Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
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-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 209,237,944 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue | ' | ' | ' | ' |
Services | $249.40 | $255.40 | $763.60 | $782.30 |
Products | 78.1 | 55.4 | 206.3 | 166.2 |
Total revenue | 327.5 | 310.8 | 969.9 | 948.5 |
Costs and expenses | ' | ' | ' | ' |
Cost of services, excluding items below | 115.7 | 107.4 | 331.2 | 320.1 |
Cost of products sold, excluding items below | 63.8 | 52.5 | 184.2 | 160.4 |
Selling, general and administrative, excluding items below | 57.5 | 53.6 | 167.4 | 161.4 |
Depreciation and amortization | 61.4 | 39.8 | 168.6 | 127.6 |
Transaction-related compensation | 0 | 0 | 0 | 42.6 |
Restructuring charges | 9 | 0 | 15.4 | 10.8 |
Asset impairment | 7.5 | 0 | 7.5 | 0 |
Curtailment gain | 0 | 0 | 0 | -0.6 |
(Gain) loss on sale or disposal of assets, net | 0 | -0.2 | -0.1 | 2.6 |
Amortization of deferred gain | -6.4 | -0.5 | -16.5 | -1.7 |
Transaction costs | 3 | 0.5 | 3.7 | 1.6 |
Total operating costs and expenses | 311.5 | 253.1 | 861.4 | 824.8 |
Operating income | 16 | 57.7 | 108.5 | 123.7 |
Interest expense | 35.8 | 46.7 | 116.8 | 140 |
Loss on extinguishment of debt | 19.4 | 0 | 19.4 | 0 |
Loss from CyrusOne equity method investment | 0 | 1.5 | 1.9 | 8.1 |
Gain on sale of CyrusOne equity method investment | 0 | 0 | -192.8 | 0 |
Other (income) expense, net | -0.2 | -1.2 | 0.5 | -1.4 |
(Loss) income before income taxes | -39 | 10.7 | 162.7 | -23 |
Income tax (benefit) expense | -11.7 | 1.4 | 68.8 | 3.6 |
Net (loss) income | -27.3 | 9.3 | 93.9 | -26.6 |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | 7.8 |
Net (loss) income applicable to common shareowners | ($29.90) | $6.70 | $86.10 | ($34.40) |
Basic and diluted (loss) earnings per common share | ($0.14) | $0.03 | $0.41 | ($0.17) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net (loss) income | ($27.30) | $9.30 | $93.90 | ($26.60) |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Foreign currency translation loss | 0 | 0 | 0 | -0.1 |
Defined benefit pension and postretirement plans: | ' | ' | ' | ' |
Net gain arising from remeasurement during the period, net of tax of $13.1, $17.3 | 0 | 22.7 | 0 | 30 |
Amortization of prior service benefits, net of tax of ($1.4), ($1.3), ($4.2), ($3.7) | -2.4 | -2.3 | -7.2 | -6.3 |
Amortization of net loss included in net income, net of tax of $2.1, $2.4, $6.3, $7.5 | 3.6 | 4.4 | 10.8 | 13.2 |
Reclassification adjustment for curtailment gain included in net income, net of tax of ($0.2) | 0 | 0 | 0 | -0.4 |
Other comprehensive income | 1.2 | 24.8 | 3.6 | 36.4 |
Total comprehensive (loss) income | ($26.10) | $34.10 | $97.50 | $9.80 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) Parenthetical (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net gain arising from remeasurement during the period, tax | ' | $13.10 | ' | $17.30 |
Amortization of prior service benefits, tax | -1.4 | -1.3 | -4.2 | -3.7 |
Amortization of net loss included in net income, tax | 2.1 | 2.4 | 6.3 | 7.5 |
Reclassification adjustment for curtailment gain included in net income, tax | ' | ' | ' | ($0.20) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $181.50 | $4.60 |
Receivables, less allowances of $12.8 and $12.2 | 174.1 | 145.6 |
Receivable from CyrusOne | 8 | 9.2 |
Inventory, materials and supplies | 22.1 | 23.8 |
Deferred income taxes, net | 65.8 | 55.3 |
Prepaid expenses | 17.9 | 11 |
Other current assets | 4.8 | 1.6 |
Total current assets | 474.2 | 251.1 |
Property, plant and equipment, net | 875.2 | 902.8 |
Investment in CyrusOne | 284.7 | 471 |
Goodwill | 14.4 | 14.4 |
Intangible assets, net | 1.6 | 91.7 |
Deferred income taxes, net | 268.7 | 339.7 |
Other noncurrent assets | 33.8 | 36.6 |
Total assets | 1,952.60 | 2,107.30 |
Current liabilities | ' | ' |
Current portion of long-term debt | 11.9 | 12.6 |
Accounts payable | 132.7 | 89.4 |
Payable to CyrusOne | 1.3 | 0.5 |
Unearned revenue and customer deposits | 33.8 | 32.5 |
Accrued taxes | 18 | 12.9 |
Accrued interest | 33.8 | 31.6 |
Accrued payroll and benefits | 32.4 | 38 |
Other current liabilities | 160.2 | 36.8 |
Total current liabilities | 424.1 | 254.3 |
Long-term debt, less current portion | 1,887 | 2,252.60 |
Pension and postretirement benefit obligations | 174.3 | 202.7 |
Other noncurrent liabilities | 51.6 | 74.4 |
Total liabilities | 2,537 | 2,784 |
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, 2014 and December 31, 2013; liquidation preference $1,000 per share ($50 per depositary share) | 129.4 | 129.4 |
Common shares, $.01 par value; 480,000,000 shares authorized; 209,556,709 and 208,656,995 shares issued; 209,237,944 and 208,165,275 shares outstanding at September 30, 2014 and December 31, 2013 | 2.1 | 2.1 |
Additional paid-in capital | 2,584.70 | 2,590.60 |
Accumulated deficit | -3,169.60 | -3,263.50 |
Accumulated other comprehensive loss | -129.7 | -133.3 |
Common shares in treasury, at cost | -1.3 | -2 |
Total shareowners' deficit | -584.4 | -676.7 |
Total liabilities and shareowners' deficit | $1,952.60 | $2,107.30 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Parenthetical (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Allowance for receivables | $12,800,000 | $12,200,000 |
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 Depositary Per 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 | 209,556,709 | 208,656,995 |
Common Stock, Shares, Outstanding | 209,237,944 | 208,165,275 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income (loss) | $93.90 | ($26.60) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 168.6 | 127.6 |
Loss on extinguishment of debt | 19.4 | 0 |
Provision for loss on receivables | 8.2 | 9 |
Loss from CyrusOne equity method investment | 1.9 | 8.1 |
Gain on sale of CyrusOne equity method investment | -192.8 | 0 |
Asset impairment | 7.5 | 0 |
Noncash portion of interest expense | 4.8 | 5.7 |
Deferred income tax provision | 57.8 | 1.9 |
Pension and other postretirement payments in excess of expense | -22.4 | -43 |
Stock-based compensation | 2.5 | 4 |
Amortization of deferred gain | -16.5 | -1.7 |
(Gain) loss on sale or disposal of assets, net | -0.1 | 2.6 |
Excess tax benefit for share based payments | -0.1 | -0.5 |
Other, net | -1.1 | -0.4 |
Changes in operating assets and liabilities, net of CyrusOne deconsolidation: | ' | ' |
Increase in receivables | -35.9 | -4.4 |
Increase in inventory, materials, supplies, prepaid expenses and other current assets | -2.7 | -6.7 |
Increase (decrease) in accounts payable | 19.5 | -1 |
Increase (decrease) in accrued and other current liabilities | 13.8 | -3.8 |
Decrease in other noncurrent assets | 1.3 | 0.1 |
Decrease in other noncurrent liabilities | -6.8 | -11.1 |
Net cash provided by operating activities | 120.8 | 59.8 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -121.1 | -142 |
Proceeds from sale of CyrusOne equity method investment | 355.9 | 0 |
Dividends received from CyrusOne | 22.4 | 14.2 |
Proceeds from sale of Wireless spectrum licenses | 194.4 | 0 |
Proceeds from sale of assets | 2 | 1.8 |
Release of restricted cash | 0 | 0.4 |
Cash divested from deconsolidation of CyrusOne | 0 | -12.2 |
Other, net | -5.7 | 0 |
Net cash provided by (used in) investing activities | 447.9 | -137.8 |
Cash flows from financing activities | ' | ' |
Proceeds from issuance of long-term debt | 0 | 536 |
Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days | -33.8 | -52 |
Repayment of debt | -350.6 | -6.7 |
Debt issuance costs | 0 | -6.4 |
Dividends paid on preferred stock | -7.8 | -7.8 |
Proceeds from exercise of options and warrants | 1.2 | 6.8 |
Excess tax benefit for share based payments | 0.1 | 0.5 |
Other, net | -0.9 | -2.3 |
Net cash (used in) provided by financing activities | -391.8 | 468.1 |
Net increase in cash and cash equivalents | 176.9 | 390.1 |
Cash and cash equivalents at beginning of period | 4.6 | 23.6 |
Cash and cash equivalents at end of period | 181.5 | 413.7 |
Noncash investing and financing transactions: | ' | ' |
Investment in CyrusOne resulting from deconsolidation | 0 | 509.7 |
Accrual of CyrusOne dividends | 6 | 7.1 |
Acquisition of property by assuming debt and other noncurrent liabilities | 0.6 | 5.6 |
Acquisition of property on account | $42 | $20.40 |
Description_of_Business_and_Ac
Description of Business and Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
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, 2014, we operate our business through the following segments: Wireline, IT Services and Hardware and Wireless. | |
The Company has receivables with one large customer that exceed 10% of the Company’s outstanding accounts receivable balance at September 30, 2014 and December 31, 2013. This same customer contributed in excess of 10% to consolidated revenue for the three and nine months ended September 30, 2014. | |
On January 24, 2013, we completed the initial public offering ("IPO") of CyrusOne, Inc. ("CyrusOne"), our former Data Center Colocation segment. As of the date of the IPO, we owned approximately 1.9 million shares, or 8.6%, of CyrusOne's common stock and were a limited partner in CyrusOne LP, owning approximately 42.6 million, or 66% of its partnership units. We effectively owned 69% of CyrusOne and continued to have significant influence over the entity, but we did not control its operations. Therefore, effective January 24, 2013, we no longer include the accounts of CyrusOne in our consolidated financial statements, but account for our ownership in CyrusOne as an equity method investment. | |
On June 25, 2014, we consummated the sale of 16.0 million partnership units of CyrusOne LP to CyrusOne, Inc. at a price of $22.26 per unit. As of September 30, 2014, we effectively own 44% of CyrusOne, which is held in the form of 1.9 million shares of CyrusOne common stock and approximately 26.6 million CyrusOne LP partnership units. As we continue to have significant influence over CyrusOne, we account for this investment using the equity method. | |
The agreement to sell our wireless spectrum licenses closed on September 30, 2014. We received cash proceeds of $194.4 million and reduced the wireless segment's intangible assets by $88.2 million, the carrying value of the spectrum licenses. Simultaneously, the separate agreement to use certain spectrum licenses until we discontinue providing wireless service became effective. As we continue to operate our wireless business the gain of $112.6 million was deferred and recorded in other current liabilities on the condensed consolidated balance sheet. We plan to operate and generate cash from our wireless operations until the later of April 6, 2015 and 90 days after the transfer of the licenses. At that time, we will transfer certain leases and other assets valued at approximately $16 million to the acquiring company. | |
The tentative agreement with the Communications Workers of America (“CWA”) on the terms of a new labor contract was not ratified by local members of the union and the two parties have resumed negotiations. | |
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, 2013 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 2013 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2014 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. | |
Equity Method Investments - We completed the IPO of CyrusOne on January 24, 2013, and as of that date, we have significant influence over CyrusOne but do not control its operations. As a result, effective January 24, 2013, our 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. For the three and nine months ended September 30, 2014, the Company received cash dividends from CyrusOne totaling $6.0 million and $22.4 million, respectively. Dividends from CyrusOne are recognized as a reduction of our investment. | |
During the second quarter of 2014, we invested a total of $5.5 million in two limited liability companies. These investments are accounted for under the equity method and the carrying value has been recorded within “Other noncurrent assets” in the condensed consolidated balance sheet as of September 30, 2014. During the third quarter we recognized our proportionate share of the investments’ net loss as non-operating expense in our consolidated statement of operations, which had a minimal impact on our consolidated statement of operations. | |
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. | |
In the first quarter of 2013, and in connection with our review of the estimated remaining useful lives of property, plant and equipment, we shortened the estimated useful lives assigned to the wireless network software to three years. This change resulted from smartphone-driven technology upgrades, enhancements and projected retirements. For the three months ended March 31, 2013, the increase in depreciation expense associated with this change was $8.5 million and increased basic and diluted loss per share by approximately $0.03 per share. | |
In conjunction with our long-lived asset impairment analysis conducted in the fourth quarter of 2013, we reassessed the useful lives of all our Wireless property, plant and equipment. The remaining useful life for all Wireless property, plant, and equipment assets was reduced to 30 months as of December 31, 2013. In the second quarter of 2014, following the agreement to sell our wireless spectrum licenses and certain other assets, we further reduced the remaining useful life of those assets not included in the sale to be fully depreciated as of March 31, 2015. As a result of these changes in estimate, depreciation expense increased by approximately $50 million for the nine months ended September 30, 2014 and reduced basic and diluted earnings per share by approximately $0.14 per share. In addition, adjusting the useful life of our Wireless property, plant and equipment also required that we reduce the amortization period of the deferred gain associated with the 2009 tower sale in a similar manner. Amortization of the deferred gain associated with the tower sale totaled $16.5 million and $1.7 million in the nine months ended September 30, 2014 and 2013, respectively. In conjunction with the close of the sale of our wireless spectrum licenses and certain other assets on September 30, 2014, an asset impairment charge of $7.5 million was recorded in the three months ended September 30, 2014 for the write-off of certain construction-in-progress projects that will no longer be completed due to the wind down of wireless operations. | |
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. The company expects its effective tax rate to exceed statutory rates primarily due to non-deductible expenses, including interest on securities originally issued to acquire its broadband business or securities that the Company subsequently issued to refinance those securities. The Company believes the full year 2014 effective tax rate will approximate the actual September 2014 year-to-date effective tax rate. | |
Recently Issued Accounting Standards — In July 2013, the FASB issued new guidance under Accounting Standards Update ("ASU") 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 went into effect for annual and interim periods beginning after December 15, 2013. We adopted this new guidance beginning with our interim financial statements for the three months ended March 31, 2014. The adoption of this standard did not have a material impact on our financial statements for the nine months ending September 30, 2014. | |
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in this update increased the threshold for a disposal to qualify as a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The standard will be effective for us on January 1, 2015. The adoption of this pronouncement may affect our presentation and disclosure of any future dispositions. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard also includes expanded disclosure requirements that result in an entity providing users of financial statements with comprehensive information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the entity’s contracts with customers. This standard will be effective for us in the first quarter of the fiscal year ending December 31, 2017. The Company is currently in the process of evaluating the impact of adoption of this ASU on the company’s consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern. The amendments provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The standard will be effective for us on January 1, 2016. The adoption of this pronouncement is not expected to have a material impact on our financial statements. |
Investment_in_CyrusOne
Investment in CyrusOne | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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 | ||||||||||||||
Commencing January 17, 2014, we are permitted to 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, subject to certain limitations which restricted the volume of shares we are permitted to sell. On April 4, 2014, the registration statement filed by CyrusOne on March 24, 2014 became effective and eliminated all prior limitations restricting the volume of shares we are allowed to sell. | ||||||||||||||||
On June 25, 2014, we consummated the sale of 16.0 million operating partnership units of CyrusOne LP to CyrusOne, Inc. at a price of $22.26 per unit. The sale generated proceeds of $355.9 million and resulted in a gain of $192.8 million. | ||||||||||||||||
Prior to the sale of our 16.0 million partnership units of CyrusOne LP, we accounted for our 68% effective ownership of CyrusOne as an equity method investment. As of September 30, 2014, we effectively own 44% of CyrusOne, which is held in the form of 1.9 million shares of CyrusOne common stock and approximately 26.6 million CyrusOne LP partnership units. As we continue to have significant influence over CyrusOne, we account for this investment using the equity method. For the three months ended September 30, 2014, our equity method share of CyrusOne's net income was nominal. For the nine months ended September 30, 2014, our equity method share of CyrusOne's net loss was $1.9 million. 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. | ||||||||||||||||
As of September 30, 2014, the fair value of this investment was $684.9 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: | ||||||||||||||||
Three Months Ended | Nine Months Ended September 30, 2014 | January 24, 2013 to September 30, 2013 | ||||||||||||||
September 30, | ||||||||||||||||
(dollars in millions) | 2014 | 2013 | ||||||||||||||
Revenue | $ | 84.8 | $ | 67.5 | $ | 244 | $ | 176.1 | ||||||||
Operating income | 9.6 | 8.5 | 28.8 | 19.9 | ||||||||||||
Net income (loss) | 0.2 | (2.2 | ) | (2.7 | ) | (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 - 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 incurs expenses on CyrusOne's behalf for administrative functions. Such expenses are subsequently billed to and recovered from CyrusOne at their actual cost. These expense recoveries from CyrusOne are credited to the expense account in which they were initially recorded. | ||||||||||||||||
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. | ||||||||||||||||
Revenues and operating costs and expenses from transactions with CyrusOne were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended September 30, 2014 | January 24, 2013 to September 30, 2013 | ||||||||||||||
September 30, | ||||||||||||||||
(dollars in millions) | 2014 | 2013 | ||||||||||||||
Revenue: | ||||||||||||||||
Services provided to CyrusOne | $ | 0.4 | $ | 0.5 | $ | 1.3 | $ | 1.6 | ||||||||
Operating costs and expenses: | ||||||||||||||||
Transaction-related compensation to CyrusOne employees | $ | — | $ | — | $ | — | $ | 20 | ||||||||
Charges for services provided by CyrusOne | 2.2 | 2.4 | 6.8 | 6.5 | ||||||||||||
Administrative services provided to CyrusOne | (0.1 | ) | (0.1 | ) | (0.3 | ) | (0.4 | ) | ||||||||
Total operating costs and expenses | $ | 2.1 | $ | 2.3 | $ | 6.5 | $ | 26.1 | ||||||||
Dividends of $6.0 million were received in the third quarter of 2014. In addition, on August 6, 2014, CyrusOne declared dividends of $0.21 per share payable on its common shares and CyrusOne LP partnership units. This dividend was paid on October 15, 2014 to holders of record as of September 26, 2014. As of October 15, 2014, we have received dividends of $28.4 million for the year. | ||||||||||||||||
In addition to the agreements noted above, the Company entered into a tax sharing agreement with CyrusOne. Under the terms of the agreement, CyrusOne will reimburse the Company for the Texas Margin Tax liability that CyrusOne would have incurred if they filed a Texas Margin Tax return separate from the consolidated filing. The agreement will remain in effect until terminated by the mutual written consent of the parties or when the Company is no longer required to file the Texas Margin Tax return on a consolidated basis with CyrusOne. Effective as of the date of the June 2014 sale of the CyrusOne partnership units, CyrusOne will be required to file a separate Texas Margin Tax return. As of September 30, 2014 and December 31, 2013, the receivable for prior periods covered by this agreement amounted to $1.9 million and $1.5 million, respectively. These balances are included in Receivable from CyrusOne. | ||||||||||||||||
At September 30, 2014 and December 31, 2013, amounts receivable from and payable to CyrusOne were as follows: | ||||||||||||||||
(dollars in millions) | September 30, 2014 | December 31, 2013 | ||||||||||||||
Accounts receivable | $ | 2 | $ | 2.1 | ||||||||||||
Dividends receivable | 6 | 7.1 | ||||||||||||||
Receivable from CyrusOne | $ | 8 | $ | 9.2 | ||||||||||||
Accounts payable | $ | 1.3 | $ | 0.5 | ||||||||||||
Payable to CyrusOne | $ | 1.3 | $ | 0.5 | ||||||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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 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) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator: | ||||||||||||||||
Net (loss) income | $ | (27.3 | ) | $ | 9.3 | $ | 93.9 | $ | (26.6 | ) | ||||||
Preferred stock dividends | 2.6 | 2.6 | 7.8 | 7.8 | ||||||||||||
Net (loss) income applicable to common shareowners | $ | (29.9 | ) | $ | 6.7 | $ | 86.1 | $ | (34.4 | ) | ||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding - basic | 208.7 | 207 | 208.4 | 205.6 | ||||||||||||
Stock-based compensation arrangements | — | 1.5 | 1 | — | ||||||||||||
Weighted average common shares outstanding - diluted | 208.7 | 208.5 | 209.4 | 205.6 | ||||||||||||
Basic and diluted (loss) earnings per common share | $ | (0.14 | ) | $ | 0.03 | $ | 0.41 | $ | (0.17 | ) | ||||||
For the three months ended September 30, 2014, 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 nine months ended September 30, 2014, awards under the Company’s stock-based compensation plans for common shares of 3.3 million were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. 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 all periods presented, 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, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Disclosure [Text Block] | ' | |||||||
Debt | ||||||||
The Company’s debt consists of the following: | ||||||||
(dollars in millions) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
Current portion of long-term debt: | ||||||||
Corporate Credit Agreement - Tranche B Term Loan | $ | 5.4 | $ | 5.4 | ||||
Capital lease obligations and other debt | 6.5 | 7.2 | ||||||
Current portion of long-term debt | 11.9 | 12.6 | ||||||
Long-term debt, less current portion: | ||||||||
Corporate Credit Agreement | — | 40 | ||||||
Receivables Facility | 112.4 | 106.2 | ||||||
8 3/4% Senior Subordinated Notes due 2018 | 300 | 625 | ||||||
Corporate Credit Agreement - Tranche B Term Loan | 529.2 | 533.2 | ||||||
8 3/8% Senior Notes due 2020 | 683.9 | 683.9 | ||||||
7 1/4% Senior Notes due 2023 | 40 | 40 | ||||||
Various Cincinnati Bell Telephone notes | 134.5 | 134.5 | ||||||
Capital lease obligations and other debt | 90.4 | 96.1 | ||||||
1,890.40 | 2,258.90 | |||||||
Net unamortized discount | (3.4 | ) | (6.3 | ) | ||||
Long-term debt, less current portion | 1,887.00 | 2,252.60 | ||||||
Total debt | $ | 1,898.90 | $ | 2,265.20 | ||||
Effective with the sale of our 16.0 million partnership units to CyrusOne, Inc. on June 25, 2014 for $355.9 million, the amount available under the Corporate Credit Agreement was reduced to $150.0 million from its original capacity of $200.0 million. As of September 30, 2014, the Company had no outstanding borrowings on its Corporate Credit Agreement, leaving $150.0 million available. This revolving credit facility expires in July 2017. | ||||||||
On September 10, 2013, the Company amended and restated its Corporate Credit Agreement, originally dated as of November 20, 2012, to include a $540 million Tranche B Term Loan facility ("Tranche B Term Loan") that matures on September 10, 2020. The Tranche B Term Loan requires quarterly principal payments of 0.25% of the original principal amount. | ||||||||
On June 2, 2014, the Company executed an amendment of its accounts receivable securitization facility (“Receivables Facility”), which replaced, amended, and added certain provisions and definitions to increase the credit availability and also extended the term to June 1, 2015. As of September 30, 2014, the Company had $112.4 million of borrowings and $5.2 million of letters of credit outstanding under the Receivables Facility, leaving $2.4 million of remaining availability on the total borrowing capacity of $120.0 million. The Receivables Facility is subject to renewal every 364 days and expires in June 2016. In the event the Receivables Facility is not renewed, the Company has the ability to refinance any outstanding borrowings with borrowings under 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. | ||||||||
On August 8, 2014, the Company redeemed $325.0 million of the outstanding 8 ¾% Senior Subordinated Notes due 2018 at a redemption price of 104.375%. As a result of the redemption, the Company recorded a debt extinguishment loss of $19.4 million. On October 1, 2014, the Company redeemed $22.7 million of the outstanding 8 3/8% Senior Notes due 2020 at par. | ||||||||
Effective November 6, 2014, Cincinnati Bell Inc. amended its Corporate Credit Agreement to, among other things, modify certain financial covenants governing leverage ratios and capital expenditures. |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 and December 31, 2013, except for the Company's investment in CyrusOne and long-term debt. The carrying and fair values of these financial instruments are as follows: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
(dollars in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Investment in CyrusOne | $ | 284.7 | $ | 684.9 | $ | 471 | $ | 993.2 | ||||||||
Long-term debt, including current portion* | 1,802.90 | 1,863.50 | 2,162.70 | 2,248.30 | ||||||||||||
*Excludes capital leases | ||||||||||||||||
The fair value of our investment in CyrusOne was based on the closing market price of CyrusOne's common stock on September 30, 2014 and December 31, 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 the closing or estimated market prices of the Company’s debt at September 30, 2014 and December 31, 2013, which is considered Level 2 of the fair value hierarchy. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | |||||||||||||||||||
Restructuring Charges | ||||||||||||||||||||
As of September 30, 2014, 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 Separation | Lease Abandonment | Contract Terminations | Total | ||||||||||||||||
Balance as of December 31, 2013 | $ | 9.7 | $ | 6 | $ | 0.1 | $ | 15.8 | ||||||||||||
Charges | — | — | — | — | ||||||||||||||||
Utilization | (2.6 | ) | (0.9 | ) | — | (3.5 | ) | |||||||||||||
Balance as of March 31, 2014 | $ | 7.1 | $ | 5.1 | $ | 0.1 | $ | 12.3 | ||||||||||||
Charges | 3.5 | — | 2.9 | 6.4 | ||||||||||||||||
Utilization | (0.3 | ) | (0.8 | ) | — | (1.1 | ) | |||||||||||||
Balance as of June 30, 2014 | $ | 10.3 | $ | 4.3 | $ | 3 | $ | 17.6 | ||||||||||||
Charges | 0.7 | (1.3 | ) | 9.6 | 9 | |||||||||||||||
Utilization | (2.5 | ) | (0.6 | ) | (0.1 | ) | (3.2 | ) | ||||||||||||
Balance as of September 30, 2014 | $ | 8.5 | $ | 2.4 | $ | 12.5 | $ | 23.4 | ||||||||||||
The Company made severance payments during the nine months ended September 30, 2014, pursuant to its written severance plan and certain management contracts. In the second quarter of 2014, we recorded employee separation charges of $1.2 million attributable to outsourcing a portion of our IT function. Lease abandonment costs represent future minimum lease obligations, net of expected sublease income, for abandoned facilities. During the third quarter the Company reversed $1.3 million of lease abandonment reserve associated with leased space that was reoccupied. Lease payments on abandoned facilities will continue through 2015. | ||||||||||||||||||||
On April 6, 2014, the Company announced that it had entered into agreements to sell its wireless spectrum licenses and certain other assets related to its wireless business. Severance charges totaling $3.0 million were recorded during the nine months ending September 30, 2014. In anticipation of the close of this transaction, the Company identified certain contracts that will no longer be utilized once the wireless business ceases operations. In the second quarter of 2014 the company recorded contract termination costs totaling $2.9 million related to an IT support vendor that will no longer be used subsequent to the wind down of the wireless operations. An additional $9.6 million of contract termination costs were recorded during the third quarter of 2014. Additional restructuring charges associated with the shutdown of our wireless operations will be recognized once the accounting criteria are achieved. The payments associated with the exit of the business are expected to be paid out through 2015. | ||||||||||||||||||||
A summary of restructuring activity by business segment is presented below: | ||||||||||||||||||||
(dollars in millions) | Wireline | IT Services and Hardware | Wireless | Corporate | Total | |||||||||||||||
Balance as of December 31, 2013 | $ | 10.5 | $ | 0.8 | $ | 1.5 | $ | 3 | $ | 15.8 | ||||||||||
Charges | — | — | — | — | — | |||||||||||||||
Utilizations | (1.8 | ) | — | (0.3 | ) | (1.4 | ) | (3.5 | ) | |||||||||||
Balance as of March 31, 2014 | $ | 8.7 | $ | 0.8 | $ | 1.2 | $ | 1.6 | $ | 12.3 | ||||||||||
Charges | 1.1 | — | 5.2 | 0.1 | 6.4 | |||||||||||||||
Utilizations | (0.6 | ) | (0.1 | ) | (0.3 | ) | (0.1 | ) | (1.1 | ) | ||||||||||
Balance as of June 30, 2014 | $ | 9.2 | $ | 0.7 | $ | 6.1 | $ | 1.6 | $ | 17.6 | ||||||||||
Charges | (1.3 | ) | — | 10.3 | — | 9 | ||||||||||||||
Utilizations | (2.3 | ) | (0.1 | ) | (0.4 | ) | (0.4 | ) | (3.2 | ) | ||||||||||
Balance as of September 30, 2014 | $ | 5.6 | $ | 0.6 | $ | 16 | $ | 1.2 | $ | 23.4 | ||||||||||
At September 30, 2014 and December 31, 2013, $21.5 million and $7.8 million, respectively, of the restructuring liabilities were included in “Other current liabilities,” and $1.9 million and $8.0 million, respectively, were included in “Other noncurrent liabilities” in the condensed consolidated balance sheet. |
Pension_and_Postretirement_Pla
Pension and Postretirement Plans | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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. For the three and nine months ended September 30, 2014 and 2013, approximately 10% of the costs were capitalized as a component of property, plant and equipment related to construction of our wireline network. Effective July 1, 2013, the management pension plan was amended to eliminate all future pension service credits. As a result, we recognized a curtailment gain of $0.6 million in the three months ended June 30, 2013 and remeasured the associated pension obligation. This remeasurement resulted in a reduction of our pension liability of $10.3 million. During the third quarter of 2013 the Board approved several amendments to the postretirement plan that required remeasurement of the associated benefit obligation. As a result, the Company recorded a $26.1 million reduction of the postretirement liability in the third quarter of 2013. | ||||||||||||||||
As of December 31, 2013, $30.8 million of the pension plan assets were invested in real estate pooled funds, representing 8% of total pension plan assets. During the third quarter of 2014, the Company put in redemption requests to liquidate the real estate pooled funds within the pension plan master trust. The real estate pooled funds are categorized as Level 3 investments. The proceeds from the sale will be reinvested in equity securities and investment grade fixed income securities similar to those currently held by the pension plan master trust. These new investments will be classified as Level 1 investments. Subsequent to September 30, 2014, the Company amended our target allocation policy to reflect this change in investment strategy and plan to only invest in equity securities and investment grade fixed income securities in the future. | ||||||||||||||||
For the three and nine months ended September 30, 2014 and 2013, pension and postretirement benefit costs were as follows: | ||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(dollars in millions) | Pension Benefits | Postretirement and | ||||||||||||||
Other Benefits | ||||||||||||||||
Service cost | $ | 0.3 | $ | 0.3 | $ | 0.1 | $ | 0.1 | ||||||||
Interest cost on projected benefit obligation | 5.2 | 4.7 | 1 | 1 | ||||||||||||
Expected return on plan assets | (7.0 | ) | (6.3 | ) | — | — | ||||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (3.9 | ) | (3.7 | ) | ||||||||||
Actuarial loss | 4.3 | 5.4 | 1.4 | 1.4 | ||||||||||||
Total amortization | 4.4 | 5.5 | (2.5 | ) | (2.3 | ) | ||||||||||
Benefit costs | $ | 2.9 | $ | 4.2 | $ | (1.4 | ) | $ | (1.2 | ) | ||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(dollars in millions) | Pension Benefits | Postretirement and | ||||||||||||||
Other Benefits | ||||||||||||||||
Service cost | $ | 0.8 | $ | 1.7 | $ | 0.2 | $ | 0.3 | ||||||||
Interest cost on projected benefit obligation | 15.7 | 14.1 | 3 | 3 | ||||||||||||
Expected return on plan assets | (21.1 | ) | (19.2 | ) | — | — | ||||||||||
Curtailment gain | — | (0.6 | ) | — | — | |||||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.2 | 0.2 | (11.6 | ) | (10.2 | ) | ||||||||||
Actuarial loss | 13 | 16.4 | 4.1 | 4.3 | ||||||||||||
Total amortization | 13.2 | 16.6 | (7.5 | ) | (5.9 | ) | ||||||||||
Benefit costs | $ | 8.6 | $ | 12.6 | $ | (4.3 | ) | $ | (2.6 | ) | ||||||
Amortizations of prior service cost (benefit), actuarial loss, and curtailment gain represent reclassifications from accumulated other comprehensive income. | ||||||||||||||||
Contributions in 2014 to the Company’s pension and postretirement plans are expected to be approximately $21 million and $13 million, respectively. The reduction to planned pension contributions as compared to our second quarter estimate of $32 million is the result of new legislation which lowered the required minimum contributions for 2014. For the nine months ended September 30, 2014, contributions to the pension plans were $19.3 million and contributions to the postretirement plan were $9.3 million. |
StockBased_and_Other_Compensat
Stock-Based and Other Compensation Plans | 9 Months Ended |
Sep. 30, 2014 | |
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, 2014, the Company recognized stock-based compensation expense of $0.3 million and $2.9 million, respectively, inclusive of $0.7 million and $0.5 million of mark-to-market gains on awards indexed to the Company's stock price. 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, which reflected $0.6 million and $5.4 million of mark-to-market gains, respectively. As of September 30, 2014, there was $6.4 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 one year, and the remaining expense for performance-based awards will be recognized within approximately two years. | |
The Company also has deferred compensation plans for its Board of Directors and certain executives. Under these plans, participants can elect to invest their deferrals in the Company’s common stock. At September 30, 2014 and 2013, the number of common shares deferred under these plans was 0.5 million and 0.8 million, respectively. 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. The Company recognized a benefit of $0.6 million and $0.2 million for the three and nine months ended September 30, 2014, respectively. For the three and nine months ended September 30, 2013, the company recognized a benefit of $0.3 million and $2.0 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 represented 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 condensed consolidated statement of operations for the nine months ended September 30, 2013. |
Shareowners_Deficit
Shareowners' Deficit | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
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 which 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. During the first quarter of 2013, warrant holders elected to exercise a total of 14.3 million warrants, leaving no remaining warrants outstanding as of March 31, 2013. As a result, 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 warrants which were cash settled. | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
For the nine months ended September 30, 2014, 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, 2013 | $ | (133.1 | ) | $ | (0.2 | ) | $ | (133.3 | ) | |||
Reclassifications, net | 3.6 | (a) | — | 3.6 | ||||||||
Balance as of September 30, 2014 | $ | (129.5 | ) | $ | (0.2 | ) | $ | (129.7 | ) | |||
(a) These reclassifications are included in the components of net period pension and postretirement benefit costs. See Note 7 for additional details. The components of net periodic pension and postretirement benefit cost are reported within "Cost of services", "Cost of products sold", and "Selling, general and administrative" expenses on the condensed consolidated statements of operations. |
Business_Segment_Information
Business Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||
Business Segment Information | ||||||||||||||||
For the period January 1, 2013 through January 23, 2013, we operated four business segments: Wireline, IT Services and Hardware, Wireless and Data Center Colocation. Effective January 24, 2013, the date of the CyrusOne IPO, we no longer include CyrusOne, our former Data Center Colocation segment, in our consolidated financial statements and now account for our ownership in CyrusOne as an equity method investment. As of September 30, 2014, the carrying value of our investment in CyrusOne was $284.7 million and is included as an asset of the Corporate segment. 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. | ||||||||||||||||
As of September 30, 2014, we operated three business segments: Wireline, IT Services and Hardware, and Wireless. 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 products and services such as local voice, high-speed internet, data transport, long distance, entertainment, voice over internet protocol (VoIP), and other services. 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. | ||||||||||||||||
The agreement to sell our wireless spectrum licenses closed on September 30, 2014. We received cash proceeds of $194.4 million, which were transferred to the Corporate segment, and reduced intangible assets by $88.2 million, the carrying value of the spectrum licenses. We plan to provide wireless services until the later of April 6, 2015 and 90 days after the transfer of the licenses. | ||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenue | ||||||||||||||||
Wireline | $ | 184 | $ | 181.4 | $ | 552.3 | $ | 542.7 | ||||||||
IT Services and Hardware | 120 | 87.5 | 323.5 | 258 | ||||||||||||
Wireless | 30.1 | 49.1 | 116 | 154.1 | ||||||||||||
Data Center Colocation | — | — | — | 15.6 | ||||||||||||
Intersegment | (6.6 | ) | (7.2 | ) | (21.9 | ) | (21.9 | ) | ||||||||
Total revenue | $ | 327.5 | $ | 310.8 | $ | 969.9 | $ | 948.5 | ||||||||
Intersegment revenue | ||||||||||||||||
Wireline | $ | 3.9 | $ | 4.2 | $ | 12 | $ | 12.8 | ||||||||
IT Services and Hardware | 2.3 | 2.5 | 8.4 | 7 | ||||||||||||
Wireless | 0.4 | 0.5 | 1.5 | 1.7 | ||||||||||||
Data Center Colocation | — | — | — | 0.4 | ||||||||||||
Total intersegment revenue | $ | 6.6 | $ | 7.2 | $ | 21.9 | $ | 21.9 | ||||||||
Operating income (loss) | ||||||||||||||||
Wireline | $ | 43.9 | $ | 47.8 | $ | 147 | $ | 146.8 | ||||||||
IT Services and Hardware | 8.1 | 4.4 | 16.3 | 6.6 | ||||||||||||
Wireless | (33.0 | ) | 7 | (40.8 | ) | 19.1 | ||||||||||
Data Center Colocation | — | — | — | 3.2 | ||||||||||||
Corporate | (3.0 | ) | (1.5 | ) | (14.0 | ) | (52.0 | ) | ||||||||
Total operating income | $ | 16 | $ | 57.7 | $ | 108.5 | $ | 123.7 | ||||||||
Expenditures for long-lived assets | ||||||||||||||||
Wireline | $ | 41.8 | $ | 41.2 | $ | 106.1 | $ | 114.3 | ||||||||
IT Services and Hardware | 3.5 | 2.7 | 8.5 | 7.6 | ||||||||||||
Wireless | 0.3 | 2.2 | 6.5 | 12.4 | ||||||||||||
Data Center Colocation | — | — | — | 7.7 | ||||||||||||
Total expenditures for long-lived assets | $ | 45.6 | $ | 46.1 | $ | 121.1 | $ | 142 | ||||||||
Depreciation and amortization | ||||||||||||||||
Wireline | $ | 29.3 | $ | 29.7 | $ | 85.6 | $ | 83.8 | ||||||||
IT Services and Hardware | 3 | 2.5 | 8.6 | 7.5 | ||||||||||||
Wireless | 29.1 | 7.4 | 74.2 | 30.7 | ||||||||||||
Data Center Colocation | — | — | — | 5.2 | ||||||||||||
Corporate | — | 0.2 | 0.2 | 0.4 | ||||||||||||
Total depreciation and amortization | $ | 61.4 | $ | 39.8 | $ | 168.6 | $ | 127.6 | ||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Assets | ||||||||||||||||
Wireline | $ | 819.7 | $ | 780.8 | ||||||||||||
IT Services and Hardware | 58.2 | 48.9 | ||||||||||||||
Wireless | 148 | 247.5 | ||||||||||||||
Corporate and eliminations | 926.7 | 1,030.10 | ||||||||||||||
Total assets | $ | 1,952.60 | $ | 2,107.30 | ||||||||||||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Supplemental Guarantor Information Abstract | ' | |||||||||||||||||||
Supplemental Guarantor Information | ' | |||||||||||||||||||
Supplemental Guarantor Information | ||||||||||||||||||||
Cincinnati Bell Telephone Notes | ||||||||||||||||||||
As of September 30, 2014, 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 (Loss) for the three and nine months ended September 30, 2014 and 2013, Condensed Consolidating Balance Sheets as of September 30, 2014 and December 31, 2013, and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2014 and 2013 of (1) the Parent Company, as the guarantor, (2) CBT, as the issuer, and (3) the non-guarantor subsidiaries on a combined basis. | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Non-guarantors | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
Revenue | $ | — | $ | 163.8 | $ | 176.9 | $ | (13.2 | ) | $ | 327.5 | |||||||||
Operating costs and expenses | 2.9 | 121.2 | 200.6 | (13.2 | ) | 311.5 | ||||||||||||||
Operating (loss) income | (2.9 | ) | 42.6 | (23.7 | ) | — | 16 | |||||||||||||
Interest expense (income), net | 34.8 | (1.3 | ) | 2.3 | — | 35.8 | ||||||||||||||
Other expense (income), net | 18.9 | 1.6 | (1.3 | ) | — | 19.2 | ||||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (56.6 | ) | 42.3 | (24.7 | ) | — | (39.0 | ) | ||||||||||||
Income tax (benefit) expense | (18.1 | ) | 15.4 | (9.0 | ) | — | (11.7 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of tax | 11.2 | — | — | (11.2 | ) | — | ||||||||||||||
Net (loss) income | (27.3 | ) | 26.9 | (15.7 | ) | (11.2 | ) | (27.3 | ) | |||||||||||
Other comprehensive income | 1.2 | — | — | — | 1.2 | |||||||||||||||
Total comprehensive (loss) income | $ | (26.1 | ) | $ | 26.9 | $ | (15.7 | ) | $ | (11.2 | ) | $ | (26.1 | ) | ||||||
Net (loss) income | (27.3 | ) | 26.9 | (15.7 | ) | (11.2 | ) | (27.3 | ) | |||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net (loss) income applicable to common shareowners | $ | (29.9 | ) | $ | 26.9 | $ | (15.7 | ) | $ | (11.2 | ) | $ | (29.9 | ) | ||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | CBT | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
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 | |||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Non-guarantors | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
Revenue | $ | — | $ | 491.4 | $ | 520.5 | $ | (42.0 | ) | $ | 969.9 | |||||||||
Operating costs and expenses | 13.8 | 349.8 | 539.8 | (42.0 | ) | 861.4 | ||||||||||||||
Operating (loss) income | (13.8 | ) | 141.6 | (19.3 | ) | — | 108.5 | |||||||||||||
Interest expense (income), net | 109.8 | (3.1 | ) | 10.1 | — | 116.8 | ||||||||||||||
Other expense (income), net | 18.2 | 5.5 | (194.7 | ) | — | (171.0 | ) | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (141.8 | ) | 139.2 | 165.3 | — | 162.7 | ||||||||||||||
Income tax (benefit) expense | (40.6 | ) | 50.8 | 58.6 | — | 68.8 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 195.1 | — | — | (195.1 | ) | — | ||||||||||||||
Net income | 93.9 | 88.4 | 106.7 | (195.1 | ) | 93.9 | ||||||||||||||
Other comprehensive income | 3.6 | — | — | — | 3.6 | |||||||||||||||
Total comprehensive income | $ | 97.5 | $ | 88.4 | $ | 106.7 | $ | (195.1 | ) | $ | 97.5 | |||||||||
Net income | 93.9 | 88.4 | 106.7 | (195.1 | ) | 93.9 | ||||||||||||||
Preferred stock dividends | 7.8 | — | — | — | 7.8 | |||||||||||||||
Net income applicable to common shareowners | $ | 86.1 | $ | 88.4 | $ | 106.7 | $ | (195.1 | ) | $ | 86.1 | |||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | CBT | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
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 | ) | |||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Non-guarantors | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
Cash and cash equivalents | $ | 179.1 | $ | 1.5 | $ | 0.9 | $ | — | $ | 181.5 | ||||||||||
Receivables, net | 2 | — | 180.1 | — | 182.1 | |||||||||||||||
Other current assets | 3.4 | 24.8 | 83.1 | (0.7 | ) | 110.6 | ||||||||||||||
Total current assets | 184.5 | 26.3 | 264.1 | (0.7 | ) | 474.2 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 752.1 | 123 | — | 875.2 | |||||||||||||||
Investment in CyrusOne | — | — | 284.7 | — | 284.7 | |||||||||||||||
Goodwill and intangibles, net | — | 2.2 | 13.8 | — | 16 | |||||||||||||||
Investments in and advances to subsidiaries | 1,081.70 | 314.1 | 311.2 | (1,707.0 | ) | — | ||||||||||||||
Other noncurrent assets | 271.3 | 5.2 | 182.1 | (156.1 | ) | 302.5 | ||||||||||||||
Total assets | $ | 1,537.60 | $ | 1,099.90 | $ | 1,178.90 | $ | (1,863.8 | ) | $ | 1,952.60 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3.3 | $ | 3.2 | $ | — | $ | 11.9 | ||||||||||
Accounts payable | 1.1 | 78.3 | 54.6 | — | 134 | |||||||||||||||
Other current liabilities | 66.8 | 47 | 164.3 | 0.1 | 278.2 | |||||||||||||||
Total current liabilities | 73.3 | 128.6 | 222.1 | 0.1 | 424.1 | |||||||||||||||
Long-term debt, less current portion | 1,550.00 | 139.8 | 197.2 | — | 1,887.00 | |||||||||||||||
Other noncurrent liabilities | 186.4 | 167.8 | 28.6 | (156.9 | ) | 225.9 | ||||||||||||||
Intercompany payables | 312.3 | — | — | (312.3 | ) | — | ||||||||||||||
Total liabilities | 2,122.00 | 436.2 | 447.9 | (469.1 | ) | 2,537.00 | ||||||||||||||
Shareowners’ (deficit) equity | (584.4 | ) | 663.7 | 731 | (1,394.7 | ) | (584.4 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,537.60 | $ | 1,099.90 | $ | 1,178.90 | $ | (1,863.8 | ) | $ | 1,952.60 | |||||||||
As of December 31, 2013 | ||||||||||||||||||||
Parent | CBT | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
Cash and cash equivalents | $ | 2.1 | $ | 1.8 | $ | 0.7 | $ | — | $ | 4.6 | ||||||||||
Receivables, net | 2.6 | — | 152.2 | — | 154.8 | |||||||||||||||
Other current assets | 4.4 | 24.1 | 63.9 | (0.7 | ) | 91.7 | ||||||||||||||
Total current assets | 9.1 | 25.9 | 216.8 | (0.7 | ) | 251.1 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 706.5 | 196.2 | — | 902.8 | |||||||||||||||
Investment in CyrusOne | — | — | 471 | — | 471 | |||||||||||||||
Goodwill and intangibles, net | — | 2.3 | 103.8 | — | 106.1 | |||||||||||||||
Investments in and advances to subsidiaries | 1,406.60 | 247.7 | — | (1,654.3 | ) | — | ||||||||||||||
Other noncurrent assets | 359.1 | 6.1 | 178.9 | (167.8 | ) | 376.3 | ||||||||||||||
Total assets | $ | 1,774.90 | $ | 988.5 | $ | 1,166.70 | $ | (1,822.8 | ) | $ | 2,107.30 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3.9 | $ | 3.3 | $ | — | $ | 12.6 | ||||||||||
Accounts payable | 1.5 | 45.9 | 42.5 | — | 89.9 | |||||||||||||||
Other current liabilities | 67.7 | 49.4 | 34.6 | 0.1 | 151.8 | |||||||||||||||
Total current liabilities | 74.6 | 99.2 | 80.4 | 0.1 | 254.3 | |||||||||||||||
Long-term debt, less current portion | 1,916.10 | 141.8 | 194.7 | — | 2,252.60 | |||||||||||||||
Other noncurrent liabilities | 214.5 | 172.2 | 59 | (168.6 | ) | 277.1 | ||||||||||||||
Intercompany payables | 246.4 | — | 199.7 | (446.1 | ) | — | ||||||||||||||
Total liabilities | 2,451.60 | 413.2 | 533.8 | (614.6 | ) | 2,784.00 | ||||||||||||||
Shareowners’ (deficit) equity | (676.7 | ) | 575.3 | 632.9 | (1,208.2 | ) | (676.7 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,774.90 | $ | 988.5 | $ | 1,166.70 | $ | (1,822.8 | ) | $ | 2,107.30 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Non-guarantors | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
Cash flows (used in) provided by operating activities | $ | (17.9 | ) | $ | 165.2 | $ | (26.5 | ) | $ | — | $ | 120.8 | ||||||||
Capital expenditures | — | (96.5 | ) | (24.6 | ) | — | (121.1 | ) | ||||||||||||
Proceeds received from sale of CyrusOne | — | — | 355.9 | — | 355.9 | |||||||||||||||
Dividends received from CyrusOne | — | — | 22.4 | — | 22.4 | |||||||||||||||
Proceeds from sale of assets | — | 0.2 | 196.2 | — | 196.4 | |||||||||||||||
Other investing activities | (0.2 | ) | — | (5.5 | ) | — | (5.7 | ) | ||||||||||||
Cash flows (used in) provided by investing activities | (0.2 | ) | (96.3 | ) | 544.4 | — | 447.9 | |||||||||||||
Funding between Parent and subsidiaries, net | 586.1 | (66.5 | ) | (519.6 | ) | — | — | |||||||||||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | (40.0 | ) | — | 6.2 | — | (33.8 | ) | |||||||||||||
Repayment of debt | (343.3 | ) | (3.0 | ) | (4.3 | ) | — | (350.6 | ) | |||||||||||
Proceeds from exercise of options and warrants | 1.2 | — | — | — | 1.2 | |||||||||||||||
Other financing activities | (8.9 | ) | 0.3 | — | — | (8.6 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 195.1 | (69.2 | ) | (517.7 | ) | — | (391.8 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 177 | (0.3 | ) | 0.2 | — | 176.9 | ||||||||||||||
Beginning cash and cash equivalents | 2.1 | 1.8 | 0.7 | — | 4.6 | |||||||||||||||
Ending cash and cash equivalents | $ | 179.1 | $ | 1.5 | $ | 0.9 | $ | — | $ | 181.5 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | CBT | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
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 | ) | |||||||||||||
Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days | — | — | (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 | ||||||||||
Supplemental Guarantor Information - 8 3/8% Senior Notes due 2020 and 8 3/4% Senior Subordinated Notes due 2018 | ||||||||||||||||||||
As of September 30, 2014, the Parent Company’s 8 3/8% Senior Notes due 2020 and 8 3/4% Senior Subordinated Notes due 2018 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 Corporate Credit Agreement. | |||||||||||||||||||
On September 30, 2014, the Company entered into an Amendment to the Corporate Credit Agreement giving the Company the right to provide written notice to the administrative agent on or after the closing of the sale of spectrum assets to remove any designated Wireless subsidiary as a guarantor subsidiary. | ||||||||||||||||||||
Effective November 6, 2014, Cincinnati Bell Inc. amended its Corporate Credit Agreement to, among other things, modify certain financial covenants governing leverage ratios and capital expenditures. | ||||||||||||||||||||
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 (Loss) for the three and nine months ended September 30, 2014 and 2013, Condensed Consolidating Balance Sheets as of September 30, 2014 and December 31, 2013, and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2014 and 2013 of (1) the Parent Company, as the issuer, (2) the guarantor subsidiaries on a combined basis, and (3) the non-guarantor subsidiaries on a combined basis. | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 190.2 | $ | 150.5 | $ | (13.2 | ) | $ | 327.5 | |||||||||
Operating costs and expenses | 2.9 | 212.4 | 109.4 | (13.2 | ) | 311.5 | ||||||||||||||
Operating (loss) income | (2.9 | ) | (22.2 | ) | 41.1 | — | 16 | |||||||||||||
Interest expense (income), net | 34.8 | 1.9 | (0.9 | ) | — | 35.8 | ||||||||||||||
Other expense (income), net | 18.9 | 3.4 | (3.1 | ) | — | 19.2 | ||||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (56.6 | ) | (27.5 | ) | 45.1 | — | (39.0 | ) | ||||||||||||
Income tax (benefit) expense | (18.1 | ) | (10.0 | ) | 16.4 | — | (11.7 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of tax | 11.2 | — | — | (11.2 | ) | — | ||||||||||||||
Net (loss) income | (27.3 | ) | (17.5 | ) | 28.7 | (11.2 | ) | (27.3 | ) | |||||||||||
Other comprehensive income | 1.2 | — | — | — | 1.2 | |||||||||||||||
Total comprehensive (loss) income | $ | (26.1 | ) | $ | (17.5 | ) | $ | 28.7 | $ | (11.2 | ) | $ | (26.1 | ) | ||||||
Net (loss) income | (27.3 | ) | (17.5 | ) | 28.7 | (11.2 | ) | (27.3 | ) | |||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net (loss) income applicable to common shareowners | $ | (29.9 | ) | $ | (17.5 | ) | $ | 28.7 | $ | (11.2 | ) | $ | (29.9 | ) | ||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
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 | |||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 560.5 | $ | 451.4 | $ | (42.0 | ) | $ | 969.9 | |||||||||
Operating costs and expenses | 13.8 | 575.6 | 314 | (42.0 | ) | 861.4 | ||||||||||||||
Operating (loss) income | (13.8 | ) | (15.1 | ) | 137.4 | — | 108.5 | |||||||||||||
Interest expense (income), net | 109.8 | 8.9 | (1.9 | ) | — | 116.8 | ||||||||||||||
Other expense (income), net | 18.2 | (179.6 | ) | (9.6 | ) | — | (171.0 | ) | ||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (141.8 | ) | 155.6 | 148.9 | — | 162.7 | ||||||||||||||
Income tax (benefit) expense | (40.6 | ) | 55.1 | 54.3 | — | 68.8 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 195.1 | — | — | (195.1 | ) | — | ||||||||||||||
Net income | 93.9 | 100.5 | 94.6 | (195.1 | ) | 93.9 | ||||||||||||||
Other comprehensive income | 3.6 | — | — | — | 3.6 | |||||||||||||||
Total comprehensive income | $ | 97.5 | $ | 100.5 | $ | 94.6 | $ | (195.1 | ) | $ | 97.5 | |||||||||
Net income | 93.9 | 100.5 | 94.6 | (195.1 | ) | 93.9 | ||||||||||||||
Preferred stock dividends | 7.8 | — | — | — | 7.8 | |||||||||||||||
Net income applicable to common shareowners | $ | 86.1 | $ | 100.5 | $ | 94.6 | $ | (195.1 | ) | $ | 86.1 | |||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
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 | ) | |||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash and cash equivalents | $ | 179.1 | $ | 0.4 | $ | 2 | $ | — | $ | 181.5 | ||||||||||
Receivables, net | 2 | 6 | 174.1 | — | 182.1 | |||||||||||||||
Other current assets | 3.4 | 79.3 | 28.6 | (0.7 | ) | 110.6 | ||||||||||||||
Total current assets | 184.5 | 85.7 | 204.7 | (0.7 | ) | 474.2 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 122.6 | 752.5 | — | 875.2 | |||||||||||||||
Investment in CyrusOne | — | 284.7 | — | — | 284.7 | |||||||||||||||
Goodwill and intangibles, net | — | 13.8 | 2.2 | — | 16 | |||||||||||||||
Investments in and advances to subsidiaries | 1,081.70 | 370.3 | 293.9 | (1,745.9 | ) | — | ||||||||||||||
Other noncurrent assets | 271.3 | 183.1 | 4.2 | (156.1 | ) | 302.5 | ||||||||||||||
Total assets | $ | 1,537.60 | $ | 1,060.20 | $ | 1,257.50 | $ | (1,902.7 | ) | $ | 1,952.60 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3.2 | $ | 3.3 | $ | — | $ | 11.9 | ||||||||||
Accounts payable | 1.1 | 69.4 | 63.5 | — | 134 | |||||||||||||||
Other current liabilities | 66.8 | 166.4 | 44.9 | 0.1 | 278.2 | |||||||||||||||
Total current liabilities | 73.3 | 239 | 111.7 | 0.1 | 424.1 | |||||||||||||||
Long-term debt, less current portion | 1,550.00 | 84.8 | 252.2 | — | 1,887.00 | |||||||||||||||
Other noncurrent liabilities | 186.4 | 31 | 165.4 | (156.9 | ) | 225.9 | ||||||||||||||
Intercompany payables | 312.3 | — | 50 | (362.3 | ) | — | ||||||||||||||
Total liabilities | 2,122.00 | 354.8 | 579.3 | (519.1 | ) | 2,537.00 | ||||||||||||||
Shareowners’ (deficit) equity | (584.4 | ) | 705.4 | 678.2 | (1,383.6 | ) | (584.4 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,537.60 | $ | 1,060.20 | $ | 1,257.50 | $ | (1,902.7 | ) | $ | 1,952.60 | |||||||||
As of December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash and cash equivalents | $ | 2.1 | $ | 0.3 | $ | 2.2 | $ | — | $ | 4.6 | ||||||||||
Receivables, net | 2.6 | 7.2 | 145 | — | 154.8 | |||||||||||||||
Other current assets | 4.4 | 60.7 | 27.3 | (0.7 | ) | 91.7 | ||||||||||||||
Total current assets | 9.1 | 68.2 | 174.5 | (0.7 | ) | 251.1 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 194.1 | 708.6 | — | 902.8 | |||||||||||||||
Investment in CyrusOne | — | 471 | — | — | 471 | |||||||||||||||
Goodwill and intangibles, net | — | 103.8 | 2.3 | — | 106.1 | |||||||||||||||
Investments in and advances to subsidiaries | 1,406.60 | (1.6 | ) | 218.2 | (1,623.2 | ) | — | |||||||||||||
Other noncurrent assets | 359.1 | 179.9 | 5.1 | (167.8 | ) | 376.3 | ||||||||||||||
Total assets | $ | 1,774.90 | $ | 1,015.40 | $ | 1,108.70 | $ | (1,791.7 | ) | $ | 2,107.30 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3 | $ | 4.2 | $ | — | $ | 12.6 | ||||||||||
Accounts payable | 1.5 | 72.3 | 16.1 | — | 89.9 | |||||||||||||||
Other current liabilities | 67.7 | 36.9 | 47.1 | 0.1 | 151.8 | |||||||||||||||
Total current liabilities | 74.6 | 112.2 | 67.4 | 0.1 | 254.3 | |||||||||||||||
Long-term debt, less current portion | 1,916.10 | 87 | 249.5 | — | 2,252.60 | |||||||||||||||
Other noncurrent liabilities | 214.5 | 61.3 | 169.9 | (168.6 | ) | 277.1 | ||||||||||||||
Intercompany payables | 246.4 | 149.9 | 33.2 | (429.5 | ) | — | ||||||||||||||
Total liabilities | 2,451.60 | 410.4 | 520 | (598.0 | ) | 2,784.00 | ||||||||||||||
Shareowners’ (deficit) equity | (676.7 | ) | 605 | 588.7 | (1,193.7 | ) | (676.7 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,774.90 | $ | 1,015.40 | $ | 1,108.70 | $ | (1,791.7 | ) | $ | 2,107.30 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash flows (used in) provided by operating activities | $ | (17.9 | ) | $ | (18.6 | ) | $ | 157.3 | $ | — | $ | 120.8 | ||||||||
Capital expenditures | — | (24.6 | ) | (96.5 | ) | — | (121.1 | ) | ||||||||||||
Proceeds from sale of CyrusOne | — | 355.9 | — | — | 355.9 | |||||||||||||||
Dividends received from CyrusOne | — | 22.4 | — | — | 22.4 | |||||||||||||||
Proceeds from sale of assets | — | 194.4 | 2 | — | 196.4 | |||||||||||||||
Other investing activities | (0.2 | ) | (5.5 | ) | — | — | (5.7 | ) | ||||||||||||
Cash flows (used in) provided by investing activities | (0.2 | ) | 542.6 | (94.5 | ) | — | 447.9 | |||||||||||||
Funding between Parent and subsidiaries, net | 586.1 | (521.8 | ) | (64.3 | ) | — | — | |||||||||||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | (40.0 | ) | — | 6.2 | — | (33.8 | ) | |||||||||||||
Repayment of debt | (343.3 | ) | (2.1 | ) | (5.2 | ) | — | (350.6 | ) | |||||||||||
Proceeds from exercise of options and warrants | 1.2 | — | — | — | 1.2 | |||||||||||||||
Other financing activities | (8.9 | ) | — | 0.3 | — | (8.6 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 195.1 | (523.9 | ) | (63.0 | ) | — | (391.8 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 177 | 0.1 | (0.2 | ) | — | 176.9 | ||||||||||||||
Beginning cash and cash equivalents | 2.1 | 0.3 | 2.2 | — | 4.6 | |||||||||||||||
Ending cash and cash equivalents | $ | 179.1 | $ | 0.4 | $ | 2 | $ | — | $ | 181.5 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
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 | ) | |||||||||||||
Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days | — | — | (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 | |||||||||||
Description_of_Business_and_Ac1
Description of Business and Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ' |
Equity Method Investments, Policy [Policy Text Block] | ' |
Equity Method Investments - We completed the IPO of CyrusOne on January 24, 2013, and as of that date, we have significant influence over CyrusOne but do not control its operations. As a result, effective January 24, 2013, our 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. For the three and nine months ended September 30, 2014, the Company received cash dividends from CyrusOne totaling $6.0 million and $22.4 million, respectively. Dividends from CyrusOne are recognized as a reduction of our investment. | |
During the second quarter of 2014, we invested a total of $5.5 million in two limited liability companies. These investments are accounted for under the equity method and the carrying value has been recorded within “Other noncurrent assets” in the condensed consolidated balance sheet as of September 30, 2014. During the third quarter we recognized our proportionate share of the investments’ net loss as non-operating expense in our consolidated statement of operations, which had a minimal impact on our consolidated statement of operations. | |
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, 2013 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 2013 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2014 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. | |
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. | |
In the first quarter of 2013, and in connection with our review of the estimated remaining useful lives of property, plant and equipment, we shortened the estimated useful lives assigned to the wireless network software to three years. This change resulted from smartphone-driven technology upgrades, enhancements and projected retirements. For the three months ended March 31, 2013, the increase in depreciation expense associated with this change was $8.5 million and increased basic and diluted loss per share by approximately $0.03 per share. | |
In conjunction with our long-lived asset impairment analysis conducted in the fourth quarter of 2013, we reassessed the useful lives of all our Wireless property, plant and equipment. The remaining useful life for all Wireless property, plant, and equipment assets was reduced to 30 months as of December 31, 2013. In the second quarter of 2014, following the agreement to sell our wireless spectrum licenses and certain other assets, we further reduced the remaining useful life of those assets not included in the sale to be fully depreciated as of March 31, 2015. As a result of these changes in estimate, depreciation expense increased by approximately $50 million for the nine months ended September 30, 2014 and reduced basic and diluted earnings per share by approximately $0.14 per share. In addition, adjusting the useful life of our Wireless property, plant and equipment also required that we reduce the amortization period of the deferred gain associated with the 2009 tower sale in a similar manner. Amortization of the deferred gain associated with the tower sale totaled $16.5 million and $1.7 million in the nine months ended September 30, 2014 and 2013, respectively. In conjunction with the close of the sale of our wireless spectrum licenses and certain other assets on September 30, 2014, an asset impairment charge of $7.5 million was recorded in the three months ended September 30, 2014 for the write-off of certain construction-in-progress projects that will no longer be completed due to the wind down of wireless operations. | |
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. The company expects its effective tax rate to exceed statutory rates primarily due to non-deductible expenses, including interest on securities originally issued to acquire its broadband business or securities that the Company subsequently issued to refinance those securities. The Company believes the full year 2014 effective tax rate will approximate the actual September 2014 year-to-date effective tax rate. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards — In July 2013, the FASB issued new guidance under Accounting Standards Update ("ASU") 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 went into effect for annual and interim periods beginning after December 15, 2013. We adopted this new guidance beginning with our interim financial statements for the three months ended March 31, 2014. The adoption of this standard did not have a material impact on our financial statements for the nine months ending September 30, 2014. | |
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in this update increased the threshold for a disposal to qualify as a discontinued operation and require new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The standard will be effective for us on January 1, 2015. The adoption of this pronouncement may affect our presentation and disclosure of any future dispositions. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard also includes expanded disclosure requirements that result in an entity providing users of financial statements with comprehensive information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from the entity’s contracts with customers. This standard will be effective for us in the first quarter of the fiscal year ending December 31, 2017. The Company is currently in the process of evaluating the impact of adoption of this ASU on the company’s consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern. The amendments provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The standard will be effective for us on January 1, 2016. The adoption of this pronouncement is not expected to 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 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, 2014 and December 31, 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 the closing or estimated market prices of the Company’s debt at September 30, 2014 and December 31, 2013, which is considered Level 2 of the fair value hierarchy. |
Investment_in_CyrusOne_Tables
Investment in CyrusOne (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transaction [Line Items] | ' | |||||||||||||||
Assets and Liabilities Deconsolidated [Table Text Block] | ' | |||||||||||||||
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: | ||||||||||||||||
Three Months Ended | Nine Months Ended September 30, 2014 | January 24, 2013 to September 30, 2013 | ||||||||||||||
September 30, | ||||||||||||||||
(dollars in millions) | 2014 | 2013 | ||||||||||||||
Revenue | $ | 84.8 | $ | 67.5 | $ | 244 | $ | 176.1 | ||||||||
Operating income | 9.6 | 8.5 | 28.8 | 19.9 | ||||||||||||
Net income (loss) | 0.2 | (2.2 | ) | (2.7 | ) | (11.8 | ) | |||||||||
Related Party Revenues and Expenses [Member] | ' | |||||||||||||||
Related Party Transaction [Line Items] | ' | |||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | |||||||||||||||
Revenues and operating costs and expenses from transactions with CyrusOne were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended September 30, 2014 | January 24, 2013 to September 30, 2013 | ||||||||||||||
September 30, | ||||||||||||||||
(dollars in millions) | 2014 | 2013 | ||||||||||||||
Revenue: | ||||||||||||||||
Services provided to CyrusOne | $ | 0.4 | $ | 0.5 | $ | 1.3 | $ | 1.6 | ||||||||
Operating costs and expenses: | ||||||||||||||||
Transaction-related compensation to CyrusOne employees | $ | — | $ | — | $ | — | $ | 20 | ||||||||
Charges for services provided by CyrusOne | 2.2 | 2.4 | 6.8 | 6.5 | ||||||||||||
Administrative services provided to CyrusOne | (0.1 | ) | (0.1 | ) | (0.3 | ) | (0.4 | ) | ||||||||
Total operating costs and expenses | $ | 2.1 | $ | 2.3 | $ | 6.5 | $ | 26.1 | ||||||||
Related Party Receivables and Payables [Member] | ' | |||||||||||||||
Related Party Transaction [Line Items] | ' | |||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | |||||||||||||||
At September 30, 2014 and December 31, 2013, amounts receivable from and payable to CyrusOne were as follows: | ||||||||||||||||
(dollars in millions) | September 30, 2014 | December 31, 2013 | ||||||||||||||
Accounts receivable | $ | 2 | $ | 2.1 | ||||||||||||
Dividends receivable | 6 | 7.1 | ||||||||||||||
Receivable from CyrusOne | $ | 8 | $ | 9.2 | ||||||||||||
Accounts payable | $ | 1.3 | $ | 0.5 | ||||||||||||
Payable to CyrusOne | $ | 1.3 | $ | 0.5 | ||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Numerator: | ||||||||||||||||
Net (loss) income | $ | (27.3 | ) | $ | 9.3 | $ | 93.9 | $ | (26.6 | ) | ||||||
Preferred stock dividends | 2.6 | 2.6 | 7.8 | 7.8 | ||||||||||||
Net (loss) income applicable to common shareowners | $ | (29.9 | ) | $ | 6.7 | $ | 86.1 | $ | (34.4 | ) | ||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding - basic | 208.7 | 207 | 208.4 | 205.6 | ||||||||||||
Stock-based compensation arrangements | — | 1.5 | 1 | — | ||||||||||||
Weighted average common shares outstanding - diluted | 208.7 | 208.5 | 209.4 | 205.6 | ||||||||||||
Basic and diluted (loss) earnings per common share | $ | (0.14 | ) | $ | 0.03 | $ | 0.41 | $ | (0.17 | ) | ||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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, | ||||||
2014 | 2013 | |||||||
Current portion of long-term debt: | ||||||||
Corporate Credit Agreement - Tranche B Term Loan | $ | 5.4 | $ | 5.4 | ||||
Capital lease obligations and other debt | 6.5 | 7.2 | ||||||
Current portion of long-term debt | 11.9 | 12.6 | ||||||
Long-term debt, less current portion: | ||||||||
Corporate Credit Agreement | — | 40 | ||||||
Receivables Facility | 112.4 | 106.2 | ||||||
8 3/4% Senior Subordinated Notes due 2018 | 300 | 625 | ||||||
Corporate Credit Agreement - Tranche B Term Loan | 529.2 | 533.2 | ||||||
8 3/8% Senior Notes due 2020 | 683.9 | 683.9 | ||||||
7 1/4% Senior Notes due 2023 | 40 | 40 | ||||||
Various Cincinnati Bell Telephone notes | 134.5 | 134.5 | ||||||
Capital lease obligations and other debt | 90.4 | 96.1 | ||||||
1,890.40 | 2,258.90 | |||||||
Net unamortized discount | (3.4 | ) | (6.3 | ) | ||||
Long-term debt, less current portion | 1,887.00 | 2,252.60 | ||||||
Total debt | $ | 1,898.90 | $ | 2,265.20 | ||||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 | December 31, 2013 | |||||||||||||||
(dollars in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Investment in CyrusOne | $ | 284.7 | $ | 684.9 | $ | 471 | $ | 993.2 | ||||||||
Long-term debt, including current portion* | 1,802.90 | 1,863.50 | 2,162.70 | 2,248.30 | ||||||||||||
*Excludes capital leases | ||||||||||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
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 Separation | Lease Abandonment | Contract Terminations | Total | ||||||||||||||||
Balance as of December 31, 2013 | $ | 9.7 | $ | 6 | $ | 0.1 | $ | 15.8 | ||||||||||||
Charges | — | — | — | — | ||||||||||||||||
Utilization | (2.6 | ) | (0.9 | ) | — | (3.5 | ) | |||||||||||||
Balance as of March 31, 2014 | $ | 7.1 | $ | 5.1 | $ | 0.1 | $ | 12.3 | ||||||||||||
Charges | 3.5 | — | 2.9 | 6.4 | ||||||||||||||||
Utilization | (0.3 | ) | (0.8 | ) | — | (1.1 | ) | |||||||||||||
Balance as of June 30, 2014 | $ | 10.3 | $ | 4.3 | $ | 3 | $ | 17.6 | ||||||||||||
Charges | 0.7 | (1.3 | ) | 9.6 | 9 | |||||||||||||||
Utilization | (2.5 | ) | (0.6 | ) | (0.1 | ) | (3.2 | ) | ||||||||||||
Balance as of September 30, 2014 | $ | 8.5 | $ | 2.4 | $ | 12.5 | $ | 23.4 | ||||||||||||
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 | IT Services and Hardware | Wireless | Corporate | Total | |||||||||||||||
Balance as of December 31, 2013 | $ | 10.5 | $ | 0.8 | $ | 1.5 | $ | 3 | $ | 15.8 | ||||||||||
Charges | — | — | — | — | — | |||||||||||||||
Utilizations | (1.8 | ) | — | (0.3 | ) | (1.4 | ) | (3.5 | ) | |||||||||||
Balance as of March 31, 2014 | $ | 8.7 | $ | 0.8 | $ | 1.2 | $ | 1.6 | $ | 12.3 | ||||||||||
Charges | 1.1 | — | 5.2 | 0.1 | 6.4 | |||||||||||||||
Utilizations | (0.6 | ) | (0.1 | ) | (0.3 | ) | (0.1 | ) | (1.1 | ) | ||||||||||
Balance as of June 30, 2014 | $ | 9.2 | $ | 0.7 | $ | 6.1 | $ | 1.6 | $ | 17.6 | ||||||||||
Charges | (1.3 | ) | — | 10.3 | — | 9 | ||||||||||||||
Utilizations | (2.3 | ) | (0.1 | ) | (0.4 | ) | (0.4 | ) | (3.2 | ) | ||||||||||
Balance as of September 30, 2014 | $ | 5.6 | $ | 0.6 | $ | 16 | $ | 1.2 | $ | 23.4 | ||||||||||
Pension_and_Postretirement_Pla1
Pension and Postretirement Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 and 2013, pension and postretirement benefit costs were as follows: | ||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(dollars in millions) | Pension Benefits | Postretirement and | ||||||||||||||
Other Benefits | ||||||||||||||||
Service cost | $ | 0.3 | $ | 0.3 | $ | 0.1 | $ | 0.1 | ||||||||
Interest cost on projected benefit obligation | 5.2 | 4.7 | 1 | 1 | ||||||||||||
Expected return on plan assets | (7.0 | ) | (6.3 | ) | — | — | ||||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | 0.1 | (3.9 | ) | (3.7 | ) | ||||||||||
Actuarial loss | 4.3 | 5.4 | 1.4 | 1.4 | ||||||||||||
Total amortization | 4.4 | 5.5 | (2.5 | ) | (2.3 | ) | ||||||||||
Benefit costs | $ | 2.9 | $ | 4.2 | $ | (1.4 | ) | $ | (1.2 | ) | ||||||
Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(dollars in millions) | Pension Benefits | Postretirement and | ||||||||||||||
Other Benefits | ||||||||||||||||
Service cost | $ | 0.8 | $ | 1.7 | $ | 0.2 | $ | 0.3 | ||||||||
Interest cost on projected benefit obligation | 15.7 | 14.1 | 3 | 3 | ||||||||||||
Expected return on plan assets | (21.1 | ) | (19.2 | ) | — | — | ||||||||||
Curtailment gain | — | (0.6 | ) | — | — | |||||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.2 | 0.2 | (11.6 | ) | (10.2 | ) | ||||||||||
Actuarial loss | 13 | 16.4 | 4.1 | 4.3 | ||||||||||||
Total amortization | 13.2 | 16.6 | (7.5 | ) | (5.9 | ) | ||||||||||
Benefit costs | $ | 8.6 | $ | 12.6 | $ | (4.3 | ) | $ | (2.6 | ) | ||||||
Shareowners_Deficit_Tables
Shareowners' Deficit (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
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, 2014, 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, 2013 | $ | (133.1 | ) | $ | (0.2 | ) | $ | (133.3 | ) | |||
Reclassifications, net | 3.6 | (a) | — | 3.6 | ||||||||
Balance as of September 30, 2014 | $ | (129.5 | ) | $ | (0.2 | ) | $ | (129.7 | ) | |||
(a) These reclassifications are included in the components of net period pension and postretirement benefit costs. See Note 7 for additional details. The components of net periodic pension and postretirement benefit cost are reported within "Cost of services", "Cost of products sold", and "Selling, general and administrative" expenses on the condensed consolidated statements of operations. |
Business_Segment_Information_T
Business Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenue | ||||||||||||||||
Wireline | $ | 184 | $ | 181.4 | $ | 552.3 | $ | 542.7 | ||||||||
IT Services and Hardware | 120 | 87.5 | 323.5 | 258 | ||||||||||||
Wireless | 30.1 | 49.1 | 116 | 154.1 | ||||||||||||
Data Center Colocation | — | — | — | 15.6 | ||||||||||||
Intersegment | (6.6 | ) | (7.2 | ) | (21.9 | ) | (21.9 | ) | ||||||||
Total revenue | $ | 327.5 | $ | 310.8 | $ | 969.9 | $ | 948.5 | ||||||||
Intersegment revenue | ||||||||||||||||
Wireline | $ | 3.9 | $ | 4.2 | $ | 12 | $ | 12.8 | ||||||||
IT Services and Hardware | 2.3 | 2.5 | 8.4 | 7 | ||||||||||||
Wireless | 0.4 | 0.5 | 1.5 | 1.7 | ||||||||||||
Data Center Colocation | — | — | — | 0.4 | ||||||||||||
Total intersegment revenue | $ | 6.6 | $ | 7.2 | $ | 21.9 | $ | 21.9 | ||||||||
Operating income (loss) | ||||||||||||||||
Wireline | $ | 43.9 | $ | 47.8 | $ | 147 | $ | 146.8 | ||||||||
IT Services and Hardware | 8.1 | 4.4 | 16.3 | 6.6 | ||||||||||||
Wireless | (33.0 | ) | 7 | (40.8 | ) | 19.1 | ||||||||||
Data Center Colocation | — | — | — | 3.2 | ||||||||||||
Corporate | (3.0 | ) | (1.5 | ) | (14.0 | ) | (52.0 | ) | ||||||||
Total operating income | $ | 16 | $ | 57.7 | $ | 108.5 | $ | 123.7 | ||||||||
Expenditures for long-lived assets | ||||||||||||||||
Wireline | $ | 41.8 | $ | 41.2 | $ | 106.1 | $ | 114.3 | ||||||||
IT Services and Hardware | 3.5 | 2.7 | 8.5 | 7.6 | ||||||||||||
Wireless | 0.3 | 2.2 | 6.5 | 12.4 | ||||||||||||
Data Center Colocation | — | — | — | 7.7 | ||||||||||||
Total expenditures for long-lived assets | $ | 45.6 | $ | 46.1 | $ | 121.1 | $ | 142 | ||||||||
Depreciation and amortization | ||||||||||||||||
Wireline | $ | 29.3 | $ | 29.7 | $ | 85.6 | $ | 83.8 | ||||||||
IT Services and Hardware | 3 | 2.5 | 8.6 | 7.5 | ||||||||||||
Wireless | 29.1 | 7.4 | 74.2 | 30.7 | ||||||||||||
Data Center Colocation | — | — | — | 5.2 | ||||||||||||
Corporate | — | 0.2 | 0.2 | 0.4 | ||||||||||||
Total depreciation and amortization | $ | 61.4 | $ | 39.8 | $ | 168.6 | $ | 127.6 | ||||||||
September 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Assets | ||||||||||||||||
Wireline | $ | 819.7 | $ | 780.8 | ||||||||||||
IT Services and Hardware | 58.2 | 48.9 | ||||||||||||||
Wireless | 148 | 247.5 | ||||||||||||||
Corporate and eliminations | 926.7 | 1,030.10 | ||||||||||||||
Total assets | $ | 1,952.60 | $ | 2,107.30 | ||||||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Supplemental Guarantor Information Abstract | ' | |||||||||||||||||||
Supplemental Guarantor Information [Table Text Block] | ' | |||||||||||||||||||
The following information sets forth the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2014 and 2013, Condensed Consolidating Balance Sheets as of September 30, 2014 and December 31, 2013, and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2014 and 2013 of (1) the Parent Company, as the guarantor, (2) CBT, as the issuer, and (3) the non-guarantor subsidiaries on a combined basis. | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Non-guarantors | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
Revenue | $ | — | $ | 163.8 | $ | 176.9 | $ | (13.2 | ) | $ | 327.5 | |||||||||
Operating costs and expenses | 2.9 | 121.2 | 200.6 | (13.2 | ) | 311.5 | ||||||||||||||
Operating (loss) income | (2.9 | ) | 42.6 | (23.7 | ) | — | 16 | |||||||||||||
Interest expense (income), net | 34.8 | (1.3 | ) | 2.3 | — | 35.8 | ||||||||||||||
Other expense (income), net | 18.9 | 1.6 | (1.3 | ) | — | 19.2 | ||||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (56.6 | ) | 42.3 | (24.7 | ) | — | (39.0 | ) | ||||||||||||
Income tax (benefit) expense | (18.1 | ) | 15.4 | (9.0 | ) | — | (11.7 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of tax | 11.2 | — | — | (11.2 | ) | — | ||||||||||||||
Net (loss) income | (27.3 | ) | 26.9 | (15.7 | ) | (11.2 | ) | (27.3 | ) | |||||||||||
Other comprehensive income | 1.2 | — | — | — | 1.2 | |||||||||||||||
Total comprehensive (loss) income | $ | (26.1 | ) | $ | 26.9 | $ | (15.7 | ) | $ | (11.2 | ) | $ | (26.1 | ) | ||||||
Net (loss) income | (27.3 | ) | 26.9 | (15.7 | ) | (11.2 | ) | (27.3 | ) | |||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net (loss) income applicable to common shareowners | $ | (29.9 | ) | $ | 26.9 | $ | (15.7 | ) | $ | (11.2 | ) | $ | (29.9 | ) | ||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | CBT | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
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 | |||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Non-guarantors | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
Revenue | $ | — | $ | 491.4 | $ | 520.5 | $ | (42.0 | ) | $ | 969.9 | |||||||||
Operating costs and expenses | 13.8 | 349.8 | 539.8 | (42.0 | ) | 861.4 | ||||||||||||||
Operating (loss) income | (13.8 | ) | 141.6 | (19.3 | ) | — | 108.5 | |||||||||||||
Interest expense (income), net | 109.8 | (3.1 | ) | 10.1 | — | 116.8 | ||||||||||||||
Other expense (income), net | 18.2 | 5.5 | (194.7 | ) | — | (171.0 | ) | |||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (141.8 | ) | 139.2 | 165.3 | — | 162.7 | ||||||||||||||
Income tax (benefit) expense | (40.6 | ) | 50.8 | 58.6 | — | 68.8 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 195.1 | — | — | (195.1 | ) | — | ||||||||||||||
Net income | 93.9 | 88.4 | 106.7 | (195.1 | ) | 93.9 | ||||||||||||||
Other comprehensive income | 3.6 | — | — | — | 3.6 | |||||||||||||||
Total comprehensive income | $ | 97.5 | $ | 88.4 | $ | 106.7 | $ | (195.1 | ) | $ | 97.5 | |||||||||
Net income | 93.9 | 88.4 | 106.7 | (195.1 | ) | 93.9 | ||||||||||||||
Preferred stock dividends | 7.8 | — | — | — | 7.8 | |||||||||||||||
Net income applicable to common shareowners | $ | 86.1 | $ | 88.4 | $ | 106.7 | $ | (195.1 | ) | $ | 86.1 | |||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | CBT | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
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 | ) | |||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Non-guarantors | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
Cash and cash equivalents | $ | 179.1 | $ | 1.5 | $ | 0.9 | $ | — | $ | 181.5 | ||||||||||
Receivables, net | 2 | — | 180.1 | — | 182.1 | |||||||||||||||
Other current assets | 3.4 | 24.8 | 83.1 | (0.7 | ) | 110.6 | ||||||||||||||
Total current assets | 184.5 | 26.3 | 264.1 | (0.7 | ) | 474.2 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 752.1 | 123 | — | 875.2 | |||||||||||||||
Investment in CyrusOne | — | — | 284.7 | — | 284.7 | |||||||||||||||
Goodwill and intangibles, net | — | 2.2 | 13.8 | — | 16 | |||||||||||||||
Investments in and advances to subsidiaries | 1,081.70 | 314.1 | 311.2 | (1,707.0 | ) | — | ||||||||||||||
Other noncurrent assets | 271.3 | 5.2 | 182.1 | (156.1 | ) | 302.5 | ||||||||||||||
Total assets | $ | 1,537.60 | $ | 1,099.90 | $ | 1,178.90 | $ | (1,863.8 | ) | $ | 1,952.60 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3.3 | $ | 3.2 | $ | — | $ | 11.9 | ||||||||||
Accounts payable | 1.1 | 78.3 | 54.6 | — | 134 | |||||||||||||||
Other current liabilities | 66.8 | 47 | 164.3 | 0.1 | 278.2 | |||||||||||||||
Total current liabilities | 73.3 | 128.6 | 222.1 | 0.1 | 424.1 | |||||||||||||||
Long-term debt, less current portion | 1,550.00 | 139.8 | 197.2 | — | 1,887.00 | |||||||||||||||
Other noncurrent liabilities | 186.4 | 167.8 | 28.6 | (156.9 | ) | 225.9 | ||||||||||||||
Intercompany payables | 312.3 | — | — | (312.3 | ) | — | ||||||||||||||
Total liabilities | 2,122.00 | 436.2 | 447.9 | (469.1 | ) | 2,537.00 | ||||||||||||||
Shareowners’ (deficit) equity | (584.4 | ) | 663.7 | 731 | (1,394.7 | ) | (584.4 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,537.60 | $ | 1,099.90 | $ | 1,178.90 | $ | (1,863.8 | ) | $ | 1,952.60 | |||||||||
As of December 31, 2013 | ||||||||||||||||||||
Parent | CBT | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
Cash and cash equivalents | $ | 2.1 | $ | 1.8 | $ | 0.7 | $ | — | $ | 4.6 | ||||||||||
Receivables, net | 2.6 | — | 152.2 | — | 154.8 | |||||||||||||||
Other current assets | 4.4 | 24.1 | 63.9 | (0.7 | ) | 91.7 | ||||||||||||||
Total current assets | 9.1 | 25.9 | 216.8 | (0.7 | ) | 251.1 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 706.5 | 196.2 | — | 902.8 | |||||||||||||||
Investment in CyrusOne | — | — | 471 | — | 471 | |||||||||||||||
Goodwill and intangibles, net | — | 2.3 | 103.8 | — | 106.1 | |||||||||||||||
Investments in and advances to subsidiaries | 1,406.60 | 247.7 | — | (1,654.3 | ) | — | ||||||||||||||
Other noncurrent assets | 359.1 | 6.1 | 178.9 | (167.8 | ) | 376.3 | ||||||||||||||
Total assets | $ | 1,774.90 | $ | 988.5 | $ | 1,166.70 | $ | (1,822.8 | ) | $ | 2,107.30 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3.9 | $ | 3.3 | $ | — | $ | 12.6 | ||||||||||
Accounts payable | 1.5 | 45.9 | 42.5 | — | 89.9 | |||||||||||||||
Other current liabilities | 67.7 | 49.4 | 34.6 | 0.1 | 151.8 | |||||||||||||||
Total current liabilities | 74.6 | 99.2 | 80.4 | 0.1 | 254.3 | |||||||||||||||
Long-term debt, less current portion | 1,916.10 | 141.8 | 194.7 | — | 2,252.60 | |||||||||||||||
Other noncurrent liabilities | 214.5 | 172.2 | 59 | (168.6 | ) | 277.1 | ||||||||||||||
Intercompany payables | 246.4 | — | 199.7 | (446.1 | ) | — | ||||||||||||||
Total liabilities | 2,451.60 | 413.2 | 533.8 | (614.6 | ) | 2,784.00 | ||||||||||||||
Shareowners’ (deficit) equity | (676.7 | ) | 575.3 | 632.9 | (1,208.2 | ) | (676.7 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,774.90 | $ | 988.5 | $ | 1,166.70 | $ | (1,822.8 | ) | $ | 2,107.30 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Non-guarantors | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
Cash flows (used in) provided by operating activities | $ | (17.9 | ) | $ | 165.2 | $ | (26.5 | ) | $ | — | $ | 120.8 | ||||||||
Capital expenditures | — | (96.5 | ) | (24.6 | ) | — | (121.1 | ) | ||||||||||||
Proceeds received from sale of CyrusOne | — | — | 355.9 | — | 355.9 | |||||||||||||||
Dividends received from CyrusOne | — | — | 22.4 | — | 22.4 | |||||||||||||||
Proceeds from sale of assets | — | 0.2 | 196.2 | — | 196.4 | |||||||||||||||
Other investing activities | (0.2 | ) | — | (5.5 | ) | — | (5.7 | ) | ||||||||||||
Cash flows (used in) provided by investing activities | (0.2 | ) | (96.3 | ) | 544.4 | — | 447.9 | |||||||||||||
Funding between Parent and subsidiaries, net | 586.1 | (66.5 | ) | (519.6 | ) | — | — | |||||||||||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | (40.0 | ) | — | 6.2 | — | (33.8 | ) | |||||||||||||
Repayment of debt | (343.3 | ) | (3.0 | ) | (4.3 | ) | — | (350.6 | ) | |||||||||||
Proceeds from exercise of options and warrants | 1.2 | — | — | — | 1.2 | |||||||||||||||
Other financing activities | (8.9 | ) | 0.3 | — | — | (8.6 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 195.1 | (69.2 | ) | (517.7 | ) | — | (391.8 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 177 | (0.3 | ) | 0.2 | — | 176.9 | ||||||||||||||
Beginning cash and cash equivalents | 2.1 | 1.8 | 0.7 | — | 4.6 | |||||||||||||||
Ending cash and cash equivalents | $ | 179.1 | $ | 1.5 | $ | 0.9 | $ | — | $ | 181.5 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | CBT | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | |||||||||||||||||||
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 | ) | |||||||||||||
Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days | — | — | (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 | ||||||||||
Supplemental Guarantor Information, High Yield Notes [Table Text Block] | ' | |||||||||||||||||||
The following information sets forth the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2014 and 2013, Condensed Consolidating Balance Sheets as of September 30, 2014 and December 31, 2013, and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2014 and 2013 of (1) the Parent Company, as the issuer, (2) the guarantor subsidiaries on a combined basis, and (3) the non-guarantor subsidiaries on a combined basis. | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 190.2 | $ | 150.5 | $ | (13.2 | ) | $ | 327.5 | |||||||||
Operating costs and expenses | 2.9 | 212.4 | 109.4 | (13.2 | ) | 311.5 | ||||||||||||||
Operating (loss) income | (2.9 | ) | (22.2 | ) | 41.1 | — | 16 | |||||||||||||
Interest expense (income), net | 34.8 | 1.9 | (0.9 | ) | — | 35.8 | ||||||||||||||
Other expense (income), net | 18.9 | 3.4 | (3.1 | ) | — | 19.2 | ||||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (56.6 | ) | (27.5 | ) | 45.1 | — | (39.0 | ) | ||||||||||||
Income tax (benefit) expense | (18.1 | ) | (10.0 | ) | 16.4 | — | (11.7 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of tax | 11.2 | — | — | (11.2 | ) | — | ||||||||||||||
Net (loss) income | (27.3 | ) | (17.5 | ) | 28.7 | (11.2 | ) | (27.3 | ) | |||||||||||
Other comprehensive income | 1.2 | — | — | — | 1.2 | |||||||||||||||
Total comprehensive (loss) income | $ | (26.1 | ) | $ | (17.5 | ) | $ | 28.7 | $ | (11.2 | ) | $ | (26.1 | ) | ||||||
Net (loss) income | (27.3 | ) | (17.5 | ) | 28.7 | (11.2 | ) | (27.3 | ) | |||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net (loss) income applicable to common shareowners | $ | (29.9 | ) | $ | (17.5 | ) | $ | 28.7 | $ | (11.2 | ) | $ | (29.9 | ) | ||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
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 | |||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 560.5 | $ | 451.4 | $ | (42.0 | ) | $ | 969.9 | |||||||||
Operating costs and expenses | 13.8 | 575.6 | 314 | (42.0 | ) | 861.4 | ||||||||||||||
Operating (loss) income | (13.8 | ) | (15.1 | ) | 137.4 | — | 108.5 | |||||||||||||
Interest expense (income), net | 109.8 | 8.9 | (1.9 | ) | — | 116.8 | ||||||||||||||
Other expense (income), net | 18.2 | (179.6 | ) | (9.6 | ) | — | (171.0 | ) | ||||||||||||
(Loss) income before equity in earnings of subsidiaries and income taxes | (141.8 | ) | 155.6 | 148.9 | — | 162.7 | ||||||||||||||
Income tax (benefit) expense | (40.6 | ) | 55.1 | 54.3 | — | 68.8 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 195.1 | — | — | (195.1 | ) | — | ||||||||||||||
Net income | 93.9 | 100.5 | 94.6 | (195.1 | ) | 93.9 | ||||||||||||||
Other comprehensive income | 3.6 | — | — | — | 3.6 | |||||||||||||||
Total comprehensive income | $ | 97.5 | $ | 100.5 | $ | 94.6 | $ | (195.1 | ) | $ | 97.5 | |||||||||
Net income | 93.9 | 100.5 | 94.6 | (195.1 | ) | 93.9 | ||||||||||||||
Preferred stock dividends | 7.8 | — | — | — | 7.8 | |||||||||||||||
Net income applicable to common shareowners | $ | 86.1 | $ | 100.5 | $ | 94.6 | $ | (195.1 | ) | $ | 86.1 | |||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
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 | ) | |||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash and cash equivalents | $ | 179.1 | $ | 0.4 | $ | 2 | $ | — | $ | 181.5 | ||||||||||
Receivables, net | 2 | 6 | 174.1 | — | 182.1 | |||||||||||||||
Other current assets | 3.4 | 79.3 | 28.6 | (0.7 | ) | 110.6 | ||||||||||||||
Total current assets | 184.5 | 85.7 | 204.7 | (0.7 | ) | 474.2 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 122.6 | 752.5 | — | 875.2 | |||||||||||||||
Investment in CyrusOne | — | 284.7 | — | — | 284.7 | |||||||||||||||
Goodwill and intangibles, net | — | 13.8 | 2.2 | — | 16 | |||||||||||||||
Investments in and advances to subsidiaries | 1,081.70 | 370.3 | 293.9 | (1,745.9 | ) | — | ||||||||||||||
Other noncurrent assets | 271.3 | 183.1 | 4.2 | (156.1 | ) | 302.5 | ||||||||||||||
Total assets | $ | 1,537.60 | $ | 1,060.20 | $ | 1,257.50 | $ | (1,902.7 | ) | $ | 1,952.60 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3.2 | $ | 3.3 | $ | — | $ | 11.9 | ||||||||||
Accounts payable | 1.1 | 69.4 | 63.5 | — | 134 | |||||||||||||||
Other current liabilities | 66.8 | 166.4 | 44.9 | 0.1 | 278.2 | |||||||||||||||
Total current liabilities | 73.3 | 239 | 111.7 | 0.1 | 424.1 | |||||||||||||||
Long-term debt, less current portion | 1,550.00 | 84.8 | 252.2 | — | 1,887.00 | |||||||||||||||
Other noncurrent liabilities | 186.4 | 31 | 165.4 | (156.9 | ) | 225.9 | ||||||||||||||
Intercompany payables | 312.3 | — | 50 | (362.3 | ) | — | ||||||||||||||
Total liabilities | 2,122.00 | 354.8 | 579.3 | (519.1 | ) | 2,537.00 | ||||||||||||||
Shareowners’ (deficit) equity | (584.4 | ) | 705.4 | 678.2 | (1,383.6 | ) | (584.4 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,537.60 | $ | 1,060.20 | $ | 1,257.50 | $ | (1,902.7 | ) | $ | 1,952.60 | |||||||||
As of December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash and cash equivalents | $ | 2.1 | $ | 0.3 | $ | 2.2 | $ | — | $ | 4.6 | ||||||||||
Receivables, net | 2.6 | 7.2 | 145 | — | 154.8 | |||||||||||||||
Other current assets | 4.4 | 60.7 | 27.3 | (0.7 | ) | 91.7 | ||||||||||||||
Total current assets | 9.1 | 68.2 | 174.5 | (0.7 | ) | 251.1 | ||||||||||||||
Property, plant and equipment, net | 0.1 | 194.1 | 708.6 | — | 902.8 | |||||||||||||||
Investment in CyrusOne | — | 471 | — | — | 471 | |||||||||||||||
Goodwill and intangibles, net | — | 103.8 | 2.3 | — | 106.1 | |||||||||||||||
Investments in and advances to subsidiaries | 1,406.60 | (1.6 | ) | 218.2 | (1,623.2 | ) | — | |||||||||||||
Other noncurrent assets | 359.1 | 179.9 | 5.1 | (167.8 | ) | 376.3 | ||||||||||||||
Total assets | $ | 1,774.90 | $ | 1,015.40 | $ | 1,108.70 | $ | (1,791.7 | ) | $ | 2,107.30 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3 | $ | 4.2 | $ | — | $ | 12.6 | ||||||||||
Accounts payable | 1.5 | 72.3 | 16.1 | — | 89.9 | |||||||||||||||
Other current liabilities | 67.7 | 36.9 | 47.1 | 0.1 | 151.8 | |||||||||||||||
Total current liabilities | 74.6 | 112.2 | 67.4 | 0.1 | 254.3 | |||||||||||||||
Long-term debt, less current portion | 1,916.10 | 87 | 249.5 | — | 2,252.60 | |||||||||||||||
Other noncurrent liabilities | 214.5 | 61.3 | 169.9 | (168.6 | ) | 277.1 | ||||||||||||||
Intercompany payables | 246.4 | 149.9 | 33.2 | (429.5 | ) | — | ||||||||||||||
Total liabilities | 2,451.60 | 410.4 | 520 | (598.0 | ) | 2,784.00 | ||||||||||||||
Shareowners’ (deficit) equity | (676.7 | ) | 605 | 588.7 | (1,193.7 | ) | (676.7 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,774.90 | $ | 1,015.40 | $ | 1,108.70 | $ | (1,791.7 | ) | $ | 2,107.30 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash flows (used in) provided by operating activities | $ | (17.9 | ) | $ | (18.6 | ) | $ | 157.3 | $ | — | $ | 120.8 | ||||||||
Capital expenditures | — | (24.6 | ) | (96.5 | ) | — | (121.1 | ) | ||||||||||||
Proceeds from sale of CyrusOne | — | 355.9 | — | — | 355.9 | |||||||||||||||
Dividends received from CyrusOne | — | 22.4 | — | — | 22.4 | |||||||||||||||
Proceeds from sale of assets | — | 194.4 | 2 | — | 196.4 | |||||||||||||||
Other investing activities | (0.2 | ) | (5.5 | ) | — | — | (5.7 | ) | ||||||||||||
Cash flows (used in) provided by investing activities | (0.2 | ) | 542.6 | (94.5 | ) | — | 447.9 | |||||||||||||
Funding between Parent and subsidiaries, net | 586.1 | (521.8 | ) | (64.3 | ) | — | — | |||||||||||||
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | (40.0 | ) | — | 6.2 | — | (33.8 | ) | |||||||||||||
Repayment of debt | (343.3 | ) | (2.1 | ) | (5.2 | ) | — | (350.6 | ) | |||||||||||
Proceeds from exercise of options and warrants | 1.2 | — | — | — | 1.2 | |||||||||||||||
Other financing activities | (8.9 | ) | — | 0.3 | — | (8.6 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 195.1 | (523.9 | ) | (63.0 | ) | — | (391.8 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 177 | 0.1 | (0.2 | ) | — | 176.9 | ||||||||||||||
Beginning cash and cash equivalents | 2.1 | 0.3 | 2.2 | — | 4.6 | |||||||||||||||
Ending cash and cash equivalents | $ | 179.1 | $ | 0.4 | $ | 2 | $ | — | $ | 181.5 | ||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
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 | ) | |||||||||||||
Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days | — | — | (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 | |||||||||||
Description_of_Business_and_Ac2
Description of Business and Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Oct. 15, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Jan. 24, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Wireless [Member] | Wireless [Member] | Wireless [Member] | ||||||||||
Software [Member] | ||||||||||||
Description of Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 months | '3 years |
Number of customers, exceeds 10% of total accounts receivable and revenue | 1 | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Investment owned in CyrusOne Inc., Balance, Shares | 1.9 | ' | ' | ' | 1.9 | ' | ' | ' | 1.9 | ' | ' | ' |
Investment owned in CyrusOne Inc., Percentage, Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | 8.60% | ' | ' | ' |
Investment owned in CyrusOne LP, Balance, Partnership Units | 26.6 | ' | ' | ' | 26.6 | ' | ' | ' | 42.6 | ' | ' | ' |
Investment owned in CyrusOne LP, Percentage, Partnership Units | ' | ' | ' | ' | ' | ' | ' | ' | 66.00% | ' | ' | ' |
Total ownership interests in CyrusOne, Percentage | 44.00% | ' | ' | ' | 44.00% | ' | ' | 68.00% | 69.00% | ' | ' | ' |
Equity Method Investment Sold, Partnership Units | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Partnership Units, Price Per Unit | ' | $22.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of Wireless spectrum licenses | $194.40 | ' | ' | ' | $194.40 | ' | $0 | ' | ' | ' | ' | ' |
Indefinite-lived Intangible Assets, Period Decrease | 88.2 | ' | ' | ' | ' | ' | ' | ' | ' | 88.2 | ' | ' |
Deferred Gain on Sale of Property | 112.6 | ' | ' | ' | 112.6 | ' | ' | ' | ' | ' | ' | ' |
Liabilities and Other Assets transferred in Sale of Business, Affiliate and Productive Assets | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends received from CyrusOne | 6 | ' | ' | ' | 22.4 | 28.4 | 14.2 | ' | ' | ' | ' | ' |
Payments to Acquire Equity Method Investments | ' | 5.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in Accounting Estimate, Effect of Change on Operating Results, Increase in Depreciation Expense | ' | ' | ' | 8.5 | 50 | ' | ' | ' | ' | ' | ' | ' |
Change in Accounting Estimate, Effect of Change on Basic and Diluted Earnings Per Share | ' | ' | ' | ($0.03) | ($0.14) | ' | ' | ' | ' | ' | ' | ' |
Sale Leaseback Transaction, Current Period Gain Recognized | 6.4 | ' | 0.5 | ' | 16.5 | ' | 1.7 | ' | ' | ' | ' | ' |
Other Asset Impairment Charges | 7.5 | ' | 0 | ' | 7.5 | ' | 0 | ' | ' | ' | ' | ' |
Income tax expense (benefit) | -11.7 | ' | 1.4 | ' | 68.8 | ' | 3.6 | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ($39) | ' | $10.70 | ' | $162.70 | ' | ($23) | ' | ' | ' | ' | ' |
Investment_in_CyrusOne_Details
Investment in CyrusOne (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Oct. 15, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 24, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment Sold, Partnership Units | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Partnership Units, Price Per Unit | ' | $22.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of CyrusOne equity method investment | ' | ' | ' | ' | $355.90 | ' | $0 | ' | ' | ' | ' |
Gain on sale of CyrusOne equity method investment | 0 | ' | 0 | ' | 192.8 | ' | 0 | ' | ' | ' | ' |
Total ownership interests in CyrusOne, Percentage | 44.00% | ' | ' | ' | 44.00% | ' | ' | 68.00% | ' | 69.00% | ' |
Investment owned in CyrusOne Inc., Balance, Shares | 1.9 | ' | ' | ' | 1.9 | ' | ' | ' | ' | 1.9 | ' |
Investment owned in CyrusOne LP, Balance, Partnership Units | 26.6 | ' | ' | ' | 26.6 | ' | ' | ' | ' | 42.6 | ' |
Loss from CyrusOne | 0 | ' | -1.5 | ' | -1.9 | ' | -8.1 | ' | ' | ' | ' |
Equity Method Investments, Fair Value Disclosure | 684.9 | ' | ' | ' | 684.9 | ' | ' | ' | 993.2 | ' | ' |
Transaction-related compensation to CyrusOne employees | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' |
Dividends received from CyrusOne | 6 | ' | ' | ' | 22.4 | 28.4 | 14.2 | ' | ' | ' | ' |
Assets Deconsolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | 181.5 | ' | 413.7 | ' | 181.5 | ' | 413.7 | ' | 4.6 | ' | 23.6 |
Receivables | 174.1 | ' | ' | ' | 174.1 | ' | ' | ' | 145.6 | ' | ' |
Other current assets | 4.8 | ' | ' | ' | 4.8 | ' | ' | ' | 1.6 | ' | ' |
Property, plant and equipment | 875.2 | ' | ' | ' | 875.2 | ' | ' | ' | 902.8 | ' | ' |
Other noncurrent assets | 33.8 | ' | ' | ' | 33.8 | ' | ' | ' | 36.6 | ' | ' |
Total assets | 1,952.60 | ' | ' | ' | 1,952.60 | ' | ' | ' | 2,107.30 | ' | ' |
Liabilities Deconsolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 11.9 | ' | ' | ' | 11.9 | ' | ' | ' | 12.6 | ' | ' |
Accounts payable | 132.7 | ' | ' | ' | 132.7 | ' | ' | ' | 89.4 | ' | ' |
Unearned revenue and customer deposits | 33.8 | ' | ' | ' | 33.8 | ' | ' | ' | 32.5 | ' | ' |
Other current liabilities | 160.2 | ' | ' | ' | 160.2 | ' | ' | ' | 36.8 | ' | ' |
Long-term debt | 1,887 | ' | ' | ' | 1,887 | ' | ' | ' | 2,252.60 | ' | ' |
Other noncurrent liabilities | 51.6 | ' | ' | ' | 51.6 | ' | ' | ' | 74.4 | ' | ' |
Total liabilities | 2,537 | ' | ' | ' | 2,537 | ' | ' | ' | 2,784 | ' | ' |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets | ' | ' | ' | 509.7 | 0 | ' | 509.7 | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | 16 | ' | 57.7 | ' | 108.5 | ' | 123.7 | ' | ' | ' | ' |
CyrusOne [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Amount Per Share | $0.21 | ' | ' | ' | $0.21 | ' | ' | ' | ' | ' | ' |
Assets Deconsolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' |
Liabilities Deconsolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 84.8 | ' | 67.5 | ' | 244 | ' | 176.1 | ' | ' | ' | ' |
Operating income | 9.6 | ' | 8.5 | ' | 28.8 | ' | 19.9 | ' | ' | ' | ' |
Net income (loss) | 0.2 | ' | -2.2 | ' | -2.7 | ' | -11.8 | ' | ' | ' | ' |
CyrusOne [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction-related compensation to CyrusOne employees | $0 | ' | $0 | ' | $0 | ' | $20 | ' | ' | ' | ' |
Investment_in_CyrusOne_Schedul
Investment in CyrusOne - Schedule of Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Income Tax Receivable from Related Party | $1.90 | ' | $1.90 | ' | $1.50 |
Operating costs and expenses: | ' | ' | ' | ' | ' |
Transaction-related compensation to CyrusOne employees | ' | ' | ' | 20 | ' |
Amounts receivable from and payable to CyrusOne | ' | ' | ' | ' | ' |
Dividends receivable | 6 | 7.1 | 6 | 7.1 | ' |
Receivable from CyrusOne | 8 | ' | 8 | ' | 9.2 |
Payable to CyrusOne | 1.3 | ' | 1.3 | ' | 0.5 |
CyrusOne [Member] | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' |
Services provided to CyrusOne | 0.4 | 0.5 | 1.3 | 1.6 | ' |
Operating costs and expenses: | ' | ' | ' | ' | ' |
Transaction-related compensation to CyrusOne employees | 0 | 0 | 0 | 20 | ' |
Charges for services provided by CyrusOne | 2.2 | 2.4 | 6.8 | 6.5 | ' |
Administrative services provided to CyrusOne | -0.1 | -0.1 | -0.3 | -0.4 | ' |
Total operating costs and expenses | 2.1 | 2.3 | 6.5 | 26.1 | ' |
Amounts receivable from and payable to CyrusOne | ' | ' | ' | ' | ' |
Accounts receivable | 2 | ' | 2 | ' | 2.1 |
Dividends receivable | 6 | ' | 6 | ' | 7.1 |
Receivable from CyrusOne | 8 | ' | 8 | ' | 9.2 |
Accounts payable | 1.3 | ' | 1.3 | ' | 0.5 |
Payable to CyrusOne | $1.30 | ' | $1.30 | ' | $0.50 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net (loss) income | ($27.30) | $9.30 | $93.90 | ($26.60) |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | 7.8 |
Net (loss) income applicable to common shareowners - basic and diluted | ($29.90) | $6.70 | $86.10 | ($34.40) |
Denominator: | ' | ' | ' | ' |
Weighted average common shares outstanding - basic | 208.7 | 207 | 208.4 | 205.6 |
Stock-based compensation arrangements | 0 | 1.5 | 1 | 0 |
Weighted average common shares outstanding - diluted | 208.7 | 208.5 | 209.4 | 205.6 |
Basic and diluted (loss) earnings per common share | ($0.14) | $0.03 | $0.41 | ($0.17) |
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 | 3.3 | ' |
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, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Current portion of long-term debt | $11.90 | $12.60 | ' |
Corporate Credit Agreement, Amount Outstanding | 0 | 40 | ' |
Receivables facility amount outstanding | 112.4 | 106.2 | ' |
Long-term debt, less current portion | 1,887 | 2,252.60 | ' |
Net unamortized discount | -3.4 | -6.3 | ' |
Total debt | 1,898.90 | 2,265.20 | ' |
Current Portion of Long-Term Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Current portion of long-term debt | 11.9 | 12.6 | ' |
Capital lease obligations and other debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt, less current portion | 90.4 | 96.1 | ' |
8 3/4% Senior Subordinated Notes due 2018 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | 300 | 625 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | ' | ' |
Tranche B Term Loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | 529.2 | 533.2 | 540 |
8 3/8% Senior Notes due 2020 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | 683.9 | 683.9 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.38% | ' | ' |
7 1/4% Senior Notes due 2023 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | 40 | 40 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ' | ' |
Various Cincinnati Bell Telephone notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | 134.5 | 134.5 | ' |
Long-term debt, less current portion [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt, less current portion | 1,887 | 2,252.60 | ' |
Current Portion of Long-Term Debt [Member] | Capital lease obligations and other debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Current portion of long-term debt | 6.5 | 7.2 | ' |
Current Portion of Long-Term Debt [Member] | Tranche B Term Loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | 5.4 | 5.4 | ' |
Long-term debt, less current portion, before deducting unamortized discount or premium [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt, less current portion | $1,890.40 | $2,258.90 | ' |
Debt_Debt_Credit_Facility_Deta
Debt Debt - Credit Facility (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Equity Method Investment Sold, Partnership Units | ' | 16 | ' | ' | ' | ' |
Proceeds from sale of CyrusOne equity method investment | ' | ' | $355.90 | $0 | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 150 | ' | 150 | ' | 200 | ' |
Corporate Credit Agreement, Amount Outstanding | 0 | ' | 0 | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 150 | ' | 150 | ' | ' | ' |
Long-Term Debt, Required Principal Payments | 0.25% | ' | ' | ' | ' | ' |
Receivables facility amount outstanding | 112.4 | ' | 112.4 | ' | ' | 106.2 |
Letters of Credit Outstanding, Amount | 5.2 | ' | 5.2 | ' | ' | ' |
Receivables Facility Remaining Borrowing Capacity | 2.4 | ' | 2.4 | ' | ' | ' |
Receivables facility maximum borrowing availability | 120 | ' | 120 | ' | ' | ' |
Accounts Receivable Facility, Renewal Term | '364 | ' | ' | ' | ' | ' |
Tranche B Term Loan [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | $529.20 | ' | $529.20 | $540 | ' | $533.20 |
Debt_Debt_Extinguishment_Detai
Debt Debt - Extinguishment (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2014 |
8 3/4% Senior Subordinated Notes due 2018 [Member] | 8 3/8% Senior Notes due 2020 [Member] | |||||
Extinguishment of Debt [Line Items] | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | $325 | $22.70 |
Debt Instrument, Redemption Price, Percentage | 104.38% | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | $19.40 | $0 | $19.40 | $0 | ' | ' |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment in CyrusOne | $284.70 | $471 |
Investment in CyrusOne, fair value | 684.9 | 993.2 |
Long-term Debt | 1,802.90 | 2,162.70 |
Long-term Debt, Fair Value | $1,863.50 | $2,248.30 |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Severance Costs | ' | $1.20 | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 17.6 | 12.3 | 15.8 | ' | 15.8 | ' | ' |
Charges | 9 | 6.4 | 0 | 0 | 15.4 | 10.8 | ' |
Utilizations | -3.2 | -1.1 | -3.5 | ' | ' | ' | ' |
Ending balance | 23.4 | 17.6 | 12.3 | ' | 23.4 | ' | ' |
Restructuring liabilities included in other current liabilities | 21.5 | ' | ' | ' | 21.5 | ' | 7.8 |
Restructuring liabilities included in other noncurrent liabilities | 1.9 | ' | ' | ' | 1.9 | ' | 8 |
Employee Severance [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 10.3 | 7.1 | 9.7 | ' | 9.7 | ' | ' |
Charges | 0.7 | 3.5 | 0 | ' | ' | ' | ' |
Utilizations | -2.5 | -0.3 | -2.6 | ' | ' | ' | ' |
Ending balance | 8.5 | 10.3 | 7.1 | ' | 8.5 | ' | ' |
Lease Abandonment [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 4.3 | 5.1 | 6 | ' | 6 | ' | ' |
Charges | -1.3 | 0 | 0 | ' | ' | ' | ' |
Utilizations | -0.6 | -0.8 | -0.9 | ' | ' | ' | ' |
Ending balance | 2.4 | 4.3 | 5.1 | ' | 2.4 | ' | ' |
Other Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 3 | 0.1 | 0.1 | ' | 0.1 | ' | ' |
Charges | 9.6 | 2.9 | 0 | ' | ' | ' | ' |
Utilizations | -0.1 | 0 | 0 | ' | ' | ' | ' |
Ending balance | 12.5 | 3 | 0.1 | ' | 12.5 | ' | ' |
Wireline [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 9.2 | 8.7 | 10.5 | ' | 10.5 | ' | ' |
Charges | -1.3 | 1.1 | 0 | ' | ' | ' | ' |
Utilizations | -2.3 | -0.6 | -1.8 | ' | ' | ' | ' |
Ending balance | 5.6 | 9.2 | 8.7 | ' | 5.6 | ' | ' |
IT Services and Hardware [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 0.7 | 0.8 | 0.8 | ' | 0.8 | ' | ' |
Charges | 0 | 0 | 0 | ' | ' | ' | ' |
Utilizations | -0.1 | -0.1 | 0 | ' | ' | ' | ' |
Ending balance | 0.6 | 0.7 | 0.8 | ' | 0.6 | ' | ' |
Wireless [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 6.1 | 1.2 | 1.5 | ' | 1.5 | ' | ' |
Charges | 10.3 | 5.2 | 0 | ' | ' | ' | ' |
Utilizations | -0.4 | -0.3 | -0.3 | ' | ' | ' | ' |
Ending balance | 16 | 6.1 | 1.2 | ' | 16 | ' | ' |
Wireless [Member] | Employee Severance [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Charges | ' | ' | ' | ' | 3 | ' | ' |
Wireless [Member] | Other Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Charges | 9.6 | 2.9 | ' | ' | ' | ' | ' |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | 1.6 | 1.6 | 3 | ' | 3 | ' | ' |
Charges | 0 | 0.1 | 0 | ' | ' | ' | ' |
Utilizations | -0.4 | -0.1 | -1.4 | ' | ' | ' | ' |
Ending balance | $1.20 | $1.60 | $1.60 | ' | $1.20 | ' | ' |
Pension_and_Postretirement_Pla2
Pension and Postretirement Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Real Estate Funds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized portion of defined benefit contribution percent | 10.00% | 10.00% | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Pension Plan Obligations | ' | ' | ($10.30) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Postretirement Obligations | ' | -26.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.8 |
Defined Benefit Plan, Actual Plan Asset Allocations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% |
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | ' | ' | ' | ' | ' | ' | 32 | ' | ' | ' | ' | 21 | ' | ' | ' | ' | 13 | ' |
Pension and Other Postretirement Benefit Contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.3 | ' | ' | ' | ' | 9.3 | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | ' | ' | 0.3 | ' | 0.3 | ' | 0.8 | 1.7 | ' | 0.1 | 0.1 | 0.2 | 0.3 | ' | ' |
Interest cost on projected benefit obligation | ' | ' | ' | ' | ' | 5.2 | ' | 4.7 | ' | 15.7 | 14.1 | ' | 1 | 1 | 3 | 3 | ' | ' |
Expected return on plan assets | ' | ' | ' | ' | ' | -7 | ' | -6.3 | ' | -21.1 | -19.2 | ' | 0 | 0 | 0 | 0 | ' | ' |
Curtailment gain | 0 | 0 | ' | 0 | -0.6 | ' | ' | ' | -0.6 | 0 | -0.6 | ' | ' | ' | 0 | 0 | ' | ' |
Amortization of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service cost (benefit) | ' | ' | ' | ' | ' | 0.1 | ' | 0.1 | ' | 0.2 | 0.2 | ' | -3.9 | -3.7 | -11.6 | -10.2 | ' | ' |
Actuarial loss | ' | ' | ' | ' | ' | 4.3 | ' | 5.4 | ' | 13 | 16.4 | ' | 1.4 | 1.4 | 4.1 | 4.3 | ' | ' |
Total amortization | ' | ' | ' | ' | ' | 4.4 | ' | 5.5 | ' | 13.2 | 16.6 | ' | -2.5 | -2.3 | -7.5 | -5.9 | ' | ' |
Benefit costs | ' | ' | ' | ' | ' | $2.90 | ' | $4.20 | ' | $8.60 | $12.60 | ' | ($1.40) | ($1.20) | ($4.30) | ($2.60) | ' | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $0.30 | $0.30 | $2.90 | ($0.70) |
Stock-Based Compensation Mark-to-Market | -0.7 | -0.6 | -0.5 | -5.4 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 6.4 | ' | 6.4 | ' |
Transaction-related compensation | 0 | 0 | 0 | 42.6 |
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] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '1 year | ' |
Performance-Based Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '2 years | ' |
Deferred Compensation, Share-based Payments [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common shares deferred under deferred compensation plans | ' | ' | 0.5 | 0.8 |
Deferred Compensation, Compensation Expense | ($0.60) | ($0.30) | ($0.20) | ($2) |
Shareowners_Deficit_Warrants_D
Shareowners' Deficit Warrants (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2003 |
Class of Warrant or Right [Line Items] | ' | ' |
Class of Warrant or Right, Outstanding | ' | 17.5 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $3 | ' |
Warrants exercised | 14.3 | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 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 $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | |
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | ' | |
Beginning balance | ($133.30) | |
Reclassifications, net | 3.6 | |
Ending balance | -129.7 | |
Accumulated Translation Adjustment [Member] | ' | |
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | ' | |
Beginning balance | -0.2 | |
Reclassifications, net | 0 | |
Ending balance | -0.2 | |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | |
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | ' | |
Beginning balance | -133.1 | |
Reclassifications, net | 3.6 | [1] |
Ending balance | ($129.50) | |
[1] | These reclassifications are included in the components of net period pension and postretirement benefit costs. See Note 7 for additional details. The components of net periodic pension and postretirement benefit cost are reported within "Cost of services", "Cost of products sold", and "Selling, general and administrative" expenses on the condensed consolidated statements of operations. |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Operating Segments | 3 | ' | 4 | ' | ' | ' |
Investment in CyrusOne | $284.70 | ' | ' | $284.70 | ' | $471 |
Indefinite-lived Intangible Assets, Period Decrease | 88.2 | ' | ' | ' | ' | ' |
Revenue | 327.5 | 310.8 | ' | 969.9 | 948.5 | ' |
Operating income (loss) | 16 | 57.7 | ' | 108.5 | 123.7 | ' |
Expenditures for long-lived assets | 45.6 | 46.1 | ' | 121.1 | 142 | ' |
Depreciation and amortization | 61.4 | 39.8 | ' | 168.6 | 127.6 | ' |
Assets | 1,952.60 | ' | ' | 1,952.60 | ' | 2,107.30 |
Wireline [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | 184 | 181.4 | ' | 552.3 | 542.7 | ' |
Operating income (loss) | 43.9 | 47.8 | ' | 147 | 146.8 | ' |
Expenditures for long-lived assets | 41.8 | 41.2 | ' | 106.1 | 114.3 | ' |
Depreciation and amortization | 29.3 | 29.7 | ' | 85.6 | 83.8 | ' |
Assets | 819.7 | ' | ' | 819.7 | ' | 780.8 |
IT Services and Hardware [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | 120 | 87.5 | ' | 323.5 | 258 | ' |
Operating income (loss) | 8.1 | 4.4 | ' | 16.3 | 6.6 | ' |
Expenditures for long-lived assets | 3.5 | 2.7 | ' | 8.5 | 7.6 | ' |
Depreciation and amortization | 3 | 2.5 | ' | 8.6 | 7.5 | ' |
Assets | 58.2 | ' | ' | 58.2 | ' | 48.9 |
Wireless [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Proceeds from sale of Wireless spectrum licenses | 194.4 | ' | ' | ' | ' | ' |
Indefinite-lived Intangible Assets, Period Decrease | 88.2 | ' | ' | ' | ' | ' |
Revenue | 30.1 | 49.1 | ' | 116 | 154.1 | ' |
Operating income (loss) | -33 | 7 | ' | -40.8 | 19.1 | ' |
Expenditures for long-lived assets | 0.3 | 2.2 | ' | 6.5 | 12.4 | ' |
Depreciation and amortization | 29.1 | 7.4 | ' | 74.2 | 30.7 | ' |
Assets | 148 | ' | ' | 148 | ' | 247.5 |
Data Center Colocation [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | ' | 0 | 15.6 | ' |
Operating income (loss) | 0 | 0 | ' | 0 | 3.2 | ' |
Expenditures for long-lived assets | 0 | 0 | ' | 0 | 7.7 | ' |
Depreciation and amortization | 0 | 0 | ' | 0 | 5.2 | ' |
Corporate [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Operating income (loss) | -3 | -1.5 | ' | -14 | -52 | ' |
Depreciation and amortization | 0 | 0.2 | ' | 0.2 | 0.4 | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | -6.6 | -7.2 | ' | -21.9 | -21.9 | ' |
Intersegment Eliminations [Member] | Wireline [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | 3.9 | 4.2 | ' | 12 | 12.8 | ' |
Intersegment Eliminations [Member] | IT Services and Hardware [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | 2.3 | 2.5 | ' | 8.4 | 7 | ' |
Intersegment Eliminations [Member] | Wireless [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | 0.4 | 0.5 | ' | 1.5 | 1.7 | ' |
Intersegment Eliminations [Member] | Data Center Colocation [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | ' | 0 | 0.4 | ' |
Intersegment Eliminations [Member] | Corporate [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Assets | 926.7 | ' | ' | 926.7 | ' | 1,030.10 |
Sales [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | $6.60 | $7.20 | ' | $21.90 | $21.90 | ' |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Oct. 15, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' |
Revenue | $327.50 | $310.80 | $969.90 | ' | $948.50 | ' |
Operating costs and expenses | 311.5 | 253.1 | 861.4 | ' | 824.8 | ' |
Operating income (loss) | 16 | 57.7 | 108.5 | ' | 123.7 | ' |
Interest expense (income), net | 35.8 | 46.7 | 116.8 | ' | 140 | ' |
Other (income) expense, net | -0.2 | -1.2 | 0.5 | ' | -1.4 | ' |
Income (loss) before equity in earnings of subsidiaries and income taxes | -39 | 10.7 | 162.7 | ' | -23 | ' |
Income tax expense (benefit) | -11.7 | 1.4 | 68.8 | ' | 3.6 | ' |
Net (loss) income | -27.3 | 9.3 | 93.9 | ' | -26.6 | ' |
Total comprehensive (loss) income | -26.1 | 34.1 | 97.5 | ' | 9.8 | ' |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | ' | 7.8 | ' |
Net (loss) income applicable to common shareowners | -29.9 | 6.7 | 86.1 | ' | -34.4 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 181.5 | 413.7 | 181.5 | ' | 413.7 | ' |
Other current assets | 4.8 | ' | 4.8 | ' | ' | 1.6 |
Total current assets | 474.2 | ' | 474.2 | ' | ' | 251.1 |
Property, plant and equipment, net | 875.2 | ' | 875.2 | ' | ' | 902.8 |
Investment in CyrusOne | 284.7 | ' | 284.7 | ' | ' | 471 |
Other noncurrent assets | 33.8 | ' | 33.8 | ' | ' | 36.6 |
Total assets | 1,952.60 | ' | 1,952.60 | ' | ' | 2,107.30 |
Current portion of long-term debt | 11.9 | ' | 11.9 | ' | ' | 12.6 |
Accounts payable | 132.7 | ' | 132.7 | ' | ' | 89.4 |
Other current liabilities | 160.2 | ' | 160.2 | ' | ' | 36.8 |
Total current liabilities | 424.1 | ' | 424.1 | ' | ' | 254.3 |
Long-term debt, less current portion | 1,887 | ' | 1,887 | ' | ' | 2,252.60 |
Other noncurrent liabilities | 51.6 | ' | 51.6 | ' | ' | 74.4 |
Total liabilities | 2,537 | ' | 2,537 | ' | ' | 2,784 |
Shareowners' (deficit) equity | -584.4 | ' | -584.4 | ' | ' | -676.7 |
Total liabilities and shareowners' equity (deficit) | 1,952.60 | ' | 1,952.60 | ' | ' | 2,107.30 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 120.8 | ' | 59.8 | ' |
Capital expenditures | -45.6 | -46.1 | -121.1 | ' | -142 | ' |
Proceeds from Sale of CyrusOne | ' | ' | 355.9 | ' | 0 | ' |
Dividends received from CyrusOne | 6 | ' | 22.4 | 28.4 | 14.2 | ' |
Proceeds from sale of assets | ' | ' | 2 | ' | 1.8 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | 0 | ' | -12.2 | ' |
Other investing activities | ' | ' | -5.7 | ' | 0 | ' |
Cash flows used in investing activities | ' | ' | 447.9 | ' | -137.8 | ' |
Proceeds from issuance of long-term debt | ' | ' | 0 | ' | 536 | ' |
Debt issuance costs | ' | ' | 0 | ' | -6.4 | ' |
Borrowings on revolving facilities, net | ' | ' | -33.8 | ' | -52 | ' |
Repayment of debt | ' | ' | -350.6 | ' | -6.7 | ' |
Proceeds from exercise of options and warrants | ' | ' | 1.2 | ' | 6.8 | ' |
Other financing activities | ' | ' | 0.9 | ' | 2.3 | ' |
Cash flows provided by (used in) financing activities | ' | ' | -391.8 | ' | 468.1 | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | 176.9 | ' | 390.1 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 4.6 | 4.6 | 23.6 | ' |
Cash and cash equivalents at end of period | 181.5 | 413.7 | 181.5 | ' | 413.7 | ' |
Notes guaranteed by parent [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' |
Revenue | 327.5 | 310.8 | 969.9 | ' | 948.5 | ' |
Operating costs and expenses | 311.5 | 253.1 | 861.4 | ' | 824.8 | ' |
Operating income (loss) | 16 | 57.7 | 108.5 | ' | 123.7 | ' |
Interest expense (income), net | 35.8 | 46.7 | 116.8 | ' | 140 | ' |
Other (income) expense, net | 19.2 | 0.3 | -171 | ' | 6.7 | ' |
Income (loss) before equity in earnings of subsidiaries and income taxes | -39 | 10.7 | 162.7 | ' | -23 | ' |
Income tax expense (benefit) | -11.7 | 1.4 | 68.8 | ' | 3.6 | ' |
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | ' | 0 | ' |
Net (loss) income | -27.3 | 9.3 | 93.9 | ' | -26.6 | ' |
Other comprehensive income (loss) | 1.2 | 24.8 | 3.6 | ' | 36.4 | ' |
Total comprehensive (loss) income | -26.1 | 34.1 | 97.5 | ' | 9.8 | ' |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | ' | 7.8 | ' |
Net (loss) income applicable to common shareowners | -29.9 | 6.7 | 86.1 | ' | -34.4 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 181.5 | 413.7 | 181.5 | ' | 413.7 | ' |
Receivables, net | 182.1 | ' | 182.1 | ' | ' | 154.8 |
Other current assets | 110.6 | ' | 110.6 | ' | ' | 91.7 |
Total current assets | 474.2 | ' | 474.2 | ' | ' | 251.1 |
Property, plant and equipment, net | 875.2 | ' | 875.2 | ' | ' | 902.8 |
Investment in CyrusOne | 284.7 | ' | 284.7 | ' | ' | 471 |
Goodwill and intangibles, net | 16 | ' | 16 | ' | ' | 106.1 |
Investments in and advances to subsidiaries | 0 | ' | 0 | ' | ' | 0 |
Other noncurrent assets | 302.5 | ' | 302.5 | ' | ' | 376.3 |
Total assets | 1,952.60 | ' | 1,952.60 | ' | ' | 2,107.30 |
Current portion of long-term debt | 11.9 | ' | 11.9 | ' | ' | 12.6 |
Accounts payable | 134 | ' | 134 | ' | ' | 89.9 |
Other current liabilities | 278.2 | ' | 278.2 | ' | ' | 151.8 |
Total current liabilities | 424.1 | ' | 424.1 | ' | ' | 254.3 |
Long-term debt, less current portion | 1,887 | ' | 1,887 | ' | ' | 2,252.60 |
Other noncurrent liabilities | 225.9 | ' | 225.9 | ' | ' | 277.1 |
Intercompany payables | 0 | ' | 0 | ' | ' | 0 |
Total liabilities | 2,537 | ' | 2,537 | ' | ' | 2,784 |
Shareowners' (deficit) equity | -584.4 | ' | -584.4 | ' | ' | -676.7 |
Total liabilities and shareowners' equity (deficit) | 1,952.60 | ' | 1,952.60 | ' | ' | 2,107.30 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 120.8 | ' | 59.8 | ' |
Capital expenditures | ' | ' | -121.1 | ' | -142 | ' |
Proceeds from Sale of CyrusOne | ' | ' | 355.9 | ' | ' | ' |
Dividends received from CyrusOne | ' | ' | 22.4 | ' | 14.2 | ' |
Proceeds from sale of assets | ' | ' | 196.4 | ' | 1.8 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | ' | ' | -12.2 | ' |
Other investing activities | ' | ' | -5.7 | ' | 0.4 | ' |
Cash flows used in investing activities | ' | ' | 447.9 | ' | -137.8 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | 536 | ' |
Funding between Parent and subsidiaries, net | ' | ' | 0 | ' | 0 | ' |
Debt issuance costs | ' | ' | ' | ' | -6.4 | ' |
Borrowings on revolving facilities, net | ' | ' | -33.8 | ' | -52 | ' |
Repayment of debt | ' | ' | -350.6 | ' | -6.7 | ' |
Proceeds from exercise of options and warrants | ' | ' | 1.2 | ' | 6.8 | ' |
Other financing activities | ' | ' | -8.6 | ' | -9.6 | ' |
Cash flows provided by (used in) financing activities | ' | ' | -391.8 | ' | 468.1 | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | 176.9 | ' | 390.1 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 4.6 | 4.6 | 23.6 | ' |
Cash and cash equivalents at end of period | 181.5 | 413.7 | 181.5 | ' | 413.7 | ' |
Notes guaranteed by parent [Member] | Parent Company [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | ' | 0 | ' |
Operating costs and expenses | 2.9 | 1.5 | 13.8 | ' | 51.2 | ' |
Operating income (loss) | -2.9 | -1.5 | -13.8 | ' | -51.2 | ' |
Interest expense (income), net | 34.8 | 42.9 | 109.8 | ' | 125 | ' |
Other (income) expense, net | 18.9 | -0.4 | 18.2 | ' | -1.1 | ' |
Income (loss) before equity in earnings of subsidiaries and income taxes | -56.6 | -44 | -141.8 | ' | -175.1 | ' |
Income tax expense (benefit) | -18.1 | -18.5 | -40.6 | ' | -59.8 | ' |
Equity in earnings of subsidiaries, net of tax | 11.2 | 34.8 | 195.1 | ' | 88.7 | ' |
Net (loss) income | -27.3 | 9.3 | 93.9 | ' | -26.6 | ' |
Other comprehensive income (loss) | 1.2 | 24.8 | 3.6 | ' | 36.5 | ' |
Total comprehensive (loss) income | -26.1 | 34.1 | 97.5 | ' | 9.9 | ' |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | ' | 7.8 | ' |
Net (loss) income applicable to common shareowners | -29.9 | 6.7 | 86.1 | ' | -34.4 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 179.1 | 411.1 | 179.1 | ' | 411.1 | ' |
Receivables, net | 2 | ' | 2 | ' | ' | 2.6 |
Other current assets | 3.4 | ' | 3.4 | ' | ' | 4.4 |
Total current assets | 184.5 | ' | 184.5 | ' | ' | 9.1 |
Property, plant and equipment, net | 0.1 | ' | 0.1 | ' | ' | 0.1 |
Investment in CyrusOne | 0 | ' | 0 | ' | ' | 0 |
Goodwill and intangibles, net | 0 | ' | 0 | ' | ' | 0 |
Investments in and advances to subsidiaries | 1,081.70 | ' | 1,081.70 | ' | ' | 1,406.60 |
Other noncurrent assets | 271.3 | ' | 271.3 | ' | ' | 359.1 |
Total assets | 1,537.60 | ' | 1,537.60 | ' | ' | 1,774.90 |
Current portion of long-term debt | 5.4 | ' | 5.4 | ' | ' | 5.4 |
Accounts payable | 1.1 | ' | 1.1 | ' | ' | 1.5 |
Other current liabilities | 66.8 | ' | 66.8 | ' | ' | 67.7 |
Total current liabilities | 73.3 | ' | 73.3 | ' | ' | 74.6 |
Long-term debt, less current portion | 1,550 | ' | 1,550 | ' | ' | 1,916.10 |
Other noncurrent liabilities | 186.4 | ' | 186.4 | ' | ' | 214.5 |
Intercompany payables | 312.3 | ' | 312.3 | ' | ' | 246.4 |
Total liabilities | 2,122 | ' | 2,122 | ' | ' | 2,451.60 |
Shareowners' (deficit) equity | -584.4 | ' | -584.4 | ' | ' | -676.7 |
Total liabilities and shareowners' equity (deficit) | 1,537.60 | ' | 1,537.60 | ' | ' | 1,774.90 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | -17.9 | ' | -165 | ' |
Capital expenditures | ' | ' | 0 | ' | 0 | ' |
Proceeds from Sale of CyrusOne | ' | ' | 0 | ' | ' | ' |
Dividends received from CyrusOne | ' | ' | 0 | ' | 0 | ' |
Proceeds from sale of assets | ' | ' | 0 | ' | 0 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | ' | ' | 0 | ' |
Other investing activities | ' | ' | -0.2 | ' | 0 | ' |
Cash flows used in investing activities | ' | ' | -0.2 | ' | 0 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | 536 | ' |
Funding between Parent and subsidiaries, net | ' | ' | 586.1 | ' | 45.5 | ' |
Debt issuance costs | ' | ' | ' | ' | -6.4 | ' |
Borrowings on revolving facilities, net | ' | ' | -40 | ' | 0 | ' |
Repayment of debt | ' | ' | -343.3 | ' | 0 | ' |
Proceeds from exercise of options and warrants | ' | ' | 1.2 | ' | 6.8 | ' |
Other financing activities | ' | ' | -8.9 | ' | -9.6 | ' |
Cash flows provided by (used in) financing activities | ' | ' | 195.1 | ' | 572.3 | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | 177 | ' | 407.3 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 2.1 | 2.1 | 3.8 | ' |
Cash and cash equivalents at end of period | 179.1 | 411.1 | 179.1 | ' | 411.1 | ' |
Notes guaranteed by parent [Member] | Cincinnati Bell Telephone Company [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' |
Revenue | 163.8 | 161.4 | 491.4 | ' | 482.3 | ' |
Operating costs and expenses | 121.2 | 115.3 | 349.8 | ' | 340 | ' |
Operating income (loss) | 42.6 | 46.1 | 141.6 | ' | 142.3 | ' |
Interest expense (income), net | -1.3 | -0.3 | -3.1 | ' | -1.4 | ' |
Other (income) expense, net | 1.6 | 1.8 | 5.5 | ' | 4.4 | ' |
Income (loss) before equity in earnings of subsidiaries and income taxes | 42.3 | 44.6 | 139.2 | ' | 139.3 | ' |
Income tax expense (benefit) | 15.4 | 16.4 | 50.8 | ' | 51.2 | ' |
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | ' | 0 | ' |
Net (loss) income | 26.9 | 28.2 | 88.4 | ' | 88.1 | ' |
Other comprehensive income (loss) | 0 | 0 | 0 | ' | 0 | ' |
Total comprehensive (loss) income | 26.9 | 28.2 | 88.4 | ' | 88.1 | ' |
Preferred stock dividends | 0 | 0 | 0 | ' | 0 | ' |
Net (loss) income applicable to common shareowners | 26.9 | 28.2 | 88.4 | ' | 88.1 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 1.5 | 2 | 1.5 | ' | 2 | ' |
Receivables, net | 0 | ' | 0 | ' | ' | 0 |
Other current assets | 24.8 | ' | 24.8 | ' | ' | 24.1 |
Total current assets | 26.3 | ' | 26.3 | ' | ' | 25.9 |
Property, plant and equipment, net | 752.1 | ' | 752.1 | ' | ' | 706.5 |
Investment in CyrusOne | 0 | ' | 0 | ' | ' | 0 |
Goodwill and intangibles, net | 2.2 | ' | 2.2 | ' | ' | 2.3 |
Investments in and advances to subsidiaries | 314.1 | ' | 314.1 | ' | ' | 247.7 |
Other noncurrent assets | 5.2 | ' | 5.2 | ' | ' | 6.1 |
Total assets | 1,099.90 | ' | 1,099.90 | ' | ' | 988.5 |
Current portion of long-term debt | 3.3 | ' | 3.3 | ' | ' | 3.9 |
Accounts payable | 78.3 | ' | 78.3 | ' | ' | 45.9 |
Other current liabilities | 47 | ' | 47 | ' | ' | 49.4 |
Total current liabilities | 128.6 | ' | 128.6 | ' | ' | 99.2 |
Long-term debt, less current portion | 139.8 | ' | 139.8 | ' | ' | 141.8 |
Other noncurrent liabilities | 167.8 | ' | 167.8 | ' | ' | 172.2 |
Intercompany payables | 0 | ' | 0 | ' | ' | 0 |
Total liabilities | 436.2 | ' | 436.2 | ' | ' | 413.2 |
Shareowners' (deficit) equity | 663.7 | ' | 663.7 | ' | ' | 575.3 |
Total liabilities and shareowners' equity (deficit) | 1,099.90 | ' | 1,099.90 | ' | ' | 988.5 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 165.2 | ' | 170.1 | ' |
Capital expenditures | ' | ' | -96.5 | ' | -108.7 | ' |
Proceeds from Sale of CyrusOne | ' | ' | 0 | ' | ' | ' |
Dividends received from CyrusOne | ' | ' | 0 | ' | 0 | ' |
Proceeds from sale of assets | ' | ' | 0.2 | ' | 1.8 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | ' | ' | 0 | ' |
Other investing activities | ' | ' | 0 | ' | 0 | ' |
Cash flows used in investing activities | ' | ' | -96.3 | ' | -106.9 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | 0 | ' |
Funding between Parent and subsidiaries, net | ' | ' | -66.5 | ' | -60.5 | ' |
Debt issuance costs | ' | ' | ' | ' | 0 | ' |
Borrowings on revolving facilities, net | ' | ' | 0 | ' | 0 | ' |
Repayment of debt | ' | ' | -3 | ' | -2.6 | ' |
Proceeds from exercise of options and warrants | ' | ' | 0 | ' | 0 | ' |
Other financing activities | ' | ' | 0.3 | ' | 0 | ' |
Cash flows provided by (used in) financing activities | ' | ' | -69.2 | ' | -63.1 | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | -0.3 | ' | 0.1 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 1.8 | 1.8 | 1.9 | ' |
Cash and cash equivalents at end of period | 1.5 | 2 | 1.5 | ' | 2 | ' |
Notes guaranteed by parent [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' |
Revenue | 176.9 | 163.5 | 520.5 | ' | 508.4 | ' |
Operating costs and expenses | 200.6 | 150.4 | 539.8 | ' | 475.8 | ' |
Operating income (loss) | -23.7 | 13.1 | -19.3 | ' | 32.6 | ' |
Interest expense (income), net | 2.3 | 4.1 | 10.1 | ' | 16.4 | ' |
Other (income) expense, net | -1.3 | -1.1 | -194.7 | ' | 3.4 | ' |
Income (loss) before equity in earnings of subsidiaries and income taxes | -24.7 | 10.1 | 165.3 | ' | 12.8 | ' |
Income tax expense (benefit) | -9 | 3.5 | 58.6 | ' | 12.2 | ' |
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | ' | 0 | ' |
Net (loss) income | -15.7 | 6.6 | 106.7 | ' | 0.6 | ' |
Other comprehensive income (loss) | 0 | 0 | 0 | ' | -0.1 | ' |
Total comprehensive (loss) income | -15.7 | 6.6 | 106.7 | ' | 0.5 | ' |
Preferred stock dividends | 0 | 0 | 0 | ' | 0 | ' |
Net (loss) income applicable to common shareowners | -15.7 | 6.6 | 106.7 | ' | 0.6 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0.9 | 0.6 | 0.9 | ' | 0.6 | ' |
Receivables, net | 180.1 | ' | 180.1 | ' | ' | 152.2 |
Other current assets | 83.1 | ' | 83.1 | ' | ' | 63.9 |
Total current assets | 264.1 | ' | 264.1 | ' | ' | 216.8 |
Property, plant and equipment, net | 123 | ' | 123 | ' | ' | 196.2 |
Investment in CyrusOne | 284.7 | ' | 284.7 | ' | ' | 471 |
Goodwill and intangibles, net | 13.8 | ' | 13.8 | ' | ' | 103.8 |
Investments in and advances to subsidiaries | 311.2 | ' | 311.2 | ' | ' | 0 |
Other noncurrent assets | 182.1 | ' | 182.1 | ' | ' | 178.9 |
Total assets | 1,178.90 | ' | 1,178.90 | ' | ' | 1,166.70 |
Current portion of long-term debt | 3.2 | ' | 3.2 | ' | ' | 3.3 |
Accounts payable | 54.6 | ' | 54.6 | ' | ' | 42.5 |
Other current liabilities | 164.3 | ' | 164.3 | ' | ' | 34.6 |
Total current liabilities | 222.1 | ' | 222.1 | ' | ' | 80.4 |
Long-term debt, less current portion | 197.2 | ' | 197.2 | ' | ' | 194.7 |
Other noncurrent liabilities | 28.6 | ' | 28.6 | ' | ' | 59 |
Intercompany payables | 0 | ' | 0 | ' | ' | 199.7 |
Total liabilities | 447.9 | ' | 447.9 | ' | ' | 533.8 |
Shareowners' (deficit) equity | 731 | ' | 731 | ' | ' | 632.9 |
Total liabilities and shareowners' equity (deficit) | 1,178.90 | ' | 1,178.90 | ' | ' | 1,166.70 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | -26.5 | ' | 54.7 | ' |
Capital expenditures | ' | ' | -24.6 | ' | -33.3 | ' |
Proceeds from Sale of CyrusOne | ' | ' | 355.9 | ' | ' | ' |
Dividends received from CyrusOne | ' | ' | 22.4 | ' | 14.2 | ' |
Proceeds from sale of assets | ' | ' | 196.2 | ' | 0 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | ' | ' | -12.2 | ' |
Other investing activities | ' | ' | -5.5 | ' | 0.4 | ' |
Cash flows used in investing activities | ' | ' | 544.4 | ' | -30.9 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | 0 | ' |
Funding between Parent and subsidiaries, net | ' | ' | -519.6 | ' | 15 | ' |
Debt issuance costs | ' | ' | ' | ' | 0 | ' |
Borrowings on revolving facilities, net | ' | ' | 6.2 | ' | -52 | ' |
Repayment of debt | ' | ' | -4.3 | ' | -4.1 | ' |
Proceeds from exercise of options and warrants | ' | ' | 0 | ' | 0 | ' |
Other financing activities | ' | ' | 0 | ' | 0 | ' |
Cash flows provided by (used in) financing activities | ' | ' | -517.7 | ' | -41.1 | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | 0.2 | ' | -17.3 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 0.7 | 0.7 | 17.9 | ' |
Cash and cash equivalents at end of period | 0.9 | 0.6 | 0.9 | ' | 0.6 | ' |
Notes guaranteed by parent [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' |
Revenue | -13.2 | -14.1 | -42 | ' | -42.2 | ' |
Operating costs and expenses | -13.2 | -14.1 | -42 | ' | -42.2 | ' |
Operating income (loss) | 0 | 0 | 0 | ' | 0 | ' |
Interest expense (income), net | 0 | 0 | 0 | ' | 0 | ' |
Other (income) expense, net | 0 | 0 | 0 | ' | 0 | ' |
Income (loss) before equity in earnings of subsidiaries and income taxes | 0 | 0 | 0 | ' | 0 | ' |
Income tax expense (benefit) | 0 | 0 | 0 | ' | 0 | ' |
Equity in earnings of subsidiaries, net of tax | -11.2 | -34.8 | -195.1 | ' | -88.7 | ' |
Net (loss) income | -11.2 | -34.8 | -195.1 | ' | -88.7 | ' |
Other comprehensive income (loss) | 0 | 0 | 0 | ' | 0 | ' |
Total comprehensive (loss) income | -11.2 | -34.8 | -195.1 | ' | -88.7 | ' |
Preferred stock dividends | 0 | 0 | 0 | ' | 0 | ' |
Net (loss) income applicable to common shareowners | -11.2 | -34.8 | -195.1 | ' | -88.7 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | ' | 0 | ' |
Receivables, net | 0 | ' | 0 | ' | ' | 0 |
Other current assets | -0.7 | ' | -0.7 | ' | ' | -0.7 |
Total current assets | -0.7 | ' | -0.7 | ' | ' | -0.7 |
Property, plant and equipment, net | 0 | ' | 0 | ' | ' | 0 |
Investment in CyrusOne | 0 | ' | 0 | ' | ' | 0 |
Goodwill and intangibles, net | 0 | ' | 0 | ' | ' | 0 |
Investments in and advances to subsidiaries | -1,707 | ' | -1,707 | ' | ' | -1,654.30 |
Other noncurrent assets | -156.1 | ' | -156.1 | ' | ' | -167.8 |
Total assets | -1,863.80 | ' | -1,863.80 | ' | ' | -1,822.80 |
Current portion of long-term debt | 0 | ' | 0 | ' | ' | 0 |
Accounts payable | 0 | ' | 0 | ' | ' | 0 |
Other current liabilities | 0.1 | ' | 0.1 | ' | ' | 0.1 |
Total current liabilities | 0.1 | ' | 0.1 | ' | ' | 0.1 |
Long-term debt, less current portion | 0 | ' | 0 | ' | ' | 0 |
Other noncurrent liabilities | -156.9 | ' | -156.9 | ' | ' | -168.6 |
Intercompany payables | -312.3 | ' | -312.3 | ' | ' | -446.1 |
Total liabilities | -469.1 | ' | -469.1 | ' | ' | -614.6 |
Shareowners' (deficit) equity | -1,394.70 | ' | -1,394.70 | ' | ' | -1,208.20 |
Total liabilities and shareowners' equity (deficit) | -1,863.80 | ' | -1,863.80 | ' | ' | -1,822.80 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 0 | ' | 0 | ' |
Capital expenditures | ' | ' | 0 | ' | 0 | ' |
Proceeds from Sale of CyrusOne | ' | ' | 0 | ' | ' | ' |
Dividends received from CyrusOne | ' | ' | 0 | ' | 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 | ' |
Proceeds from 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 | ' |
Proceeds from exercise of options and warrants | ' | ' | 0 | ' | 0 | ' |
Other financing activities | ' | ' | 0 | ' | 0 | ' |
Cash flows provided by (used in) financing activities | ' | ' | 0 | ' | 0 | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | 0 | ' | 0 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 0 | 0 | 0 | ' |
Cash and cash equivalents at end of period | 0 | 0 | 0 | ' | 0 | ' |
Notes guaranteed by subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' |
Revenue | 327.5 | 310.8 | 969.9 | ' | 948.5 | ' |
Operating costs and expenses | 311.5 | 253.1 | 861.4 | ' | 824.8 | ' |
Operating income (loss) | 16 | 57.7 | 108.5 | ' | 123.7 | ' |
Interest expense (income), net | 35.8 | 46.7 | 116.8 | ' | 140 | ' |
Other (income) expense, net | 19.2 | 0.3 | -171 | ' | 6.7 | ' |
Income (loss) before equity in earnings of subsidiaries and income taxes | -39 | 10.7 | 162.7 | ' | -23 | ' |
Income tax expense (benefit) | -11.7 | 1.4 | 68.8 | ' | 3.6 | ' |
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | ' | 0 | ' |
Net (loss) income | -27.3 | 9.3 | 93.9 | ' | -26.6 | ' |
Other comprehensive income (loss) | 1.2 | 24.8 | 3.6 | ' | 36.4 | ' |
Total comprehensive (loss) income | -26.1 | 34.1 | 97.5 | ' | 9.8 | ' |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | ' | 7.8 | ' |
Net (loss) income applicable to common shareowners | -29.9 | 6.7 | 86.1 | ' | -34.4 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 181.5 | 413.7 | 181.5 | ' | 413.7 | ' |
Receivables, net | 182.1 | ' | 182.1 | ' | ' | 154.8 |
Other current assets | 110.6 | ' | 110.6 | ' | ' | 91.7 |
Total current assets | 474.2 | ' | 474.2 | ' | ' | 251.1 |
Property, plant and equipment, net | 875.2 | ' | 875.2 | ' | ' | 902.8 |
Investment in CyrusOne | 284.7 | ' | 284.7 | ' | ' | 471 |
Goodwill and intangibles, net | 16 | ' | 16 | ' | ' | 106.1 |
Investments in and advances to subsidiaries | 0 | ' | 0 | ' | ' | 0 |
Other noncurrent assets | 302.5 | ' | 302.5 | ' | ' | 376.3 |
Total assets | 1,952.60 | ' | 1,952.60 | ' | ' | 2,107.30 |
Current portion of long-term debt | 11.9 | ' | 11.9 | ' | ' | 12.6 |
Accounts payable | 134 | ' | 134 | ' | ' | 89.9 |
Other current liabilities | 278.2 | ' | 278.2 | ' | ' | 151.8 |
Total current liabilities | 424.1 | ' | 424.1 | ' | ' | 254.3 |
Long-term debt, less current portion | 1,887 | ' | 1,887 | ' | ' | 2,252.60 |
Other noncurrent liabilities | 225.9 | ' | 225.9 | ' | ' | 277.1 |
Intercompany payables | 0 | ' | 0 | ' | ' | 0 |
Total liabilities | 2,537 | ' | 2,537 | ' | ' | 2,784 |
Shareowners' (deficit) equity | -584.4 | ' | -584.4 | ' | ' | -676.7 |
Total liabilities and shareowners' equity (deficit) | 1,952.60 | ' | 1,952.60 | ' | ' | 2,107.30 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 120.8 | ' | 59.8 | ' |
Capital expenditures | ' | ' | -121.1 | ' | -142 | ' |
Proceeds from Sale of CyrusOne | ' | ' | 355.9 | ' | ' | ' |
Dividends received from CyrusOne | ' | ' | 22.4 | ' | 14.2 | ' |
Proceeds from sale of assets | ' | ' | 196.4 | ' | 1.8 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | ' | ' | -12.2 | ' |
Other investing activities | ' | ' | -5.7 | ' | 0.4 | ' |
Cash flows used in investing activities | ' | ' | 447.9 | ' | -137.8 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | 536 | ' |
Funding between Parent and subsidiaries, net | ' | ' | 0 | ' | 0 | ' |
Debt issuance costs | ' | ' | ' | ' | -6.4 | ' |
Borrowings on revolving facilities, net | ' | ' | -33.8 | ' | -52 | ' |
Repayment of debt | ' | ' | -350.6 | ' | -6.7 | ' |
Proceeds from exercise of options and warrants | ' | ' | 1.2 | ' | 6.8 | ' |
Other financing activities | ' | ' | -8.6 | ' | -9.6 | ' |
Cash flows provided by (used in) financing activities | ' | ' | -391.8 | ' | 468.1 | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | 176.9 | ' | 390.1 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 4.6 | 4.6 | 23.6 | ' |
Cash and cash equivalents at end of period | 181.5 | 413.7 | 181.5 | ' | 413.7 | ' |
Notes guaranteed by subsidiaries [Member] | Parent Company [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | ' | 0 | ' |
Operating costs and expenses | 2.9 | 1.5 | 13.8 | ' | 51.2 | ' |
Operating income (loss) | -2.9 | -1.5 | -13.8 | ' | -51.2 | ' |
Interest expense (income), net | 34.8 | 42.9 | 109.8 | ' | 125 | ' |
Other (income) expense, net | 18.9 | -0.4 | 18.2 | ' | -1.1 | ' |
Income (loss) before equity in earnings of subsidiaries and income taxes | -56.6 | -44 | -141.8 | ' | -175.1 | ' |
Income tax expense (benefit) | -18.1 | -18.5 | -40.6 | ' | -59.8 | ' |
Equity in earnings of subsidiaries, net of tax | 11.2 | 34.8 | 195.1 | ' | 88.7 | ' |
Net (loss) income | -27.3 | 9.3 | 93.9 | ' | -26.6 | ' |
Other comprehensive income (loss) | 1.2 | 24.8 | 3.6 | ' | 36.5 | ' |
Total comprehensive (loss) income | -26.1 | 34.1 | 97.5 | ' | 9.9 | ' |
Preferred stock dividends | 2.6 | 2.6 | 7.8 | ' | 7.8 | ' |
Net (loss) income applicable to common shareowners | -29.9 | 6.7 | 86.1 | ' | -34.4 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 179.1 | 411.1 | 179.1 | ' | 411.1 | ' |
Receivables, net | 2 | ' | 2 | ' | ' | 2.6 |
Other current assets | 3.4 | ' | 3.4 | ' | ' | 4.4 |
Total current assets | 184.5 | ' | 184.5 | ' | ' | 9.1 |
Property, plant and equipment, net | 0.1 | ' | 0.1 | ' | ' | 0.1 |
Investment in CyrusOne | 0 | ' | 0 | ' | ' | 0 |
Goodwill and intangibles, net | 0 | ' | 0 | ' | ' | 0 |
Investments in and advances to subsidiaries | 1,081.70 | ' | 1,081.70 | ' | ' | 1,406.60 |
Other noncurrent assets | 271.3 | ' | 271.3 | ' | ' | 359.1 |
Total assets | 1,537.60 | ' | 1,537.60 | ' | ' | 1,774.90 |
Current portion of long-term debt | 5.4 | ' | 5.4 | ' | ' | 5.4 |
Accounts payable | 1.1 | ' | 1.1 | ' | ' | 1.5 |
Other current liabilities | 66.8 | ' | 66.8 | ' | ' | 67.7 |
Total current liabilities | 73.3 | ' | 73.3 | ' | ' | 74.6 |
Long-term debt, less current portion | 1,550 | ' | 1,550 | ' | ' | 1,916.10 |
Other noncurrent liabilities | 186.4 | ' | 186.4 | ' | ' | 214.5 |
Intercompany payables | 312.3 | ' | 312.3 | ' | ' | 246.4 |
Total liabilities | 2,122 | ' | 2,122 | ' | ' | 2,451.60 |
Shareowners' (deficit) equity | -584.4 | ' | -584.4 | ' | ' | -676.7 |
Total liabilities and shareowners' equity (deficit) | 1,537.60 | ' | 1,537.60 | ' | ' | 1,774.90 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | -17.9 | ' | -165 | ' |
Capital expenditures | ' | ' | 0 | ' | 0 | ' |
Proceeds from Sale of CyrusOne | ' | ' | 0 | ' | ' | ' |
Dividends received from CyrusOne | ' | ' | 0 | ' | 0 | ' |
Proceeds from sale of assets | ' | ' | 0 | ' | 0 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | ' | ' | 0 | ' |
Other investing activities | ' | ' | -0.2 | ' | 0 | ' |
Cash flows used in investing activities | ' | ' | -0.2 | ' | 0 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | 536 | ' |
Funding between Parent and subsidiaries, net | ' | ' | 586.1 | ' | 45.5 | ' |
Debt issuance costs | ' | ' | ' | ' | -6.4 | ' |
Borrowings on revolving facilities, net | ' | ' | -40 | ' | 0 | ' |
Repayment of debt | ' | ' | -343.3 | ' | 0 | ' |
Proceeds from exercise of options and warrants | ' | ' | 1.2 | ' | 6.8 | ' |
Other financing activities | ' | ' | -8.9 | ' | -9.6 | ' |
Cash flows provided by (used in) financing activities | ' | ' | 195.1 | ' | 572.3 | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | 177 | ' | 407.3 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 2.1 | 2.1 | 3.8 | ' |
Cash and cash equivalents at end of period | 179.1 | 411.1 | 179.1 | ' | 411.1 | ' |
Notes guaranteed by subsidiaries [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' |
Revenue | 190.2 | 177.4 | 560.5 | ' | 530.7 | ' |
Operating costs and expenses | 212.4 | 162.5 | 575.6 | ' | 496.1 | ' |
Operating income (loss) | -22.2 | 14.9 | -15.1 | ' | 34.6 | ' |
Interest expense (income), net | 1.9 | 3.5 | 8.9 | ' | 11.2 | ' |
Other (income) expense, net | 3.4 | 3.2 | -179.6 | ' | 12.1 | ' |
Income (loss) before equity in earnings of subsidiaries and income taxes | -27.5 | 8.2 | 155.6 | ' | 11.3 | ' |
Income tax expense (benefit) | -10 | 3.1 | 55.1 | ' | 11.9 | ' |
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | ' | 0.7 | ' |
Net (loss) income | -17.5 | 5.1 | 100.5 | ' | 0.1 | ' |
Other comprehensive income (loss) | 0 | 0 | 0 | ' | 0 | ' |
Total comprehensive (loss) income | -17.5 | 5.1 | 100.5 | ' | 0.1 | ' |
Preferred stock dividends | 0 | 0 | 0 | ' | 0 | ' |
Net (loss) income applicable to common shareowners | -17.5 | 5.1 | 100.5 | ' | 0.1 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0.4 | 0.5 | 0.4 | ' | 0.5 | ' |
Receivables, net | 6 | ' | 6 | ' | ' | 7.2 |
Other current assets | 79.3 | ' | 79.3 | ' | ' | 60.7 |
Total current assets | 85.7 | ' | 85.7 | ' | ' | 68.2 |
Property, plant and equipment, net | 122.6 | ' | 122.6 | ' | ' | 194.1 |
Investment in CyrusOne | 284.7 | ' | 284.7 | ' | ' | 471 |
Goodwill and intangibles, net | 13.8 | ' | 13.8 | ' | ' | 103.8 |
Investments in and advances to subsidiaries | 370.3 | ' | 370.3 | ' | ' | -1.6 |
Other noncurrent assets | 183.1 | ' | 183.1 | ' | ' | 179.9 |
Total assets | 1,060.20 | ' | 1,060.20 | ' | ' | 1,015.40 |
Current portion of long-term debt | 3.2 | ' | 3.2 | ' | ' | 3 |
Accounts payable | 69.4 | ' | 69.4 | ' | ' | 72.3 |
Other current liabilities | 166.4 | ' | 166.4 | ' | ' | 36.9 |
Total current liabilities | 239 | ' | 239 | ' | ' | 112.2 |
Long-term debt, less current portion | 84.8 | ' | 84.8 | ' | ' | 87 |
Other noncurrent liabilities | 31 | ' | 31 | ' | ' | 61.3 |
Intercompany payables | 0 | ' | 0 | ' | ' | 149.9 |
Total liabilities | 354.8 | ' | 354.8 | ' | ' | 410.4 |
Shareowners' (deficit) equity | 705.4 | ' | 705.4 | ' | ' | 605 |
Total liabilities and shareowners' equity (deficit) | 1,060.20 | ' | 1,060.20 | ' | ' | 1,015.40 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | -18.6 | ' | 27.4 | ' |
Capital expenditures | ' | ' | -24.6 | ' | -25.6 | ' |
Proceeds from Sale of CyrusOne | ' | ' | 355.9 | ' | ' | ' |
Dividends received from CyrusOne | ' | ' | 22.4 | ' | 14.2 | ' |
Proceeds from sale of assets | ' | ' | 194.4 | ' | 0 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | ' | ' | 0 | ' |
Other investing activities | ' | ' | -5.5 | ' | 0 | ' |
Cash flows used in investing activities | ' | ' | 542.6 | ' | -11.4 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | 0 | ' |
Funding between Parent and subsidiaries, net | ' | ' | -521.8 | ' | -12.6 | ' |
Debt issuance costs | ' | ' | ' | ' | 0 | ' |
Borrowings on revolving facilities, net | ' | ' | 0 | ' | 0 | ' |
Repayment of debt | ' | ' | -2.1 | ' | -3.2 | ' |
Proceeds from exercise of options and warrants | ' | ' | 0 | ' | 0 | ' |
Other financing activities | ' | ' | 0 | ' | 0 | ' |
Cash flows provided by (used in) financing activities | ' | ' | -523.9 | ' | -15.8 | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | 0.1 | ' | 0.2 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 0.3 | 0.3 | 0.3 | ' |
Cash and cash equivalents at end of period | 0.4 | 0.5 | 0.4 | ' | 0.5 | ' |
Notes guaranteed by subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' |
Revenue | 150.5 | 147.5 | 451.4 | ' | 460 | ' |
Operating costs and expenses | 109.4 | 103.2 | 314 | ' | 319.7 | ' |
Operating income (loss) | 41.1 | 44.3 | 137.4 | ' | 140.3 | ' |
Interest expense (income), net | -0.9 | 0.3 | -1.9 | ' | 3.8 | ' |
Other (income) expense, net | -3.1 | -2.5 | -9.6 | ' | -4.3 | ' |
Income (loss) before equity in earnings of subsidiaries and income taxes | 45.1 | 46.5 | 148.9 | ' | 140.8 | ' |
Income tax expense (benefit) | 16.4 | 16.8 | 54.3 | ' | 51.5 | ' |
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | ' | 0 | ' |
Net (loss) income | 28.7 | 29.7 | 94.6 | ' | 89.3 | ' |
Other comprehensive income (loss) | 0 | 0 | 0 | ' | -0.1 | ' |
Total comprehensive (loss) income | 28.7 | 29.7 | 94.6 | ' | 89.2 | ' |
Preferred stock dividends | 0 | 0 | 0 | ' | 0 | ' |
Net (loss) income applicable to common shareowners | 28.7 | 29.7 | 94.6 | ' | 89.3 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 2 | 2.1 | 2 | ' | 2.1 | ' |
Receivables, net | 174.1 | ' | 174.1 | ' | ' | 145 |
Other current assets | 28.6 | ' | 28.6 | ' | ' | 27.3 |
Total current assets | 204.7 | ' | 204.7 | ' | ' | 174.5 |
Property, plant and equipment, net | 752.5 | ' | 752.5 | ' | ' | 708.6 |
Investment in CyrusOne | 0 | ' | 0 | ' | ' | 0 |
Goodwill and intangibles, net | 2.2 | ' | 2.2 | ' | ' | 2.3 |
Investments in and advances to subsidiaries | 293.9 | ' | 293.9 | ' | ' | 218.2 |
Other noncurrent assets | 4.2 | ' | 4.2 | ' | ' | 5.1 |
Total assets | 1,257.50 | ' | 1,257.50 | ' | ' | 1,108.70 |
Current portion of long-term debt | 3.3 | ' | 3.3 | ' | ' | 4.2 |
Accounts payable | 63.5 | ' | 63.5 | ' | ' | 16.1 |
Other current liabilities | 44.9 | ' | 44.9 | ' | ' | 47.1 |
Total current liabilities | 111.7 | ' | 111.7 | ' | ' | 67.4 |
Long-term debt, less current portion | 252.2 | ' | 252.2 | ' | ' | 249.5 |
Other noncurrent liabilities | 165.4 | ' | 165.4 | ' | ' | 169.9 |
Intercompany payables | 50 | ' | 50 | ' | ' | 33.2 |
Total liabilities | 579.3 | ' | 579.3 | ' | ' | 520 |
Shareowners' (deficit) equity | 678.2 | ' | 678.2 | ' | ' | 588.7 |
Total liabilities and shareowners' equity (deficit) | 1,257.50 | ' | 1,257.50 | ' | ' | 1,108.70 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 157.3 | ' | 197.4 | ' |
Capital expenditures | ' | ' | -96.5 | ' | -116.4 | ' |
Proceeds from Sale of CyrusOne | ' | ' | 0 | ' | ' | ' |
Dividends received from CyrusOne | ' | ' | 0 | ' | 0 | ' |
Proceeds from sale of assets | ' | ' | 2 | ' | 1.8 | ' |
Cash divested from deconsolidation of CyrusOne | ' | ' | ' | ' | -12.2 | ' |
Other investing activities | ' | ' | 0 | ' | 0.4 | ' |
Cash flows used in investing activities | ' | ' | -94.5 | ' | -126.4 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | 0 | ' |
Funding between Parent and subsidiaries, net | ' | ' | -64.3 | ' | -32.9 | ' |
Debt issuance costs | ' | ' | ' | ' | 0 | ' |
Borrowings on revolving facilities, net | ' | ' | 6.2 | ' | -52 | ' |
Repayment of debt | ' | ' | -5.2 | ' | -3.5 | ' |
Proceeds from exercise of options and warrants | ' | ' | 0 | ' | 0 | ' |
Other financing activities | ' | ' | 0.3 | ' | 0 | ' |
Cash flows provided by (used in) financing activities | ' | ' | -63 | ' | -88.4 | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | -0.2 | ' | -17.4 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 2.2 | 2.2 | 19.5 | ' |
Cash and cash equivalents at end of period | 2 | 2.1 | 2 | ' | 2.1 | ' |
Notes guaranteed by subsidiaries [Member] | Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statements of Operations and Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' |
Revenue | -13.2 | -14.1 | -42 | ' | -42.2 | ' |
Operating costs and expenses | -13.2 | -14.1 | -42 | ' | -42.2 | ' |
Operating income (loss) | 0 | 0 | 0 | ' | 0 | ' |
Interest expense (income), net | 0 | 0 | 0 | ' | 0 | ' |
Other (income) expense, net | 0 | 0 | 0 | ' | 0 | ' |
Income (loss) before equity in earnings of subsidiaries and income taxes | 0 | 0 | 0 | ' | 0 | ' |
Income tax expense (benefit) | 0 | 0 | 0 | ' | 0 | ' |
Equity in earnings of subsidiaries, net of tax | -11.2 | -34.8 | -195.1 | ' | -89.4 | ' |
Net (loss) income | -11.2 | -34.8 | -195.1 | ' | -89.4 | ' |
Other comprehensive income (loss) | 0 | 0 | 0 | ' | 0 | ' |
Total comprehensive (loss) income | -11.2 | -34.8 | -195.1 | ' | -89.4 | ' |
Preferred stock dividends | 0 | 0 | 0 | ' | 0 | ' |
Net (loss) income applicable to common shareowners | -11.2 | -34.8 | -195.1 | ' | -89.4 | ' |
Condensed Consolidating Balance Sheets | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | ' | 0 | ' |
Receivables, net | 0 | ' | 0 | ' | ' | 0 |
Other current assets | -0.7 | ' | -0.7 | ' | ' | -0.7 |
Total current assets | -0.7 | ' | -0.7 | ' | ' | -0.7 |
Property, plant and equipment, net | 0 | ' | 0 | ' | ' | 0 |
Investment in CyrusOne | 0 | ' | 0 | ' | ' | 0 |
Goodwill and intangibles, net | 0 | ' | 0 | ' | ' | 0 |
Investments in and advances to subsidiaries | -1,745.90 | ' | -1,745.90 | ' | ' | -1,623.20 |
Other noncurrent assets | -156.1 | ' | -156.1 | ' | ' | -167.8 |
Total assets | -1,902.70 | ' | -1,902.70 | ' | ' | -1,791.70 |
Current portion of long-term debt | 0 | ' | 0 | ' | ' | 0 |
Accounts payable | 0 | ' | 0 | ' | ' | 0 |
Other current liabilities | 0.1 | ' | 0.1 | ' | ' | 0.1 |
Total current liabilities | 0.1 | ' | 0.1 | ' | ' | 0.1 |
Long-term debt, less current portion | 0 | ' | 0 | ' | ' | 0 |
Other noncurrent liabilities | -156.9 | ' | -156.9 | ' | ' | -168.6 |
Intercompany payables | -362.3 | ' | -362.3 | ' | ' | -429.5 |
Total liabilities | -519.1 | ' | -519.1 | ' | ' | -598 |
Shareowners' (deficit) equity | -1,383.60 | ' | -1,383.60 | ' | ' | -1,193.70 |
Total liabilities and shareowners' equity (deficit) | -1,902.70 | ' | -1,902.70 | ' | ' | -1,791.70 |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | ' | ' | ' |
Cash flows (used in) provided by operating activities | ' | ' | 0 | ' | 0 | ' |
Capital expenditures | ' | ' | 0 | ' | 0 | ' |
Proceeds from Sale of CyrusOne | ' | ' | 0 | ' | ' | ' |
Dividends received from CyrusOne | ' | ' | 0 | ' | 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 | ' |
Proceeds from 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 | ' |
Proceeds from exercise of options and warrants | ' | ' | 0 | ' | 0 | ' |
Other financing activities | ' | ' | 0 | ' | 0 | ' |
Cash flows provided by (used in) financing activities | ' | ' | 0 | ' | 0 | ' |
(Decrease) increase in cash and cash equivalents | ' | ' | 0 | ' | 0 | ' |
Cash and cash equivalents at beginning of period | ' | ' | 0 | 0 | 0 | ' |
Cash and cash equivalents at end of period | $0 | $0 | $0 | ' | $0 | ' |