Leases | Leases — Certain property and equipment are leased. At lease inception, the lease terms are assessed to determine if the transaction should be classified as a capital or operating lease. |
Treasury Shares | Treasury Shares — The repurchase of common shares is recorded at purchase cost as treasury shares. Our policy is to retire, either formally or constructively, treasury shares that management anticipates will not be reissued. Upon retirement, the purchase cost of the treasury shares that exceeds par value is recorded as a reduction to “Additional paid-in capital” in the Consolidated Balance Sheets. |
Revenue Recognition | Revenue Recognition — We apply the revenue recognition principles described in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic ("ASC") 605, “Revenue Recognition.” Under ASC 605, revenue is recognized when there is persuasive evidence of a sale arrangement, delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. With respect to arrangements with multiple deliverables, management determines whether more than one unit of accounting exists in an arrangement. To the extent that the deliverables are separable into multiple units of accounting, total consideration is allocated to the individual units of accounting based on their relative fair value, determined by the price of each deliverable when it is regularly sold on a stand-alone basis. Revenue is recognized for each unit of accounting as delivered, or as service is performed, depending on the nature of the deliverable comprising the unit of accounting. The Company has sales with one customer, GE, that contributed 12% to total revenue in each of 2016 and 2015, and 14% in 2014. Revenue derived from foreign operations is less than 1% of consolidated revenue. Entertainment and Communications — Revenues from local telephone, special access, internet product and video services, which are billed monthly prior to performance of service, are not recognized upon billing or cash receipt but rather are deferred until the service is provided. Long distance, switched access and other usage based charges are billed monthly in arrears. Entertainment and Communications bills service revenue in regular monthly cycles, which are spread throughout the days of the month. As the last day of each billing cycle rarely coincides with the end of the reporting period for usage-based services such as long distance and switched access, we must estimate service revenues earned but not yet billed. These estimates are based upon historical usage, and we adjust these estimates during the period in which actual usage is determinable, typically in the following reporting period. Pricing of local voice services is generally subject to oversight by both state and federal regulatory commissions. Such regulation also covers services, competition, and other public policy issues. Various regulatory rulings and interpretations could result in increases or decreases to revenue in future periods. IT Services and Hardware — Services are generally recognized as the service is provided. Maintenance on telephony equipment is deferred and recognized ratably over the term of the underlying customer contract, generally one to three years. Equipment revenue is recognized upon the completion of our contractual obligations, such as shipment, delivery, or customer acceptance. Installation service revenue is generally recognized when installation is complete. We sell equipment and installation services on both a combined and standalone basis. The Company is a reseller of IT and telephony equipment. For these transactions, we consider the gross versus net revenue recording criteria of ASC 605. Based on this criteria, these equipment revenues and associated costs have generally been recorded on a gross basis rather than recording the revenues net of the associated costs. Vendor rebates are earned on certain equipment sales. When the rebate is earned and the amount is determinable, we recognize the rebate as an offset to cost of products sold. Discontinued Operations — Postpaid wireless and reciprocal compensation were billed monthly in arrears. Service revenue was billed in regular monthly cycles, which were spread throughout the days of the month. As the last day of each billing cycle rarely coincided with the end of the reporting period for usage-based services such as postpaid wireless, we estimated service revenues earned but not yet billed. Our estimates were based upon historical usage, and we adjusted these estimates during the period in which actual usage was determinable, typically in the following reporting period. Revenue from prepaid wireless service, which was collected in advance, was not recognized upon billing or cash receipt but rather deferred until the service was provided. Wireless handset revenue and the related activation revenue were recognized when the products were delivered to and accepted by the customer, as this was considered to be a separate earnings process from the sale of wireless services. Wireless equipment costs were also recognized upon handset sale and were generally in excess of the related handset and activation revenue. Revenue from termination fees was recognized when collection was deemed reasonably assured. |
Advertising Expenses | Advertising Expenses — Costs related to advertising are expensed as incurred. Advertising costs were $9.5 million , $8.3 million , and $7.2 million in 2016 , 2015 , and 2014 , respectively. |
Legal Expenses | Legal Expenses — In the normal course of business, the Company is involved in various claims and legal proceedings. Legal costs incurred in connection with loss contingencies are expensed as incurred. Legal claim accruals are recorded once determined to be both probable and estimable. |
Income Taxes | Income taxes — The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction as well as various foreign, state and local jurisdictions. The provision for income taxes is based upon income in the consolidated financial statements, rather than amounts reported on the income tax return. The income tax provision consists of an amount for taxes currently payable and an amount for tax consequences deferred to future periods. Deferred investment tax credits are amortized as a reduction of the provision for income taxes over the estimated useful lives of the related property, plant and equipment. Deferred income taxes are provided for temporary differences between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at rates then in effect. Valuation allowances are recorded to reduce deferred tax assets to amounts that are more likely than not to be realized. The ultimate realization of the deferred income tax assets depends upon the ability to generate future taxable income during the periods in which basis differences and other deductions become deductible and prior to the expiration of the net operating loss carryforwards. Previous tax filings are subject to normal reviews by regulatory agencies until the related statute of limitations expires. |
Operating Taxes | Operating taxes — Certain operating taxes such as property, sales, use, and gross receipts taxes are reported as expenses in operating income primarily within cost of services. These taxes are not included in income tax expense because the amounts to be paid are not dependent on our level of income. Liabilities for audit exposures are established based on management's assessment of the probability of payment. The provision for such liabilities is recognized as either property, plant and equipment, operating tax expense, or depreciation expense depending on the nature of the audit exposure. Upon resolution of an audit, any remaining liability not paid is released against the account in which it was originally recorded. |
Regulatory Taxes | Regulatory taxes — The Company incurs federal and state regulatory taxes on certain revenue producing transactions. We are permitted to recover certain of these taxes by billing the customer; however, collections cannot exceed the amount due to the federal regulatory agency. These federal regulatory taxes are presented in sales and cost of services on a gross basis because, while the Company is required to pay the tax, it is not required to collect the tax from customers and, in fact, does not collect the tax from customers in certain instances. The amounts recorded as revenue for 2016 , 2015 , and 2014 were $16.3 million , $15.5 million , and $15.2 million , respectively. The amounts expensed for 2016 , 2015 , and 2014 were $17.5 million , $17.9 million , and $16.4 million , respectively. We record all other federal taxes collected from customers on a net basis. |
Stock-Based Compensation | Stock-Based Compensation — Compensation cost is recognized for all share-based awards to employees and non-employee directors. We value all share-based awards to employees at fair value on the date of grant and expense this amount over the required service period, generally defined as the applicable vesting period. For awards which contain a performance condition, compensation expense is recognized over the service period, when achievement of the performance condition is deemed probable. The fair value of stock options and stock appreciation rights is determined using the Black-Scholes option-pricing model using assumptions such as volatility, risk-free interest rate, holding period and dividends. The fair value of stock awards is based on the Company’s closing share price on the date of grant. For all share-based payments, an assumption is also made for the estimated forfeiture rate based on the historical behavior of employees. The forfeiture rate reduces the total fair value of the awards to be recognized as compensation expense. Our accounting policy for graded vesting awards is to recognize compensation expense on a straight-line basis over the vesting period. We have also granted employee awards to be ultimately paid in cash which are indexed to the change in the Company’s common stock price. These awards are adjusted to the fair value of the Company's common stock, and the adjusted fair value is expensed on a pro-rata basis over the vesting period. When an award is granted to an employee who is retirement eligible, the compensation cost is recognized over the service period up to the date that the employee first becomes eligible to retire. |
Pension and Postretirement Benefit Plans | Pension and Postretirement Benefit Plans — The Company maintains qualified and non-qualified defined benefit pension plans, and also provides postretirement healthcare and life insurance benefits for eligible employees. We recognize the overfunded or underfunded status of the defined benefit pension and other postretirement benefit plans as either an asset or liability. Changes in the funded status of these plans are recognized as a component of comprehensive income (loss) in the year they occur. Pension and postretirement healthcare and life insurance benefits earned during the year and interest on the projected benefit obligations are accrued and recognized currently in net periodic benefit cost. Prior service costs and credits are amortized over the average life expectancy of participants or remaining service period, based upon whether plan participants are mostly retirees or active employees. Net gains or losses resulting from differences between actuarial experience and assumptions or from changes in actuarial assumptions are recognized as a component of annual net periodic benefit cost. Unrecognized actuarial gains or losses that exceed 10% of the projected benefit obligation are amortized on a straight-line basis over the average remaining service life of active employees for the pension and bargained postretirement plans (approximately 9 - 13 years) and average life expectancy of retirees for the management postretirement plan (approximately 17 years). |
Business Combinations | Business Combinations — In accounting for business combinations, we apply the accounting requirements of ASC 805, “Business Combinations,” which requires the recording of net assets of acquired businesses at fair value. In developing estimates of fair value of acquired assets and assumed liabilities, management analyzes a variety of factors including market data, estimated future cash flows of the acquired operations, industry growth rates, current replacement cost for fixed assets, and market rate assumptions for contractual obligations. Such a valuation requires management to make significant estimates and assumptions, particularly with respect to the intangible assets. In addition, contingent consideration is presented at fair value at the date of acquisition. Transaction costs are expensed as incurred. |
Fair Value Measurements | Fair Value Measurements — Fair value of financial and non-financial assets and liabilities is defined as the price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is utilized to measure certain investments on a recurring basis. Fair value measurements are also utilized to determine the initial value of assets and liabilities acquired in a business combination, to perform impairment tests, and for disclosure purposes. Management uses quoted market prices and observable inputs to the maximum extent possible when measuring fair value. In the absence of quoted market prices or observable inputs, fair value is determined using valuation models that incorporate assumptions that a market participant would use in pricing the asset or liability. Fair value measurements are classified within one of three levels, which prioritize the inputs used in the methodologies of measuring fair value for assets and liabilities, as follows: Level 1 — Quoted market prices for identical instruments in an active market; Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs); and Level 3 — Unobservable inputs that reflect management's determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including our own data. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions — The financial position of foreign subsidiaries is translated at the exchange rates in effect at the end of the period, while revenues and expenses are translated at average rates of exchange during the period. Gains or losses from translation of foreign operations where the local currency is the functional currency are included as components of accumulated other comprehensive income. Gains and losses arising from foreign currency transactions are recorded in other income (expense) in the period incurred. |
Earnings Per Common Share | Basic earnings per common share ("EPS") is based upon the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that would occur upon issuance of common shares for awards under stock-based compensation plans, or conversion of preferred stock, but only to the extent that they are considered dilutive. |
Fair Value of Financial Instruments | The fair value of debt instruments was based on closing or estimated market prices of the Company’s debt at December 31, 2016 and 2015 , which is considered Level 2 of the fair value hierarchy. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Earnings Per Common Share, Basic and Diluted [Line Items] | |||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The following table shows the computation of basic and diluted EPS after consideration of the 1-for-5 reverse stock split that became effective 11:59 p.m. October 4, 2016: Year Ended December 31, 2016 (in millions, except per share amounts) Continuing Operations Discontinued Operations Total Numerator: Net income $ 101.8 $ 0.3 $ 102.1 Preferred stock dividends 10.4 — 10.4 Net income applicable to common shareowners - basic and diluted $ 91.4 $ 0.3 $ 91.7 Denominator: Weighted-average common shares outstanding - basic 42.0 42.0 42.0 Stock-based compensation arrangements 0.1 0.1 0.1 Weighted-average common shares outstanding - diluted 42.1 42.1 42.1 Basic and diluted earnings per common share $ 2.17 $ 0.01 $ 2.18 | Year Ended December 31, 2015 (in millions, except per share amounts) Continuing Operations Discontinued Operations Total Numerator: Net income $ 290.8 $ 62.9 $ 353.7 Preferred stock dividends 10.4 — 10.4 Net income applicable to common shareowners - basic and diluted $ 280.4 $ 62.9 $ 343.3 Denominator: Weighted-average common shares outstanding - basic 41.9 41.9 41.9 Stock-based compensation arrangements 0.1 0.1 0.1 Weighted-average common shares outstanding - diluted 42.0 42.0 42.0 Basic earnings per common share $ 6.69 $ 1.50 $ 8.19 Diluted earnings per common share $ 6.68 $ 1.49 $ 8.17 | Year Ended December 31, 2014 (in millions, except per share amounts) Continuing Operations Discontinued Operations Total Numerator: Net income $ 117.7 $ (42.1 ) $ 75.6 Preferred stock dividends 10.4 — 10.4 Net income applicable to common shareowners - basic and diluted $ 107.3 $ (42.1 ) $ 65.2 Denominator: Weighted-average common shares outstanding - basic 41.7 41.7 41.7 Stock-based compensation arrangements 0.2 0.2 0.2 Weighted-average common shares outstanding - diluted 41.9 41.9 41.9 Basic earnings per common share $ 2.57 $ (1.01 ) $ 1.56 Diluted earnings per common share $ 2.56 $ (1.00 ) $ 1.56 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment is comprised of the following: December 31, Depreciable Lives (Years) (dollars in millions) 2016 2015 Land and rights-of-way $ 4.3 $ 4.3 20 - Indefinite Buildings and leasehold improvements 173.7 165.0 3 - 40 Network equipment 3,165.7 2,959.3 2 - 50 Office software, furniture, fixtures and vehicles 150.6 131.4 2 - 14 Construction in process 17.0 29.2 n/a Gross value 3,511.3 3,289.2 Accumulated depreciation (2,425.8 ) (2,313.7 ) Property, plant and equipment, net $ 1,085.5 $ 975.5 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets [Abstract] | |
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | Summarized below are the carrying values for the intangible assets subject to amortization: Weighted- Average December 31, 2016 December 31, 2015 Life in Gross Carrying Accumulated Gross Carrying Accumulated (dollars in millions) Years Amount Amortization Amount Amortization Customer relationships - Entertainment and Communications 10 $ 7.0 $ 7.0 $ 7.0 $ 6.8 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instruments [Abstract] | |
Schedule of Long-term Debt Instruments | The Company’s debt consists of the following: December 31, (dollars in millions) 2016 2015 Current portion of long-term debt: Corporate Credit Agreement - Tranche B Term Loan $ — $ 5.4 Capital lease obligations and other debt 7.5 8.4 Current portion of long-term debt 7.5 13.8 Long-term debt, less current portion: Receivables Facility 89.5 17.6 Corporate Credit Agreement - Tranche B Term Loan 315.8 522.5 8 3/8% Senior Notes due 2020 — 478.5 7 1/4% Senior Notes due 2023 22.3 26.3 7 % Senior Notes due 2024 625.0 — Various Cincinnati Bell Telephone notes 87.9 128.7 Capital lease obligations and other debt 62.0 59.9 1,202.5 1,233.5 Net unamortized premium (discount) 8.5 (1.7 ) Unamortized note issuance costs (11.9 ) (8.0 ) Long-term debt, less current portion 1,199.1 1,223.8 Total debt $ 1,206.6 $ 1,237.6 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table summarizes our annual principal maturities of debt and capital leases for the five years subsequent to December 31, 2016 , and thereafter: Capital Total (dollars in millions) Debt Leases Debt Year ended December 31, 2017 $ 0.2 $ 7.3 $ 7.5 2018 — 6.4 6.4 2019 89.5 6.3 95.8 2020 315.8 4.4 320.2 2021 — 3.5 3.5 Thereafter 735.2 41.4 776.6 1,140.7 69.3 1,210.0 Net unamortized premium 8.5 — 8.5 Unamortized note issuance costs (11.9 ) — (11.9 ) Total debt $ 1,137.3 $ 69.3 $ 1,206.6 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2016 , future minimum lease payments required under operating leases having initial or remaining non-cancellable lease terms for the next five years are as follows: (dollars in millions) 2017 $ 4.1 2018 2.9 2019 2.6 2020 2.3 2021 2.2 Thereafter 19.8 Total $ 33.9 |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | The following table presents the activity for the Company’s asset retirement obligations, which are included in "Other noncurrent liabilities" in the Consolidated Balance Sheets: December 31, (dollars in millions) 2016 2015 Balance, beginning of period $ 4.8 $ 1.6 Asset retirement obligations reclassified from discontinued operations — 10.9 Liabilities settled (2.0 ) (5.0 ) Revision to estimated cash flow (1.1 ) (2.9 ) Accretion expense 0.1 0.2 Balance, end of period $ 1.8 $ 4.8 |
Financial Instruments and Fai37
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Fair Value, by Balance Sheet Grouping | The carrying value and fair value of the Company’s long-term debt is as follows: December 31, 2016 December 31, 2015 (dollars in millions) Carrying Value Fair Value Carrying Value Fair Value Long-term debt, including current portion* 1,149.2 1,177.9 1,178.0 1,155.6 *Excludes capital leases and note issuance costs. | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | During 2014, the following assets were remeasured at fair value in connection with impairment tests: Fair Value Measurements Using (dollars in millions) Year Ended December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impairment Losses Property: Office software, furniture, fixtures, & vehicles (Entertainment and Communications) — — — — $ (4.6 ) Impairment of assets $ (4.6 ) |
Pension and Postretirement Pl38
Pension and Postretirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Pension and postretirement benefit costs for these plans were comprised of: Pension Benefits Postretirement and Other Benefits (dollars in millions) 2016 2015 2014 2016 2015 2014 Service cost $ — $ 0.3 $ 1.0 $ 0.3 $ 0.3 $ 0.3 Interest cost on projected benefit obligation 19.3 19.0 21.0 3.3 3.3 4.0 Expected return on plan assets (27.3 ) (29.2 ) (28.1 ) — — — Amortization of: Prior service cost (benefit) 0.1 0.1 0.2 (14.7 ) (15.4 ) (15.4 ) Actuarial loss 19.1 24.9 17.3 4.9 5.4 5.4 Curtailment loss — 0.3 — — — — Pension/postretirement cost (benefit) $ 11.2 $ 15.4 $ 11.4 $ (6.2 ) $ (6.4 ) $ (5.7 ) |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Changes in the plans' benefit obligations and funded status are as follows: Postretirement and Other Benefits Pension Benefits (dollars in millions) 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at January 1, $ 530.5 $ 577.3 $ 93.1 $ 109.0 Service cost — 0.3 0.3 0.3 Interest cost 19.3 19.0 3.3 3.3 Actuarial gain (2.7 ) (18.8 ) (4.7 ) (10.9 ) Benefits paid (41.5 ) (47.3 ) (13.1 ) (12.7 ) Retiree drug subsidy received — — 0.6 0.2 Other — — 3.1 3.9 Benefit obligation at December 31, $ 505.6 $ 530.5 $ 82.6 $ 93.1 Change in plan assets: Fair value of plan assets at January 1, $ 378.1 $ 424.3 $ 10.3 $ 11.0 Actual return (loss) on plan assets 30.3 (10.5 ) 0.3 0.1 Employer contributions 5.4 11.6 10.6 11.7 Retiree drug subsidy received — — 0.6 0.2 Benefits paid (41.5 ) (47.3 ) (13.1 ) (12.7 ) Fair value of plan assets at December 31, 372.3 378.1 8.7 10.3 Unfunded status $ (133.3 ) $ (152.4 ) $ (73.9 ) $ (82.8 ) |
Schedule of Health Care Cost Trend Rates [Table Text Block] | The assumed healthcare cost trend rate used to measure the postretirement health benefit obligation is shown below: December 31, 2016 2015 Healthcare cost trend 6.5 % 6.5 % Rate to which the cost trend is assumed to decline (ultimate trend rate) 4.5 % 4.5 % Year the rates reach the ultimate trend rate 2021 2020 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | A one-percentage point change in assumed healthcare cost trend rates would have the following effect on the postretirement benefit costs and obligation: (dollars in millions) 1% Increase 1% Decrease Service and interest costs for 2016 $ 0.2 $ (0.1 ) Postretirement benefit obligation at December 31, 2016 3.2 (2.9 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | The projected benefit obligation is recognized in the Consolidated Balance Sheets as follows: Pension Benefits Postretirement and Other Benefits December 31, December 31, (dollars in millions) 2016 2015 2016 2015 Accrued payroll and benefits (current liability) $ 2.1 $ 2.1 $ 9.4 $ 10.1 Pension and postretirement benefit obligations (noncurrent liability) 131.2 150.3 64.5 72.7 Total $ 133.3 $ 152.4 $ 73.9 $ 82.8 |
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | Amounts recognized in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets which have not yet been recognized in net pension costs consisted of the following: Postretirement and Other Benefits Pension Benefits December 31, December 31, (dollars in millions) 2016 2015 2016 2015 Prior service (cost) benefit, net of tax of ($0.1), ($0.1), $10.6, $15.8 $ (0.1 ) $ (0.2 ) $ 19.1 $ 28.6 Actuarial loss, net of tax of ($81.6), ($90.4), ($19.7), ($23.0) (141.8 ) (157.8 ) (34.8 ) (40.9 ) Total $ (141.9 ) $ (158.0 ) $ (15.7 ) $ (12.3 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in "Accumulated other comprehensive loss" on the Consolidated Statements of Shareowners’ Deficit and the Consolidated Statements of Comprehensive Income are shown below: Pension Benefits Postretirement and Other Benefits (dollars in millions) 2016 2015 2016 2015 Prior service cost recognized: Reclassification adjustments $ 0.1 $ 0.4 $ (14.7 ) $ (15.4 ) Actuarial (loss) gain recognized: Reclassification adjustments 19.1 24.9 4.9 5.4 Actuarial gain (loss) arising during the period 5.7 (20.9 ) 4.5 10.9 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | The following amounts currently included in "Accumulated other comprehensive loss" are expected to be recognized in 2017 as a component of net periodic pension and postretirement cost: Pension Benefits Postretirement and Other Benefits (dollars in millions) Prior service benefit $ — $ (4.5 ) Actuarial loss 16.5 4.3 Total $ 16.5 $ (0.2 ) |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of the pension plan assets at December 31, 2016 and 2015 by asset category are as follows: (dollars in millions) December 31, 2016 Quoted Prices in active markets Level 1 Significant observable inputs Level 2 Significant Mutual funds U.S. equity index funds $ 142.7 $ 142.7 $ — $ — International equity index funds 95.6 95.6 — — Fixed income bond funds 123.9 123.9 — — Fixed income short-term money market funds 10.1 10.1 — — Group insurance contract 8.7 — — — Total $ 381.0 $ 372.3 $ — $ — (dollars in millions) December 31, 2015 Quoted Prices in active markets Level 1 Significant observable inputs Level 2 Significant unobservable inputs Level 3 Mutual funds U.S. equity index funds $ 147.8 $ 147.8 $ — $ — International equity index funds 97.0 97.0 — — Fixed income bond funds 133.3 133.3 — — Group insurance contract 10.3 — — — Total $ 388.4 $ 378.1 $ — $ — |
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years: (dollars in millions) Pension Benefits Postretirement and Other Benefits Medicare Subsidy Receipts 2017 $ 42.1 $ 9.9 $ (0.5 ) 2018 41.8 9.2 (0.5 ) 2019 40.2 7.8 (0.4 ) 2020 39.8 7.0 (0.4 ) 2021 38.1 6.7 (0.4 ) Years 2022 - 2026 169.5 28.1 (1.4 ) |
Net Periodic Cost [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Assumptions Used [Table Text Block] | The following are the weighted-average assumptions used in measuring the net periodic cost of the pension and postretirement benefits: Pension Benefits Postretirement and Other Benefits 2016 2015 2014 2016 2015 2014 Discount rate 3.80 % 3.40 % * 4.20 % 3.70 % 3.40 % 4.10 % Expected long-term rate of return 7.50 % 7.75 % 7.75 % — — — Future compensation growth rate — — — — — — * Discount rate used for the remeasurement of the non-management pension plan in April 2015 was consistent with the discount rate previously established. |
Projected Benefit Obligation [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Assumptions Used [Table Text Block] | The following are the weighted-average assumptions used in accounting for and measuring the projected benefit obligations: Pension Benefits Postretirement and Other Benefits December 31, December 31, 2016 2015 2016 2015 Discount rate 4.00 % 3.80 % 4.00 % 3.70 % Expected long-term rate of return 7.50 % 7.75 % — — Future compensation growth rate — — — — |
Shareowners' Deficit (Tables)
Shareowners' Deficit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Shareowners' Deficit [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | For the years ended December 31, 2016 and 2015, the changes in accumulated other comprehensive loss by component were as follows: (dollars in millions) Unrecognized Net Periodic Pension and Postretirement Benefit Cost Unrealized gain on Investment in CyrusOne Foreign Currency Translation Loss Total Balance as of December 31, 2014 $ (173.6 ) $ — $ (0.3 ) $ (173.9 ) Remeasurement of benefit obligations (6.6 ) — — (6.6 ) Reclassifications, net 9.9 (a) — (0.4 ) 9.5 Balance as of December 31, 2015 (170.3 ) — (0.7 ) (171.0 ) Remeasurement of benefit obligations 6.6 — — 6.6 Reclassifications, net 6.1 (a) — (0.1 ) 6.0 Unrealized gain on Investment in CyrusOne — 68.1 (b) — 68.1 Balance as of December 31, 2016 $ (157.6 ) $ 68.1 $ (0.8 ) $ (90.3 ) (a) These reclassifications are included in the components of net period pension and postretirement benefit costs (see Note 9 for additional details). The components of net period pension and postretirement benefit cost are reported within "Cost of services", "Cost of products sold", and "Selling, general and administrative" expenses on the Consolidated Statements of Operations. (b) The unrealized gain on the investment in CyrusOne was recorded in 2016 as the investment is no longer accounted for using the equity-method and is recorded as an available-for-sale security on the Consolidated Balance Sheets at fair value. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Provision (Benefit) Charged to Continuing Operations, Accumulated Other Comprehensive Income (Loss) or Additional Paid-In Capital [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense for continuing operations consisted of the following: Year Ended December 31, (dollars in millions) 2016 2015 2014 Current: Federal $ (14.0 ) $ 9.2 $ 9.3 State and local 0.5 1.7 1.9 Total current (13.5 ) 10.9 11.2 Investment tax credits (0.1 ) (0.2 ) (0.2 ) Deferred: Federal 72.6 149.4 69.6 State and local 5.7 5.2 1.9 Total deferred 78.3 154.6 71.5 Valuation allowance (3.6 ) (5.5 ) (1.1 ) Total $ 61.1 $ 159.8 $ 81.4 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of the statutory federal income tax rate with the effective tax rate for each year: Year Ended December 31, 2016 2015 2014 U.S. federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal income tax 0.2 0.7 0.8 Change in valuation allowance, net of federal income tax (1.4 ) (0.8 ) (2.0 ) State net operating loss adjustments 0.9 0.3 1.9 Nondeductible interest expense — — 2.7 Unrecognized tax benefit changes 2.3 0.2 1.4 Nondeductible compensation 0.2 0.1 0.7 Other differences, net 0.3 — 0.4 Effective tax rate 37.5 % 35.5 % 40.9 % |
Schedule of income tax provision charged to continuing operations, accumulated other comprehensive income (loss) or additional paid-in capital [Table Text Block] | The income tax provision (benefit) was charged to continuing operations, discontinued operations, accumulated other comprehensive income or additional paid-in capital as follows: Year Ended December 31, (dollars in millions) 2016 2015 2014 Income tax provision (benefit) related to: Continuing operations $ 61.1 $ 159.8 $ 81.4 Discontinued operations — 34.8 (24.0 ) Accumulated other comprehensive income (loss) 43.8 2.0 (22.4 ) Excess tax benefits on stock option exercises 0.1 (0.1 ) (0.1 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of our deferred tax assets and liabilities were as follows: December 31, (dollars in millions) 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 125.2 $ 142.0 Pension and postretirement benefits 78.7 89.1 Investment in CyrusOne — 68.9 Employee benefits 12.2 15.2 AMT Credit Carryforward 17.4 32.7 Texas Margin Credit 10.7 10.7 Other 19.1 17.9 Total deferred tax assets 263.3 376.5 Valuation allowance (54.4 ) (58.4 ) Total deferred tax assets, net of valuation allowance $ 208.9 $ 318.1 Deferred tax liabilities: Property, plant and equipment $ 135.0 $ 134.9 Investment in CyrusOne 9.1 — Other 0.3 0.3 Total deferred tax liabilities 144.4 135.2 Net deferred tax assets $ 64.5 $ 182.9 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the unrecognized tax benefits is as follows: Year Ended December 31, (dollars in millions) 2016 2015 2014 Balance, beginning of year $ 27.6 $ 27.1 $ 24.1 Change in tax positions for the current year 1.2 0.5 3.0 Change in tax positions for prior years 2.6 — — Balance, end of year $ 31.4 $ 27.6 $ 27.1 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans Stock Option & SARS activity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | The following table summarizes stock options and stock appreciation rights activity: 2016 2015 2014 Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares Shares Outstanding at January 1, 776 $ 19.27 1,045 $ 19.27 1,225 $ 18.31 Granted * — — — — 200 17.02 Exercised (236 ) 16.12 (7 ) 9.15 (145 ) 8.65 Forfeited (11 ) 16.16 (100 ) 18.71 (43 ) 19.95 Expired (139 ) 22.79 (162 ) 20.05 (192 ) 18.69 Outstanding at December 31, 390 $ 20.00 776 $ 19.27 1,045 $ 19.27 Expected to vest at December 31, 390 $ 20.00 776 $ 19.27 1,045 $ 19.27 Exercisable at December 31, 330 $ 20.56 635 $ 19.65 695 $ 19.91 (dollars in millions) Compensation expense for the year $ 0.4 $ — $ 0.3 Tax benefit related to compensation expense $ (0.1 ) $ — $ (0.1 ) Intrinsic value of awards exercised $ 1.8 $ 0.1 $ 1.5 Cash received from awards exercised $ 3.8 $ 0.1 $ 1.3 Grant date fair value of awards vested $ 0.5 $ 0.7 $ 0.4 * Assumes the maximum number of awards that can be earned if the performance conditions are achieved. |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes our outstanding and exercisable awards at December 31, 2016 : Outstanding Exercisable Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares $8.35 26 $ 8.35 26 $ 8.35 $12.40 to $17.05 174 17.01 114 17.03 $23.10 to $26.55 190 24.35 190 24.35 Total 390 $ 20.00 330 $ 20.56 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair values at the date of grant were estimated using the Black-Scholes pricing model with the following assumptions: 2016 2015 2014 Expected volatility — — 35.5 % Risk-free interest rate — — 1.5 % Expected holding period (in years) — — 5 Expected dividends — — 0.0 % Weighted-average grant date fair value $ — $ — $ 5.71 |
Performance Based Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity [Table Text Block] | The following table summarizes our outstanding performance-based restricted award activity: 2016 2015 2014 Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares Shares Non-vested at January 1, 721 $ 16.77 349 $ 19.28 307 $ 19.88 Granted* 307 15.45 538 15.46 217 17.80 Vested (51 ) 22.75 (89 ) 19.00 (127 ) 18.55 Forfeited (23 ) 22.35 (77 ) 16.44 (48 ) 18.33 Non-vested at December 31, 954 $ 15.89 721 $ 16.77 349 $ 19.28 (dollars in millions) Compensation expense for the year $ 3.6 $ 3.1 $ 1.4 Tax benefit related to compensation expense $ (1.3 ) $ (1.1 ) $ (0.5 ) Grant date fair value of awards vested $ 1.2 $ 1.7 $ 2.3 * Assumes the maximum number of awards that can be earned if the performance conditions are achieved. |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity [Table Text Block] | The following table summarizes our time-based restricted award activity: 2016 2015 2014 Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares Shares Non-vested at January 1, 47 $ 19.59 137 $ 18.44 209 $ 17.73 Granted 106 16.75 36 17.35 35 16.04 Vested (47 ) 19.59 (126 ) 17.70 (103 ) 16.22 Forfeited — — — — (4 ) 17.55 Non-vested at December 31, 106 $ 16.75 47 $ 19.59 137 $ 18.44 (dollars in millions) Compensation expense for the year $ 1.1 $ 1.0 $ 1.6 Tax benefit related to compensation expense $ (0.4 ) $ (0.3 ) $ (0.6 ) Grant date fair value of awards vested $ 0.9 $ 2.2 $ 1.7 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | A summary of activity in the restructuring and severance liability is shown below: (dollars in millions) Employee Separation Lease Abandonment Other Total Balance as of December 31, 2013 $ 8.4 $ 5.8 $ 0.1 $ 14.3 Charges/(Reversals) 1.0 (1.4 ) — (0.4 ) Utilizations (6.4 ) (2.6 ) — (9.0 ) Balance as of December 31, 2014 3.0 1.8 0.1 4.9 Charges 3.3 0.3 2.4 6.0 Utilizations (6.1 ) (1.3 ) (2.4 ) (9.8 ) Balance as of December 31, 2015 0.2 0.8 0.1 1.1 Charges/(Reversals) 12.5 (0.5 ) (0.1 ) 11.9 Utilizations (1.7 ) (0.1 ) — (1.8 ) Balance as of December 31, 2016 $ 11.0 $ 0.2 $ — $ 11.2 |
Schedule of Restructuring and Related Costs by Segment [Table Text Block] | A summary of restructuring activity by business segment is presented below: (dollars in millions) Entertainment and Communications IT Services and Hardware Corporate Total Balance as of December 31, 2013 $ 10.5 $ 0.8 $ 3.0 $ 14.3 Charges/(Reversals) (0.5 ) — 0.1 (0.4 ) Utilizations (6.1 ) (0.5 ) (2.4 ) (9.0 ) Balance as of December 31, 2014 3.9 0.3 0.7 4.9 Charges 1.6 2.8 1.6 6.0 Utilizations (4.7 ) (2.8 ) (2.3 ) (9.8 ) Balance as of December 31, 2015 0.8 0.3 — 1.1 Charges 7.7 3.3 0.9 11.9 Utilizations (1.0 ) (0.6 ) (0.2 ) (1.8 ) Balance as of December 31, 2016 $ 7.5 $ 3.0 $ 0.7 $ 11.2 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Our business segment information is as follows: Year Ended December 31, (dollars in millions) 2016 2015 2014 Revenue Entertainment and Communications $ 768.8 $ 743.7 $ 740.7 IT Services and Hardware 430.7 435.4 433.0 Intersegment (13.7 ) (11.3 ) (12.2 ) Total revenue $ 1,185.8 $ 1,167.8 $ 1,161.5 Intersegment revenue Entertainment and Communications $ 1.3 $ 1.3 $ 1.2 IT Services and Hardware 12.4 10.0 11.0 Total intersegment revenue $ 13.7 $ 11.3 $ 12.2 Operating income Entertainment and Communications $ 90.6 $ 129.9 $ 178.9 IT Services and Hardware 23.2 20.6 19.8 Corporate (20.8 ) (22.5 ) (21.8 ) Total operating income $ 93.0 $ 128.0 $ 176.9 Expenditures for long-lived assets Entertainment and Communications $ 272.5 $ 269.5 $ 163.7 IT Services and Hardware 13.7 14.0 11.9 Corporate 0.2 0.1 0.2 Total expenditures for long-lived assets $ 286.4 $ 283.6 $ 175.8 Depreciation and amortization Entertainment and Communications $ 168.6 $ 129.2 $ 115.7 IT Services and Hardware 13.5 12.3 11.7 Corporate 0.1 0.1 0.2 Total depreciation and amortization $ 182.2 $ 141.6 $ 127.6 As of December 31, (dollars in millions) 2016 2015 Assets Entertainment and Communications $ 1,093.5 $ 982.5 IT Services and Hardware 60.0 58.0 Corporate and eliminations 387.5 405.9 Total assets $ 1,541.0 $ 1,446.4 |
Revenue from External Customers by Products and Services [Table Text Block] | Details of our service and product revenues including eliminations are as follows: Year Ended December 31, (dollars in millions) 2016 2015 2014 Service revenue Entertainment and Communications $ 763.0 $ 735.0 $ 728.8 IT Services and Hardware 215.7 198.0 161.4 Total service revenue $ 978.7 $ 933.0 $ 890.2 Product revenue Handsets and accessories $ 4.5 $ 7.4 $ 10.7 Telecom and IT hardware 202.6 227.4 260.6 Total product revenue $ 207.1 $ 234.8 $ 271.3 |
Investment in CyrusOne (Tables)
Investment in CyrusOne (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Revenues and Expenses [Member] | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions [Table Text Block] | Revenues and operating costs and expenses from transactions with CyrusOne were as follows: Year Ended December 31, (dollars in millions) 2016 2015 2014 Revenue: Services provided to CyrusOne $ 1.2 $ 1.3 $ 1.7 Operating costs and expenses: Charges for services provided by CyrusOne $ 10.2 $ 10.2 $ 9.1 Administrative services provided to CyrusOne (0.3 ) (0.4 ) (0.5 ) Total operating costs and expenses $ 9.9 $ 9.8 $ 8.6 |
Related Party Receivables and Payables [Member] | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions [Table Text Block] | Amounts receivable from and payable to CyrusOne were as follows: (dollars in millions) December 31, 2016 December 31, 2015 Accounts receivable $ — $ 0.1 Dividends receivable 1.1 2.1 Receivable from CyrusOne $ 1.1 $ 2.2 Payable to CyrusOne $ 0.9 $ 1.5 |
Discontinued Operations (Tables
Discontinued Operations (Tables) - Discontinued Operations [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Wireless financial results for the twelve months ended December 31, 2016, 2015 and 2014 reported as "Income (loss) from discontinued operations, net of tax" on the Consolidated Statements of Operations are as follows: Twelve Months Ended December 31, (dollars in millions) 2016 2015 2014 Revenue $ — $ 4.4 $ 132.8 Costs and expenses Cost of products and services — 12.0 66.9 Selling, general and administrative — 2.2 19.5 Depreciation and amortization expense — 28.6 103.4 Restructuring charges — 3.3 16.3 Impairment of assets — — 7.5 Transaction costs — — 3.2 Gain on sale or disposal of assets — (0.4 ) — Amortization of deferred gain — (6.5 ) (22.9 ) Total operating costs and expenses — 39.2 193.9 Operating loss — (34.8 ) (61.1 ) Interest (income) expense — (1.7 ) 2.8 Other (income) expense (0.3 ) (2.3 ) 2.2 Gain on transfer of tower lease obligations and other assets — 15.9 — Gain on sale of wireless spectrum licenses — 112.6 — Income (loss) before income taxes 0.3 97.7 (66.1 ) Income tax expense (benefit) — 34.8 (24.0 ) Income (loss) from discontinued operations, net of tax $ 0.3 $ 62.9 $ (42.1 ) |
Condensed Balance Sheet [Table Text Block] | Wireless liabilities presented as discontinued operations as of December 31, 2016 and December 31, 2015 are as follows: (dollars in millions) December 31, 2016 December 31, 2015 Current liabilities Restructuring liability $ — $ 4.7 Other current liabilities — 0.7 Total current liabilities from discontinued operations $ — $ 5.4 |
Condensed Cash Flow Statement [Table Text Block] | Following is selected operating, investing and financing cash flow activity from discontinued operations included in Consolidated Statements of Cash Flows: Twelve Months Ended December 31, (dollars in millions) 2016 2015 2014 Depreciation and amortization $ — $ 28.6 $ 103.4 Gain on sale of assets — (0.4 ) — Impairment of assets — — 7.5 Deferred gain on sale of spectrum licenses — (112.6 ) — Amortization of deferred gain on sale of towers — (6.5 ) (22.9 ) Gain on transfer of tower lease obligations and other assets — (15.9 ) — Non-cash spectrum lease — 3.2 3.2 Restructuring payments (4.4 ) (14.5 ) (2.4 ) Capital expenditures — — (6.5 ) Proceeds from sale of wireless spectrum licenses — — 194.4 Repayment of debt — (0.3 ) (23.5 ) |
Quarterly Financial Informati46
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Financial Information [Table Text Block] | 2016 First Second Third Fourth (in millions, except per common share amounts) Quarter Quarter Quarter Quarter Total Revenue $ 288.9 $ 299.2 $ 312.4 $ 285.3 $ 1,185.8 Operating income 29.6 27.4 25.5 10.5 93.0 Income (loss) from continuing operations 7.0 77.6 18.8 (1.6 ) 101.8 Income from discontinued operations, net of tax — — — 0.3 0.3 Net income (loss) 7.0 77.6 18.8 (1.3 ) 102.1 Basic earnings (loss) per common share from continuing operations $ 0.10 $ 1.79 $ 0.39 $ (0.10 ) $ 2.17 Basic earnings per common share from discontinued operations $ — $ — $ — $ 0.01 $ 0.01 Net basic earnings (loss) per common share $ 0.10 $ 1.79 $ 0.39 $ (0.09 ) $ 2.18 Diluted earnings (loss) per common share from continuing operations $ 0.10 $ 1.78 $ 0.38 $ (0.10 ) $ 2.17 Diluted earnings per common share from discontinued operations $ — $ — $ — $ 0.01 $ 0.01 Net diluted earnings (loss) per common share $ 0.10 $ 1.78 $ 0.38 $ (0.09 ) $ 2.18 2015 First Second Third Fourth (in millions, except per common share amounts) Quarter Quarter Quarter Quarter Total Revenue $ 292.9 $ 285.8 $ 299.8 $ 289.3 $ 1,167.8 Operating income 37.1 29.7 36.2 25.0 128.0 Income from continuing operations 0.3 180.7 79.3 30.5 290.8 Income from discontinued operations, net of tax 48.9 10.9 1.0 2.1 62.9 Net income 49.2 191.6 80.3 32.6 353.7 Basic earnings (loss) per common share from continuing operations $ (0.06 ) $ 4.25 $ 1.83 $ 0.66 $ 6.69 Basic earnings per common share from discontinued operations $ 1.17 $ 0.26 $ 0.02 $ 0.05 $ 1.50 Net basic earnings per common share $ 1.11 $ 4.51 $ 1.85 $ 0.71 $ 8.19 Diluted earnings (loss) per common share from continuing operations $ (0.06 ) $ 4.15 $ 1.83 $ 0.66 $ 6.68 Diluted earnings per common share from discontinued operations $ 1.17 $ 0.26 $ 0.02 $ 0.05 $ 1.49 Net diluted earnings per common share $ 1.11 $ 4.41 $ 1.85 $ 0.71 $ 8.17 |
Supplemental Cash Flow Inform47
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended December 31, (dollars in millions) 2016 2015 2014 Capitalized interest expense $ 0.7 $ 1.1 $ 0.8 Cash paid for: Interest 71.1 108.5 153.1 Income taxes, net of refunds 1.7 8.8 9.1 Noncash investing and financing activities: Accrual of CyrusOne dividends 1.1 2.1 6.0 Acquisition of property by assuming debt and other financing arrangements 12.0 5.8 4.7 Acquisition of property on account 23.8 34.6 24.8 |
Supplemental Guarantor Inform48
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Consolidating Statements of Income and Comprehensive Income (Loss) Abstract | |
Supplemental Guarantor Information [Table Text Block] | The following information sets forth the Condensed Consolidating Balance Sheets of the Company as of December 31, 2016 and 2015 and the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) and Cash Flows for the years ended December 31, 2016 , 2015 , and 2014 of (1) the Parent Company, as the guarantor, (2) CBT, as the issuer, and (3) the non-guarantor subsidiaries on a combined basis. Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2016 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Revenue $ — $ 677.8 $ 547.8 $ (39.8 ) $ 1,185.8 Operating costs and expenses 20.7 592.5 519.4 (39.8 ) 1,092.8 Operating income (loss) (20.7 ) 85.3 28.4 — 93.0 Interest expense (income), net 94.4 4.5 (23.2 ) — 75.7 Other expense (income), net 20.3 4.9 (170.8 ) — (145.6 ) Income (loss) before equity in earnings of subsidiaries and income taxes (135.4 ) 75.9 222.4 — 162.9 Income tax expense (benefit) (46.5 ) 27.1 80.5 — 61.1 Equity in earnings of subsidiaries, net of tax 191.0 — — (191.0 ) — Income from continuing operations 102.1 48.8 141.9 (191.0 ) 101.8 Income from discontinued operations, net of tax — — 0.3 — 0.3 Net income 102.1 48.8 142.2 (191.0 ) 102.1 Other comprehensive income 12.7 — 68.0 — 80.7 Total comprehensive income $ 114.8 $ 48.8 $ 210.2 $ (191.0 ) $ 182.8 Net income 102.1 48.8 142.2 (191.0 ) 102.1 Preferred stock dividends 10.4 — — — 10.4 Net income applicable to common shareowners $ 91.7 $ 48.8 $ 142.2 $ (191.0 ) $ 91.7 Year Ended December 31, 2015 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Revenue $ — $ 660.1 $ 546.3 $ (38.6 ) $ 1,167.8 Operating costs and expenses 22.4 538.6 517.4 (38.6 ) 1,039.8 Operating income (loss) (22.4 ) 121.5 28.9 — 128.0 Interest expense (income), net 112.7 (0.9 ) (8.7 ) — 103.1 Other expense (income), net 19.5 7.0 (452.2 ) — (425.7 ) Income (loss) before equity in earnings of subsidiaries and income taxes (154.6 ) 115.4 489.8 — 450.6 Income tax expense (benefit) (53.3 ) 41.1 172.0 — 159.8 Equity in earnings of subsidiaries, net of tax 455.0 — — (455.0 ) — Income from continuing operations 353.7 74.3 317.8 (455.0 ) 290.8 Income from discontinued operations, net of tax — — 62.9 — 62.9 Net income 353.7 74.3 380.7 (455.0 ) 353.7 Other comprehensive income (loss) 3.3 — (0.4 ) — 2.9 Total comprehensive income $ 357.0 $ 74.3 $ 380.3 $ (455.0 ) $ 356.6 Net income 353.7 74.3 380.7 (455.0 ) 353.7 Preferred stock dividends 10.4 — — — 10.4 Net income applicable to common shareowners $ 343.3 $ 74.3 $ 380.7 $ (455.0 ) $ 343.3 Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2014 (dollars in millions) Parent CBT (Issuer) Other Non-guarantors Eliminations Total Revenue $ — $ 659.6 $ 541.0 $ (39.1 ) $ 1,161.5 Operating costs and expenses 21.5 488.0 514.2 (39.1 ) 984.6 Operating income (loss) (21.5 ) 171.6 26.8 — 176.9 Interest expense (income), net 142.6 (4.5 ) 7.8 — 145.9 Other expense (income), net 17.6 7.4 (193.1 ) — (168.1 ) Income (loss) before equity in earnings of subsidiaries and income taxes (181.7 ) 168.7 212.1 — 199.1 Income tax expense (benefit) (55.8 ) 61.7 75.5 — 81.4 Equity in earnings of subsidiaries, net of tax 201.5 — — (201.5 ) — Income from continuing operations 75.6 107.0 136.6 (201.5 ) 117.7 Loss from discontinued operations, net of tax — — (42.1 ) — (42.1 ) Net income 75.6 107.0 94.5 (201.5 ) 75.6 Other comprehensive loss (40.5 ) — (0.1 ) — (40.6 ) Total comprehensive income $ 35.1 $ 107.0 $ 94.4 $ (201.5 ) $ 35.0 Net income 75.6 107.0 94.5 (201.5 ) 75.6 Preferred stock dividends 10.4 — — — 10.4 Net income applicable to common shareowners $ 65.2 $ 107.0 $ 94.5 $ (201.5 ) $ 65.2 Condensed Consolidating Balance Sheets As of December 31, 2016 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash and cash equivalents $ 7.8 $ 1.4 $ 0.5 $ — $ 9.7 Receivables, net 17.8 — 160.8 — 178.6 Other current assets 1.1 22.3 18.2 — 41.6 Total current assets 26.7 23.7 179.5 — 229.9 Property, plant and equipment, net 0.3 1,029.6 55.6 — 1,085.5 Investment in CyrusOne — — 128.0 — 128.0 Goodwill — 2.2 12.1 — 14.3 Investments in and advances to subsidiaries 816.7 — 914.5 (1,731.2 ) — Other noncurrent assets 179.1 1.6 47.4 (144.8 ) 83.3 Total assets $ 1,022.8 $ 1,057.1 $ 1,337.1 $ (1,876.0 ) $ 1,541.0 Current portion of long-term debt $ — $ 5.0 $ 2.5 $ — $ 7.5 Accounts payable 0.7 71.4 33.8 — 105.9 Other current liabilities 42.9 53.9 22.7 — 119.5 Total current liabilities 43.6 130.3 59.0 — 232.9 Long-term debt, less current portion 960.3 98.2 140.6 — 1,199.1 Other noncurrent liabilities 207.9 166.8 0.8 (144.8 ) 230.7 Intercompany payables — 89.1 — (89.1 ) — Total liabilities 1,211.8 484.4 200.4 (233.9 ) 1,662.7 Shareowners’ (deficit) equity (189.0 ) 572.7 1,136.7 (1,642.1 ) (121.7 ) Total liabilities and shareowners’ equity (deficit) $ 1,022.8 $ 1,057.1 $ 1,337.1 $ (1,876.0 ) $ 1,541.0 Condensed Consolidating Balance Sheets As of December 31, 2015 (dollars in millions) Parent CBT Other Eliminations Total Cash and cash equivalents $ 4.6 $ 1.0 $ 1.8 $ — $ 7.4 Receivables, net 0.7 — 156.4 — 157.1 Other current assets 1.6 20.2 14.1 — 35.9 Total current assets 6.9 21.2 172.3 — 200.4 Property, plant and equipment, net 0.3 921.5 53.7 — 975.5 Investment in CyrusOne — — 55.5 — 55.5 Goodwill — 2.2 12.1 — 14.3 Investments in and advances to subsidiaries 844.6 63.9 647.2 (1,555.7 ) — Other noncurrent assets 207.2 3.0 136.8 (146.3 ) 200.7 Total assets $ 1,059.0 $ 1,011.8 $ 1,077.6 $ (1,702.0 ) $ 1,446.4 Current portion of long-term debt $ 5.4 $ 5.0 $ 3.4 $ — $ 13.8 Accounts payable 0.7 84.8 43.4 — 128.9 Other current liabilities 41.6 45.3 24.2 — 111.1 Other current liabilities from discontinued operations — — 5.4 — 5.4 Total current liabilities 47.7 135.1 76.4 — 259.2 Long-term debt, less current portion 1,018.6 134.3 70.9 — 1,223.8 Other noncurrent liabilities 235.5 168.3 4.0 (146.2 ) 261.6 Intercompany payables 54.7 — — (54.7 ) — Total liabilities 1,356.5 437.7 151.3 (200.9 ) 1,744.6 Shareowners’ (deficit) equity (297.5 ) 574.1 926.3 (1,501.1 ) (298.2 ) Total liabilities and shareowners’ equity (deficit) $ 1,059.0 $ 1,011.8 $ 1,077.6 $ (1,702.0 ) $ 1,446.4 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2016 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash flows provided by (used in) by operating activities $ (61.1 ) $ 203.1 $ 31.2 $ — $ 173.2 Capital expenditures (0.2 ) (260.8 ) (25.4 ) — (286.4 ) Dividends received from CyrusOne (equity method investment) — — 2.1 — 2.1 Proceeds from sale of investment in CyrusOne — — 189.7 — 189.7 Distributions received from subsidiaries 12.0 — — (12.0 ) — Funding between Parent and subsidiaries, net 152.0 — (188.8 ) 36.8 — Other investing activities (0.9 ) — — — (0.9 ) Cash flows provided by (used in) investing activities 162.9 (260.8 ) (22.4 ) 24.8 (95.5 ) Funding between Parent and subsidiaries, net — 103.0 (66.2 ) (36.8 ) — Distributions paid to Parent — — (12.0 ) 12.0 — Proceeds from issuance of long-term debt 635.0 — — — 635.0 Net increase in corporate credit and receivables facilities with initial maturities less than 90 days — — 71.9 — 71.9 Repayment of debt (710.9 ) (44.9 ) (3.5 ) — (759.3 ) Debt issuance costs (10.8 ) — (0.3 ) — (11.1 ) Other financing activities (11.9 ) — — — (11.9 ) Cash flows provided by (used in) financing activities (98.6 ) 58.1 (10.1 ) (24.8 ) (75.4 ) Increase (decrease) in cash and cash equivalents 3.2 0.4 (1.3 ) — 2.3 Beginning cash and cash equivalents 4.6 1.0 1.8 — 7.4 Ending cash and cash equivalents $ 7.8 $ 1.4 $ 0.5 $ — $ 9.7 Year Ended December 31, 2015 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (19.3 ) $ 198.7 $ (68.5 ) $ — $ 110.9 Capital expenditures (0.1 ) (260.7 ) (22.8 ) — (283.6 ) Dividends received from CyrusOne (equity method investment) — — 22.2 — 22.2 Proceeds from sale of investment in CyrusOne — — 643.9 — 643.9 Distributions received from subsidiaries 11.3 — — (11.3 ) — Funding between Parent and subsidiaries, net — 71.9 (555.5 ) 483.6 — Other investing activities (0.3 ) 0.1 0.9 — 0.7 Cash flows provided by (used in) investing activities 10.9 (188.7 ) 88.7 472.3 383.2 Funding between Parent and subsidiaries, net 486.4 — (2.8 ) (483.6 ) — Distributions paid to Parent — — (11.3 ) 11.3 — Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days — — (1.6 ) — (1.6 ) Repayment of debt (518.5 ) (10.0 ) (3.2 ) — (531.7 ) Debt issuance costs (0.2 ) — (0.2 ) — (0.4 ) Other financing activities (10.9 ) — — — (10.9 ) Cash flows provided by (used in) financing activities (43.2 ) (10.0 ) (19.1 ) (472.3 ) (544.6 ) Increase (decrease) in cash and cash equivalents (51.6 ) — 1.1 — (50.5 ) Beginning cash and cash equivalents 56.2 1.0 0.7 — 57.9 Ending cash and cash equivalents $ 4.6 $ 1.0 $ 1.8 $ — $ 7.4 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2014 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (56.3 ) $ 226.3 $ 5.2 $ — $ 175.2 Capital expenditures (0.2 ) (152.5 ) (29.6 ) — (182.3 ) Dividends received from CyrusOne (equity method investment) — — 28.4 — 28.4 Proceeds from sale of investment in CyrusOne — — 355.9 — 355.9 Proceeds from sale of wireless spectrum licenses - discontinued operations — — 194.4 — 194.4 Distributions received from subsidiaries 12.8 — — (12.8 ) — Funding between parent and subsidiaries, net — (71.0 ) (545.0 ) 616.0 — Other investing activities (0.3 ) 0.3 (3.8 ) — (3.8 ) Cash flows provided by (used in) investing activities 12.3 (223.2 ) 0.3 603.2 392.6 Funding between Parent and subsidiaries, net 516.2 — 99.8 (616.0 ) — Distributions paid to Parent — — (12.8 ) 12.8 — Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days (40.0 ) — (87.0 ) — (127.0 ) Repayment of debt (367.3 ) (3.9 ) (5.3 ) — (376.5 ) Debt issuance costs (0.7 ) — (0.2 ) — (0.9 ) Other financing activities (10.1 ) — — — (10.1 ) Cash flows provided by (used in) financing activities 98.1 (3.9 ) (5.5 ) (603.2 ) (514.5 ) Increase (decrease) in cash and cash equivalents 54.1 (0.8 ) — — 53.3 Beginning cash and cash equivalents 2.1 1.8 0.7 — 4.6 Ending cash and cash equivalents $ 56.2 $ 1.0 $ 0.7 $ — $ 57.9 |
Supplemental Guarantor Inform49
Supplemental Guarantor Information HY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Consolidating Statements of Income and Comprehensive Income (Loss) Abstract | |
Supplemental Guarantor Information, High Yield Notes [Table Text Block] | The following information sets forth the Condensed Consolidating Balance Sheets of the Company as of December 31, 2016 and 2015 and the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) and Cash Flows for the years ended December 31, 2016 , 2015 , and 2014 of (1) the Parent Company, as the issuer, (2) the guarantor subsidiaries on a combined basis, and (3) the non-guarantor subsidiaries on a combined basis. Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2016 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Revenue $ — $ 539.0 $ 686.6 $ (39.8 ) $ 1,185.8 Operating costs and expenses 20.7 510.7 601.2 (39.8 ) 1,092.8 Operating income (loss) (20.7 ) 28.3 85.4 — 93.0 Interest expense (income), net 94.4 (25.2 ) 6.5 — 75.7 Other expense (income), net 20.3 (150.4 ) (15.5 ) — (145.6 ) Income (loss) before equity in earnings of subsidiaries and income taxes (135.4 ) 203.9 94.4 — 162.9 Income tax expense (benefit) (46.5 ) 74.0 33.6 — 61.1 Equity in earnings of subsidiaries, net of tax 191.0 — — (191.0 ) — Income from continuing operations 102.1 129.9 60.8 (191.0 ) 101.8 Income from discontinued operations, net of tax — 0.3 — — 0.3 Net income 102.1 130.2 60.8 (191.0 ) 102.1 Other comprehensive income (loss) 12.7 68.1 (0.1 ) — 80.7 Total comprehensive income $ 114.8 $ 198.3 $ 60.7 $ (191.0 ) $ 182.8 Net income 102.1 130.2 60.8 (191.0 ) 102.1 Preferred stock dividends 10.4 — — — 10.4 Net income applicable to common shareowners $ 91.7 $ 130.2 $ 60.8 $ (191.0 ) $ 91.7 Year Ended December 31, 2015 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Revenue $ — $ 532.4 $ 674.0 $ (38.6 ) $ 1,167.8 Operating costs and expenses 22.4 503.9 552.1 (38.6 ) 1,039.8 Operating income (loss) (22.4 ) 28.5 121.9 — 128.0 Interest expense (income), net 112.7 (10.2 ) 0.6 — 103.1 Other expense (income), net 19.5 (432.9 ) (12.3 ) — (425.7 ) Income (loss) before equity in earnings of subsidiaries and income taxes (154.6 ) 471.6 133.6 — 450.6 Income tax expense (benefit) (53.3 ) 165.5 47.6 — 159.8 Equity in earnings of subsidiaries, net of tax 455.0 — — (455.0 ) — Income from continuing operations 353.7 306.1 86.0 (455.0 ) 290.8 Income from discontinued operations, net of tax — 62.9 — — 62.9 Net income 353.7 369.0 86.0 (455.0 ) 353.7 Other comprehensive income (loss) 3.3 — (0.4 ) — 2.9 Total comprehensive income $ 357.0 $ 369.0 $ 85.6 $ (455.0 ) $ 356.6 Net income 353.7 369.0 86.0 (455.0 ) 353.7 Preferred stock dividends 10.4 — — — 10.4 Net income applicable to common shareowners $ 343.3 $ 369.0 $ 86.0 $ (455.0 ) $ 343.3 Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2014 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Revenue $ — $ 532.0 $ 668.6 $ (39.1 ) $ 1,161.5 Operating costs and expenses 21.5 505.4 496.8 (39.1 ) 984.6 Operating income (loss) (21.5 ) 26.6 171.8 — 176.9 Interest expense (income), net 142.6 6.2 (2.9 ) — 145.9 Other expense (income), net 17.6 (171.6 ) (14.1 ) — (168.1 ) Income (loss) before equity in earnings of subsidiaries and income taxes (181.7 ) 192.0 188.8 — 199.1 Income tax expense (benefit) (55.8 ) 68.3 68.9 — 81.4 Equity in earnings of subsidiaries, net of tax 201.5 — — (201.5 ) — Income from continuing operations 75.6 123.7 119.9 (201.5 ) 117.7 Loss from discontinued operations, net of tax — (42.1 ) — — (42.1 ) Net income 75.6 81.6 119.9 (201.5 ) 75.6 Other comprehensive loss (40.5 ) (0.1 ) — — (40.6 ) Total comprehensive income $ 35.1 $ 81.5 $ 119.9 $ (201.5 ) $ 35.0 Net income 75.6 81.6 119.9 (201.5 ) 75.6 Preferred stock dividends 10.4 — — — 10.4 Net income applicable to common shareowners $ 65.2 $ 81.6 $ 119.9 $ (201.5 ) $ 65.2 Condensed Consolidating Balance Sheets As of December 31, 2016 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Cash and cash equivalents $ 7.8 $ 0.3 $ 1.6 $ — $ 9.7 Receivables, net 17.8 1.7 159.1 — 178.6 Other current assets 1.1 17.9 22.6 — 41.6 Total current assets 26.7 19.9 183.3 — 229.9 Property, plant and equipment, net 0.3 54.4 1,030.8 — 1,085.5 Investment in CyrusOne — 128.0 — — 128.0 Goodwill — 12.1 2.2 — 14.3 Investments in and advances to subsidiaries 816.7 972.2 — (1,788.9 ) — Other noncurrent assets 179.1 43.9 5.1 (144.8 ) 83.3 Total assets $ 1,022.8 $ 1,230.5 $ 1,221.4 $ (1,933.7 ) $ 1,541.0 Current portion of long-term debt $ — $ 2.5 $ 5.0 $ — $ 7.5 Accounts payable 0.7 33.1 72.1 — 105.9 Other current liabilities 42.9 22.5 54.1 — 119.5 Total current liabilities 43.6 58.1 131.2 — 232.9 Long-term debt, less current portion 960.3 51.1 187.7 — 1,199.1 Other noncurrent liabilities 207.9 0.7 166.9 (144.8 ) 230.7 Intercompany payables — — 147.7 (147.7 ) — Total liabilities 1,211.8 109.9 633.5 (292.5 ) 1,662.7 Shareowners’ (deficit) equity (189.0 ) 1,120.6 587.9 (1,641.2 ) (121.7 ) Total liabilities and shareowners’ equity (deficit) $ 1,022.8 $ 1,230.5 $ 1,221.4 $ (1,933.7 ) $ 1,541.0 Condensed Consolidating Balance Sheets As of December 31, 2015 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Cash and cash equivalents $ 4.6 $ 0.4 $ 2.4 $ — $ 7.4 Receivables, net 0.7 2.8 153.6 — 157.1 Other current assets 1.6 13.9 20.4 — 35.9 Total current assets 6.9 17.1 176.4 — 200.4 Property, plant and equipment, net 0.3 53.4 921.8 — 975.5 Investment in CyrusOne — 55.5 — — 55.5 Goodwill — 12.1 2.2 — 14.3 Investments in and advances to subsidiaries 844.6 772.1 63.9 (1,680.6 ) — Other noncurrent assets 207.2 132.6 7.1 (146.2 ) 200.7 Total assets $ 1,059.0 $ 1,042.8 $ 1,171.4 $ (1,826.8 ) $ 1,446.4 Current portion of long-term debt $ 5.4 $ 3.4 $ 5.0 $ — $ 13.8 Accounts payable 0.7 42.8 85.4 — 128.9 Other current liabilities 41.6 23.9 45.6 — 111.1 Other current liabilities from discontinued operations — 5.4 — — 5.4 Total current liabilities 47.7 75.5 136.0 — 259.2 Long-term debt, less current portion 1,018.6 53.3 151.9 — 1,223.8 Other noncurrent liabilities 235.5 3.8 168.5 (146.2 ) 261.6 Intercompany payables 54.7 — 125.7 (180.4 ) — Total liabilities 1,356.5 132.6 582.1 (326.6 ) 1,744.6 Shareowners’ (deficit) equity (297.5 ) 910.2 589.3 (1,500.2 ) (298.2 ) Total liabilities and shareowners’ equity (deficit) $ 1,059.0 $ 1,042.8 $ 1,171.4 $ (1,826.8 ) $ 1,446.4 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2016 (dollars in millions) Parent (Issuer) Guarantors Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (61.1 ) $ 25.0 $ 209.3 $ — $ 173.2 Capital expenditures (0.2 ) (25.4 ) (260.8 ) — (286.4 ) Dividends received from CyrusOne (equity method investment) — 2.1 — — 2.1 Proceeds from sale of investment in CyrusOne — 189.7 — — 189.7 Distributions received from subsidiaries 12.0 — — (12.0 ) — Funding between Parent and subsidiaries, net 152.0 (188.0 ) — 36.0 — Other investing activities (0.9 ) — — — (0.9 ) Cash flows provided by (used in) investing activities 162.9 (21.6 ) (260.8 ) 24.0 (95.5 ) Funding between Parent and subsidiaries, net — — 36.0 (36.0 ) — Distributions paid to Parent — — (12.0 ) 12.0 — Proceeds from issuance of long-term debt 635.0 — — — 635.0 Net increase in corporate credit and receivables facilities with initial maturities less than 90 days — — 71.9 — 71.9 Repayment of debt (710.9 ) (3.5 ) (44.9 ) — (759.3 ) Debt issuance costs (10.8 ) — (0.3 ) — (11.1 ) Other financing activities (11.9 ) — — — (11.9 ) Cash flows provided by (used in) financing activities (98.6 ) (3.5 ) 50.7 (24.0 ) (75.4 ) Increase (decrease) in cash and cash equivalents 3.2 (0.1 ) (0.8 ) — 2.3 Beginning cash and cash equivalents 4.6 0.4 2.4 — 7.4 Ending cash and cash equivalents $ 7.8 $ 0.3 $ 1.6 $ — $ 9.7 Year Ended December 31, 2015 (dollars in millions) Parent (Issuer) Guarantors Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (19.3 ) $ (86.8 ) $ 217.0 $ — $ 110.9 Capital expenditures (0.1 ) (22.5 ) (261.0 ) — (283.6 ) Dividends received from CyrusOne (equity method investment) — 22.2 — — 22.2 Proceeds from sale of investment in CyrusOne — 643.9 — — 643.9 Distributions received from subsidiaries 11.3 — — (11.3 ) — Funding between Parent and subsidiaries, net — (554.3 ) 71.9 482.4 — Other investing activities (0.3 ) 0.9 0.1 — 0.7 Cash flows provided by (used in) investing activities 10.9 90.2 (189.0 ) 471.1 383.2 Funding between Parent and subsidiaries, net 486.4 — (4.0 ) (482.4 ) — Distributions paid to Parent — — (11.3 ) 11.3 — Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days — — (1.6 ) — (1.6 ) Repayment of debt (518.5 ) (3.2 ) (10.0 ) — (531.7 ) Debt issuance costs (0.2 ) — (0.2 ) — (0.4 ) Other financing activities (10.9 ) — — — (10.9 ) Cash flows provided by (used in) financing activities (43.2 ) (3.2 ) (27.1 ) (471.1 ) (544.6 ) Increase (decrease) in cash and cash equivalents (51.6 ) 0.2 0.9 — (50.5 ) Beginning cash and cash equivalents 56.2 0.2 1.5 — 57.9 Ending cash and cash equivalents $ 4.6 $ 0.4 $ 2.4 $ — $ 7.4 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2014 (dollars in millions) Parent (Issuer) Guarantors Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (56.3 ) $ 5.6 $ 225.9 $ — $ 175.2 Capital expenditures (0.2 ) (29.6 ) (152.5 ) — (182.3 ) Dividends received from CyrusOne (equity method investment) — 28.4 — — 28.4 Proceeds from sale of investment in CyrusOne — 355.9 — — 355.9 Proceeds from sale of wireless spectrum licenses - discontinued operations — 194.4 — — 194.4 Distributions received from subsidiaries 12.8 — — (12.8 ) — Funding between Parent and subsidiaries, net — (546.3 ) (71.0 ) 617.3 — Other investing activities (0.3 ) (5.5 ) 2.0 — (3.8 ) Cash flows provided by (used in) investing activities 12.3 (2.7 ) (221.5 ) 604.5 392.6 Funding between Parent and subsidiaries, net 516.2 — 101.1 (617.3 ) — Distributions paid to parent — — (12.8 ) 12.8 — Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days (40.0 ) — (87.0 ) — (127.0 ) Repayment of debt (367.3 ) (3.0 ) (6.2 ) — (376.5 ) Debt issuance costs (0.7 ) — (0.2 ) — (0.9 ) Other financing activities (10.1 ) — — — (10.1 ) Cash flows provided by (used in) financing activities 98.1 (3.0 ) (5.1 ) (604.5 ) (514.5 ) Increase (decrease) in cash and cash equivalents 54.1 (0.1 ) (0.7 ) — 53.3 Beginning cash and cash equivalents 2.1 0.3 2.2 — 4.6 Ending cash and cash equivalents $ 56.2 $ 0.2 $ 1.5 $ — $ 57.9 |
Description of Business and A50
Description of Business and Accounting Policies Description of Business and Accounting Policies (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016USD ($)dshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Oct. 05, 2016USD ($)shares | Oct. 04, 2016shares | Jan. 24, 2013shares | |
Description of accounting policies [Line Items] | ||||||
Common Stock, Shares, Issued, Before Reverse Stock Split | shares | 210,275,005 | |||||
Common Stock, Shares, Issued | shares | 42,056,237 | 42,003,600 | 42,055,001 | |||
Total Par Value, Amount, Reclassified | $ 1.7 | |||||
Entity Number of Employees | 3,400 | |||||
Percent of Revenue from Foreign Subsidiaries | 1.00% | |||||
Investment owned in CyrusOne Inc., Balance, Shares | shares | 1,900,000 | |||||
Investment owned in CyrusOne Inc., Percentage, Common Stock | 8.60% | |||||
Investment owned in Equity Method Investee, Balance, Partnership Units | shares | 6,300,000 | 42,600,000 | ||||
Available for sale securities, ownership percentage | 9.50% | |||||
Investment owned in Available for Sale Securities, Balance, Shares | shares | 2,800,000 | 6,900,000 | ||||
Investment owned in CyrusOne LP, Percentage, Partnership Units | 66.00% | |||||
Total ownership interests in CyrusOne, Percentage | 69.00% | |||||
Available-for-sale Securities | $ 128 | |||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | 105 | |||||
Cost Method Investments | 3.4 | $ 3 | ||||
Proceeds from sale of wireless spectrum licenses | $ 0 | $ 0 | $ 194.4 | |||
Trade Receivables Due From Customers, Range, Minimum | d | 21 | |||||
Trade Receivables Due from Customers, Range, Maximum | d | 90 | |||||
Number of customers, exceeds 10% of total accounts receivable | 1 | |||||
Accounts Receivable from one customer greater than 10%, percentage | 21.00% | 22.00% | ||||
Number of customers, exceeds 10% of total revenue | 1 | |||||
Revenue from one customer greater than 10%, percentage | 12.00% | 12.00% | 14.00% | |||
Unbilled Receivables, Current | $ 14.5 | $ 14 | ||||
Payments to Acquire Equity Method Investments | $ 5.5 | |||||
Customer Contract, Lower Range, in Years | 1 | |||||
Customer Contract, Upper Range, in Years | 3 | |||||
Advertising Expense | $ 9.5 | 8.3 | 7.2 | |||
Regulatory Taxes Included in Revenue | 16.3 | 15.5 | 15.2 | |||
Regulatory Taxes Included in Expense | $ 17.5 | $ 17.9 | $ 16.4 | |||
Lower range, in years, of remaining service life of active employees | 9 | |||||
Upper range, in years, of remaining service life of active employees | 13 | |||||
Company Employees Participating in Collective Bargaining Agreement, Percentage | 30.00% | |||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||
Description of accounting policies [Line Items] | ||||||
Average life expectancy of retirees, in years | 17 |
Recently Issued Accounting St51
Recently Issued Accounting Standards (Details) $ in Millions | Dec. 31, 2015USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Debt Issuance Costs Reclassified | $ 8 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ (1.6) | $ 18.8 | $ 77.6 | $ 7 | $ 30.5 | $ 79.3 | $ 180.7 | $ 0.3 | $ 101.8 | $ 290.8 | $ 117.7 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0.3 | 0 | 0 | 0 | 2.1 | 1 | 10.9 | 48.9 | 0.3 | 62.9 | (42.1) |
Numerator: | |||||||||||
Net income (loss) | $ (1.3) | $ 18.8 | $ 77.6 | $ 7 | $ 32.6 | $ 80.3 | $ 191.6 | $ 49.2 | 102.1 | 353.7 | 75.6 |
Preferred stock dividends | 10.4 | 10.4 | 10.4 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic and Diluted | $ 91.7 | $ 343.3 | $ 65.2 | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 42 | 41.9 | 41.7 | ||||||||
Denominator: | |||||||||||
Stock-based compensation arrangements | 0.1 | 0.1 | 0.2 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 42.1 | 42 | 41.9 | ||||||||
Earnings Per Share, Basic and Diluted Share | $ 2.18 | ||||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.10) | $ 0.39 | $ 1.79 | $ 0.10 | $ 0.66 | $ 1.83 | $ 4.25 | $ (0.06) | 2.17 | $ 6.69 | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.01 | 0 | 0 | 0 | 0.05 | 0.02 | 0.26 | 1.17 | 0.01 | 1.50 | |
Earnings Per Share, Basic | (0.09) | 0.39 | 1.79 | 0.10 | 0.71 | 1.85 | 4.51 | 1.11 | 2.18 | 8.19 | $ 1.56 |
Income (Loss) from Continuing Operations, Per Diluted Share | (0.10) | 0.38 | 1.78 | 0.10 | 0.66 | 1.83 | 4.15 | (0.06) | 2.17 | 6.68 | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.01 | 0 | 0 | 0 | 0.05 | 0.02 | 0.26 | 1.17 | 0.01 | 1.49 | |
Earnings Per Share, Diluted | $ (0.09) | $ 0.38 | $ 1.78 | $ 0.10 | $ 0.71 | $ 1.85 | $ 4.41 | $ 1.11 | $ 2.18 | $ 8.17 | $ 1.56 |
Continuing Operations [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 101.8 | $ 290.8 | $ 117.7 | ||||||||
Numerator: | |||||||||||
Preferred stock dividends | 10.4 | 10.4 | 10.4 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic and Diluted | $ 91.4 | $ 280.4 | $ 107.3 | ||||||||
Denominator: | |||||||||||
Income (Loss) from Continuing Operations, Per Basic Share and Diluted Share | $ 2.17 | ||||||||||
Income (Loss) from Continuing Operations, Per Basic Share | 2.17 | $ 6.69 | $ 2.57 | ||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 2.17 | $ 6.68 | $ 2.56 | ||||||||
Discontinued Operations [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0.3 | $ 62.9 | $ (42.1) | ||||||||
Numerator: | |||||||||||
Preferred stock dividends | 0 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic and Diluted | $ 0.3 | $ 62.9 | $ (42.1) | ||||||||
Denominator: | |||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share and Diluted Share | $ 0.01 | ||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.01 | $ 1.50 | $ (1.01) | ||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | $ 0.01 | $ 1.49 | $ (1) |
Earnings Per Common Share - Ant
Earnings Per Common Share - Antidilutive Securities Excluded From Computation of EPS (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Compensation Plan [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.4 | 0.7 | 0.7 |
Convertible Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.9 | 0.9 | 0.9 |
Property, Plant and Equipment54
Property, Plant and Equipment (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Years | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Land and rights-of-way | $ 4.3 | $ 4.3 | |
Buildings and leasehold improvements | 173.7 | 165 | |
Network equipment | 3,165.7 | 2,959.3 | |
Office software, furniture, fixtures and vehicles | 150.6 | 131.4 | |
Construction in process | 17 | 29.2 | |
Gross value | 3,511.3 | 3,289.2 | |
Accumulated depreciation | (2,425.8) | (2,313.7) | |
Property, plant and equipment, net | 1,085.5 | 975.5 | |
Depreciation | $ 182 | $ 141.3 | $ 127.2 |
Depreciation associated with cost of providing services | 85.00% | 79.00% | 81.00% |
Impairment of assets, excluding goodwill | $ 0 | $ 0 | |
Capital Lease and Other Financing Arrangements Assets, Gross | $ 96.8 | 91.2 | |
Capital Leases, Net of Depreciation, Retained After Sale of Business, Affiliate and Productive Assets | $ 57.7 | ||
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life, Minimum in Practice | Years | 7 | ||
Property, Plant and Equipment, Useful Life, Maximum in Practice | Years | 22 | ||
copper assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
property, plant, and equipment, copper asset useful life, prior to remeasurement | 15 | ||
property, plant, and equipment, copper assets useful life, after remeasurement | 7 | ||
Entertainment and Communications [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment of assets, excluding goodwill | $ 4.6 | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Minimum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum [Member] | Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Maximum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 14 years |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 | $ 0 |
Goodwill, Gross | $ 14.3 | 14.3 | |
Goodwill, Period Increase (Decrease) | $ 0.1 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 | $ 0 |
Amortization of Intangible Assets | $ 0.2 | 0.3 | $ 0.4 |
Customer Relationships [Member] | Entertainment and Communications [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Gross Carrying Amount | $ 7 | 7 | |
Accumulated Amortization | $ 7 | $ 6.8 |
Debt and Other Financing Arra57
Debt and Other Financing Arrangements Long-Term Debt and Other (Details) - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Nov. 30, 1998 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 1993 | Mar. 31, 2015 | Oct. 15, 2013 | Sep. 30, 2013 | Nov. 20, 2012 | |
Debt Instrument [Line Items] | ||||||||||||||||||||
Receivables from discontinued operations | $ 1,700,000 | |||||||||||||||||||
Long-term Debt and Capital Lease Obligations | $ 1,199,100,000 | $ 1,223,800,000 | $ 1,199,100,000 | $ 1,223,800,000 | ||||||||||||||||
Long-term Debt and Capital Lease Obligations, Current | 7,500,000 | 13,800,000 | 7,500,000 | 13,800,000 | ||||||||||||||||
Proceeds from issuance of long-term debt | 635,000,000 | $ 0 | $ 0 | |||||||||||||||||
Equity Method Investment Sold, Partnership Units | 14.3 | 16 | 20.3 | 16 | ||||||||||||||||
Line of Credit Facility, Amount Outstanding | 0 | 0 | 0 | $ 0 | ||||||||||||||||
Receivables facility amount outstanding | 89,500,000 | 17,600,000 | 89,500,000 | 17,600,000 | ||||||||||||||||
Repayments of Long-term Debt [Abstract] | ||||||||||||||||||||
Long-Term Debt, Excluding Capital Leases, Current | 200,000 | 200,000 | ||||||||||||||||||
Long-Term Debt, Excluding Capital Leases, Repayments of Principal in Year Two | 0 | 0 | ||||||||||||||||||
Long-Term Debt, Excluding Capital Leases, Repayments of Principal in Year Three | 89,500,000 | 89,500,000 | ||||||||||||||||||
Long-Term Debt, Excluding Capital Leases, Repayments of Principal in Year Four | 315,800,000 | 315,800,000 | ||||||||||||||||||
Long-Term Debt, Excluding Capital Leases, Repayments of Principal in Year Five | 0 | 0 | ||||||||||||||||||
Long-Term Debt, Excluding Capital Leases, Repayments of Principal After Year Five | 735,200,000 | 735,200,000 | ||||||||||||||||||
Long-Term Debt, Excluding Capital Leases, Gross | 1,140,700,000 | 1,140,700,000 | ||||||||||||||||||
Long-Term Debt, Excluding Capital Leases, Net | 1,137,300,000 | 1,137,300,000 | ||||||||||||||||||
Capital Leases, Future Principal Payments Due, Repayments of Principal in Next Twelve Months | 7,300,000 | 7,300,000 | ||||||||||||||||||
Capital Leases, Future Principal Payments Due in Two Years | 6,400,000 | 6,400,000 | ||||||||||||||||||
Capital Leases, Future Principal Payments Due in Three Years | 6,300,000 | 6,300,000 | ||||||||||||||||||
Capital Leases, Future Principal Payments Due in Four Years | 4,400,000 | 4,400,000 | ||||||||||||||||||
Capital Leases, Future Principal Payments Due in Five Years | 3,500,000 | 3,500,000 | ||||||||||||||||||
Capital Leases, Future Principal Payments Due Thereafter | 41,400,000 | 41,400,000 | ||||||||||||||||||
Capital Leases, Future Minimum Principal Payments Due | 69,300,000 | 69,300,000 | ||||||||||||||||||
Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months | 7,500,000 | 7,500,000 | ||||||||||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 6,400,000 | 6,400,000 | ||||||||||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 95,800,000 | 95,800,000 | ||||||||||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 320,200,000 | 320,200,000 | ||||||||||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 3,500,000 | 3,500,000 | ||||||||||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 776,600,000 | 776,600,000 | ||||||||||||||||||
Long-term Debt, Gross | 1,210,000,000 | 1,210,000,000 | ||||||||||||||||||
Net unamortized premium (discount) | 8,500,000 | (1,700,000) | 8,500,000 | (1,700,000) | ||||||||||||||||
Debt Issuance Costs, Noncurrent, Net | 11,900,000 | 11,900,000 | ||||||||||||||||||
Net unamortized discount | 0 | 0 | ||||||||||||||||||
Total debt | 1,206,600,000 | 1,237,600,000 | 1,206,600,000 | 1,237,600,000 | ||||||||||||||||
Capital Leases, Future Minimum Payments Due [Abstract] | ||||||||||||||||||||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 11,800,000 | 11,800,000 | ||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Two Years | 10,500,000 | 10,500,000 | ||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Three Years | 10,000,000 | 10,000,000 | ||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Four Years | 7,900,000 | 7,900,000 | ||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Five Years | 6,700,000 | 6,700,000 | ||||||||||||||||||
Capital Leases, Future Minimum Payments Due Thereafter | 55,700,000 | 55,700,000 | ||||||||||||||||||
Capital Lease Obligations | $ 54,500,000 | |||||||||||||||||||
Payments of Debt Issuance Costs | 11,100,000 | 400,000 | $ 900,000 | |||||||||||||||||
Debt Issuance Costs, Net | 0 | 0 | ||||||||||||||||||
Amortization of Deferred Charges [Abstract] | ||||||||||||||||||||
Amortization of Debt Issuance Costs | $ 3,000,000 | 4,100,000 | 5,100,000 | |||||||||||||||||
Debt Covenants [Abstract] | ||||||||||||||||||||
Consolidated total leverage ratio, maximum allowed under Line of Credit Facility | 5.50 | |||||||||||||||||||
Consolidated senior secured leverage ratio, maximum allowed under Line of Credit Facility | 3.50 | |||||||||||||||||||
Consolidated interest coverage ratio, minimum allowed under Line of Credit Facility | 1.50 | |||||||||||||||||||
Line of credit facility, maximum capital expenditures in current year | $ 301,000,000 | |||||||||||||||||||
Line of credit facility, maximum aggregate capital expenditures over life of the agreement | 498,600,000 | |||||||||||||||||||
Capital expenditures | $ 286,400,000 | 283,600,000 | 182,300,000 | |||||||||||||||||
Consolidated Adjusted Senior Debt to EBITDA ratio | 5:00 | |||||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||||||
Loss on extinguishment of debt | (4,800,000) | $ (11,400,000) | $ (5,200,000) | $ (2,400,000) | (400,000) | $ (7,800,000) | $ (13,500,000) | $ 19,000,000 | 20,900,000 | 19,600,000 | ||||||||||
Senior Notes due 2024 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | 625,000,000 | 0 | $ 625,000,000 | 0 | ||||||||||||||||
Proceeds from issuance of long-term debt | $ 200,000,000 | $ 425,000,000 | ||||||||||||||||||
Issuance of Long-Term Debt, Original Issue Premium, Percentage | 105.00% | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | ||||||||||||||||||
Capital Leases, Future Minimum Payments Due [Abstract] | ||||||||||||||||||||
Payments of Debt Issuance Costs | $ 9,700,000 | |||||||||||||||||||
Tranche B Term Loan [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 315,800,000 | 522,500,000 | $ 315,800,000 | 522,500,000 | $ 540,000,000 | |||||||||||||||
Proceeds from issuance of long-term debt | $ 529,800,000 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | ||||||||||||||||||
Senior Notes due 2017 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 104.125% | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | 8.25% | ||||||||||||||||||
Senior Subordinated Notes due 2018 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | 8.75% | ||||||||||||||||||
Senior Notes due 2020 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 0 | 478,500,000 | $ 0 | 478,500,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.375% | 8.375% | ||||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||||||
Extinguishment of Debt, Amount | 22,700,000 | |||||||||||||||||||
Senior Notes due 2023 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 22,300,000 | 26,300,000 | $ 22,300,000 | 26,300,000 | ||||||||||||||||
Proceeds from issuance of long-term debt | $ 50,000,000 | |||||||||||||||||||
Customary Events of Default Amount for Existing Debt Instruments | $ 20,000,000 | $ 20,000,000 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | ||||||||||||||||||
Various Cincinnati Bell Telephone Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 87,900,000 | 128,700,000 | $ 87,900,000 | 128,700,000 | ||||||||||||||||
Cincinnati Bell Telephone Senior Notes due 2028 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Customary Events of Default Amount for Existing Debt Instruments | $ 20,000,000 | $ 20,000,000 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | 6.30% | ||||||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 150,000,000 | |||||||||||||||||||
Line of Credit [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | 175,000,000 | $ 150,000,000 | 175,000,000 | 150,000,000 | $ 200,000,000 | ||||||||||||||
Standby Letters of Credit [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | 30,000,000 | ||||||||||||||||||
Bridge Loan [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | 25,000,000 | ||||||||||||||||||
Capital lease Obligations and Other Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Long-term Debt and Capital Lease Obligations | 62,000,000 | 59,900,000 | 62,000,000 | 59,900,000 | ||||||||||||||||
Current Portion of Long-Term Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Long-term Debt and Capital Lease Obligations, Current | 7,500,000 | 13,800,000 | $ 7,500,000 | $ 13,800,000 | ||||||||||||||||
Senior Subordinated Notes due 2018 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 102.188% | 104.375% | ||||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||||||
Extinguishment of Debt, Amount | $ 300,000,000 | $ 325,000,000 | ||||||||||||||||||
Loss on extinguishment of debt | $ (10,400,000) | $ (19,400,000) | ||||||||||||||||||
Senior Notes due 2020 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 103.328% | 105.543% | ||||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||||||
Extinguishment of Debt, Amount | 84,600,000 | $ 478,500,000 | $ 182,700,000 | 22,700,000 | ||||||||||||||||
Loss on extinguishment of debt | $ (17,800,000) | $ (10,900,000) | $ (200,000) | |||||||||||||||||
Senior Notes due 2023 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.75% | 99.853% | ||||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||||||
Extinguishment of Debt, Amount | $ 4,000,000 | $ 13,700,000 | ||||||||||||||||||
Loss on extinguishment of debt | $ (100,000) | $ (100,000) | ||||||||||||||||||
Cincinnati Bell Telephone Senior Notes due 2028 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 92.232% | 90.84% | ||||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||||||
Extinguishment of Debt, Amount | $ 40,800,000 | $ 5,800,000 | ||||||||||||||||||
Loss on extinguishment of debt | 2,800,000 | 500,000 | ||||||||||||||||||
Current Portion of Long-Term Debt [Member] | Tranche B Term Loan [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | 0 | 5,400,000 | 0 | 5,400,000 | ||||||||||||||||
Current Portion of Long-Term Debt [Member] | Capital lease Obligations and Other Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Long-term Debt and Capital Lease Obligations, Current | 7,500,000 | 8,400,000 | 7,500,000 | 8,400,000 | ||||||||||||||||
Long-Term Debt, Less Current Portion [Member] | ||||||||||||||||||||
Repayments of Long-term Debt [Abstract] | ||||||||||||||||||||
Debt Issuance Costs, Noncurrent, Net | 11,900,000 | 8,000,000 | 11,900,000 | 8,000,000 | ||||||||||||||||
Long-Term Debt, Less Current Portion [Member] | Long-Term Debt, Less Current Portion [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Long-term Debt and Capital Lease Obligations | 1,199,100,000 | 1,223,800,000 | 1,199,100,000 | 1,223,800,000 | ||||||||||||||||
Long-term debt, less current portion, before deducting unamortized discount or premium [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Long-term Debt and Capital Lease Obligations | $ 1,202,500,000 | $ 1,233,500,000 | $ 1,202,500,000 | $ 1,233,500,000 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 15, 2013 | Sep. 30, 2013 | |
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Commitment Fee Amount | $ 0.8 | $ 0.9 | $ 0.9 | |||||||||||
Capital Leases, Future Minimum Payments Due Thereafter | $ 55.7 | 55.7 | ||||||||||||
Line of credit facility, maximum aggregate capital expenditures over life of the agreement | 498.6 | |||||||||||||
Debt issuance costs | (11.1) | (0.4) | (0.9) | |||||||||||
Write off of Deferred Debt Issuance Cost | 5.9 | 3.7 | 3.4 | |||||||||||
Gains (Losses) on Extinguishment of Debt | 4.8 | $ 11.4 | $ 5.2 | $ 2.4 | $ 0.4 | $ 7.8 | $ 13.5 | (19) | (20.9) | (19.6) | ||||
Current portion of long-term debt | 7.5 | 13.8 | 7.5 | 13.8 | ||||||||||
Corporate Credit Agreement | 0 | 0 | 0 | 0 | ||||||||||
Receivables facility | 89.5 | 17.6 | 89.5 | 17.6 | ||||||||||
Long-term debt, less current portion | 1,199.1 | 1,223.8 | 1,199.1 | 1,223.8 | ||||||||||
Net unamortized premium (discount) | (8.5) | 1.7 | (8.5) | 1.7 | ||||||||||
Debt Issuance Costs, Noncurrent, Net | 11.9 | 11.9 | ||||||||||||
Total debt | 1,206.6 | 1,237.6 | 1,206.6 | 1,237.6 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||||||
Capital expenditures | 286.4 | 283.6 | 182.3 | |||||||||||
Revolving Credit Facility and Receivables Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt issuance costs | (2) | (0.4) | ||||||||||||
Senior Notes due 2024 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt issuance costs | (9.7) | |||||||||||||
Debt Instrument, Face Amount | $ 625 | 0 | $ 625 | 0 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | ||||||||||||
Debt Instrument, Covenant Description | 35 | |||||||||||||
Receivables Facilities [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Commitment Fee Amount | $ 0.8 | 0.8 | 0.8 | |||||||||||
Tranche B Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 315.8 | 522.5 | $ 315.8 | 522.5 | $ 540 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | ||||||||||||
Capital lease Obligations and Other Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, less current portion | $ 62 | 59.9 | $ 62 | 59.9 | ||||||||||
Current Portion of Long-Term Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Current portion of long-term debt | $ 7.5 | 13.8 | $ 7.5 | 13.8 | ||||||||||
Senior Notes due 2017 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 104.125% | |||||||||||||
Debt Instrument, Face Amount | $ 500 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | 8.25% | ||||||||||||
Senior Subordinated Notes due 2018 [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | 8.75% | ||||||||||||
Senior Notes due 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Extinguishment of Debt, Amount | 22.7 | |||||||||||||
Debt Instrument, Face Amount | $ 0 | 478.5 | $ 0 | 478.5 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.375% | 8.375% | ||||||||||||
Senior Notes due 2023 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 22.3 | 26.3 | $ 22.3 | 26.3 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | ||||||||||||
Various Cincinnati Bell Telephone Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 87.9 | 128.7 | $ 87.9 | 128.7 | ||||||||||
Cincinnati Bell Telephone Senior Notes due 2028 [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | 6.30% | ||||||||||||
Cincinnati Bell Corporate Credit Agreement [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Additional Indebtedness, Allowable Amount, After Consolidated Adjusted Senior Debt to EBITDA Ratio Exceeds Defined Threshold | $ 750 | |||||||||||||
Senior Notes due 2024 [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 105.25% | |||||||||||||
Senior Notes due 2024 [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 103.50% | |||||||||||||
Senior Notes due 2024 [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 101.75% | |||||||||||||
Senior Notes due 2024 [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||
Long-term debt, less current portion, before deducting unamortized discount or premium [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, less current portion | $ 1,202.5 | 1,233.5 | $ 1,202.5 | 1,233.5 | ||||||||||
Other Noncurrent Assets [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Issuance Costs, Noncurrent, Net | 2.1 | 3.2 | 2.1 | 3.2 | ||||||||||
Current Portion of Long-Term Debt [Member] | Tranche B Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | 0 | 5.4 | 0 | 5.4 | ||||||||||
Current Portion of Long-Term Debt [Member] | Capital lease Obligations and Other Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Current portion of long-term debt | 7.5 | 8.4 | 7.5 | 8.4 | ||||||||||
Long-term debt, less current portion [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Issuance Costs, Noncurrent, Net | 11.9 | 8 | 11.9 | 8 | ||||||||||
Long-term debt, less current portion [Member] | Long-term debt, less current portion [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, less current portion | 1,199.1 | $ 1,223.8 | 1,199.1 | 1,223.8 | ||||||||||
Cincinnati Bell Telephone Senior Notes due 2028 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Gains (Losses) on Extinguishment of Debt | (2.8) | (0.5) | ||||||||||||
Extinguishment of Debt, Amount | $ 40.8 | $ 5.8 | ||||||||||||
Debt Instrument, Redemption Price, Percentage | 92.232% | 90.84% | ||||||||||||
Tranche B Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Gains (Losses) on Extinguishment of Debt | 2.2 | |||||||||||||
Extinguishment of Debt, Amount | 208 | |||||||||||||
Senior Subordinated Notes due 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Gains (Losses) on Extinguishment of Debt | 10.4 | $ 19.4 | ||||||||||||
Extinguishment of Debt, Amount | $ 300 | $ 325 | ||||||||||||
Debt Instrument, Redemption Price, Percentage | 102.188% | 104.375% | ||||||||||||
Senior Notes due 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Gains (Losses) on Extinguishment of Debt | $ 17.8 | $ 10.9 | 0.2 | |||||||||||
Extinguishment of Debt, Amount | $ 84.6 | $ 478.5 | $ 182.7 | $ 22.7 | ||||||||||
Debt Instrument, Redemption Price, Percentage | 103.328% | 105.543% | ||||||||||||
Senior Notes due 2023 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Gains (Losses) on Extinguishment of Debt | $ 0.1 | $ 0.1 | ||||||||||||
Extinguishment of Debt, Amount | $ 4 | $ 13.7 | ||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.75% | 99.853% |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 15, 2013 | Sep. 30, 2013 | Nov. 20, 2012 | |
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Issuance Costs, Noncurrent, Net | $ 11.9 | $ 11.9 | ||||||||||||||
Line of credit facility, maximum aggregate capital expenditures over life of the agreement | 498.6 | |||||||||||||||
Proceeds received from Tranche B Term Loan | 635 | $ 0 | $ 0 | |||||||||||||
Issuance of Long-Term Debt, Original Issue Discount | 0.75% | 0.75% | ||||||||||||||
Loss on extinguishment of debt | (4.8) | $ (11.4) | $ (5.2) | $ (2.4) | $ (0.4) | $ (7.8) | $ (13.5) | 19 | $ 20.9 | $ 19.6 | ||||||
Write-off of debt discount | 0 | 0 | ||||||||||||||
Restricted payments, limit when leverage ratio threshold not attained | $ 15 | $ 15 | ||||||||||||||
Leverage Ratio, threshold | 3.50 | 3.50 | ||||||||||||||
Restricted payments, limit when leverage ratio threshold is attained | $ 45 | $ 45 | ||||||||||||||
Leverage Ratio, threshold, other | 3 | 3 | ||||||||||||||
Restricted Payments, Share Repurchases or Dividends, limit | 15.00% | 15.00% | ||||||||||||||
Restricted Payments, Share Repurchases or Dividends, cap | $ 35 | $ 35 | ||||||||||||||
Proceeds from Sale of Equity Method Investment, Percent Required for Mandatory Debt Prepayments | 85.00% | 100.00% | 85.00% | 100.00% | ||||||||||||
Equity Method Investment Sold, Partnership Units | 14.3 | 16 | 20.3 | 16 | ||||||||||||
Equity Interests in Foreign Subsidiaries | 66.00% | 66.00% | ||||||||||||||
Line of Credit Facility, Amount Outstanding | $ 0 | 0 | $ 0 | $ 0 | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 150 | 175 | 150 | 175 | ||||||||||||
Line of Credit Facility, Commitment Fee Amount | 0.8 | 0.9 | $ 0.9 | |||||||||||||
Receivables facility maximum borrowing capacity | 120 | 120 | ||||||||||||||
Receivables facility maximum borrowing availability | 120 | $ 120 | ||||||||||||||
Accounts Receivable Facility, Renewal Term | 364 | |||||||||||||||
Receivables facility amount outstanding | 89.5 | 17.6 | $ 89.5 | 17.6 | ||||||||||||
Letters of Credit Outstanding, Amount | 6.3 | 6.3 | ||||||||||||||
Line of Credit [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150 | 175 | 150 | 175 | 150 | $ 200 | ||||||||||
Standby Letters of Credit [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 30 | 30 | ||||||||||||||
Bridge Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25 | $ 25 | ||||||||||||||
Tranche B Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | ||||||||||||||
Debt Instrument, Face Amount | $ 315.8 | 522.5 | $ 315.8 | 522.5 | $ 540 | |||||||||||
Proceeds received from Tranche B Term Loan | $ 529.8 | |||||||||||||||
Tranche B Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||||||||
Senior Notes due 2017 [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | 8.25% | ||||||||||||||
Debt Instrument, Face Amount | $ 500 | |||||||||||||||
Debt Instrument, Redemption Price, Percentage | 104.125% | |||||||||||||||
Accrued interest | $ 20.6 | |||||||||||||||
Receivables Facilities [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of Credit Facility, Commitment Fee Amount | $ 0.8 | 0.8 | $ 0.8 | |||||||||||||
Debt Instrument, Interest Rate During Period | 1.30% | |||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Tranche B Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Receivables Facilities [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | |||||||||||||||
Base Rate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | 2.50% | ||||||||||||||
Base Rate [Member] | Tranche B Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||||||
Federal Funds Rate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||||||
Federal Funds Rate [Member] | Tranche B Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||||||
Minimum [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||||||||||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% | ||||||||||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Tranche B Term Loan [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | ||||||||||||||
Minimum [Member] | Base Rate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | ||||||||||||||
Maximum [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | |||||||||||||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | ||||||||||||||
Maximum [Member] | Base Rate [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | 2.50% | ||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Loss on extinguishment of debt | $ (1.7) | |||||||||||||||
Long-Term Debt, Less Current Portion [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Debt Issuance Costs, Noncurrent, Net | $ 11.9 | $ 8 | $ 11.9 | $ 8 |
Commitments and Contingencies60
Commitments and Contingencies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Years | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Operating Leases, Rent Expense | $ 9.6 | $ 10.1 | $ 7.4 |
Asset Retirement Obligation [Abstract] | |||
Balance, beginning of period | 4.8 | 1.6 | |
Asset Retirement Obligation, Reclassified from Discontinued Operations | 0 | 10.9 | |
Liabilities settled | (2) | (5) | |
Revisions to estimated cash flow | (1.1) | (2.9) | |
Accretion expense | 0.1 | 0.2 | |
Balance, end of period | 1.8 | 4.8 | $ 1.6 |
Letters of Credit Outstanding, Amount | $ 6.3 | ||
Long-term Purchase Commitments, Range of Years, Minimum | Years | 1 | ||
Long-Term Purchase Commitments, Range of Years, Maximum | Years | 3 | ||
Long-term Purchase Commitment, Amount | $ 191 | 166 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,017 | 4.1 | ||
2,018 | 2.9 | ||
2,019 | 2.6 | ||
2,020 | 2.3 | ||
2,021 | 2.2 | ||
Thereafter | 19.8 | ||
Total | 33.9 | ||
Retail Store [Member] | |||
Operating Leases, Rent Expense | $ 0.6 | $ 0.8 |
Financial Instruments and Fai61
Financial Instruments and Fair Value Measurements Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt, Excluding Capital Leases and Note Issuance Costs, Net | $ 1,149.2 | $ 1,178 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt, Excluding Capital Leases and Note Issuance Costs, Net | $ 1,177.9 | $ 1,155.6 |
Financial Instruments and Fai62
Financial Instruments and Fair Value Measurements Non-Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of assets, excluding goodwill | $ 0 | $ 0 | |
Impairment of assets, excluding goodwill | $ 0 | $ 0 | $ (12.1) |
Entertainment and Communications [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of assets, excluding goodwill | (4.6) | ||
Impairment of assets, excluding goodwill | (4.6) | ||
Software and Software Development Costs [Member] | Fair Value, Measurements, Nonrecurring [Member] | Entertainment and Communications [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ||
Software and Software Development Costs [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Entertainment and Communications [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ||
Software and Software Development Costs [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Entertainment and Communications [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ||
Software and Software Development Costs [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Entertainment and Communications [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant, and Equipment, Fair Value Disclosure | $ 0 |
Pension and Postretirement Pl63
Pension and Postretirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 8.4 | $ 7 | $ 6.4 |
Curtailment loss | 0.3 | ||
Reduction to pension obligation | $ 1.7 | ||
Capitalized portion of defined benefit contribution percent | 13.00% | 12.00% | 8.00% |
Fair value of plan assets | $ 381 | $ 388.4 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Pension and postretirement benefit obligations (noncurrent liablity) | $ 197.7 | 225 | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Allocation Percentage in US based Investments | 60.00% | ||
Disclosure of Expected Gross Prescription Drug Subsidy Receipts [Abstract] | |||
2,017 | $ (0.5) | ||
2,018 | (0.5) | ||
2,019 | (0.4) | ||
2,020 | (0.4) | ||
2,021 | (0.4) | ||
Years 2022 - 2026 | (1.4) | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment loss | 0 | 0.3 | $ 0 |
Fair value of plan assets | $ 372.3 | $ 378.1 | 424.3 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.00% | 3.80% | |
Expected long-term rate of return | 7.50% | 7.75% | |
Future compensation growth rate | 0.00% | 0.00% | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Accrued payroll and benefits (current liability) | $ 2.1 | $ 2.1 | |
Pension and postretirement benefit obligations (noncurrent liablity) | 131.2 | 150.3 | |
Total | 133.3 | 152.4 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0 | 0.3 | 1 |
Interest cost on projected benefit obligation | 19.3 | 19 | 21 |
Expected return on plan assets | (27.3) | (29.2) | (28.1) |
Amortization of: | |||
Prior service cost (benefit) | 0.1 | 0.1 | 0.2 |
Actuarial loss | 19.1 | 24.9 | 17.3 |
Pension/postretirement costs | 11.2 | 15.4 | 11.4 |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||
2,017 | 42.1 | ||
2,018 | 41.8 | ||
2,019 | 40.2 | ||
2,020 | 39.8 | ||
2,021 | 38.1 | ||
Years 2022 - 2026 | 169.5 | ||
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment loss | 0 | 0 | 0 |
Fair value of plan assets | $ 8.7 | $ 10.3 | 11 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.00% | 3.70% | |
Expected long-term rate of return | 0.00% | 0.00% | |
Future compensation growth rate | 0.00% | 0.00% | |
Pension and Other Postretirement Benefit Contributions [Abstract] | |||
Estimated Future Employer Contributions in Next Fiscal Year | $ 9 | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Accrued payroll and benefits (current liability) | 9.4 | $ 10.1 | |
Pension and postretirement benefit obligations (noncurrent liablity) | 64.5 | 72.7 | |
Total | 73.9 | 82.8 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0.3 | 0.3 | 0.3 |
Interest cost on projected benefit obligation | 3.3 | 3.3 | 4 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of: | |||
Prior service cost (benefit) | (14.7) | (15.4) | (15.4) |
Actuarial loss | 4.9 | 5.4 | 5.4 |
Pension/postretirement costs | (6.2) | (6.4) | (5.7) |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||
2,017 | 9.9 | ||
2,018 | 9.2 | ||
2,019 | 7.8 | ||
2,020 | 7 | ||
2,021 | 6.7 | ||
Years 2022 - 2026 | 28.1 | ||
Pension Plan Qualified [Member] | |||
Pension and Other Postretirement Benefit Contributions [Abstract] | |||
Pension benefit contributions | 3.1 | 10.3 | 19.7 |
Pension Plan Non-Qualified [Member] | |||
Pension and Other Postretirement Benefit Contributions [Abstract] | |||
Pension benefit contributions | 2.3 | 2.2 | $ 2.3 |
Pension Plan Qualified and Non-Qualified [Member] | |||
Pension and Other Postretirement Benefit Contributions [Abstract] | |||
Estimated Future Employer Contributions in Next Fiscal Year | $ 2 | ||
Equity Securities [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Target allocation percentage of assets, equity securities | 65.00% | ||
Fixed Income Securities [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Target allocation percentage of assets, equity securities | 35.00% | ||
Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 142.7 | 147.8 | |
Equity Index Funds International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 95.6 | 97 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123.9 | 133.3 | |
Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.1 | ||
Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8.7 | 10.3 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 372.3 | 378.1 | |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 142.7 | 147.8 | |
Fair Value, Inputs, Level 1 [Member] | Equity Index Funds International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 95.6 | 97 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123.9 | 133.3 | |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.1 | ||
Fair Value, Inputs, Level 1 [Member] | Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Index Funds International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Index Funds International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Pension and Postretirement Pl64
Pension and Postretirement Plans Pension and Postretirement Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||||
Healthcare cost trend | 6.50% | 6.50% | ||
Rate to which the cost trend is assumed to decline (ultimate trend rate) | 4.50% | 4.50% | ||
Year the rates reach the ultimate trend rate | 2,021 | 2,020 | ||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||||
Service and interest costs for current year | $ 0.2 | |||
Service and interest costs for current year | (0.1) | |||
Postretirement benefit obligation at December 31 | 3.2 | |||
Postretirement benefit obligation at December 31 | $ (2.9) | |||
Pension Plan [Member] | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Discount rate | 3.80% | 3.40% | [1] | 4.20% |
Expected long-term rate of return | 7.50% | 7.75% | 7.75% | |
Future compensation growth rate | 0.00% | 0.00% | 0.00% | |
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Discount rate | 3.70% | 3.40% | 4.10% | |
Expected long-term rate of return | 0.00% | 0.00% | 0.00% | |
Future compensation growth rate | 0.00% | 0.00% | 0.00% | |
[1] | Discount rate used for the remeasurement of the non-management pension plan in April 2015 was consistent with the discount rate previously established. |
Pension and Postretirement Pl65
Pension and Postretirement Plans Projected Benefit Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1, | $ 388.4 | ||
Fair value of plan assets at December 31, | 381 | $ 388.4 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at January 1, | 530.5 | 577.3 | |
Service cost | 0 | 0.3 | $ 1 |
Interest Cost | 19.3 | 19 | 21 |
Actuarial (gain) loss | (2.7) | (18.8) | |
Benefits paid | (41.5) | (47.3) | |
Retiree drug subsidy received | 0 | 0 | |
Other | 0 | 0 | |
Benefit obligation at December 31, | 505.6 | 530.5 | 577.3 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1, | 378.1 | 424.3 | |
Actual return on plan assets | 30.3 | (10.5) | |
Employer contributions | 5.4 | 11.6 | |
Retiree drug subsidy received | 0 | 0 | |
Benefits paid | (41.5) | (47.3) | |
Fair value of plan assets at December 31, | 372.3 | 378.1 | 424.3 |
Unfunded status | (133.3) | (152.4) | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at January 1, | 93.1 | 109 | |
Service cost | 0.3 | 0.3 | 0.3 |
Interest Cost | 3.3 | 3.3 | 4 |
Actuarial (gain) loss | (4.7) | (10.9) | |
Benefits paid | (13.1) | (12.7) | |
Retiree drug subsidy received | 0.6 | 0.2 | |
Other | 3.1 | 3.9 | |
Benefit obligation at December 31, | 82.6 | 93.1 | 109 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1, | 10.3 | 11 | |
Actual return on plan assets | 0.3 | 0.1 | |
Employer contributions | 10.6 | 11.7 | |
Retiree drug subsidy received | 0.6 | 0.2 | |
Benefits paid | (13.1) | (12.7) | |
Fair value of plan assets at December 31, | 8.7 | 10.3 | $ 11 |
Unfunded status | $ (73.9) | $ (82.8) |
Pension and Postretirement Pl66
Pension and Postretirement Plans Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Prior Service (Cost) Benefit, Tax Effect | $ (0.1) | $ (0.1) |
Prior service cost recognized: | ||
Reclassification adjustments | 0.1 | 0.4 |
Actuarial (loss) gain recognized: | ||
Reclassification adjustments | 19.1 | 24.9 |
Actuarial (loss) gain arising during the period | 5.7 | (20.9) |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ||
Prior service cost (benefit) | 0 | |
Actuarial loss | 16.5 | |
Total | 16.5 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Prior service (cost) benefit, net of tax of ($0.1), ($0.1), $10.6, $15.8 | (0.1) | (0.2) |
Actuarial loss, net of tax of ($81.6), ($90.4), ($19.7), ($23.0) | (141.8) | (157.8) |
Total | (141.9) | (158) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), Tax Effect | (81.6) | (90.4) |
Other Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Prior Service (Cost) Benefit, Tax Effect | 10.6 | 15.8 |
Prior service cost recognized: | ||
Reclassification adjustments | (14.7) | (15.4) |
Actuarial (loss) gain recognized: | ||
Reclassification adjustments | 4.9 | 5.4 |
Actuarial (loss) gain arising during the period | 4.5 | 10.9 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ||
Prior service cost (benefit) | (4.5) | |
Actuarial loss | 4.3 | |
Total | (0.2) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Prior service (cost) benefit, net of tax of ($0.1), ($0.1), $10.6, $15.8 | 19.1 | 28.6 |
Actuarial loss, net of tax of ($81.6), ($90.4), ($19.7), ($23.0) | (34.8) | (40.9) |
Total | (15.7) | (12.3) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), Tax Effect | $ (19.7) | $ (23) |
Shareowners' Deficit (Details)
Shareowners' Deficit (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | |
Class of Stock [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |
Common Stock, Shares, Outstanding | 42,056,237 | 41,975,390 | |
Stock Repurchase Program, Authorized Amount | $ | $ 150 | ||
Repurchase and retirement of shares | 200,000 | 0 | 0 |
Stock Repurchased and Retired During Period, Value | $ | $ 4.8 | ||
Stock repurchased and retired during period, average price per share | $ / shares | $ 19.67 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 124.4 | ||
Treasury Stock, Value | $ | $ 0.5 | ||
Preferred Stock, Shares Authorized | 2,357,299 | 2,357,299 | |
Preferred Stock, Shares Issued | 155,250 | 155,250 | |
Preferred Stock, Depositary Shares | 3,105,000 | 3,105,000 | |
Preferred Stock Converstion Rate | 5.7676 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 67.50 | ||
Preferred stock dividends per depositary share | $ / shares | 3.3752 | ||
Preferred Stock, Liquidation Preference Per Share | $ / shares | 1,000 | $ 1,000 | |
Preferred Stock Liquidation Preference Per Depositary Share | $ / shares | $ 50 | $ 50 | |
Preferred Stock Dividends and Other Adjustments | $ | $ 10.4 | $ 10.4 | $ 10.4 |
Preferred Voting Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 1,357,299 | ||
Nonvoting Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 1,000,000 | ||
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Repurchase and retirement of shares | (200,000) | ||
Stock Repurchased and Retired During Period, Value | $ | $ 0 |
Shareowners' Deficit Accumulate
Shareowners' Deficit Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | ||||
Beginning balance | $ (171) | $ (173.9) | ||
Remeasurement of benefit obligations | 6.6 | (6.6) | $ (45.4) | |
Reclassifications, net | 6 | 9.5 | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 68.1 | 0 | 0 | |
Ending balance | (90.3) | (171) | (173.9) | |
Accumulated Translation Adjustment [Member] | ||||
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | ||||
Beginning balance | (0.7) | (0.3) | ||
Remeasurement of benefit obligations | 0 | 0 | ||
Reclassifications, net | (0.1) | (0.4) | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 0 | |||
Ending balance | (0.8) | (0.7) | (0.3) | |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | ||||
Beginning balance | (170.3) | (173.6) | ||
Remeasurement of benefit obligations | 6.6 | (6.6) | ||
Reclassifications, net | [1] | 6.1 | 9.9 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 0 | |||
Ending balance | (157.6) | (170.3) | (173.6) | |
CyrusOne [Member] | ||||
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 0 | 0 | ||
Reclassifications, net | 0 | 0 | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | [2] | 68.1 | ||
Ending balance | $ 68.1 | $ 0 | $ 0 | |
[1] | These reclassifications are included in the components of net period pension and postretirement benefit costs (see Note 9 for additional details). The components of net period pension and postretirement benefit cost are reported within "Cost of services", "Cost of products sold", and "Selling, general and administrative" expenses on the Consolidated Statements of Operations. | |||
[2] | The unrealized gain on the investment in CyrusOne was recorded in 2016 as the investment is no longer accounted for using the equity-method and is recorded as an available-for-sale security on the Consolidated Balance Sheets at fair value. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ (14) | $ 9.2 | $ 9.3 |
State and local | 0.5 | 1.7 | 1.9 |
Total current | (13.5) | 10.9 | 11.2 |
Investment tax credits | (0.1) | (0.2) | (0.2) |
Deferred: | |||
Federal | 72.6 | 149.4 | 69.6 |
State and local | 5.7 | 5.2 | 1.9 |
Total deferred | 78.3 | 154.6 | 71.5 |
Valuation allowance | (3.6) | (5.5) | (1.1) |
Total | $ 61.1 | $ 159.8 | $ 81.4 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal income tax | 0.20% | 0.70% | 0.80% |
Change in valuation allowance, net of federal income tax | (1.40%) | (0.80%) | (2.00%) |
State net operating loss adjustments | 0.90% | 0.30% | 1.90% |
Nondeductible interest expense | 0.00% | 0.00% | 2.70% |
Unrecognized tax benefit changes | 2.30% | 0.20% | 1.40% |
Nondeductible compensation | 0.20% | 0.10% | 0.70% |
Other differences, net | 0.30% | 0.00% | 0.40% |
Effective tax rate | 37.50% | 35.50% | 40.90% |
Income tax expense (benefit) | $ 61.1 | $ 159.8 | $ 81.4 |
Accumulated other comprehensive income (loss) | 43.8 | 2 | (22.4) |
Excess tax benefits on stock option exercises | $ 0.1 | (0.1) | (0.1) |
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2023 | ||
Deferred tax assets: | |||
Net operating loss carryforwards | $ 125.2 | 142 | |
Pension and postretirement benefits | 78.7 | 89.1 | |
Deferred Tax Assets, Investments | 0 | 68.9 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 12.2 | 15.2 | |
Deferred tax asset, tax deferred expense, Texas Margin Tax | 10.7 | 10.7 | |
Other | 19.1 | 17.9 | |
Total deferred tax assets | 263.3 | 376.5 | |
Valuation allowance | (54.4) | (58.4) | |
Total deferred tax assets, net of valuation allowance | 208.9 | 318.1 | |
Deferred tax liabilities: | |||
Property, plant and equipment | 135 | 134.9 | |
Deferred Tax Liabilities, Investments | 9.1 | 0 | |
Other | 0.3 | 0.3 | |
Total deferred tax liabilities | 144.4 | 135.2 | |
Net deferred tax assets | 64.5 | 182.9 | |
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | |||
Federal tax operating loss carryforwards | 219.4 | ||
Federal tax operating loss carryforwards, deferred tax asset value | 76.8 | ||
State tax credits | 10.7 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 17.4 | 32.7 | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign, State and Local Tax | 48.2 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 31 | 27.3 | |
Income Tax Uncertainties [Abstract] | |||
Balance, beginning of year | 27.6 | 27.1 | 24.1 |
Change in tax positions for the current year | 1.2 | 0.5 | 3 |
Change in tax positions for prior years | 2.6 | 0 | 0 |
Balance, end of year | 31.4 | 27.6 | 27.1 |
Continuing Operations [Member] | |||
Deferred: | |||
Total | 61.1 | 159.8 | 81.4 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Income tax expense (benefit) | 61.1 | 159.8 | 81.4 |
Discontinued Operations [Member] | |||
Deferred: | |||
Total | 0 | 34.8 | (24) |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Income tax expense (benefit) | $ 0 | $ 34.8 | $ (24) |
Stock-Based Compensation Plan70
Stock-Based Compensation Plans Stock-Based Compensation Options & SARs (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 5.71 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Stock Options and Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from Stock Options Exercised | $ 3.8 | $ 0.1 | $ 1.3 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 17.02 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Performance Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Stock-Based Compensation Plan71
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Shares Authorized | 5,100,000 | ||||
Number of Shares Available for Grant | 900,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Granted | $ 0 | $ 0 | $ 5.71 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||
Compensation expense for the year | $ 5.1 | $ 4.1 | $ 3.3 | ||
Intrinsic Value of awards exercisable | 1 | ||||
Intrinsic Value of awards outstanding | $ 1.3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years | ||||
Phantom Shares Annual Grant | 0 | 1,200 | |||
Deferred Compensation Plans, Years of Service Required for Full Vesting | five | ||||
Stock Options and Stock Appreciation Rights [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Outstanding at January 1, | 776,000 | 1,045,000 | 1,225,000 | 1,225,000 | |
Outstanding at January 1, | $ 19.27 | $ 19.27 | $ 18.31 | $ 18.31 | |
Granted | 0 | 0 | 200,000 | ||
Granted | $ 0 | $ 0 | $ 17.02 | ||
Exercised | (236,000) | (7,000) | (145,000) | ||
Exercised | $ 16.12 | $ 9.15 | $ 8.65 | ||
Forfeited | (11,000) | (100,000) | (43,000) | ||
Forfeited | $ 16.16 | $ 18.71 | $ 19.95 | ||
Expired | (139,000) | (162,000) | (192,000) | ||
Expired | $ 22.79 | $ 20.05 | $ 18.69 | ||
Outstanding at December 31, | 390,000 | 776,000 | 1,045,000 | 776,000 | |
Outstanding at December 31, | $ 20 | $ 19.27 | $ 19.27 | $ 19.27 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||
Expected to vest at December 31, | 390,000 | 776,000 | 1,045,000 | 776,000 | |
Expected to vest at December 31, | $ 20 | $ 19.27 | $ 19.27 | $ 19.27 | |
Exercisable at December 31, | 330,000 | 635,000 | 695,000 | 635,000 | |
Exercisable at December 31, | $ 20.56 | $ 19.65 | $ 19.91 | $ 19.65 | |
Compensation expense for the year | $ 0.4 | $ 0 | $ 0.3 | ||
Tax benefit related to compensation expense | (0.1) | 0 | (0.1) | ||
Intrinsic value of awards exercised | 1.8 | 0.1 | 1.5 | ||
Cash received from awards exercised | 3.8 | 0.1 | 1.3 | ||
Grant date fair value of awards vested | 0.5 | 0.7 | 0.4 | ||
Unrecognized Compensation | $ 0.2 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||||
Performance Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Performance Based Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||
Compensation expense for the year | $ 3.6 | 3.1 | 1.4 | ||
Tax benefit related to compensation expense | (1.3) | $ (1.1) | $ (0.5) | ||
Unrecognized Compensation | $ 8.1 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 307,000 | 538,000 | 217,000 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||
Compensation expense for the year | $ 1.1 | $ 1 | $ 1.6 | ||
Tax benefit related to compensation expense | (0.4) | $ (0.3) | $ (0.6) | ||
Unrecognized Compensation | $ 0.9 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 106,000 | 36,000 | 35,000 | ||
Performance Based Cash Unit Award [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||
Compensation expense for the year | $ 2.2 | $ 0.6 | $ 0.6 | ||
Unrecognized Compensation | 1.2 | ||||
Fair Value of Grants in Period | 0 | $ 0 | 3.6 | ||
Deferred Compensation, Share-based Payments [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||||
Deferred Compensation,Total Shares Deferred | 100,000 | ||||
Deferred Compensation, Compensation Expense | $ 0.1 | $ 0.2 | $ (0.3) |
Stock-Based Compensation Plan72
Stock-Based Compensation Plans Oustanding and Exercisable Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years | |||
Outstanding Shares | 390 | |||
Exercisable Shares | 330 | |||
$8.35 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding Shares | 26 | |||
Outstanding Weighted Average Exercise Price Per Share | $ 8.35 | |||
Exercisable Shares | 26 | |||
Exercisable Weighted Average Exercise Price Per Share | $ 8.35 | |||
$12.40 to $17.05 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding Shares | 174 | |||
Outstanding Weighted Average Exercise Price Per Share | $ 17.01 | |||
Exercisable Shares | 114 | |||
Exercisable Weighted Average Exercise Price Per Share | $ 17.03 | |||
$23.10 to $26.55 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding Shares | 190 | |||
Outstanding Weighted Average Exercise Price Per Share | $ 24.35 | |||
Exercisable Shares | 190 | |||
Exercisable Weighted Average Exercise Price Per Share | $ 24.35 | |||
Stock Options and Stock Appreciation Rights [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 20 | $ 19.27 | $ 19.27 | $ 18.31 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 20.56 | $ 19.65 | $ 19.91 |
Stock-Based Compensation Plan73
Stock-Based Compensation Plans Stock Option Award Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2016$ / shares | Dec. 31, 2015$ / shares | Dec. 31, 2014$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 0.00% | 0.00% | 35.50% |
Risk-free interest rate | 0.00% | 0.00% | 1.50% |
Expected holding period (in years) | 0 | 0 | 5 |
Expected dividends | 0.00% | 0.00% | 0.00% |
Weighted-average grant date fair value | $ 0 | $ 0 | $ 5.71 |
Stock Options and Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value | $ 0 | $ 0 | $ 17.02 |
Stock-Based Compensation Plan74
Stock-Based Compensation Plans Performance Unit Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Compensation expense for the year | $ 5.1 | $ 4.1 | $ 3.3 | |
Performance Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Non-vested at January 1, | 721 | 349 | 307 | 307 |
Non-vested at January 1, | $ 16.77 | $ 19.28 | $ 19.88 | $ 19.88 |
Granted | 307 | 538 | 217 | |
Granted | $ 15.45 | $ 15.46 | $ 17.80 | |
Vested | (51) | (89) | (127) | |
Vested | $ 22.75 | $ 19 | $ 18.55 | |
Forfeited | (23) | (77) | (48) | |
Forfeited | $ 22.35 | $ 16.44 | $ 18.33 | |
Non-vested at December 31, | 954 | 721 | 349 | 721 |
Non-vested at December 31, | $ 15.89 | $ 16.77 | $ 19.28 | $ 16.77 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Compensation expense for the year | $ 3.6 | $ 3.1 | $ 1.4 | |
Tax benefit related to compensation expense | (1.3) | (1.1) | (0.5) | |
Grant date fair value of awards vested | 1.2 | 1.7 | 2.3 | |
Unrecognized Compensation | $ 8.1 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||
Performance Based Cash Unit Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Compensation expense for the year | $ 2.2 | 0.6 | 0.6 | |
Unrecognized Compensation | 1.2 | |||
Fair Value of Grants in Period | $ 0 | $ 0 | $ 3.6 |
Stock-Based Compensation Plan75
Stock-Based Compensation Plans Time Based Restricted Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Compensation expense for the year | $ 5.1 | $ 4.1 | $ 3.3 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Non-vested at January 1, | 47 | 137 | 209 | 209 |
Non-vested at January 1, | $ 19.59 | $ 18.44 | $ 17.73 | $ 17.73 |
Granted | 106 | 36 | 35 | |
Granted | $ 16.75 | $ 17.35 | $ 16.04 | |
Vested | (47) | (126) | (103) | |
Vested | $ 19.59 | $ 17.70 | $ 16.22 | |
Forfeited | 0 | 0 | (4) | |
Forfeited | $ 0 | $ 0 | $ 17.55 | |
Non-vested at December 31, | 106 | 47 | 137 | 47 |
Non-vested at December 31, | $ 16.75 | $ 19.59 | $ 18.44 | $ 19.59 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Compensation expense for the year | $ 1.1 | $ 1 | $ 1.6 | |
Tax benefit related to compensation expense | (0.4) | (0.3) | (0.6) | |
Grant date fair value of awards vested | 0.9 | 2.2 | 1.7 | |
Unrecognized Compensation | $ 0.9 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value, cash settled and other awards, exercisable | $ 0.1 | |||
Performance Based Cash Unit Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Compensation expense for the year | 2.2 | $ 0.6 | $ 0.6 | |
Unrecognized Compensation | $ 1.2 | |||
Deferred Compensation, Share-based Payments [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Shares Issued | 100 |
Restructuring and Severance C76
Restructuring and Severance Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Reserve [Roll Forward] | ||||||||
Beginning balance | $ 11.2 | $ 4.9 | $ 1.1 | $ 4.9 | $ 14.3 | |||
Restructuring and severance related charges (reversals) | $ 11.9 | $ 0.3 | $ 2.3 | 3.4 | 11.9 | 6 | (0.4) | |
Utilizations | (1.8) | (9.8) | (9) | |||||
Ending balance | 11.2 | 11.2 | 1.1 | 4.9 | ||||
Restructuring liabilities included in other current liabilities | 7.4 | 7.4 | 0.9 | |||||
Restructuring liabilities included in other noncurrent liabilities | 3.8 | 3.8 | 0.2 | |||||
Entertainment and Communications [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Beginning balance | 7.5 | 3.9 | 0.8 | 3.9 | 10.5 | |||
Restructuring and severance related charges (reversals) | 7.7 | 1.6 | (0.5) | |||||
Utilizations | (1) | (4.7) | (6.1) | |||||
Ending balance | 7.5 | 7.5 | 0.8 | 3.9 | ||||
IT Services and Hardware [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Beginning balance | 3 | 0.3 | 0.3 | 0.3 | 0.8 | |||
Restructuring and severance related charges (reversals) | 3.3 | 2.8 | 0 | |||||
Utilizations | (0.6) | (2.8) | (0.5) | |||||
Ending balance | 3 | 3 | 0.3 | 0.3 | ||||
Corporate Segment [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Beginning balance | 0.7 | 0.7 | 0 | 0.7 | 3 | |||
Restructuring and severance related charges (reversals) | 0.9 | 1.6 | 0.1 | |||||
Utilizations | (0.2) | (2.3) | (2.4) | |||||
Ending balance | 0.7 | 0.7 | 0 | 0.7 | ||||
Employee Severance [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Beginning balance | 11 | 3 | 0.2 | 3 | 8.4 | |||
Restructuring and severance related charges (reversals) | 25 | 12.5 | 3.3 | 1 | ||||
Utilizations | (1.7) | (6.1) | (6.4) | |||||
Ending balance | 11 | 11 | 0.2 | 3 | ||||
Lease Abandonment [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Beginning balance | 0.2 | 1.8 | 0.8 | 1.8 | 5.8 | |||
Restructuring and severance related charges (reversals) | (0.5) | 0.3 | (1.4) | |||||
Utilizations | (0.1) | (1.3) | (2.6) | |||||
Ending balance | 0.2 | 0.2 | 0.8 | 1.8 | ||||
Contract Terminations [Member] | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||
Beginning balance | $ 0 | $ 0.1 | 0.1 | 0.1 | 0.1 | |||
Restructuring and severance related charges (reversals) | (0.1) | 2.4 | 0 | |||||
Utilizations | 0 | (2.4) | 0 | |||||
Ending balance | $ 0 | $ 0 | $ 0.1 | $ 0.1 |
Business Segment Information (D
Business Segment Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Revenue | $ 285.3 | $ 312.4 | $ 299.2 | $ 288.9 | $ 289.3 | $ 299.8 | $ 285.8 | $ 292.9 | $ 1,185.8 | $ 1,167.8 | $ 1,161.5 |
Operating income (loss) | 10.5 | $ 25.5 | $ 27.4 | $ 29.6 | 25 | 36.2 | 29.7 | 37.1 | 93 | 128 | 176.9 |
Payments to Acquire Property, Plant, and Equipment | 286.4 | 283.6 | 182.3 | ||||||||
Depreciation and amortization | 182.2 | 141.6 | 127.6 | ||||||||
Assets | 1,541 | 1,446.4 | 1,541 | 1,446.4 | |||||||
Service revenue | 978.7 | 933 | 890.2 | ||||||||
Product revenue | $ 207.1 | $ 234.8 | $ 271.3 | ||||||||
Segment Reporting [Abstract] | |||||||||||
Number of Operating Segments | 2 | 2 | 2 | ||||||||
Restructuring and severance related charges (reversals) | 11.9 | $ 0.3 | $ 2.3 | $ 3.4 | $ 11.9 | $ 6 | $ (0.4) | ||||
Impairment of assets, excluding goodwill | 0 | 0 | |||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 64.5 | 182.9 | 64.5 | 182.9 | |||||||
Handsets and accessories [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Product revenue | 4.5 | 7.4 | 10.7 | ||||||||
IT, telephony and other equipment [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Product revenue | 202.6 | 227.4 | 260.6 | ||||||||
Entertainment and Communications [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | 768.8 | 743.7 | 740.7 | ||||||||
Operating income (loss) | 90.6 | 129.9 | 178.9 | ||||||||
Payments to Acquire Property, Plant, and Equipment | 272.5 | 269.5 | 163.7 | ||||||||
Depreciation and amortization | 168.6 | 129.2 | 115.7 | ||||||||
Assets | 1,093.5 | 982.5 | 1,093.5 | 982.5 | |||||||
Service revenue | 763 | 735 | 728.8 | ||||||||
Segment Reporting [Abstract] | |||||||||||
Restructuring and severance related charges (reversals) | 7.7 | 1.6 | (0.5) | ||||||||
Impairment of assets, excluding goodwill | 4.6 | ||||||||||
IT Services and Hardware [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | 430.7 | 435.4 | 433 | ||||||||
Operating income (loss) | 23.2 | 20.6 | 19.8 | ||||||||
Payments to Acquire Property, Plant, and Equipment | 13.7 | 14 | 11.9 | ||||||||
Depreciation and amortization | 13.5 | 12.3 | 11.7 | ||||||||
Assets | 60 | 58 | 60 | 58 | |||||||
Service revenue | 215.7 | 198 | 161.4 | ||||||||
Segment Reporting [Abstract] | |||||||||||
Restructuring and severance related charges (reversals) | 3.3 | 2.8 | 0 | ||||||||
Increase (decrease) in Revenue | 4.7 | 2.4 | |||||||||
Corporate Segment [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Operating income (loss) | (20.8) | (22.5) | (21.8) | ||||||||
Payments to Acquire Property, Plant, and Equipment | 0.2 | 0.1 | 0.2 | ||||||||
Depreciation and amortization | 0.1 | 0.1 | 0.2 | ||||||||
Segment Reporting [Abstract] | |||||||||||
Restructuring and severance related charges (reversals) | 0.9 | 1.6 | 0.1 | ||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 64.5 | 182.3 | 64.5 | 182.3 | |||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | (13.7) | (11.3) | (12.2) | ||||||||
Intersegment Eliminations [Member] | Entertainment and Communications [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | 1.3 | 1.3 | 1.2 | ||||||||
Intersegment Eliminations [Member] | IT Services and Hardware [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | 12.4 | 10 | 11 | ||||||||
Intersegment Eliminations [Member] | Corporate Segment [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Assets | $ 387.5 | $ 405.9 | 387.5 | 405.9 | |||||||
Sales [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | 13.7 | 11.3 | 12.2 | ||||||||
Telecom and IT equipment [Member] | IT Services and Hardware [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Increase (decrease) in Revenue | 24.5 | 35.1 | |||||||||
Managed and Professional Services [Member] | IT Services and Hardware [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Increase (decrease) in Revenue | 17.7 | 40.7 | |||||||||
Continuing Operations [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Payments to Acquire Property, Plant, and Equipment | 286.4 | 283.6 | 175.8 | ||||||||
Depreciation and amortization | $ 182.2 | $ 141.6 | $ 127.6 |
Investment in CyrusOne (Details
Investment in CyrusOne (Details) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($)shares | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($)shares | Jun. 30, 2014shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Jan. 24, 2013shares | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investment Sold, Partnership Units | shares | 14.3 | 16 | 20.3 | 16 | ||||||||
Marketable Securities, Realized Gain (Loss) | $ 83 | $ 5.1 | $ 33.3 | $ 118.6 | $ 36.3 | $ 117.7 | $ 295.2 | $ 157 | $ 449.2 | $ 192.8 | ||
Sale of Stock, Number of Shares Issued in Transaction | shares | 2 | 4.1 | 1.4 | |||||||||
Proceeds from Sale of Available-for-sale Securities, Equity | $ 100 | $ 189.7 | $ 643.9 | 355.9 | ||||||||
Investment owned in Equity Method Investee, Balance, Partnership Units | shares | 6.3 | 6.3 | 42.6 | |||||||||
Available for sale securities, ownership percentage | 9.50% | 9.50% | ||||||||||
Dividend Income, Operating | 6.4 | |||||||||||
Proceeds from Dividends Received | $ 2.1 | $ 22.2 | 28.4 | |||||||||
Total ownership interests in CyrusOne, Percentage | 69.00% | |||||||||||
Investment owned in CyrusOne Inc., Balance, Shares | shares | 1.9 | |||||||||||
Loss from CyrusOne | $ 5.1 | $ 7 | ||||||||||
Investment owned in Available for Sale Securities, Balance, Shares | shares | 2.8 | 6.9 | 2.8 | 6.9 | ||||||||
Available-for-sale Securities | $ 128 | $ 128 |
Investment in CyrusOne - Schedu
Investment in CyrusOne - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CyrusOne [Member] | |||
Revenue: | |||
Services provided to CyrusOne | $ 1.3 | $ 1.7 | |
Operating costs and expenses: | |||
Charges for services provided by CyrusOne | 10.2 | 9.1 | |
Administrative services provided to CyrusOne | (0.4) | (0.5) | |
Total operating costs and expenses | 9.8 | 8.6 | |
Balance Sheet Related Disclosures [Abstract] | |||
Accounts receivable | 0.1 | ||
Dividends receivable | 2.1 | $ 6 | |
Receivable from CyrusOne | 2.2 | ||
Payable to CyrusOne | $ 1.5 | ||
CyrusOne [Member] | |||
Revenue: | |||
Services provided to CyrusOne | $ 1.2 | ||
Operating costs and expenses: | |||
Charges for services provided by CyrusOne | 10.2 | ||
Administrative services provided to CyrusOne | (0.3) | ||
Total operating costs and expenses | 9.9 | ||
Balance Sheet Related Disclosures [Abstract] | |||
Accounts receivable | 0 | ||
Dividends receivable | 1.1 | ||
Receivable from CyrusOne | 1.1 | ||
Payable to CyrusOne | $ 0.9 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from Sale of Intangible Assets | $ 0 | $ 0 | $ 194.4 | ||||||||||
Disposal Group, Including Discontinued Operation, Intangible Assets, Noncurrent | $ 88.2 | ||||||||||||
Prepaid Expense, Current | $ 15 | $ 13.1 | 15 | 13.1 | $ 6.4 | ||||||||
Deferred gain on sale of wireless spectrum licenses - discontinued operations | $ (112.6) | 0 | (112.6) | 0 | |||||||||
Gain on Liabilities and Other Assets transferred in Sale of Business Affiliate and Productive Assets | $ (15.9) | 0 | (15.9) | 0 | |||||||||
Revenue, Net | 285.3 | $ 312.4 | $ 299.2 | $ 288.9 | 289.3 | $ 299.8 | 285.8 | 292.9 | 1,185.8 | 1,167.8 | 1,161.5 | ||
Selling, General and Administrative Expense | 218.7 | 219.1 | 204.2 | ||||||||||
Depreciation and amortization | 182.2 | 141.6 | 127.6 | ||||||||||
Impairment of assets | 0 | 0 | |||||||||||
Sale Leaseback Transaction, Current Period Gain Recognized | 0 | (6.5) | (22.9) | ||||||||||
Costs and Expenses | 1,092.8 | 1,039.8 | 984.6 | ||||||||||
Operating income (loss) | 10.5 | 25.5 | 27.4 | 29.6 | 25 | 36.2 | 29.7 | 37.1 | 93 | 128 | 176.9 | ||
Other expense (income), net | (7.6) | 2.6 | 5.1 | ||||||||||
Income tax expense (benefit) | 61.1 | 159.8 | 81.4 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0.3 | $ 0 | $ 0 | $ 0 | 2.1 | $ 1 | $ 10.9 | $ 48.9 | 0.3 | 62.9 | (42.1) | ||
Restructuring Reserve | 7.4 | 0.9 | 7.4 | 0.9 | |||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 5.4 | 0 | 5.4 | |||||||||
Impairment of assets | 0 | 0 | 12.1 | ||||||||||
Capital expenditures | (286.4) | (283.6) | (182.3) | ||||||||||
Repayment of debt | (759.3) | (531.7) | (376.5) | ||||||||||
Operating lease expense | 9.6 | 10.1 | 7.4 | ||||||||||
Discontinued Operations [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Proceeds from Sale of Intangible Assets | 0 | 0 | 194.4 | ||||||||||
Revenue, Net | 0 | 4.4 | 132.8 | ||||||||||
Cost of Goods and Services Sold | 0 | 12 | 66.9 | ||||||||||
Selling, General and Administrative Expense | 0 | 2.2 | 19.5 | ||||||||||
Depreciation and amortization | 0 | 28.6 | 103.4 | ||||||||||
Restructuring charges | 0 | 3.3 | |||||||||||
Impairment of assets | 0 | 0 | 7.5 | ||||||||||
Transaction costs | 0 | 0 | 3.2 | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | (0.4) | 0 | ||||||||||
Sale Leaseback Transaction, Current Period Gain Recognized | 0 | (6.5) | (22.9) | ||||||||||
Costs and Expenses | 0 | 39.2 | 193.9 | ||||||||||
Operating income (loss) | 0 | (34.8) | (61.1) | ||||||||||
Interest Income (Expense), Net | 0 | (1.7) | 2.8 | ||||||||||
Other expense (income), net | (0.3) | (2.3) | 2.2 | ||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0.3 | 97.7 | (66.1) | ||||||||||
Income tax expense (benefit) | 0 | 34.8 | (24) | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0.3 | 62.9 | (42.1) | ||||||||||
Restructuring Reserve | 0 | 4.7 | 0 | 4.7 | |||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 0.7 | 0 | 0.7 | |||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | $ 0 | $ 5.4 | 0 | 5.4 | |||||||||
Impairment of assets | 0 | 0 | 7.5 | ||||||||||
Increase (Decrease) in Prepaid Rent | 0 | 3.2 | (3.2) | ||||||||||
Payments for Restructuring | (4.4) | (14.5) | (2.4) | ||||||||||
Capital expenditures | 0 | 0 | (6.5) | ||||||||||
Repayment of debt | $ 0 | (0.3) | (23.5) | ||||||||||
Operating lease expense | $ 1.4 | 6.4 | |||||||||||
Contract Termination [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Restructuring charges | 13.1 | ||||||||||||
Employee Severance [Member] | Discontinued Operations [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Restructuring charges | 3.2 | ||||||||||||
Lease Abandonment [Member] | Discontinued Operations [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Restructuring charges | 16.3 | ||||||||||||
Senior Notes due 2020 [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | $ 22.7 |
Quarterly Financial Informati81
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Selected Quarterly Financial Information [Abstract] | ||||||||||||
Revenue | $ 285.3 | $ 312.4 | $ 299.2 | $ 288.9 | $ 289.3 | $ 299.8 | $ 285.8 | $ 292.9 | $ 1,185.8 | $ 1,167.8 | $ 1,161.5 | |
Operating Income (Loss) | 10.5 | 25.5 | 27.4 | 29.6 | 25 | 36.2 | 29.7 | 37.1 | 93 | 128 | 176.9 | |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (1.6) | 18.8 | 77.6 | 7 | 30.5 | 79.3 | 180.7 | 0.3 | 101.8 | 290.8 | 117.7 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0.3 | 0 | 0 | 0 | 2.1 | 1 | 10.9 | 48.9 | 0.3 | 62.9 | (42.1) | |
Net income (loss) | $ (1.3) | $ 18.8 | $ 77.6 | $ 7 | $ 32.6 | $ 80.3 | $ 191.6 | $ 49.2 | $ 102.1 | $ 353.7 | $ 75.6 | |
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.10) | $ 0.39 | $ 1.79 | $ 0.10 | $ 0.66 | $ 1.83 | $ 4.25 | $ (0.06) | $ 2.17 | $ 6.69 | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.01 | 0 | 0 | 0 | 0.05 | 0.02 | 0.26 | 1.17 | 0.01 | 1.50 | ||
Earnings Per Share, Basic | (0.09) | 0.39 | 1.79 | 0.10 | 0.71 | 1.85 | 4.51 | 1.11 | 2.18 | 8.19 | $ 1.56 | |
Income (Loss) from Continuing Operations, Per Diluted Share | (0.10) | 0.38 | 1.78 | 0.10 | 0.66 | 1.83 | 4.15 | (0.06) | 2.17 | 6.68 | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.01 | 0 | 0 | 0 | 0.05 | 0.02 | 0.26 | 1.17 | 0.01 | 1.49 | ||
Earnings Per Share, Diluted | $ (0.09) | $ 0.38 | $ 1.78 | $ 0.10 | $ 0.71 | $ 1.85 | $ 4.41 | $ 1.11 | $ 2.18 | $ 8.17 | $ 1.56 | |
Restructuring and severance related charges (reversals) | $ 11.9 | $ 0.3 | $ 2.3 | $ 3.4 | $ 11.9 | $ 6 | $ (0.4) | |||||
Marketable Securities, Realized Gain (Loss) | $ 83 | 5.1 | $ 33.3 | $ 118.6 | $ 36.3 | 117.7 | 295.2 | 157 | 449.2 | 192.8 | ||
Gains (Losses) on Extinguishment of Debt | $ (4.8) | $ (11.4) | $ (5.2) | $ (2.4) | $ (0.4) | $ (7.8) | (13.5) | 19 | 20.9 | 19.6 | ||
Gain (Loss) on Disposition of Intangible Assets | $ 112.6 | 0 | 112.6 | 0 | ||||||||
Gain on Liabilities and Other Assets transferred in Sale of Business Affiliate and Productive Assets | $ 15.9 | $ 0 | $ 15.9 | $ 0 |
Supplemental Cash Flow Inform82
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capitalized interest expense | $ 0.7 | $ 1.1 | $ 0.8 |
Interest | 71.1 | 108.5 | 153.1 |
Income taxes, net of refunds | 1.7 | 8.8 | 9.1 |
Noncash Investing and Financing Items [Abstract] | |||
Acquisition of property by assuming debt and other financing arrangements | 12 | 5.8 | 4.7 |
Acquisition of property on account | 23.8 | 34.6 | 24.8 |
CyrusOne [Member] | |||
Noncash Investing and Financing Items [Abstract] | |||
Accrual of CyrusOne dividends | $ 1.1 | ||
CyrusOne [Member] | |||
Noncash Investing and Financing Items [Abstract] | |||
Accrual of CyrusOne dividends | $ 2.1 | $ 6 |
Supplemental Guarantor Inform83
Supplemental Guarantor Information (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Various Cincinnati Bell Telephone Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt Instrument, Face Amount | $ 87.9 | $ 128.7 |
Supplemental Guarantor Inform84
Supplemental Guarantor Information CBT Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | |||||||||||
Revenue, Net | $ 285.3 | $ 312.4 | $ 299.2 | $ 288.9 | $ 289.3 | $ 299.8 | $ 285.8 | $ 292.9 | $ 1,185.8 | $ 1,167.8 | $ 1,161.5 |
Costs and Expenses | 1,092.8 | 1,039.8 | 984.6 | ||||||||
Operating Income (Loss) | 10.5 | 25.5 | 27.4 | 29.6 | 25 | 36.2 | 29.7 | 37.1 | 93 | 128 | 176.9 |
Other Nonoperating Income (Expense) | 7.6 | (2.6) | (5.1) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 162.9 | 450.6 | 199.1 | ||||||||
Income tax expense (benefit) | 61.1 | 159.8 | 81.4 | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (1.6) | 18.8 | 77.6 | 7 | 30.5 | 79.3 | 180.7 | 0.3 | 101.8 | 290.8 | 117.7 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0.3 | 0 | 0 | 0 | 2.1 | 1 | 10.9 | 48.9 | 0.3 | 62.9 | (42.1) |
Net Income (Loss) Attributable to Parent | $ (1.3) | $ 18.8 | $ 77.6 | $ 7 | $ 32.6 | $ 80.3 | $ 191.6 | $ 49.2 | 102.1 | 353.7 | 75.6 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 80.7 | 2.9 | (40.6) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 182.8 | 356.6 | 35 | ||||||||
Preferred Stock Dividends, Income Statement Impact | 10.4 | 10.4 | 10.4 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 91.7 | 343.3 | 65.2 | ||||||||
Notes guaranteed by parent [Member] | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | |||||||||||
Revenue, Net | 1,185.8 | 1,167.8 | 1,161.5 | ||||||||
Costs and Expenses | 1,092.8 | 1,039.8 | 984.6 | ||||||||
Operating Income (Loss) | 93 | 128 | 176.9 | ||||||||
Interest Income (Expense), Net | 75.7 | 103.1 | 145.9 | ||||||||
Other Nonoperating Income (Expense) | (145.6) | (425.7) | (168.1) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 162.9 | 450.6 | 199.1 | ||||||||
Income tax expense (benefit) | 61.1 | 159.8 | 81.4 | ||||||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 101.8 | 290.8 | 117.7 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0.3 | 62.9 | (42.1) | ||||||||
Net Income (Loss) Attributable to Parent | 102.1 | 353.7 | 75.6 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 80.7 | 2.9 | (40.6) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 182.8 | 356.6 | 35 | ||||||||
Preferred Stock Dividends, Income Statement Impact | 10.4 | 10.4 | 10.4 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 91.7 | 343.3 | 65.2 | ||||||||
Notes guaranteed by parent [Member] | Consolidation, Eliminations [Member] | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | |||||||||||
Revenue, Net | (39.8) | (38.6) | (39.1) | ||||||||
Costs and Expenses | (39.8) | (38.6) | (39.1) | ||||||||
Operating Income (Loss) | 0 | 0 | 0 | ||||||||
Interest Income (Expense), Net | 0 | 0 | 0 | ||||||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries, net of tax | (191) | (455) | (201.5) | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (191) | (455) | (201.5) | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | (191) | (455) | (201.5) | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (191) | (455) | (201.5) | ||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | (191) | (455) | (201.5) | ||||||||
Notes guaranteed by parent [Member] | Parent Company [Member] | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | |||||||||||
Revenue, Net | 0 | 0 | 0 | ||||||||
Costs and Expenses | 20.7 | 22.4 | 21.5 | ||||||||
Operating Income (Loss) | (20.7) | (22.4) | (21.5) | ||||||||
Interest Income (Expense), Net | 94.4 | 112.7 | 142.6 | ||||||||
Other Nonoperating Income (Expense) | 20.3 | 19.5 | 17.6 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (135.4) | (154.6) | (181.7) | ||||||||
Income tax expense (benefit) | (46.5) | (53.3) | (55.8) | ||||||||
Equity in earnings of subsidiaries, net of tax | 191 | 455 | 201.5 | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 102.1 | 353.7 | 75.6 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | 102.1 | 353.7 | 75.6 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 12.7 | 3.3 | (40.5) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 114.8 | 357 | 35.1 | ||||||||
Preferred Stock Dividends, Income Statement Impact | 10.4 | 10.4 | 10.4 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 91.7 | 343.3 | 65.2 | ||||||||
Notes guaranteed by parent [Member] | Cincinnati Bell Telephone Company [Member] | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | |||||||||||
Revenue, Net | 677.8 | 660.1 | 659.6 | ||||||||
Costs and Expenses | 592.5 | 538.6 | 488 | ||||||||
Operating Income (Loss) | 85.3 | 121.5 | 171.6 | ||||||||
Interest Income (Expense), Net | 4.5 | (0.9) | (4.5) | ||||||||
Other Nonoperating Income (Expense) | 4.9 | 7 | 7.4 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 75.9 | 115.4 | 168.7 | ||||||||
Income tax expense (benefit) | 27.1 | 41.1 | 61.7 | ||||||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 48.8 | 74.3 | 107 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | 48.8 | 74.3 | 107 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 48.8 | 74.3 | 107 | ||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 48.8 | 74.3 | 107 | ||||||||
Notes guaranteed by parent [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | |||||||||||
Revenue, Net | 547.8 | 546.3 | 541 | ||||||||
Costs and Expenses | 519.4 | 517.4 | 514.2 | ||||||||
Operating Income (Loss) | 28.4 | 28.9 | 26.8 | ||||||||
Interest Income (Expense), Net | (23.2) | (8.7) | 7.8 | ||||||||
Other Nonoperating Income (Expense) | (170.8) | (452.2) | (193.1) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 222.4 | 489.8 | 212.1 | ||||||||
Income tax expense (benefit) | 80.5 | 172 | 75.5 | ||||||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 141.9 | 317.8 | 136.6 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0.3 | 62.9 | (42.1) | ||||||||
Net Income (Loss) Attributable to Parent | 142.2 | 380.7 | 94.5 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 68 | (0.4) | (0.1) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 210.2 | 380.3 | 94.4 | ||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 142.2 | $ 380.7 | $ 94.5 |
Supplemental Guarantor Inform85
Supplemental Guarantor Information CBT Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 9.7 | $ 7.4 | $ 57.9 | $ 4.6 |
Other Assets, Current | 3.9 | 2.2 | ||
Assets, Current | 229.9 | 200.4 | ||
Property, plant and equipment, net | 1,085.5 | 975.5 | ||
Investment in CyrusOne | 128 | 55.5 | ||
Goodwill | 14.3 | 14.3 | ||
Other Assets, Noncurrent | 18.8 | 17.8 | ||
Assets | 1,541 | 1,446.4 | ||
Current portion of long-term debt | 7.5 | 13.8 | ||
Accounts payable | 105.9 | 128.9 | ||
Other Liabilities, Current | 31.9 | 25 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 5.4 | ||
Liabilities, Current | 232.9 | 259.2 | ||
Long-term Debt and Capital Lease Obligations | 1,199.1 | 1,223.8 | ||
Other Liabilities, Noncurrent | 33 | 36.6 | ||
Liabilities | 1,662.7 | 1,744.6 | ||
Stockholders' Equity Attributable to Parent | (121.7) | (298.2) | (648.5) | (676.7) |
Liabilities and Equity | 1,541 | 1,446.4 | ||
Notes guaranteed by parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 9.7 | 7.4 | 57.9 | 4.6 |
Receivables, Net, Current | 178.6 | 157.1 | ||
Other Assets, Current | 41.6 | 35.9 | ||
Assets, Current | 229.9 | 200.4 | ||
Property, plant and equipment, net | 1,085.5 | 975.5 | ||
Investment in CyrusOne | 128 | 55.5 | ||
Goodwill | 14.3 | 14.3 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Other Assets, Noncurrent | 83.3 | 200.7 | ||
Assets | 1,541 | 1,446.4 | ||
Current portion of long-term debt | 7.5 | 13.8 | ||
Accounts payable | 105.9 | 128.9 | ||
Other Liabilities, Current | 119.5 | 111.1 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 5.4 | ||
Liabilities, Current | 232.9 | 259.2 | ||
Long-term Debt and Capital Lease Obligations | 1,199.1 | 1,223.8 | ||
Other Liabilities, Noncurrent | 230.7 | 261.6 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Liabilities | 1,662.7 | 1,744.6 | ||
Stockholders' Equity Attributable to Parent | (121.7) | (298.2) | ||
Liabilities and Equity | 1,541 | 1,446.4 | ||
Notes guaranteed by parent [Member] | Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, Net, Current | 0 | 0 | ||
Other Assets, Current | 0 | 0 | ||
Assets, Current | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Investment in CyrusOne | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (1,731.2) | (1,555.7) | ||
Other Assets, Noncurrent | (144.8) | (146.3) | ||
Assets | (1,876) | (1,702) | ||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Other Liabilities, Current | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 0 | 0 | ||
Long-term Debt and Capital Lease Obligations | 0 | 0 | ||
Other Liabilities, Noncurrent | (144.8) | (146.2) | ||
Due to Related Parties, Noncurrent | (89.1) | (54.7) | ||
Liabilities | (233.9) | (200.9) | ||
Stockholders' Equity Attributable to Parent | (1,642.1) | (1,501.1) | ||
Liabilities and Equity | (1,876) | (1,702) | ||
Notes guaranteed by parent [Member] | Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 7.8 | 4.6 | 56.2 | 2.1 |
Receivables, Net, Current | 17.8 | 0.7 | ||
Other Assets, Current | 1.1 | 1.6 | ||
Assets, Current | 26.7 | 6.9 | ||
Property, plant and equipment, net | 0.3 | 0.3 | ||
Investment in CyrusOne | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 816.7 | 844.6 | ||
Other Assets, Noncurrent | 179.1 | 207.2 | ||
Assets | 1,022.8 | 1,059 | ||
Current portion of long-term debt | 0 | 5.4 | ||
Accounts payable | 0.7 | 0.7 | ||
Other Liabilities, Current | 42.9 | 41.6 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 43.6 | 47.7 | ||
Long-term Debt and Capital Lease Obligations | 960.3 | 1,018.6 | ||
Other Liabilities, Noncurrent | 207.9 | 235.5 | ||
Due to Related Parties, Noncurrent | 0 | 54.7 | ||
Liabilities | 1,211.8 | 1,356.5 | ||
Stockholders' Equity Attributable to Parent | (189) | (297.5) | ||
Liabilities and Equity | 1,022.8 | 1,059 | ||
Notes guaranteed by parent [Member] | Cincinnati Bell Telephone Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 1.4 | 1 | 1 | 1.8 |
Receivables, Net, Current | 0 | 0 | ||
Other Assets, Current | 22.3 | 20.2 | ||
Assets, Current | 23.7 | 21.2 | ||
Property, plant and equipment, net | 1,029.6 | 921.5 | ||
Investment in CyrusOne | 0 | 0 | ||
Goodwill | 2.2 | 2.2 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 63.9 | ||
Other Assets, Noncurrent | 1.6 | 3 | ||
Assets | 1,057.1 | 1,011.8 | ||
Current portion of long-term debt | 5 | 5 | ||
Accounts payable | 71.4 | 84.8 | ||
Other Liabilities, Current | 53.9 | 45.3 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 130.3 | 135.1 | ||
Long-term Debt and Capital Lease Obligations | 98.2 | 134.3 | ||
Other Liabilities, Noncurrent | 166.8 | 168.3 | ||
Due to Related Parties, Noncurrent | 89.1 | 0 | ||
Liabilities | 484.4 | 437.7 | ||
Stockholders' Equity Attributable to Parent | 572.7 | 574.1 | ||
Liabilities and Equity | 1,057.1 | 1,011.8 | ||
Notes guaranteed by parent [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 0.5 | 1.8 | $ 0.7 | $ 0.7 |
Receivables, Net, Current | 160.8 | 156.4 | ||
Other Assets, Current | 18.2 | 14.1 | ||
Assets, Current | 179.5 | 172.3 | ||
Property, plant and equipment, net | 55.6 | 53.7 | ||
Investment in CyrusOne | 128 | 55.5 | ||
Goodwill | 12.1 | 12.1 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 914.5 | 647.2 | ||
Other Assets, Noncurrent | 47.4 | 136.8 | ||
Assets | 1,337.1 | 1,077.6 | ||
Current portion of long-term debt | 2.5 | 3.4 | ||
Accounts payable | 33.8 | 43.4 | ||
Other Liabilities, Current | 22.7 | 24.2 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 5.4 | ||
Liabilities, Current | 59 | 76.4 | ||
Long-term Debt and Capital Lease Obligations | 140.6 | 70.9 | ||
Other Liabilities, Noncurrent | 0.8 | 4 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Liabilities | 200.4 | 151.3 | ||
Stockholders' Equity Attributable to Parent | 1,136.7 | 926.3 | ||
Liabilities and Equity | $ 1,337.1 | $ 1,077.6 |
Supplemental Guarantor Inform86
Supplemental Guarantor Information CBT Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Consolidating Statements of Cash Flows | |||||
Net Cash Provided by (Used in) Operating Activities | $ 173.2 | $ 110.9 | $ 175.2 | ||
Payments to Acquire Property, Plant, and Equipment | (286.4) | (283.6) | (182.3) | ||
Proceeds from Dividends Received | 2.1 | 22.2 | 28.4 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | $ 100 | 189.7 | 643.9 | 355.9 | |
Payments for (Proceeds from) Other Investing Activities | (0.9) | 0.7 | (3.8) | ||
Net Cash Provided by (Used in) Investing Activities | (95.5) | 383.2 | 392.6 | ||
Proceeds from issuance of long-term debt | 635 | 0 | 0 | ||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | 71.9 | (1.6) | (127) | ||
Repayment of debt | (759.3) | (531.7) | (376.5) | ||
Debt issuance costs | (11.1) | (0.4) | (0.9) | ||
Payments for Repurchase of Common Stock | (4.8) | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 3.3 | (0.5) | 0.3 | ||
Net Cash Provided by (Used in) Financing Activities | (75.4) | (544.6) | (514.5) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 2.3 | (50.5) | 53.3 | ||
Cash and cash equivalents | 9.7 | 7.4 | 57.9 | $ 4.6 | |
Notes guaranteed by parent [Member] | |||||
Condensed Consolidating Statements of Cash Flows | |||||
Net Cash Provided by (Used in) Operating Activities | 173.2 | 110.9 | 175.2 | ||
Payments to Acquire Property, Plant, and Equipment | (286.4) | (283.6) | (182.3) | ||
Proceeds from Dividends Received | 2.1 | 22.2 | 28.4 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 189.7 | 643.9 | 355.9 | ||
Proceeds from sale of assets | 194.4 | ||||
Distributions Received from Subsidiaries | 0 | 0 | 0 | ||
Funding Between Parent and Subsidiaries, net investing | 0 | 0 | 0 | ||
Payments for (Proceeds from) Other Investing Activities | (0.9) | 0.7 | (3.8) | ||
Net Cash Provided by (Used in) Investing Activities | (95.5) | 383.2 | 392.6 | ||
Funding between Parent and subsidiaries, net financing | 0 | 0 | 0 | ||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 0 | 0 | 0 | ||
Proceeds from issuance of long-term debt | 635 | ||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | 71.9 | (1.6) | (127) | ||
Repayment of debt | (759.3) | (531.7) | (376.5) | ||
Debt issuance costs | (11.1) | (0.4) | (0.9) | ||
Proceeds from (Payments for) Other Financing Activities | (11.9) | (10.9) | (10.1) | ||
Net Cash Provided by (Used in) Financing Activities | (75.4) | (544.6) | (514.5) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 2.3 | (50.5) | 53.3 | ||
Cash and cash equivalents | 9.7 | 7.4 | 57.9 | 4.6 | |
Notes guaranteed by parent [Member] | Consolidation, Eliminations [Member] | |||||
Condensed Consolidating Statements of Cash Flows | |||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 | ||
Proceeds from Dividends Received | 0 | 0 | 0 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 0 | 0 | 0 | ||
Proceeds from sale of assets | 0 | ||||
Distributions Received from Subsidiaries | (12) | (11.3) | (12.8) | ||
Funding Between Parent and Subsidiaries, net investing | 36.8 | 483.6 | 616 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 24.8 | 472.3 | 603.2 | ||
Funding between Parent and subsidiaries, net financing | (36.8) | (483.6) | (616) | ||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 12 | 11.3 | 12.8 | ||
Proceeds from issuance of long-term debt | 0 | ||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | 0 | ||
Repayment of debt | 0 | 0 | 0 | ||
Debt issuance costs | 0 | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (24.8) | (472.3) | (603.2) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Notes guaranteed by parent [Member] | Parent Company [Member] | |||||
Condensed Consolidating Statements of Cash Flows | |||||
Net Cash Provided by (Used in) Operating Activities | (61.1) | (19.3) | (56.3) | ||
Payments to Acquire Property, Plant, and Equipment | (0.2) | (0.1) | (0.2) | ||
Proceeds from Dividends Received | 0 | 0 | 0 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 0 | 0 | 0 | ||
Proceeds from sale of assets | 0 | ||||
Distributions Received from Subsidiaries | 12 | 11.3 | 12.8 | ||
Funding Between Parent and Subsidiaries, net investing | 152 | 0 | 0 | ||
Payments for (Proceeds from) Other Investing Activities | (0.9) | (0.3) | (0.3) | ||
Net Cash Provided by (Used in) Investing Activities | 162.9 | 10.9 | 12.3 | ||
Funding between Parent and subsidiaries, net financing | 0 | 486.4 | 516.2 | ||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 0 | 0 | 0 | ||
Proceeds from issuance of long-term debt | 635 | ||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | (40) | ||
Repayment of debt | (710.9) | (518.5) | (367.3) | ||
Debt issuance costs | (10.8) | (0.2) | (0.7) | ||
Proceeds from (Payments for) Other Financing Activities | (11.9) | (10.9) | (10.1) | ||
Net Cash Provided by (Used in) Financing Activities | (98.6) | (43.2) | 98.1 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 3.2 | (51.6) | 54.1 | ||
Cash and cash equivalents | 7.8 | 4.6 | 56.2 | 2.1 | |
Notes guaranteed by parent [Member] | Cincinnati Bell Telephone Company [Member] | |||||
Condensed Consolidating Statements of Cash Flows | |||||
Net Cash Provided by (Used in) Operating Activities | 203.1 | 198.7 | 226.3 | ||
Payments to Acquire Property, Plant, and Equipment | (260.8) | (260.7) | (152.5) | ||
Proceeds from Dividends Received | 0 | 0 | 0 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 0 | 0 | 0 | ||
Proceeds from sale of assets | 0 | ||||
Distributions Received from Subsidiaries | 0 | 0 | 0 | ||
Funding Between Parent and Subsidiaries, net investing | 0 | 71.9 | (71) | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 0.1 | 0.3 | ||
Net Cash Provided by (Used in) Investing Activities | (260.8) | (188.7) | (223.2) | ||
Funding between Parent and subsidiaries, net financing | 103 | 0 | 0 | ||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 0 | 0 | 0 | ||
Proceeds from issuance of long-term debt | 0 | ||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | 0 | ||
Repayment of debt | (44.9) | (10) | (3.9) | ||
Debt issuance costs | 0 | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 58.1 | (10) | (3.9) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 0.4 | 0 | (0.8) | ||
Cash and cash equivalents | 1.4 | 1 | 1 | 1.8 | |
Notes guaranteed by parent [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Condensed Consolidating Statements of Cash Flows | |||||
Net Cash Provided by (Used in) Operating Activities | 31.2 | (68.5) | 5.2 | ||
Payments to Acquire Property, Plant, and Equipment | (25.4) | (22.8) | (29.6) | ||
Proceeds from Dividends Received | 2.1 | 22.2 | 28.4 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 189.7 | 643.9 | 355.9 | ||
Proceeds from sale of assets | 194.4 | ||||
Distributions Received from Subsidiaries | 0 | 0 | 0 | ||
Funding Between Parent and Subsidiaries, net investing | (188.8) | (555.5) | (545) | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 0.9 | (3.8) | ||
Net Cash Provided by (Used in) Investing Activities | (22.4) | 88.7 | 0.3 | ||
Funding between Parent and subsidiaries, net financing | (66.2) | (2.8) | 99.8 | ||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | (12) | (11.3) | (12.8) | ||
Proceeds from issuance of long-term debt | 0 | ||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | 71.9 | (1.6) | (87) | ||
Repayment of debt | (3.5) | (3.2) | (5.3) | ||
Debt issuance costs | (0.3) | (0.2) | (0.2) | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (10.1) | (19.1) | (5.5) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (1.3) | 1.1 | 0 | ||
Cash and cash equivalents | $ 0.5 | $ 1.8 | $ 0.7 | $ 0.7 |
Supplemental Guarantor Inform87
Supplemental Guarantor Information HY (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Senior Notes due 2020 [Member] | ||||
Extinguishment of Debt, Amount | $ 84.6 | $ 478.5 | $ 182.7 | $ 22.7 |
Supplemental Guarantor Inform88
Supplemental Guarantor Information HY Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue, Net | $ 285.3 | $ 312.4 | $ 299.2 | $ 288.9 | $ 289.3 | $ 299.8 | $ 285.8 | $ 292.9 | $ 1,185.8 | $ 1,167.8 | $ 1,161.5 |
Costs and Expenses | 1,092.8 | 1,039.8 | 984.6 | ||||||||
Operating Income (Loss) | 10.5 | 25.5 | 27.4 | 29.6 | 25 | 36.2 | 29.7 | 37.1 | 93 | 128 | 176.9 |
Other Nonoperating Income (Expense) | 7.6 | (2.6) | (5.1) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 162.9 | 450.6 | 199.1 | ||||||||
Income tax expense (benefit) | 61.1 | 159.8 | 81.4 | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (1.6) | 18.8 | 77.6 | 7 | 30.5 | 79.3 | 180.7 | 0.3 | 101.8 | 290.8 | 117.7 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0.3 | 0 | 0 | 0 | 2.1 | 1 | 10.9 | 48.9 | 0.3 | 62.9 | (42.1) |
Net Income (Loss) Attributable to Parent | $ (1.3) | $ 18.8 | $ 77.6 | $ 7 | $ 32.6 | $ 80.3 | $ 191.6 | $ 49.2 | 102.1 | 353.7 | 75.6 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 80.7 | 2.9 | (40.6) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 182.8 | 356.6 | 35 | ||||||||
Preferred Stock Dividends, Income Statement Impact | 10.4 | 10.4 | 10.4 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 91.7 | 343.3 | 65.2 | ||||||||
Notes guaranteed by subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue, Net | 1,185.8 | 1,167.8 | 1,161.5 | ||||||||
Costs and Expenses | 1,092.8 | 1,039.8 | 984.6 | ||||||||
Operating Income (Loss) | 93 | 128 | 176.9 | ||||||||
Interest Income (Expense), Net | 75.7 | 103.1 | 145.9 | ||||||||
Other Nonoperating Income (Expense) | (145.6) | (425.7) | (168.1) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 162.9 | 450.6 | 199.1 | ||||||||
Income tax expense (benefit) | 61.1 | 159.8 | 81.4 | ||||||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 101.8 | 290.8 | 117.7 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0.3 | 62.9 | (42.1) | ||||||||
Net Income (Loss) Attributable to Parent | 102.1 | 353.7 | 75.6 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 80.7 | 2.9 | (40.6) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 182.8 | 356.6 | 35 | ||||||||
Preferred Stock Dividends, Income Statement Impact | 10.4 | 10.4 | 10.4 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 91.7 | 343.3 | 65.2 | ||||||||
Notes guaranteed by subsidiaries [Member] | Consolidation, Eliminations [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue, Net | (39.8) | (38.6) | (39.1) | ||||||||
Costs and Expenses | (39.8) | (38.6) | (39.1) | ||||||||
Operating Income (Loss) | 0 | 0 | 0 | ||||||||
Interest Income (Expense), Net | 0 | 0 | 0 | ||||||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries, net of tax | (191) | (455) | (201.5) | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (191) | (455) | (201.5) | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | (191) | (455) | (201.5) | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (191) | (455) | (201.5) | ||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | (191) | (455) | (201.5) | ||||||||
Notes guaranteed by subsidiaries [Member] | Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue, Net | 0 | 0 | 0 | ||||||||
Costs and Expenses | 20.7 | 22.4 | 21.5 | ||||||||
Operating Income (Loss) | (20.7) | (22.4) | (21.5) | ||||||||
Interest Income (Expense), Net | 94.4 | 112.7 | 142.6 | ||||||||
Other Nonoperating Income (Expense) | 20.3 | 19.5 | 17.6 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (135.4) | (154.6) | (181.7) | ||||||||
Income tax expense (benefit) | (46.5) | (53.3) | (55.8) | ||||||||
Equity in earnings of subsidiaries, net of tax | 191 | 455 | 201.5 | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 102.1 | 353.7 | 75.6 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | 102.1 | 353.7 | 75.6 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 12.7 | 3.3 | (40.5) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 114.8 | 357 | 35.1 | ||||||||
Preferred Stock Dividends, Income Statement Impact | 10.4 | 10.4 | 10.4 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 91.7 | 343.3 | 65.2 | ||||||||
Notes guaranteed by subsidiaries [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue, Net | 539 | 532.4 | 532 | ||||||||
Costs and Expenses | 510.7 | 503.9 | 505.4 | ||||||||
Operating Income (Loss) | 28.3 | 28.5 | 26.6 | ||||||||
Interest Income (Expense), Net | (25.2) | (10.2) | 6.2 | ||||||||
Other Nonoperating Income (Expense) | (150.4) | (432.9) | (171.6) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 203.9 | 471.6 | 192 | ||||||||
Income tax expense (benefit) | 74 | 165.5 | 68.3 | ||||||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 129.9 | 306.1 | 123.7 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0.3 | 62.9 | (42.1) | ||||||||
Net Income (Loss) Attributable to Parent | 130.2 | 369 | 81.6 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 68.1 | 0 | (0.1) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 198.3 | 369 | 81.5 | ||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 130.2 | 369 | 81.6 | ||||||||
Notes guaranteed by subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Revenue, Net | 686.6 | 674 | 668.6 | ||||||||
Costs and Expenses | 601.2 | 552.1 | 496.8 | ||||||||
Operating Income (Loss) | 85.4 | 121.9 | 171.8 | ||||||||
Interest Income (Expense), Net | 6.5 | 0.6 | (2.9) | ||||||||
Other Nonoperating Income (Expense) | (15.5) | (12.3) | (14.1) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 94.4 | 133.6 | 188.8 | ||||||||
Income tax expense (benefit) | 33.6 | 47.6 | 68.9 | ||||||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 60.8 | 86 | 119.9 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | 60.8 | 86 | 119.9 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.1) | (0.4) | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 60.7 | 85.6 | 119.9 | ||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 60.8 | $ 86 | $ 119.9 |
Supplemental Guarantor Inform89
Supplemental Guarantor Information HY Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Consolidating Balance Sheets HY | ||||
Cash and cash equivalents | $ 9.7 | $ 7.4 | $ 57.9 | $ 4.6 |
Other Assets, Current | 3.9 | 2.2 | ||
Assets, Current | 229.9 | 200.4 | ||
Property, plant and equipment, net | 1,085.5 | 975.5 | ||
Investment in CyrusOne | 128 | 55.5 | ||
Goodwill | 14.3 | 14.3 | ||
Other Assets, Noncurrent | 18.8 | 17.8 | ||
Assets | 1,541 | 1,446.4 | ||
Current portion of long-term debt | 7.5 | 13.8 | ||
Accounts payable | 105.9 | 128.9 | ||
Other Liabilities, Current | 31.9 | 25 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 5.4 | ||
Liabilities, Current | 232.9 | 259.2 | ||
Long-term debt, less current portion | 1,199.1 | 1,223.8 | ||
Other Liabilities, Noncurrent | 33 | 36.6 | ||
Liabilities | 1,662.7 | 1,744.6 | ||
Stockholders' Equity Attributable to Parent | (121.7) | (298.2) | (648.5) | (676.7) |
Liabilities and Equity | 1,541 | 1,446.4 | ||
Notes guaranteed by subsidiaries [Member] | ||||
Condensed Consolidating Balance Sheets HY | ||||
Cash and cash equivalents | 9.7 | 7.4 | 57.9 | 4.6 |
Receivables, Net, Current | 178.6 | 157.1 | ||
Other Assets, Current | 41.6 | 35.9 | ||
Assets, Current | 229.9 | 200.4 | ||
Property, plant and equipment, net | 1,085.5 | 975.5 | ||
Investment in CyrusOne | 128 | 55.5 | ||
Goodwill | 14.3 | 14.3 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Other Assets, Noncurrent | 83.3 | 200.7 | ||
Assets | 1,541 | 1,446.4 | ||
Current portion of long-term debt | 7.5 | 13.8 | ||
Accounts payable | 105.9 | 128.9 | ||
Other Liabilities, Current | 119.5 | 111.1 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 5.4 | ||
Liabilities, Current | 232.9 | 259.2 | ||
Long-term debt, less current portion | 1,199.1 | 1,223.8 | ||
Other Liabilities, Noncurrent | 230.7 | 261.6 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Liabilities | 1,662.7 | 1,744.6 | ||
Stockholders' Equity Attributable to Parent | (121.7) | (298.2) | ||
Liabilities and Equity | 1,541 | 1,446.4 | ||
Notes guaranteed by subsidiaries [Member] | Consolidation, Eliminations [Member] | ||||
Condensed Consolidating Balance Sheets HY | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, Net, Current | 0 | 0 | ||
Other Assets, Current | 0 | 0 | ||
Assets, Current | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Investment in CyrusOne | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (1,788.9) | (1,680.6) | ||
Other Assets, Noncurrent | (144.8) | (146.2) | ||
Assets | (1,933.7) | (1,826.8) | ||
Current portion of long-term debt | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Other Liabilities, Current | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 0 | 0 | ||
Long-term debt, less current portion | 0 | 0 | ||
Other Liabilities, Noncurrent | (144.8) | (146.2) | ||
Due to Related Parties, Noncurrent | (147.7) | (180.4) | ||
Liabilities | (292.5) | (326.6) | ||
Stockholders' Equity Attributable to Parent | (1,641.2) | (1,500.2) | ||
Liabilities and Equity | (1,933.7) | (1,826.8) | ||
Notes guaranteed by subsidiaries [Member] | Parent Company [Member] | ||||
Condensed Consolidating Balance Sheets HY | ||||
Cash and cash equivalents | 7.8 | 4.6 | 56.2 | 2.1 |
Receivables, Net, Current | 17.8 | 0.7 | ||
Other Assets, Current | 1.1 | 1.6 | ||
Assets, Current | 26.7 | 6.9 | ||
Property, plant and equipment, net | 0.3 | 0.3 | ||
Investment in CyrusOne | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 816.7 | 844.6 | ||
Other Assets, Noncurrent | 179.1 | 207.2 | ||
Assets | 1,022.8 | 1,059 | ||
Current portion of long-term debt | 0 | 5.4 | ||
Accounts payable | 0.7 | 0.7 | ||
Other Liabilities, Current | 42.9 | 41.6 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 43.6 | 47.7 | ||
Long-term debt, less current portion | 960.3 | 1,018.6 | ||
Other Liabilities, Noncurrent | 207.9 | 235.5 | ||
Due to Related Parties, Noncurrent | 0 | 54.7 | ||
Liabilities | 1,211.8 | 1,356.5 | ||
Stockholders' Equity Attributable to Parent | (189) | (297.5) | ||
Liabilities and Equity | 1,022.8 | 1,059 | ||
Notes guaranteed by subsidiaries [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Consolidating Balance Sheets HY | ||||
Cash and cash equivalents | 0.3 | 0.4 | 0.2 | 0.3 |
Receivables, Net, Current | 1.7 | 2.8 | ||
Other Assets, Current | 17.9 | 13.9 | ||
Assets, Current | 19.9 | 17.1 | ||
Property, plant and equipment, net | 54.4 | 53.4 | ||
Investment in CyrusOne | 128 | 55.5 | ||
Goodwill | 12.1 | 12.1 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 972.2 | 772.1 | ||
Other Assets, Noncurrent | 43.9 | 132.6 | ||
Assets | 1,230.5 | 1,042.8 | ||
Current portion of long-term debt | 2.5 | 3.4 | ||
Accounts payable | 33.1 | 42.8 | ||
Other Liabilities, Current | 22.5 | 23.9 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 5.4 | ||
Liabilities, Current | 58.1 | 75.5 | ||
Long-term debt, less current portion | 51.1 | 53.3 | ||
Other Liabilities, Noncurrent | 0.7 | 3.8 | ||
Due to Related Parties, Noncurrent | 0 | 0 | ||
Liabilities | 109.9 | 132.6 | ||
Stockholders' Equity Attributable to Parent | 1,120.6 | 910.2 | ||
Liabilities and Equity | 1,230.5 | 1,042.8 | ||
Notes guaranteed by subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Consolidating Balance Sheets HY | ||||
Cash and cash equivalents | 1.6 | 2.4 | $ 1.5 | $ 2.2 |
Receivables, Net, Current | 159.1 | 153.6 | ||
Other Assets, Current | 22.6 | 20.4 | ||
Assets, Current | 183.3 | 176.4 | ||
Property, plant and equipment, net | 1,030.8 | 921.8 | ||
Investment in CyrusOne | 0 | 0 | ||
Goodwill | 2.2 | 2.2 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 63.9 | ||
Other Assets, Noncurrent | 5.1 | 7.1 | ||
Assets | 1,221.4 | 1,171.4 | ||
Current portion of long-term debt | 5 | 5 | ||
Accounts payable | 72.1 | 85.4 | ||
Other Liabilities, Current | 54.1 | 45.6 | ||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 131.2 | 136 | ||
Long-term debt, less current portion | 187.7 | 151.9 | ||
Other Liabilities, Noncurrent | 166.9 | 168.5 | ||
Due to Related Parties, Noncurrent | 147.7 | 125.7 | ||
Liabilities | 633.5 | 582.1 | ||
Stockholders' Equity Attributable to Parent | 587.9 | 589.3 | ||
Liabilities and Equity | $ 1,221.4 | $ 1,171.4 |
Supplemental Guarantor Inform90
Supplemental Guarantor Information HY Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities | $ 173.2 | $ 110.9 | $ 175.2 | ||
Payments to Acquire Property, Plant, and Equipment | (286.4) | (283.6) | (182.3) | ||
Proceeds from Dividends Received | 2.1 | 22.2 | 28.4 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | $ 100 | 189.7 | 643.9 | 355.9 | |
Payments for (Proceeds from) Other Investing Activities | (0.9) | 0.7 | (3.8) | ||
Net Cash Provided by (Used in) Investing Activities | (95.5) | 383.2 | 392.6 | ||
Proceeds from issuance of long-term debt | 635 | 0 | 0 | ||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | 71.9 | (1.6) | (127) | ||
Repayment of debt | (759.3) | (531.7) | (376.5) | ||
Debt issuance costs | (11.1) | (0.4) | (0.9) | ||
Payments for Repurchase of Common Stock | (4.8) | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 3.3 | (0.5) | 0.3 | ||
Net Cash Provided by (Used in) Financing Activities | (75.4) | (544.6) | (514.5) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 2.3 | (50.5) | 53.3 | ||
Cash and cash equivalents | 9.7 | 7.4 | 57.9 | $ 4.6 | |
Notes guaranteed by subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities | 173.2 | 110.9 | 175.2 | ||
Payments to Acquire Property, Plant, and Equipment | (286.4) | (283.6) | (182.3) | ||
Proceeds from Dividends Received | 2.1 | 22.2 | 28.4 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 189.7 | 643.9 | 355.9 | ||
Proceeds from sale of assets | 194.4 | ||||
Distributions Received from Subsidiaries | 0 | 0 | 0 | ||
Funding Between Parent and Subsidiaries, net investing | 0 | 0 | 0 | ||
Payments for (Proceeds from) Other Investing Activities | (0.9) | 0.7 | (3.8) | ||
Net Cash Provided by (Used in) Investing Activities | (95.5) | 383.2 | 392.6 | ||
Funding between Parent and subsidiaries, net financing | 0 | 0 | 0 | ||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 0 | 0 | 0 | ||
Proceeds from issuance of long-term debt | 635 | ||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | 71.9 | (1.6) | (127) | ||
Repayment of debt | (759.3) | (531.7) | (376.5) | ||
Debt issuance costs | (11.1) | (0.4) | (0.9) | ||
Proceeds from (Payments for) Other Financing Activities | (11.9) | (10.9) | (10.1) | ||
Net Cash Provided by (Used in) Financing Activities | (75.4) | (544.6) | (514.5) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 2.3 | (50.5) | 53.3 | ||
Cash and cash equivalents | 9.7 | 7.4 | 57.9 | 4.6 | |
Notes guaranteed by subsidiaries [Member] | Consolidation, Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 | ||
Proceeds from Dividends Received | 0 | 0 | 0 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 0 | 0 | 0 | ||
Proceeds from sale of assets | 0 | ||||
Distributions Received from Subsidiaries | (12) | (11.3) | (12.8) | ||
Funding Between Parent and Subsidiaries, net investing | 36 | 482.4 | 617.3 | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities | 24 | 471.1 | 604.5 | ||
Funding between Parent and subsidiaries, net financing | (36) | (482.4) | (617.3) | ||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 12 | 11.3 | 12.8 | ||
Proceeds from issuance of long-term debt | 0 | ||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | 0 | ||
Repayment of debt | 0 | 0 | 0 | ||
Debt issuance costs | 0 | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (24) | (471.1) | (604.5) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Notes guaranteed by subsidiaries [Member] | Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities | (61.1) | (19.3) | (56.3) | ||
Payments to Acquire Property, Plant, and Equipment | (0.2) | (0.1) | (0.2) | ||
Proceeds from Dividends Received | 0 | 0 | 0 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 0 | 0 | 0 | ||
Proceeds from sale of assets | 0 | ||||
Distributions Received from Subsidiaries | 12 | 11.3 | 12.8 | ||
Funding Between Parent and Subsidiaries, net investing | 152 | 0 | 0 | ||
Payments for (Proceeds from) Other Investing Activities | (0.9) | (0.3) | (0.3) | ||
Net Cash Provided by (Used in) Investing Activities | 162.9 | 10.9 | 12.3 | ||
Funding between Parent and subsidiaries, net financing | 0 | 486.4 | 516.2 | ||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 0 | 0 | 0 | ||
Proceeds from issuance of long-term debt | 635 | ||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | (40) | ||
Repayment of debt | (710.9) | (518.5) | (367.3) | ||
Debt issuance costs | (10.8) | (0.2) | (0.7) | ||
Proceeds from (Payments for) Other Financing Activities | (11.9) | (10.9) | (10.1) | ||
Net Cash Provided by (Used in) Financing Activities | (98.6) | (43.2) | 98.1 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 3.2 | (51.6) | 54.1 | ||
Cash and cash equivalents | 7.8 | 4.6 | 56.2 | 2.1 | |
Notes guaranteed by subsidiaries [Member] | Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities | 25 | (86.8) | 5.6 | ||
Payments to Acquire Property, Plant, and Equipment | (25.4) | (22.5) | (29.6) | ||
Proceeds from Dividends Received | 2.1 | 22.2 | 28.4 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 189.7 | 643.9 | 355.9 | ||
Proceeds from sale of assets | 194.4 | ||||
Distributions Received from Subsidiaries | 0 | 0 | 0 | ||
Funding Between Parent and Subsidiaries, net investing | (188) | (554.3) | (546.3) | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 0.9 | (5.5) | ||
Net Cash Provided by (Used in) Investing Activities | (21.6) | 90.2 | (2.7) | ||
Funding between Parent and subsidiaries, net financing | 0 | 0 | 0 | ||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 0 | 0 | 0 | ||
Proceeds from issuance of long-term debt | 0 | ||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | 0 | ||
Repayment of debt | (3.5) | (3.2) | (3) | ||
Debt issuance costs | 0 | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (3.5) | (3.2) | (3) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (0.1) | 0.2 | (0.1) | ||
Cash and cash equivalents | 0.3 | 0.4 | 0.2 | 0.3 | |
Notes guaranteed by subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities | 209.3 | 217 | 225.9 | ||
Payments to Acquire Property, Plant, and Equipment | (260.8) | (261) | (152.5) | ||
Proceeds from Dividends Received | 0 | 0 | 0 | ||
Proceeds from Sale of Available-for-sale Securities, Equity | 0 | 0 | 0 | ||
Proceeds from sale of assets | 0 | ||||
Distributions Received from Subsidiaries | 0 | 0 | 0 | ||
Funding Between Parent and Subsidiaries, net investing | 0 | 71.9 | (71) | ||
Payments for (Proceeds from) Other Investing Activities | 0 | 0.1 | 2 | ||
Net Cash Provided by (Used in) Investing Activities | (260.8) | (189) | (221.5) | ||
Funding between Parent and subsidiaries, net financing | 36 | (4) | 101.1 | ||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | (12) | (11.3) | (12.8) | ||
Proceeds from issuance of long-term debt | 0 | ||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | 71.9 | (1.6) | (87) | ||
Repayment of debt | (44.9) | (10) | (6.2) | ||
Debt issuance costs | (0.3) | (0.2) | (0.2) | ||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 50.7 | (27.1) | (5.1) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (0.8) | 0.9 | (0.7) | ||
Cash and cash equivalents | $ 1.6 | $ 2.4 | $ 1.5 | $ 2.2 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Subsequent Events [Abstract] | |
Payments to Acquire Businesses, Gross | $ 10 |
Schedule II - Valuation and Q92
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning of Period | $ 12.4 | $ 12.4 | $ 12.2 |
Charge (Benefit) to Expenses | 9.4 | 8.5 | 10.4 |
To (from) Other Accounts | (2) | 0 | 0 |
Deductions | 9.9 | 8.5 | 10.2 |
End of Period | 9.9 | 12.4 | 12.4 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning of Period | 58.4 | 64.4 | 68.3 |
Charge (Benefit) to Expenses | (3.6) | (5.5) | (1.1) |
To (from) Other Accounts | (0.4) | (0.5) | (2.8) |
Deductions | 0 | 0 | 0 |
End of Period | $ 54.4 | $ 58.4 | $ 64.4 |