Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity [Abstract] | ' | ' |
Entity Registrant Name | 'CINCINNATI BELL INC. | ' |
Entity Central Index Key | '0000716133 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 208,037,869 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue | ' | ' | ' | ' |
Services | $255.40 | $319.50 | $782.30 | $956.40 |
Products | 55.4 | 48.7 | 166.2 | 142.8 |
Total revenue | 310.8 | 368.2 | 948.5 | 1,099.20 |
Costs and expenses | ' | ' | ' | ' |
Cost of services, excluding items below | 106.9 | 123.4 | 318.4 | 365.4 |
Cost of products sold, excluding items below | 52.5 | 48.9 | 160.4 | 144.4 |
Selling, general and administrative, excluding items below | 53.6 | 72.2 | 161.4 | 199.6 |
Depreciation and amortization | 39.8 | 55.4 | 127.6 | 160.2 |
Transaction-related compensation | 0 | 0 | 42.6 | 0 |
Restructuring charges | 0 | 0.9 | 10.8 | 3 |
Curtailment gain | 0 | 0 | -0.6 | 0 |
(Gain) loss on sale or disposal of assets, net | -0.2 | -0.6 | 2.6 | -0.6 |
Transaction costs | 0.5 | 1.7 | 1.6 | 1.7 |
Asset impairments | 0 | 0.3 | 0 | 13.3 |
Total operating costs and expenses | 253.1 | 302.2 | 824.8 | 887 |
Operating income | 57.7 | 66 | 123.7 | 212.2 |
Interest expense | 46.7 | 55.2 | 140 | 163.3 |
Loss from CyrusOne equity method investment | 1.5 | 0 | 8.1 | 0 |
Other (income) expense, net | -1.2 | 0.1 | -1.4 | 1.6 |
Income (loss) before income taxes | 10.7 | 10.7 | -23 | 47.3 |
Income tax expense | 1.4 | 6.8 | 3.6 | 26.3 |
Net income (loss) | 9.3 | 3.9 | -26.6 | 21 |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | 7.8 |
Net income (loss) applicable to common shareowners | $6.70 | $1.30 | ($34.40) | $13.20 |
Basic and diluted earnings (loss) per common share | $0.03 | $0.01 | ($0.17) | $0.07 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income (loss) | $9.30 | $3.90 | ($26.60) | $21 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Foreign currency translation gain (loss), net of tax of ($0.1), $0.0, ($0.2), $0.0 | 0 | 0.1 | -0.1 | 0.1 |
Defined benefit pension and postretirement plans: | ' | ' | ' | ' |
Net gain arising from remeasurement during the period, net of tax of $13.1, $17.3 | 22.7 | 0 | 30 | 0 |
Amortization of prior service benefits, net of tax of ($1.3), ($1.2), ($3.7), ($3.5) | -2.3 | -2 | -6.3 | -6.2 |
Amortization of net actuarial loss, net of tax of $2.4, $2.2, $7.5, $7.0 | 4.4 | 4.2 | 13.2 | 12.5 |
Reclassification adjustment for curtailment gain included in net income, net of tax of ($0.2) | 0 | 0 | -0.4 | 0 |
Other comprehensive income | 24.8 | 2.3 | 36.4 | 6.4 |
Total comprehensive income | $34.10 | $6.20 | $9.80 | $27.40 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income Parenthetical (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Foreign currency translation gain (loss), tax | ($0.10) | $0 | ($0.20) | $0 |
Net gain arising from remeasurement during the period, tax | 13.1 | ' | 17.3 | ' |
Amortization of prior service benefits, tax | -1.3 | -1.2 | -3.7 | -3.5 |
Amortization of net actuarial loss, tax | 2.4 | 2.2 | 7.5 | 7 |
Reclassification adjustment for curtailment gain included in net income, tax | ' | ' | ($0.20) | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $413.70 | $23.60 |
Receivables, less allowances of $13.0 and $13.3 | 153.4 | 199 |
Receivable from CyrusOne | 8 | 0 |
Inventory, materials and supplies | 26.4 | 30.7 |
Deferred income taxes, net | 34.1 | 26.8 |
Prepaid expenses | 11.1 | 11.8 |
Other current assets | 3.6 | 11.6 |
Total current assets | 650.3 | 303.5 |
Property, plant and equipment, net | 892.5 | 1,587.40 |
Investment in CyrusOne | 480.7 | 0 |
Goodwill | 14.4 | 290.6 |
Intangible assets, net | 92.8 | 196.8 |
Deferred income taxes, net | 376.9 | 407.8 |
Other noncurrent assets | 44.1 | 86.3 |
Total assets | 2,551.70 | 2,872.40 |
Current liabilities | ' | ' |
Current portion of long-term debt | 508.9 | 13.4 |
Accounts payable | 107.3 | 135.6 |
Payable to CyrusOne | 1 | 0 |
Unearned revenue and customer deposits | 34.3 | 51.2 |
Accrued taxes | 19.7 | 21.6 |
Accrued interest | 52.4 | 41.3 |
Accrued payroll and benefits | 41.7 | 52.1 |
Other current liabilities | 32.2 | 40.2 |
Total current liabilities | 797.5 | 355.4 |
Long-term debt, less current portion | 2,108.20 | 2,676 |
Pension and postretirement benefit obligations | 262.3 | 362.7 |
Other noncurrent liabilities | 70.9 | 176.5 |
Total liabilities | 3,238.90 | 3,570.60 |
Shareowners' deficit | ' | ' |
Preferred stock, 2,357,299 shares authorized, 155,250 shares (3,105,000 depositary shares) of 6 3/4% Cumulative Convertible Preferred Stock issued and outstanding at September 30, 2013 and December 31, 2012; liquidation preference $1,000 per share ($50 per depositary share) | 129.4 | 129.4 |
Common shares, $.01 par value; 480,000,000 shares authorized; 208,559,589 and 202,960,430 shares issued; 208,037,869 and 202,468,710 shares outstanding at September 30, 2013 and December 31, 2012 | 2.1 | 2 |
Additional paid-in capital | 2,592.10 | 2,590.90 |
Accumulated deficit | -3,235.40 | -3,208.80 |
Accumulated other comprehensive loss | -173.3 | -209.7 |
Common shares in treasury, at cost | -2.1 | -2 |
Total shareowners' deficit | -687.2 | -698.2 |
Total liabilities and shareowners' deficit | $2,551.70 | $2,872.40 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Parenthetical (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Allowance for receivables | $13,000,000 | $13,300,000 |
Preferred Stock, Shares Authorized | 2,357,299 | 2,357,299 |
Preferred Stock, 6 3/4% Cumulative Convertible, Shares Issued | 155,250 | 155,250 |
Preferred Stock, 6 3/4% Cumulative Convertible, Shares Outstanding | 155,250 | 155,250 |
Preferred Stock, Depositary Shares | 3,105,000 | 3,105,000 |
Preferred Stock, Dividend Rate, Percentage | 6.75% | 6.75% |
Preferred Stock, Liquidation Preference Per Share | $1,000 | $1,000 |
Preferred Stock Liquidation Preference Per Depositary Share | $50 | $50 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 480,000,000 | 480,000,000 |
Common Stock, Shares, Issued | 208,559,589 | 202,960,430 |
Common Stock, Shares, Outstanding | 208,037,869 | 202,468,710 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net (loss) income | ($26.60) | $21 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 127.6 | 160.2 |
Provision for loss on receivables | 9 | 11.6 |
Loss from CyrusOne equity method investment | 8.1 | 0 |
Asset impairments | 0 | 13.3 |
Noncash portion of interest expense | 5.7 | 5.8 |
Deferred income tax provision | 1.9 | 25.8 |
Pension and other postretirement payments in excess of expense | -43 | -24.3 |
Stock-based compensation | 4 | 3.6 |
Loss (gain) on sale or disposal of assets, net | 2.6 | -0.6 |
Excess tax benefit for share based payments | -0.5 | 0 |
Other, net | -2.1 | -1.2 |
Changes in operating assets and liabilities, net of CyrusOne deconsolidation: | ' | ' |
Increase in receivables | -4.4 | -26.1 |
Increase in inventory, materials, supplies, prepaid expenses and other current assets | -6.7 | -13.4 |
Decrease in accounts payable | -1 | -10.4 |
Decrease in accrued and other current liabilities | -3.8 | -9.6 |
Decrease (increase) in other noncurrent assets | 0.1 | -4.2 |
(Decrease) increase in other noncurrent liabilities | -11.1 | 3.5 |
Net cash provided by operating activities | 59.8 | 155 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -142 | -242.9 |
Dividends received from CyrusOne | 14.2 | 0 |
Proceeds from sale of assets | 1.8 | 0.6 |
Increase in restricted cash | 0 | -11.1 |
Release of restricted cash | 0.4 | 0.7 |
Cash divested from deconsolidation of CyrusOne | -12.2 | 0 |
Net cash used in investing activities | -137.8 | -252.7 |
Cash flows from financing activities | ' | ' |
Proceeds from issuance of long-term debt | 536 | 0 |
(Decrease) increase in revolving facilities, net | -52 | 44 |
Repayment of debt | -6.7 | -11.3 |
Debt issuance costs | -6.4 | 0 |
Dividends paid on preferred stock | -7.8 | -7.8 |
Common stock repurchase | 0 | -0.3 |
Proceeds from exercise of options and warrants | 6.8 | 8.1 |
Excess tax benefit for share based payments | 0.5 | 0 |
Other, net | -2.3 | -1 |
Net cash provided by financing activities | 468.1 | 31.7 |
Net increase (decrease) in cash and cash equivalents | 390.1 | -66 |
Cash and cash equivalents at beginning of period | 23.6 | 73.7 |
Cash and cash equivalents at end of period | 413.7 | 7.7 |
Noncash investing and financing transactions: | ' | ' |
Investment in CyrusOne resulting from deconsolidation | 509.7 | 0 |
Accrual of CyrusOne dividends | 7.1 | 0 |
Acquisition of property by assuming debt and other noncurrent liabilities | 5.6 | 7.8 |
Acquisition of property on account | $20.40 | $37.90 |
Description_of_Business_and_Ac
Description of Business and Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Description of Business and Accounting Policies | |
Description of Business — Cincinnati Bell Inc. and its consolidated subsidiaries (the “Company” or “we”) provide diversified telecommunications and technology services. As of September 30, 2013, we operate our business through the following segments: Wireline, Wireless, and IT Services and Hardware. | |
On January 24, 2013, we completed the initial public offering (“IPO”) of CyrusOne Inc. (“CyrusOne”), which owns and operates our former Data Center Colocation segment. CyrusOne conducts its data center business through CyrusOne LP, an operating partnership. As of September 30, 2013, we own approximately 1.9 million shares of CyrusOne's common stock and are a limited partner in CyrusOne LP, owning approximately 42.6 million of its partnership units. Although we effectively own approximately 69% of CyrusOne through our ownership of its common stock and partnership units of CyrusOne LP, we no longer control its operations. As such, effective January 24, 2013, we no longer include the accounts of CyrusOne in our consolidated financial statements and now account for our ownership in CyrusOne as an equity method investment. | |
Basis of Presentation — The Condensed Consolidated Financial Statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all adjustments necessary for a fair presentation of the results of operations, other comprehensive income, financial position, and cash flows for each period presented. | |
The adjustments referred to above are of a normal and recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to SEC rules and regulations for interim reporting. | |
The Condensed Consolidated Balance Sheet as of December 31, 2012 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2012 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results expected for the full year or any other interim period. | |
Use of Estimates — Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. In the normal course of business, the Company is subject to various regulatory and tax proceedings, lawsuits, claims, and other matters. The Company believes adequate provision has been made for all such asserted and unasserted claims in accordance with U.S. GAAP. Such matters are subject to many uncertainties and outcomes that are not predictable with assurance. | |
Investment in CyrusOne - We completed the IPO of CyrusOne on January 24, 2013, and as of that date, we no longer control its operations. As a result, effective January 24, 2013, our 69% ownership in CyrusOne is accounted for as an equity method investment. From that date, we recognize our proportionate share of CyrusOne's net income or loss as non-operating income or expense in our consolidated statement of operations. For the period January 1, 2013 through January 23, 2013, we consolidated CyrusOne's operating results. During the three and nine months ended September 30, 2013, the Company received cash dividends from CyrusOne totaling $7.2 million and $14.2 million, respectively. Dividends from CyrusOne are recognized as a reduction of our investment. | |
Property, Plant and Equipment — Property, plant and equipment is stated at original cost and presented net of accumulated depreciation and impairment losses. Depreciation expense is generally calculated using either the group depreciation method or the straight-line method. During the three months ended March 31, 2013, and in connection with ongoing reviews of the estimated remaining useful lives of property, plant and equipment, we shortened the estimated useful lives assigned to wireless network software to three years. This change resulted from smartphone-driven technology upgrades, enhancements and projected retirements. As a result of this change in estimate, we recorded depreciation expense of $8.5 million ($5.1 million net of tax) in the first quarter of 2013, which had the impact of increasing basic and diluted loss per share by approximately $0.03 per share. | |
Income Taxes — The Company’s income tax provision for interim periods is determined through the use of an estimated annual effective tax rate applied to year-to-date ordinary income, as well as the tax effects associated with discrete items. For 2013, the Company expects its effective tax rate to be lower than statutory rates on its pre-tax loss. The Company's tax expense for the three months ended September 30, 2013 decreased from the prior year due to a reduction in the expected annual effective tax rate, which was driven by lower expected pre-tax income year-over-year. The Company's tax expense for the nine months ended September 30, 2013 decreased from the prior year primarily due to lower pre-tax income and a reduction in the annual effective tax rate. The tax impact of lower income was partially offset by a valuation allowance provision of $10.7 million for Texas margin credits, which effective with CyrusOne's IPO on January 24, 2013, are unlikely to be realized before their expiration date. | |
Operating Taxes — Certain operating taxes such as property, sales, use and gross receipts taxes are reported as expenses in operating income primarily within cost of services. These taxes are not included in income tax expense because the amounts to be paid are not dependent on our level of income. Liabilities for audit exposures are established based on management's assessment of the probability of payment. The provision for such liabilities is recognized as either property, plant and equipment, operating tax expense, or depreciation expense depending on the nature of the audit exposure. Upon resolution of an audit, any remaining liability not paid is released against the account in which it was originally recorded. | |
Recently Issued Accounting Standards — In February 2013, the Financial Accounting Standards Board ("FASB") amended the guidance in Accounting Standards Codification ("ASC") 220 on comprehensive income. The new guidance requires additional information to be disclosed about the amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amounts reclassified are required under U.S. generally accepted accounting principles to be reclassified in their entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, cross references to other disclosures will be required. We adopted this new guidance beginning with our interim financial statements for the three months ended March 31, 2013. See Note 9 for our disclosures. | |
In July 2013, the FASB issued new guidance under Accounting Standards Update 2013-11 regarding the presentation of unrecognized tax benefits in financial statements. This new standard requires the netting in the balance sheet of unrecognized tax benefits against a deferred tax asset for a same-jurisdiction loss or other carryforward that would apply in settlement of the uncertain tax positions. To the extent a net operating loss ("NOL") or tax credit carryforward is not available under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, the unrecognized tax benefit would be presented in the balance sheet as a liability. This standard is effective for annual and interim periods beginning after December 15, 2013. We expect that the adoption of this standard will not have a material impact on our financial statements. |
Investment_in_CyrusOne
Investment in CyrusOne | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | ||||||||
Investment in CyrusOne | |||||||||
On January 24, 2013, we completed the initial public offering of CyrusOne, our former Data Center Colocation segment. As of this date, we no longer control CyrusOne's operations, and we removed the following assets and liabilities of CyrusOne from our consolidated financial statements: | |||||||||
(dollars in millions) | |||||||||
Cash | $ | 12.2 | |||||||
Receivables | 41.5 | ||||||||
Other current assets | 13.4 | ||||||||
Property, plant and equipment | 736.2 | ||||||||
Goodwill and intangibles | 377.7 | ||||||||
Other noncurrent assets | 44 | ||||||||
Total assets | 1,225.00 | ||||||||
Current portion of long-term debt | 6.3 | ||||||||
Accounts payable | 29.4 | ||||||||
Unearned revenue and customer deposits | 24.1 | ||||||||
Other current liabilities | 12.9 | ||||||||
Long-term debt | 550.3 | ||||||||
Other noncurrent liabilities | 92.3 | ||||||||
Total liabilities | 715.3 | ||||||||
Net assets | $ | 509.7 | |||||||
We effectively own approximately 69% of CyrusOne and account for our investment using the equity method as we no longer control its operations. For the three and nine months ended September 30, 2013, our equity method share of CyrusOne's net loss was $1.5 million and $8.1 million, respectively. | |||||||||
Commencing January 17, 2014, we may exchange the partnership units of CyrusOne LP into cash, or shares of common stock of CyrusOne, as determined by CyrusOne, on a one-for-one basis based upon the fair value of a share of CyrusOne common stock. As of September 30, 2013, the fair value of this investment was $845.1 million based on the quoted market price of CyrusOne's common stock, which is considered a Level 1 measurement in the fair value hierarchy. | |||||||||
Summarized financial information for CyrusOne is as follows: | |||||||||
(dollars in millions) | Three Months Ended September 30, 2013 | January 24, 2013 to September 30, 2013 | |||||||
Revenue | $ | 67.5 | $ | 176.1 | |||||
Operating income | 8.5 | 19.9 | |||||||
Net loss | (2.2 | ) | (11.8 | ) | |||||
Transactions with CyrusOne | |||||||||
Revenues - The Company records service revenue from CyrusOne under contractual service arrangements which include, among others, providing services such as fiber transport, network support, service calls, monitoring and management, storage and back-up, and IT systems support. | |||||||||
Operating Expenses - For the nine months ended September 30, 2013, we recognized transaction-related compensation of $20.0 million associated with CyrusOne employees. These payments were made in April 2013. See Note 8 for further discussion of this compensation plan. | |||||||||
We lease data center and office space from CyrusOne at certain locations in the Cincinnati area under operating leases and are also billed for other services provided by CyrusOne under contractual service arrangements. In the normal course of business, the Company also provides certain administrative services to CyrusOne. These services are billed to CyrusOne based on agreed-upon rates and could include, but are not limited to, services for cash management, legal, treasury, human resources, accounting, tax, internal audit, information technology and risk management services. For the period to date, the services provided have been primarily limited to cash management. These expense recoveries from CyrusOne are credited to the expense account in which they were initially recorded. | |||||||||
Revenues and operating costs and expenses from transactions with CyrusOne were as follows: | |||||||||
(dollars in millions) | Three Months Ended September 30, 2013 | January 24, 2013 to September 30, 2013 | |||||||
Revenue: | |||||||||
Services provided to CyrusOne | $ | 0.5 | $ | 1.6 | |||||
Operating costs and expenses: | |||||||||
Transaction-related compensation to CyrusOne employees | $ | — | $ | 20 | |||||
Charges for services provided by CyrusOne | 2.4 | 6.5 | |||||||
Administrative services provided to CyrusOne | (0.1 | ) | (0.4 | ) | |||||
Total operating costs and expenses | $ | 2.3 | $ | 26.1 | |||||
Dividends of $7.2 million were received in the third quarter of 2013. In addition, on September 4, 2013, CyrusOne declared a dividend of $0.16 per share payable on its common shares and CyrusOne LP partnership units. This dividend was paid on October 15, 2013 to holders of record as of September 27, 2013. At September 30, 2013, amounts receivable from and payable to CyrusOne were as follows: | |||||||||
(dollars in millions) | 30-Sep-13 | ||||||||
Accounts receivable | $ | 0.9 | |||||||
Dividends receivable | 7.1 | ||||||||
Receivable from CyrusOne | $ | 8 | |||||||
Accounts payable | $ | 1 | |||||||
Payable to CyrusOne | $ | 1 | |||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||
Earnings Per Common Share | ||||||||||||||||
Basic earnings per common share (“EPS”) is based upon the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that would occur upon issuance of common shares for awards under stock-based compensation plans, exercise of warrants or conversion of preferred stock, but only to the extent that they are considered dilutive. | ||||||||||||||||
The following table shows the computation of basic and diluted EPS: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | 9.3 | $ | 3.9 | $ | (26.6 | ) | $ | 21 | |||||||
Preferred stock dividends | 2.6 | 2.6 | 7.8 | 7.8 | ||||||||||||
Net income (loss) applicable to common shareholders - basic and diluted | $ | 6.7 | $ | 1.3 | $ | (34.4 | ) | $ | 13.2 | |||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding - basic | 207 | 196.4 | 205.6 | 195.8 | ||||||||||||
Warrants | — | 5.6 | — | 3.9 | ||||||||||||
Stock-based compensation arrangements | 1.5 | 3.6 | — | 3.3 | ||||||||||||
Weighted average common shares outstanding - diluted | 208.5 | 205.6 | 205.6 | 203 | ||||||||||||
Basic and diluted earnings (loss) per common share | $ | 0.03 | $ | 0.01 | $ | (0.17 | ) | $ | 0.07 | |||||||
For the three months ended September 30, 2013, awards under the Company's stock-based compensation plans for common shares of 7.0 million were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For the nine months ended September 30, 2013, the Company had a net loss available to common shareholders and, as a result, all common stock equivalents were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2012, awards under the Company’s stock-based compensation plans for common shares of 4.4 million and 6.2 million, respectively, were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For the three and nine months ended September 30, 2013 and 2012, preferred stock convertible into 4.5 million common shares was excluded from the computation of diluted EPS as the result would have been anti-dilutive. |
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Disclosure [Text Block] | ' | |||||||
Debt | ||||||||
The Company’s debt consists of the following: | ||||||||
(dollars in millions) | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
Current portion of long-term debt: | ||||||||
Corporate Credit Agreement - Tranche B Term Loan | $ | 5.4 | $ | — | ||||
8 1/4% Senior Notes due 2017 | 500 | — | ||||||
Capital lease obligations and other debt | 7.2 | 13.4 | ||||||
Net unamortized discount on 8 1/4% Senior Notes due 2017 | (3.7 | ) | — | |||||
Current portion of long-term debt | 508.9 | 13.4 | ||||||
Long-term debt, less current portion: | ||||||||
Receivables Facility | — | 52 | ||||||
8 1/4% Senior Notes due 2017 | — | 500 | ||||||
8 3/4% Senior Subordinated Notes due 2018 | 625 | 625 | ||||||
Corporate Credit Agreement - Tranche B Term Loan | 534.6 | — | ||||||
8 3/8% Senior Notes due 2020 | 683.9 | 683.9 | ||||||
CyrusOne 6 3/8% Senior Notes due 2022 | — | 525 | ||||||
7 1/4% Senior Notes due 2023 | 40 | 40 | ||||||
Various Cincinnati Bell Telephone notes | 134.5 | 134.5 | ||||||
Capital lease obligations and other debt | 96.9 | 123.1 | ||||||
2,114.90 | 2,683.50 | |||||||
Net unamortized discount | (6.7 | ) | (7.5 | ) | ||||
Long-term debt, less current portion | 2,108.20 | 2,676.00 | ||||||
Total debt | $ | 2,617.10 | $ | 2,689.40 | ||||
In 2013, upon completion of the IPO of CyrusOne, we removed CyrusOne's debt from our consolidated financial statements. The Company no longer has any obligations related to CyrusOne's indebtedness which includes CyrusOne's $525 million of 6 3/8% Senior Notes due 2022, capital lease obligations and other financing arrangements. In addition, the Company no longer has access to the $225 million CyrusOne Credit Agreement. | ||||||||
Accounts Receivable Securitization Facility | ||||||||
On June 3, 2013, the Company executed an amendment of its accounts receivable securitization facility (“Receivables Facility”) which, in addition to modifying some of the defined terms and purchaser parties under the prior agreement, provided for an increase in the maximum credit availability under the Receivables Facility from $105.0 million to $120.0 million and extended the facility's expiration through June 2016. As of September 30, 2013, the Company had no borrowings and $5.2 million of letters of credit outstanding under the Receivables Facility, leaving $102.7 million of remaining availability on the total borrowing capacity of $107.9 million. The Receivables Facility is subject to renewal every 364 days until its expiration in June 2016 and, in the event that it is not renewed, the Company has the ability to refinance any outstanding borrowings with borrowings under its existing revolving corporate credit facility (the "Corporate Credit Agreement"). The permitted borrowings vary depending on the level of eligible receivables and other factors. Under the Receivables Facility, certain subsidiaries, or originators, sell their respective trade receivables on a continuous basis to Cincinnati Bell Funding LLC (“CBF”). Although CBF is a wholly-owned consolidated subsidiary of the Company, CBF is legally separate from the Company and each of the Company’s other subsidiaries. Upon and after the sale or contribution of the accounts receivable to CBF, such accounts receivable are legally assets of CBF and, as such, are not available to creditors of other subsidiaries or the Company. | ||||||||
Corporate Credit Agreement - Amendment for Tranche B Term Loan Facility | ||||||||
On September 10, 2013, the Company amended and restated its Corporate Credit Agreement, originally dated as of November 20, 2012, to include a new $540 million Tranche B Term Loan facility ("Tranche B Term Loan") that matures on September 10, 2020. The Tranche B Term Loan was issued with 0.75% of original issue discount and requires quarterly principal payments of 0.25% of the original principal amount. Loans under the Tranche B Term Loan bear interest, at the Company's election, at a rate per annum equal to (i) LIBOR (subject to a 1.00% floor) plus 3.00% or (ii) the base rate plus 2.00%. Base rate is the greatest of (a) the bank prime rate, (b) the one-month LIBOR rate plus 1.00% and (c) the federal funds rate plus 0.5%. | ||||||||
The Company received $529.6 million in net proceeds from the Tranche B Term Loan on September 10, 2013, after deducting the original issue discount, fees and expenses. These proceeds were used to redeem all of the Company's $500 million of 8 1/4% Senior Notes due 2017 ("8 1/4% Senior Notes") on October 15, 2013 at a redemption price of 104.125%, including payment of accrued interest thereon totaling $20.6 million. In accordance with the indenture governing these 8 1/4% Senior Notes, the Company filed a notification with the trustee on September 11, 2013 of its election to redeem these 8 1/4% Senior Notes on the redemption date, October 15, 2013. As a result of the redemption, the Company expects to record a debt extinguishment loss of $29.6 million in the fourth quarter of 2013 which consists of $20.6 million of call premiums and the write-off of $5.3 million of issuance costs and $3.7 million of debt discount. As of September 30, 2013, the 8 1/4% Senior Notes and the associated discount are presented as a current liability on the Company's consolidated balance sheet. | ||||||||
The Company's ability to make restricted payments, which include share repurchases and common stock dividends, is limited to a total of $15 million, with certain permitted exceptions, given that its Consolidated Total Leverage Ratio, as defined in the credit agreement, exceeds 3.50 to 1.00 as of September 30, 2013. The Company may make restricted payments of $45 million annually when the Consolidated Total Leverage Ratio is less than or equal to 3.50 to 1.00. There are no dollar limits on restricted payments when the Consolidated Total Leverage Ratio is less than or equal to 3.00 to 1.00. These restricted payment limitations do not impact the Company's ability to make regularly scheduled dividend payments on its 6 3/4% Cumulative Convertible Preferred Stock. Furthermore, the Company may make restricted payments in the form of share repurchases or dividends up to 15% of CyrusOne sale proceeds, subject to a $35 million annual cap with carryovers. | ||||||||
The Corporate Credit Agreement was also modified to provide that the Tranche B Term Loan participates in mandatory prepayments applicable to the Company's existing revolving corporate credit facility, subject to the terms and conditions (including with respect to payment priority) set forth in the restated Corporate Credit Agreement. In addition, the Corporate Credit Agreement was modified to provide that 85%, rather than 100%, of proceeds of CyrusOne Sales are applied to mandatory prepayments under the restated Corporate Credit Agreement, subject to the terms and conditions set forth therein. Other revisions were also effected pursuant to the amended agreement, including with respect to financial covenant compliance levels. | ||||||||
The Tranche B Term Loan is subject to the same affirmative and negative covenants and events of default as the Corporate Credit Agreement, except that a breach of the financial covenants will not result in an event of default under the Tranche B Term Loan unless and until the agent or a majority in interest of the lenders under the Corporate Credit Agreement have terminated the commitments under the Corporate Credit Agreement or accelerated the loans then outstanding under the Corporate Credit Agreement in response to such breach. | ||||||||
As of September 30, 2013, the Company had no outstanding borrowings on its Corporate Credit Agreement, leaving $200.0 million available. The Corporate Credit Agreement expires in July 2017. |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||
Financial Instruments and Fair Value Measurements | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The carrying values of the Company's financial instruments approximate the estimated fair values as of September 30, 2013 and December 31, 2012, except for the Company's investment in CyrusOne, long-term debt and other financing arrangements. The carrying and fair values of these financial instruments are as follows: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
(dollars in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Investment in CyrusOne | $ | 480.7 | $ | 845.1 | $ | — | $ | — | ||||||||
Long-term debt, including current portion | 2,617.10 | 2,701.20 | 2,689.40 | 2,834.60 | ||||||||||||
Other financing arrangements | — | — | 60.8 | 69.5 | ||||||||||||
The fair value of our investment in CyrusOne was based on the closing market price of CyrusOne's common stock on September 30, 2013. This fair value measurement is considered Level 1 of the fair value hierarchy. | ||||||||||||||||
The fair value of our long-term debt was based on closing or estimated market prices of the Company’s debt at September 30, 2013 and December 31, 2012, which is considered Level 2 of the fair value hierarchy. | ||||||||||||||||
As of January 24, 2013, upon completion of the IPO of CyrusOne, we no longer consolidate CyrusOne. Therefore, the other financing arrangements related to CyrusOne are no longer accounted for in our consolidated financial statements. As of December 31, 2012, the fair value of other financing arrangements was calculated using a discounted cash flow model that incorporates current borrowing rates for obligations of similar duration, which is considered Level 3 of the fair value hierarchy. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | |||||||||||||||||||
Restructuring Charges | ||||||||||||||||||||
As of September 30, 2013, restructuring liabilities have been established for employee separations, lease abandonments and contract terminations. A summary of the activity in our restructuring liabilities is presented below: | ||||||||||||||||||||
(dollars in millions) | Employee | Lease | Other | Total | ||||||||||||||||
Separation | Abandonment | |||||||||||||||||||
Balance as of December 31, 2012 | $ | 7.8 | $ | 5.5 | $ | 0.2 | $ | 13.5 | ||||||||||||
Charges | 0.9 | 1.7 | — | 2.6 | ||||||||||||||||
Utilizations | (2.8 | ) | (0.7 | ) | (0.1 | ) | (3.6 | ) | ||||||||||||
Balance as of March 31, 2013 | $ | 5.9 | $ | 6.5 | $ | 0.1 | $ | 12.5 | ||||||||||||
Charges | 5.4 | 2.8 | — | 8.2 | ||||||||||||||||
Utilizations | (2.8 | ) | (1.1 | ) | — | (3.9 | ) | |||||||||||||
Balance as of June 30, 2013 | $ | 8.5 | $ | 8.2 | $ | 0.1 | $ | 16.8 | ||||||||||||
Charges | — | (0.6 | ) | 0.6 | — | |||||||||||||||
Utilizations | (1.2 | ) | (1.3 | ) | — | (2.5 | ) | |||||||||||||
Balance as of September 30, 2013 | $ | 7.3 | $ | 6.3 | $ | 0.7 | $ | 14.3 | ||||||||||||
For the nine months ended September 30, 2013, employee separation charges were primarily comprised of severance and consulting fees related to a workforce optimization initiative. During this period, the Company made severance payments pursuant to a written severance plan, certain management contracts, and also a voluntary termination program that was offered to certain Wireline call center employees. These severance payments are expected to continue through 2014. Lease abandonment costs represent future minimum lease obligations, net of expected sublease income, for abandoned facilities. Lease payments on abandoned facilities will continue through 2018. In the third quarter of 2013, the Company re-occupied certain floors at leased facilities that were previously abandoned. Other consists of amounts due to distributors to terminate their contractual agreements and to telecommunication carriers to cancel circuits. | ||||||||||||||||||||
A summary of restructuring activity by business segment is presented below: | ||||||||||||||||||||
(dollars in millions) | Wireline | Wireless | IT Services and Hardware | Corporate | Total | |||||||||||||||
Balance as of December 31, 2012 | $ | 8.6 | $ | 1.6 | $ | 0.5 | $ | 2.8 | $ | 13.5 | ||||||||||
Charges | 1.4 | — | — | 1.2 | 2.6 | |||||||||||||||
Utilizations | (2.1 | ) | — | (0.3 | ) | (1.2 | ) | (3.6 | ) | |||||||||||
Balance as of March 31, 2013 | $ | 7.9 | $ | 1.6 | $ | 0.2 | $ | 2.8 | $ | 12.5 | ||||||||||
Charges | 4.4 | — | 0.7 | 3.1 | 8.2 | |||||||||||||||
Utilizations | (1.7 | ) | (0.1 | ) | (0.1 | ) | (2.0 | ) | (3.9 | ) | ||||||||||
Balance as of June 30, 2013 | $ | 10.6 | $ | 1.5 | $ | 0.8 | $ | 3.9 | $ | 16.8 | ||||||||||
Charges | — | — | — | — | — | |||||||||||||||
Utilizations | (2.1 | ) | — | — | (0.4 | ) | (2.5 | ) | ||||||||||||
Balance as of September 30, 2013 | $ | 8.5 | $ | 1.5 | $ | 0.8 | $ | 3.5 | $ | 14.3 | ||||||||||
At September 30, 2013 and December 31, 2012, $8.5 million and $5.8 million, respectively, of the restructuring liabilities were included in “Other current liabilities,” and $5.8 million and $7.7 million, respectively, were included in “Other noncurrent liabilities” in the Condensed Consolidated Balance Sheets. |
Pension_and_Postretirement_Pla
Pension and Postretirement Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||||||
Pension and Postretirement Plans | ||||||||||||||||
The Company sponsors three noncontributory defined benefit plans and a postretirement health and life insurance plan. During the third quarter of 2013, the Board approved several amendments to the postretirement plan that required a remeasurement of the associated benefit obligations. As a result, the Company recorded a $26.1 million reduction to the postretirement liability in the third quarter of 2013. Pension plan amendments were approved by the Board in the second quarter of 2013, and the Company remeasured the associated pension obligations. As a result of the pension plan amendment, the Company recorded a curtailment gain of $0.6 million and a $10.3 million reduction to the associated pension obligations in the three months ended June 30, 2013. For the three and nine months ended September 30, 2013 and 2012, pension and postretirement benefit costs were as follows: | ||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(dollars in millions) | Pension Benefits | Postretirement and | ||||||||||||||
Other Benefits | ||||||||||||||||
Service cost | $ | 0.3 | $ | 0.7 | $ | 0.1 | $ | 0.2 | ||||||||
Interest cost on projected benefit obligation | 4.7 | 5.3 | 1 | 1.4 | ||||||||||||
Expected return on plan assets | (6.3 | ) | (6.6 | ) | — | — | ||||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | — | (3.7 | ) | (3.2 | ) | ||||||||||
Actuarial loss | 5.4 | 4.8 | 1.4 | 1.6 | ||||||||||||
Total amortization | 5.5 | 4.8 | (2.3 | ) | (1.6 | ) | ||||||||||
Benefit costs | $ | 4.2 | $ | 4.2 | $ | (1.2 | ) | $ | — | |||||||
Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(dollars in millions) | Pension Benefits | Postretirement and | ||||||||||||||
Other Benefits | ||||||||||||||||
Service cost | $ | 1.7 | $ | 2 | $ | 0.3 | $ | 0.4 | ||||||||
Interest cost on projected benefit obligation | 14.1 | 16 | 3 | 4.2 | ||||||||||||
Expected return on plan assets | (19.2 | ) | (19.6 | ) | — | — | ||||||||||
Curtailment gain | (0.6 | ) | — | — | — | |||||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.2 | 0.1 | (10.2 | ) | (9.8 | ) | ||||||||||
Actuarial loss | 16.4 | 14.5 | 4.3 | 5 | ||||||||||||
Total amortization | 16.6 | 14.6 | (5.9 | ) | (4.8 | ) | ||||||||||
Benefit costs | $ | 12.6 | $ | 13 | $ | (2.6 | ) | $ | (0.2 | ) | ||||||
Amortizations of prior service cost (benefit) and actuarial loss, and curtailment gain represent reclassifications from accumulated other comprehensive income. For the nine months ended September 30, 2013 and 2012, approximately 12% and 8%, respectively, of pension costs were capitalized as a component of property, plant and equipment related to construction of our wireline network. | ||||||||||||||||
Contributions in 2013 to the Company’s pension and postretirement plans are expected to be approximately $44 million and $18 million, respectively. For the nine months ended September 30, 2013, contributions to the pension plans were $39.9 million and contributions to the postretirement plan were $13.3 million. |
StockBased_and_Other_Compensat
Stock-Based and Other Compensation Plans | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments and Other Compensation [Text Block] | ' |
Stock-Based and Other Compensation Plans | |
The Company grants stock options, stock appreciation rights (“SARs”), performance-based awards, and time-based restricted shares, some of which are cash-settled awards with the final payment indexed to the percentage change in the Company’s stock price from the date of grant. | |
For the three and nine months ended September 30, 2013, the Company recognized stock-based compensation expense of $0.3 million and a benefit of $0.7 million, respectively, inclusive of $0.6 million and $5.4 million of mark-to-market gains on awards indexed to the Company's stock price. For the three and nine months ended September 30, 2012, the Company recognized stock-based compensation expense of $6.4 million and $11.2 million, respectively, which reflected a mark-to-market expense of $4.6 million and $5.5 million, respectively. As of September 30, 2013, there was $4.2 million of unrecognized compensation expense related to these awards. The remaining compensation expense for the stock options, SARs and restricted awards is expected to be recognized over a weighted-average period of approximately two years, and the remaining expense for performance-based awards will be recognized within approximately one year. | |
The Company also has deferred compensation plans for its Board of Directors and certain executives. As these awards can be settled in cash, the Company records compensation costs each period based on the change in the Company’s stock price. Under these plans, participants can elect to invest their deferrals in the Company’s common stock. The Company recognized a benefit of $0.3 million and $2.0 million for the three and nine months ended September 30, 2013, respectively. For the three and nine months ended September 30, 2012, the Company recognized an expense of $1.4 million and an expense of $1.9 million, respectively. At September 30, 2013 and 2012, the number of common shares deferred under these plans was 0.8 million and 0.7 million, respectively. | |
In 2010, the Company's Board of Directors approved long-term incentive programs for certain members of management. Payment was contingent upon the completion of a qualifying transaction and attainment of an increase in the equity value of the data center business, as defined in the plans. On January 24, 2013, the initial public offering of CyrusOne was completed, which represents a qualifying transaction requiring payment under these compensation plans. For the nine months ended September 30, 2013, compensation expense of $42.6 million was recognized for these awards and other transaction-related incentives, of which $20.0 million was associated with CyrusOne employees. This expense has been presented as transaction-related compensation in our consolidated statement of operations for the nine months ended September 30, 2013. |
Shareowners_Deficit
Shareowners' Deficit | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Shareowners' Deficit [Abstract] | ' | |||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||
Shareowners' Deficit | ||||||||||||
Warrants | ||||||||||||
In March 2003, the Company entered into a series of recapitalization transactions which included the issuance of 17.5 million warrants that expired on March 26, 2013. Each warrant allowed the holder to purchase one share of Cincinnati Bell common stock at an exercise price of $3.00 each. At December 31, 2012, there were 14.3 million warrants outstanding, all of which were exercised by warrant holders during the three months ended March 31, 2013. As a result of the 14.3 million warrants being exercised during the first quarter, the Company issued a total of 4.4 million shares of common stock and received $5.1 million of cash proceeds for the 1.7 million of such warrants which were cash settled. | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
For the nine months ended September 30, 2013, the changes in accumulated other comprehensive loss by component were as follows: | ||||||||||||
(dollars in millions) | Unrecognized Net Periodic Pension and Postretirement Benefit Cost | Foreign Currency Translation Loss | Total | |||||||||
Balance as of December 31, 2012 | $ | (209.6 | ) | $ | (0.1 | ) | $ | (209.7 | ) | |||
Reclassifications, net | 6.5 | (a) | — | 6.5 | ||||||||
Remeasurement of benefit obligations | 30 | — | 30 | |||||||||
Foreign currency loss | — | (0.1 | ) | (0.1 | ) | |||||||
Balance as of September 30, 2013 | $ | (173.1 | ) | $ | (0.2 | ) | $ | (173.3 | ) | |||
(a) These reclassifications are included in the components of net period pension and postretirement benefit costs. See Note 7 for additional details. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||
Business Segment Information | ||||||||||||||||
During the nine months ended September 30, 2013, the Company operated in the following segments: Wireline, Wireless, IT Services and Hardware and Data Center Colocation. The Company’s segments are strategic business units that offer distinct products and services and are aligned with its internal management structure and reporting. | ||||||||||||||||
The Wireline segment provides local voice, data, long distance, entertainment, voice over internet protocol (“VoIP”), and other services over its owned and other wireline networks. The Wireless segment provides advanced digital voice and data communications services and sales of related handset equipment to customers in the Greater Cincinnati and Dayton, Ohio operating areas. The IT Services and Hardware segment provides a range of fully managed and outsourced information technology (“IT”) and telecommunications services along with the sale, installation, and maintenance of major branded IT and telephony equipment. | ||||||||||||||||
On January 24, 2013, we completed the initial public offering of CyrusOne. Although we effectively own approximately 69% of CyrusOne through our ownership of its common stock and partnership units of CyrusOne LP, we no longer control its operations. The Data Center Colocation results shown in the accompanying tables reflect the revenues and expenses of our former data center business for the period January 1, 2013 through January 23, 2013. Effective January 24, 2013, we no longer include CyrusOne's operating results in our consolidated financial statements. For the three and nine months ended September 30, 2013, we recognized losses of $1.5 million and $8.1 million, respectively, from our investment in CyrusOne which represented our equity method share of CyrusOne's losses. These losses from CyrusOne were recognized as a component of non-operating income. As of September 30, 2013, the carrying value of our investment in CyrusOne was $480.7 million and is included as an asset of the Corporate segment. | ||||||||||||||||
Certain corporate administrative expenses have been allocated to the segments based upon the nature of the expense and the relative size of the segment. Intercompany transactions between segments have been eliminated. | ||||||||||||||||
Selected financial data for the Company’s business segment information is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | ||||||||||||||||
Wireline | $ | 181.4 | $ | 182.3 | $ | 542.7 | $ | 548.4 | ||||||||
Wireless | 49.1 | 59.5 | 154.1 | 185 | ||||||||||||
IT Services and Hardware | 87.5 | 78.3 | 258 | 228.8 | ||||||||||||
Data Center Colocation | — | 56.7 | 15.6 | 163.3 | ||||||||||||
Intersegment | (7.2 | ) | (8.6 | ) | (21.9 | ) | (26.3 | ) | ||||||||
Total revenue | $ | 310.8 | $ | 368.2 | $ | 948.5 | $ | 1,099.20 | ||||||||
Intersegment revenue | ||||||||||||||||
Wireline | $ | 4.2 | $ | 4.8 | $ | 12.8 | $ | 14.5 | ||||||||
Wireless | 0.5 | 0.5 | 1.7 | 1.7 | ||||||||||||
IT Services and Hardware | 2.5 | 1.8 | 7 | 5.4 | ||||||||||||
Data Center Colocation | — | 1.5 | 0.4 | 4.7 | ||||||||||||
Total intersegment revenue | $ | 7.2 | $ | 8.6 | $ | 21.9 | $ | 26.3 | ||||||||
Operating income | ||||||||||||||||
Wireline | $ | 47.8 | $ | 50.9 | $ | 146.8 | $ | 162.8 | ||||||||
Wireless | 7 | 12.6 | 19.1 | 43.5 | ||||||||||||
IT Services and Hardware | 4.4 | 3.8 | 6.6 | 7.2 | ||||||||||||
Data Center Colocation | — | 11.2 | 3.2 | 22.5 | ||||||||||||
Corporate | (1.5 | ) | (12.5 | ) | (52.0 | ) | (23.8 | ) | ||||||||
Total operating income | $ | 57.7 | $ | 66 | $ | 123.7 | $ | 212.2 | ||||||||
Expenditures for long-lived assets | ||||||||||||||||
Wireline | $ | 41.2 | $ | 27.8 | $ | 114.3 | $ | 77.5 | ||||||||
Wireless | 2.2 | 4.2 | 12.4 | 12.4 | ||||||||||||
IT Services and Hardware | 2.7 | 1.9 | 7.6 | 6.6 | ||||||||||||
Data Center Colocation | — | 41.6 | 7.7 | 146.4 | ||||||||||||
Total expenditures for long-lived assets | $ | 46.1 | $ | 75.5 | $ | 142 | $ | 242.9 | ||||||||
Depreciation and amortization | ||||||||||||||||
Wireline | $ | 29.7 | $ | 26.6 | $ | 83.8 | $ | 78.9 | ||||||||
Wireless | 7.4 | 8.1 | 30.7 | 24 | ||||||||||||
IT Services and Hardware | 2.5 | 2.4 | 7.5 | 6.3 | ||||||||||||
Data Center Colocation | — | 18.3 | 5.2 | 50.9 | ||||||||||||
Corporate | 0.2 | — | 0.4 | 0.1 | ||||||||||||
Total depreciation and amortization | $ | 39.8 | $ | 55.4 | $ | 127.6 | $ | 160.2 | ||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Assets | ||||||||||||||||
Wireline | $ | 766.7 | $ | 723.7 | ||||||||||||
Wireless | 252.2 | 275.6 | ||||||||||||||
IT Services and Hardware | 51.8 | 43.3 | ||||||||||||||
Data Center Colocation | — | 1,208.50 | ||||||||||||||
Corporate and eliminations | 1,481.00 | 621.3 | ||||||||||||||
Total assets | $ | 2,551.70 | $ | 2,872.40 | ||||||||||||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Supplemental Guarantor Information Abstract | ' | |||||||||||||||||||
Supplemental Guarantor Information | ' | |||||||||||||||||||
Supplemental Guarantor Information | ||||||||||||||||||||
Cincinnati Bell Telephone Notes | ||||||||||||||||||||
As of September 30, 2013, Cincinnati Bell Telephone Company LLC (“CBT”), a wholly-owned subsidiary of Cincinnati Bell Inc. (the “Parent Company”), had $134.5 million in notes outstanding, that are guaranteed by the Parent Company and no other subsidiaries of the Parent Company. The guarantee is full and unconditional. The Parent Company’s subsidiaries generate substantially all of its income and cash flow and generally distribute or advance the funds necessary to meet the Parent Company’s debt service obligations. | ||||||||||||||||||||
The following information sets forth the Condensed Consolidating Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2013 and 2012, Condensed Consolidating Balance Sheets as of September 30, 2013 and December 31, 2012, and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2013 and 2012, of (1) the Parent Company, as the guarantor, (2) CBT, as the issuer, and (3) the non-guarantor subsidiaries on a combined basis. | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Revenue | $ | — | $ | 161.4 | $ | 163.5 | $ | (14.1 | ) | $ | 310.8 | |||||||||
Operating costs and expenses | 1.5 | 115.3 | 150.4 | (14.1 | ) | 253.1 | ||||||||||||||
Operating (loss) income | (1.5 | ) | 46.1 | 13.1 | — | 57.7 | ||||||||||||||
Interest expense (income), net | 42.9 | (0.3 | ) | 4.1 | — | 46.7 | ||||||||||||||
Other (income) expense, net | (0.4 | ) | 1.8 | (1.1 | ) | — | 0.3 | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (44.0 | ) | 44.6 | 10.1 | — | 10.7 | ||||||||||||||
Income tax (benefit) expense | (18.5 | ) | 16.4 | 3.5 | — | 1.4 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 34.8 | — | — | (34.8 | ) | — | ||||||||||||||
Net income | 9.3 | 28.2 | 6.6 | (34.8 | ) | 9.3 | ||||||||||||||
Other comprehensive income | 24.8 | — | — | — | 24.8 | |||||||||||||||
Total comprehensive income | $ | 34.1 | $ | 28.2 | $ | 6.6 | $ | (34.8 | ) | $ | 34.1 | |||||||||
Net income | 9.3 | 28.2 | 6.6 | (34.8 | ) | 9.3 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income applicable to common shareowners | $ | 6.7 | $ | 28.2 | $ | 6.6 | $ | (34.8 | ) | $ | 6.7 | |||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Revenue | $ | — | $ | 160.8 | $ | 222.8 | $ | (15.4 | ) | $ | 368.2 | |||||||||
Operating costs and expenses | 12.5 | 112 | 193.1 | (15.4 | ) | 302.2 | ||||||||||||||
Operating (loss) income | (12.5 | ) | 48.8 | 29.7 | — | 66 | ||||||||||||||
Interest expense (income), net | 41.1 | (0.6 | ) | 14.7 | — | 55.2 | ||||||||||||||
Other (income) expense, net | (0.5 | ) | 0.6 | — | — | 0.1 | ||||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (53.1 | ) | 48.8 | 15 | — | 10.7 | ||||||||||||||
Income tax (benefit) expense | (16.1 | ) | 18.1 | 4.8 | — | 6.8 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 40.9 | — | — | (40.9 | ) | — | ||||||||||||||
Net income | 3.9 | 30.7 | 10.2 | (40.9 | ) | 3.9 | ||||||||||||||
Other comprehensive income | 2.2 | — | 0.1 | — | 2.3 | |||||||||||||||
Total comprehensive income | $ | 6.1 | $ | 30.7 | $ | 10.3 | $ | (40.9 | ) | $ | 6.2 | |||||||||
Net income | 3.9 | 30.7 | 10.2 | (40.9 | ) | 3.9 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income applicable to common shareowners | $ | 1.3 | $ | 30.7 | $ | 10.2 | $ | (40.9 | ) | $ | 1.3 | |||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Revenue | $ | — | $ | 482.3 | $ | 508.4 | $ | (42.2 | ) | $ | 948.5 | |||||||||
Operating costs and expenses | 51.2 | 340 | 475.8 | (42.2 | ) | 824.8 | ||||||||||||||
Operating (loss) income | (51.2 | ) | 142.3 | 32.6 | — | 123.7 | ||||||||||||||
Interest expense (income), net | 125 | (1.4 | ) | 16.4 | — | 140 | ||||||||||||||
Other (income) expense, net | (1.1 | ) | 4.4 | 3.4 | — | 6.7 | ||||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (175.1 | ) | 139.3 | 12.8 | — | (23.0 | ) | |||||||||||||
Income tax (benefit) expense | (59.8 | ) | 51.2 | 12.2 | — | 3.6 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 88.7 | — | — | (88.7 | ) | — | ||||||||||||||
Net (loss) income | (26.6 | ) | 88.1 | 0.6 | (88.7 | ) | (26.6 | ) | ||||||||||||
Other comprehensive income (loss) | 36.5 | — | (0.1 | ) | — | 36.4 | ||||||||||||||
Total comprehensive income | $ | 9.9 | $ | 88.1 | $ | 0.5 | $ | (88.7 | ) | $ | 9.8 | |||||||||
Net (loss) income | (26.6 | ) | 88.1 | 0.6 | (88.7 | ) | (26.6 | ) | ||||||||||||
Preferred stock dividends | 7.8 | — | — | — | 7.8 | |||||||||||||||
Net (loss) income applicable to common shareowners | $ | (34.4 | ) | $ | 88.1 | $ | 0.6 | $ | (88.7 | ) | $ | (34.4 | ) | |||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Revenue | $ | — | $ | 482 | $ | 663.6 | $ | (46.4 | ) | $ | 1,099.20 | |||||||||
Operating costs and expenses | 23.6 | 324.8 | 585 | (46.4 | ) | 887 | ||||||||||||||
Operating (loss) income | (23.6 | ) | 157.2 | 78.6 | — | 212.2 | ||||||||||||||
Interest expense (income), net | 122.5 | (0.8 | ) | 41.6 | — | 163.3 | ||||||||||||||
Other (income) expense, net | (1.2 | ) | 2.9 | (0.1 | ) | — | 1.6 | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (144.9 | ) | 155.1 | 37.1 | — | 47.3 | ||||||||||||||
Income tax (benefit) expense | (45.9 | ) | 56.6 | 15.6 | — | 26.3 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 120 | — | — | (120.0 | ) | — | ||||||||||||||
Net income | 21 | 98.5 | 21.5 | (120.0 | ) | 21 | ||||||||||||||
Other comprehensive income | 6.3 | — | 0.1 | — | 6.4 | |||||||||||||||
Total comprehensive income | $ | 27.3 | $ | 98.5 | $ | 21.6 | $ | (120.0 | ) | $ | 27.4 | |||||||||
Net income | 21 | 98.5 | 21.5 | (120.0 | ) | 21 | ||||||||||||||
Preferred stock dividends | 7.8 | — | — | — | 7.8 | |||||||||||||||
Net income applicable to common shareowners | $ | 13.2 | $ | 98.5 | $ | 21.5 | $ | (120.0 | ) | $ | 13.2 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash and cash equivalents | $ | 411.1 | $ | 2 | $ | 0.6 | $ | — | $ | 413.7 | ||||||||||
Receivables, net | 1.6 | — | 159.8 | — | 161.4 | |||||||||||||||
Other current assets | 2.6 | 29.3 | 43.7 | (0.4 | ) | 75.2 | ||||||||||||||
Total current assets | 415.3 | 31.3 | 204.1 | (0.4 | ) | 650.3 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 694.2 | 198.2 | — | 892.5 | |||||||||||||||
Investment in CyrusOne | — | — | 480.7 | — | 480.7 | |||||||||||||||
Goodwill and intangibles, net | — | 2.3 | 104.9 | — | 107.2 | |||||||||||||||
Investments in and advances to subsidiaries | 1,546.80 | 288.8 | — | (1,835.6 | ) | — | ||||||||||||||
Other noncurrent assets | 380.6 | 6.2 | 189.5 | (155.3 | ) | 421 | ||||||||||||||
Total assets | $ | 2,342.80 | $ | 1,022.80 | $ | 1,177.40 | $ | (1,991.3 | ) | $ | 2,551.70 | |||||||||
Current portion of long-term debt | $ | 501.7 | $ | 3.9 | $ | 3.3 | $ | — | $ | 508.9 | ||||||||||
Accounts payable | 1 | 58.7 | 48.6 | — | 108.3 | |||||||||||||||
Other current liabilities | 93.3 | 50.8 | 36.8 | (0.6 | ) | 180.3 | ||||||||||||||
Total current liabilities | 596 | 113.4 | 88.7 | (0.6 | ) | 797.5 | ||||||||||||||
Long-term debt, less current portion | 1,877.20 | 142.3 | 88.7 | — | 2,108.20 | |||||||||||||||
Other noncurrent liabilities | 274.3 | 153.9 | 60.1 | (155.1 | ) | 333.2 | ||||||||||||||
Intercompany payables | 282.5 | — | 292.7 | (575.2 | ) | — | ||||||||||||||
Total liabilities | 3,030.00 | 409.6 | 530.2 | (730.9 | ) | 3,238.90 | ||||||||||||||
Shareowners’ (deficit) equity | (687.2 | ) | 613.2 | 647.2 | (1,260.4 | ) | (687.2 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 2,342.80 | $ | 1,022.80 | $ | 1,177.40 | $ | (1,991.3 | ) | $ | 2,551.70 | |||||||||
As of December 31, 2012 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash and cash equivalents | $ | 3.8 | $ | 1.9 | $ | 17.9 | $ | — | $ | 23.6 | ||||||||||
Receivables, net | 1 | — | 198 | — | 199 | |||||||||||||||
Other current assets | 3.1 | 34.4 | 43.8 | (0.4 | ) | 80.9 | ||||||||||||||
Total current assets | 7.9 | 36.3 | 259.7 | (0.4 | ) | 303.5 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 646.7 | 940.6 | — | 1,587.40 | |||||||||||||||
Goodwill and intangibles, net | — | 2.3 | 485.1 | — | 487.4 | |||||||||||||||
Investments in and advances to subsidiaries | 1,449.90 | 228.2 | — | (1,678.1 | ) | — | ||||||||||||||
Other noncurrent assets | 384.6 | 6.3 | 266.3 | (163.1 | ) | 494.1 | ||||||||||||||
Total assets | $ | 1,842.50 | $ | 919.8 | $ | 1,951.70 | $ | (1,841.6 | ) | $ | 2,872.40 | |||||||||
Current portion of long-term debt | $ | — | $ | 3 | $ | 10.4 | $ | — | $ | 13.4 | ||||||||||
Accounts payable | 1.2 | 61.7 | 72.7 | — | 135.6 | |||||||||||||||
Other current liabilities | 85.6 | 50.2 | 69.7 | 0.9 | 206.4 | |||||||||||||||
Total current liabilities | 86.8 | 114.9 | 152.8 | 0.9 | 355.4 | |||||||||||||||
Long-term debt, less current portion | 1,841.70 | 141.3 | 693 | — | 2,676.00 | |||||||||||||||
Other noncurrent liabilities | 383.3 | 138.6 | 181.7 | (164.4 | ) | 539.2 | ||||||||||||||
Intercompany payables | 228.9 | — | 276.4 | (505.3 | ) | — | ||||||||||||||
Total liabilities | 2,540.70 | 394.8 | 1,303.90 | (668.8 | ) | 3,570.60 | ||||||||||||||
Shareowners’ (deficit) equity | (698.2 | ) | 525 | 647.8 | (1,172.8 | ) | (698.2 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,842.50 | $ | 919.8 | $ | 1,951.70 | $ | (1,841.6 | ) | $ | 2,872.40 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash flows (used in) provided by operating activities | $ | (165.0 | ) | $ | 170.1 | $ | 54.7 | $ | — | $ | 59.8 | |||||||||
Capital expenditures | — | (108.7 | ) | (33.3 | ) | — | (142.0 | ) | ||||||||||||
Dividends received from CyrusOne | — | — | 14.2 | — | 14.2 | |||||||||||||||
Proceeds from sale of assets | — | 1.8 | — | — | 1.8 | |||||||||||||||
Cash divested from deconsolidation of CyrusOne | — | — | (12.2 | ) | — | (12.2 | ) | |||||||||||||
Other investing activities | — | — | 0.4 | — | 0.4 | |||||||||||||||
Cash flows used in investing activities | — | (106.9 | ) | (30.9 | ) | — | (137.8 | ) | ||||||||||||
Issuance of long-term debt | 536 | — | — | — | 536 | |||||||||||||||
Funding between Parent and subsidiaries, net | 45.5 | (60.5 | ) | 15 | — | — | ||||||||||||||
Debt issuance costs | (6.4 | ) | — | — | — | (6.4 | ) | |||||||||||||
Decrease in revolving facilities, net | — | — | (52.0 | ) | — | (52.0 | ) | |||||||||||||
Repayment of debt | — | (2.6 | ) | (4.1 | ) | — | (6.7 | ) | ||||||||||||
Proceeds from exercise of options and warrants | 6.8 | — | — | — | 6.8 | |||||||||||||||
Other financing activities | (9.6 | ) | — | — | — | (9.6 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 572.3 | (63.1 | ) | (41.1 | ) | — | 468.1 | |||||||||||||
Increase (decrease) in cash and cash equivalents | 407.3 | 0.1 | (17.3 | ) | — | 390.1 | ||||||||||||||
Beginning cash and cash equivalents | 3.8 | 1.9 | 17.9 | — | 23.6 | |||||||||||||||
Ending cash and cash equivalents | $ | 411.1 | $ | 2 | $ | 0.6 | $ | — | $ | 413.7 | ||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash flows (used in) provided by operating activities | $ | (69.1 | ) | $ | 169.7 | $ | 54.4 | $ | — | $ | 155 | |||||||||
Capital expenditures | — | (73.6 | ) | (169.3 | ) | — | (242.9 | ) | ||||||||||||
Proceeds from sale of assets | — | 0.4 | 0.2 | — | 0.6 | |||||||||||||||
Other investing activities | — | — | (10.4 | ) | — | (10.4 | ) | |||||||||||||
Cash flows used in investing activities | — | (73.2 | ) | (179.5 | ) | — | (252.7 | ) | ||||||||||||
Funding between Parent and subsidiaries, net | 2.9 | (94.3 | ) | 91.4 | — | — | ||||||||||||||
Increase in revolving facilities, net | — | — | 44 | — | 44 | |||||||||||||||
Repayment of debt | — | (2.3 | ) | (9.0 | ) | — | (11.3 | ) | ||||||||||||
Common stock repurchase | (0.3 | ) | — | — | — | (0.3 | ) | |||||||||||||
Proceeds from exercise of options and warrants | 8.1 | — | — | — | 8.1 | |||||||||||||||
Other financing activities | (8.9 | ) | — | 0.1 | — | (8.8 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 1.8 | (96.6 | ) | 126.5 | — | 31.7 | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (67.3 | ) | (0.1 | ) | 1.4 | — | (66.0 | ) | ||||||||||||
Beginning cash and cash equivalents | 69.6 | 1.4 | 2.7 | — | 73.7 | |||||||||||||||
Ending cash and cash equivalents | $ | 2.3 | $ | 1.3 | $ | 4.1 | $ | — | $ | 7.7 | ||||||||||
Supplemental Guarantor Information - 8 3/8% Senior Notes due 2020, 8 3/4% Senior Subordinated Notes due 2018 and 8 1/4% Senior Notes due 2017 | ||||||||||||||||||||
As of September 30, 2013, the Parent Company’s 8 3/8% Senior Notes due 2020, 8 3/4% Senior Subordinated Notes due 2018, and 8 1/4% Senior Notes due 2017 are guaranteed by the following subsidiaries: Cincinnati Bell Entertainment Inc., Cincinnati Bell Any Distance Inc., Cincinnati Bell Telecommunications Services LLC, Cincinnati Bell Wireless LLC, CBTS Software LLC, Cincinnati Bell Technology Solutions Inc., Cincinnati Bell Any Distance of Virginia LLC, eVolve Business Solutions LLC, Data Center Investments Inc., Data Center Investments Holdco LLC, Data Centers South Inc. and Data Centers South Holdings LLC. | ||||||||||||||||||||
The Parent Company owns directly or indirectly 100% of each guarantor and each guarantee is full and unconditional and joint and several. In certain customary circumstances, a subsidiary may be released from its guarantee obligation. These circumstances are defined as follows: | ||||||||||||||||||||
• | upon the sale of all of the capital stock of a subsidiary, | |||||||||||||||||||
• | if the Company designates the subsidiary as an unrestricted subsidiary under the terms of the indentures, or | |||||||||||||||||||
• | if the subsidiary is released as a guarantor from the Company's credit facility. | |||||||||||||||||||
As of November 20, 2012, the following subsidiaries were released from their guarantee obligation on these notes: Cincinnati Bell Shared Service LLC, CyrusOne and CyrusOne Foreign Holdings LLC. The accompanying Condensed Consolidated Financial Statements have been retroactively restated to reflect these subsidiaries as non-guarantors. In addition, CyrusOne and CyrusOne Foreign Holdings LLC were designated as unrestricted subsidiaries. | ||||||||||||||||||||
The Parent Company's subsidiaries generate substantially all of its income and cash flow and generally distribute or advance the funds necessary to meet the Parent Company's debt service obligations. The following information sets forth the Condensed Consolidating Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2013 and 2012, Condensed Consolidating Balance Sheets as of September 30, 2013 and December 31, 2012, and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2013 and 2012, of (1) the Parent Company, as the issuer, (2) the guarantor subsidiaries on a combined basis, and (3) the non-guarantor subsidiaries on a combined basis. | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 177.4 | $ | 147.5 | $ | (14.1 | ) | $ | 310.8 | |||||||||
Operating costs and expenses | 1.5 | 162.5 | 103.2 | (14.1 | ) | 253.1 | ||||||||||||||
Operating (loss) income | (1.5 | ) | 14.9 | 44.3 | — | 57.7 | ||||||||||||||
Interest expense, net | 42.9 | 3.5 | 0.3 | — | 46.7 | |||||||||||||||
Other (income) expense, net | (0.4 | ) | 3.2 | (2.5 | ) | — | 0.3 | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (44.0 | ) | 8.2 | 46.5 | — | 10.7 | ||||||||||||||
Income tax (benefit) expense | (18.5 | ) | 3.1 | 16.8 | — | 1.4 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 34.8 | — | — | (34.8 | ) | — | ||||||||||||||
Net income | 9.3 | 5.1 | 29.7 | (34.8 | ) | 9.3 | ||||||||||||||
Other comprehensive income | 24.8 | — | — | — | 24.8 | |||||||||||||||
Total comprehensive income | $ | 34.1 | $ | 5.1 | $ | 29.7 | $ | (34.8 | ) | $ | 34.1 | |||||||||
Net income | 9.3 | 5.1 | 29.7 | (34.8 | ) | 9.3 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income applicable to common shareowners | $ | 6.7 | $ | 5.1 | $ | 29.7 | $ | (34.8 | ) | $ | 6.7 | |||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 176.6 | $ | 207 | $ | (15.4 | ) | $ | 368.2 | |||||||||
Operating costs and expenses | 12.5 | 158 | 147.1 | (15.4 | ) | 302.2 | ||||||||||||||
Operating (loss) income | (12.5 | ) | 18.6 | 59.9 | — | 66 | ||||||||||||||
Interest expense, net | 41.1 | 1.8 | 12.3 | — | 55.2 | |||||||||||||||
Other (income) expense, net | (0.5 | ) | 2.3 | (1.7 | ) | — | 0.1 | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (53.1 | ) | 14.5 | 49.3 | — | 10.7 | ||||||||||||||
Income tax (benefit) expense | (16.1 | ) | 4.6 | 18.3 | — | 6.8 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 40.9 | 3.5 | — | (44.4 | ) | — | ||||||||||||||
Net income | 3.9 | 13.4 | 31 | (44.4 | ) | 3.9 | ||||||||||||||
Other comprehensive income | 2.2 | — | 0.1 | — | 2.3 | |||||||||||||||
Total comprehensive income | $ | 6.1 | $ | 13.4 | $ | 31.1 | $ | (44.4 | ) | $ | 6.2 | |||||||||
Net income | 3.9 | 13.4 | 31 | (44.4 | ) | 3.9 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income applicable to common shareowners | $ | 1.3 | $ | 13.4 | $ | 31 | $ | (44.4 | ) | $ | 1.3 | |||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 530.7 | $ | 460 | $ | (42.2 | ) | $ | 948.5 | |||||||||
Operating costs and expenses | 51.2 | 496.1 | 319.7 | (42.2 | ) | 824.8 | ||||||||||||||
Operating (loss) income | (51.2 | ) | 34.6 | 140.3 | — | 123.7 | ||||||||||||||
Interest expense, net | 125 | 11.2 | 3.8 | — | 140 | |||||||||||||||
Other (income) expense, net | (1.1 | ) | 12.1 | (4.3 | ) | — | 6.7 | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (175.1 | ) | 11.3 | 140.8 | — | (23.0 | ) | |||||||||||||
Income tax (benefit) expense | (59.8 | ) | 11.9 | 51.5 | — | 3.6 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 88.7 | 0.7 | — | (89.4 | ) | — | ||||||||||||||
Net (loss) income | (26.6 | ) | 0.1 | 89.3 | (89.4 | ) | (26.6 | ) | ||||||||||||
Other comprehensive income (loss) | 36.5 | — | (0.1 | ) | — | 36.4 | ||||||||||||||
Total comprehensive income | $ | 9.9 | $ | 0.1 | $ | 89.2 | $ | (89.4 | ) | $ | 9.8 | |||||||||
Net (loss) income | (26.6 | ) | 0.1 | 89.3 | (89.4 | ) | (26.6 | ) | ||||||||||||
Preferred stock dividends | 7.8 | — | — | — | 7.8 | |||||||||||||||
Net (loss) income applicable to common shareowners | $ | (34.4 | ) | $ | 0.1 | $ | 89.3 | $ | (89.4 | ) | $ | (34.4 | ) | |||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 530.5 | $ | 615.1 | $ | (46.4 | ) | $ | 1,099.20 | |||||||||
Operating costs and expenses | 23.6 | 474.8 | 435 | (46.4 | ) | 887 | ||||||||||||||
Operating (loss) income | (23.6 | ) | 55.7 | 180.1 | — | 212.2 | ||||||||||||||
Interest expense, net | 122.5 | 5.6 | 35.2 | — | 163.3 | |||||||||||||||
Other (income) expense, net | (1.2 | ) | 6.4 | (3.6 | ) | — | 1.6 | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (144.9 | ) | 43.7 | 148.5 | — | 47.3 | ||||||||||||||
Income tax (benefit) expense | (45.9 | ) | 16.2 | 56 | — | 26.3 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 120 | (10.3 | ) | — | (109.7 | ) | — | |||||||||||||
Net income | 21 | 17.2 | 92.5 | (109.7 | ) | 21 | ||||||||||||||
Other comprehensive income | 6.3 | — | 0.1 | — | 6.4 | |||||||||||||||
Total comprehensive income | $ | 27.3 | $ | 17.2 | $ | 92.6 | $ | (109.7 | ) | $ | 27.4 | |||||||||
Net income | 21 | 17.2 | 92.5 | (109.7 | ) | 21 | ||||||||||||||
Preferred stock dividends | 7.8 | — | — | — | 7.8 | |||||||||||||||
Net income applicable to common shareowners | $ | 13.2 | $ | 17.2 | $ | 92.5 | $ | (109.7 | ) | $ | 13.2 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash and cash equivalents | $ | 411.1 | $ | 0.5 | $ | 2.1 | $ | — | $ | 413.7 | ||||||||||
Receivables, net | 1.6 | 7.2 | 152.6 | — | 161.4 | |||||||||||||||
Other current assets | 2.6 | 39.9 | 33.1 | (0.4 | ) | 75.2 | ||||||||||||||
Total current assets | 415.3 | 47.6 | 187.8 | (0.4 | ) | 650.3 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 196 | 696.4 | — | 892.5 | |||||||||||||||
Investment in CyrusOne | — | 480.7 | — | — | 480.7 | |||||||||||||||
Goodwill and intangibles, net | — | 104.9 | 2.3 | — | 107.2 | |||||||||||||||
Investments in and advances to subsidiaries | 1,546.80 | 340.3 | 260.7 | (2,147.8 | ) | — | ||||||||||||||
Other noncurrent assets | 380.6 | 190.6 | 5.1 | (155.3 | ) | 421 | ||||||||||||||
Total assets | $ | 2,342.80 | $ | 1,360.10 | $ | 1,152.30 | $ | (2,303.5 | ) | $ | 2,551.70 | |||||||||
Current portion of long-term debt | $ | 501.7 | $ | 3 | $ | 4.2 | $ | — | $ | 508.9 | ||||||||||
Accounts payable | 1 | 72.4 | 34.9 | — | 108.3 | |||||||||||||||
Other current liabilities | 93.3 | 38.1 | 49.5 | (0.6 | ) | 180.3 | ||||||||||||||
Total current liabilities | 596 | 113.5 | 88.6 | (0.6 | ) | 797.5 | ||||||||||||||
Long-term debt, less current portion | 1,877.20 | 87.2 | 143.8 | — | 2,108.20 | |||||||||||||||
Other noncurrent liabilities | 274.3 | 62.2 | 151.8 | (155.1 | ) | 333.2 | ||||||||||||||
Intercompany payables | 282.5 | 144.7 | 133.7 | (560.9 | ) | — | ||||||||||||||
Total liabilities | 3,030.00 | 407.6 | 517.9 | (716.6 | ) | 3,238.90 | ||||||||||||||
Shareowners’ (deficit) equity | (687.2 | ) | 952.5 | 634.4 | (1,586.9 | ) | (687.2 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 2,342.80 | $ | 1,360.10 | $ | 1,152.30 | $ | (2,303.5 | ) | $ | 2,551.70 | |||||||||
As of December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash and cash equivalents | $ | 3.8 | $ | 0.3 | $ | 19.5 | $ | — | $ | 23.6 | ||||||||||
Receivables, net | 1 | 1.2 | 196.8 | — | 199 | |||||||||||||||
Other current assets | 3.1 | 27.7 | 50.5 | (0.4 | ) | 80.9 | ||||||||||||||
Total current assets | 7.9 | 29.2 | 266.8 | (0.4 | ) | 303.5 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 220.9 | 1,366.40 | — | 1,587.40 | |||||||||||||||
Goodwill and intangibles, net | — | 106.4 | 381 | — | 487.4 | |||||||||||||||
Investments in and advances to subsidiaries | 1,449.90 | 506.4 | 192.5 | (2,148.8 | ) | — | ||||||||||||||
Other noncurrent assets | 384.6 | 218.5 | 54.1 | (163.1 | ) | 494.1 | ||||||||||||||
Total assets | $ | 1,842.50 | $ | 1,081.40 | $ | 2,260.80 | $ | (2,312.3 | ) | $ | 2,872.40 | |||||||||
Current portion of long-term debt | $ | — | $ | 3.9 | $ | 9.5 | $ | — | $ | 13.4 | ||||||||||
Accounts payable | 1.2 | 90.2 | 44.2 | — | 135.6 | |||||||||||||||
Other current liabilities | 85.6 | 33.6 | 86.3 | 0.9 | 206.4 | |||||||||||||||
Total current liabilities | 86.8 | 127.7 | 140 | 0.9 | 355.4 | |||||||||||||||
Long-term debt, less current portion | 1,841.70 | 88.4 | 745.9 | — | 2,676.00 | |||||||||||||||
Other noncurrent liabilities | 383.3 | 90.6 | 229.7 | (164.4 | ) | 539.2 | ||||||||||||||
Intercompany payables | 228.9 | 160 | 102.6 | (491.5 | ) | — | ||||||||||||||
Total liabilities | 2,540.70 | 466.7 | 1,218.20 | (655.0 | ) | 3,570.60 | ||||||||||||||
Shareowners’ (deficit) equity | (698.2 | ) | 614.7 | 1,042.60 | (1,657.3 | ) | (698.2 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,842.50 | $ | 1,081.40 | $ | 2,260.80 | $ | (2,312.3 | ) | $ | 2,872.40 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash flows (used in) provided by operating activities | $ | (165.0 | ) | $ | 27.4 | $ | 197.4 | $ | — | $ | 59.8 | |||||||||
Capital expenditures | — | (25.6 | ) | (116.4 | ) | — | (142.0 | ) | ||||||||||||
Dividends received from CyrusOne | — | 14.2 | — | — | 14.2 | |||||||||||||||
Proceeds from sale of assets | — | — | 1.8 | — | 1.8 | |||||||||||||||
Cash divested from deconsolidation of CyrusOne | — | — | (12.2 | ) | — | (12.2 | ) | |||||||||||||
Other investing activities | — | — | 0.4 | — | 0.4 | |||||||||||||||
Cash flows used in investing activities | — | (11.4 | ) | (126.4 | ) | — | (137.8 | ) | ||||||||||||
Issuance of long-term debt | 536 | — | — | — | 536 | |||||||||||||||
Funding between Parent and subsidiaries, net | 45.5 | (12.6 | ) | (32.9 | ) | — | — | |||||||||||||
Debt issuance costs | (6.4 | ) | — | — | — | (6.4 | ) | |||||||||||||
Decrease in revolving facilities, net | — | — | (52.0 | ) | — | (52.0 | ) | |||||||||||||
Repayment of debt | — | (3.2 | ) | (3.5 | ) | — | (6.7 | ) | ||||||||||||
Proceeds from exercise of options and warrants | 6.8 | — | — | — | 6.8 | |||||||||||||||
Other financing activities | (9.6 | ) | — | — | — | (9.6 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 572.3 | (15.8 | ) | (88.4 | ) | — | 468.1 | |||||||||||||
Increase (decrease) in cash and cash equivalents | 407.3 | 0.2 | (17.4 | ) | — | 390.1 | ||||||||||||||
Beginning cash and cash equivalents | 3.8 | 0.3 | 19.5 | — | 23.6 | |||||||||||||||
Ending cash and cash equivalents | $ | 411.1 | $ | 0.5 | $ | 2.1 | $ | — | $ | 413.7 | ||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash flows (used in) provided by operating activities | $ | (69.1 | ) | $ | 47.1 | $ | 177 | $ | — | $ | 155 | |||||||||
Capital expenditures | — | (22.9 | ) | (220.0 | ) | — | (242.9 | ) | ||||||||||||
Proceeds from sale of assets | — | 0.2 | 0.4 | — | 0.6 | |||||||||||||||
Other investing activities | — | — | (10.4 | ) | — | (10.4 | ) | |||||||||||||
Cash flows used in investing activities | — | (22.7 | ) | (230.0 | ) | — | (252.7 | ) | ||||||||||||
Funding between Parent and subsidiaries, net | 2.9 | (21.0 | ) | 18.1 | — | — | ||||||||||||||
Increase in revolving facilities, net | — | — | 44 | — | 44 | |||||||||||||||
Repayment of debt | — | (3.5 | ) | (7.8 | ) | — | (11.3 | ) | ||||||||||||
Common stock repurchase | (0.3 | ) | — | — | — | (0.3 | ) | |||||||||||||
Proceeds from exercise of options and warrants | 8.1 | — | — | — | 8.1 | |||||||||||||||
Other financing activities | (8.9 | ) | 0.1 | — | — | (8.8 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 1.8 | (24.4 | ) | 54.3 | — | 31.7 | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (67.3 | ) | — | 1.3 | — | (66.0 | ) | |||||||||||||
Beginning cash and cash equivalents | 69.6 | 0.7 | 3.4 | — | 73.7 | |||||||||||||||
Ending cash and cash equivalents | $ | 2.3 | $ | 0.7 | $ | 4.7 | $ | — | $ | 7.7 | ||||||||||
Description_of_Business_and_Ac1
Description of Business and Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation — The Condensed Consolidated Financial Statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all adjustments necessary for a fair presentation of the results of operations, other comprehensive income, financial position, and cash flows for each period presented. | |
The adjustments referred to above are of a normal and recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to SEC rules and regulations for interim reporting. | |
The Condensed Consolidated Balance Sheet as of December 31, 2012 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2012 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results expected for the full year or any other interim period. | |
Use of Estimates | ' |
Use of Estimates — Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. In the normal course of business, the Company is subject to various regulatory and tax proceedings, lawsuits, claims, and other matters. The Company believes adequate provision has been made for all such asserted and unasserted claims in accordance with U.S. GAAP. Such matters are subject to many uncertainties and outcomes that are not predictable with assurance. | |
Investment in CyrusOne | ' |
Investment in CyrusOne - We completed the IPO of CyrusOne on January 24, 2013, and as of that date, we no longer control its operations. As a result, effective January 24, 2013, our 69% ownership in CyrusOne is accounted for as an equity method investment. From that date, we recognize our proportionate share of CyrusOne's net income or loss as non-operating income or expense in our consolidated statement of operations. For the period January 1, 2013 through January 23, 2013, we consolidated CyrusOne's operating results. During the three and nine months ended September 30, 2013, the Company received cash dividends from CyrusOne totaling $7.2 million and $14.2 million, respectively. Dividends from CyrusOne are recognized as a reduction of our investment. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment — Property, plant and equipment is stated at original cost and presented net of accumulated depreciation and impairment losses. Depreciation expense is generally calculated using either the group depreciation method or the straight-line method. During the three months ended March 31, 2013, and in connection with ongoing reviews of the estimated remaining useful lives of property, plant and equipment, we shortened the estimated useful lives assigned to wireless network software to three years. This change resulted from smartphone-driven technology upgrades, enhancements and projected retirements. As a result of this change in estimate, we recorded depreciation expense of $8.5 million ($5.1 million net of tax) in the first quarter of 2013, which had the impact of increasing basic and diluted loss per share by approximately $0.03 per share. | |
Income Taxes | ' |
Income Taxes — The Company’s income tax provision for interim periods is determined through the use of an estimated annual effective tax rate applied to year-to-date ordinary income, as well as the tax effects associated with discrete items. For 2013, the Company expects its effective tax rate to be lower than statutory rates on its pre-tax loss. The Company's tax expense for the three months ended September 30, 2013 decreased from the prior year due to a reduction in the expected annual effective tax rate, which was driven by lower expected pre-tax income year-over-year. The Company's tax expense for the nine months ended September 30, 2013 decreased from the prior year primarily due to lower pre-tax income and a reduction in the annual effective tax rate. The tax impact of lower income was partially offset by a valuation allowance provision of $10.7 million for Texas margin credits, which effective with CyrusOne's IPO on January 24, 2013, are unlikely to be realized before their expiration date. | |
Operating Taxes | ' |
Operating Taxes — Certain operating taxes such as property, sales, use and gross receipts taxes are reported as expenses in operating income primarily within cost of services. These taxes are not included in income tax expense because the amounts to be paid are not dependent on our level of income. Liabilities for audit exposures are established based on management's assessment of the probability of payment. The provision for such liabilities is recognized as either property, plant and equipment, operating tax expense, or depreciation expense depending on the nature of the audit exposure. Upon resolution of an audit, any remaining liability not paid is released against the account in which it was originally recorded. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards — In February 2013, the Financial Accounting Standards Board ("FASB") amended the guidance in Accounting Standards Codification ("ASC") 220 on comprehensive income. The new guidance requires additional information to be disclosed about the amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amounts reclassified are required under U.S. generally accepted accounting principles to be reclassified in their entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, cross references to other disclosures will be required. We adopted this new guidance beginning with our interim financial statements for the three months ended March 31, 2013. See Note 9 for our disclosures. | |
In July 2013, the FASB issued new guidance under Accounting Standards Update 2013-11 regarding the presentation of unrecognized tax benefits in financial statements. This new standard requires the netting in the balance sheet of unrecognized tax benefits against a deferred tax asset for a same-jurisdiction loss or other carryforward that would apply in settlement of the uncertain tax positions. To the extent a net operating loss ("NOL") or tax credit carryforward is not available under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, the unrecognized tax benefit would be presented in the balance sheet as a liability. This standard is effective for annual and interim periods beginning after December 15, 2013. We expect that the adoption of this standard will not have a material impact on our financial statements. | |
Earnings Per Share | ' |
Basic earnings per common share (“EPS”) is based upon the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that would occur upon issuance of common shares for awards under stock-based compensation plans, exercise of warrants or conversion of preferred stock, but only to the extent that they are considered dilutive. | |
Fair Value Measurements | ' |
The fair value of our investment in CyrusOne was based on the closing market price of CyrusOne's common stock on September 30, 2013. This fair value measurement is considered Level 1 of the fair value hierarchy. | |
The fair value of our long-term debt was based on closing or estimated market prices of the Company’s debt at September 30, 2013 and December 31, 2012, which is considered Level 2 of the fair value hierarchy. | |
As of January 24, 2013, upon completion of the IPO of CyrusOne, we no longer consolidate CyrusOne. Therefore, the other financing arrangements related to CyrusOne are no longer accounted for in our consolidated financial statements. As of December 31, 2012, the fair value of other financing arrangements was calculated using a discounted cash flow model that incorporates current borrowing rates for obligations of similar duration, which is considered Level 3 of the fair value hierarchy. |
Investment_in_CyrusOne_Tables
Investment in CyrusOne (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||
Condensed Balance Sheet, Equity Method Investee | ' | ||||||||
On January 24, 2013, we completed the initial public offering of CyrusOne, our former Data Center Colocation segment. As of this date, we no longer control CyrusOne's operations, and we removed the following assets and liabilities of CyrusOne from our consolidated financial statements: | |||||||||
(dollars in millions) | |||||||||
Cash | $ | 12.2 | |||||||
Receivables | 41.5 | ||||||||
Other current assets | 13.4 | ||||||||
Property, plant and equipment | 736.2 | ||||||||
Goodwill and intangibles | 377.7 | ||||||||
Other noncurrent assets | 44 | ||||||||
Total assets | 1,225.00 | ||||||||
Current portion of long-term debt | 6.3 | ||||||||
Accounts payable | 29.4 | ||||||||
Unearned revenue and customer deposits | 24.1 | ||||||||
Other current liabilities | 12.9 | ||||||||
Long-term debt | 550.3 | ||||||||
Other noncurrent liabilities | 92.3 | ||||||||
Total liabilities | 715.3 | ||||||||
Net assets | $ | 509.7 | |||||||
Condensed Income Statement, Equity Method Investee | ' | ||||||||
Summarized financial information for CyrusOne is as follows: | |||||||||
(dollars in millions) | Three Months Ended September 30, 2013 | January 24, 2013 to September 30, 2013 | |||||||
Revenue | $ | 67.5 | $ | 176.1 | |||||
Operating income | 8.5 | 19.9 | |||||||
Net loss | (2.2 | ) | (11.8 | ) | |||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||
At September 30, 2013, amounts receivable from and payable to CyrusOne were as follows: | |||||||||
(dollars in millions) | 30-Sep-13 | ||||||||
Accounts receivable | $ | 0.9 | |||||||
Dividends receivable | 7.1 | ||||||||
Receivable from CyrusOne | $ | 8 | |||||||
Accounts payable | $ | 1 | |||||||
Payable to CyrusOne | $ | 1 | |||||||
Revenues and operating costs and expenses from transactions with CyrusOne were as follows: | |||||||||
(dollars in millions) | Three Months Ended September 30, 2013 | January 24, 2013 to September 30, 2013 | |||||||
Revenue: | |||||||||
Services provided to CyrusOne | $ | 0.5 | $ | 1.6 | |||||
Operating costs and expenses: | |||||||||
Transaction-related compensation to CyrusOne employees | $ | — | $ | 20 | |||||
Charges for services provided by CyrusOne | 2.4 | 6.5 | |||||||
Administrative services provided to CyrusOne | (0.1 | ) | (0.4 | ) | |||||
Total operating costs and expenses | $ | 2.3 | $ | 26.1 | |||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | ' | |||||||||||||||
The following table shows the computation of basic and diluted EPS: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in millions, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) | $ | 9.3 | $ | 3.9 | $ | (26.6 | ) | $ | 21 | |||||||
Preferred stock dividends | 2.6 | 2.6 | 7.8 | 7.8 | ||||||||||||
Net income (loss) applicable to common shareholders - basic and diluted | $ | 6.7 | $ | 1.3 | $ | (34.4 | ) | $ | 13.2 | |||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding - basic | 207 | 196.4 | 205.6 | 195.8 | ||||||||||||
Warrants | — | 5.6 | — | 3.9 | ||||||||||||
Stock-based compensation arrangements | 1.5 | 3.6 | — | 3.3 | ||||||||||||
Weighted average common shares outstanding - diluted | 208.5 | 205.6 | 205.6 | 203 | ||||||||||||
Basic and diluted earnings (loss) per common share | $ | 0.03 | $ | 0.01 | $ | (0.17 | ) | $ | 0.07 | |||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
The Company’s debt consists of the following: | ||||||||
(dollars in millions) | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
Current portion of long-term debt: | ||||||||
Corporate Credit Agreement - Tranche B Term Loan | $ | 5.4 | $ | — | ||||
8 1/4% Senior Notes due 2017 | 500 | — | ||||||
Capital lease obligations and other debt | 7.2 | 13.4 | ||||||
Net unamortized discount on 8 1/4% Senior Notes due 2017 | (3.7 | ) | — | |||||
Current portion of long-term debt | 508.9 | 13.4 | ||||||
Long-term debt, less current portion: | ||||||||
Receivables Facility | — | 52 | ||||||
8 1/4% Senior Notes due 2017 | — | 500 | ||||||
8 3/4% Senior Subordinated Notes due 2018 | 625 | 625 | ||||||
Corporate Credit Agreement - Tranche B Term Loan | 534.6 | — | ||||||
8 3/8% Senior Notes due 2020 | 683.9 | 683.9 | ||||||
CyrusOne 6 3/8% Senior Notes due 2022 | — | 525 | ||||||
7 1/4% Senior Notes due 2023 | 40 | 40 | ||||||
Various Cincinnati Bell Telephone notes | 134.5 | 134.5 | ||||||
Capital lease obligations and other debt | 96.9 | 123.1 | ||||||
2,114.90 | 2,683.50 | |||||||
Net unamortized discount | (6.7 | ) | (7.5 | ) | ||||
Long-term debt, less current portion | 2,108.20 | 2,676.00 | ||||||
Total debt | $ | 2,617.10 | $ | 2,689.40 | ||||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||
The carrying and fair values of these financial instruments are as follows: | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
(dollars in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Investment in CyrusOne | $ | 480.7 | $ | 845.1 | $ | — | $ | — | ||||||||
Long-term debt, including current portion | 2,617.10 | 2,701.20 | 2,689.40 | 2,834.60 | ||||||||||||
Other financing arrangements | — | — | 60.8 | 69.5 | ||||||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | |||||||||||||||||||
A summary of the activity in our restructuring liabilities is presented below: | ||||||||||||||||||||
(dollars in millions) | Employee | Lease | Other | Total | ||||||||||||||||
Separation | Abandonment | |||||||||||||||||||
Balance as of December 31, 2012 | $ | 7.8 | $ | 5.5 | $ | 0.2 | $ | 13.5 | ||||||||||||
Charges | 0.9 | 1.7 | — | 2.6 | ||||||||||||||||
Utilizations | (2.8 | ) | (0.7 | ) | (0.1 | ) | (3.6 | ) | ||||||||||||
Balance as of March 31, 2013 | $ | 5.9 | $ | 6.5 | $ | 0.1 | $ | 12.5 | ||||||||||||
Charges | 5.4 | 2.8 | — | 8.2 | ||||||||||||||||
Utilizations | (2.8 | ) | (1.1 | ) | — | (3.9 | ) | |||||||||||||
Balance as of June 30, 2013 | $ | 8.5 | $ | 8.2 | $ | 0.1 | $ | 16.8 | ||||||||||||
Charges | — | (0.6 | ) | 0.6 | — | |||||||||||||||
Utilizations | (1.2 | ) | (1.3 | ) | — | (2.5 | ) | |||||||||||||
Balance as of September 30, 2013 | $ | 7.3 | $ | 6.3 | $ | 0.7 | $ | 14.3 | ||||||||||||
Schedule of Restructuring and Related Costs by Segment [Table Text Block] | ' | |||||||||||||||||||
A summary of restructuring activity by business segment is presented below: | ||||||||||||||||||||
(dollars in millions) | Wireline | Wireless | IT Services and Hardware | Corporate | Total | |||||||||||||||
Balance as of December 31, 2012 | $ | 8.6 | $ | 1.6 | $ | 0.5 | $ | 2.8 | $ | 13.5 | ||||||||||
Charges | 1.4 | — | — | 1.2 | 2.6 | |||||||||||||||
Utilizations | (2.1 | ) | — | (0.3 | ) | (1.2 | ) | (3.6 | ) | |||||||||||
Balance as of March 31, 2013 | $ | 7.9 | $ | 1.6 | $ | 0.2 | $ | 2.8 | $ | 12.5 | ||||||||||
Charges | 4.4 | — | 0.7 | 3.1 | 8.2 | |||||||||||||||
Utilizations | (1.7 | ) | (0.1 | ) | (0.1 | ) | (2.0 | ) | (3.9 | ) | ||||||||||
Balance as of June 30, 2013 | $ | 10.6 | $ | 1.5 | $ | 0.8 | $ | 3.9 | $ | 16.8 | ||||||||||
Charges | — | — | — | — | — | |||||||||||||||
Utilizations | (2.1 | ) | — | — | (0.4 | ) | (2.5 | ) | ||||||||||||
Balance as of September 30, 2013 | $ | 8.5 | $ | 1.5 | $ | 0.8 | $ | 3.5 | $ | 14.3 | ||||||||||
Pension_and_Postretirement_Pla1
Pension and Postretirement Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, pension and postretirement benefit costs were as follows: | ||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(dollars in millions) | Pension Benefits | Postretirement and | ||||||||||||||
Other Benefits | ||||||||||||||||
Service cost | $ | 0.3 | $ | 0.7 | $ | 0.1 | $ | 0.2 | ||||||||
Interest cost on projected benefit obligation | 4.7 | 5.3 | 1 | 1.4 | ||||||||||||
Expected return on plan assets | (6.3 | ) | (6.6 | ) | — | — | ||||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | — | (3.7 | ) | (3.2 | ) | ||||||||||
Actuarial loss | 5.4 | 4.8 | 1.4 | 1.6 | ||||||||||||
Total amortization | 5.5 | 4.8 | (2.3 | ) | (1.6 | ) | ||||||||||
Benefit costs | $ | 4.2 | $ | 4.2 | $ | (1.2 | ) | $ | — | |||||||
Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(dollars in millions) | Pension Benefits | Postretirement and | ||||||||||||||
Other Benefits | ||||||||||||||||
Service cost | $ | 1.7 | $ | 2 | $ | 0.3 | $ | 0.4 | ||||||||
Interest cost on projected benefit obligation | 14.1 | 16 | 3 | 4.2 | ||||||||||||
Expected return on plan assets | (19.2 | ) | (19.6 | ) | — | — | ||||||||||
Curtailment gain | (0.6 | ) | — | — | — | |||||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.2 | 0.1 | (10.2 | ) | (9.8 | ) | ||||||||||
Actuarial loss | 16.4 | 14.5 | 4.3 | 5 | ||||||||||||
Total amortization | 16.6 | 14.6 | (5.9 | ) | (4.8 | ) | ||||||||||
Benefit costs | $ | 12.6 | $ | 13 | $ | (2.6 | ) | $ | (0.2 | ) | ||||||
Shareowners_Deficit_Tables
Shareowners' Deficit (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
For the nine months ended September 30, 2013, the changes in accumulated other comprehensive loss by component were as follows: | ||||||||||||
(dollars in millions) | Unrecognized Net Periodic Pension and Postretirement Benefit Cost | Foreign Currency Translation Loss | Total | |||||||||
Balance as of December 31, 2012 | $ | (209.6 | ) | $ | (0.1 | ) | $ | (209.7 | ) | |||
Reclassifications, net | 6.5 | (a) | — | 6.5 | ||||||||
Remeasurement of benefit obligations | 30 | — | 30 | |||||||||
Foreign currency loss | — | (0.1 | ) | (0.1 | ) | |||||||
Balance as of September 30, 2013 | $ | (173.1 | ) | $ | (0.2 | ) | $ | (173.3 | ) | |||
(a) These reclassifications are included in the components of net period pension and postretirement benefit costs. See Note 7 for additional details. |
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||
Selected financial data for the Company’s business segment information is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(dollars in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | ||||||||||||||||
Wireline | $ | 181.4 | $ | 182.3 | $ | 542.7 | $ | 548.4 | ||||||||
Wireless | 49.1 | 59.5 | 154.1 | 185 | ||||||||||||
IT Services and Hardware | 87.5 | 78.3 | 258 | 228.8 | ||||||||||||
Data Center Colocation | — | 56.7 | 15.6 | 163.3 | ||||||||||||
Intersegment | (7.2 | ) | (8.6 | ) | (21.9 | ) | (26.3 | ) | ||||||||
Total revenue | $ | 310.8 | $ | 368.2 | $ | 948.5 | $ | 1,099.20 | ||||||||
Intersegment revenue | ||||||||||||||||
Wireline | $ | 4.2 | $ | 4.8 | $ | 12.8 | $ | 14.5 | ||||||||
Wireless | 0.5 | 0.5 | 1.7 | 1.7 | ||||||||||||
IT Services and Hardware | 2.5 | 1.8 | 7 | 5.4 | ||||||||||||
Data Center Colocation | — | 1.5 | 0.4 | 4.7 | ||||||||||||
Total intersegment revenue | $ | 7.2 | $ | 8.6 | $ | 21.9 | $ | 26.3 | ||||||||
Operating income | ||||||||||||||||
Wireline | $ | 47.8 | $ | 50.9 | $ | 146.8 | $ | 162.8 | ||||||||
Wireless | 7 | 12.6 | 19.1 | 43.5 | ||||||||||||
IT Services and Hardware | 4.4 | 3.8 | 6.6 | 7.2 | ||||||||||||
Data Center Colocation | — | 11.2 | 3.2 | 22.5 | ||||||||||||
Corporate | (1.5 | ) | (12.5 | ) | (52.0 | ) | (23.8 | ) | ||||||||
Total operating income | $ | 57.7 | $ | 66 | $ | 123.7 | $ | 212.2 | ||||||||
Expenditures for long-lived assets | ||||||||||||||||
Wireline | $ | 41.2 | $ | 27.8 | $ | 114.3 | $ | 77.5 | ||||||||
Wireless | 2.2 | 4.2 | 12.4 | 12.4 | ||||||||||||
IT Services and Hardware | 2.7 | 1.9 | 7.6 | 6.6 | ||||||||||||
Data Center Colocation | — | 41.6 | 7.7 | 146.4 | ||||||||||||
Total expenditures for long-lived assets | $ | 46.1 | $ | 75.5 | $ | 142 | $ | 242.9 | ||||||||
Depreciation and amortization | ||||||||||||||||
Wireline | $ | 29.7 | $ | 26.6 | $ | 83.8 | $ | 78.9 | ||||||||
Wireless | 7.4 | 8.1 | 30.7 | 24 | ||||||||||||
IT Services and Hardware | 2.5 | 2.4 | 7.5 | 6.3 | ||||||||||||
Data Center Colocation | — | 18.3 | 5.2 | 50.9 | ||||||||||||
Corporate | 0.2 | — | 0.4 | 0.1 | ||||||||||||
Total depreciation and amortization | $ | 39.8 | $ | 55.4 | $ | 127.6 | $ | 160.2 | ||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Assets | ||||||||||||||||
Wireline | $ | 766.7 | $ | 723.7 | ||||||||||||
Wireless | 252.2 | 275.6 | ||||||||||||||
IT Services and Hardware | 51.8 | 43.3 | ||||||||||||||
Data Center Colocation | — | 1,208.50 | ||||||||||||||
Corporate and eliminations | 1,481.00 | 621.3 | ||||||||||||||
Total assets | $ | 2,551.70 | $ | 2,872.40 | ||||||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Supplemental Guarantor Information Abstract | ' | |||||||||||||||||||
Supplemental Guarantor Information [Table Text Block] | ' | |||||||||||||||||||
The following information sets forth the Condensed Consolidating Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2013 and 2012, Condensed Consolidating Balance Sheets as of September 30, 2013 and December 31, 2012, and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2013 and 2012, of (1) the Parent Company, as the guarantor, (2) CBT, as the issuer, and (3) the non-guarantor subsidiaries on a combined basis. | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Revenue | $ | — | $ | 161.4 | $ | 163.5 | $ | (14.1 | ) | $ | 310.8 | |||||||||
Operating costs and expenses | 1.5 | 115.3 | 150.4 | (14.1 | ) | 253.1 | ||||||||||||||
Operating (loss) income | (1.5 | ) | 46.1 | 13.1 | — | 57.7 | ||||||||||||||
Interest expense (income), net | 42.9 | (0.3 | ) | 4.1 | — | 46.7 | ||||||||||||||
Other (income) expense, net | (0.4 | ) | 1.8 | (1.1 | ) | — | 0.3 | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (44.0 | ) | 44.6 | 10.1 | — | 10.7 | ||||||||||||||
Income tax (benefit) expense | (18.5 | ) | 16.4 | 3.5 | — | 1.4 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 34.8 | — | — | (34.8 | ) | — | ||||||||||||||
Net income | 9.3 | 28.2 | 6.6 | (34.8 | ) | 9.3 | ||||||||||||||
Other comprehensive income | 24.8 | — | — | — | 24.8 | |||||||||||||||
Total comprehensive income | $ | 34.1 | $ | 28.2 | $ | 6.6 | $ | (34.8 | ) | $ | 34.1 | |||||||||
Net income | 9.3 | 28.2 | 6.6 | (34.8 | ) | 9.3 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income applicable to common shareowners | $ | 6.7 | $ | 28.2 | $ | 6.6 | $ | (34.8 | ) | $ | 6.7 | |||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Revenue | $ | — | $ | 160.8 | $ | 222.8 | $ | (15.4 | ) | $ | 368.2 | |||||||||
Operating costs and expenses | 12.5 | 112 | 193.1 | (15.4 | ) | 302.2 | ||||||||||||||
Operating (loss) income | (12.5 | ) | 48.8 | 29.7 | — | 66 | ||||||||||||||
Interest expense (income), net | 41.1 | (0.6 | ) | 14.7 | — | 55.2 | ||||||||||||||
Other (income) expense, net | (0.5 | ) | 0.6 | — | — | 0.1 | ||||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (53.1 | ) | 48.8 | 15 | — | 10.7 | ||||||||||||||
Income tax (benefit) expense | (16.1 | ) | 18.1 | 4.8 | — | 6.8 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 40.9 | — | — | (40.9 | ) | — | ||||||||||||||
Net income | 3.9 | 30.7 | 10.2 | (40.9 | ) | 3.9 | ||||||||||||||
Other comprehensive income | 2.2 | — | 0.1 | — | 2.3 | |||||||||||||||
Total comprehensive income | $ | 6.1 | $ | 30.7 | $ | 10.3 | $ | (40.9 | ) | $ | 6.2 | |||||||||
Net income | 3.9 | 30.7 | 10.2 | (40.9 | ) | 3.9 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income applicable to common shareowners | $ | 1.3 | $ | 30.7 | $ | 10.2 | $ | (40.9 | ) | $ | 1.3 | |||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Revenue | $ | — | $ | 482.3 | $ | 508.4 | $ | (42.2 | ) | $ | 948.5 | |||||||||
Operating costs and expenses | 51.2 | 340 | 475.8 | (42.2 | ) | 824.8 | ||||||||||||||
Operating (loss) income | (51.2 | ) | 142.3 | 32.6 | — | 123.7 | ||||||||||||||
Interest expense (income), net | 125 | (1.4 | ) | 16.4 | — | 140 | ||||||||||||||
Other (income) expense, net | (1.1 | ) | 4.4 | 3.4 | — | 6.7 | ||||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (175.1 | ) | 139.3 | 12.8 | — | (23.0 | ) | |||||||||||||
Income tax (benefit) expense | (59.8 | ) | 51.2 | 12.2 | — | 3.6 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 88.7 | — | — | (88.7 | ) | — | ||||||||||||||
Net (loss) income | (26.6 | ) | 88.1 | 0.6 | (88.7 | ) | (26.6 | ) | ||||||||||||
Other comprehensive income (loss) | 36.5 | — | (0.1 | ) | — | 36.4 | ||||||||||||||
Total comprehensive income | $ | 9.9 | $ | 88.1 | $ | 0.5 | $ | (88.7 | ) | $ | 9.8 | |||||||||
Net (loss) income | (26.6 | ) | 88.1 | 0.6 | (88.7 | ) | (26.6 | ) | ||||||||||||
Preferred stock dividends | 7.8 | — | — | — | 7.8 | |||||||||||||||
Net (loss) income applicable to common shareowners | $ | (34.4 | ) | $ | 88.1 | $ | 0.6 | $ | (88.7 | ) | $ | (34.4 | ) | |||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Revenue | $ | — | $ | 482 | $ | 663.6 | $ | (46.4 | ) | $ | 1,099.20 | |||||||||
Operating costs and expenses | 23.6 | 324.8 | 585 | (46.4 | ) | 887 | ||||||||||||||
Operating (loss) income | (23.6 | ) | 157.2 | 78.6 | — | 212.2 | ||||||||||||||
Interest expense (income), net | 122.5 | (0.8 | ) | 41.6 | — | 163.3 | ||||||||||||||
Other (income) expense, net | (1.2 | ) | 2.9 | (0.1 | ) | — | 1.6 | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (144.9 | ) | 155.1 | 37.1 | — | 47.3 | ||||||||||||||
Income tax (benefit) expense | (45.9 | ) | 56.6 | 15.6 | — | 26.3 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 120 | — | — | (120.0 | ) | — | ||||||||||||||
Net income | 21 | 98.5 | 21.5 | (120.0 | ) | 21 | ||||||||||||||
Other comprehensive income | 6.3 | — | 0.1 | — | 6.4 | |||||||||||||||
Total comprehensive income | $ | 27.3 | $ | 98.5 | $ | 21.6 | $ | (120.0 | ) | $ | 27.4 | |||||||||
Net income | 21 | 98.5 | 21.5 | (120.0 | ) | 21 | ||||||||||||||
Preferred stock dividends | 7.8 | — | — | — | 7.8 | |||||||||||||||
Net income applicable to common shareowners | $ | 13.2 | $ | 98.5 | $ | 21.5 | $ | (120.0 | ) | $ | 13.2 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash and cash equivalents | $ | 411.1 | $ | 2 | $ | 0.6 | $ | — | $ | 413.7 | ||||||||||
Receivables, net | 1.6 | — | 159.8 | — | 161.4 | |||||||||||||||
Other current assets | 2.6 | 29.3 | 43.7 | (0.4 | ) | 75.2 | ||||||||||||||
Total current assets | 415.3 | 31.3 | 204.1 | (0.4 | ) | 650.3 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 694.2 | 198.2 | — | 892.5 | |||||||||||||||
Investment in CyrusOne | — | — | 480.7 | — | 480.7 | |||||||||||||||
Goodwill and intangibles, net | — | 2.3 | 104.9 | — | 107.2 | |||||||||||||||
Investments in and advances to subsidiaries | 1,546.80 | 288.8 | — | (1,835.6 | ) | — | ||||||||||||||
Other noncurrent assets | 380.6 | 6.2 | 189.5 | (155.3 | ) | 421 | ||||||||||||||
Total assets | $ | 2,342.80 | $ | 1,022.80 | $ | 1,177.40 | $ | (1,991.3 | ) | $ | 2,551.70 | |||||||||
Current portion of long-term debt | $ | 501.7 | $ | 3.9 | $ | 3.3 | $ | — | $ | 508.9 | ||||||||||
Accounts payable | 1 | 58.7 | 48.6 | — | 108.3 | |||||||||||||||
Other current liabilities | 93.3 | 50.8 | 36.8 | (0.6 | ) | 180.3 | ||||||||||||||
Total current liabilities | 596 | 113.4 | 88.7 | (0.6 | ) | 797.5 | ||||||||||||||
Long-term debt, less current portion | 1,877.20 | 142.3 | 88.7 | — | 2,108.20 | |||||||||||||||
Other noncurrent liabilities | 274.3 | 153.9 | 60.1 | (155.1 | ) | 333.2 | ||||||||||||||
Intercompany payables | 282.5 | — | 292.7 | (575.2 | ) | — | ||||||||||||||
Total liabilities | 3,030.00 | 409.6 | 530.2 | (730.9 | ) | 3,238.90 | ||||||||||||||
Shareowners’ (deficit) equity | (687.2 | ) | 613.2 | 647.2 | (1,260.4 | ) | (687.2 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 2,342.80 | $ | 1,022.80 | $ | 1,177.40 | $ | (1,991.3 | ) | $ | 2,551.70 | |||||||||
As of December 31, 2012 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash and cash equivalents | $ | 3.8 | $ | 1.9 | $ | 17.9 | $ | — | $ | 23.6 | ||||||||||
Receivables, net | 1 | — | 198 | — | 199 | |||||||||||||||
Other current assets | 3.1 | 34.4 | 43.8 | (0.4 | ) | 80.9 | ||||||||||||||
Total current assets | 7.9 | 36.3 | 259.7 | (0.4 | ) | 303.5 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 646.7 | 940.6 | — | 1,587.40 | |||||||||||||||
Goodwill and intangibles, net | — | 2.3 | 485.1 | — | 487.4 | |||||||||||||||
Investments in and advances to subsidiaries | 1,449.90 | 228.2 | — | (1,678.1 | ) | — | ||||||||||||||
Other noncurrent assets | 384.6 | 6.3 | 266.3 | (163.1 | ) | 494.1 | ||||||||||||||
Total assets | $ | 1,842.50 | $ | 919.8 | $ | 1,951.70 | $ | (1,841.6 | ) | $ | 2,872.40 | |||||||||
Current portion of long-term debt | $ | — | $ | 3 | $ | 10.4 | $ | — | $ | 13.4 | ||||||||||
Accounts payable | 1.2 | 61.7 | 72.7 | — | 135.6 | |||||||||||||||
Other current liabilities | 85.6 | 50.2 | 69.7 | 0.9 | 206.4 | |||||||||||||||
Total current liabilities | 86.8 | 114.9 | 152.8 | 0.9 | 355.4 | |||||||||||||||
Long-term debt, less current portion | 1,841.70 | 141.3 | 693 | — | 2,676.00 | |||||||||||||||
Other noncurrent liabilities | 383.3 | 138.6 | 181.7 | (164.4 | ) | 539.2 | ||||||||||||||
Intercompany payables | 228.9 | — | 276.4 | (505.3 | ) | — | ||||||||||||||
Total liabilities | 2,540.70 | 394.8 | 1,303.90 | (668.8 | ) | 3,570.60 | ||||||||||||||
Shareowners’ (deficit) equity | (698.2 | ) | 525 | 647.8 | (1,172.8 | ) | (698.2 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,842.50 | $ | 919.8 | $ | 1,951.70 | $ | (1,841.6 | ) | $ | 2,872.40 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash flows (used in) provided by operating activities | $ | (165.0 | ) | $ | 170.1 | $ | 54.7 | $ | — | $ | 59.8 | |||||||||
Capital expenditures | — | (108.7 | ) | (33.3 | ) | — | (142.0 | ) | ||||||||||||
Dividends received from CyrusOne | — | — | 14.2 | — | 14.2 | |||||||||||||||
Proceeds from sale of assets | — | 1.8 | — | — | 1.8 | |||||||||||||||
Cash divested from deconsolidation of CyrusOne | — | — | (12.2 | ) | — | (12.2 | ) | |||||||||||||
Other investing activities | — | — | 0.4 | — | 0.4 | |||||||||||||||
Cash flows used in investing activities | — | (106.9 | ) | (30.9 | ) | — | (137.8 | ) | ||||||||||||
Issuance of long-term debt | 536 | — | — | — | 536 | |||||||||||||||
Funding between Parent and subsidiaries, net | 45.5 | (60.5 | ) | 15 | — | — | ||||||||||||||
Debt issuance costs | (6.4 | ) | — | — | — | (6.4 | ) | |||||||||||||
Decrease in revolving facilities, net | — | — | (52.0 | ) | — | (52.0 | ) | |||||||||||||
Repayment of debt | — | (2.6 | ) | (4.1 | ) | — | (6.7 | ) | ||||||||||||
Proceeds from exercise of options and warrants | 6.8 | — | — | — | 6.8 | |||||||||||||||
Other financing activities | (9.6 | ) | — | — | — | (9.6 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 572.3 | (63.1 | ) | (41.1 | ) | — | 468.1 | |||||||||||||
Increase (decrease) in cash and cash equivalents | 407.3 | 0.1 | (17.3 | ) | — | 390.1 | ||||||||||||||
Beginning cash and cash equivalents | 3.8 | 1.9 | 17.9 | — | 23.6 | |||||||||||||||
Ending cash and cash equivalents | $ | 411.1 | $ | 2 | $ | 0.6 | $ | — | $ | 413.7 | ||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash flows (used in) provided by operating activities | $ | (69.1 | ) | $ | 169.7 | $ | 54.4 | $ | — | $ | 155 | |||||||||
Capital expenditures | — | (73.6 | ) | (169.3 | ) | — | (242.9 | ) | ||||||||||||
Proceeds from sale of assets | — | 0.4 | 0.2 | — | 0.6 | |||||||||||||||
Other investing activities | — | — | (10.4 | ) | — | (10.4 | ) | |||||||||||||
Cash flows used in investing activities | — | (73.2 | ) | (179.5 | ) | — | (252.7 | ) | ||||||||||||
Funding between Parent and subsidiaries, net | 2.9 | (94.3 | ) | 91.4 | — | — | ||||||||||||||
Increase in revolving facilities, net | — | — | 44 | — | 44 | |||||||||||||||
Repayment of debt | — | (2.3 | ) | (9.0 | ) | — | (11.3 | ) | ||||||||||||
Common stock repurchase | (0.3 | ) | — | — | — | (0.3 | ) | |||||||||||||
Proceeds from exercise of options and warrants | 8.1 | — | — | — | 8.1 | |||||||||||||||
Other financing activities | (8.9 | ) | — | 0.1 | — | (8.8 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 1.8 | (96.6 | ) | 126.5 | — | 31.7 | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (67.3 | ) | (0.1 | ) | 1.4 | — | (66.0 | ) | ||||||||||||
Beginning cash and cash equivalents | 69.6 | 1.4 | 2.7 | — | 73.7 | |||||||||||||||
Ending cash and cash equivalents | $ | 2.3 | $ | 1.3 | $ | 4.1 | $ | — | $ | 7.7 | ||||||||||
Supplemental Guarantor Information, High Yield Notes [Table Text Block] | ' | |||||||||||||||||||
The following information sets forth the Condensed Consolidating Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2013 and 2012, Condensed Consolidating Balance Sheets as of September 30, 2013 and December 31, 2012, and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2013 and 2012, of (1) the Parent Company, as the issuer, (2) the guarantor subsidiaries on a combined basis, and (3) the non-guarantor subsidiaries on a combined basis. | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 177.4 | $ | 147.5 | $ | (14.1 | ) | $ | 310.8 | |||||||||
Operating costs and expenses | 1.5 | 162.5 | 103.2 | (14.1 | ) | 253.1 | ||||||||||||||
Operating (loss) income | (1.5 | ) | 14.9 | 44.3 | — | 57.7 | ||||||||||||||
Interest expense, net | 42.9 | 3.5 | 0.3 | — | 46.7 | |||||||||||||||
Other (income) expense, net | (0.4 | ) | 3.2 | (2.5 | ) | — | 0.3 | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (44.0 | ) | 8.2 | 46.5 | — | 10.7 | ||||||||||||||
Income tax (benefit) expense | (18.5 | ) | 3.1 | 16.8 | — | 1.4 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 34.8 | — | — | (34.8 | ) | — | ||||||||||||||
Net income | 9.3 | 5.1 | 29.7 | (34.8 | ) | 9.3 | ||||||||||||||
Other comprehensive income | 24.8 | — | — | — | 24.8 | |||||||||||||||
Total comprehensive income | $ | 34.1 | $ | 5.1 | $ | 29.7 | $ | (34.8 | ) | $ | 34.1 | |||||||||
Net income | 9.3 | 5.1 | 29.7 | (34.8 | ) | 9.3 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income applicable to common shareowners | $ | 6.7 | $ | 5.1 | $ | 29.7 | $ | (34.8 | ) | $ | 6.7 | |||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 176.6 | $ | 207 | $ | (15.4 | ) | $ | 368.2 | |||||||||
Operating costs and expenses | 12.5 | 158 | 147.1 | (15.4 | ) | 302.2 | ||||||||||||||
Operating (loss) income | (12.5 | ) | 18.6 | 59.9 | — | 66 | ||||||||||||||
Interest expense, net | 41.1 | 1.8 | 12.3 | — | 55.2 | |||||||||||||||
Other (income) expense, net | (0.5 | ) | 2.3 | (1.7 | ) | — | 0.1 | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (53.1 | ) | 14.5 | 49.3 | — | 10.7 | ||||||||||||||
Income tax (benefit) expense | (16.1 | ) | 4.6 | 18.3 | — | 6.8 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 40.9 | 3.5 | — | (44.4 | ) | — | ||||||||||||||
Net income | 3.9 | 13.4 | 31 | (44.4 | ) | 3.9 | ||||||||||||||
Other comprehensive income | 2.2 | — | 0.1 | — | 2.3 | |||||||||||||||
Total comprehensive income | $ | 6.1 | $ | 13.4 | $ | 31.1 | $ | (44.4 | ) | $ | 6.2 | |||||||||
Net income | 3.9 | 13.4 | 31 | (44.4 | ) | 3.9 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income applicable to common shareowners | $ | 1.3 | $ | 13.4 | $ | 31 | $ | (44.4 | ) | $ | 1.3 | |||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 530.7 | $ | 460 | $ | (42.2 | ) | $ | 948.5 | |||||||||
Operating costs and expenses | 51.2 | 496.1 | 319.7 | (42.2 | ) | 824.8 | ||||||||||||||
Operating (loss) income | (51.2 | ) | 34.6 | 140.3 | — | 123.7 | ||||||||||||||
Interest expense, net | 125 | 11.2 | 3.8 | — | 140 | |||||||||||||||
Other (income) expense, net | (1.1 | ) | 12.1 | (4.3 | ) | — | 6.7 | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (175.1 | ) | 11.3 | 140.8 | — | (23.0 | ) | |||||||||||||
Income tax (benefit) expense | (59.8 | ) | 11.9 | 51.5 | — | 3.6 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 88.7 | 0.7 | — | (89.4 | ) | — | ||||||||||||||
Net (loss) income | (26.6 | ) | 0.1 | 89.3 | (89.4 | ) | (26.6 | ) | ||||||||||||
Other comprehensive income (loss) | 36.5 | — | (0.1 | ) | — | 36.4 | ||||||||||||||
Total comprehensive income | $ | 9.9 | $ | 0.1 | $ | 89.2 | $ | (89.4 | ) | $ | 9.8 | |||||||||
Net (loss) income | (26.6 | ) | 0.1 | 89.3 | (89.4 | ) | (26.6 | ) | ||||||||||||
Preferred stock dividends | 7.8 | — | — | — | 7.8 | |||||||||||||||
Net (loss) income applicable to common shareowners | $ | (34.4 | ) | $ | 0.1 | $ | 89.3 | $ | (89.4 | ) | $ | (34.4 | ) | |||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 530.5 | $ | 615.1 | $ | (46.4 | ) | $ | 1,099.20 | |||||||||
Operating costs and expenses | 23.6 | 474.8 | 435 | (46.4 | ) | 887 | ||||||||||||||
Operating (loss) income | (23.6 | ) | 55.7 | 180.1 | — | 212.2 | ||||||||||||||
Interest expense, net | 122.5 | 5.6 | 35.2 | — | 163.3 | |||||||||||||||
Other (income) expense, net | (1.2 | ) | 6.4 | (3.6 | ) | — | 1.6 | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (144.9 | ) | 43.7 | 148.5 | — | 47.3 | ||||||||||||||
Income tax (benefit) expense | (45.9 | ) | 16.2 | 56 | — | 26.3 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 120 | (10.3 | ) | — | (109.7 | ) | — | |||||||||||||
Net income | 21 | 17.2 | 92.5 | (109.7 | ) | 21 | ||||||||||||||
Other comprehensive income | 6.3 | — | 0.1 | — | 6.4 | |||||||||||||||
Total comprehensive income | $ | 27.3 | $ | 17.2 | $ | 92.6 | $ | (109.7 | ) | $ | 27.4 | |||||||||
Net income | 21 | 17.2 | 92.5 | (109.7 | ) | 21 | ||||||||||||||
Preferred stock dividends | 7.8 | — | — | — | 7.8 | |||||||||||||||
Net income applicable to common shareowners | $ | 13.2 | $ | 17.2 | $ | 92.5 | $ | (109.7 | ) | $ | 13.2 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash and cash equivalents | $ | 411.1 | $ | 0.5 | $ | 2.1 | $ | — | $ | 413.7 | ||||||||||
Receivables, net | 1.6 | 7.2 | 152.6 | — | 161.4 | |||||||||||||||
Other current assets | 2.6 | 39.9 | 33.1 | (0.4 | ) | 75.2 | ||||||||||||||
Total current assets | 415.3 | 47.6 | 187.8 | (0.4 | ) | 650.3 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 196 | 696.4 | — | 892.5 | |||||||||||||||
Investment in CyrusOne | — | 480.7 | — | — | 480.7 | |||||||||||||||
Goodwill and intangibles, net | — | 104.9 | 2.3 | — | 107.2 | |||||||||||||||
Investments in and advances to subsidiaries | 1,546.80 | 340.3 | 260.7 | (2,147.8 | ) | — | ||||||||||||||
Other noncurrent assets | 380.6 | 190.6 | 5.1 | (155.3 | ) | 421 | ||||||||||||||
Total assets | $ | 2,342.80 | $ | 1,360.10 | $ | 1,152.30 | $ | (2,303.5 | ) | $ | 2,551.70 | |||||||||
Current portion of long-term debt | $ | 501.7 | $ | 3 | $ | 4.2 | $ | — | $ | 508.9 | ||||||||||
Accounts payable | 1 | 72.4 | 34.9 | — | 108.3 | |||||||||||||||
Other current liabilities | 93.3 | 38.1 | 49.5 | (0.6 | ) | 180.3 | ||||||||||||||
Total current liabilities | 596 | 113.5 | 88.6 | (0.6 | ) | 797.5 | ||||||||||||||
Long-term debt, less current portion | 1,877.20 | 87.2 | 143.8 | — | 2,108.20 | |||||||||||||||
Other noncurrent liabilities | 274.3 | 62.2 | 151.8 | (155.1 | ) | 333.2 | ||||||||||||||
Intercompany payables | 282.5 | 144.7 | 133.7 | (560.9 | ) | — | ||||||||||||||
Total liabilities | 3,030.00 | 407.6 | 517.9 | (716.6 | ) | 3,238.90 | ||||||||||||||
Shareowners’ (deficit) equity | (687.2 | ) | 952.5 | 634.4 | (1,586.9 | ) | (687.2 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 2,342.80 | $ | 1,360.10 | $ | 1,152.30 | $ | (2,303.5 | ) | $ | 2,551.70 | |||||||||
As of December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash and cash equivalents | $ | 3.8 | $ | 0.3 | $ | 19.5 | $ | — | $ | 23.6 | ||||||||||
Receivables, net | 1 | 1.2 | 196.8 | — | 199 | |||||||||||||||
Other current assets | 3.1 | 27.7 | 50.5 | (0.4 | ) | 80.9 | ||||||||||||||
Total current assets | 7.9 | 29.2 | 266.8 | (0.4 | ) | 303.5 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 220.9 | 1,366.40 | — | 1,587.40 | |||||||||||||||
Goodwill and intangibles, net | — | 106.4 | 381 | — | 487.4 | |||||||||||||||
Investments in and advances to subsidiaries | 1,449.90 | 506.4 | 192.5 | (2,148.8 | ) | — | ||||||||||||||
Other noncurrent assets | 384.6 | 218.5 | 54.1 | (163.1 | ) | 494.1 | ||||||||||||||
Total assets | $ | 1,842.50 | $ | 1,081.40 | $ | 2,260.80 | $ | (2,312.3 | ) | $ | 2,872.40 | |||||||||
Current portion of long-term debt | $ | — | $ | 3.9 | $ | 9.5 | $ | — | $ | 13.4 | ||||||||||
Accounts payable | 1.2 | 90.2 | 44.2 | — | 135.6 | |||||||||||||||
Other current liabilities | 85.6 | 33.6 | 86.3 | 0.9 | 206.4 | |||||||||||||||
Total current liabilities | 86.8 | 127.7 | 140 | 0.9 | 355.4 | |||||||||||||||
Long-term debt, less current portion | 1,841.70 | 88.4 | 745.9 | — | 2,676.00 | |||||||||||||||
Other noncurrent liabilities | 383.3 | 90.6 | 229.7 | (164.4 | ) | 539.2 | ||||||||||||||
Intercompany payables | 228.9 | 160 | 102.6 | (491.5 | ) | — | ||||||||||||||
Total liabilities | 2,540.70 | 466.7 | 1,218.20 | (655.0 | ) | 3,570.60 | ||||||||||||||
Shareowners’ (deficit) equity | (698.2 | ) | 614.7 | 1,042.60 | (1,657.3 | ) | (698.2 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,842.50 | $ | 1,081.40 | $ | 2,260.80 | $ | (2,312.3 | ) | $ | 2,872.40 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash flows (used in) provided by operating activities | $ | (165.0 | ) | $ | 27.4 | $ | 197.4 | $ | — | $ | 59.8 | |||||||||
Capital expenditures | — | (25.6 | ) | (116.4 | ) | — | (142.0 | ) | ||||||||||||
Dividends received from CyrusOne | — | 14.2 | — | — | 14.2 | |||||||||||||||
Proceeds from sale of assets | — | — | 1.8 | — | 1.8 | |||||||||||||||
Cash divested from deconsolidation of CyrusOne | — | — | (12.2 | ) | — | (12.2 | ) | |||||||||||||
Other investing activities | — | — | 0.4 | — | 0.4 | |||||||||||||||
Cash flows used in investing activities | — | (11.4 | ) | (126.4 | ) | — | (137.8 | ) | ||||||||||||
Issuance of long-term debt | 536 | — | — | — | 536 | |||||||||||||||
Funding between Parent and subsidiaries, net | 45.5 | (12.6 | ) | (32.9 | ) | — | — | |||||||||||||
Debt issuance costs | (6.4 | ) | — | — | — | (6.4 | ) | |||||||||||||
Decrease in revolving facilities, net | — | — | (52.0 | ) | — | (52.0 | ) | |||||||||||||
Repayment of debt | — | (3.2 | ) | (3.5 | ) | — | (6.7 | ) | ||||||||||||
Proceeds from exercise of options and warrants | 6.8 | — | — | — | 6.8 | |||||||||||||||
Other financing activities | (9.6 | ) | — | — | — | (9.6 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 572.3 | (15.8 | ) | (88.4 | ) | — | 468.1 | |||||||||||||
Increase (decrease) in cash and cash equivalents | 407.3 | 0.2 | (17.4 | ) | — | 390.1 | ||||||||||||||
Beginning cash and cash equivalents | 3.8 | 0.3 | 19.5 | — | 23.6 | |||||||||||||||
Ending cash and cash equivalents | $ | 411.1 | $ | 0.5 | $ | 2.1 | $ | — | $ | 413.7 | ||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash flows (used in) provided by operating activities | $ | (69.1 | ) | $ | 47.1 | $ | 177 | $ | — | $ | 155 | |||||||||
Capital expenditures | — | (22.9 | ) | (220.0 | ) | — | (242.9 | ) | ||||||||||||
Proceeds from sale of assets | — | 0.2 | 0.4 | — | 0.6 | |||||||||||||||
Other investing activities | — | — | (10.4 | ) | — | (10.4 | ) | |||||||||||||
Cash flows used in investing activities | — | (22.7 | ) | (230.0 | ) | — | (252.7 | ) | ||||||||||||
Funding between Parent and subsidiaries, net | 2.9 | (21.0 | ) | 18.1 | — | — | ||||||||||||||
Increase in revolving facilities, net | — | — | 44 | — | 44 | |||||||||||||||
Repayment of debt | — | (3.5 | ) | (7.8 | ) | — | (11.3 | ) | ||||||||||||
Common stock repurchase | (0.3 | ) | — | — | — | (0.3 | ) | |||||||||||||
Proceeds from exercise of options and warrants | 8.1 | — | — | — | 8.1 | |||||||||||||||
Other financing activities | (8.9 | ) | 0.1 | — | — | (8.8 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 1.8 | (24.4 | ) | 54.3 | — | 31.7 | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (67.3 | ) | — | 1.3 | — | (66.0 | ) | |||||||||||||
Beginning cash and cash equivalents | 69.6 | 0.7 | 3.4 | — | 73.7 | |||||||||||||||
Ending cash and cash equivalents | $ | 2.3 | $ | 0.7 | $ | 4.7 | $ | — | $ | 7.7 | ||||||||||
Description_of_Business_and_Ac2
Description of Business and Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Description of Accounting Policies [Line Items] | ' | ' | ' | ' |
Investment owned in CyrusOne Inc., Balance, Shares | 1.9 | ' | 1.9 | ' |
Investment owned in CyrusOne LP, Balance, Partnership Units | 42.6 | ' | 42.6 | ' |
Total ownership interests in CyrusOne, Percentage | 69.00% | ' | 69.00% | ' |
Dividends received from CyrusOne | $7.20 | ' | $14.20 | $0 |
Change in Accounting Estimate, Effect of Change on Operating Results, Increase in Depreciation Expense | ' | 8.5 | ' | ' |
Change in Accounting Estimate, Effect of Change on Operating Results, Increase in Depreciation Expense, Net of Tax | ' | 5.1 | ' | ' |
Change in Accounting Estimate, Effect of Change on Basic and Diluted Earnings Per Share | ' | ($0.03) | ' | ' |
Valuation Allowance Provision for Texas margin credits | ' | ' | $10.70 | ' |
Wireless [Member] | Software [Member] | ' | ' | ' | ' |
Description of Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '3 years 0 months 0 days | ' | ' |
Investment_in_CyrusOne_Details
Investment in CyrusOne (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 24, 2013 |
CyrusOne [Member] | CyrusOne [Member] | CyrusOne [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total ownership interests in CyrusOne, Percentage | 69.00% | ' | 69.00% | ' | ' | ' | ' | ' | ' |
Loss from CyrusOne | $1.50 | $0 | $8.10 | $0 | ' | ' | ' | ' | ' |
Equity Method Investments, Fair Value Disclosure | 845.1 | ' | 845.1 | ' | 0 | ' | ' | ' | ' |
Dividends received from CyrusOne | 7.2 | ' | 14.2 | 0 | ' | ' | ' | ' | ' |
Dividends Payable, Amount Per Share | ' | ' | ' | ' | ' | ' | $0.16 | $0.16 | ' |
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | 413.7 | 7.7 | 413.7 | 7.7 | 23.6 | 73.7 | ' | ' | 12.2 |
Receivables | 153.4 | ' | 153.4 | ' | 199 | ' | ' | ' | 41.5 |
Other current assets | 3.6 | ' | 3.6 | ' | 11.6 | ' | ' | ' | 13.4 |
Property, plant and equipment | 892.5 | ' | 892.5 | ' | 1,587.40 | ' | ' | ' | 736.2 |
Goodwill and intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 377.7 |
Other noncurrent assets | 44.1 | ' | 44.1 | ' | 86.3 | ' | ' | ' | 44 |
Total assets | 2,551.70 | ' | 2,551.70 | ' | 2,872.40 | ' | ' | ' | 1,225 |
Equity Method Investment, Summarized Financial Information, Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 508.9 | ' | 508.9 | ' | 13.4 | ' | ' | ' | 6.3 |
Accounts payable | 107.3 | ' | 107.3 | ' | 135.6 | ' | ' | ' | 29.4 |
Unearned revenue and customer deposits | 34.3 | ' | 34.3 | ' | 51.2 | ' | ' | ' | 24.1 |
Other current liabilities | 32.2 | ' | 32.2 | ' | 40.2 | ' | ' | ' | 12.9 |
Long-term debt | 2,108.20 | ' | 2,108.20 | ' | 2,676 | ' | ' | ' | 550.3 |
Other noncurrent liabilities | 70.9 | ' | 70.9 | ' | 176.5 | ' | ' | ' | 92.3 |
Total liabilities | 3,238.90 | ' | 3,238.90 | ' | 3,570.60 | ' | ' | ' | 715.3 |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets | ' | ' | 509.7 | 0 | ' | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | 67.5 | 176.1 | ' |
Operating income | 57.7 | 66 | 123.7 | 212.2 | ' | ' | 8.5 | 19.9 | ' |
Net loss | ' | ' | ' | ' | ' | ' | ($2.20) | ($11.80) | ' |
Investment_in_CyrusOne_Schedul
Investment in CyrusOne - Schedule of Related Party Transactions (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
CyrusOne [Member] | CyrusOne [Member] | ||||
Revenue: | ' | ' | ' | ' | ' |
Services provided to CyrusOne | ' | ' | ' | $0.50 | $1.60 |
Operating costs and expenses: | ' | ' | ' | ' | ' |
Transaction-related compensation to CyrusOne employees | 20 | ' | ' | 0 | 20 |
Charges for services provided by CyrusOne | ' | ' | ' | 2.4 | 6.5 |
Administrative services provided to CyrusOne | ' | ' | ' | -0.1 | -0.4 |
Total operating costs and expenses | ' | ' | ' | 2.3 | 26.1 |
Amounts receivable from and payable to CyrusOne | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | 0.9 | 0.9 |
Dividends receivable | 7.1 | ' | 0 | 7.1 | 7.1 |
Receivable from CyrusOne | 8 | 0 | ' | 8 | 8 |
Accounts payable | ' | ' | ' | 1 | 1 |
Payable to CyrusOne | $1 | $0 | ' | $1 | $1 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income (loss) | $9.30 | $3.90 | ($26.60) | $21 |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | 7.8 |
Net income (loss) applicable to common shareholders - basic and diluted | $6.70 | $1.30 | ($34.40) | $13.20 |
Denominator: | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | 207 | 196.4 | 205.6 | 195.8 |
Warrants | 0 | 5.6 | 0 | 3.9 |
Stock-based compensation arrangements | 1.5 | 3.6 | 0 | 3.3 |
Weighted average common shares outstanding - diluted | 208.5 | 205.6 | 205.6 | 203 |
Basic and diluted earnings (loss) per common share | $0.03 | $0.01 | ($0.17) | $0.07 |
Stock Compensation Plan [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7 | 4.4 | ' | 6.2 |
Convertible Preferred Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4.5 | 4.5 | 4.5 | 4.5 |
Debt_Debt_Schedule_of_Debt_Det
Debt Debt - Schedule of Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 15, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jan. 24, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Corporate Credit Agreement - Tranche B Term Loan | Capital lease obligations and other debt [Member] | Capital lease obligations and other debt [Member] | 8 1/4% Senior Notes due 2017 [Member] | 8 1/4% Senior Notes due 2017 [Member] | 8 1/4% Senior Notes due 2017 [Member] | 8 3/4% Senior Subordinated Notes due 2018 [Member] | 8 3/4% Senior Subordinated Notes due 2018 [Member] | 8 3/8% Senior Notes due 2020 [Member] | 8 3/8% Senior Notes due 2020 [Member] | CyrusOne 6 3/8% Senior Notes due 2022 [Member] | CyrusOne 6 3/8% Senior Notes due 2022 [Member] | CyrusOne 6 3/8% Senior Notes due 2022 [Member] | 7 1/4% Senior Notes due 2023 [Member] | 7 1/4% Senior Notes due 2023 [Member] | Various Cincinnati Bell Telephone notes [Member] | Various Cincinnati Bell Telephone notes [Member] | Long-term debt, less current portion, before deducting unamortized discount or premium [Member] | Long-term debt, less current portion, before deducting unamortized discount or premium [Member] | Current Portion of Long-Term Debt [Member] | Current Portion of Long-Term Debt [Member] | Current Portion of Long-Term Debt [Member] | Current Portion of Long-Term Debt [Member] | Long-Term Debt, Less Current Portion [Member] | Long-Term Debt, Less Current Portion [Member] | Long-Term Debt, Less Current Portion [Member] | Long-Term Debt, Less Current Portion [Member] | ||
Corporate Credit Agreement - Tranche B Term Loan | Corporate Credit Agreement - Tranche B Term Loan | 8 1/4% Senior Notes due 2017 [Member] | 8 1/4% Senior Notes due 2017 [Member] | Corporate Credit Agreement - Tranche B Term Loan | Corporate Credit Agreement - Tranche B Term Loan | 8 1/4% Senior Notes due 2017 [Member] | 8 1/4% Senior Notes due 2017 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unamortized discount on 8 1/4% Senior Notes due 2017 | ' | ' | ' | ' | ' | $3.70 | ($3.70) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables facility amount outstanding | 0 | 52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | 540 | ' | ' | 500 | ' | ' | 625 | 625 | 683.9 | 683.9 | 0 | 525 | 525 | 40 | 40 | 134.5 | 134.5 | ' | ' | 5.4 | 0 | 500 | 0 | 534.6 | 0 | 0 | 500 |
Long-term debt, less current portion | 2,108.20 | 2,676 | ' | 96.9 | 123.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,114.90 | 2,683.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Net unamortized discount | -6.7 | -7.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | 2,617.10 | 2,689.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 8.25% | ' | 8.75% | ' | 8.38% | ' | ' | 6.38% | ' | 7.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | $508.90 | $13.40 | ' | $7.20 | $13.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Debt_Credit_Facility_Deta
Debt Debt - Credit Facility (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jan. 24, 2013 |
In Millions, unless otherwise specified | Line of Credit [Member] | |||
CyrusOne LP [Member] | ||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
CyrusOne Credit Agreement | ' | ' | ' | $225 |
Receivables facility maximum borrowing capacity | 120 | 105 | ' | ' |
Receivables facility amount outstanding | 0 | ' | 52 | ' |
Letters of Credit Outstanding, Amount | 5.2 | ' | ' | ' |
Receivables Facility Remaining Borrowing Capacity | 102.7 | ' | ' | ' |
Receivables facility maximum borrowing availability | $107.90 | ' | ' | ' |
Accounts Receivable Facility, Renewal Term | '364 | ' | ' | ' |
Debt_Debt_New_Tranche_B_Term_L
Debt Debt - New Tranche B Term Loan Facility (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 15, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Federal Funds Rate [Member] | Tranche B Term Loan [Member] | Senior Notes due 2017 [Member] | Senior Notes due 2017 [Member] | Senior Notes due 2017 [Member] | Senior Notes due 2017 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | $540 | ' | $500 | ' | ' | ' |
Original Issue Discount, Tranche B Term Loan | ' | 0.75% | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required Principal Payments, Tranche B Term Loan | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR rate floor | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | 1.00% | 2.00% | 0.50% | ' | ' | ' | ' | ' | 3.00% |
Issuance of long-term debt | ' | ' | 536 | 0 | ' | ' | ' | ' | 529.6 | ' | ' | ' | ' | ' |
Redemption price | 104.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.6 | ' | ' | ' |
Debt extinguishment loss | 29.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt extinguishment, call premiums | 20.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.3 | ' | ' | ' | ' |
Write-off of debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.7 | -3.7 | 0 | ' |
Restricted payments, limit when leverage ratio threshold not attained | ' | 15 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted payments, limit when leverage ratio threshold is attained | ' | 45 | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage Ratio, threshold | ' | 3.5 | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage Ratio, threshold, other | ' | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Payments, Share Repurchases or Dividends, limit | ' | 15.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Payments, Share Repurchases or Dividends, cap | ' | 35 | 35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Equity Method Investment, Percent Required for Mandatory Debt Prepayments | ' | 85.00% | 85.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | $200 | $200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment in CyrusOne, carrying value | $480.70 | $0 |
Investment in CyrusOne, fair value | 845.1 | 0 |
Long-term debt, including current portion, carrying value | 2,617.10 | 2,689.40 |
Other financing arrangements, carrying value | 0 | 60.8 |
Other financing arrangements, fair value | 0 | 69.5 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt, including current portion, fair value | $2,701.20 | $2,834.60 |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | $16.80 | $12.50 | $13.50 | ' | $13.50 | ' | ' |
Charges | 0 | 8.2 | 2.6 | 0.9 | 10.8 | 3 | ' |
Utilizations | -2.5 | -3.9 | -3.6 | ' | ' | ' | ' |
Ending balance | 14.3 | 16.8 | 12.5 | ' | 14.3 | ' | ' |
Restructuring liabilities included in other current liabilities | 8.5 | ' | ' | ' | 8.5 | ' | 5.8 |
Restructuring liabilities included in other noncurrent liabilities | 5.8 | ' | ' | ' | 5.8 | ' | 7.7 |
Employee Severance [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 8.5 | 5.9 | 7.8 | ' | 7.8 | ' | ' |
Charges | 0 | 5.4 | 0.9 | ' | ' | ' | ' |
Utilizations | -1.2 | -2.8 | -2.8 | ' | ' | ' | ' |
Ending balance | 7.3 | 8.5 | 5.9 | ' | 7.3 | ' | ' |
Lease Abandonment [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 8.2 | 6.5 | 5.5 | ' | 5.5 | ' | ' |
Charges | -0.6 | 2.8 | 1.7 | ' | ' | ' | ' |
Utilizations | -1.3 | -1.1 | -0.7 | ' | ' | ' | ' |
Ending balance | 6.3 | 8.2 | 6.5 | ' | 6.3 | ' | ' |
Other Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 0.1 | 0.1 | 0.2 | ' | 0.2 | ' | ' |
Charges | 0.6 | 0 | 0 | ' | ' | ' | ' |
Utilizations | 0 | 0 | -0.1 | ' | ' | ' | ' |
Ending balance | 0.7 | 0.1 | 0.1 | ' | 0.7 | ' | ' |
Wireline [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 10.6 | 7.9 | 8.6 | ' | 8.6 | ' | ' |
Charges | 0 | 4.4 | 1.4 | ' | ' | ' | ' |
Utilizations | -2.1 | -1.7 | -2.1 | ' | ' | ' | ' |
Ending balance | 8.5 | 10.6 | 7.9 | ' | 8.5 | ' | ' |
Wireless [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 1.5 | 1.6 | 1.6 | ' | 1.6 | ' | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | ' |
Utilizations | 0 | -0.1 | 0 | ' | ' | ' | ' |
Ending balance | 1.5 | 1.5 | 1.6 | ' | 1.5 | ' | ' |
IT Services and Hardware [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 0.8 | 0.2 | 0.5 | ' | 0.5 | ' | ' |
Charges | 0 | 0.7 | 0 | ' | ' | ' | ' |
Utilizations | 0 | -0.1 | -0.3 | ' | ' | ' | ' |
Ending balance | 0.8 | 0.8 | 0.2 | ' | 0.8 | ' | ' |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 3.9 | 2.8 | 2.8 | ' | 2.8 | ' | ' |
Charges | 0 | 3.1 | 1.2 | ' | ' | ' | ' |
Utilizations | -0.4 | -2 | -1.2 | ' | ' | ' | ' |
Ending balance | $3.50 | $3.90 | $2.80 | ' | $3.50 | ' | ' |
Pension_and_Postretirement_Pla2
Pension and Postretirement Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Reduction to postretirement liability | $26.10 | ' | ' | ' | ' | ' |
Reduction to pension liability | ' | 10.3 | ' | ' | ' | ' |
Capitalized portion of defined benefit contribution percent | ' | ' | ' | 12.00% | 8.00% | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' | ' | ' |
Curtailment gain | 0 | ' | 0 | -0.6 | 0 | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | ' | ' | ' | 44 |
Pension and Other Postretirement Benefit Contributions | ' | ' | ' | 39.9 | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' | ' | ' |
Service cost | 0.3 | ' | 0.7 | 1.7 | 2 | ' |
Interest cost on projected benefit obligation | 4.7 | ' | 5.3 | 14.1 | 16 | ' |
Expected return on plan assets | -6.3 | ' | -6.6 | -19.2 | -19.6 | ' |
Curtailment gain | ' | -0.6 | ' | -0.6 | 0 | ' |
Amortization of: | ' | ' | ' | ' | ' | ' |
Prior service cost (benefit) | 0.1 | ' | 0 | 0.2 | 0.1 | ' |
Actuarial loss | 5.4 | ' | 4.8 | 16.4 | 14.5 | ' |
Total amortization | 5.5 | ' | 4.8 | 16.6 | 14.6 | ' |
Benefit costs | 4.2 | ' | 4.2 | 12.6 | 13 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | ' | ' | ' | 18 |
Pension and Other Postretirement Benefit Contributions | ' | ' | ' | 13.3 | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' | ' | ' |
Service cost | 0.1 | ' | 0.2 | 0.3 | 0.4 | ' |
Interest cost on projected benefit obligation | 1 | ' | 1.4 | 3 | 4.2 | ' |
Expected return on plan assets | 0 | ' | 0 | 0 | 0 | ' |
Curtailment gain | ' | ' | ' | 0 | 0 | ' |
Amortization of: | ' | ' | ' | ' | ' | ' |
Prior service cost (benefit) | -3.7 | ' | -3.2 | -10.2 | -9.8 | ' |
Actuarial loss | 1.4 | ' | 1.6 | 4.3 | 5 | ' |
Total amortization | -2.3 | ' | -1.6 | -5.9 | -4.8 | ' |
Benefit costs | ($1.20) | ' | $0 | ($2.60) | ($0.20) | ' |
StockBased_and_Other_Compensat1
Stock-Based and Other Compensation Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense (benefit) | $0.30 | $6.40 | ($0.70) | $11.20 |
Stock-Based Compensation Mark-to-Market expense (gain) | -0.6 | 4.6 | -5.4 | 5.5 |
Unrecognized compensation expense, stock-based compensation awards | 4.2 | ' | 4.2 | ' |
Transaction-related compensation | 0 | 0 | 42.6 | 0 |
Transaction-related compensation to CyrusOne employees | ' | ' | 20 | ' |
Stock Options, SARs, and Restricted Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unrecognized compensation expense, share-based compensation awards, period for recognition | ' | ' | '2 years 0 months 0 days | ' |
Performance-Based Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unrecognized compensation expense, share-based compensation awards, period for recognition | ' | ' | '1 year 0 months 0 days | ' |
Deferred Compensation, Share-based Payments [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Deferred compensation, compensation expense (benefit) | ($0.30) | $1.40 | ($2) | $1.90 |
Common shares deferred under deferred compensation plans | ' | ' | 0.8 | 0.7 |
Shareowners_Deficit_Warrants_D
Shareowners' Deficit Warrants (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2003 |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Class of Warrant or Right, Outstanding | ' | 14.3 | 17.5 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 3 | ' | ' |
Warrants exercised | 14.3 | ' | ' |
Stock Issued During Period, Shares, Warrant Exercises | 4.4 | ' | ' |
Proceeds from Warrant Exercises | $5.10 | ' | ' |
Warrants exercised, cash basis | 1.7 | ' | ' |
Shareowners_Deficit_Accumulate
Shareowners' Deficit Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | ' | ' | ' | ' | |
Beginning balance | ' | ' | ($209.70) | ' | |
Reclassifications, net | ' | ' | 6.5 | ' | |
Remeasurement of benefit obligations | 22.7 | 0 | 30 | 0 | |
Foreign currency loss | 0 | 0.1 | -0.1 | 0.1 | |
Ending balance | -173.3 | ' | -173.3 | ' | |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | |
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | ' | ' | ' | ' | |
Beginning balance | ' | ' | -0.1 | ' | |
Reclassifications, net | ' | ' | 0 | ' | |
Remeasurement of benefit obligations | ' | ' | 0 | ' | |
Foreign currency loss | ' | ' | -0.1 | ' | |
Ending balance | -0.2 | ' | -0.2 | ' | |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | |
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | ' | ' | ' | ' | |
Beginning balance | ' | ' | -209.6 | ' | |
Reclassifications, net | ' | ' | 6.5 | [1] | ' |
Remeasurement of benefit obligations | ' | ' | 30 | ' | |
Foreign currency loss | ' | ' | 0 | ' | |
Ending balance | ($173.10) | ' | ($173.10) | ' | |
[1] | These reclassifications are included in the components of net period pension and postretirement benefit costs. See Note 7 for additional details. |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | $310.80 | $368.20 | $948.50 | $1,099.20 | ' |
Operating income | 57.7 | 66 | 123.7 | 212.2 | ' |
Expenditures for long-lived assets | 46.1 | 75.5 | 142 | 242.9 | ' |
Depreciation and amortization | 39.8 | 55.4 | 127.6 | 160.2 | ' |
Assets | 2,551.70 | ' | 2,551.70 | ' | 2,872.40 |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' | ' | ' |
Total ownership interests in CyrusOne, Percentage | 69.00% | ' | 69.00% | ' | ' |
Loss from CyrusOne | 1.5 | 0 | 8.1 | 0 | ' |
Investment in CyrusOne | 480.7 | ' | 480.7 | ' | 0 |
Wireline [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 181.4 | 182.3 | 542.7 | 548.4 | ' |
Operating income | 47.8 | 50.9 | 146.8 | 162.8 | ' |
Expenditures for long-lived assets | 41.2 | 27.8 | 114.3 | 77.5 | ' |
Depreciation and amortization | 29.7 | 26.6 | 83.8 | 78.9 | ' |
Assets | 766.7 | ' | 766.7 | ' | 723.7 |
Wireless [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 49.1 | 59.5 | 154.1 | 185 | ' |
Operating income | 7 | 12.6 | 19.1 | 43.5 | ' |
Expenditures for long-lived assets | 2.2 | 4.2 | 12.4 | 12.4 | ' |
Depreciation and amortization | 7.4 | 8.1 | 30.7 | 24 | ' |
Assets | 252.2 | ' | 252.2 | ' | 275.6 |
IT Services and Hardware [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 87.5 | 78.3 | 258 | 228.8 | ' |
Operating income | 4.4 | 3.8 | 6.6 | 7.2 | ' |
Expenditures for long-lived assets | 2.7 | 1.9 | 7.6 | 6.6 | ' |
Depreciation and amortization | 2.5 | 2.4 | 7.5 | 6.3 | ' |
Assets | 51.8 | ' | 51.8 | ' | 43.3 |
Data Center Colocation [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 56.7 | 15.6 | 163.3 | ' |
Operating income | 0 | 11.2 | 3.2 | 22.5 | ' |
Expenditures for long-lived assets | 0 | 41.6 | 7.7 | 146.4 | ' |
Depreciation and amortization | 0 | 18.3 | 5.2 | 50.9 | ' |
Assets | 0 | ' | 0 | ' | 1,208.50 |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating income | -1.5 | -12.5 | -52 | -23.8 | ' |
Depreciation and amortization | 0.2 | 0 | 0.4 | 0.1 | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | -7.2 | -8.6 | -21.9 | -26.3 | ' |
Intersegment Eliminations [Member] | Wireline [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 4.2 | 4.8 | 12.8 | 14.5 | ' |
Intersegment Eliminations [Member] | Wireless [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0.5 | 0.5 | 1.7 | 1.7 | ' |
Intersegment Eliminations [Member] | IT Services and Hardware [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 2.5 | 1.8 | 7 | 5.4 | ' |
Intersegment Eliminations [Member] | Data Center Colocation [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 1.5 | 0.4 | 4.7 | ' |
Intersegment Eliminations [Member] | Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Assets | 1,481 | ' | 1,481 | ' | 621.3 |
Sales [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | $7.20 | $8.60 | $21.90 | $26.30 | ' |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Condensed Consolidating Statements of Operations and Comprehensive Income | ' | ' | ' | ' | ' |
Revenue | $310.80 | $368.20 | $948.50 | $1,099.20 | ' |
Operating costs and expenses | 253.1 | 302.2 | 824.8 | 887 | ' |
Operating (loss) income | 57.7 | 66 | 123.7 | 212.2 | ' |
Interest expense (income), net | 46.7 | 55.2 | 140 | 163.3 | ' |
Other (income) expense, net | -1.2 | 0.1 | -1.4 | 1.6 | ' |
(Loss) income before equity in earnings of subsidiaries and income taxes | 10.7 | 10.7 | -23 | 47.3 | ' |
Income tax (benefit) expense | 1.4 | 6.8 | 3.6 | 26.3 | ' |
Net income (loss) | 9.3 | 3.9 | -26.6 | 21 | ' |
Total comprehensive income | 34.1 | 6.2 | 9.8 | 27.4 | ' |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | 7.8 | ' |
Net income (loss) applicable to common shareowners | 6.7 | 1.3 | -34.4 | 13.2 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 413.7 | 7.7 | 413.7 | 7.7 | ' |
Other current assets | 3.6 | ' | 3.6 | ' | 11.6 |
Total current assets | 650.3 | ' | 650.3 | ' | 303.5 |
Property, plant and equipment, net | 892.5 | ' | 892.5 | ' | 1,587.40 |
Investment in CyrusOne | 480.7 | ' | 480.7 | ' | 0 |
Other noncurrent assets | 44.1 | ' | 44.1 | ' | 86.3 |
Total assets | 2,551.70 | ' | 2,551.70 | ' | 2,872.40 |
Current portion of long-term debt | 508.9 | ' | 508.9 | ' | 13.4 |
Accounts payable | 107.3 | ' | 107.3 | ' | 135.6 |
Other current liabilities | 32.2 | ' | 32.2 | ' | 40.2 |
Total current liabilities | 797.5 | ' | 797.5 | ' | 355.4 |
Long-term debt, less current portion | 2,108.20 | ' | 2,108.20 | ' | 2,676 |
Other noncurrent liabilities | 70.9 | ' | 70.9 | ' | 176.5 |
Total liabilities | 3,238.90 | ' | 3,238.90 | ' | 3,570.60 |
Shareowners' (deficit) equity | -687.2 | ' | -687.2 | ' | -698.2 |
Total liabilities and shareowners' equity (deficit) | 2,551.70 | ' | 2,551.70 | ' | 2,872.40 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 59.8 | 155 | ' |
Capital expenditures | -46.1 | -75.5 | -142 | -242.9 | ' |
Dividends received from CyrusOne | 7.2 | ' | 14.2 | 0 | ' |
Proceeds from sale of assets | ' | ' | 1.8 | 0.6 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | -12.2 | 0 | ' |
Cash flows used in investing activities | ' | ' | -137.8 | -252.7 | ' |
Issuance of long-term debt | ' | ' | 536 | 0 | ' |
Debt issuance costs | ' | ' | -6.4 | 0 | ' |
Borrowings on revolving facilities, net | ' | ' | -52 | 44 | ' |
Repayment of debt | ' | ' | -6.7 | -11.3 | ' |
Common stock repurchase | ' | ' | 0 | -0.3 | ' |
Proceeds from exercise of options and warrants | ' | ' | 6.8 | 8.1 | ' |
Other financing activities | ' | ' | -2.3 | -1 | ' |
Cash flows provided by (used in) financing activities | ' | ' | 468.1 | 31.7 | ' |
Increase (decrease) in cash and cash equivalents | ' | ' | 390.1 | -66 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 23.6 | 73.7 | ' |
Cash and cash equivalents at end of period | 413.7 | 7.7 | 413.7 | 7.7 | ' |
Notes guaranteed by subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive Income | ' | ' | ' | ' | ' |
Revenue | 310.8 | 368.2 | 948.5 | 1,099.20 | ' |
Operating costs and expenses | 253.1 | 302.2 | 824.8 | 887 | ' |
Operating (loss) income | 57.7 | 66 | 123.7 | 212.2 | ' |
Interest expense (income), net | 46.7 | 55.2 | 140 | 163.3 | ' |
Other (income) expense, net | 0.3 | 0.1 | 6.7 | 1.6 | ' |
(Loss) income before equity in earnings of subsidiaries and income taxes | 10.7 | 10.7 | -23 | 47.3 | ' |
Income tax (benefit) expense | 1.4 | 6.8 | 3.6 | 26.3 | ' |
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | 0 | ' |
Net income (loss) | 9.3 | 3.9 | -26.6 | 21 | ' |
Other comprehensive income (loss) | 24.8 | 2.3 | 36.4 | 6.4 | ' |
Total comprehensive income | 34.1 | 6.2 | 9.8 | 27.4 | ' |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | 7.8 | ' |
Net income (loss) applicable to common shareowners | 6.7 | 1.3 | -34.4 | 13.2 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 413.7 | 7.7 | 413.7 | 7.7 | ' |
Receivables, net | 161.4 | ' | 161.4 | ' | 199 |
Other current assets | 75.2 | ' | 75.2 | ' | 80.9 |
Total current assets | 650.3 | ' | 650.3 | ' | 303.5 |
Property, plant and equipment, net | 892.5 | ' | 892.5 | ' | 1,587.40 |
Investment in CyrusOne | 480.7 | ' | 480.7 | ' | ' |
Goodwill and intangibles, net | 107.2 | ' | 107.2 | ' | 487.4 |
Investments in and advances to subsidiaries | 0 | ' | 0 | ' | 0 |
Other noncurrent assets | 421 | ' | 421 | ' | 494.1 |
Total assets | 2,551.70 | ' | 2,551.70 | ' | 2,872.40 |
Current portion of long-term debt | 508.9 | ' | 508.9 | ' | 13.4 |
Accounts payable | 108.3 | ' | 108.3 | ' | 135.6 |
Other current liabilities | 180.3 | ' | 180.3 | ' | 206.4 |
Total current liabilities | 797.5 | ' | 797.5 | ' | 355.4 |
Long-term debt, less current portion | 2,108.20 | ' | 2,108.20 | ' | 2,676 |
Other noncurrent liabilities | 333.2 | ' | 333.2 | ' | 539.2 |
Intercompany payables | 0 | ' | 0 | ' | 0 |
Total liabilities | 3,238.90 | ' | 3,238.90 | ' | 3,570.60 |
Shareowners' (deficit) equity | -687.2 | ' | -687.2 | ' | -698.2 |
Total liabilities and shareowners' equity (deficit) | 2,551.70 | ' | 2,551.70 | ' | 2,872.40 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 59.8 | 155 | ' |
Capital expenditures | ' | ' | -142 | -242.9 | ' |
Dividends received from CyrusOne | ' | ' | 14.2 | ' | ' |
Proceeds from sale of assets | ' | ' | 1.8 | 0.6 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | -12.2 | ' | ' |
Other investing activities | ' | ' | 0.4 | -10.4 | ' |
Cash flows used in investing activities | ' | ' | -137.8 | -252.7 | ' |
Issuance of long-term debt | ' | ' | 536 | ' | ' |
Funding between Parent and subsidiaries, net | ' | ' | 0 | 0 | ' |
Debt issuance costs | ' | ' | -6.4 | ' | ' |
Borrowings on revolving facilities, net | ' | ' | -52 | 44 | ' |
Repayment of debt | ' | ' | -6.7 | -11.3 | ' |
Common stock repurchase | ' | ' | ' | -0.3 | ' |
Proceeds from exercise of options and warrants | ' | ' | 6.8 | 8.1 | ' |
Other financing activities | ' | ' | -9.6 | -8.8 | ' |
Cash flows provided by (used in) financing activities | ' | ' | 468.1 | 31.7 | ' |
Increase (decrease) in cash and cash equivalents | ' | ' | 390.1 | -66 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 23.6 | 73.7 | ' |
Cash and cash equivalents at end of period | 413.7 | 7.7 | 413.7 | 7.7 | ' |
Notes guaranteed by subsidiaries [Member] | Parent Company [Member] | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive Income | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 | ' |
Operating costs and expenses | 1.5 | 12.5 | 51.2 | 23.6 | ' |
Operating (loss) income | -1.5 | -12.5 | -51.2 | -23.6 | ' |
Interest expense (income), net | 42.9 | 41.1 | 125 | 122.5 | ' |
Other (income) expense, net | -0.4 | -0.5 | -1.1 | -1.2 | ' |
(Loss) income before equity in earnings of subsidiaries and income taxes | -44 | -53.1 | -175.1 | -144.9 | ' |
Income tax (benefit) expense | -18.5 | -16.1 | -59.8 | -45.9 | ' |
Equity in earnings of subsidiaries, net of tax | 34.8 | 40.9 | 88.7 | 120 | ' |
Net income (loss) | 9.3 | 3.9 | -26.6 | 21 | ' |
Other comprehensive income (loss) | 24.8 | 2.2 | 36.5 | 6.3 | ' |
Total comprehensive income | 34.1 | 6.1 | 9.9 | 27.3 | ' |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | 7.8 | ' |
Net income (loss) applicable to common shareowners | 6.7 | 1.3 | -34.4 | 13.2 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 411.1 | 2.3 | 411.1 | 2.3 | ' |
Receivables, net | 1.6 | ' | 1.6 | ' | 1 |
Other current assets | 2.6 | ' | 2.6 | ' | 3.1 |
Total current assets | 415.3 | ' | 415.3 | ' | 7.9 |
Property, plant and equipment, net | 0.1 | ' | 0.1 | ' | 0.1 |
Investment in CyrusOne | 0 | ' | 0 | ' | ' |
Goodwill and intangibles, net | 0 | ' | 0 | ' | 0 |
Investments in and advances to subsidiaries | 1,546.80 | ' | 1,546.80 | ' | 1,449.90 |
Other noncurrent assets | 380.6 | ' | 380.6 | ' | 384.6 |
Total assets | 2,342.80 | ' | 2,342.80 | ' | 1,842.50 |
Current portion of long-term debt | 501.7 | ' | 501.7 | ' | 0 |
Accounts payable | 1 | ' | 1 | ' | 1.2 |
Other current liabilities | 93.3 | ' | 93.3 | ' | 85.6 |
Total current liabilities | 596 | ' | 596 | ' | 86.8 |
Long-term debt, less current portion | 1,877.20 | ' | 1,877.20 | ' | 1,841.70 |
Other noncurrent liabilities | 274.3 | ' | 274.3 | ' | 383.3 |
Intercompany payables | 282.5 | ' | 282.5 | ' | 228.9 |
Total liabilities | 3,030 | ' | 3,030 | ' | 2,540.70 |
Shareowners' (deficit) equity | -687.2 | ' | -687.2 | ' | -698.2 |
Total liabilities and shareowners' equity (deficit) | 2,342.80 | ' | 2,342.80 | ' | 1,842.50 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | -165 | -69.1 | ' |
Capital expenditures | ' | ' | 0 | 0 | ' |
Dividends received from CyrusOne | ' | ' | 0 | ' | ' |
Proceeds from sale of assets | ' | ' | 0 | 0 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | 0 | ' | ' |
Other investing activities | ' | ' | 0 | 0 | ' |
Cash flows used in investing activities | ' | ' | 0 | 0 | ' |
Issuance of long-term debt | ' | ' | 536 | ' | ' |
Funding between Parent and subsidiaries, net | ' | ' | 45.5 | 2.9 | ' |
Debt issuance costs | ' | ' | -6.4 | ' | ' |
Borrowings on revolving facilities, net | ' | ' | 0 | 0 | ' |
Repayment of debt | ' | ' | 0 | 0 | ' |
Common stock repurchase | ' | ' | ' | -0.3 | ' |
Proceeds from exercise of options and warrants | ' | ' | 6.8 | 8.1 | ' |
Other financing activities | ' | ' | -9.6 | -8.9 | ' |
Cash flows provided by (used in) financing activities | ' | ' | 572.3 | 1.8 | ' |
Increase (decrease) in cash and cash equivalents | ' | ' | 407.3 | -67.3 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 3.8 | 69.6 | ' |
Cash and cash equivalents at end of period | 411.1 | 2.3 | 411.1 | 2.3 | ' |
Notes guaranteed by subsidiaries [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive Income | ' | ' | ' | ' | ' |
Revenue | 177.4 | 176.6 | 530.7 | 530.5 | ' |
Operating costs and expenses | 162.5 | 158 | 496.1 | 474.8 | ' |
Operating (loss) income | 14.9 | 18.6 | 34.6 | 55.7 | ' |
Interest expense (income), net | 3.5 | 1.8 | 11.2 | 5.6 | ' |
Other (income) expense, net | 3.2 | 2.3 | 12.1 | 6.4 | ' |
(Loss) income before equity in earnings of subsidiaries and income taxes | 8.2 | 14.5 | 11.3 | 43.7 | ' |
Income tax (benefit) expense | 3.1 | 4.6 | 11.9 | 16.2 | ' |
Equity in earnings of subsidiaries, net of tax | 0 | 3.5 | 0.7 | -10.3 | ' |
Net income (loss) | 5.1 | 13.4 | 0.1 | 17.2 | ' |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ' |
Total comprehensive income | 5.1 | 13.4 | 0.1 | 17.2 | ' |
Preferred stock dividends | 0 | 0 | 0 | 0 | ' |
Net income (loss) applicable to common shareowners | 5.1 | 13.4 | 0.1 | 17.2 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0.5 | 0.7 | 0.5 | 0.7 | ' |
Receivables, net | 7.2 | ' | 7.2 | ' | 1.2 |
Other current assets | 39.9 | ' | 39.9 | ' | 27.7 |
Total current assets | 47.6 | ' | 47.6 | ' | 29.2 |
Property, plant and equipment, net | 196 | ' | 196 | ' | 220.9 |
Investment in CyrusOne | 480.7 | ' | 480.7 | ' | ' |
Goodwill and intangibles, net | 104.9 | ' | 104.9 | ' | 106.4 |
Investments in and advances to subsidiaries | 340.3 | ' | 340.3 | ' | 506.4 |
Other noncurrent assets | 190.6 | ' | 190.6 | ' | 218.5 |
Total assets | 1,360.10 | ' | 1,360.10 | ' | 1,081.40 |
Current portion of long-term debt | 3 | ' | 3 | ' | 3.9 |
Accounts payable | 72.4 | ' | 72.4 | ' | 90.2 |
Other current liabilities | 38.1 | ' | 38.1 | ' | 33.6 |
Total current liabilities | 113.5 | ' | 113.5 | ' | 127.7 |
Long-term debt, less current portion | 87.2 | ' | 87.2 | ' | 88.4 |
Other noncurrent liabilities | 62.2 | ' | 62.2 | ' | 90.6 |
Intercompany payables | 144.7 | ' | 144.7 | ' | 160 |
Total liabilities | 407.6 | ' | 407.6 | ' | 466.7 |
Shareowners' (deficit) equity | 952.5 | ' | 952.5 | ' | 614.7 |
Total liabilities and shareowners' equity (deficit) | 1,360.10 | ' | 1,360.10 | ' | 1,081.40 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 27.4 | 47.1 | ' |
Capital expenditures | ' | ' | -25.6 | -22.9 | ' |
Dividends received from CyrusOne | ' | ' | 14.2 | ' | ' |
Proceeds from sale of assets | ' | ' | 0 | 0.2 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | 0 | ' | ' |
Other investing activities | ' | ' | 0 | 0 | ' |
Cash flows used in investing activities | ' | ' | -11.4 | -22.7 | ' |
Issuance of long-term debt | ' | ' | 0 | ' | ' |
Funding between Parent and subsidiaries, net | ' | ' | -12.6 | -21 | ' |
Debt issuance costs | ' | ' | 0 | ' | ' |
Borrowings on revolving facilities, net | ' | ' | 0 | 0 | ' |
Repayment of debt | ' | ' | -3.2 | -3.5 | ' |
Common stock repurchase | ' | ' | ' | 0 | ' |
Proceeds from exercise of options and warrants | ' | ' | 0 | 0 | ' |
Other financing activities | ' | ' | 0 | 0.1 | ' |
Cash flows provided by (used in) financing activities | ' | ' | -15.8 | -24.4 | ' |
Increase (decrease) in cash and cash equivalents | ' | ' | 0.2 | 0 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 0.3 | 0.7 | ' |
Cash and cash equivalents at end of period | 0.5 | 0.7 | 0.5 | 0.7 | ' |
Notes guaranteed by subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive Income | ' | ' | ' | ' | ' |
Revenue | 147.5 | 207 | 460 | 615.1 | ' |
Operating costs and expenses | 103.2 | 147.1 | 319.7 | 435 | ' |
Operating (loss) income | 44.3 | 59.9 | 140.3 | 180.1 | ' |
Interest expense (income), net | 0.3 | 12.3 | 3.8 | 35.2 | ' |
Other (income) expense, net | -2.5 | -1.7 | -4.3 | -3.6 | ' |
(Loss) income before equity in earnings of subsidiaries and income taxes | 46.5 | 49.3 | 140.8 | 148.5 | ' |
Income tax (benefit) expense | 16.8 | 18.3 | 51.5 | 56 | ' |
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | 0 | ' |
Net income (loss) | 29.7 | 31 | 89.3 | 92.5 | ' |
Other comprehensive income (loss) | 0 | 0.1 | -0.1 | 0.1 | ' |
Total comprehensive income | 29.7 | 31.1 | 89.2 | 92.6 | ' |
Preferred stock dividends | 0 | 0 | 0 | 0 | ' |
Net income (loss) applicable to common shareowners | 29.7 | 31 | 89.3 | 92.5 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 2.1 | 4.7 | 2.1 | 4.7 | ' |
Receivables, net | 152.6 | ' | 152.6 | ' | 196.8 |
Other current assets | 33.1 | ' | 33.1 | ' | 50.5 |
Total current assets | 187.8 | ' | 187.8 | ' | 266.8 |
Property, plant and equipment, net | 696.4 | ' | 696.4 | ' | 1,366.40 |
Investment in CyrusOne | 0 | ' | 0 | ' | ' |
Goodwill and intangibles, net | 2.3 | ' | 2.3 | ' | 381 |
Investments in and advances to subsidiaries | 260.7 | ' | 260.7 | ' | 192.5 |
Other noncurrent assets | 5.1 | ' | 5.1 | ' | 54.1 |
Total assets | 1,152.30 | ' | 1,152.30 | ' | 2,260.80 |
Current portion of long-term debt | 4.2 | ' | 4.2 | ' | 9.5 |
Accounts payable | 34.9 | ' | 34.9 | ' | 44.2 |
Other current liabilities | 49.5 | ' | 49.5 | ' | 86.3 |
Total current liabilities | 88.6 | ' | 88.6 | ' | 140 |
Long-term debt, less current portion | 143.8 | ' | 143.8 | ' | 745.9 |
Other noncurrent liabilities | 151.8 | ' | 151.8 | ' | 229.7 |
Intercompany payables | 133.7 | ' | 133.7 | ' | 102.6 |
Total liabilities | 517.9 | ' | 517.9 | ' | 1,218.20 |
Shareowners' (deficit) equity | 634.4 | ' | 634.4 | ' | 1,042.60 |
Total liabilities and shareowners' equity (deficit) | 1,152.30 | ' | 1,152.30 | ' | 2,260.80 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 197.4 | 177 | ' |
Capital expenditures | ' | ' | -116.4 | -220 | ' |
Dividends received from CyrusOne | ' | ' | 0 | ' | ' |
Proceeds from sale of assets | ' | ' | 1.8 | 0.4 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | -12.2 | ' | ' |
Other investing activities | ' | ' | 0.4 | -10.4 | ' |
Cash flows used in investing activities | ' | ' | -126.4 | -230 | ' |
Issuance of long-term debt | ' | ' | 0 | ' | ' |
Funding between Parent and subsidiaries, net | ' | ' | -32.9 | 18.1 | ' |
Debt issuance costs | ' | ' | 0 | ' | ' |
Borrowings on revolving facilities, net | ' | ' | -52 | 44 | ' |
Repayment of debt | ' | ' | -3.5 | -7.8 | ' |
Common stock repurchase | ' | ' | ' | 0 | ' |
Proceeds from exercise of options and warrants | ' | ' | 0 | 0 | ' |
Other financing activities | ' | ' | 0 | 0 | ' |
Cash flows provided by (used in) financing activities | ' | ' | -88.4 | 54.3 | ' |
Increase (decrease) in cash and cash equivalents | ' | ' | -17.4 | 1.3 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 19.5 | 3.4 | ' |
Cash and cash equivalents at end of period | 2.1 | 4.7 | 2.1 | 4.7 | ' |
Notes guaranteed by subsidiaries [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive Income | ' | ' | ' | ' | ' |
Revenue | -14.1 | -15.4 | -42.2 | -46.4 | ' |
Operating costs and expenses | -14.1 | -15.4 | -42.2 | -46.4 | ' |
Operating (loss) income | 0 | 0 | 0 | 0 | ' |
Interest expense (income), net | 0 | 0 | 0 | 0 | ' |
Other (income) expense, net | 0 | 0 | 0 | 0 | ' |
(Loss) income before equity in earnings of subsidiaries and income taxes | 0 | 0 | 0 | 0 | ' |
Income tax (benefit) expense | 0 | 0 | 0 | 0 | ' |
Equity in earnings of subsidiaries, net of tax | -34.8 | -44.4 | -89.4 | -109.7 | ' |
Net income (loss) | -34.8 | -44.4 | -89.4 | -109.7 | ' |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ' |
Total comprehensive income | -34.8 | -44.4 | -89.4 | -109.7 | ' |
Preferred stock dividends | 0 | 0 | 0 | 0 | ' |
Net income (loss) applicable to common shareowners | -34.8 | -44.4 | -89.4 | -109.7 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 | ' |
Receivables, net | 0 | ' | 0 | ' | 0 |
Other current assets | -0.4 | ' | -0.4 | ' | -0.4 |
Total current assets | -0.4 | ' | -0.4 | ' | -0.4 |
Property, plant and equipment, net | 0 | ' | 0 | ' | 0 |
Investment in CyrusOne | 0 | ' | 0 | ' | ' |
Goodwill and intangibles, net | 0 | ' | 0 | ' | 0 |
Investments in and advances to subsidiaries | -2,147.80 | ' | -2,147.80 | ' | -2,148.80 |
Other noncurrent assets | -155.3 | ' | -155.3 | ' | -163.1 |
Total assets | -2,303.50 | ' | -2,303.50 | ' | -2,312.30 |
Current portion of long-term debt | 0 | ' | 0 | ' | 0 |
Accounts payable | 0 | ' | 0 | ' | 0 |
Other current liabilities | -0.6 | ' | -0.6 | ' | 0.9 |
Total current liabilities | -0.6 | ' | -0.6 | ' | 0.9 |
Long-term debt, less current portion | 0 | ' | 0 | ' | 0 |
Other noncurrent liabilities | -155.1 | ' | -155.1 | ' | -164.4 |
Intercompany payables | -560.9 | ' | -560.9 | ' | -491.5 |
Total liabilities | -716.6 | ' | -716.6 | ' | -655 |
Shareowners' (deficit) equity | -1,586.90 | ' | -1,586.90 | ' | -1,657.30 |
Total liabilities and shareowners' equity (deficit) | -2,303.50 | ' | -2,303.50 | ' | -2,312.30 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 0 | 0 | ' |
Capital expenditures | ' | ' | 0 | 0 | ' |
Dividends received from CyrusOne | ' | ' | 0 | ' | ' |
Proceeds from sale of assets | ' | ' | 0 | 0 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | 0 | ' | ' |
Other investing activities | ' | ' | 0 | 0 | ' |
Cash flows used in investing activities | ' | ' | 0 | 0 | ' |
Issuance of long-term debt | ' | ' | 0 | ' | ' |
Funding between Parent and subsidiaries, net | ' | ' | 0 | 0 | ' |
Debt issuance costs | ' | ' | 0 | ' | ' |
Borrowings on revolving facilities, net | ' | ' | 0 | 0 | ' |
Repayment of debt | ' | ' | 0 | 0 | ' |
Common stock repurchase | ' | ' | ' | 0 | ' |
Proceeds from exercise of options and warrants | ' | ' | 0 | 0 | ' |
Other financing activities | ' | ' | 0 | 0 | ' |
Cash flows provided by (used in) financing activities | ' | ' | 0 | 0 | ' |
Increase (decrease) in cash and cash equivalents | ' | ' | 0 | 0 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 0 | 0 | ' |
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 | ' |
Notes guaranteed by parent [Member] | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive Income | ' | ' | ' | ' | ' |
Revenue | 310.8 | 368.2 | 948.5 | 1,099.20 | ' |
Operating costs and expenses | 253.1 | 302.2 | 824.8 | 887 | ' |
Operating (loss) income | 57.7 | 66 | 123.7 | 212.2 | ' |
Interest expense (income), net | 46.7 | 55.2 | 140 | 163.3 | ' |
Other (income) expense, net | 0.3 | 0.1 | 6.7 | 1.6 | ' |
(Loss) income before equity in earnings of subsidiaries and income taxes | 10.7 | 10.7 | -23 | 47.3 | ' |
Income tax (benefit) expense | 1.4 | 6.8 | 3.6 | 26.3 | ' |
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | 0 | ' |
Net income (loss) | 9.3 | 3.9 | -26.6 | 21 | ' |
Other comprehensive income (loss) | 24.8 | 2.3 | 36.4 | 6.4 | ' |
Total comprehensive income | 34.1 | 6.2 | 9.8 | 27.4 | ' |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | 7.8 | ' |
Net income (loss) applicable to common shareowners | 6.7 | 1.3 | -34.4 | 13.2 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 413.7 | 7.7 | 413.7 | 7.7 | ' |
Receivables, net | 161.4 | ' | 161.4 | ' | 199 |
Other current assets | 75.2 | ' | 75.2 | ' | 80.9 |
Total current assets | 650.3 | ' | 650.3 | ' | 303.5 |
Property, plant and equipment, net | 892.5 | ' | 892.5 | ' | 1,587.40 |
Investment in CyrusOne | 480.7 | ' | 480.7 | ' | ' |
Goodwill and intangibles, net | 107.2 | ' | 107.2 | ' | 487.4 |
Investments in and advances to subsidiaries | 0 | ' | 0 | ' | 0 |
Other noncurrent assets | 421 | ' | 421 | ' | 494.1 |
Total assets | 2,551.70 | ' | 2,551.70 | ' | 2,872.40 |
Current portion of long-term debt | 508.9 | ' | 508.9 | ' | 13.4 |
Accounts payable | 108.3 | ' | 108.3 | ' | 135.6 |
Other current liabilities | 180.3 | ' | 180.3 | ' | 206.4 |
Total current liabilities | 797.5 | ' | 797.5 | ' | 355.4 |
Long-term debt, less current portion | 2,108.20 | ' | 2,108.20 | ' | 2,676 |
Other noncurrent liabilities | 333.2 | ' | 333.2 | ' | 539.2 |
Intercompany payables | 0 | ' | 0 | ' | 0 |
Total liabilities | 3,238.90 | ' | 3,238.90 | ' | 3,570.60 |
Shareowners' (deficit) equity | -687.2 | ' | -687.2 | ' | -698.2 |
Total liabilities and shareowners' equity (deficit) | 2,551.70 | ' | 2,551.70 | ' | 2,872.40 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 59.8 | 155 | ' |
Capital expenditures | ' | ' | -142 | -242.9 | ' |
Dividends received from CyrusOne | ' | ' | 14.2 | ' | ' |
Proceeds from sale of assets | ' | ' | 1.8 | 0.6 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | -12.2 | ' | ' |
Other investing activities | ' | ' | 0.4 | -10.4 | ' |
Cash flows used in investing activities | ' | ' | -137.8 | -252.7 | ' |
Issuance of long-term debt | ' | ' | 536 | ' | ' |
Funding between Parent and subsidiaries, net | ' | ' | 0 | 0 | ' |
Debt issuance costs | ' | ' | -6.4 | ' | ' |
Borrowings on revolving facilities, net | ' | ' | -52 | 44 | ' |
Repayment of debt | ' | ' | -6.7 | -11.3 | ' |
Common stock repurchase | ' | ' | ' | -0.3 | ' |
Proceeds from exercise of options and warrants | ' | ' | 6.8 | 8.1 | ' |
Other financing activities | ' | ' | -9.6 | -8.8 | ' |
Cash flows provided by (used in) financing activities | ' | ' | 468.1 | 31.7 | ' |
Increase (decrease) in cash and cash equivalents | ' | ' | 390.1 | -66 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 23.6 | 73.7 | ' |
Cash and cash equivalents at end of period | 413.7 | 7.7 | 413.7 | 7.7 | ' |
Notes guaranteed by parent [Member] | Parent Company [Member] | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive Income | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 | ' |
Operating costs and expenses | 1.5 | 12.5 | 51.2 | 23.6 | ' |
Operating (loss) income | -1.5 | -12.5 | -51.2 | -23.6 | ' |
Interest expense (income), net | 42.9 | 41.1 | 125 | 122.5 | ' |
Other (income) expense, net | -0.4 | -0.5 | -1.1 | -1.2 | ' |
(Loss) income before equity in earnings of subsidiaries and income taxes | -44 | -53.1 | -175.1 | -144.9 | ' |
Income tax (benefit) expense | -18.5 | -16.1 | -59.8 | -45.9 | ' |
Equity in earnings of subsidiaries, net of tax | 34.8 | 40.9 | 88.7 | 120 | ' |
Net income (loss) | 9.3 | 3.9 | -26.6 | 21 | ' |
Other comprehensive income (loss) | 24.8 | 2.2 | 36.5 | 6.3 | ' |
Total comprehensive income | 34.1 | 6.1 | 9.9 | 27.3 | ' |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | 7.8 | ' |
Net income (loss) applicable to common shareowners | 6.7 | 1.3 | -34.4 | 13.2 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 411.1 | 2.3 | 411.1 | 2.3 | ' |
Receivables, net | 1.6 | ' | 1.6 | ' | 1 |
Other current assets | 2.6 | ' | 2.6 | ' | 3.1 |
Total current assets | 415.3 | ' | 415.3 | ' | 7.9 |
Property, plant and equipment, net | 0.1 | ' | 0.1 | ' | 0.1 |
Investment in CyrusOne | 0 | ' | 0 | ' | ' |
Goodwill and intangibles, net | 0 | ' | 0 | ' | 0 |
Investments in and advances to subsidiaries | 1,546.80 | ' | 1,546.80 | ' | 1,449.90 |
Other noncurrent assets | 380.6 | ' | 380.6 | ' | 384.6 |
Total assets | 2,342.80 | ' | 2,342.80 | ' | 1,842.50 |
Current portion of long-term debt | 501.7 | ' | 501.7 | ' | 0 |
Accounts payable | 1 | ' | 1 | ' | 1.2 |
Other current liabilities | 93.3 | ' | 93.3 | ' | 85.6 |
Total current liabilities | 596 | ' | 596 | ' | 86.8 |
Long-term debt, less current portion | 1,877.20 | ' | 1,877.20 | ' | 1,841.70 |
Other noncurrent liabilities | 274.3 | ' | 274.3 | ' | 383.3 |
Intercompany payables | 282.5 | ' | 282.5 | ' | 228.9 |
Total liabilities | 3,030 | ' | 3,030 | ' | 2,540.70 |
Shareowners' (deficit) equity | -687.2 | ' | -687.2 | ' | -698.2 |
Total liabilities and shareowners' equity (deficit) | 2,342.80 | ' | 2,342.80 | ' | 1,842.50 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | -165 | -69.1 | ' |
Capital expenditures | ' | ' | 0 | 0 | ' |
Dividends received from CyrusOne | ' | ' | 0 | ' | ' |
Proceeds from sale of assets | ' | ' | 0 | 0 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | 0 | ' | ' |
Other investing activities | ' | ' | 0 | 0 | ' |
Cash flows used in investing activities | ' | ' | 0 | 0 | ' |
Issuance of long-term debt | ' | ' | 536 | ' | ' |
Funding between Parent and subsidiaries, net | ' | ' | 45.5 | 2.9 | ' |
Debt issuance costs | ' | ' | -6.4 | ' | ' |
Borrowings on revolving facilities, net | ' | ' | 0 | 0 | ' |
Repayment of debt | ' | ' | 0 | 0 | ' |
Common stock repurchase | ' | ' | ' | -0.3 | ' |
Proceeds from exercise of options and warrants | ' | ' | 6.8 | 8.1 | ' |
Other financing activities | ' | ' | -9.6 | -8.9 | ' |
Cash flows provided by (used in) financing activities | ' | ' | 572.3 | 1.8 | ' |
Increase (decrease) in cash and cash equivalents | ' | ' | 407.3 | -67.3 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 3.8 | 69.6 | ' |
Cash and cash equivalents at end of period | 411.1 | 2.3 | 411.1 | 2.3 | ' |
Notes guaranteed by parent [Member] | Cincinnati Bell Telephone Company [Member] | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive Income | ' | ' | ' | ' | ' |
Revenue | 161.4 | 160.8 | 482.3 | 482 | ' |
Operating costs and expenses | 115.3 | 112 | 340 | 324.8 | ' |
Operating (loss) income | 46.1 | 48.8 | 142.3 | 157.2 | ' |
Interest expense (income), net | -0.3 | -0.6 | -1.4 | -0.8 | ' |
Other (income) expense, net | 1.8 | 0.6 | 4.4 | 2.9 | ' |
(Loss) income before equity in earnings of subsidiaries and income taxes | 44.6 | 48.8 | 139.3 | 155.1 | ' |
Income tax (benefit) expense | 16.4 | 18.1 | 51.2 | 56.6 | ' |
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | 0 | ' |
Net income (loss) | 28.2 | 30.7 | 88.1 | 98.5 | ' |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ' |
Total comprehensive income | 28.2 | 30.7 | 88.1 | 98.5 | ' |
Preferred stock dividends | 0 | 0 | 0 | 0 | ' |
Net income (loss) applicable to common shareowners | 28.2 | 30.7 | 88.1 | 98.5 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 2 | 1.3 | 2 | 1.3 | ' |
Receivables, net | 0 | ' | 0 | ' | 0 |
Other current assets | 29.3 | ' | 29.3 | ' | 34.4 |
Total current assets | 31.3 | ' | 31.3 | ' | 36.3 |
Property, plant and equipment, net | 694.2 | ' | 694.2 | ' | 646.7 |
Investment in CyrusOne | 0 | ' | 0 | ' | ' |
Goodwill and intangibles, net | 2.3 | ' | 2.3 | ' | 2.3 |
Investments in and advances to subsidiaries | 288.8 | ' | 288.8 | ' | 228.2 |
Other noncurrent assets | 6.2 | ' | 6.2 | ' | 6.3 |
Total assets | 1,022.80 | ' | 1,022.80 | ' | 919.8 |
Current portion of long-term debt | 3.9 | ' | 3.9 | ' | 3 |
Accounts payable | 58.7 | ' | 58.7 | ' | 61.7 |
Other current liabilities | 50.8 | ' | 50.8 | ' | 50.2 |
Total current liabilities | 113.4 | ' | 113.4 | ' | 114.9 |
Long-term debt, less current portion | 142.3 | ' | 142.3 | ' | 141.3 |
Other noncurrent liabilities | 153.9 | ' | 153.9 | ' | 138.6 |
Intercompany payables | 0 | ' | 0 | ' | 0 |
Total liabilities | 409.6 | ' | 409.6 | ' | 394.8 |
Shareowners' (deficit) equity | 613.2 | ' | 613.2 | ' | 525 |
Total liabilities and shareowners' equity (deficit) | 1,022.80 | ' | 1,022.80 | ' | 919.8 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 170.1 | 169.7 | ' |
Capital expenditures | ' | ' | -108.7 | -73.6 | ' |
Dividends received from CyrusOne | ' | ' | 0 | ' | ' |
Proceeds from sale of assets | ' | ' | 1.8 | 0.4 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | 0 | ' | ' |
Other investing activities | ' | ' | 0 | 0 | ' |
Cash flows used in investing activities | ' | ' | -106.9 | -73.2 | ' |
Issuance of long-term debt | ' | ' | 0 | ' | ' |
Funding between Parent and subsidiaries, net | ' | ' | -60.5 | -94.3 | ' |
Debt issuance costs | ' | ' | 0 | ' | ' |
Borrowings on revolving facilities, net | ' | ' | 0 | 0 | ' |
Repayment of debt | ' | ' | -2.6 | -2.3 | ' |
Common stock repurchase | ' | ' | ' | 0 | ' |
Proceeds from exercise of options and warrants | ' | ' | 0 | 0 | ' |
Other financing activities | ' | ' | 0 | 0 | ' |
Cash flows provided by (used in) financing activities | ' | ' | -63.1 | -96.6 | ' |
Increase (decrease) in cash and cash equivalents | ' | ' | 0.1 | -0.1 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 1.9 | 1.4 | ' |
Cash and cash equivalents at end of period | 2 | 1.3 | 2 | 1.3 | ' |
Notes guaranteed by parent [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive Income | ' | ' | ' | ' | ' |
Revenue | 163.5 | 222.8 | 508.4 | 663.6 | ' |
Operating costs and expenses | 150.4 | 193.1 | 475.8 | 585 | ' |
Operating (loss) income | 13.1 | 29.7 | 32.6 | 78.6 | ' |
Interest expense (income), net | 4.1 | 14.7 | 16.4 | 41.6 | ' |
Other (income) expense, net | -1.1 | 0 | 3.4 | -0.1 | ' |
(Loss) income before equity in earnings of subsidiaries and income taxes | 10.1 | 15 | 12.8 | 37.1 | ' |
Income tax (benefit) expense | 3.5 | 4.8 | 12.2 | 15.6 | ' |
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | 0 | ' |
Net income (loss) | 6.6 | 10.2 | 0.6 | 21.5 | ' |
Other comprehensive income (loss) | 0 | 0.1 | -0.1 | 0.1 | ' |
Total comprehensive income | 6.6 | 10.3 | 0.5 | 21.6 | ' |
Preferred stock dividends | 0 | 0 | 0 | 0 | ' |
Net income (loss) applicable to common shareowners | 6.6 | 10.2 | 0.6 | 21.5 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0.6 | 4.1 | 0.6 | 4.1 | ' |
Receivables, net | 159.8 | ' | 159.8 | ' | 198 |
Other current assets | 43.7 | ' | 43.7 | ' | 43.8 |
Total current assets | 204.1 | ' | 204.1 | ' | 259.7 |
Property, plant and equipment, net | 198.2 | ' | 198.2 | ' | 940.6 |
Investment in CyrusOne | 480.7 | ' | 480.7 | ' | ' |
Goodwill and intangibles, net | 104.9 | ' | 104.9 | ' | 485.1 |
Investments in and advances to subsidiaries | 0 | ' | 0 | ' | 0 |
Other noncurrent assets | 189.5 | ' | 189.5 | ' | 266.3 |
Total assets | 1,177.40 | ' | 1,177.40 | ' | 1,951.70 |
Current portion of long-term debt | 3.3 | ' | 3.3 | ' | 10.4 |
Accounts payable | 48.6 | ' | 48.6 | ' | 72.7 |
Other current liabilities | 36.8 | ' | 36.8 | ' | 69.7 |
Total current liabilities | 88.7 | ' | 88.7 | ' | 152.8 |
Long-term debt, less current portion | 88.7 | ' | 88.7 | ' | 693 |
Other noncurrent liabilities | 60.1 | ' | 60.1 | ' | 181.7 |
Intercompany payables | 292.7 | ' | 292.7 | ' | 276.4 |
Total liabilities | 530.2 | ' | 530.2 | ' | 1,303.90 |
Shareowners' (deficit) equity | 647.2 | ' | 647.2 | ' | 647.8 |
Total liabilities and shareowners' equity (deficit) | 1,177.40 | ' | 1,177.40 | ' | 1,951.70 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 54.7 | 54.4 | ' |
Capital expenditures | ' | ' | -33.3 | -169.3 | ' |
Dividends received from CyrusOne | ' | ' | 14.2 | ' | ' |
Proceeds from sale of assets | ' | ' | 0 | 0.2 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | -12.2 | ' | ' |
Other investing activities | ' | ' | 0.4 | -10.4 | ' |
Cash flows used in investing activities | ' | ' | -30.9 | -179.5 | ' |
Issuance of long-term debt | ' | ' | 0 | ' | ' |
Funding between Parent and subsidiaries, net | ' | ' | 15 | 91.4 | ' |
Debt issuance costs | ' | ' | 0 | ' | ' |
Borrowings on revolving facilities, net | ' | ' | -52 | 44 | ' |
Repayment of debt | ' | ' | -4.1 | -9 | ' |
Common stock repurchase | ' | ' | ' | 0 | ' |
Proceeds from exercise of options and warrants | ' | ' | 0 | 0 | ' |
Other financing activities | ' | ' | 0 | 0.1 | ' |
Cash flows provided by (used in) financing activities | ' | ' | -41.1 | 126.5 | ' |
Increase (decrease) in cash and cash equivalents | ' | ' | -17.3 | 1.4 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 17.9 | 2.7 | ' |
Cash and cash equivalents at end of period | 0.6 | 4.1 | 0.6 | 4.1 | ' |
Notes guaranteed by parent [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive Income | ' | ' | ' | ' | ' |
Revenue | -14.1 | -15.4 | -42.2 | -46.4 | ' |
Operating costs and expenses | -14.1 | -15.4 | -42.2 | -46.4 | ' |
Operating (loss) income | 0 | 0 | 0 | 0 | ' |
Interest expense (income), net | 0 | 0 | 0 | 0 | ' |
Other (income) expense, net | 0 | 0 | 0 | 0 | ' |
(Loss) income before equity in earnings of subsidiaries and income taxes | 0 | 0 | 0 | 0 | ' |
Income tax (benefit) expense | 0 | 0 | 0 | 0 | ' |
Equity in earnings of subsidiaries, net of tax | -34.8 | -40.9 | -88.7 | -120 | ' |
Net income (loss) | -34.8 | -40.9 | -88.7 | -120 | ' |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ' |
Total comprehensive income | -34.8 | -40.9 | -88.7 | -120 | ' |
Preferred stock dividends | 0 | 0 | 0 | 0 | ' |
Net income (loss) applicable to common shareowners | -34.8 | -40.9 | -88.7 | -120 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 | ' |
Receivables, net | 0 | ' | 0 | ' | 0 |
Other current assets | -0.4 | ' | -0.4 | ' | -0.4 |
Total current assets | -0.4 | ' | -0.4 | ' | -0.4 |
Property, plant and equipment, net | 0 | ' | 0 | ' | 0 |
Investment in CyrusOne | 0 | ' | 0 | ' | ' |
Goodwill and intangibles, net | 0 | ' | 0 | ' | 0 |
Investments in and advances to subsidiaries | -1,835.60 | ' | -1,835.60 | ' | -1,678.10 |
Other noncurrent assets | -155.3 | ' | -155.3 | ' | -163.1 |
Total assets | -1,991.30 | ' | -1,991.30 | ' | -1,841.60 |
Current portion of long-term debt | 0 | ' | 0 | ' | 0 |
Accounts payable | 0 | ' | 0 | ' | 0 |
Other current liabilities | -0.6 | ' | -0.6 | ' | 0.9 |
Total current liabilities | -0.6 | ' | -0.6 | ' | 0.9 |
Long-term debt, less current portion | 0 | ' | 0 | ' | 0 |
Other noncurrent liabilities | -155.1 | ' | -155.1 | ' | -164.4 |
Intercompany payables | -575.2 | ' | -575.2 | ' | -505.3 |
Total liabilities | -730.9 | ' | -730.9 | ' | -668.8 |
Shareowners' (deficit) equity | -1,260.40 | ' | -1,260.40 | ' | -1,172.80 |
Total liabilities and shareowners' equity (deficit) | -1,991.30 | ' | -1,991.30 | ' | -1,841.60 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 0 | 0 | ' |
Capital expenditures | ' | ' | 0 | 0 | ' |
Dividends received from CyrusOne | ' | ' | 0 | ' | ' |
Proceeds from sale of assets | ' | ' | 0 | 0 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | 0 | ' | ' |
Other investing activities | ' | ' | 0 | 0 | ' |
Cash flows used in investing activities | ' | ' | 0 | 0 | ' |
Issuance of long-term debt | ' | ' | 0 | ' | ' |
Funding between Parent and subsidiaries, net | ' | ' | 0 | 0 | ' |
Debt issuance costs | ' | ' | 0 | ' | ' |
Borrowings on revolving facilities, net | ' | ' | 0 | 0 | ' |
Repayment of debt | ' | ' | 0 | 0 | ' |
Common stock repurchase | ' | ' | ' | 0 | ' |
Proceeds from exercise of options and warrants | ' | ' | 0 | 0 | ' |
Other financing activities | ' | ' | 0 | 0 | ' |
Cash flows provided by (used in) financing activities | ' | ' | 0 | 0 | ' |
Increase (decrease) in cash and cash equivalents | ' | ' | 0 | 0 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 0 | 0 | ' |
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 | ' |
Various Cincinnati Bell Telephone notes [Member] | ' | ' | ' | ' | ' |
Debt Instruments [Abstract] | ' | ' | ' | ' | ' |
Cincinnati Bell Telephone Notes Outstanding | $134.50 | ' | $134.50 | ' | $134.50 |