Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CBS Corporation | |
Entity Central Index Key | 813,828 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Common Class A [Member] | ||
Shares of common stock outstanding | 37,726,904 | |
Common Class B [Member] | ||
Shares of common stock outstanding | 391,975,900 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenues | $ 3,396,000,000 | $ 3,257,000,000 | $ 10,532,000,000 | $ 9,976,000,000 |
Cost and expenses: | ||||
Operating | 1,897,000,000 | 1,842,000,000 | 6,114,000,000 | 5,891,000,000 |
Selling, general and administrative | 640,000,000 | 597,000,000 | 1,887,000,000 | 1,790,000,000 |
Depreciation and amortization | 61,000,000 | 65,000,000 | 188,000,000 | 199,000,000 |
Restructuring charges (Note 10) | 0 | 0 | 0 | 55,000,000 |
Other operating items, net | 0 | 0 | (9,000,000) | (19,000,000) |
Total costs and expenses | 2,598,000,000 | 2,504,000,000 | 8,180,000,000 | 7,916,000,000 |
Operating income (loss) | 798,000,000 | 753,000,000 | 2,352,000,000 | 2,060,000,000 |
Interest expense | (104,000,000) | (102,000,000) | (304,000,000) | (289,000,000) |
Interest income | 7,000,000 | 6,000,000 | 22,000,000 | 18,000,000 |
Other items, net | 2,000,000 | (4,000,000) | (5,000,000) | (23,000,000) |
Earnings before income taxes and equity in loss of investee companies | 703,000,000 | 653,000,000 | 2,065,000,000 | 1,766,000,000 |
Provision for income taxes | (176,000,000) | (211,000,000) | (612,000,000) | (579,000,000) |
Equity in loss of investee companies, net of tax | (13,000,000) | (16,000,000) | (43,000,000) | (35,000,000) |
Net earnings from continuing operations | 514,000,000 | 426,000,000 | 1,410,000,000 | 1,152,000,000 |
Loss from discontinued operations (Note 1) | (36,000,000) | 0 | (36,000,000) | 0 |
Net earnings | $ 478,000,000 | $ 426,000,000 | $ 1,374,000,000 | $ 1,152,000,000 |
Basic net earnings (loss) per common share: | ||||
Basic net earnings per common share from continuing operations (in dollars per share) | $ 1.16 | $ 0.89 | $ 3.13 | $ 2.36 |
Basic net earnings (loss) per common share from discontinued operations (in dollars per share) | (0.08) | 0 | (0.08) | 0 |
Basic net earnings per common share (in dollars per share) | 1.08 | 0.89 | 3.05 | 2.36 |
Diluted net earnings (loss) per common share: | ||||
Diluted net earnings per common share from continuing operations (in dollars per share) | 1.15 | 0.88 | 3.10 | 2.33 |
Diluted net earnings (loss) per common share from discontinued operations (in dollars per share) | (0.08) | 0 | (0.08) | 0 |
Diluted net earnings per common share (in dollars per share) | $ 1.07 | $ 0.88 | $ 3.02 | $ 2.33 |
Weighted average number of common shares outstanding: | ||||
Basic weighted average number of common shares outstanding | 442 | 480 | 451 | 489 |
Diluted weighted average number of common shares outstanding | 446 | 484 | 455 | 495 |
Dividends per common share (in dollars per share) | $ 0.18 | $ 0.15 | $ 0.48 | $ 0.45 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Net earnings (loss) | $ 478 | $ 426 | $ 1,374 | $ 1,152 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Cumulative translation adjustments | 1 | (5) | 2 | (6) |
Amortization of net actuarial loss and prior service cost | 10 | 9 | 29 | 27 |
Total other comprehensive income (loss), net of tax | 11 | 4 | 31 | 21 |
Total comprehensive income (loss), net of tax | $ 489 | $ 430 | $ 1,405 | $ 1,173 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 179 | $ 323 |
Receivables, less allowances of $67 (2016) and $63 (2015) | 3,348 | 3,628 |
Programming and other inventory (Note 3) | 1,459 | 1,271 |
Prepaid income taxes | 39 | 101 |
Prepaid expenses | 204 | 175 |
Other current assets | 228 | 249 |
Total current assets | 5,457 | 5,747 |
Property and equipment | 3,263 | 3,243 |
Less accumulated depreciation and amortization | 1,918 | 1,838 |
Net property and equipment | 1,345 | 1,405 |
Programming and other inventory (Note 3) | 2,237 | 1,957 |
Goodwill | 6,531 | 6,481 |
Intangible assets | 5,499 | 5,514 |
Other assets | 2,779 | 2,661 |
Total Assets | 23,848 | 23,765 |
Current Liabilities: | ||
Accounts payable | 153 | 192 |
Accrued compensation | 282 | 315 |
Participants' share and royalties payable | 979 | 1,013 |
Program rights | 373 | 374 |
Deferred revenues | 141 | 295 |
Commercial paper (Note 5) | 33 | 0 |
Current portion of long-term debt (Note 5) | 22 | 222 |
Accrued expenses and other current liabilities | 1,115 | 1,149 |
Total current liabilities | 3,098 | 3,560 |
Long-term debt (Note 5) | 8,902 | 8,226 |
Pension and postretirement benefit obligations | 1,526 | 1,575 |
Deferred income tax liabilities, net | 1,667 | 1,509 |
Other liabilities | 3,240 | 3,260 |
Liabilities of discontinued operations | 67 | 72 |
Commitments and contingencies (Note 9) | ||
Stockholders' Equity [Abstract] | ||
Common stock | 1 | 1 |
Additional paid-in capital | 43,935 | 44,055 |
Accumulated deficit | (19,144) | (20,518) |
Accumulated other comprehensive loss (Note 7) | (739) | (770) |
Stockholders' equity including treasury stock | 24,053 | 22,768 |
Less treasury stock, at cost | 18,705 | 17,205 |
Total Stockholders' Equity | 5,348 | 5,563 |
Total Liabilities and Stockholders' Equity | 23,848 | 23,765 |
Common Class A [Member] | ||
Stockholders' Equity [Abstract] | ||
Common stock | 0 | 0 |
Common Class B [Member] | ||
Stockholders' Equity [Abstract] | ||
Common stock | $ 1 | $ 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Balance Sheet Parentheticals [Abstract] | ||
Allowance for receivables | $ 67 | $ 63 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 375 | 375 |
Common stock, shares issued | 38 | 38 |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 5,000 | 5,000 |
Common stock, shares issued | 828 | 826 |
Treasury stock, at cost, Class B shares | 429 | 401 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Activities | ||
Net earnings (loss) | $ 1,374 | $ 1,152 |
Less: Loss from discontinued operations | (36) | 0 |
Net earnings from continuing operations | 1,410 | 1,152 |
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations: | ||
Depreciation and amortization | 188 | 199 |
Stock-based compensation | 134 | 128 |
Equity in loss of investee companies, net of tax and distributions | 48 | 37 |
Change in assets and liabilities, net of investing and financing activities | (472) | (866) |
Net cash flow provided by operating activities from continuing operations | 1,308 | 650 |
Net cash flow used for operating activities from discontinued operations | (2) | (27) |
Net cash flow provided by operating activities | 1,306 | 623 |
Investing Activities | ||
Acquisitions | (51) | (7) |
Capital expenditures | (125) | (104) |
Investments in and advances to investee companies | (44) | (58) |
Proceeds from dispositions | 28 | 75 |
Other investing activities | 11 | (8) |
Net cash flow provided by (used for) investing activities from continuing operations | (181) | (102) |
Net cash flow provided by (used for) investing activities from discontinued operations | 0 | (4) |
Net cash flow provided by (used for) investing activities | (181) | (106) |
Financing Activities | ||
Proceeds from (repayments of) short-term debt borrowings, net | 33 | (313) |
Proceeds from issuance of senior notes | 685 | 1,959 |
Repayment of senior debentures | (199) | 0 |
Payment of capital lease obligations | (13) | (13) |
Dividends | (209) | (228) |
Purchase of Company common stock | (1,534) | (2,345) |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (57) | (96) |
Proceeds from exercise of stock options | 13 | 137 |
Excess tax benefit from stock-based compensation | 13 | 87 |
Other financing activities | (1) | 0 |
Net cash flow provided by (used for) financing activities | (1,269) | (812) |
Net increase (decrease) in cash and cash equivalents | (144) | (295) |
Cash and cash equivalents, at beginning of period | 323 | 428 |
Cash and cash equivalents, at end of period | 179 | 133 |
Supplemental Disclosure of Cash Flow Information [Abstract] | ||
Cash paid for interest | 358 | 303 |
Continuing Operations [Member] | ||
Supplemental Disclosure of Cash Flow Information [Abstract] | ||
Cash paid for income taxes from continuing operations | $ 370 | $ 230 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 1 ) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business- CBS Corporation (together with its consolidated subsidiaries unless the context otherwise requires, the “Company” or “CBS Corp.”) is comprised of the following segments: Entertainment (CBS Television, comprised of the CBS Television Network, CBS Television Studios, CBS Studios International, and CBS Television Distribution; CBS Interactive and CBS Films), Cable Networks (Showtime Networks, CBS Sports Network and Smithsonian Networks), Publishing (Simon & Schuster), Local Media (CBS Television Stations) and Radio (CBS Radio). In connection with the Company’s previously announced plans to separate its radio business, a preliminary registration statement was filed with the Securities and Exchange Commission during the third quarter of 2016 for the proposed initial public offering of the common stock of CBS Radio Inc. (“CBS Radio”). In preparation for the planned separation, the Company changed the manner in which it manages its television and radio operations during the third quarter of 2016. Accordingly, the Company's previously reported operating segment, Local Broadcasting, has been separated into two operating segments, Local Media and Radio. In connection with this new segment presentation, the presentation of intercompany revenues has been revised, including station affiliation fees paid by Local Media to the CBS Television Network. Prior period results have been reclassified to conform to this presentation. Basis of Presentation -The accompanying unaudited consolidated financial statements of the Company have been prepared pursuant to the rules of the Securities and Exchange Commission. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . In the opinion of management, the accompanying unaudited financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair statement of the financial position, results of operations and cash flows of the Company for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation. Use of Estimates -The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Other Operating Items, Net -Other operating items, net for the nine months ended September 30, 2016 and 2015 includes gains from the sales of businesses, and for 2016 also includes a multiyear, retroactive impact of a new operating tax. Loss from Discontinued Operations -Loss from discontinued operations for the three and nine months ended September 30, 2016 reflects the resolution of a tax matter in a foreign jurisdiction relating to a previously disposed business that was accounted for as a discontinued operation. Net Earnings per Common Share -Basic net earnings per share (“EPS”) is based upon net earnings divided by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) only in the periods in which such effect would have been dilutive. Excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive, were 5 million stock options for each of the three and nine months ended September 30, 2016 . Excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive, were 7 million stock options and RSUs for the three months ended September 30, 2015 and 4 million stock options for the nine months ended September 30, 2015 . The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2016 2015 2016 2015 Weighted average shares for basic EPS 442 480 451 489 Dilutive effect of shares issuable under stock-based compensation plans 4 4 4 6 Weighted average shares for diluted EPS 446 484 455 495 Other Liabilities -Other liabilities consist primarily of the noncurrent portion of residual liabilities of previously disposed businesses, participants’ share and royalties payable, program rights obligations, deferred compensation and other employee benefit accruals. Additional Paid-In Capital -For the nine months ended September 30, 2016 and 2015 , the Company recorded dividends of $218 million and $222 million , respectively, as a reduction to additional paid-in capital as the Company had an accumulated deficit balance. Adoption of New Accounting Standards Simplifying the Accounting for Measurement Period Adjustments During the first quarter of 2016, the Company adopted amended Financial Accounting Standards Board (“FASB”) guidance which eliminates the requirement to retrospectively account for adjustments to provisional amounts recognized in a business combination when new information is obtained during the measurement period about facts and circumstances that existed as of the acquisition date. Under the amended guidance the acquirer is required to recognize such adjustments in the reporting period in which the adjustment amounts are identified. Such adjustments also include the effect on earnings from any changes in depreciation, amortization, or other income effects resulting from the change to provisional amounts, as if the change occurred at the acquisition date. The amendment also requires disclosure or separate presentation on the face of the income statement of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of this guidance did not have an effect on the Company’s consolidated financial statements. Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items During the first quarter of 2016, the Company adopted amended FASB guidance which eliminates the concept of extraordinary items. This guidance removes the requirement to assess whether an event or transaction is both unusual in nature and infrequent in occurrence and to separately present any such items on the statement of operations after income from continuing operations. Rather, such items are required to be presented as a separate component of income from continuing operations or disclosed in the notes to the financial statements. The adoption of this guidance did not have an effect on the Company’s consolidated financial statements. Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period During the first quarter of 2016, the Company adopted FASB guidance on the accounting for stock-based compensation when the terms of an award provide that a performance target that affects vesting could be achieved after the requisite service period. Under this guidance, such performance target should not be reflected in estimating the grant-date fair value of the award. The Company should begin recognizing compensation cost in the period in which it becomes probable that the performance target will be achieved, for the cumulative amount of compensation cost attributable to the period(s) for which the requisite service has already been rendered. The adoption of this guidance did not have an effect on the Company’s consolidated financial statements. Recent Pronouncements Statement of Cash Flows: Classification of Cash Receipts and Cash Payments In August 2016, the FASB issued amended guidance which clarifies how certain cash receipts and cash payments should be presented and classified in the statement of cash flows. The new guidance is intended to reduce the existing diversity in practice in how certain transactions are classified in the statement of cash flows. This guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. The Company is currently assessing the impact of this guidance on its consolidated statements of cash flows. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued amended guidance which simplifies several aspects of the accounting for employee share-based payment transactions. Under this amended guidance, all excess tax benefits and tax deficiencies will be recognized as income tax expense or benefit in the income statement in the period in which the awards vest or are exercised. In the statement of cash flows, excess tax benefits will be classified with other income tax cash flows in operating activities. The amended guidance also gives the option to make a policy election to account for forfeitures as they occur and increases the threshold for awards that are partially settled in cash to qualify for equity classification. The Company expects that the adoption of this guidance will introduce volatility into the Company’s income tax provision, which will be impacted by the timing of employee exercises and changes in the Company’s stock price. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. Leases In February 2016, the FASB issued new guidance on the accounting for leases, which supersedes previous lease guidance. Under this guidance, for all leases with terms in excess of one year, including operating leases, the Company will be required to recognize on its balance sheet a lease liability and a right-of-use asset representing its right to use the underlying asset for the lease term. The new guidance retains a distinction between finance leases and operating leases and the classification criteria is substantially similar to previous guidance. Additionally, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed. The Company is currently evaluating the impact of this guidance on its consolidated balance sheets. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In August 2014, the FASB issued guidance which requires management to evaluate, for each interim and annual reporting period, whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date the financial statements are issued. If management identifies conditions or events that raise substantial doubt, disclosures are required in the financial statements, including any plans that will alleviate the substantial doubt about the entity’s ability to continue as a going concern. This guidance, which is effective for the first annual period ending after December 15, 2016, is not expected to have an impact on the Company’s consolidated financial statements. Revenue from Contracts with Customers In May 2014, the FASB issued guidance on the recognition of revenues which provides a single, comprehensive revenue recognition model for all contracts with customers and supersedes most existing revenue recognition guidance. The main principle under this guidance is that an entity should recognize revenue at the amount it expects to be entitled to in exchange for the transfer of goods or services to customers. The Company anticipates that this guidance will result in changes to its revenue recognition and is currently assessing the impact. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2016. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | 2 ) STOCK-BASED COMPENSATION The following table summarizes the Company’s stock-based compensation expense for the three and nine months ended September 30, 2016 and 2015 . Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 RSUs $ 39 $ 32 $ 112 $ 105 Stock options 7 7 22 23 Stock-based compensation expense, before income taxes 46 39 134 128 Related tax benefit (18 ) (15 ) (52 ) (49 ) Stock-based compensation expense, net of tax benefit $ 28 $ 24 $ 82 $ 79 During the nine months ended September 30, 2016 , the Company granted 3 million RSUs for CBS Corp. Class B Common Stock with a weighted average per unit grant-date fair value of $47.26 . RSUs granted during the first nine months of 2016 generally vest over a one - to four -year service period. Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant. For certain RSU awards the number of shares an employee earns ranges from 0% to 120% of the target award, based on the outcome of established performance conditions. Compensation expense is recorded based on the probable outcome of the performance conditions. During the nine months ended September 30, 2016 , the Company also granted 2 million stock options with a weighted average exercise price of $45.79 . Stock options granted during the first nine months of 2016 vest over a four -year service period and expire eight years from the date of grant. Compensation expense for stock options is determined based on the grant date fair value of the award calculated using the Black-Scholes options-pricing model. Total unrecognized compensation cost related to unvested RSUs at September 30, 2016 was $237 million , which is expected to be recognized over a weighted average period of 2.4 years . Total unrecognized compensation cost related to unvested stock option awards at September 30, 2016 was $50 million , which is expected to be recognized over a weighted average period of 2.4 years . |
Programming and Other Inventory
Programming and Other Inventory | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Programming and Other Inventory | 3 ) PROGRAMMING AND OTHER INVENTORY At At September 30, 2016 December 31, 2015 Acquired program rights $ 1,737 $ 1,533 Internally produced programming: Released 1,459 1,261 In process and other 445 392 Publishing, primarily finished goods 55 42 Total programming and other inventory 3,696 3,228 Less current portion 1,459 1,271 Total noncurrent programming and other inventory $ 2,237 $ 1,957 |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | 4 ) RELATED PARTIES National Amusements, Inc. National Amusements, Inc. (“NAI”) is the controlling stockholder of CBS Corp. and Viacom Inc. Mr. Sumner M. Redstone, the controlling stockholder, chairman of the board of directors and chief executive officer of NAI, is the Chairman Emeritus of each of CBS Corp. and Viacom Inc. In addition, Ms. Shari Redstone, Mr. Sumner M. Redstone’s daughter, is the president and a director of NAI and the vice chair of the Board of Directors of each of CBS Corp. and Viacom Inc. Mr. David R. Andelman is a director of CBS Corp. and serves as a director of NAI. At September 30, 2016 , NAI directly or indirectly owned approximately 79.5% of CBS Corp.’s voting Class A Common Stock, and owned approximately 9.0% of CBS Corp.’s Class A Common Stock and non-voting Class B Common Stock on a combined basis. On September 29, 2016, the Company announced that its Board of Directors received a letter from NAI requesting that the Company consider a potential combination of the Company and Viacom Inc. The Company is in the process of evaluating whether to pursue any such potential transaction. No assurance can be given regarding the entry into, consummation or terms of any such potential transaction. Viacom Inc. As part of its normal course of business, the Company licenses its television content, leases production facilities and sells advertising spots to various subsidiaries of Viacom Inc. Viacom Inc. also distributes certain of the Company’s television programs in the home entertainment market. The Company’s total revenues from these transactions were $16 million and $44 million for the three months ended September 30, 2016 and 2015 , respectively, and $85 million and $144 million for the nine months ended September 30, 2016 and 2015 , respectively. The Company places advertisements with and leases production facilities from various subsidiaries of Viacom Inc. The total amounts for these transactions were $6 million for each of the three months ended September 30, 2016 and 2015 , and $17 million for each of the nine months ended September 30, 2016 and 2015 . The following table presents the amounts due from Viacom Inc. in the normal course of business as reflected on the Company’s Consolidated Balance Sheets. Amounts due to Viacom Inc. were minimal at September 30, 2016 and December 31, 2015 . At At September 30, 2016 December 31, 2015 Receivables $ 87 $ 115 Other assets (Receivables, noncurrent) 47 38 Total amounts due from Viacom Inc . $ 134 $ 153 Other Related Parties. The Company has equity interests in two domestic television networks and several international joint ventures for television channels from which the Company earns revenues primarily by selling its television programming. Total revenues earned from sales to these joint ventures were $13 million and $20 million for the three months ended September 30, 2016 and 2015 , respectively, and $69 million and $91 million for the nine months ended September 30, 2016 and 2015 , respectively. At September 30, 2016 and December 31, 2015 , total amounts due from these joint ventures were $41 million and $48 million , respectively. The Company, through the normal course of business, is involved in transactions with other related parties that have not been material in any of the periods presented. |
Bank Financing and Debt
Bank Financing and Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Bank Financing and Debt | 5 ) BANK FINANCING AND DEBT The following table sets forth the Company’s debt. At At September 30, 2016 December 31, 2015 Commercial paper $ 33 $ — Senior debt (1.95% - 7.875% due 2016 - 2045) (a) 8,849 8,365 Obligations under capital leases 75 83 Total debt 8,957 8,448 Less commercial paper 33 — Less current portion of long-term debt 22 222 Total long-term debt, net of current portion $ 8,902 $ 8,226 (a) At September 30, 2016 and December 31, 2015 , the senior debt balances included (i) a net unamortized discount of $53 million and $45 million , respectively, (ii) unamortized deferred financing costs of $45 million and $44 million , respectively, and (iii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $7 million and $14 million , respectively. The face value of the Company’s senior debt was $8.94 billion and $8.44 billion at September 30, 2016 and December 31, 2015 , respectively. During July 2016, the Company issued $700 million of 2.90% senior notes due 2027 . The Company used the net proceeds from this issuance for general corporate purposes, including the repurchase of CBS Corp. Class B Common Stock and the repayment of short-term borrowings, including commercial paper. During January 2016, the Company repaid its $200 million of outstanding 7.625% senior debentures upon maturity. At September 30, 2016 , the Company classified $400 million of debt maturing in July 2017 as long-term debt on the Consolidated Balance Sheet, reflecting its intent and ability to refinance this debt on a long-term basis. Commercial Paper At September 30, 2016 , the Company had $33 million of outstanding commercial paper borrowings under its $2.5 billion commercial paper program at a weighted average interest rate of 0.75% and with maturities of less than 45 days. The Company had no outstanding commercial paper borrowings at December 31, 2015 . Credit Facility During June 2016, the Company amended and restated its $2.5 billion revolving credit facility (the “Credit Facility”). The amended Credit Facility expires in June 2021 and contains provisions that are substantially similar to the previous Credit Facility, which was due to expire in December 2019. The Credit Facility requires the Company to maintain a maximum Consolidated Leverage Ratio of 4.5x at the end of each quarter as further described in the Credit Facility. At September 30, 2016 , the Company’s Consolidated Leverage Ratio was approximately 2.5x . The Consolidated Leverage Ratio is the ratio of the Company’s indebtedness from continuing operations, adjusted to exclude certain capital lease obligations, at the end of a quarter, to the Company’s Consolidated EBITDA for the trailing four consecutive quarters. Consolidated EBITDA is defined in the Credit Facility as operating income plus interest income and before depreciation, amortization and certain other noncash items. The Credit Facility is used for general corporate purposes. At September 30, 2016 , the Company had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $2.49 billion . CBS Radio Indebtedness In October 2016, in connection with the Company’s previously announced plans to separate its radio business, CBS Radio borrowed $1.46 billion through a $1.06 billion senior secured term loan due 2023 (the “Term Loan”) and the issuance of $400 million of 7.25% senior unsecured notes due 2024 through a private placement. The Term Loan bears interest at a rate equal to 3.50% plus the greater of the London Interbank Offered Rate (“LIBOR”) and 1.00% . The Term Loan is part of a credit agreement which also includes a $250 million senior secured revolving credit facility (the “Radio Revolving Credit Facility”) which expires in 2021. Interest on the Radio Revolving Credit Facility will be based on either LIBOR or a base rate plus a margin based on CBS Radio’s Consolidated Net Secured Leverage Ratio. The Consolidated Net Secured Leverage Ratio reflects the ratio of CBS Radio’s secured debt (less up to $150 million of cash and cash equivalents) to CBS Radio’s consolidated EBITDA (as defined in the credit agreement). The Radio Revolving Credit Facility requires CBS Radio to maintain a maximum Consolidated Net Secured Leverage Ratio of 4.00 to 1.00 . As of November 3, 2016, there were no borrowings outstanding under the Radio Revolving Credit Facility. This debt is guaranteed by certain subsidiaries of CBS Radio. The Company does not guarantee, or otherwise provide credit support for, the senior notes, Term Loan, or Radio Revolving Credit Facility. The net debt proceeds will be primarily used by the Company to repurchase shares of CBS Corp. Class B Common Stock, with the remainder to be used for general corporate purposes and ongoing cash needs. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2016 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | 6 ) PENSION AND OTHER POSTRETIREMENT BENEFITS The components of net periodic cost for the Company’s pension and postretirement benefit plans were as follows: Pension Benefits Postretirement Benefits Three Months Ended September 30, 2016 2015 2016 2015 Components of net periodic cost: Service cost $ 7 $ 7 $ — $ — Interest cost 54 52 5 6 Expected return on plan assets (56 ) (65 ) — — Amortization of actuarial loss (gain) (a) 21 20 (5 ) (6 ) Net periodic cost $ 26 $ 14 $ — $ — Pension Benefits Postretirement Benefits Nine Months Ended September 30, 2016 2015 2016 2015 Components of net periodic cost: Service cost $ 22 $ 23 $ — $ — Interest cost 161 157 15 15 Expected return on plan assets (170 ) (196 ) — — Amortization of actuarial loss (gain) (a) 64 60 (16 ) (16 ) Net periodic cost $ 77 $ 44 $ (1 ) $ (1 ) (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 7 ) STOCKHOLDERS’ EQUITY On July 28, 2016, the Company announced that its Board of Directors approved an increase to the Company’s share repurchase program to a total availability of $6.0 billion . During the third quarter of 2016 , the Company repurchased 9.5 million shares of its Class B Common Stock under its share repurchase program for $500 million , at an average cost of $52.77 per share. During the nine months ended September 30, 2016 , the Company repurchased 29.0 million shares of its Class B Common Stock for $1.50 billion , at an average cost of $51.76 per share, leaving $5.60 billion of authorization at September 30, 2016 . On July 28, 2016, the Company announced that its Board of Directors approved a 20% increase to the quarterly cash dividend on its Class A and Class B Common stock to $.18 from $.15 per share. The total third quarter 2016 dividend was $80 million , which was paid on October 1, 2016 . Accumulated Other Comprehensive Income (Loss) The following tables summarize the changes in the components of accumulated other comprehensive income (loss). Cumulative Translation Adjustments Net Actuarial Gain (Loss) and Prior Service Cost Accumulated Other Comprehensive Loss At December 31, 2015 $ 152 $ (922 ) $ (770 ) Other comprehensive income before reclassifications 2 — 2 Reclassifications to net earnings — 29 (a) 29 Net other comprehensive income 2 29 31 At September 30, 2016 $ 154 $ (893 ) $ (739 ) Cumulative Translation Adjustments Net Actuarial Gain (Loss) and Prior Service Cost Accumulated Other Comprehensive Loss At December 31, 2014 $ 157 $ (892 ) $ (735 ) Other comprehensive loss before reclassifications (8 ) — (8 ) Reclassifications to net earnings 2 27 (a) 29 Net other comprehensive income (loss) (6 ) 27 21 At September 30, 2015 $ 151 $ (865 ) $ (714 ) (a) Reflects amortization of net actuarial losses. See Note 6 . The net actuarial gain (loss) and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax provision of $19 million and $17 million for the nine months ended September 30, 2016 and 2015 , respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8 ) INCOME TAXES The provision for income taxes represents federal, state and local, and foreign income taxes on earnings from continuing operations before income taxes and equity in loss of investee companies. The provision for income taxes was $176 million for the three months ended September 30, 2016 and $211 million for the three months ended September 30, 2015 , reflecting an effective income tax rate of 25.0% and 32.3% , respectively. For the nine months ended September 30, 2016 , the provision for income taxes was $612 million compared to $579 million for the nine months ended September 30, 2015 , reflecting an income tax rate of 29.6% and 32.8% , respectively. The lower tax rate for the three and nine months ended September 30, 2016 includes a one-time benefit of $47 million associated with a multiyear adjustment to a tax deduction, which was approved by the Internal Revenue Service during the third quarter of 2016. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9 ) COMMITMENTS AND CONTINGENCIES Guarantees The Company has indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. At September 30, 2016 , the outstanding letters of credit and surety bonds approximated $111 million and were not recorded on the Consolidated Balance Sheet. In the course of its business, the Company both provides and receives indemnities which are intended to allocate certain risks associated with business transactions. Similarly, the Company may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not live up to its obligations under an indemnification obligation. The Company records a liability for its indemnification obligations and other contingent liabilities when probable and reasonably estimable. Legal Matters General. On an ongoing basis, the Company vigorously defends itself in numerous lawsuits and proceedings and responds to various investigations and inquiries from federal, state, local and international authorities (collectively, ‘‘litigation’’). Litigation may be brought against the Company without merit, is inherently uncertain and always difficult to predict. However, based on its understanding and evaluation of the relevant facts and circumstances, the Company believes that the below-described legal matters and other litigation to which it is a party are not likely, in the aggregate, to have a material adverse effect on its results of operations, financial position or cash flows. Under the Separation Agreement between the Company and Viacom Inc., the Company and Viacom Inc. have agreed to defend and indemnify the other in certain litigation in which the Company and/or Viacom Inc. is named. Claims Related to Former Businesses: Asbestos. The Company is a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred principally as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. The Company is typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of the Company’s products is the basis of a claim. Claims against the Company in which a product has been identified principally relate to exposures allegedly caused by asbestos-containing insulating material in turbines sold for power-generation, industrial and marine use. Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. The Company does not report as pending those claims on inactive, stayed, deferred or similar dockets which some jurisdictions have established for claimants who allege minimal or no impairment. As of September 30, 2016 , the Company had pending approximately 34,400 asbestos claims, as compared with approximately 36,030 as of December 31, 2015 and 37,190 as of September 30, 2015 . During the third quarter of 2016 , the Company received approximately 930 new claims and closed or moved to an inactive docket approximately 1,320 claims. The Company reports claims as closed when it becomes aware that a dismissal order has been entered by a court or when the Company has reached agreement with the claimants on the material terms of a settlement. Settlement costs depend on the seriousness of the injuries that form the basis of the claims, the quality of evidence supporting the claims and other factors. In 2015 , as the result of an insurance settlement, insurance recoveries exceeded the Company’s after tax costs for settlement and defense of asbestos claims by approximately $5 million . In 2014 , the Company’s costs for settlement and defense of asbestos claims after insurance and taxes were approximately $11 million . The Company’s costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses. The Company believes that its reserves and insurance are adequate to cover its asbestos liabilities. This belief is based upon many factors and assumptions, including the number of outstanding claims, estimated average cost per claim, the breakdown of claims by disease type, historic claim filings, costs per claim of resolution and the filing of new claims. While the number of asbestos claims filed against the Company has trended down in the past five to ten years and has remained flat in recent years, it is difficult to predict future asbestos liabilities, as events and circumstances may occur including, among others, the number and types of claims and average cost to resolve such claims, which could affect the Company’s estimate of its asbestos liabilities. Other. The Company from time to time receives claims from federal and state environmental regulatory agencies and other entities asserting that it is or may be liable for environmental cleanup costs and related damages principally relating to historical and predecessor operations of the Company. In addition, the Company from time to time receives personal injury claims including toxic tort and product liability claims (other than asbestos) arising from historical operations of the Company and its predecessors. |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | 10 ) RESTRUCTURING CHARGES During the year ended December 31, 2015 , in a continued effort to reduce its cost structure, the Company initiated restructuring plans across several of its businesses, primarily for the reorganization of certain business operations. As a result, the Company recorded restructuring charges of $81 million , of which $55 million was recorded during the nine months ended September 30, 2015 . The 2015 restructuring charges reflected $48 million of severance costs and $33 million of costs associated with exiting contractual obligations and other related costs. During the year ended December 31, 2014 , the Company recorded restructuring charges of $26 million reflecting $17 million of severance costs and $9 million of costs associated with exiting contractual obligations. As of September 30, 2016 , the cumulative settlements for the 2015 and 2014 restructuring charges were $83 million , of which $54 million was for severance costs and $29 million was for costs associated with contractual obligations. Balance at 2016 Balance at December 31, 2015 Settlements September 30, 2016 Entertainment $ 19 $ (13 ) $ 6 Local Media 11 (5 ) 6 Radio 23 (11 ) 12 Corporate 1 (1 ) — Total $ 54 $ (30 ) $ 24 Balance at 2015 2015 Balance at December 31, 2014 Charges Settlements December 31, 2015 Entertainment $ 6 $ 26 $ (13 ) $ 19 Local Media 5 19 (13 ) 11 Radio 5 36 (18 ) 23 Corporate 2 — (1 ) 1 Total $ 18 $ 81 $ (45 ) $ 54 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 11 ) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS The Company’s carrying value of financial instruments approximates fair value, except for notes and debentures, which are not recorded at fair value. At September 30, 2016 and December 31, 2015 , the carrying value of the Company’s senior debt was $8.85 billion and $8.37 billion , respectively, and the fair value, which is estimated based on quoted market prices for similar liabilities (Level 2) and includes accrued interest, was $9.90 billion and $8.78 billion , respectively. The Company uses derivative financial instruments primarily to modify its exposure to market risks from fluctuations in foreign currency exchange rates. The Company does not use derivative instruments unless there is an underlying exposure and, therefore, the Company does not hold or enter into derivative financial instruments for speculative trading purposes. Foreign Exchange Contracts Foreign exchange forward contracts have principally been used to hedge projected cash flows, in currencies such as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar, generally for periods up to 24 months. The Company designates forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Gains or losses on the effective portion of designated cash flow hedges are initially recorded in other comprehensive income (“OCI”) and reclassified to the statement of operations when the hedged item is recognized. Additionally, the Company enters into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows. At September 30, 2016 and December 31, 2015 , the notional amount of all foreign exchange contracts was $456 million and $291 million , respectively. Gains recognized on derivative financial instruments were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Financial Statement Account Non-designated foreign exchange contracts $ 4 $ 10 $ 13 $ 13 Other items, net Designated interest rate swaps (a) $ — $ 2 $ — $ 7 Interest expense (a) The gains during the three and nine months ended September 30, 2015 related to interest rate swaps that were settled during 2015 . The fair value of the Company’s derivative instruments was not material to the Consolidated Balance Sheets for any of the periods presented. The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2016 and December 31, 2015 . These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. At September 30, 2016 Level 1 Level 2 Level 3 Total Assets: Foreign currency hedges $ — $ 21 $ — $ 21 Total Assets $ — $ 21 $ — $ 21 Liabilities: Deferred compensation $ — $ 329 $ — $ 329 Foreign currency hedges — 5 — 5 Total Liabilities $ — $ 334 $ — $ 334 At December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Foreign currency hedges $ — $ 13 $ — $ 13 Total Assets $ — $ 13 $ — $ 13 Liabilities: Deferred compensation $ — $ 312 $ — $ 312 Total Liabilities $ — $ 312 $ — $ 312 The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees. |
Reportable Segments
Reportable Segments | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Reportable Segments | 12 ) REPORTABLE SEGMENTS The following tables set forth the Company’s financial performance by reportable segment. The Company’s operating segments, which are the same as its reportable segments, have been determined in accordance with the Company’s internal management structure, which is organized based upon products and services. In preparation for the planned separation of its radio business, the Company changed the manner in which it manages its television and radio operations during the third quarter of 2016 . Accordingly, the Company’s previously reported operating segment, Local Broadcasting, has been separated into two operating segments, Local Media and Radio. In connection with this new segment presentation, the presentation of intercompany revenues has been revised, including station affiliation fees paid by Local Media to the CBS Television Network. Prior period results have been reclassified to conform to this presentation. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Revenues: Entertainment $ 1,949 $ 1,932 $ 6,483 $ 5,978 Cable Networks 598 526 1,659 1,680 Publishing 226 203 558 547 Local Media 409 376 1,253 1,138 Radio 319 318 898 907 Corporate/Eliminations (105 ) (98 ) (319 ) (274 ) Total Revenues $ 3,396 $ 3,257 $ 10,532 $ 9,976 Revenues generated between segments primarily reflect advertising sales, television license fees and station affiliation fees. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Intercompany Revenues: Entertainment $ 102 $ 96 $ 321 $ 270 Local Media 2 3 6 7 Radio 6 2 9 5 Total Intercompany Revenues $ 110 $ 101 $ 336 $ 282 The Company presents operating income (loss) excluding restructuring charges, impairment charges, and other operating items, net, if any, (“Segment Operating Income”) as the primary measure of profit and loss for its operating segments in accordance with FASB guidance for segment reporting. The Company believes the presentation of Segment Operating Income is relevant and useful for investors because it allows investors to view segment performance in a manner similar to the primary method used by the Company’s management and enhances their ability to understand the Company’s operating performance. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Segment Operating Income (Loss): Entertainment $ 348 $ 339 $ 1,148 $ 947 Cable Networks 285 246 740 717 Publishing 44 43 83 80 Local Media 122 101 402 338 Radio 77 73 215 195 Corporate (78 ) (49 ) (245 ) (181 ) Total Segment Operating Income 798 753 2,343 2,096 Restructuring charges — — — (55 ) Other operating items, net (a) — — 9 19 Operating income 798 753 2,352 2,060 Interest expense (104 ) (102 ) (304 ) (289 ) Interest income 7 6 22 18 Other items, net 2 (4 ) (5 ) (23 ) Earnings from continuing operations before income taxes and equity in loss of investee companies 703 653 2,065 1,766 Provision for income taxes (176 ) (211 ) (612 ) (579 ) Equity in loss of investee companies, net of tax (13 ) (16 ) (43 ) (35 ) Net earnings from continuing operations 514 426 1,410 1,152 Loss from discontinued operations (36 ) — (36 ) — Net earnings $ 478 $ 426 $ 1,374 $ 1,152 (a) Other operating items, net includes gains from the sales of internet businesses in China for the nine months ended September 30, 2016 and 2015 , and for 2016 , also includes a multiyear, retroactive impact of a new operating tax. Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Depreciation and Amortization: Entertainment $ 28 $ 31 $ 88 $ 95 Cable Networks 6 5 17 17 Publishing 1 1 4 4 Local Media 11 12 33 37 Radio 7 8 22 23 Corporate 8 8 24 23 Total Depreciation and Amortization $ 61 $ 65 $ 188 $ 199 Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Stock-based Compensation: Entertainment $ 16 $ 16 $ 47 $ 48 Cable Networks 3 3 9 8 Publishing 1 1 3 3 Local Media 3 3 9 9 Radio 4 2 11 12 Corporate 19 14 55 48 Total Stock-based Compensation $ 46 $ 39 $ 134 $ 128 Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Capital Expenditures: Entertainment $ 23 $ 33 $ 60 $ 54 Cable Networks 4 5 8 8 Publishing 1 2 7 4 Local Media 9 10 20 17 Radio 4 5 14 16 Corporate 5 3 16 5 Total Capital Expenditures $ 46 $ 58 $ 125 $ 104 At At September 30, 2016 December 31, 2015 Assets: Entertainment $ 11,220 $ 10,910 Cable Networks 2,526 2,369 Publishing 835 880 Local Media 3,827 3,881 Radio 5,167 5,224 Corporate/Eliminations 249 476 Discontinued operations 24 25 Total Assets $ 23,848 $ 23,765 |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | 13 ) CONDENSED CONSOLIDATING FINANCIAL STATEMENTS CBS Operations Inc. is a wholly owned subsidiary of the Company. CBS Operations Inc. has fully and unconditionally guaranteed CBS Corp.’s senior debt securities. The following condensed consolidating financial statements present the results of operations, financial position and cash flows of CBS Corp., CBS Operations Inc., the direct and indirect Non-Guarantor Affiliates of CBS Corp. and CBS Operations Inc., and the eliminations necessary to arrive at the information for the Company on a consolidated basis. Statement of Operations For the Three Months Ended September 30, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 42 $ 3 $ 3,351 $ — $ 3,396 Costs and expenses: Operating 16 1 1,880 — 1,897 Selling, general and administrative 20 63 557 — 640 Depreciation and amortization 2 6 53 — 61 Total costs and expenses 38 70 2,490 — 2,598 Operating income (loss) 4 (67 ) 861 — 798 Interest (expense) income, net (129 ) (109 ) 141 — (97 ) Other items, net — — 2 — 2 Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies (125 ) (176 ) 1,004 — 703 Benefit (provision) for income taxes 43 59 (278 ) — (176 ) Equity in earnings (loss) of investee companies, net of tax 560 327 (13 ) (887 ) (13 ) Net earnings from continuing operations 478 210 713 (887 ) 514 Loss from discontinued operations — — (36 ) — (36 ) Net earnings $ 478 $ 210 $ 677 $ (887 ) $ 478 Total comprehensive income $ 489 $ 215 $ 675 $ (890 ) $ 489 Statement of Operations For the Nine Months Ended September 30, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 125 $ 9 $ 10,398 $ — $ 10,532 Cost and expenses: Operating 48 4 6,062 — 6,114 Selling, general and administrative 62 196 1,629 — 1,887 Depreciation and amortization 4 17 167 — 188 Other operating items, net — — (9 ) — (9 ) Total costs and expenses 114 217 7,849 — 8,180 Operating income (loss) 11 (208 ) 2,549 — 2,352 Interest (expense) income, net (377 ) (319 ) 414 — (282 ) Other items, net (2 ) 3 (6 ) — (5 ) Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies (368 ) (524 ) 2,957 — 2,065 Benefit (provision) for income taxes 120 170 (902 ) — (612 ) Equity in earnings (loss) of investee companies, net of tax 1,622 876 (43 ) (2,498 ) (43 ) Net earnings from continuing operations 1,374 522 2,012 (2,498 ) 1,410 Loss from discontinued operations — — (36 ) — (36 ) Net earnings $ 1,374 $ 522 $ 1,976 $ (2,498 ) $ 1,374 Total comprehensive income $ 1,405 $ 540 $ 1,965 $ (2,505 ) $ 1,405 Statement of Operations For the Three Months Ended September 30, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 36 $ 2 $ 3,219 $ — $ 3,257 Costs and expenses: Operating 17 1 1,824 — 1,842 Selling, general and administrative 3 49 545 — 597 Depreciation and amortization 1 5 59 — 65 Total costs and expenses 21 55 2,428 — 2,504 Operating income (loss) 15 (53 ) 791 — 753 Interest (expense) income, net (125 ) (103 ) 132 — (96 ) Other items, net (1 ) 6 (9 ) — (4 ) Earnings (loss) before income taxes and equity in earnings (loss) of investee companies (111 ) (150 ) 914 — 653 Benefit (provision) for income taxes 36 48 (295 ) — (211 ) Equity in earnings (loss) of investee companies, net of tax 501 338 (16 ) (839 ) (16 ) Net earnings $ 426 $ 236 $ 603 $ (839 ) $ 426 Total comprehensive income $ 430 $ 240 $ 590 $ (830 ) $ 430 Statement of Operations For the Nine Months Ended September 30, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 101 $ 8 $ 9,867 $ — $ 9,976 Costs and expenses: Operating 47 4 5,840 — 5,891 Selling, general and administrative 27 165 1,598 — 1,790 Depreciation and amortization 4 15 180 — 199 Restructuring charges — — 55 — 55 Other operating items, net — — (19 ) — (19 ) Total costs and expenses 78 184 7,654 — 7,916 Operating income (loss) 23 (176 ) 2,213 — 2,060 Interest (expense) income, net (358 ) (300 ) 387 — (271 ) Other items, net (1 ) 6 (28 ) — (23 ) Earnings (loss) before income taxes and equity in earnings (loss) of investee companies (336 ) (470 ) 2,572 — 1,766 Benefit (provision) for income taxes 109 152 (840 ) — (579 ) Equity in earnings (loss) of investee companies, net of tax 1,379 802 (35 ) (2,181 ) (35 ) Net earnings $ 1,152 $ 484 $ 1,697 $ (2,181 ) $ 1,152 Total comprehensive income $ 1,173 $ 487 $ 1,705 $ (2,192 ) $ 1,173 Balance Sheet At September 30, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Assets Cash and cash equivalents $ 54 $ 1 $ 124 $ — $ 179 Receivables, net 20 2 3,326 — 3,348 Programming and other inventory 4 3 1,452 — 1,459 Prepaid expenses and other current assets 93 39 375 (36 ) 471 Total current assets 171 45 5,277 (36 ) 5,457 Property and equipment 47 184 3,032 — 3,263 Less accumulated depreciation and amortization 23 135 1,760 — 1,918 Net property and equipment 24 49 1,272 — 1,345 Programming and other inventory 6 7 2,224 — 2,237 Goodwill 98 62 6,371 — 6,531 Intangible assets — — 5,499 — 5,499 Investments in consolidated subsidiaries 44,372 13,652 — (58,024 ) — Other assets 153 11 2,615 — 2,779 Intercompany — 1,901 25,528 (27,429 ) — Total Assets $ 44,824 $ 15,727 $ 48,786 $ (85,489 ) $ 23,848 Liabilities and Stockholders’ Equity Accounts payable $ 1 $ 2 $ 150 $ — $ 153 Participants’ share and royalties payable — — 979 — 979 Program rights 4 4 365 — 373 Commercial paper 33 — — — 33 Current portion of long-term debt 6 — 16 — 22 Accrued expenses and other current liabilities 363 228 983 (36 ) 1,538 Total current liabilities 407 234 2,493 (36 ) 3,098 Long-term debt 8,797 — 105 — 8,902 Other liabilities 2,843 244 3,413 — 6,500 Intercompany 27,429 — — (27,429 ) — Stockholders’ Equity: Preferred stock — — 126 (126 ) — Common stock 1 123 590 (713 ) 1 Additional paid-in capital 43,935 — 60,894 (60,894 ) 43,935 Retained earnings (deficit) (19,144 ) 15,435 (14,105 ) (1,330 ) (19,144 ) Accumulated other comprehensive income (loss) (739 ) 22 70 (92 ) (739 ) 24,053 15,580 47,575 (63,155 ) 24,053 Less treasury stock, at cost 18,705 331 4,800 (5,131 ) 18,705 Total Stockholders’ Equity 5,348 15,249 42,775 (58,024 ) 5,348 Total Liabilities and Stockholders’ Equity $ 44,824 $ 15,727 $ 48,786 $ (85,489 ) $ 23,848 Balance Sheet At December 31, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Assets Cash and cash equivalents $ 267 $ 1 $ 55 $ — $ 323 Receivables, net 28 2 3,598 — 3,628 Programming and other inventory 3 3 1,265 — 1,271 Prepaid expenses and other current assets 192 26 337 (30 ) 525 Total current assets 490 32 5,255 (30 ) 5,747 Property and equipment 46 180 3,017 — 3,243 Less accumulated depreciation and amortization 20 118 1,700 — 1,838 Net property and equipment 26 62 1,317 — 1,405 Programming and other inventory 6 9 1,942 — 1,957 Goodwill 98 62 6,321 — 6,481 Intangible assets — — 5,514 — 5,514 Investments in consolidated subsidiaries 42,744 12,775 — (55,519 ) — Other assets 163 11 2,487 — 2,661 Intercompany — 2,248 23,988 (26,236 ) — Total Assets $ 43,527 $ 15,199 $ 46,824 $ (81,785 ) $ 23,765 Liabilities and Stockholders ’ Equity Accounts payable $ 1 $ 4 $ 187 $ — $ 192 Participants’ share and royalties payable — — 1,013 — 1,013 Program rights 4 4 366 — 374 Current portion of long-term debt 206 — 16 — 222 Accrued expenses and other current liabilities 418 230 1,141 (30 ) 1,759 Total current liabilities 629 238 2,723 (30 ) 3,560 Long-term debt 8,113 — 113 — 8,226 Other liabilities 2,986 252 3,178 — 6,416 Intercompany 26,236 — — (26,236 ) — Stockholders’ Equity: Preferred stock — — 126 (126 ) — Common stock 1 123 590 (713 ) 1 Additional paid-in capital 44,055 — 60,894 (60,894 ) 44,055 Retained earnings (deficit) (20,518 ) 14,913 (16,081 ) 1,168 (20,518 ) Accumulated other comprehensive income (loss) (770 ) 4 81 (85 ) (770 ) 22,768 15,040 45,610 (60,650 ) 22,768 Less treasury stock, at cost 17,205 331 4,800 (5,131 ) 17,205 Total Stockholders’ Equity 5,563 14,709 40,810 (55,519 ) 5,563 Total Liabilities and Stockholders’ Equity $ 43,527 $ 15,199 $ 46,824 $ (81,785 ) $ 23,765 Statement of Cash Flows For the Nine Months Ended September 30, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Net cash flow (used for) provided by operating activities $ (696 ) $ (146 ) $ 2,148 $ — $ 1,306 Investing Activities: Acquisitions — — (51 ) — (51 ) Capital expenditures — (16 ) (109 ) — (125 ) Investments in and advances to investee companies — — (44 ) — (44 ) Proceeds from dispositions (4 ) — 32 — 28 Other investing activities 7 — 4 — 11 Net cash flow provided by (used for) investing activities 3 (16 ) (168 ) — (181 ) Financing Activities: Proceeds from short-term debt borrowings, net 33 — — — 33 Proceeds from issuance of senior notes 685 — — — 685 Repayment of senior debentures (199 ) — — — (199 ) Payment of capital lease obligations — — (13 ) — (13 ) Dividends (209 ) — — — (209 ) Purchase of Company common stock (1,534 ) — — — (1,534 ) Payment of payroll taxes in lieu of issuing shares for stock-based compensation (57 ) — — — (57 ) Proceeds from exercise of stock options 13 — — — 13 Excess tax benefit from stock-based compensation 13 — — — 13 Other financing activities (1 ) — — — (1 ) Increase (decrease) in intercompany payables 1,736 162 (1,898 ) — — Net cash flow provided by (used for) financing activities 480 162 (1,911 ) — (1,269 ) Net (decrease) increase in cash and cash equivalents (213 ) — 69 — (144 ) Cash and cash equivalents at beginning of period 267 1 55 — 323 Cash and cash equivalents at end of period $ 54 $ 1 $ 124 $ — $ 179 Statement of Cash Flows For the Nine Months Ended September 30, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Net cash flow (used for) provided by operating activities $ (557 ) $ (183 ) $ 1,363 $ — $ 623 Investing Activities: Acquisitions — — (7 ) — (7 ) Capital expenditures — (5 ) (99 ) — (104 ) Investments in and advances to investee companies — — (58 ) — (58 ) Proceeds from dispositions — — 75 — 75 Other investing activities (8 ) — — — (8 ) Net cash flow used for investing activities from continuing operations (8 ) (5 ) (89 ) — (102 ) Net cash flow used for investing activities from discontinued operations (4 ) — — — (4 ) Net cash flow used for investing activities (12 ) (5 ) (89 ) — (106 ) Financing Activities: Repayments of short-term debt borrowings, net (313 ) — — — (313 ) Proceeds from issuance of senior notes 1,959 — — — 1,959 Payment of capital lease obligations — — (13 ) — (13 ) Dividends (228 ) — — — (228 ) Purchase of Company common stock (2,345 ) — — — (2,345 ) Payment of payroll taxes in lieu of issuing shares for stock-based compensation (96 ) — — — (96 ) Proceeds from exercise of stock options 137 — — — 137 Excess tax benefit from stock-based compensation 87 — — — 87 Increase (decrease) in intercompany payables 1,353 188 (1,541 ) — — Net cash flow provided by (used for) financing activities 554 188 (1,554 ) — (812 ) Net decrease in cash and cash equivalents (15 ) — (280 ) — (295 ) Cash and cash equivalents at beginning of period 63 1 364 — 428 Cash and cash equivalents at end of period $ 48 $ 1 $ 84 $ — $ 133 |
Basis of Presentation and Sum20
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates -The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Earnings Per Share | Net Earnings per Common Share -Basic net earnings per share (“EPS”) is based upon net earnings divided by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) only in the periods in which such effect would have been dilutive. |
Basis of Presentation and Sum21
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reconciliation from Basic to Diluted Shares | The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2016 2015 2016 2015 Weighted average shares for basic EPS 442 480 451 489 Dilutive effect of shares issuable under stock-based compensation plans 4 4 4 6 Weighted average shares for diluted EPS 446 484 455 495 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | The following table summarizes the Company’s stock-based compensation expense for the three and nine months ended September 30, 2016 and 2015 . Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 RSUs $ 39 $ 32 $ 112 $ 105 Stock options 7 7 22 23 Stock-based compensation expense, before income taxes 46 39 134 128 Related tax benefit (18 ) (15 ) (52 ) (49 ) Stock-based compensation expense, net of tax benefit $ 28 $ 24 $ 82 $ 79 |
Programming and Other Invento23
Programming and Other Inventory (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Current Programming and Other Inventory | At At September 30, 2016 December 31, 2015 Acquired program rights $ 1,737 $ 1,533 Internally produced programming: Released 1,459 1,261 In process and other 445 392 Publishing, primarily finished goods 55 42 Total programming and other inventory 3,696 3,228 Less current portion 1,459 1,271 Total noncurrent programming and other inventory $ 2,237 $ 1,957 |
Noncurrent Programming and Other Inventory | At At September 30, 2016 December 31, 2015 Acquired program rights $ 1,737 $ 1,533 Internally produced programming: Released 1,459 1,261 In process and other 445 392 Publishing, primarily finished goods 55 42 Total programming and other inventory 3,696 3,228 Less current portion 1,459 1,271 Total noncurrent programming and other inventory $ 2,237 $ 1,957 |
Related Parties (Tables)
Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Amounts due from Viacom Inc. | The following table presents the amounts due from Viacom Inc. in the normal course of business as reflected on the Company’s Consolidated Balance Sheets. Amounts due to Viacom Inc. were minimal at September 30, 2016 and December 31, 2015 . At At September 30, 2016 December 31, 2015 Receivables $ 87 $ 115 Other assets (Receivables, noncurrent) 47 38 Total amounts due from Viacom Inc . $ 134 $ 153 |
Bank Financing and Debt (Tables
Bank Financing and Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table sets forth the Company’s debt. At At September 30, 2016 December 31, 2015 Commercial paper $ 33 $ — Senior debt (1.95% - 7.875% due 2016 - 2045) (a) 8,849 8,365 Obligations under capital leases 75 83 Total debt 8,957 8,448 Less commercial paper 33 — Less current portion of long-term debt 22 222 Total long-term debt, net of current portion $ 8,902 $ 8,226 (a) At September 30, 2016 and December 31, 2015 , the senior debt balances included (i) a net unamortized discount of $53 million and $45 million , respectively, (ii) unamortized deferred financing costs of $45 million and $44 million , respectively, and (iii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $7 million and $14 million , respectively. The face value of the Company’s senior debt was $8.94 billion and $8.44 billion at September 30, 2016 and December 31, 2015 , respectively. |
Pension and Other Postretirem26
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | The components of net periodic cost for the Company’s pension and postretirement benefit plans were as follows: Pension Benefits Postretirement Benefits Three Months Ended September 30, 2016 2015 2016 2015 Components of net periodic cost: Service cost $ 7 $ 7 $ — $ — Interest cost 54 52 5 6 Expected return on plan assets (56 ) (65 ) — — Amortization of actuarial loss (gain) (a) 21 20 (5 ) (6 ) Net periodic cost $ 26 $ 14 $ — $ — Pension Benefits Postretirement Benefits Nine Months Ended September 30, 2016 2015 2016 2015 Components of net periodic cost: Service cost $ 22 $ 23 $ — $ — Interest cost 161 157 15 15 Expected return on plan assets (170 ) (196 ) — — Amortization of actuarial loss (gain) (a) 64 60 (16 ) (16 ) Net periodic cost $ 77 $ 44 $ (1 ) $ (1 ) (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Changes in Components of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the changes in the components of accumulated other comprehensive income (loss). Cumulative Translation Adjustments Net Actuarial Gain (Loss) and Prior Service Cost Accumulated Other Comprehensive Loss At December 31, 2015 $ 152 $ (922 ) $ (770 ) Other comprehensive income before reclassifications 2 — 2 Reclassifications to net earnings — 29 (a) 29 Net other comprehensive income 2 29 31 At September 30, 2016 $ 154 $ (893 ) $ (739 ) Cumulative Translation Adjustments Net Actuarial Gain (Loss) and Prior Service Cost Accumulated Other Comprehensive Loss At December 31, 2014 $ 157 $ (892 ) $ (735 ) Other comprehensive loss before reclassifications (8 ) — (8 ) Reclassifications to net earnings 2 27 (a) 29 Net other comprehensive income (loss) (6 ) 27 21 At September 30, 2015 $ 151 $ (865 ) $ (714 ) (a) Reflects amortization of net actuarial losses. See Note 6 . |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring Reserve Rollforward | Balance at 2016 Balance at December 31, 2015 Settlements September 30, 2016 Entertainment $ 19 $ (13 ) $ 6 Local Media 11 (5 ) 6 Radio 23 (11 ) 12 Corporate 1 (1 ) — Total $ 54 $ (30 ) $ 24 Balance at 2015 2015 Balance at December 31, 2014 Charges Settlements December 31, 2015 Entertainment $ 6 $ 26 $ (13 ) $ 19 Local Media 5 19 (13 ) 11 Radio 5 36 (18 ) 23 Corporate 2 — (1 ) 1 Total $ 18 $ 81 $ (45 ) $ 54 |
Financial Instruments and Fai29
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Gains recognized on derivative financial instruments were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Financial Statement Account Non-designated foreign exchange contracts $ 4 $ 10 $ 13 $ 13 Other items, net Designated interest rate swaps (a) $ — $ 2 $ — $ 7 Interest expense (a) The gains during the three and nine months ended September 30, 2015 related to interest rate swaps that were settled during 2015 . |
Fair Value Measurements | The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2016 and December 31, 2015 . These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. At September 30, 2016 Level 1 Level 2 Level 3 Total Assets: Foreign currency hedges $ — $ 21 $ — $ 21 Total Assets $ — $ 21 $ — $ 21 Liabilities: Deferred compensation $ — $ 329 $ — $ 329 Foreign currency hedges — 5 — 5 Total Liabilities $ — $ 334 $ — $ 334 At December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Foreign currency hedges $ — $ 13 $ — $ 13 Total Assets $ — $ 13 $ — $ 13 Liabilities: Deferred compensation $ — $ 312 $ — $ 312 Total Liabilities $ — $ 312 $ — $ 312 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Revenues by Segment | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Revenues: Entertainment $ 1,949 $ 1,932 $ 6,483 $ 5,978 Cable Networks 598 526 1,659 1,680 Publishing 226 203 558 547 Local Media 409 376 1,253 1,138 Radio 319 318 898 907 Corporate/Eliminations (105 ) (98 ) (319 ) (274 ) Total Revenues $ 3,396 $ 3,257 $ 10,532 $ 9,976 |
Intercompany Revenues by Segment | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Intercompany Revenues: Entertainment $ 102 $ 96 $ 321 $ 270 Local Media 2 3 6 7 Radio 6 2 9 5 Total Intercompany Revenues $ 110 $ 101 $ 336 $ 282 |
Segment Operating Income (Loss) and Reconciliation to Net Earnings (Loss) | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Segment Operating Income (Loss): Entertainment $ 348 $ 339 $ 1,148 $ 947 Cable Networks 285 246 740 717 Publishing 44 43 83 80 Local Media 122 101 402 338 Radio 77 73 215 195 Corporate (78 ) (49 ) (245 ) (181 ) Total Segment Operating Income 798 753 2,343 2,096 Restructuring charges — — — (55 ) Other operating items, net (a) — — 9 19 Operating income 798 753 2,352 2,060 Interest expense (104 ) (102 ) (304 ) (289 ) Interest income 7 6 22 18 Other items, net 2 (4 ) (5 ) (23 ) Earnings from continuing operations before income taxes and equity in loss of investee companies 703 653 2,065 1,766 Provision for income taxes (176 ) (211 ) (612 ) (579 ) Equity in loss of investee companies, net of tax (13 ) (16 ) (43 ) (35 ) Net earnings from continuing operations 514 426 1,410 1,152 Loss from discontinued operations (36 ) — (36 ) — Net earnings $ 478 $ 426 $ 1,374 $ 1,152 (a) Other operating items, net includes gains from the sales of internet businesses in China for the nine months ended September 30, 2016 and 2015 , and for 2016 , also includes a multiyear, retroactive impact of a new operating tax. |
Depreciation and Amortization by Segment | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Depreciation and Amortization: Entertainment $ 28 $ 31 $ 88 $ 95 Cable Networks 6 5 17 17 Publishing 1 1 4 4 Local Media 11 12 33 37 Radio 7 8 22 23 Corporate 8 8 24 23 Total Depreciation and Amortization $ 61 $ 65 $ 188 $ 199 |
Stock-based Compensation by Segment | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Stock-based Compensation: Entertainment $ 16 $ 16 $ 47 $ 48 Cable Networks 3 3 9 8 Publishing 1 1 3 3 Local Media 3 3 9 9 Radio 4 2 11 12 Corporate 19 14 55 48 Total Stock-based Compensation $ 46 $ 39 $ 134 $ 128 |
Capital Expenditures by Segment | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Capital Expenditures: Entertainment $ 23 $ 33 $ 60 $ 54 Cable Networks 4 5 8 8 Publishing 1 2 7 4 Local Media 9 10 20 17 Radio 4 5 14 16 Corporate 5 3 16 5 Total Capital Expenditures $ 46 $ 58 $ 125 $ 104 |
Assets by Segment | At At September 30, 2016 December 31, 2015 Assets: Entertainment $ 11,220 $ 10,910 Cable Networks 2,526 2,369 Publishing 835 880 Local Media 3,827 3,881 Radio 5,167 5,224 Corporate/Eliminations 249 476 Discontinued operations 24 25 Total Assets $ 23,848 $ 23,765 |
Condensed Consolidating Finan31
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Statements of Operations | Statement of Operations For the Three Months Ended September 30, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 42 $ 3 $ 3,351 $ — $ 3,396 Costs and expenses: Operating 16 1 1,880 — 1,897 Selling, general and administrative 20 63 557 — 640 Depreciation and amortization 2 6 53 — 61 Total costs and expenses 38 70 2,490 — 2,598 Operating income (loss) 4 (67 ) 861 — 798 Interest (expense) income, net (129 ) (109 ) 141 — (97 ) Other items, net — — 2 — 2 Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies (125 ) (176 ) 1,004 — 703 Benefit (provision) for income taxes 43 59 (278 ) — (176 ) Equity in earnings (loss) of investee companies, net of tax 560 327 (13 ) (887 ) (13 ) Net earnings from continuing operations 478 210 713 (887 ) 514 Loss from discontinued operations — — (36 ) — (36 ) Net earnings $ 478 $ 210 $ 677 $ (887 ) $ 478 Total comprehensive income $ 489 $ 215 $ 675 $ (890 ) $ 489 Statement of Operations For the Nine Months Ended September 30, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 125 $ 9 $ 10,398 $ — $ 10,532 Cost and expenses: Operating 48 4 6,062 — 6,114 Selling, general and administrative 62 196 1,629 — 1,887 Depreciation and amortization 4 17 167 — 188 Other operating items, net — — (9 ) — (9 ) Total costs and expenses 114 217 7,849 — 8,180 Operating income (loss) 11 (208 ) 2,549 — 2,352 Interest (expense) income, net (377 ) (319 ) 414 — (282 ) Other items, net (2 ) 3 (6 ) — (5 ) Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies (368 ) (524 ) 2,957 — 2,065 Benefit (provision) for income taxes 120 170 (902 ) — (612 ) Equity in earnings (loss) of investee companies, net of tax 1,622 876 (43 ) (2,498 ) (43 ) Net earnings from continuing operations 1,374 522 2,012 (2,498 ) 1,410 Loss from discontinued operations — — (36 ) — (36 ) Net earnings $ 1,374 $ 522 $ 1,976 $ (2,498 ) $ 1,374 Total comprehensive income $ 1,405 $ 540 $ 1,965 $ (2,505 ) $ 1,405 Statement of Operations For the Three Months Ended September 30, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 36 $ 2 $ 3,219 $ — $ 3,257 Costs and expenses: Operating 17 1 1,824 — 1,842 Selling, general and administrative 3 49 545 — 597 Depreciation and amortization 1 5 59 — 65 Total costs and expenses 21 55 2,428 — 2,504 Operating income (loss) 15 (53 ) 791 — 753 Interest (expense) income, net (125 ) (103 ) 132 — (96 ) Other items, net (1 ) 6 (9 ) — (4 ) Earnings (loss) before income taxes and equity in earnings (loss) of investee companies (111 ) (150 ) 914 — 653 Benefit (provision) for income taxes 36 48 (295 ) — (211 ) Equity in earnings (loss) of investee companies, net of tax 501 338 (16 ) (839 ) (16 ) Net earnings $ 426 $ 236 $ 603 $ (839 ) $ 426 Total comprehensive income $ 430 $ 240 $ 590 $ (830 ) $ 430 Statement of Operations For the Nine Months Ended September 30, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 101 $ 8 $ 9,867 $ — $ 9,976 Costs and expenses: Operating 47 4 5,840 — 5,891 Selling, general and administrative 27 165 1,598 — 1,790 Depreciation and amortization 4 15 180 — 199 Restructuring charges — — 55 — 55 Other operating items, net — — (19 ) — (19 ) Total costs and expenses 78 184 7,654 — 7,916 Operating income (loss) 23 (176 ) 2,213 — 2,060 Interest (expense) income, net (358 ) (300 ) 387 — (271 ) Other items, net (1 ) 6 (28 ) — (23 ) Earnings (loss) before income taxes and equity in earnings (loss) of investee companies (336 ) (470 ) 2,572 — 1,766 Benefit (provision) for income taxes 109 152 (840 ) — (579 ) Equity in earnings (loss) of investee companies, net of tax 1,379 802 (35 ) (2,181 ) (35 ) Net earnings $ 1,152 $ 484 $ 1,697 $ (2,181 ) $ 1,152 Total comprehensive income $ 1,173 $ 487 $ 1,705 $ (2,192 ) $ 1,173 |
Condensed Consolidating Balance Sheets | Balance Sheet At September 30, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Assets Cash and cash equivalents $ 54 $ 1 $ 124 $ — $ 179 Receivables, net 20 2 3,326 — 3,348 Programming and other inventory 4 3 1,452 — 1,459 Prepaid expenses and other current assets 93 39 375 (36 ) 471 Total current assets 171 45 5,277 (36 ) 5,457 Property and equipment 47 184 3,032 — 3,263 Less accumulated depreciation and amortization 23 135 1,760 — 1,918 Net property and equipment 24 49 1,272 — 1,345 Programming and other inventory 6 7 2,224 — 2,237 Goodwill 98 62 6,371 — 6,531 Intangible assets — — 5,499 — 5,499 Investments in consolidated subsidiaries 44,372 13,652 — (58,024 ) — Other assets 153 11 2,615 — 2,779 Intercompany — 1,901 25,528 (27,429 ) — Total Assets $ 44,824 $ 15,727 $ 48,786 $ (85,489 ) $ 23,848 Liabilities and Stockholders’ Equity Accounts payable $ 1 $ 2 $ 150 $ — $ 153 Participants’ share and royalties payable — — 979 — 979 Program rights 4 4 365 — 373 Commercial paper 33 — — — 33 Current portion of long-term debt 6 — 16 — 22 Accrued expenses and other current liabilities 363 228 983 (36 ) 1,538 Total current liabilities 407 234 2,493 (36 ) 3,098 Long-term debt 8,797 — 105 — 8,902 Other liabilities 2,843 244 3,413 — 6,500 Intercompany 27,429 — — (27,429 ) — Stockholders’ Equity: Preferred stock — — 126 (126 ) — Common stock 1 123 590 (713 ) 1 Additional paid-in capital 43,935 — 60,894 (60,894 ) 43,935 Retained earnings (deficit) (19,144 ) 15,435 (14,105 ) (1,330 ) (19,144 ) Accumulated other comprehensive income (loss) (739 ) 22 70 (92 ) (739 ) 24,053 15,580 47,575 (63,155 ) 24,053 Less treasury stock, at cost 18,705 331 4,800 (5,131 ) 18,705 Total Stockholders’ Equity 5,348 15,249 42,775 (58,024 ) 5,348 Total Liabilities and Stockholders’ Equity $ 44,824 $ 15,727 $ 48,786 $ (85,489 ) $ 23,848 Balance Sheet At December 31, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Assets Cash and cash equivalents $ 267 $ 1 $ 55 $ — $ 323 Receivables, net 28 2 3,598 — 3,628 Programming and other inventory 3 3 1,265 — 1,271 Prepaid expenses and other current assets 192 26 337 (30 ) 525 Total current assets 490 32 5,255 (30 ) 5,747 Property and equipment 46 180 3,017 — 3,243 Less accumulated depreciation and amortization 20 118 1,700 — 1,838 Net property and equipment 26 62 1,317 — 1,405 Programming and other inventory 6 9 1,942 — 1,957 Goodwill 98 62 6,321 — 6,481 Intangible assets — — 5,514 — 5,514 Investments in consolidated subsidiaries 42,744 12,775 — (55,519 ) — Other assets 163 11 2,487 — 2,661 Intercompany — 2,248 23,988 (26,236 ) — Total Assets $ 43,527 $ 15,199 $ 46,824 $ (81,785 ) $ 23,765 Liabilities and Stockholders ’ Equity Accounts payable $ 1 $ 4 $ 187 $ — $ 192 Participants’ share and royalties payable — — 1,013 — 1,013 Program rights 4 4 366 — 374 Current portion of long-term debt 206 — 16 — 222 Accrued expenses and other current liabilities 418 230 1,141 (30 ) 1,759 Total current liabilities 629 238 2,723 (30 ) 3,560 Long-term debt 8,113 — 113 — 8,226 Other liabilities 2,986 252 3,178 — 6,416 Intercompany 26,236 — — (26,236 ) — Stockholders’ Equity: Preferred stock — — 126 (126 ) — Common stock 1 123 590 (713 ) 1 Additional paid-in capital 44,055 — 60,894 (60,894 ) 44,055 Retained earnings (deficit) (20,518 ) 14,913 (16,081 ) 1,168 (20,518 ) Accumulated other comprehensive income (loss) (770 ) 4 81 (85 ) (770 ) 22,768 15,040 45,610 (60,650 ) 22,768 Less treasury stock, at cost 17,205 331 4,800 (5,131 ) 17,205 Total Stockholders’ Equity 5,563 14,709 40,810 (55,519 ) 5,563 Total Liabilities and Stockholders’ Equity $ 43,527 $ 15,199 $ 46,824 $ (81,785 ) $ 23,765 |
Condensed Consolidating Statements of Cash Flows | Statement of Cash Flows For the Nine Months Ended September 30, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Net cash flow (used for) provided by operating activities $ (696 ) $ (146 ) $ 2,148 $ — $ 1,306 Investing Activities: Acquisitions — — (51 ) — (51 ) Capital expenditures — (16 ) (109 ) — (125 ) Investments in and advances to investee companies — — (44 ) — (44 ) Proceeds from dispositions (4 ) — 32 — 28 Other investing activities 7 — 4 — 11 Net cash flow provided by (used for) investing activities 3 (16 ) (168 ) — (181 ) Financing Activities: Proceeds from short-term debt borrowings, net 33 — — — 33 Proceeds from issuance of senior notes 685 — — — 685 Repayment of senior debentures (199 ) — — — (199 ) Payment of capital lease obligations — — (13 ) — (13 ) Dividends (209 ) — — — (209 ) Purchase of Company common stock (1,534 ) — — — (1,534 ) Payment of payroll taxes in lieu of issuing shares for stock-based compensation (57 ) — — — (57 ) Proceeds from exercise of stock options 13 — — — 13 Excess tax benefit from stock-based compensation 13 — — — 13 Other financing activities (1 ) — — — (1 ) Increase (decrease) in intercompany payables 1,736 162 (1,898 ) — — Net cash flow provided by (used for) financing activities 480 162 (1,911 ) — (1,269 ) Net (decrease) increase in cash and cash equivalents (213 ) — 69 — (144 ) Cash and cash equivalents at beginning of period 267 1 55 — 323 Cash and cash equivalents at end of period $ 54 $ 1 $ 124 $ — $ 179 Statement of Cash Flows For the Nine Months Ended September 30, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Net cash flow (used for) provided by operating activities $ (557 ) $ (183 ) $ 1,363 $ — $ 623 Investing Activities: Acquisitions — — (7 ) — (7 ) Capital expenditures — (5 ) (99 ) — (104 ) Investments in and advances to investee companies — — (58 ) — (58 ) Proceeds from dispositions — — 75 — 75 Other investing activities (8 ) — — — (8 ) Net cash flow used for investing activities from continuing operations (8 ) (5 ) (89 ) — (102 ) Net cash flow used for investing activities from discontinued operations (4 ) — — — (4 ) Net cash flow used for investing activities (12 ) (5 ) (89 ) — (106 ) Financing Activities: Repayments of short-term debt borrowings, net (313 ) — — — (313 ) Proceeds from issuance of senior notes 1,959 — — — 1,959 Payment of capital lease obligations — — (13 ) — (13 ) Dividends (228 ) — — — (228 ) Purchase of Company common stock (2,345 ) — — — (2,345 ) Payment of payroll taxes in lieu of issuing shares for stock-based compensation (96 ) — — — (96 ) Proceeds from exercise of stock options 137 — — — 137 Excess tax benefit from stock-based compensation 87 — — — 87 Increase (decrease) in intercompany payables 1,353 188 (1,541 ) — — Net cash flow provided by (used for) financing activities 554 188 (1,554 ) — (812 ) Net decrease in cash and cash equivalents (15 ) — (280 ) — (295 ) Cash and cash equivalents at beginning of period 63 1 364 — 428 Cash and cash equivalents at end of period $ 48 $ 1 $ 84 $ — $ 133 |
Basis of Presentation and Sum32
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares for basic EPS | 442 | 480 | 451 | 489 |
Dilutive effect of shares issuable under stock-based compensation plans | 4 | 4 | 4 | 6 |
Weighted average shares for diluted EPS | 446 | 484 | 455 | 495 |
Dividends recorded on common stock | $ 80 | $ 218 | $ 222 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 5 | 5 | 4 | |
Stock Options And Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 7 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation [Abstract] | ||||
RSUs | $ 39 | $ 32 | $ 112 | $ 105 |
Stock options | 7 | 7 | 22 | 23 |
Stock-based compensation expense, before income taxes | 46 | 39 | 134 | 128 |
Related tax benefit | (18) | (15) | (52) | (49) |
Stock-based compensation expense, net of tax benefit | 28 | $ 24 | $ 82 | $ 79 |
Number of RSUs granted during the period | 3 | |||
Weighted average grant date fair value - RSUs | $ 47.26 | |||
Number of stock options granted during the period | 2 | |||
Weighted average per unit exercise price - options | $ 45.79 | |||
Unrecognized future expense of RSUs | 237 | $ 237 | ||
Unrecognized future expense of stock options | $ 50 | $ 50 | ||
Term until expiration from grant date - options | 8 years | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Service period over which grants vest | 4 years | |||
Weighted average period to expense unrecognized stock-based compensation expense | 2 years 4 months 17 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average period to expense unrecognized stock-based compensation expense | 2 years 4 months 17 days | |||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payout on stock-based compensation award (percent) | 120.00% | |||
Service period over which grants vest | 4 years | |||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payout on stock-based compensation award (percent) | 0.00% | |||
Service period over which grants vest | 1 year |
Programming and Other Invento34
Programming and Other Inventory (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Acquired program rights | $ 1,737 | $ 1,533 |
Internally produced programming, released | 1,459 | 1,261 |
Internally produced programming, in process and other | 445 | 392 |
Publishing, primarily finished goods | 55 | 42 |
Total programming and other inventory | 3,696 | 3,228 |
Less current portion | 1,459 | 1,271 |
Total noncurrent programming and other inventory | $ 2,237 | $ 1,957 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
National Amusements, Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
NAI ownership of CBS Corp. Class A Common Stock (percentage) | 79.50% | 79.50% | |||
NAI ownership of CBS Corp. Class A and Class B Common Stock on a combined basis (percentage) | 9.00% | 9.00% | |||
Viacom Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenues from transactions with related parties | $ 16 | $ 44 | $ 85 | $ 144 | |
Expenses from transactions with related parties | 6 | 6 | 17 | 17 | |
Receivables from Viacom Inc., current | 87 | 87 | $ 115 | ||
Receivables from Viacom Inc., noncurrent | 47 | 47 | 38 | ||
Total amounts due from related parties | 134 | 134 | 153 | ||
Domestic and International Television Joint Ventures [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenues from transactions with related parties | 13 | $ 20 | 69 | $ 91 | |
Total amounts due from related parties | $ 41 | $ 41 | $ 48 |
Bank Financing and Debt (Detail
Bank Financing and Debt (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Oct. 31, 2016 | Sep. 30, 2016 | Nov. 03, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | ||||
Senior debt (1.95% - 7.875% due 2016 - 2045) | $ 8,849,000,000 | $ 8,365,000,000 | ||
Obligations under capital leases | 75,000,000 | 83,000,000 | ||
Current portion of long-term debt | 22,000,000 | 222,000,000 | ||
Total long-term debt, net of current portion | 8,902,000,000 | 8,226,000,000 | ||
Total debt | 8,957,000,000 | 8,448,000,000 | ||
Net unamortized discount on senior debt | 53,000,000 | 45,000,000 | ||
Unamortized deferred financing costs | 45,000,000 | 44,000,000 | ||
Increase in carrying value of debt relating to previously settled fair value hedges | 7,000,000 | 14,000,000 | ||
Commercial paper | 33,000,000 | $ 0 | ||
Current portion of long-term debt classified as long-term debt reflecting Company's intent and ability to refinance on a long-term basis | 400,000,000 | |||
CBS Radio Inc. [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity line under credit facility | $ 250,000,000 | |||
Amount borrowed under credit facility | $ 0 | |||
Credit facility, covenant description | The Radio Revolving Credit Facility requires CBS Radio to maintain a maximum Consolidated Net Secured Leverage Ratio of 4.00 to 1.00 | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity line under credit facility | 2,500,000,000 | |||
Availability under credit facility | 2,490,000,000 | |||
Amount borrowed under credit facility | $ 0 | |||
Revolving Credit Facility [Member] | CBS Radio Inc. [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum adjustment to cash to calculate compliance with Net Secured Leverage ratio requirement | $ 150,000,000 | |||
Revolving Credit Facility [Member] | Maximum Consolidated Leverage Ratio [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit facility, covenant description | 4.5x | |||
Revolving Credit Facility [Member] | Consolidated Leverage Ratio [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit facility, covenant compliance | 2.5x | |||
Commercial Paper [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity line under credit facility | $ 2,500,000,000 | |||
Weighted average interest rate | 0.75% |
Bank Financing and Debt Additio
Bank Financing and Debt Additional Disclosures (Details) - USD ($) $ in Millions | 1 Months Ended | ||||
Oct. 31, 2016 | Sep. 30, 2016 | Jul. 31, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | |
Debt Instruments [Line Items] | |||||
Commercial paper | $ 33 | $ 0 | |||
Subsequent Event [Member] | CBS Radio Inc. [Member] | |||||
Debt Instruments [Line Items] | |||||
Face value of debt | $ 1,460 | ||||
Senior Notes [Member] | |||||
Debt Instruments [Line Items] | |||||
Face value of debt | $ 8,940 | $ 8,440 | |||
Senior Notes [Member] | Subsequent Event [Member] | CBS Radio Inc. [Member] | |||||
Debt Instruments [Line Items] | |||||
Stated interest rate | 7.25% | ||||
Face value of debt | $ 400 | ||||
Senior Notes [Member] | Maximum [Member] | |||||
Debt Instruments [Line Items] | |||||
Stated interest rate | 7.875% | ||||
Senior Notes [Member] | Minimum [Member] | |||||
Debt Instruments [Line Items] | |||||
Stated interest rate | 1.95% | ||||
Senior Notes [Member] | Senior Notes 2027 [Member] | |||||
Debt Instruments [Line Items] | |||||
Stated interest rate | 2.90% | ||||
Face value of debt | $ 700 | ||||
Senior Notes [Member] | Senior Debentures 2016 [Member] | |||||
Debt Instruments [Line Items] | |||||
Stated interest rate | 7.625% | ||||
Face value of debt repurchased | $ 200 | ||||
Notes Payable to Banks [Member] | Subsequent Event [Member] | CBS Radio Inc. [Member] | |||||
Debt Instruments [Line Items] | |||||
Face value of debt | $ 1,060 | ||||
Debt Instrument, Description of Variable Rate Basis | 3.50% plus the greater of the London Interbank Offered Rate (“LIBOR”) and 1.00% |
Pension and Other Postretirem38
Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Benefits [Member] | ||||
Components Of Net Periodic Cost Details [Abstract] | ||||
Service cost | $ 7 | $ 7 | $ 22 | $ 23 |
Interest cost | 54 | 52 | 161 | 157 |
Expected return on plan assets | (56) | (65) | (170) | (196) |
Amortization of actuarial loss (gain) | 21 | 20 | 64 | 60 |
Net periodic cost | 26 | 14 | 77 | 44 |
Postretirement Benefit [Member] | ||||
Components Of Net Periodic Cost Details [Abstract] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 5 | 6 | 15 | 15 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial loss (gain) | (5) | (6) | (16) | (16) |
Net periodic cost | $ 0 | $ 0 | $ (1) | $ (1) |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jul. 28, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ||||||||
Total availability for share repurchase program | $ 6,000,000,000 | |||||||
Class B common stock repurchased under repurchase program (shares) | 9.5 | 29 | ||||||
Value of shares repurchased | $ 500,000,000 | $ 1,500,000,000 | ||||||
Average price per share repurchased (in dollars per share) | $ 52.77 | $ 51.76 | ||||||
Remaining authorization under share repurchase program | $ 5,600,000,000 | $ 5,600,000,000 | ||||||
Increase in dividend per share (percentage) | 20.00% | |||||||
Dividends [Abstract] | ||||||||
Dividends per common share (in dollars per share) | $ 0.18 | $ 0.15 | $ 0.15 | $ 0.48 | $ 0.45 | |||
Dividends recorded on common stock | $ 80,000,000 | $ 218,000,000 | $ 222,000,000 | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive income (loss) | (739,000,000) | $ (714,000,000) | (739,000,000) | (714,000,000) | $ (770,000,000) | $ (735,000,000) | ||
Other comprehensive income (loss) before reclassifications | 2,000,000 | (8,000,000) | ||||||
Reclassifications to net earnings | 29,000,000 | 29,000,000 | ||||||
Net other comprehensive income (loss) | 11,000,000 | 4,000,000 | 31,000,000 | 21,000,000 | ||||
Tax provision on net actuarial gain (loss) and prior service costs related to pension and other postretirement benefit plans | 19,000,000 | 17,000,000 | ||||||
Cumulative Translation Adjustments [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive income (loss) | 154,000,000 | 151,000,000 | 154,000,000 | 151,000,000 | 152,000,000 | 157,000,000 | ||
Other comprehensive income (loss) before reclassifications | 2,000,000 | (8,000,000) | ||||||
Reclassifications to net earnings | 0 | 2,000,000 | ||||||
Net other comprehensive income (loss) | 2,000,000 | (6,000,000) | ||||||
Net Actuarial Gain (Loss) and Prior Service Cost [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive income (loss) | $ (893,000,000) | $ (865,000,000) | (893,000,000) | (865,000,000) | $ (922,000,000) | $ (892,000,000) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||||||
Reclassifications to net earnings | 29,000,000 | 27,000,000 | ||||||
Net other comprehensive income (loss) | $ 29,000,000 | $ 27,000,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 176 | $ 211 | $ 612 | $ 579 |
Effective tax rate | 25.00% | 32.30% | 29.60% | 32.80% |
One-time benefit associated with multiyear adjustment to tax deduction | $ 47 | $ 47 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($)claims | Dec. 31, 2015USD ($)claims | Dec. 31, 2014USD ($) | Sep. 30, 2015claims | |
Loss Contingencies [Line Items] | ||||
Outstanding letters of credit and surety bonds | $ | $ 111 | |||
Costs for (recoveries from) settlement and defense of asbestos claims, net of insurance recoveries and taxes | $ | $ (5) | $ 11 | ||
Asbestos Claims [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of pending asbestos claims | 34,400 | 36,030 | 37,190 | |
Number of new asbestos claims | 930 | |||
Number of asbestos claims closed or moved to inactive docket | 1,320 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 33 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | |
Restructuring Reserve [Roll Forward] | |||||||
Restructuring reserve, beginning balance | $ 54,000,000 | $ 18,000,000 | $ 18,000,000 | ||||
Restructuring charges | $ 0 | $ 0 | 0 | 55,000,000 | 81,000,000 | $ 26,000,000 | |
Restructuring settlements | (30,000,000) | (45,000,000) | $ (83,000,000) | ||||
Restructuring reserve, ending balance | 24,000,000 | 24,000,000 | 54,000,000 | 18,000,000 | 24,000,000 | ||
Employee severance [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring charges | 48,000,000 | 17,000,000 | |||||
Restructuring settlements | (54,000,000) | ||||||
Contract termination [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring charges | 33,000,000 | 9,000,000 | |||||
Restructuring settlements | (29,000,000) | ||||||
Operating Segments [Member] | Entertainment Segment [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring reserve, beginning balance | 19,000,000 | 6,000,000 | 6,000,000 | ||||
Restructuring charges | 26,000,000 | ||||||
Restructuring settlements | (13,000,000) | (13,000,000) | |||||
Restructuring reserve, ending balance | 6,000,000 | 6,000,000 | 19,000,000 | 6,000,000 | 6,000,000 | ||
Operating Segments [Member] | Local Media Segment [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring reserve, beginning balance | 11,000,000 | 5,000,000 | 5,000,000 | ||||
Restructuring charges | 19,000,000 | ||||||
Restructuring settlements | (5,000,000) | (13,000,000) | |||||
Restructuring reserve, ending balance | 6,000,000 | 6,000,000 | 11,000,000 | 5,000,000 | 6,000,000 | ||
Operating Segments [Member] | Radio Segment [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring reserve, beginning balance | 23,000,000 | 5,000,000 | 5,000,000 | ||||
Restructuring charges | 36,000,000 | ||||||
Restructuring settlements | (11,000,000) | (18,000,000) | |||||
Restructuring reserve, ending balance | 12,000,000 | 12,000,000 | 23,000,000 | 5,000,000 | 12,000,000 | ||
Corporate [Member] | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring reserve, beginning balance | 1,000,000 | $ 2,000,000 | 2,000,000 | ||||
Restructuring charges | 0 | ||||||
Restructuring settlements | (1,000,000) | (1,000,000) | |||||
Restructuring reserve, ending balance | $ 0 | $ 0 | $ 1,000,000 | $ 2,000,000 | $ 0 |
Financial Instruments and Fai43
Financial Instruments and Fair Value Measurements (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Senior Debt [Line Items] | ||
Carrying value of senior debt | $ 8,849,000,000 | $ 8,365,000,000 |
Assets, Fair Value Disclosure [Abstract] | ||
Foreign currency hedges, assets | 21,000,000 | 13,000,000 |
Total Assets | 21,000,000 | 13,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation | 329,000,000 | 312,000,000 |
Foreign currency hedges, liabilities | 5,000,000 | |
Total Liabilities | 334,000,000 | 312,000,000 |
Senior Notes [Member] | ||
Senior Debt [Line Items] | ||
Fair value of senior debt | 9,900,000,000 | 8,780,000,000 |
Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Foreign currency hedges, assets | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation | 0 | 0 |
Foreign currency hedges, liabilities | 0 | |
Total Liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Foreign currency hedges, assets | 21,000,000 | 13,000,000 |
Total Assets | 21,000,000 | 13,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation | 329,000,000 | 312,000,000 |
Foreign currency hedges, liabilities | 5,000,000 | |
Total Liabilities | 334,000,000 | 312,000,000 |
Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Foreign currency hedges, assets | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation | 0 | 0 |
Foreign currency hedges, liabilities | 0 | |
Total Liabilities | $ 0 | $ 0 |
Financial Instruments and Fai44
Financial Instruments and Fair Value Measurements Additional Disclosures (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Interest rate swaps [Member] | |||||
Derivatives [Line Items] | |||||
Gain (loss) on designated interest rate swaps | $ 0 | $ 2 | $ 0 | $ 7 | |
Foreign exchange contracts [Member] | |||||
Derivatives [Line Items] | |||||
Gain (loss) on non-designated foreign exchange contract | 4 | $ 10 | 13 | $ 13 | |
Foreign exchange contracts [Member] | Cash Flow Hedging [Member] | |||||
Derivatives [Line Items] | |||||
Notional amount of derivative | $ 456 | $ 456 | $ 291 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | ||||||
Interest expense | $ (104,000,000) | $ (102,000,000) | $ (304,000,000) | $ (289,000,000) | ||
Interest income | 7,000,000 | 6,000,000 | 22,000,000 | 18,000,000 | ||
Other items, net | 2,000,000 | (4,000,000) | (5,000,000) | (23,000,000) | ||
Earnings before income taxes and equity in loss of investee companies | 703,000,000 | 653,000,000 | 2,065,000,000 | 1,766,000,000 | ||
Provision for income taxes | (176,000,000) | (211,000,000) | (612,000,000) | (579,000,000) | ||
Equity in loss of investee companies, net of tax | (13,000,000) | (16,000,000) | (43,000,000) | (35,000,000) | ||
Net earnings from continuing operations | 514,000,000 | 426,000,000 | 1,410,000,000 | 1,152,000,000 | ||
Loss from discontinued operations (Note 1) | (36,000,000) | 0 | (36,000,000) | 0 | ||
Net earnings (loss) | 478,000,000 | 426,000,000 | 1,374,000,000 | 1,152,000,000 | ||
Reportable Segments [Line Items] | ||||||
Revenues | 3,396,000,000 | 3,257,000,000 | 10,532,000,000 | 9,976,000,000 | ||
Operating income (loss) | 798,000,000 | 753,000,000 | 2,352,000,000 | 2,060,000,000 | ||
Restructuring charges | 0 | 0 | 0 | (55,000,000) | $ (81,000,000) | $ (26,000,000) |
Other operating items, net | 0 | 0 | 9,000,000 | 19,000,000 | ||
Depreciation and amortization | 61,000,000 | 65,000,000 | 188,000,000 | 199,000,000 | ||
Stock-based compensation | 46,000,000 | 39,000,000 | 134,000,000 | 128,000,000 | ||
Capital expenditures | 46,000,000 | 58,000,000 | 125,000,000 | 104,000,000 | ||
Assets | 23,848,000,000 | 23,848,000,000 | 23,765,000,000 | |||
Operating Segments [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Operating income (loss) | 798,000,000 | 753,000,000 | 2,343,000,000 | 2,096,000,000 | ||
Operating Segments [Member] | Entertainment Segment [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Revenues | 1,949,000,000 | 1,932,000,000 | 6,483,000,000 | 5,978,000,000 | ||
Operating income (loss) | 348,000,000 | 339,000,000 | 1,148,000,000 | 947,000,000 | ||
Restructuring charges | (26,000,000) | |||||
Depreciation and amortization | 28,000,000 | 31,000,000 | 88,000,000 | 95,000,000 | ||
Stock-based compensation | 16,000,000 | 16,000,000 | 47,000,000 | 48,000,000 | ||
Capital expenditures | 23,000,000 | 33,000,000 | 60,000,000 | 54,000,000 | ||
Assets | 11,220,000,000 | 11,220,000,000 | 10,910,000,000 | |||
Operating Segments [Member] | Cable Networks Segment [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Revenues | 598,000,000 | 526,000,000 | 1,659,000,000 | 1,680,000,000 | ||
Operating income (loss) | 285,000,000 | 246,000,000 | 740,000,000 | 717,000,000 | ||
Depreciation and amortization | 6,000,000 | 5,000,000 | 17,000,000 | 17,000,000 | ||
Stock-based compensation | 3,000,000 | 3,000,000 | 9,000,000 | 8,000,000 | ||
Capital expenditures | 4,000,000 | 5,000,000 | 8,000,000 | 8,000,000 | ||
Assets | 2,526,000,000 | 2,526,000,000 | 2,369,000,000 | |||
Operating Segments [Member] | Publishing Segment [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Revenues | 226,000,000 | 203,000,000 | 558,000,000 | 547,000,000 | ||
Operating income (loss) | 44,000,000 | 43,000,000 | 83,000,000 | 80,000,000 | ||
Depreciation and amortization | 1,000,000 | 1,000,000 | 4,000,000 | 4,000,000 | ||
Stock-based compensation | 1,000,000 | 1,000,000 | 3,000,000 | 3,000,000 | ||
Capital expenditures | 1,000,000 | 2,000,000 | 7,000,000 | 4,000,000 | ||
Assets | 835,000,000 | 835,000,000 | 880,000,000 | |||
Operating Segments [Member] | Local Media Segment [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Revenues | 409,000,000 | 376,000,000 | 1,253,000,000 | 1,138,000,000 | ||
Operating income (loss) | 122,000,000 | 101,000,000 | 402,000,000 | 338,000,000 | ||
Restructuring charges | (19,000,000) | |||||
Depreciation and amortization | 11,000,000 | 12,000,000 | 33,000,000 | 37,000,000 | ||
Stock-based compensation | 3,000,000 | 3,000,000 | 9,000,000 | 9,000,000 | ||
Capital expenditures | 9,000,000 | 10,000,000 | 20,000,000 | 17,000,000 | ||
Assets | 3,827,000,000 | 3,827,000,000 | 3,881,000,000 | |||
Operating Segments [Member] | Radio Segment [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Revenues | 319,000,000 | 318,000,000 | 898,000,000 | 907,000,000 | ||
Operating income (loss) | 77,000,000 | 73,000,000 | 215,000,000 | 195,000,000 | ||
Restructuring charges | (36,000,000) | |||||
Depreciation and amortization | 7,000,000 | 8,000,000 | 22,000,000 | 23,000,000 | ||
Stock-based compensation | 4,000,000 | 2,000,000 | 11,000,000 | 12,000,000 | ||
Capital expenditures | 4,000,000 | 5,000,000 | 14,000,000 | 16,000,000 | ||
Assets | 5,167,000,000 | 5,167,000,000 | 5,224,000,000 | |||
Corporate [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Operating income (loss) | (78,000,000) | (49,000,000) | (245,000,000) | (181,000,000) | ||
Restructuring charges | 0 | |||||
Depreciation and amortization | 8,000,000 | 8,000,000 | 24,000,000 | 23,000,000 | ||
Stock-based compensation | 19,000,000 | 14,000,000 | 55,000,000 | 48,000,000 | ||
Capital expenditures | 5,000,000 | 3,000,000 | 16,000,000 | 5,000,000 | ||
Assets | 249,000,000 | 249,000,000 | 476,000,000 | |||
Corporate and Eliminations [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Revenues | (105,000,000) | (98,000,000) | (319,000,000) | (274,000,000) | ||
Intersegment Eliminations [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Revenues | (110,000,000) | (101,000,000) | (336,000,000) | (282,000,000) | ||
Intersegment Eliminations [Member] | Entertainment Segment [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Revenues | (102,000,000) | (96,000,000) | (321,000,000) | (270,000,000) | ||
Intersegment Eliminations [Member] | Local Media Segment [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Revenues | (2,000,000) | (3,000,000) | (6,000,000) | (7,000,000) | ||
Intersegment Eliminations [Member] | Radio Segment [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Revenues | (6,000,000) | (2,000,000) | (9,000,000) | (5,000,000) | ||
Discontinued Operations [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Assets | 24,000,000 | 24,000,000 | $ 25,000,000 | |||
Segment Reconciling Items [Member] | ||||||
Reportable Segments [Line Items] | ||||||
Restructuring charges | 0 | 0 | 0 | (55,000,000) | ||
Other operating items, net | $ 0 | $ 0 | $ 9,000,000 | $ 19,000,000 |
Condensed Consolidating Finan46
Condensed Consolidating Financial Statements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Consolidating Statement Of Operations [Abstract] | ||||||
Revenues | $ 3,396,000,000 | $ 3,257,000,000 | $ 10,532,000,000 | $ 9,976,000,000 | ||
Cost and expenses: | ||||||
Operating | 1,897,000,000 | 1,842,000,000 | 6,114,000,000 | 5,891,000,000 | ||
Selling, general and administrative | 640,000,000 | 597,000,000 | 1,887,000,000 | 1,790,000,000 | ||
Depreciation and amortization | 61,000,000 | 65,000,000 | 188,000,000 | 199,000,000 | ||
Restructuring charges | 0 | 0 | 0 | 55,000,000 | $ 81,000,000 | $ 26,000,000 |
Other operating items, net | 0 | 0 | (9,000,000) | (19,000,000) | ||
Total costs and expenses | 2,598,000,000 | 2,504,000,000 | 8,180,000,000 | 7,916,000,000 | ||
Operating income (loss) | 798,000,000 | 753,000,000 | 2,352,000,000 | 2,060,000,000 | ||
Interest (expense) income, net | (97,000,000) | (96,000,000) | (282,000,000) | (271,000,000) | ||
Other items, net | 2,000,000 | (4,000,000) | (5,000,000) | (23,000,000) | ||
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies | 703,000,000 | 653,000,000 | 2,065,000,000 | 1,766,000,000 | ||
Benefit (provision) for income taxes | (176,000,000) | (211,000,000) | (612,000,000) | (579,000,000) | ||
Equity in earnings (loss) of investee companies, net of tax | (13,000,000) | (16,000,000) | (43,000,000) | (35,000,000) | ||
Net earnings from continuing operations | 514,000,000 | 426,000,000 | 1,410,000,000 | 1,152,000,000 | ||
Loss from discontinued operations (Note 1) | (36,000,000) | 0 | (36,000,000) | 0 | ||
Net earnings (loss) | 478,000,000 | 426,000,000 | 1,374,000,000 | 1,152,000,000 | ||
Total comprehensive income | 489,000,000 | 430,000,000 | 1,405,000,000 | 1,173,000,000 | ||
Assets [Abstract] | ||||||
Cash and cash equivalents | 179,000,000 | 133,000,000 | 179,000,000 | 133,000,000 | 323,000,000 | 428,000,000 |
Receivables, net | 3,348,000,000 | 3,348,000,000 | 3,628,000,000 | |||
Programming and other inventory (Note 3) | 1,459,000,000 | 1,459,000,000 | 1,271,000,000 | |||
Prepaid expenses and other current assets | 471,000,000 | 471,000,000 | 525,000,000 | |||
Total current assets | 5,457,000,000 | 5,457,000,000 | 5,747,000,000 | |||
Property and equipment | 3,263,000,000 | 3,263,000,000 | 3,243,000,000 | |||
Less accumulated depreciation and amortization | 1,918,000,000 | 1,918,000,000 | 1,838,000,000 | |||
Net property and equipment | 1,345,000,000 | 1,345,000,000 | 1,405,000,000 | |||
Programming and other inventory (Note 3) | 2,237,000,000 | 2,237,000,000 | 1,957,000,000 | |||
Goodwill | 6,531,000,000 | 6,531,000,000 | 6,481,000,000 | |||
Intangible assets | 5,499,000,000 | 5,499,000,000 | 5,514,000,000 | |||
Investments in consolidated subsidiaries | 0 | 0 | 0 | |||
Other assets | 2,779,000,000 | 2,779,000,000 | 2,661,000,000 | |||
Intercompany | 0 | 0 | 0 | |||
Total Assets | 23,848,000,000 | 23,848,000,000 | 23,765,000,000 | |||
Liabilities and Stockholders' Equity [Abstract] | ||||||
Accounts payable | 153,000,000 | 153,000,000 | 192,000,000 | |||
Participants' share and royalties payable | 979,000,000 | 979,000,000 | 1,013,000,000 | |||
Program rights | 373,000,000 | 373,000,000 | 374,000,000 | |||
Commercial paper | 33,000,000 | 33,000,000 | 0 | |||
Current portion of long-term debt (Note 5) | 22,000,000 | 22,000,000 | 222,000,000 | |||
Accrued expenses and other current liabilities | 1,538,000,000 | 1,538,000,000 | 1,759,000,000 | |||
Total current liabilities | 3,098,000,000 | 3,098,000,000 | 3,560,000,000 | |||
Long-term debt (Note 5) | 8,902,000,000 | 8,902,000,000 | 8,226,000,000 | |||
Other liabilities | 6,500,000,000 | 6,500,000,000 | 6,416,000,000 | |||
Intercompany | 0 | 0 | 0 | |||
Stockholders' Equity [Abstract] | ||||||
Preferred stock | 0 | 0 | 0 | |||
Common stock | 1,000,000 | 1,000,000 | 1,000,000 | |||
Additional paid-in capital | 43,935,000,000 | 43,935,000,000 | 44,055,000,000 | |||
Retained earnings (deficit) | (19,144,000,000) | (19,144,000,000) | (20,518,000,000) | |||
Accumulated other comprehensive income (loss) | (739,000,000) | (714,000,000) | (739,000,000) | (714,000,000) | (770,000,000) | (735,000,000) |
Stockholders' equity including treasury stock | 24,053,000,000 | 24,053,000,000 | 22,768,000,000 | |||
Less treasury stock, at cost | 18,705,000,000 | 18,705,000,000 | 17,205,000,000 | |||
Total Stockholders' Equity | 5,348,000,000 | 5,348,000,000 | 5,563,000,000 | |||
Total Liabilities and Stockholders' Equity | 23,848,000,000 | 23,848,000,000 | 23,765,000,000 | |||
Condensed Consolidating Statement Of Cash Flows [Abstract] | ||||||
Net cash flow provided by (used for) operating activities | 1,306,000,000 | 623,000,000 | ||||
Investing Activities | ||||||
Acquisitions | (51,000,000) | (7,000,000) | ||||
Capital expenditures | (46,000,000) | (58,000,000) | (125,000,000) | (104,000,000) | ||
Investments in and advances to investee companies | (44,000,000) | (58,000,000) | ||||
Proceeds from dispositions | 28,000,000 | 75,000,000 | ||||
Other investing activities | 11,000,000 | (8,000,000) | ||||
Net cash flow provided by (used for) investing activities from continuing operations | (181,000,000) | (102,000,000) | ||||
Net cash flow provided by (used for) investing activities from discontinued operations | 0 | (4,000,000) | ||||
Net cash flow provided by (used for) investing activities | (181,000,000) | (106,000,000) | ||||
Financing Activities | ||||||
Proceeds from (repayments of) short-term debt borrowings, net | 33,000,000 | (313,000,000) | ||||
Proceeds from issuance of senior notes | 685,000,000 | 1,959,000,000 | ||||
Repayment of senior debentures | (199,000,000) | 0 | ||||
Payment of capital lease obligations | (13,000,000) | (13,000,000) | ||||
Dividends | (209,000,000) | (228,000,000) | ||||
Purchase of Company common stock | (1,534,000,000) | (2,345,000,000) | ||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (57,000,000) | (96,000,000) | ||||
Proceeds from exercise of stock options | 13,000,000 | 137,000,000 | ||||
Excess tax benefit from stock-based compensation | 13,000,000 | 87,000,000 | ||||
Other financing activities | (1,000,000) | 0 | ||||
Increase (decrease) in intercompany payables | 0 | 0 | ||||
Net cash flow provided by (used for) financing activities | (1,269,000,000) | (812,000,000) | ||||
Net increase (decrease) in cash and cash equivalents | (144,000,000) | (295,000,000) | ||||
Cash and cash equivalents | 179,000,000 | 133,000,000 | 179,000,000 | 133,000,000 | 323,000,000 | 428,000,000 |
Eliminations [Member] | ||||||
Condensed Consolidating Statement Of Operations [Abstract] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Cost and expenses: | ||||||
Operating | 0 | 0 | 0 | 0 | ||
Selling, general and administrative | 0 | 0 | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||
Restructuring charges | 0 | |||||
Other operating items, net | 0 | 0 | ||||
Total costs and expenses | 0 | 0 | 0 | 0 | ||
Operating income (loss) | 0 | 0 | 0 | 0 | ||
Interest (expense) income, net | 0 | 0 | 0 | 0 | ||
Other items, net | 0 | 0 | 0 | 0 | ||
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies | 0 | 0 | 0 | 0 | ||
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 | ||
Equity in earnings (loss) of investee companies, net of tax | (887,000,000) | (839,000,000) | (2,498,000,000) | (2,181,000,000) | ||
Net earnings from continuing operations | (887,000,000) | (2,498,000,000) | ||||
Loss from discontinued operations (Note 1) | 0 | 0 | ||||
Net earnings (loss) | (887,000,000) | (839,000,000) | (2,498,000,000) | (2,181,000,000) | ||
Total comprehensive income | (890,000,000) | (830,000,000) | (2,505,000,000) | (2,192,000,000) | ||
Assets [Abstract] | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Receivables, net | 0 | 0 | 0 | |||
Programming and other inventory (Note 3) | 0 | 0 | 0 | |||
Prepaid expenses and other current assets | (36,000,000) | (36,000,000) | (30,000,000) | |||
Total current assets | (36,000,000) | (36,000,000) | (30,000,000) | |||
Property and equipment | 0 | 0 | 0 | |||
Less accumulated depreciation and amortization | 0 | 0 | 0 | |||
Net property and equipment | 0 | 0 | 0 | |||
Programming and other inventory (Note 3) | 0 | 0 | 0 | |||
Goodwill | 0 | 0 | 0 | |||
Intangible assets | 0 | 0 | 0 | |||
Investments in consolidated subsidiaries | (58,024,000,000) | (58,024,000,000) | (55,519,000,000) | |||
Other assets | 0 | 0 | 0 | |||
Intercompany | (27,429,000,000) | (27,429,000,000) | (26,236,000,000) | |||
Total Assets | (85,489,000,000) | (85,489,000,000) | (81,785,000,000) | |||
Liabilities and Stockholders' Equity [Abstract] | ||||||
Accounts payable | 0 | 0 | 0 | |||
Participants' share and royalties payable | 0 | 0 | 0 | |||
Program rights | 0 | 0 | 0 | |||
Commercial paper | 0 | 0 | ||||
Current portion of long-term debt (Note 5) | 0 | 0 | 0 | |||
Accrued expenses and other current liabilities | (36,000,000) | (36,000,000) | (30,000,000) | |||
Total current liabilities | (36,000,000) | (36,000,000) | (30,000,000) | |||
Long-term debt (Note 5) | 0 | 0 | 0 | |||
Other liabilities | 0 | 0 | 0 | |||
Intercompany | (27,429,000,000) | (27,429,000,000) | (26,236,000,000) | |||
Stockholders' Equity [Abstract] | ||||||
Preferred stock | (126,000,000) | (126,000,000) | (126,000,000) | |||
Common stock | (713,000,000) | (713,000,000) | (713,000,000) | |||
Additional paid-in capital | (60,894,000,000) | (60,894,000,000) | (60,894,000,000) | |||
Retained earnings (deficit) | (1,330,000,000) | (1,330,000,000) | 1,168,000,000 | |||
Accumulated other comprehensive income (loss) | (92,000,000) | (92,000,000) | (85,000,000) | |||
Stockholders' equity including treasury stock | (63,155,000,000) | (63,155,000,000) | (60,650,000,000) | |||
Less treasury stock, at cost | (5,131,000,000) | (5,131,000,000) | (5,131,000,000) | |||
Total Stockholders' Equity | (58,024,000,000) | (58,024,000,000) | (55,519,000,000) | |||
Total Liabilities and Stockholders' Equity | (85,489,000,000) | (85,489,000,000) | (81,785,000,000) | |||
Condensed Consolidating Statement Of Cash Flows [Abstract] | ||||||
Net cash flow provided by (used for) operating activities | 0 | 0 | ||||
Investing Activities | ||||||
Acquisitions | 0 | 0 | ||||
Capital expenditures | 0 | 0 | ||||
Investments in and advances to investee companies | 0 | 0 | ||||
Proceeds from dispositions | 0 | 0 | ||||
Other investing activities | 0 | 0 | ||||
Net cash flow provided by (used for) investing activities from continuing operations | 0 | 0 | ||||
Net cash flow provided by (used for) investing activities from discontinued operations | 0 | |||||
Net cash flow provided by (used for) investing activities | 0 | 0 | ||||
Financing Activities | ||||||
Proceeds from (repayments of) short-term debt borrowings, net | 0 | 0 | ||||
Proceeds from issuance of senior notes | 0 | 0 | ||||
Repayment of senior debentures | 0 | |||||
Payment of capital lease obligations | 0 | 0 | ||||
Dividends | 0 | 0 | ||||
Purchase of Company common stock | 0 | 0 | ||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | 0 | 0 | ||||
Proceeds from exercise of stock options | 0 | 0 | ||||
Excess tax benefit from stock-based compensation | 0 | 0 | ||||
Other financing activities | 0 | |||||
Increase (decrease) in intercompany payables | 0 | 0 | ||||
Net cash flow provided by (used for) financing activities | 0 | 0 | ||||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
CBS Corp. [Member] | ||||||
Condensed Consolidating Statement Of Operations [Abstract] | ||||||
Revenues | 42,000,000 | 36,000,000 | 125,000,000 | 101,000,000 | ||
Cost and expenses: | ||||||
Operating | 16,000,000 | 17,000,000 | 48,000,000 | 47,000,000 | ||
Selling, general and administrative | 20,000,000 | 3,000,000 | 62,000,000 | 27,000,000 | ||
Depreciation and amortization | 2,000,000 | 1,000,000 | 4,000,000 | 4,000,000 | ||
Restructuring charges | 0 | |||||
Other operating items, net | 0 | 0 | ||||
Total costs and expenses | 38,000,000 | 21,000,000 | 114,000,000 | 78,000,000 | ||
Operating income (loss) | 4,000,000 | 15,000,000 | 11,000,000 | 23,000,000 | ||
Interest (expense) income, net | (129,000,000) | (125,000,000) | (377,000,000) | (358,000,000) | ||
Other items, net | 0 | (1,000,000) | (2,000,000) | (1,000,000) | ||
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies | (125,000,000) | (111,000,000) | (368,000,000) | (336,000,000) | ||
Benefit (provision) for income taxes | 43,000,000 | 36,000,000 | 120,000,000 | 109,000,000 | ||
Equity in earnings (loss) of investee companies, net of tax | 560,000,000 | 501,000,000 | 1,622,000,000 | 1,379,000,000 | ||
Net earnings from continuing operations | 478,000,000 | 1,374,000,000 | ||||
Loss from discontinued operations (Note 1) | 0 | 0 | ||||
Net earnings (loss) | 478,000,000 | 426,000,000 | 1,374,000,000 | 1,152,000,000 | ||
Total comprehensive income | 489,000,000 | 430,000,000 | 1,405,000,000 | 1,173,000,000 | ||
Assets [Abstract] | ||||||
Cash and cash equivalents | 54,000,000 | 48,000,000 | 54,000,000 | 48,000,000 | 267,000,000 | 63,000,000 |
Receivables, net | 20,000,000 | 20,000,000 | 28,000,000 | |||
Programming and other inventory (Note 3) | 4,000,000 | 4,000,000 | 3,000,000 | |||
Prepaid expenses and other current assets | 93,000,000 | 93,000,000 | 192,000,000 | |||
Total current assets | 171,000,000 | 171,000,000 | 490,000,000 | |||
Property and equipment | 47,000,000 | 47,000,000 | 46,000,000 | |||
Less accumulated depreciation and amortization | 23,000,000 | 23,000,000 | 20,000,000 | |||
Net property and equipment | 24,000,000 | 24,000,000 | 26,000,000 | |||
Programming and other inventory (Note 3) | 6,000,000 | 6,000,000 | 6,000,000 | |||
Goodwill | 98,000,000 | 98,000,000 | 98,000,000 | |||
Intangible assets | 0 | 0 | 0 | |||
Investments in consolidated subsidiaries | 44,372,000,000 | 44,372,000,000 | 42,744,000,000 | |||
Other assets | 153,000,000 | 153,000,000 | 163,000,000 | |||
Intercompany | 0 | 0 | 0 | |||
Total Assets | 44,824,000,000 | 44,824,000,000 | 43,527,000,000 | |||
Liabilities and Stockholders' Equity [Abstract] | ||||||
Accounts payable | 1,000,000 | 1,000,000 | 1,000,000 | |||
Participants' share and royalties payable | 0 | 0 | 0 | |||
Program rights | 4,000,000 | 4,000,000 | 4,000,000 | |||
Commercial paper | 33,000,000 | 33,000,000 | ||||
Current portion of long-term debt (Note 5) | 6,000,000 | 6,000,000 | 206,000,000 | |||
Accrued expenses and other current liabilities | 363,000,000 | 363,000,000 | 418,000,000 | |||
Total current liabilities | 407,000,000 | 407,000,000 | 629,000,000 | |||
Long-term debt (Note 5) | 8,797,000,000 | 8,797,000,000 | 8,113,000,000 | |||
Other liabilities | 2,843,000,000 | 2,843,000,000 | 2,986,000,000 | |||
Intercompany | 27,429,000,000 | 27,429,000,000 | 26,236,000,000 | |||
Stockholders' Equity [Abstract] | ||||||
Preferred stock | 0 | 0 | 0 | |||
Common stock | 1,000,000 | 1,000,000 | 1,000,000 | |||
Additional paid-in capital | 43,935,000,000 | 43,935,000,000 | 44,055,000,000 | |||
Retained earnings (deficit) | (19,144,000,000) | (19,144,000,000) | (20,518,000,000) | |||
Accumulated other comprehensive income (loss) | (739,000,000) | (739,000,000) | (770,000,000) | |||
Stockholders' equity including treasury stock | 24,053,000,000 | 24,053,000,000 | 22,768,000,000 | |||
Less treasury stock, at cost | 18,705,000,000 | 18,705,000,000 | 17,205,000,000 | |||
Total Stockholders' Equity | 5,348,000,000 | 5,348,000,000 | 5,563,000,000 | |||
Total Liabilities and Stockholders' Equity | 44,824,000,000 | 44,824,000,000 | 43,527,000,000 | |||
Condensed Consolidating Statement Of Cash Flows [Abstract] | ||||||
Net cash flow provided by (used for) operating activities | (696,000,000) | (557,000,000) | ||||
Investing Activities | ||||||
Acquisitions | 0 | 0 | ||||
Capital expenditures | 0 | 0 | ||||
Investments in and advances to investee companies | 0 | 0 | ||||
Proceeds from dispositions | (4,000,000) | 0 | ||||
Other investing activities | 7,000,000 | (8,000,000) | ||||
Net cash flow provided by (used for) investing activities from continuing operations | 3,000,000 | (8,000,000) | ||||
Net cash flow provided by (used for) investing activities from discontinued operations | (4,000,000) | |||||
Net cash flow provided by (used for) investing activities | 3,000,000 | (12,000,000) | ||||
Financing Activities | ||||||
Proceeds from (repayments of) short-term debt borrowings, net | 33,000,000 | (313,000,000) | ||||
Proceeds from issuance of senior notes | 685,000,000 | 1,959,000,000 | ||||
Repayment of senior debentures | (199,000,000) | |||||
Payment of capital lease obligations | 0 | 0 | ||||
Dividends | (209,000,000) | (228,000,000) | ||||
Purchase of Company common stock | (1,534,000,000) | (2,345,000,000) | ||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (57,000,000) | (96,000,000) | ||||
Proceeds from exercise of stock options | 13,000,000 | 137,000,000 | ||||
Excess tax benefit from stock-based compensation | 13,000,000 | 87,000,000 | ||||
Other financing activities | (1,000,000) | |||||
Increase (decrease) in intercompany payables | 1,736,000,000 | 1,353,000,000 | ||||
Net cash flow provided by (used for) financing activities | 480,000,000 | 554,000,000 | ||||
Net increase (decrease) in cash and cash equivalents | (213,000,000) | (15,000,000) | ||||
Cash and cash equivalents | 54,000,000 | 48,000,000 | 54,000,000 | 48,000,000 | 267,000,000 | 63,000,000 |
CBS Operations Inc. [Member] | ||||||
Condensed Consolidating Statement Of Operations [Abstract] | ||||||
Revenues | 3,000,000 | 2,000,000 | 9,000,000 | 8,000,000 | ||
Cost and expenses: | ||||||
Operating | 1,000,000 | 1,000,000 | 4,000,000 | 4,000,000 | ||
Selling, general and administrative | 63,000,000 | 49,000,000 | 196,000,000 | 165,000,000 | ||
Depreciation and amortization | 6,000,000 | 5,000,000 | 17,000,000 | 15,000,000 | ||
Restructuring charges | 0 | |||||
Other operating items, net | 0 | 0 | ||||
Total costs and expenses | 70,000,000 | 55,000,000 | 217,000,000 | 184,000,000 | ||
Operating income (loss) | (67,000,000) | (53,000,000) | (208,000,000) | (176,000,000) | ||
Interest (expense) income, net | (109,000,000) | (103,000,000) | (319,000,000) | (300,000,000) | ||
Other items, net | 0 | 6,000,000 | 3,000,000 | 6,000,000 | ||
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies | (176,000,000) | (150,000,000) | (524,000,000) | (470,000,000) | ||
Benefit (provision) for income taxes | 59,000,000 | 48,000,000 | 170,000,000 | 152,000,000 | ||
Equity in earnings (loss) of investee companies, net of tax | 327,000,000 | 338,000,000 | 876,000,000 | 802,000,000 | ||
Net earnings from continuing operations | 210,000,000 | 522,000,000 | ||||
Loss from discontinued operations (Note 1) | 0 | 0 | ||||
Net earnings (loss) | 210,000,000 | 236,000,000 | 522,000,000 | 484,000,000 | ||
Total comprehensive income | 215,000,000 | 240,000,000 | 540,000,000 | 487,000,000 | ||
Assets [Abstract] | ||||||
Cash and cash equivalents | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Receivables, net | 2,000,000 | 2,000,000 | 2,000,000 | |||
Programming and other inventory (Note 3) | 3,000,000 | 3,000,000 | 3,000,000 | |||
Prepaid expenses and other current assets | 39,000,000 | 39,000,000 | 26,000,000 | |||
Total current assets | 45,000,000 | 45,000,000 | 32,000,000 | |||
Property and equipment | 184,000,000 | 184,000,000 | 180,000,000 | |||
Less accumulated depreciation and amortization | 135,000,000 | 135,000,000 | 118,000,000 | |||
Net property and equipment | 49,000,000 | 49,000,000 | 62,000,000 | |||
Programming and other inventory (Note 3) | 7,000,000 | 7,000,000 | 9,000,000 | |||
Goodwill | 62,000,000 | 62,000,000 | 62,000,000 | |||
Intangible assets | 0 | 0 | 0 | |||
Investments in consolidated subsidiaries | 13,652,000,000 | 13,652,000,000 | 12,775,000,000 | |||
Other assets | 11,000,000 | 11,000,000 | 11,000,000 | |||
Intercompany | 1,901,000,000 | 1,901,000,000 | 2,248,000,000 | |||
Total Assets | 15,727,000,000 | 15,727,000,000 | 15,199,000,000 | |||
Liabilities and Stockholders' Equity [Abstract] | ||||||
Accounts payable | 2,000,000 | 2,000,000 | 4,000,000 | |||
Participants' share and royalties payable | 0 | 0 | 0 | |||
Program rights | 4,000,000 | 4,000,000 | 4,000,000 | |||
Commercial paper | 0 | 0 | ||||
Current portion of long-term debt (Note 5) | 0 | 0 | 0 | |||
Accrued expenses and other current liabilities | 228,000,000 | 228,000,000 | 230,000,000 | |||
Total current liabilities | 234,000,000 | 234,000,000 | 238,000,000 | |||
Long-term debt (Note 5) | 0 | 0 | 0 | |||
Other liabilities | 244,000,000 | 244,000,000 | 252,000,000 | |||
Intercompany | 0 | 0 | 0 | |||
Stockholders' Equity [Abstract] | ||||||
Preferred stock | 0 | 0 | 0 | |||
Common stock | 123,000,000 | 123,000,000 | 123,000,000 | |||
Additional paid-in capital | 0 | 0 | 0 | |||
Retained earnings (deficit) | 15,435,000,000 | 15,435,000,000 | 14,913,000,000 | |||
Accumulated other comprehensive income (loss) | 22,000,000 | 22,000,000 | 4,000,000 | |||
Stockholders' equity including treasury stock | 15,580,000,000 | 15,580,000,000 | 15,040,000,000 | |||
Less treasury stock, at cost | 331,000,000 | 331,000,000 | 331,000,000 | |||
Total Stockholders' Equity | 15,249,000,000 | 15,249,000,000 | 14,709,000,000 | |||
Total Liabilities and Stockholders' Equity | 15,727,000,000 | 15,727,000,000 | 15,199,000,000 | |||
Condensed Consolidating Statement Of Cash Flows [Abstract] | ||||||
Net cash flow provided by (used for) operating activities | (146,000,000) | (183,000,000) | ||||
Investing Activities | ||||||
Acquisitions | 0 | 0 | ||||
Capital expenditures | (16,000,000) | (5,000,000) | ||||
Investments in and advances to investee companies | 0 | 0 | ||||
Proceeds from dispositions | 0 | 0 | ||||
Other investing activities | 0 | 0 | ||||
Net cash flow provided by (used for) investing activities from continuing operations | (16,000,000) | (5,000,000) | ||||
Net cash flow provided by (used for) investing activities from discontinued operations | 0 | |||||
Net cash flow provided by (used for) investing activities | (16,000,000) | (5,000,000) | ||||
Financing Activities | ||||||
Proceeds from (repayments of) short-term debt borrowings, net | 0 | 0 | ||||
Proceeds from issuance of senior notes | 0 | 0 | ||||
Repayment of senior debentures | 0 | |||||
Payment of capital lease obligations | 0 | 0 | ||||
Dividends | 0 | 0 | ||||
Purchase of Company common stock | 0 | 0 | ||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | 0 | 0 | ||||
Proceeds from exercise of stock options | 0 | 0 | ||||
Excess tax benefit from stock-based compensation | 0 | 0 | ||||
Other financing activities | 0 | |||||
Increase (decrease) in intercompany payables | 162,000,000 | 188,000,000 | ||||
Net cash flow provided by (used for) financing activities | 162,000,000 | 188,000,000 | ||||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | ||||
Cash and cash equivalents | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Non-Guarantor Affiliates [Member] | ||||||
Condensed Consolidating Statement Of Operations [Abstract] | ||||||
Revenues | 3,351,000,000 | 3,219,000,000 | 10,398,000,000 | 9,867,000,000 | ||
Cost and expenses: | ||||||
Operating | 1,880,000,000 | 1,824,000,000 | 6,062,000,000 | 5,840,000,000 | ||
Selling, general and administrative | 557,000,000 | 545,000,000 | 1,629,000,000 | 1,598,000,000 | ||
Depreciation and amortization | 53,000,000 | 59,000,000 | 167,000,000 | 180,000,000 | ||
Restructuring charges | 55,000,000 | |||||
Other operating items, net | (9,000,000) | (19,000,000) | ||||
Total costs and expenses | 2,490,000,000 | 2,428,000,000 | 7,849,000,000 | 7,654,000,000 | ||
Operating income (loss) | 861,000,000 | 791,000,000 | 2,549,000,000 | 2,213,000,000 | ||
Interest (expense) income, net | 141,000,000 | 132,000,000 | 414,000,000 | 387,000,000 | ||
Other items, net | 2,000,000 | (9,000,000) | (6,000,000) | (28,000,000) | ||
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies | 1,004,000,000 | 914,000,000 | 2,957,000,000 | 2,572,000,000 | ||
Benefit (provision) for income taxes | (278,000,000) | (295,000,000) | (902,000,000) | (840,000,000) | ||
Equity in earnings (loss) of investee companies, net of tax | (13,000,000) | (16,000,000) | (43,000,000) | (35,000,000) | ||
Net earnings from continuing operations | 713,000,000 | 2,012,000,000 | ||||
Loss from discontinued operations (Note 1) | (36,000,000) | (36,000,000) | ||||
Net earnings (loss) | 677,000,000 | 603,000,000 | 1,976,000,000 | 1,697,000,000 | ||
Total comprehensive income | 675,000,000 | 590,000,000 | 1,965,000,000 | 1,705,000,000 | ||
Assets [Abstract] | ||||||
Cash and cash equivalents | 124,000,000 | 84,000,000 | 124,000,000 | 84,000,000 | 55,000,000 | 364,000,000 |
Receivables, net | 3,326,000,000 | 3,326,000,000 | 3,598,000,000 | |||
Programming and other inventory (Note 3) | 1,452,000,000 | 1,452,000,000 | 1,265,000,000 | |||
Prepaid expenses and other current assets | 375,000,000 | 375,000,000 | 337,000,000 | |||
Total current assets | 5,277,000,000 | 5,277,000,000 | 5,255,000,000 | |||
Property and equipment | 3,032,000,000 | 3,032,000,000 | 3,017,000,000 | |||
Less accumulated depreciation and amortization | 1,760,000,000 | 1,760,000,000 | 1,700,000,000 | |||
Net property and equipment | 1,272,000,000 | 1,272,000,000 | 1,317,000,000 | |||
Programming and other inventory (Note 3) | 2,224,000,000 | 2,224,000,000 | 1,942,000,000 | |||
Goodwill | 6,371,000,000 | 6,371,000,000 | 6,321,000,000 | |||
Intangible assets | 5,499,000,000 | 5,499,000,000 | 5,514,000,000 | |||
Investments in consolidated subsidiaries | 0 | 0 | 0 | |||
Other assets | 2,615,000,000 | 2,615,000,000 | 2,487,000,000 | |||
Intercompany | 25,528,000,000 | 25,528,000,000 | 23,988,000,000 | |||
Total Assets | 48,786,000,000 | 48,786,000,000 | 46,824,000,000 | |||
Liabilities and Stockholders' Equity [Abstract] | ||||||
Accounts payable | 150,000,000 | 150,000,000 | 187,000,000 | |||
Participants' share and royalties payable | 979,000,000 | 979,000,000 | 1,013,000,000 | |||
Program rights | 365,000,000 | 365,000,000 | 366,000,000 | |||
Commercial paper | 0 | 0 | ||||
Current portion of long-term debt (Note 5) | 16,000,000 | 16,000,000 | 16,000,000 | |||
Accrued expenses and other current liabilities | 983,000,000 | 983,000,000 | 1,141,000,000 | |||
Total current liabilities | 2,493,000,000 | 2,493,000,000 | 2,723,000,000 | |||
Long-term debt (Note 5) | 105,000,000 | 105,000,000 | 113,000,000 | |||
Other liabilities | 3,413,000,000 | 3,413,000,000 | 3,178,000,000 | |||
Intercompany | 0 | 0 | 0 | |||
Stockholders' Equity [Abstract] | ||||||
Preferred stock | 126,000,000 | 126,000,000 | 126,000,000 | |||
Common stock | 590,000,000 | 590,000,000 | 590,000,000 | |||
Additional paid-in capital | 60,894,000,000 | 60,894,000,000 | 60,894,000,000 | |||
Retained earnings (deficit) | (14,105,000,000) | (14,105,000,000) | (16,081,000,000) | |||
Accumulated other comprehensive income (loss) | 70,000,000 | 70,000,000 | 81,000,000 | |||
Stockholders' equity including treasury stock | 47,575,000,000 | 47,575,000,000 | 45,610,000,000 | |||
Less treasury stock, at cost | 4,800,000,000 | 4,800,000,000 | 4,800,000,000 | |||
Total Stockholders' Equity | 42,775,000,000 | 42,775,000,000 | 40,810,000,000 | |||
Total Liabilities and Stockholders' Equity | 48,786,000,000 | 48,786,000,000 | 46,824,000,000 | |||
Condensed Consolidating Statement Of Cash Flows [Abstract] | ||||||
Net cash flow provided by (used for) operating activities | 2,148,000,000 | 1,363,000,000 | ||||
Investing Activities | ||||||
Acquisitions | (51,000,000) | (7,000,000) | ||||
Capital expenditures | (109,000,000) | (99,000,000) | ||||
Investments in and advances to investee companies | (44,000,000) | (58,000,000) | ||||
Proceeds from dispositions | 32,000,000 | 75,000,000 | ||||
Other investing activities | 4,000,000 | 0 | ||||
Net cash flow provided by (used for) investing activities from continuing operations | (168,000,000) | (89,000,000) | ||||
Net cash flow provided by (used for) investing activities from discontinued operations | 0 | |||||
Net cash flow provided by (used for) investing activities | (168,000,000) | (89,000,000) | ||||
Financing Activities | ||||||
Proceeds from (repayments of) short-term debt borrowings, net | 0 | 0 | ||||
Proceeds from issuance of senior notes | 0 | 0 | ||||
Repayment of senior debentures | 0 | |||||
Payment of capital lease obligations | (13,000,000) | (13,000,000) | ||||
Dividends | 0 | 0 | ||||
Purchase of Company common stock | 0 | 0 | ||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | 0 | 0 | ||||
Proceeds from exercise of stock options | 0 | 0 | ||||
Excess tax benefit from stock-based compensation | 0 | 0 | ||||
Other financing activities | 0 | |||||
Increase (decrease) in intercompany payables | (1,898,000,000) | (1,541,000,000) | ||||
Net cash flow provided by (used for) financing activities | (1,911,000,000) | (1,554,000,000) | ||||
Net increase (decrease) in cash and cash equivalents | 69,000,000 | (280,000,000) | ||||
Cash and cash equivalents | $ 124,000,000 | $ 84,000,000 | $ 124,000,000 | $ 84,000,000 | $ 55,000,000 | $ 364,000,000 |