Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity [Abstract] | ||
Entity Registrant Name | CINCINNATI BELL INC. | |
Entity Central Index Key | 716133 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 209,700,904 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue | ||
Services | $229.80 | $220.80 |
Products | 63.1 | 61.4 |
Total revenue | 292.9 | 282.2 |
Costs and expenses | ||
Cost of services, excluding items below | 113.6 | 97.2 |
Cost of products sold, excluding items below | 52.6 | 53.5 |
Selling, general and administrative, excluding items below | 52.2 | 49.3 |
Depreciation and amortization | 32.6 | 31.1 |
Restructuring charges | 3.4 | 0 |
(Gain) loss on sale or disposal of assets, net | 1.4 | 0 |
Amortization of deferred gain | -6.5 | -3.6 |
Transaction costs | 0 | 0.7 |
Total operating costs and expenses | 255.8 | 231.8 |
Operating income (loss) | 37.1 | 50.4 |
Interest expense (income) | 32.7 | 38.8 |
Loss (income) from CyrusOne equity method investment | 3.1 | -0.5 |
Other expense (income), net | 0.4 | -0.3 |
Income (loss) before income taxes | 0.9 | 12.4 |
Income tax expense (benefit) | 0.6 | 6.5 |
Income (Loss) from Continuing Operations Attributable to Parent | 0.3 | 5.9 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 48.9 | 1.1 |
Net income (loss) | 49.2 | 7 |
Preferred stock dividends | 2.6 | 2.6 |
Net income (loss) applicable to common shareowners | 46.6 | 4.4 |
Basic and diluted earnings (loss) per common share | $0.22 | $0.02 |
Continuing Operations [Member] | ||
Costs and expenses | ||
Income (Loss) from Continuing Operations Attributable to Parent | 0.3 | |
Net income (loss) | 5.9 | |
Preferred stock dividends | 2.6 | |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | ($0.01) | $0.02 |
Discontinued Operations [Member] | ||
Revenue | ||
Total revenue | 4.4 | 44.7 |
Costs and expenses | ||
Selling, general and administrative, excluding items below | 1.3 | 6.2 |
Restructuring charges | 6.4 | 0 |
Amortization of deferred gain | 6.5 | 3.6 |
Total operating costs and expenses | 41.8 | 38.2 |
Operating income (loss) | -37.4 | 6.5 |
Other expense (income), net | 0 | -0.9 |
Income tax expense (benefit) | 27.1 | 3 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 48.9 | |
Net income (loss) | 48.9 | 1.1 |
Preferred stock dividends | $0 | $0 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share | $0.23 | $0 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income (loss) | $49.20 | $7 |
Other comprehensive income, net of tax: | ||
Foreign currency translation loss (gain) | -0.3 | 0 |
Defined benefit pension and postretirement plans: | ||
Amortization of prior service benefits, net of tax of ($1.4), ($1.4) | -2.4 | -2.4 |
Amortization of net actuarial loss (gain), net of tax of $2.3, $2.4 | 4.1 | 4.2 |
Other comprehensive income (loss) | 1.4 | 1.8 |
Total comprehensive income (loss) | $50.60 | $8.80 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive (Loss) Income Parenthetical (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Amortization of prior service benefits, tax | ($1.40) | ($1.40) |
Amortization of net actuarial loss, tax | $2.30 | $2.40 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $13.40 | $57.90 |
Receivables, less allowances of $11.6 and $12.4 | 160.7 | 160.8 |
Receivable from CyrusOne | 9.6 | 7.7 |
Inventory, materials and supplies | 19.7 | 25 |
Deferred income taxes, net | 104.3 | 68.9 |
Prepaid Expense, Current | 14.1 | 10.8 |
Other current assets | 3.5 | 1.8 |
Other current assets from discontinued operations | 0.4 | 4.7 |
Total current assets | 325.7 | 337.6 |
Property, plant and equipment, net | 845.7 | 815.4 |
Investment in CyrusOne | 261.5 | 273.6 |
Goodwill | 14.4 | 14.4 |
Intangible assets, net | 0.4 | 0.5 |
Deferred income taxes, net | 236.9 | 300.7 |
Other noncurrent assets | 32.4 | 33.9 |
Other noncurrent assets from discontinued operations | 16 | 44.6 |
Total assets | 1,733 | 1,820.70 |
Current liabilities | ||
Current portion of long-term debt | 12.6 | 11.6 |
Accounts payable | 111.8 | 131.6 |
Payable to CyrusOne | 1.3 | 0.4 |
Unearned revenue and customer deposits | 30.8 | 30.4 |
Accrued taxes | 10.2 | 9.9 |
Accrued interest | 32.1 | 22.1 |
Accrued payroll and benefits | 28.2 | 37 |
Other current liabilities | 25.9 | 25.8 |
Other current liabilities from discontinued operations | 26.5 | 142 |
Total current liabilities | 279.4 | 410.8 |
Long-term debt, less current portion | 1,748.80 | 1,689.40 |
Pension and postretirement benefit obligations | 233.9 | 240.1 |
Other noncurrent liabilities | 39.3 | 26.2 |
Noncurrent liabilities from discontinued operations | 31.2 | 102.7 |
Total liabilities | 2,332.60 | 2,469.20 |
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 March 31, 2015 and December 31, 2014; liquidation preference $1,000 per share ($50 per depositary share) | 129.4 | 129.4 |
Common shares, $.01 par value; 480,000,000 shares authorized; 209,840,204 and 209,571,138 shares issued; 209,565,134 and 209,296,068 shares outstanding at March 31, 2015 and December 31, 2014 | 2.1 | 2.1 |
Additional paid-in capital | 2,581.20 | 2,582.90 |
Accumulated deficit | -3,138.70 | -3,187.90 |
Accumulated other comprehensive loss | -172.5 | -173.9 |
Common shares in treasury, at cost | -1.1 | -1.1 |
Total shareowners' deficit | -599.6 | -648.5 |
Total liabilities and shareowners' deficit | $1,733 | $1,820.70 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets Parenthetical (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Allowance for receivables | $11,600,000 | $12,400,000 |
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 | 209,840,204 | 209,571,138 |
Common Stock, Shares, Outstanding | 209,296,068 | 209,296,068 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net income (loss) | $49.20 | $7 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Depreciation and amortization | 61.2 | 46.9 |
Provision for loss on receivables | 2.1 | 2.4 |
Loss (income) from CyrusOne equity method investment | 3.1 | -0.5 |
Noncash portion of interest expense | 1.4 | 1.7 |
Deferred income tax provision | 27.8 | 8.8 |
Pension and other postretirement payments in excess of expense | -3.6 | -6 |
Stock-based compensation | 1.3 | 0.8 |
Gain on sale of wireless spectrum licenses | -112.6 | 0 |
Amortization of deferred gain | -6.5 | -3.6 |
(Gain) loss on sale or disposal of assets, net | 1.4 | 0 |
Excess tax benefit for share based payments | -0.2 | -0.1 |
Other, net | 2.4 | -0.4 |
Changes in operating assets and liabilities: | ||
Increase in receivables | -1.9 | -22.1 |
Decrease (increase) in inventory, materials, supplies, prepaid expenses and other current assets | 1.2 | -4 |
(Decrease) increase in accounts payable | -24.2 | 19 |
Increase (decrease) in accrued and other current liabilities | 2.4 | -10.2 |
Decrease in other noncurrent assets | 0.1 | 0.4 |
Increase (decrease) in other noncurrent liabilities | 1.7 | -2.3 |
Net cash provided by operating activities | 6.3 | 37.8 |
Cash flows from investing activities | ||
Capital expenditures | -57.9 | -34.3 |
Dividends received from CyrusOne | 6 | 7.1 |
Proceeds from sale of assets | 0 | 1.9 |
Other, net | -0.1 | 0 |
Net cash provided by (used in) investing activities | -52 | -25.3 |
Cash flows from financing activities | ||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | 7.5 | -4.1 |
Repayment of debt | -3.3 | -5.2 |
Dividends paid on preferred stock | -2.6 | -2.6 |
Proceeds from exercise of options and warrants | 0 | 0.6 |
Excess tax benefit for share based payments | 0.2 | 0.1 |
Other, net | -0.6 | -1.7 |
Net cash (used in) provided by financing activities | 1.2 | -12.9 |
Net increase (decrease) in cash and cash equivalents | -44.5 | -0.4 |
Cash and cash equivalents at beginning of period | 57.9 | |
Cash and cash equivalents at end of period | 13.4 | |
Noncash investing and financing transactions: | ||
Accrual of CyrusOne dividends | 9 | |
Acquisition of property by assuming debt and other noncurrent liabilities | 1.3 | 0 |
Acquisition of property on account | $28.90 | $21 |
Description_of_Business_and_Ac
Description of Business and Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
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 ("Cincinnati Bell", "we", "our", "us" or the "Company") is a full-service regional provider of entertainment, data and voice communications services, a provider of managed and professional information technology services, and a reseller of information technology ("IT") and telephony equipment. In addition, enterprise customers across the United States rely on Cincinnati Bell Technology Solutions Inc. ("CBTS"), a wholly-owned subsidiary, for efficient, scalable communications systems and end-to-end IT solutions. As of March 31, 2015, we operate our business through the following segments: Entertainment and Communications (formerly known as "Wireline") and IT Services and Hardware. | |
The Company has receivables with one Fortune 10 Industrial customer that makes up 25% and 26% of the outstanding accounts receivable balance at March 31, 2015 and December 31, 2014, respectively. This same customer represented 12% of consolidated revenue for the three months ended March 31, 2015 and 2014. | |
As of December 31, 2014, we operated three business segments: Entertainment and Communications, IT Services and Hardware and Wireless. In the second quarter of 2014, we entered into agreements to sell our wireless spectrum licenses and certain other assets related to our wireless business. The agreement to sell our wireless spectrum license closed on September 30, 2014, for cash proceeds of $194.4 million. Simultaneously, we entered into a separate agreement to use certain spectrum licenses for $8.00 until we no longer provide wireless service. Effective March 31, 2015, all wireless subscribers have been migrated off our network and we ceased providing wireless services and operations. Certain wireless tower lease obligations and other assets were transferred to the acquiring company on April 1, 2015. | |
On January 24, 2013, we completed the initial public offering ("IPO") of CyrusOne Inc. ("CyrusOne"), which owns and operates our former Data Center Colocation segment. CyrusOne conducts its data center business through CyrusOne LP, an operating partnership. As of March 31, 2015, we held approximately 1.9 million shares of CyrusOne's common stock and were a limited partner in CyrusOne LP, owning approximately 26.6 million of its partnership units. We effectively owned approximately 43% of CyrusOne through our ownership of its common stock and partnership units of CyrusOne LP. We account for our ownership in CyrusOne as an equity method investment. On April 7, 2015, we consummated the sale of 14.3 million operating partnership units of CyrusOne LP to CyrusOne, Inc. at a price of $29.88 per unit for proceeds of $426.0 million. | |
A tentative agreement was reached on January 23, 2015 with the Communications Workers of America (“CWA”) and was ratified by local members of the union on February 27, 2015. The new agreement will be in effect through May 12, 2018. Per the terms of the agreement, the remaining bargained pension plan credits will be frozen effective May 1, 2015 resulting in an actuarial remeasurement of the pension plan as of that date. The impact of the remeasurement will be recorded in second quarter of 2015. | |
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, 2014 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 2014 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results expected for the full year or any other interim period. | |
The closing of our wireless operations represents a strategic shift in our business. Therefore, certain wireless assets, liabilities and results of operations will be reported as discontinued operations in our financial statements. Accordingly, the Company has recast its prior period results to be comparable with the current discontinued operations presentation with the exception of the Condensed Consolidated Statements of Cash Flows. See Note 2 for all required disclosures. | |
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 — Effective January 24, 2013, the completion date of CyrusOne's IPO, 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 Condensed Consolidated Statement of Operations. For the quarter ended March 31, 2015 and 2014, the Company received cash dividends from CyrusOne totaling $6.0 million and $7.1 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 other entities, which are accounted for as equity method investments, and the carrying value has been recorded in "Other noncurrent assets" in the Condensed Consolidated Balance Sheets. The Company's proportionate share of their respective net income is recorded in "Other expense, net" in the Condensed Consolidated Statement of 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 rate to exceed statutory rates primarily due to non-deductible expenses, including interest on securities originally issued to acquire its broadband business or securities subsequently issued to refinance those securities. | |
Recently Issued Accounting Standards — On January 9, 2015, the FASB issued Accounting Standard Update ("ASU") 2015-01, Income Statement-Extraordinary and Unusual Items. The updated standard will no longer allow for transactions that are unusual in nature and occur infrequently to be presented net-of-tax after income from continuing operations as an extraordinary item in the statements of operations. Under the new guidance, these transactions will be separately presented within income from continuing operations similar to current guidance for transactions that are unusual in nature or occur infrequently. 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 as there are no transactions presented as an extraordinary item. | |
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest, which changes the presentation of debt issuance costs in the financial statements. The amendments in this update require companies to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset and to record amortization of the costs as interest expense. The standard will be effective on January 1, 2016 and will be applied retrospectively for prior periods. The Company estimates approximately $10 million of debt issuance costs will be reclassified from "Other non-current assets" to "Long term debt, less current portion" on the Condensed Consolidated Balance Sheets on the date of adoption. The adoption is not expected to impact the Statement of Operations. | |
In April 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other-Internal-Use Software, which amends ASC 350-40 to provide customers with guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. The standard will be effective on January 1, 2016 and can be adopted retrospectively or prospectively to arrangements entered into, or materially modified, after the effective date. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company’s consolidated financial statements. | |
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 was effective for us on January 1, 2015 and the amended guidance has been applied to the discontinuation of our wireless operations. For a full discussion of discontinued operations and required disclosures reference Note 2. | |
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. |
Discontinued_Operations_Notes
Discontinued Operations (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations | |||||||
Cincinnati Bell Wireless LLC ("CBW"), our former Wireless segment, provided digital wireless voice and data communications services to customers in the Company’s licensed service territory, which included Greater Cincinnati and Dayton, Ohio, and areas of northern Kentucky and southeastern Indiana. The Company’s customers were also able to place and receive wireless calls nationally and internationally due to roaming agreements the Company had with other carriers. | ||||||||
In the second quarter of 2014, we entered into agreements to sell our wireless spectrum licenses and certain other assets related to our wireless business, including leases to certain wireless towers and related equipment and other assets. The agreement to sell our spectrum licenses closed on September 30, 2014 for cash proceeds of $194.4 million. Prior to this date, the Company's digital wireless network utilized 50 MHz of licensed spectrum in the Cincinnati area and 40 MHz of licensed spectrum in the Dayton area, which had a carrying value of $88.2 million. Simultaneous with the close of the spectrum sale, the Company entered into a separate agreement to use certain wireless spectrum licenses for $8.00 until we no longer provided wireless service. We ceased providing wireless service effective March 31, 2015. The fair value of the lease, which is considered a Level 3 measurement based on other comparable transactions, totaled $6.4 million and was recorded as a prepaid expense and amortized over a six month period ending March 31, 2015. | ||||||||
As of March 31, 2015, there were no subscribers remaining on the network and we no longer required the use of the spectrum being leased. Therefore, the $112.6 million gain on the sale of the wireless spectrum licenses, which had been previously deferred, was recognized in Net income from discontinued operations (net of tax) in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2015. On April 1, 2015, we transferred certain other assets related to our wireless business, including leases to certain wireless towers and related equipment and other assets, which will result in a gain of approximately $16 million in the second quarter of 2015. As a result, we removed the following assets and liabilities in the second quarter of 2015. | ||||||||
(dollars in millions) | As of March 31, 2015 | |||||||
Property, plant and equipment, net | $ | 16 | ||||||
Current portion of long-term debt | 0.5 | |||||||
Long-term debt, less current portion | 24.6 | |||||||
Other non-current liabilities | 6.6 | |||||||
Total liabilities | $ | 31.7 | ||||||
Wireless financial results for the three months ended March 31, 2015 and 2014 reported as Income from discontinued operations (net of tax) on the Condensed Consolidated Statements of Operations are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(dollars in millions) | 2015 | 2014 | ||||||
Revenue | $ | 4.4 | $ | 44.7 | ||||
Costs and expenses | ||||||||
Cost of products and services | 12 | 19.8 | ||||||
Selling, general and administrative | 1.3 | 6.2 | ||||||
Depreciation and amortization expense | 28.6 | 15.8 | ||||||
Restructuring charges | 6.4 | — | ||||||
Amortization of deferred gain | (6.5 | ) | (3.6 | ) | ||||
Total operating costs and expenses | 41.8 | 38.2 | ||||||
Operating income (loss) | (37.4 | ) | 6.5 | |||||
Interest (income) expense | (0.8 | ) | 1.5 | |||||
Other expense | — | 0.9 | ||||||
Gain on sale of wireless spectrum licenses | 112.6 | — | ||||||
Income before income taxes | 76 | 4.1 | ||||||
Income tax expense | 27.1 | 3 | ||||||
Net income from discontinued operations | $ | 48.9 | $ | 1.1 | ||||
Wireless assets and liabilities presented as discontinued operations as of March 31, 2015 and December 31, 2014 are as follows: | ||||||||
(dollars in millions) | 31-Mar-15 | 31-Dec-14 | ||||||
Current assets | ||||||||
Prepaid rent - lease of spectrum license | $ | — | $ | 3.2 | ||||
Other current assets | 0.4 | 1.5 | ||||||
Total current assets from discontinued operations | 0.4 | 4.7 | ||||||
Property, plant and equipment | 16 | 44.1 | ||||||
Other noncurrent assets | — | 0.5 | ||||||
Total noncurrent assets from discontinued operations | 16 | 44.6 | ||||||
Total assets from discontinued operations | $ | 16.4 | $ | 49.3 | ||||
Current liabilities | ||||||||
Current portion of long-term debt | $ | 0.5 | $ | 1.6 | ||||
Accounts payable | 2.8 | 5 | ||||||
Restructuring reserve | 18.4 | 15.4 | ||||||
Deferred gain on sale of wireless spectrum licenses | — | 112.6 | ||||||
Other current liabilities | 4.8 | 7.4 | ||||||
Total current liabilities from discontinued operations | 26.5 | 142 | ||||||
Long-term debt, less current portion | 24.6 | 81.6 | ||||||
Deferred gain on sale of towers | 6.6 | 13.1 | ||||||
Other noncurrent liabilities | — | 8 | ||||||
Total noncurrent liabilities from discontinued operations | 31.2 | 102.7 | ||||||
Total liabilities related to discontinued operations | $ | 57.7 | $ | 244.7 | ||||
Certain capital lease and retirement obligations were reported as liabilities from discontinued operations as of December 31, 2014 as we continued to operate the wireless business at that time. The following capital lease and asset retirement obligations will be retained by the Company and have not been included in liabilities from discontinued operations at March 31, 2015: | ||||||||
Continuing Operations | Discontinued Operations | |||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||
(dollars in millions) | ||||||||
Current portion of long-term debt | $ | 1.1 | $ | 1.1 | ||||
Long-term debt, less current portion | 53.4 | 57 | ||||||
Other noncurrent liabilities | 10.9 | 7.5 | ||||||
Total liabilities | $ | 65.4 | $ | 65.6 | ||||
Following is selected operating and investing cash flow activity from discontinued operations included in Condensed Consolidated Statements of Cash Flows | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(dollars in millions) | 2015 | 2014 | ||||||
Depreciation and amortization | $ | 28.6 | $ | 15.8 | ||||
Amortization of deferred gain on sale of towers | (6.5 | ) | (3.6 | ) | ||||
Non-cash spectrum lease | 3.2 | — | ||||||
Deferred gain on sale of spectrum | (112.6 | ) | — | |||||
Restructuring payments | (3.4 | ) | (0.3 | ) | ||||
Capital expenditures | — | (5.6 | ) | |||||
Investment_in_CyrusOne
Investment in CyrusOne | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 IPO of CyrusOne, our former Data Center Colocation segment. As of that date, we no longer controlled CyrusOne's operations. However, we continue to have significant influence over CyrusOne and account for this investment using the equity method. | ||||||||
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. The registration statement filed by CyrusOne on March 24, 2014 became effective on April 4, 2014 and eliminated all prior limitations restricting the volume of shares we are allowed to sell. | ||||||||
As of March 31, 2015, we effectively owned 43% of CyrusOne, which was held in the form of 1.9 million shares of registered common stock of CyrusOne Inc. and 26.6 million economically equivalent partnership units in its underlying operating entity, CyrusOne LP. The fair value of this investment was $886.7 million based on the quoted market price of CyrusOne's common stock, which is considered a Level 1 measurement in the fair value hierarchy. For the three months ended March 31, 2015, our equity method share of CyrusOne's net loss was $3.1 million. For the three months ended March 31, 2014, our equity method share of CyrusOne's net income was $0.5 million. | ||||||||
On April 7, 2015, we consummated the sale of 14.3 million operating partnership units of CyrusOne LP to CyrusOne, Inc. at a price of $29.88 per unit. The sale generated proceeds of $426.0 million and resulted in a gain of $295.2 million which will be recognized in the second quarter of 2015. After completion of the sale, we effectively own 22% of CyrusOne, which is held in the form of 1.9 million shares of registered common stock of CyrusOne Inc. and 12.3 million economically equivalent partnership units in its underlying operating entity, CyrusOne LP. | ||||||||
Summarized financial information for CyrusOne is as follows: | ||||||||
Three months ended | ||||||||
(dollars in millions) | 31-Mar-15 | 31-Mar-14 | ||||||
Revenue | $ | 85.7 | $ | 77.5 | ||||
Operating income | 1.6 | 11.8 | ||||||
Net (loss) income | (7.2 | ) | 0.7 | |||||
Transactions with CyrusOne | ||||||||
Revenues - The Company records 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 provides certain administrative services to CyrusOne which are billed based on agreed-upon rates. These expense recoveries from CyrusOne are credited to the expense account in which they were initially recorded. | ||||||||
Revenues and operating costs and expenses from transactions with CyrusOne were as follows: | ||||||||
Three months ended | ||||||||
(dollars in millions) | 31-Mar-15 | 31-Mar-14 | ||||||
Revenue: | ||||||||
Services provided to CyrusOne | $ | 0.3 | $ | 0.5 | ||||
Operating costs and expenses: | ||||||||
Charges for services provided by CyrusOne | 2.5 | 2.3 | ||||||
Administrative services provided to CyrusOne | (0.1 | ) | (0.1 | ) | ||||
Total operating costs and expenses | $ | 2.4 | $ | 2.2 | ||||
Dividends of $6.0 million were received in the first quarter of 2015. On February 18, 2015, CyrusOne declared dividends of $0.315 per share payable on its common shares and CyrusOne LP partnership units. This dividend was paid on April 15, 2015. | ||||||||
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 the Texas Margin Tax return for the period ending December 31, 2014 is filed. As of March 31, 2015 and December 31, 2014, the receivable related to this agreement amounted to $0.5 million and $1.7 million, respectively. These balances are included in Receivable from CyrusOne. | ||||||||
At March 31, 2015 and December 31, 2014, amounts receivable from and payable to CyrusOne were as follows: | ||||||||
March 31, | December 31, | |||||||
(dollars in millions) | 2015 | 2014 | ||||||
Accounts receivable | $ | 0.6 | $ | 1.7 | ||||
Dividends receivable | 9 | 6 | ||||||
Receivable from CyrusOne | $ | 9.6 | $ | 7.7 | ||||
Accounts payable | $ | 1.3 | $ | 0.4 | ||||
Payable to CyrusOne | $ | 1.3 | $ | 0.4 | ||||
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||
Earnings Per Share [Text Block] | Earnings Per Common Share | |||||||||||||||||||||||
Basic earnings per common share (“EPS”) is based upon the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that would occur upon issuance of common shares for awards under stock-based compensation plans, exercise of warrants or conversion of preferred stock, but only to the extent that they are considered dilutive. | ||||||||||||||||||||||||
The following table shows the computation of basic and diluted EPS: | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||
(in millions, except per share amounts) | Continuing Operations | Discontinued Operations | Total | Continuing Operations | Discontinued Operations | Total | ||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Net income | $ | 0.3 | $ | 48.9 | $ | 49.2 | $ | 5.9 | $ | 1.1 | $ | 7 | ||||||||||||
Preferred stock dividends | 2.6 | — | 2.6 | 2.6 | — | 2.6 | ||||||||||||||||||
Net income (loss) applicable to common shareowners - basic and diluted | $ | (2.3 | ) | $ | 48.9 | $ | 46.6 | $ | 3.3 | $ | 1.1 | $ | 4.4 | |||||||||||
Denominator: | ||||||||||||||||||||||||
Weighted average common shares outstanding - basic | 209.2 | 209.2 | 209.2 | 208 | 208 | 208 | ||||||||||||||||||
Stock-based compensation arrangements | — | — | — | 1 | 1 | 1 | ||||||||||||||||||
Weighted average common shares outstanding - diluted | 209.2 | 209.2 | 209.2 | 209 | 209 | 209 | ||||||||||||||||||
Basic and diluted earnings (loss) per common share | $ | (0.01 | ) | $ | 0.23 | $ | 0.22 | $ | 0.02 | $ | — | $ | 0.02 | |||||||||||
For the three months ended March 31, 2015, the Company had a net loss available to common shareholders in continuing operations and, as a result, all common stock equivalents were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For the three months ended March 31, 2014, awards under the Company's stock-based compensation plans for common shares of 3.9 million were excluded from the computation of diluted EPS as the inclusion would have been anti-dilutive. For all periods presented, preferred stock convertible into 4.5 million common shares was excluded as it was anti-dilutive. |
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt Disclosure [Text Block] | Debt | |||||||
The Company’s debt (excluding debt related to discontinued operations) consists of the following: | ||||||||
(dollars in millions) | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Current portion of long-term debt: | ||||||||
Corporate Credit Agreement - Tranche B Term Loan | $ | 5.4 | $ | 5.4 | ||||
Capital lease obligations and other debt | 7.2 | 6.2 | ||||||
Current portion of long-term debt | 12.6 | 11.6 | ||||||
Long-term debt, less current portion: | ||||||||
Corporate Credit Agreement | — | — | ||||||
Receivables facility | 26.7 | 19.2 | ||||||
8 3/4% Senior Subordinated Notes due 2018 | 300 | 300 | ||||||
Corporate Credit Agreement - Tranche B Term Loan | 526.5 | 527.8 | ||||||
8 3/8% Senior Notes due 2020 | 661.2 | 661.2 | ||||||
7 1/4% Senior Notes due 2023 | 40 | 40 | ||||||
Various Cincinnati Bell Telephone notes | 134.5 | 134.5 | ||||||
Capital lease obligations and other debt | 62.9 | 9.9 | ||||||
1,751.80 | 1,692.60 | |||||||
Net unamortized discount | (3.0 | ) | (3.2 | ) | ||||
Long-term debt, less current portion | 1,748.80 | 1,689.40 | ||||||
Total debt | $ | 1,761.40 | $ | 1,701.00 | ||||
There were no outstanding borrowings on the Corporate Credit Agreement's revolving credit facility, leaving $150.0 million available for borrowings as of March 31, 2015. This revolving credit facility expires in July 2017. | ||||||||
The Company entered into an Incremental Assumption Agreement to the Company's existing Corporate Credit Agreement on April 6, 2015. Effective with the consummation of the sale of 14.3 million CyrusOne LP operating partnership units, the aggregate available borrowings on the Corporate Credit Agreement's revolving credit facility increased to $175.0 million for the remainder of the term. | ||||||||
As of March 31, 2015, the Company had $26.7 million of borrowings and $6.3 million of letters of credit outstanding under the accounts receivable securitization facility (“Receivables Facility”), leaving $69.0 million of remaining availability on the total borrowing capacity of $102.0 million. The Receivables Facility will terminate June 2, 2016, unless terminated earlier pursuant to its terms. 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. Under the terms of the Agreement, Cincinnati Bell Inc. could obtain up to $120.0 million depending on the quantity and quality of accounts receivable. 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 April 7, 2015, the Company notified its trustee of its election to redeem $300.0 million of the outstanding 8 ¾% Senior Subordinated Notes due 2018, at a redemption rate of 102.188% on May 7, 2015. As a result, a loss on extinguishment of debt of approximately $10 million will be recorded in the second quarter of 2015. |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Disclosures [Text Block] | Financial Instruments and Fair Value Measurements | |||||||||||||||
The carrying values of the Company's financial instruments approximate the estimated fair values as of March 31, 2015 and December 31, 2014, except for the Company's investment in CyrusOne and long-term debt. The carrying and fair values of these financial instruments are as follows: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
(dollars in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Investment in CyrusOne | $ | 261.5 | $ | 886.7 | $ | 273.6 | $ | 785 | ||||||||
Long-term debt, including current portion* | 1,692.40 | 1,745.20 | 1,686.10 | 1,717.40 | ||||||||||||
*Excludes capital leases. | ||||||||||||||||
The fair value of our investment in CyrusOne was based on the closing market price of CyrusOne's common stock on March 31, 2015 and December 31, 2014. This fair value measurement is considered Level 1 of the fair value hierarchy. | ||||||||||||||||
The fair value of our long-term debt was based on closing or estimated market prices of the Company’s debt at March 31, 2015 and December 31, 2014, which is considered Level 2 of the fair value hierarchy. |
Restructuring_Charges
Restructuring Charges | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | Restructuring Charges | |||||||||||||||
As of March 31, 2015, restructuring liabilities have been established for employee separations, lease abandonments and contract terminations. A summary of the activity in our restructuring liabilities is presented below: | ||||||||||||||||
(dollars in millions) | Employee | Lease | Other | Total | ||||||||||||
Separation | Abandonment | |||||||||||||||
Balance as of December 31, 2014 | $ | 3 | $ | 1.8 | $ | 0.1 | $ | 4.9 | ||||||||
Charges | 2.2 | — | 1.2 | 3.4 | ||||||||||||
Utilizations | (3.1 | ) | (0.2 | ) | (1.2 | ) | (4.5 | ) | ||||||||
Balance as of March 31, 2015 | $ | 2.1 | $ | 1.6 | $ | 0.1 | $ | 3.8 | ||||||||
The Company made severance payments during the three months ended March 31, 2015 pursuant to its written severance plan. In the first quarter of 2015, employee separation charges were associated with discontinuing our cyber-security product offering and integrating each of our segments' business markets. Lease abandonment costs represent future minimum lease obligations, net of expected sublease income, for abandoned facilities. Lease payments on abandoned facilities will continue through 2019. Other represents project related expenses as we continue to identify opportunities to integrate the business markets within our Entertainment and Communications and IT Services & Hardware segment. | ||||||||||||||||
A summary of restructuring activity by business segment is presented below: | ||||||||||||||||
(dollars in millions) | Entertainment and Communications | IT Services and Hardware | Corporate | Total | ||||||||||||
Balance as of December 31, 2014 | $ | 3.9 | $ | 0.3 | $ | 0.7 | $ | 4.9 | ||||||||
Charges | 0.8 | 2.2 | 0.4 | 3.4 | ||||||||||||
Utilizations | (3.2 | ) | (0.8 | ) | (0.5 | ) | (4.5 | ) | ||||||||
Balance as of March 31, 2015 | $ | 1.5 | $ | 1.7 | $ | 0.6 | $ | 3.8 | ||||||||
At March 31, 2015 and December 31, 2014, $3.5 million and $4.9 million, respectively, of the restructuring liabilities were included in “Other current liabilities,” and $0.3 million was included in “Other noncurrent liabilities” in the Condensed Consolidated Balance Sheets as of March 31, 2015. |
Pension_and_Postretirement_Pla
Pension and Postretirement Plans | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 months ended March 31, 2015 and 2014, approximately 10% of the costs were capitalized as a component of property, plant and equipment related to construction of our network. | ||||||||||||||||
For the three months ended March 31, 2015 and 2014, pension and postretirement benefit costs were as follows: | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(dollars in millions) | Pension Benefits | Postretirement and | ||||||||||||||
Other Benefits | ||||||||||||||||
Service cost | $ | — | $ | 0.3 | $ | 0.1 | $ | 0.1 | ||||||||
Interest cost on projected benefit obligation | 4.6 | 4.5 | 0.8 | 0.9 | ||||||||||||
Expected return on plan assets | (7.2 | ) | (6.8 | ) | — | — | ||||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | — | (3.9 | ) | (3.8 | ) | ||||||||||
Actuarial loss | 5.1 | 5.3 | 1.4 | 1.3 | ||||||||||||
Total amortization | 5.2 | 5.3 | (2.5 | ) | (2.5 | ) | ||||||||||
Benefit costs (benefits) | $ | 2.6 | $ | 3.3 | $ | (1.6 | ) | $ | (1.5 | ) | ||||||
Amortizations of prior service cost (benefit) and actuarial loss represent reclassifications from accumulated other comprehensive income. | ||||||||||||||||
Contributions in 2015 to the Company’s pension and postretirement plans are expected to be approximately $25 million. For the three months ended March 31, 2015, contributions to the pension plans were $2.6 million and net contributions to the postretirement plan were $2.0 million. |
StockBased_and_Other_Compensat
Stock-Based and Other Compensation Plans | 3 Months Ended |
Mar. 31, 2015 | |
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”), long-term incentive plan 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 months ended March 31, 2015, the Company recognized stock-based compensation expense of $2.0 million, inclusive of $0.4 million of mark-to-market expense on awards indexed to the Company's stock price. For the three months ended March 31, 2014, the Company recognized stock-based compensation expense of $0.9 million, inclusive of a $0.2 million mark-to-market gain on awards indexed to the Company's stock price. As of March 31, 2015, there was $15.7 million of unrecognized compensation expense related to these awards. The remaining compensation expense for the stock options, SARs and restricted awards is expected to be recognized over a weighted-average period of approximately two years, and the remaining expense for long-term incentive plan 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 March 31, 2015 and 2014, the number of common shares deferred under these plans was 0.4 million and 0.6 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. For the three months ended March 31, 2015, the Company recognized expense of $0.1 million. For the three months ended March 31, 2014, the Company recognized nominal expense. |
Shareowners_Deficit
Shareowners' Deficit | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Shareowners' Deficit [Abstract] | ||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Shareowners' Deficit | |||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
For the three months ended March 31, 2015, 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, 2014 | $ | (173.6 | ) | $ | (0.3 | ) | $ | (173.9 | ) | |||
Reclassifications, net | 1.7 | (a) | (0.3 | ) | 1.4 | |||||||
Balance as of March 31, 2015 | $ | (171.9 | ) | $ | (0.6 | ) | $ | (172.5 | ) | |||
(a) These reclassifications are included in the components of net periodic pension and postretirement benefit costs (see Note 8 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 | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Reporting Disclosure [Text Block] | Business Segment Information | |||||||
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 Entertainment and Communications segment provides products and services such as data transport, high-speed internet, entertainment, local voice, long distance, voice over internet protocol (VoIP), and other services. The IT Services and Hardware segment provides a range of fully managed and outsourced IT and telecommunications services along with the sale, installation, and maintenance of major branded IT and telephony equipment. | ||||||||
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 | ||||||||
March 31, | ||||||||
(dollars in millions) | 2015 | 2014 | ||||||
Revenue | ||||||||
Entertainment and Communications | $ | 188.1 | $ | 183.6 | ||||
IT Services and Hardware | 107.6 | 101.9 | ||||||
Intersegment | (2.8 | ) | (3.3 | ) | ||||
Total revenue | $ | 292.9 | $ | 282.2 | ||||
Intersegment revenue | ||||||||
Entertainment and Communications | $ | 0.3 | $ | 0.2 | ||||
IT Services and Hardware | 2.5 | 3.1 | ||||||
Total intersegment revenue | $ | 2.8 | $ | 3.3 | ||||
Operating income | ||||||||
Entertainment and Communications | $ | 41.3 | $ | 51.8 | ||||
IT Services and Hardware | 1.1 | 5.4 | ||||||
Corporate | (5.3 | ) | (6.8 | ) | ||||
Total operating income | $ | 37.1 | $ | 50.4 | ||||
Expenditures for long-lived assets | ||||||||
Entertainment and Communications | $ | 54 | $ | 26.2 | ||||
IT Services and Hardware | 3.9 | 2.5 | ||||||
Total expenditures for long-lived assets | $ | 57.9 | $ | 28.7 | ||||
Depreciation and amortization | ||||||||
Entertainment and Communications | $ | 29.5 | $ | 28.1 | ||||
IT Services and Hardware | 3.1 | 2.8 | ||||||
Corporate | — | 0.2 | ||||||
Total depreciation and amortization | $ | 32.6 | $ | 31.1 | ||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Assets | ||||||||
Entertainment and Communications | $ | 861.4 | $ | 833.2 | ||||
IT Services and Hardware | 58.9 | 61.4 | ||||||
Total assets from discontinued operations | 16.4 | 49.3 | ||||||
Corporate and eliminations | 796.3 | 876.8 | ||||||
Total assets | $ | 1,733.00 | $ | 1,820.70 | ||||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Supplemental Guarantor Information Abstract | ||||||||||||||||||||
Supplemental Guarantor Information | Supplemental Guarantor Information | |||||||||||||||||||
Cincinnati Bell Telephone Notes | ||||||||||||||||||||
As of March 31, 2015, 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. During the first quarter of 2015, certain entities issued dividends to the Parent Company which impacted equity and intercompany accounts on the balance sheets of certain non-guarantor entities. | ||||||||||||||||||||
The following information sets forth the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2015 and 2014, Condensed Consolidating Balance Sheets as of March 31, 2015 and December 31, 2014, and Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2015 and 2014 of (1) the Parent Company, as the guarantor, (2) CBT, as the issuer, and (3) the non-guarantor subsidiaries on a combined basis. | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Revenue | $ | — | $ | 167.6 | $ | 135 | $ | (9.7 | ) | $ | 292.9 | |||||||||
Operating costs and expenses | 5.3 | 128.9 | 131.3 | (9.7 | ) | 255.8 | ||||||||||||||
Operating income (loss) | (5.3 | ) | 38.7 | 3.7 | — | 37.1 | ||||||||||||||
Interest expense (income), net | 33.9 | (0.8 | ) | (0.4 | ) | — | 32.7 | |||||||||||||
Other expense (income), net | (0.4 | ) | 1.9 | 2 | — | 3.5 | ||||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | (38.8 | ) | 37.6 | 2.1 | — | 0.9 | ||||||||||||||
Income tax expense (benefit) | (14.1 | ) | 13.8 | 0.9 | — | 0.6 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 73.9 | — | — | (73.9 | ) | — | ||||||||||||||
Income (loss) from continuing operations | 49.2 | 23.8 | 1.2 | (73.9 | ) | 0.3 | ||||||||||||||
Income (loss) from discontinued operations | — | — | 48.9 | — | 48.9 | |||||||||||||||
Net income (loss) | 49.2 | 23.8 | 50.1 | (73.9 | ) | 49.2 | ||||||||||||||
Other comprehensive income (loss) | 1.7 | — | (0.3 | ) | — | 1.4 | ||||||||||||||
Total comprehensive income (loss) | $ | 50.9 | $ | 23.8 | $ | 49.8 | $ | (73.9 | ) | $ | 50.6 | |||||||||
Net income (loss) | 49.2 | 23.8 | 50.1 | (73.9 | ) | 49.2 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income (loss) applicable to common shareowners | $ | 46.6 | $ | 23.8 | $ | 50.1 | $ | (73.9 | ) | $ | 46.6 | |||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Revenue | $ | — | $ | 163.3 | $ | 128.9 | $ | (10.0 | ) | $ | 282.2 | |||||||||
Operating costs and expenses | 6.5 | 113.7 | 121.6 | (10.0 | ) | 231.8 | ||||||||||||||
Operating income (loss) | (6.5 | ) | 49.6 | 7.3 | — | 50.4 | ||||||||||||||
Interest expense (income), net | 36.7 | (0.8 | ) | 2.9 | — | 38.8 | ||||||||||||||
Other expense (income), net | (0.3 | ) | 1.9 | (2.4 | ) | — | (0.8 | ) | ||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | (42.9 | ) | 48.5 | 6.8 | — | 12.4 | ||||||||||||||
Income tax expense (benefit) | (13.2 | ) | 17.9 | 1.8 | — | 6.5 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 36.7 | — | — | (36.7 | ) | — | ||||||||||||||
Income (loss) from continuing operations | 7 | 30.6 | 5 | (36.7 | ) | 5.9 | ||||||||||||||
Income (loss) from discontinued operations | — | — | 1.1 | — | 1.1 | |||||||||||||||
Net income (loss) | 7 | 30.6 | 6.1 | (36.7 | ) | 7 | ||||||||||||||
Other comprehensive income (loss) | 1.8 | — | — | — | 1.8 | |||||||||||||||
Total comprehensive income (loss) | $ | 8.8 | $ | 30.6 | $ | 6.1 | $ | (36.7 | ) | $ | 8.8 | |||||||||
Net income (loss) | 7 | 30.6 | 6.1 | (36.7 | ) | 7 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income (loss) applicable to common shareowners | $ | 4.4 | $ | 30.6 | $ | 6.1 | $ | (36.7 | ) | $ | 4.4 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash and cash equivalents | $ | 10.6 | $ | 1.2 | $ | 1.6 | $ | — | $ | 13.4 | ||||||||||
Receivables, net | 1.4 | 1 | 167.9 | — | 170.3 | |||||||||||||||
Other current assets | 45.2 | 32 | 66 | (1.6 | ) | 141.6 | ||||||||||||||
Other current assets from discontinued operations | — | — | 0.4 | — | 0.4 | |||||||||||||||
Total current assets | 57.2 | 34.2 | 235.9 | (1.6 | ) | 325.7 | ||||||||||||||
Property, plant and equipment, net | 0.3 | 793.5 | 51.9 | — | 845.7 | |||||||||||||||
Investment in CyrusOne | — | — | 261.5 | — | 261.5 | |||||||||||||||
Goodwill and intangibles, net | — | 2.2 | 12.6 | — | 14.8 | |||||||||||||||
Investments in and advances to subsidiaries | 1,135.30 | 213.6 | 55.5 | (1,404.4 | ) | — | ||||||||||||||
Other noncurrent assets | 255.6 | 4.5 | 159.3 | (150.1 | ) | 269.3 | ||||||||||||||
Other noncurrent assets from discontinued operations | — | — | 16 | — | 16 | |||||||||||||||
Total assets | $ | 1,448.40 | $ | 1,048.00 | $ | 792.7 | $ | (1,556.1 | ) | $ | 1,733.00 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3.8 | $ | 3.4 | $ | — | $ | 12.6 | ||||||||||
Accounts payable | 0.6 | 72 | 40.5 | — | 113.1 | |||||||||||||||
Other current liabilities | 58.2 | 46.3 | 22.7 | — | 127.2 | |||||||||||||||
Other current liabilities from discontinued operations | — | — | 26.5 | — | 26.5 | |||||||||||||||
Total current liabilities | 64.2 | 122.1 | 93.1 | — | 279.4 | |||||||||||||||
Long-term debt, less current portion | 1,524.90 | 141.4 | 82.5 | — | 1,748.80 | |||||||||||||||
Other noncurrent liabilities | 247.3 | 165.8 | 11.8 | (151.7 | ) | 273.2 | ||||||||||||||
Other noncurrent liabilities from discontinued operations | — | — | 31.2 | — | 31.2 | |||||||||||||||
Intercompany payables | 211 | — | — | (211.0 | ) | — | ||||||||||||||
Total liabilities | 2,047.40 | 429.3 | 218.6 | (362.7 | ) | 2,332.60 | ||||||||||||||
Shareowners’ (deficit) equity | (599.0 | ) | 618.7 | 574.1 | (1,193.4 | ) | (599.6 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,448.40 | $ | 1,048.00 | $ | 792.7 | $ | (1,556.1 | ) | $ | 1,733.00 | |||||||||
As of December 31, 2014 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash and cash equivalents | $ | 56.2 | $ | 1 | $ | 0.7 | $ | — | $ | 57.9 | ||||||||||
Receivables, net | 2.6 | 1 | 164.9 | — | 168.5 | |||||||||||||||
Other current assets | 4.7 | 29.3 | 73.7 | (1.2 | ) | 106.5 | ||||||||||||||
Other current assets from discontinued operations | — | — | 4.7 | — | 4.7 | |||||||||||||||
Total current assets | 63.5 | 31.3 | 244 | (1.2 | ) | 337.6 | ||||||||||||||
Property, plant and equipment, net | 0.2 | 764 | 51.2 | — | 815.4 | |||||||||||||||
Investment in CyrusOne | — | — | 273.6 | — | 273.6 | |||||||||||||||
Goodwill and intangibles, net | — | 2.2 | 12.7 | — | 14.9 | |||||||||||||||
Investments in and advances to subsidiaries | 1,061.20 | 230.8 | 250 | (1,542.0 | ) | — | ||||||||||||||
Other noncurrent assets | 294.2 | 4.9 | 190.5 | (155.0 | ) | 334.6 | ||||||||||||||
Other noncurrent assets from discontinued operations | — | — | 44.6 | — | 44.6 | |||||||||||||||
Total assets | $ | 1,419.10 | $ | 1,033.20 | $ | 1,066.60 | $ | (1,698.2 | ) | $ | 1,820.70 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3.9 | $ | 2.3 | $ | — | $ | 11.6 | ||||||||||
Accounts payable | 1 | 73.8 | 57.2 | — | 132 | |||||||||||||||
Other current liabilities | 52.3 | 52.8 | 20 | 0.1 | 125.2 | |||||||||||||||
Other current liabilities from discontinued operations | — | — | 142 | — | 142 | |||||||||||||||
Total current liabilities | 58.7 | 130.5 | 221.5 | 0.1 | 410.8 | |||||||||||||||
Long-term debt, less current portion | 1,526.10 | 141.2 | 22.1 | — | 1,689.40 | |||||||||||||||
Other noncurrent liabilities | 254.1 | 166.7 | 1.9 | (156.4 | ) | 266.3 | ||||||||||||||
Other noncurrent liabilities from discontinued operations | — | — | 102.7 | — | 102.7 | |||||||||||||||
Intercompany payables | 228.5 | — | — | (228.5 | ) | — | ||||||||||||||
Total liabilities | 2,067.40 | 438.4 | 348.2 | (384.8 | ) | 2,469.20 | ||||||||||||||
Shareowners’ (deficit) equity | (648.3 | ) | 594.8 | 718.4 | (1,313.4 | ) | (648.5 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,419.10 | $ | 1,033.20 | $ | 1,066.60 | $ | (1,698.2 | ) | $ | 1,820.70 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (23.5 | ) | $ | 35.7 | $ | (5.9 | ) | $ | — | $ | 6.3 | ||||||||
Capital expenditures | — | (51.8 | ) | (6.1 | ) | — | (57.9 | ) | ||||||||||||
Dividends received from CyrusOne | — | — | 6 | — | 6 | |||||||||||||||
Distributions received from subsidiaries | 2.7 | — | — | (2.7 | ) | — | ||||||||||||||
Funding between Parent and subsidiaries, net | — | 17.3 | 10.9 | (28.2 | ) | — | ||||||||||||||
Other investing activities | (0.1 | ) | — | — | — | (0.1 | ) | |||||||||||||
Cash flows provided by (used in) investing activities | 2.6 | (34.5 | ) | 10.8 | (30.9 | ) | (52.0 | ) | ||||||||||||
Funding between Parent and subsidiaries, net | (20.4 | ) | — | (7.8 | ) | 28.2 | — | |||||||||||||
Distributions paid to Parent | — | — | (2.7 | ) | 2.7 | — | ||||||||||||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | — | — | 7.5 | — | 7.5 | |||||||||||||||
Repayment of debt | (1.3 | ) | (1.0 | ) | (1.0 | ) | — | (3.3 | ) | |||||||||||
Other financing activities | (3.0 | ) | — | — | — | (3.0 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | (24.7 | ) | (1.0 | ) | (4.0 | ) | 30.9 | 1.2 | ||||||||||||
Increase (decrease) in cash and cash equivalents | (45.6 | ) | 0.2 | 0.9 | — | (44.5 | ) | |||||||||||||
Beginning cash and cash equivalents | 56.2 | 1 | 0.7 | — | 57.9 | |||||||||||||||
Ending cash and cash equivalents | $ | 10.6 | $ | 1.2 | $ | 1.6 | $ | — | $ | 13.4 | ||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (28.2 | ) | $ | 51.9 | $ | 14.1 | $ | — | $ | 37.8 | |||||||||
Capital expenditures | — | (22.6 | ) | (11.7 | ) | — | (34.3 | ) | ||||||||||||
Proceeds from sale of assets | — | 0.1 | 1.8 | — | 1.9 | |||||||||||||||
Dividends received from CyrusOne | — | — | 7.1 | — | 7.1 | |||||||||||||||
Cash flows provided by (used in) investing activities | — | (22.5 | ) | (2.8 | ) | — | (25.3 | ) | ||||||||||||
Funding between Parent and subsidiaries, net | 35.4 | (29.4 | ) | (6.0 | ) | — | — | |||||||||||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | (2.5 | ) | — | (1.6 | ) | — | (4.1 | ) | ||||||||||||
Repayment of debt | (1.3 | ) | (1.0 | ) | (2.9 | ) | — | (5.2 | ) | |||||||||||
Proceeds from exercise of options and warrants | 0.6 | — | — | — | 0.6 | |||||||||||||||
Other financing activities | (4.2 | ) | — | — | — | (4.2 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 28 | (30.4 | ) | (10.5 | ) | — | (12.9 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | (0.2 | ) | (1.0 | ) | 0.8 | — | (0.4 | ) | ||||||||||||
Beginning cash and cash equivalents | 2.1 | 1.8 | 0.7 | — | 4.6 | |||||||||||||||
Ending cash and cash equivalents | $ | 1.9 | $ | 0.8 | $ | 1.5 | $ | — | $ | 4.2 | ||||||||||
Supplemental Guarantor Information - 8 3/8% Senior Notes due 2020 and 8 3/4% Senior Subordinated Notes due 2018 | ||||||||||||||||||||
As of March 31, 2015, 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. During the first quarter of 2015, certain entities issued dividends to the Parent Company which impacted equity and intercompany accounts on the balance sheets of certain non-guarantor entities. | ||||||||||||||||||||
On April 7, 2015, the Company notified its trustee of its election to redeem the remaining $300.0 million of the outstanding 8 ¾% Senior Subordinated Notes due 2018, at a redemption rate of 102.188% on May 7, 2015. | ||||||||||||||||||||
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. | |||||||||||||||||||
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 months ended March 31, 2015 and 2014, Condensed Consolidating Balance Sheets as of March 31, 2015 and December 31, 2014, and Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2015 and 2014 of (1) the Parent Company, as the issuer, (2) the guarantor subsidiaries on a combined basis, and (3) the non-guarantor subsidiaries on a combined basis. | ||||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 152.9 | $ | 149.7 | $ | (9.7 | ) | $ | 292.9 | |||||||||
Operating costs and expenses | 5.3 | 147.3 | 112.9 | (9.7 | ) | 255.8 | ||||||||||||||
Operating income (loss) | (5.3 | ) | 5.6 | 36.8 | — | 37.1 | ||||||||||||||
Interest expense (income), net | 33.9 | (0.7 | ) | (0.5 | ) | — | 32.7 | |||||||||||||
Other expense (income), net | (0.4 | ) | 6.1 | (2.2 | ) | — | 3.5 | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | (38.8 | ) | 0.2 | 39.5 | — | 0.9 | ||||||||||||||
Income tax expense (benefit) | (14.1 | ) | — | 14.7 | — | 0.6 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 73.9 | — | — | (73.9 | ) | — | ||||||||||||||
Income (loss) from continuing operations | 49.2 | 0.2 | 24.8 | (73.9 | ) | 0.3 | ||||||||||||||
Income (loss) from discontinued operations | — | 48.9 | — | — | 48.9 | |||||||||||||||
Net income (loss) | 49.2 | 49.1 | 24.8 | (73.9 | ) | 49.2 | ||||||||||||||
Other comprehensive income (loss) | 1.7 | — | (0.3 | ) | — | 1.4 | ||||||||||||||
Total comprehensive income (loss) | $ | 50.9 | $ | 49.1 | $ | 24.5 | $ | (73.9 | ) | $ | 50.6 | |||||||||
Net income (loss) | 49.2 | 49.1 | 24.8 | (73.9 | ) | 49.2 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income (loss) applicable to common shareowners | $ | 46.6 | $ | 49.1 | $ | 24.8 | $ | (73.9 | ) | $ | 46.6 | |||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 142.4 | $ | 149.8 | $ | (10.0 | ) | $ | 282.2 | |||||||||
Operating costs and expenses | 6.5 | 133.5 | 101.8 | (10.0 | ) | 231.8 | ||||||||||||||
Operating income (loss) | (6.5 | ) | 8.9 | 48 | — | 50.4 | ||||||||||||||
Interest expense (income), net | 36.7 | 2.5 | (0.4 | ) | — | 38.8 | ||||||||||||||
Other expense (income), net | (0.3 | ) | 2.6 | (3.1 | ) | — | (0.8 | ) | ||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | (42.9 | ) | 3.8 | 51.5 | — | 12.4 | ||||||||||||||
Income tax expense (benefit) | (13.2 | ) | 1.2 | 18.5 | — | 6.5 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 36.7 | — | — | (36.7 | ) | — | ||||||||||||||
Income (loss) from continuing operations | 7 | 2.6 | 33 | (36.7 | ) | 5.9 | ||||||||||||||
Income (loss) from discontinued operations | — | 1.1 | — | — | 1.1 | |||||||||||||||
Net income (loss) | 7 | 3.7 | 33 | (36.7 | ) | 7 | ||||||||||||||
Other comprehensive income (loss) | 1.8 | — | — | — | 1.8 | |||||||||||||||
Total comprehensive income (loss) | $ | 8.8 | $ | 3.7 | $ | 33 | $ | (36.7 | ) | $ | 8.8 | |||||||||
Net income (loss) | 7 | 3.7 | 33 | (36.7 | ) | 7 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income (loss) applicable to common shareowners | $ | 4.4 | $ | 3.7 | $ | 33 | $ | (36.7 | ) | $ | 4.4 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash and cash equivalents | $ | 10.6 | $ | 0.3 | $ | 2.5 | $ | — | $ | 13.4 | ||||||||||
Receivables, net | 1.4 | 9 | 159.9 | — | 170.3 | |||||||||||||||
Other current assets | 45.2 | 63.4 | 34.6 | (1.6 | ) | 141.6 | ||||||||||||||
Other current assets from discontinued operations | — | 0.4 | — | — | 0.4 | |||||||||||||||
Total current assets | 57.2 | 73.1 | 197 | (1.6 | ) | 325.7 | ||||||||||||||
Property, plant and equipment, net | 0.3 | 51.5 | 793.9 | — | 845.7 | |||||||||||||||
Investment in CyrusOne | — | 261.5 | — | — | 261.5 | |||||||||||||||
Goodwill and intangibles, net | — | 12.6 | 2.2 | — | 14.8 | |||||||||||||||
Investments in and advances to subsidiaries | 1,135.30 | 181.5 | 206.3 | (1,523.1 | ) | — | ||||||||||||||
Other noncurrent assets | 255.6 | 160.3 | 3.5 | (150.1 | ) | 269.3 | ||||||||||||||
Other noncurrent assets from discontinued operations | — | 16 | — | — | 16 | |||||||||||||||
Total assets | $ | 1,448.40 | $ | 756.5 | $ | 1,202.90 | $ | (1,674.8 | ) | $ | 1,733.00 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3.4 | $ | 3.8 | $ | — | $ | 12.6 | ||||||||||
Accounts payable | 0.6 | 55.8 | 56.7 | — | 113.1 | |||||||||||||||
Other current liabilities | 58.2 | 24.3 | 44.7 | — | 127.2 | |||||||||||||||
Other current liabilities from discontinued operations | — | 26.5 | — | — | 26.5 | |||||||||||||||
Total current liabilities | 64.2 | 110 | 105.2 | — | 279.4 | |||||||||||||||
Long-term debt, less current portion | 1,524.90 | 55.8 | 168.1 | — | 1,748.80 | |||||||||||||||
Other noncurrent liabilities | 247.3 | 8.8 | 168.8 | (151.7 | ) | 273.2 | ||||||||||||||
Other noncurrent liabilities from discontinued operations | — | 31.2 | — | — | 31.2 | |||||||||||||||
Intercompany payables | 211 | — | 128.1 | (339.1 | ) | — | ||||||||||||||
Total liabilities | 2,047.40 | 205.8 | 570.2 | (490.8 | ) | 2,332.60 | ||||||||||||||
Shareowners’ (deficit) equity | (599.0 | ) | 550.7 | 632.7 | (1,184.0 | ) | (599.6 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,448.40 | $ | 756.5 | $ | 1,202.90 | $ | (1,674.8 | ) | $ | 1,733.00 | |||||||||
As of December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash and cash equivalents | $ | 56.2 | $ | 0.2 | $ | 1.5 | $ | — | $ | 57.9 | ||||||||||
Receivables, net | 2.6 | 6.1 | 159.8 | — | 168.5 | |||||||||||||||
Other current assets | 4.7 | 69.9 | 33.1 | (1.2 | ) | 106.5 | ||||||||||||||
Other current assets from discontinued operations | — | 4.7 | — | — | 4.7 | |||||||||||||||
Total current assets | 63.5 | 80.9 | 194.4 | (1.2 | ) | 337.6 | ||||||||||||||
Property, plant and equipment, net | 0.2 | 50.8 | 764.4 | — | 815.4 | |||||||||||||||
Investment in CyrusOne | — | 273.6 | — | — | 273.6 | |||||||||||||||
Goodwill and intangibles, net | — | 12.7 | 2.2 | — | 14.9 | |||||||||||||||
Investments in and advances to subsidiaries | 1,061.20 | 393.1 | 209.3 | (1,663.6 | ) | — | ||||||||||||||
Other noncurrent assets | 294.2 | 191.6 | 3.8 | (155.0 | ) | 334.6 | ||||||||||||||
Other noncurrent assets from discontinued operations | — | 44.6 | — | — | 44.6 | |||||||||||||||
Total assets | $ | 1,419.10 | $ | 1,047.30 | $ | 1,174.10 | $ | (1,819.8 | ) | $ | 1,820.70 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 2.3 | $ | 3.9 | $ | — | $ | 11.6 | ||||||||||
Accounts payable | 1 | 76.2 | 54.8 | — | 132 | |||||||||||||||
Other current liabilities | 52.3 | 23.5 | 49.3 | 0.1 | 125.2 | |||||||||||||||
Other current liabilities from discontinued operations | — | 142 | — | — | 142 | |||||||||||||||
Total current liabilities | 58.7 | 244 | 108 | 0.1 | 410.8 | |||||||||||||||
Long-term debt, less current portion | 1,526.10 | 2.9 | 160.4 | — | 1,689.40 | |||||||||||||||
Other noncurrent liabilities | 254.1 | 4.6 | 164 | (156.4 | ) | 266.3 | ||||||||||||||
Other noncurrent liabilities from discontinued operations | — | 102.7 | — | — | 102.7 | |||||||||||||||
Intercompany payables | 228.5 | — | 131.9 | (360.4 | ) | — | ||||||||||||||
Total liabilities | 2,067.40 | 354.2 | 564.3 | (516.7 | ) | 2,469.20 | ||||||||||||||
Shareowners’ (deficit) equity | (648.3 | ) | 693.1 | 609.8 | (1,303.1 | ) | (648.5 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,419.10 | $ | 1,047.30 | $ | 1,174.10 | $ | (1,819.8 | ) | $ | 1,820.70 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (23.5 | ) | $ | (19.2 | ) | $ | 49 | $ | — | $ | 6.3 | ||||||||
Capital expenditures | — | (6.1 | ) | (51.8 | ) | — | (57.9 | ) | ||||||||||||
Dividends received from CyrusOne | — | 6 | — | — | 6 | |||||||||||||||
Distributions received from subsidiaries | 2.7 | — | — | (2.7 | ) | — | ||||||||||||||
Funding between Parent and subsidiaries, net | — | 20.4 | 7.2 | (27.6 | ) | — | ||||||||||||||
Other investing activities | (0.1 | ) | — | — | — | (0.1 | ) | |||||||||||||
Cash flows provided by (used in) investing activities | 2.6 | 20.3 | (44.6 | ) | (30.3 | ) | (52.0 | ) | ||||||||||||
Funding between Parent and subsidiaries, net | (20.4 | ) | — | (7.2 | ) | 27.6 | — | |||||||||||||
Distributions paid to Parent | — | — | (2.7 | ) | 2.7 | — | ||||||||||||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | — | — | 7.5 | — | 7.5 | |||||||||||||||
Repayment of debt | (1.3 | ) | (1.0 | ) | (1.0 | ) | — | (3.3 | ) | |||||||||||
Other financing activities | (3.0 | ) | — | — | — | (3.0 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | (24.7 | ) | (1.0 | ) | (3.4 | ) | 30.3 | 1.2 | ||||||||||||
Increase (decrease) in cash and cash equivalents | (45.6 | ) | 0.1 | 1 | — | (44.5 | ) | |||||||||||||
Beginning cash and cash equivalents | 56.2 | 0.2 | 1.5 | — | 57.9 | |||||||||||||||
Ending cash and cash equivalents | $ | 10.6 | $ | 0.3 | $ | 2.5 | $ | — | $ | 13.4 | ||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (28.2 | ) | $ | 25.6 | $ | 40.4 | $ | — | $ | 37.8 | |||||||||
Capital expenditures | — | (11.7 | ) | (22.6 | ) | — | (34.3 | ) | ||||||||||||
Proceeds from sale of assets | — | — | 1.9 | — | 1.9 | |||||||||||||||
Dividends received from CyrusOne | — | 7.1 | — | — | 7.1 | |||||||||||||||
Cash flows provided by (used in) investing activities | — | (4.6 | ) | (20.7 | ) | — | (25.3 | ) | ||||||||||||
Funding between Parent and subsidiaries, net | 35.4 | (19.5 | ) | (15.9 | ) | — | — | |||||||||||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | (2.5 | ) | — | (1.6 | ) | — | (4.1 | ) | ||||||||||||
Repayment of debt | (1.3 | ) | (0.7 | ) | (3.2 | ) | — | (5.2 | ) | |||||||||||
Proceeds from exercise of options and warrants | 0.6 | — | — | — | 0.6 | |||||||||||||||
Other financing activities | (4.2 | ) | — | — | — | (4.2 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 28 | (20.2 | ) | (20.7 | ) | — | (12.9 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | (0.2 | ) | 0.8 | (1.0 | ) | — | (0.4 | ) | ||||||||||||
Beginning cash and cash equivalents | 2.1 | 0.3 | 2.2 | — | 4.6 | |||||||||||||||
Ending cash and cash equivalents | $ | 1.9 | $ | 1.1 | $ | 1.2 | $ | — | $ | 4.2 | ||||||||||
Description_of_Business_and_Ac1
Description of Business and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation — The Condensed Consolidated Financial Statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all adjustments necessary for a fair presentation of the results of operations, other comprehensive income, financial position, and cash flows for each period presented. |
The adjustments referred to above are of a normal and recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to SEC rules and regulations for interim reporting. | |
The Condensed Consolidated Balance Sheet as of December 31, 2014 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 2014 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results expected for the full year or any other interim period. | |
The closing of our wireless operations represents a strategic shift in our business. Therefore, certain wireless assets, liabilities and results of operations will be reported as discontinued operations in our financial statements. Accordingly, the Company has recast its prior period results to be comparable with the current discontinued operations presentation with the exception of the Condensed Consolidated Statements of Cash Flows. See Note 2 for all required disclosures. | |
Use of Estimates | Use of Estimates — Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. In the normal course of business, the Company is subject to various regulatory and tax proceedings, lawsuits, claims, and other matters. The Company believes adequate provision has been made for all such asserted and unasserted claims in accordance with U.S. GAAP. Such matters are subject to many uncertainties and outcomes that are not predictable with assurance. |
Investment in CyrusOne | Equity Method Investments — Effective January 24, 2013, the completion date of CyrusOne's IPO, 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 Condensed Consolidated Statement of Operations. For the quarter ended March 31, 2015 and 2014, the Company received cash dividends from CyrusOne totaling $6.0 million and $7.1 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 other entities, which are accounted for as equity method investments, and the carrying value has been recorded in "Other noncurrent assets" in the Condensed Consolidated Balance Sheets. The Company's proportionate share of their respective net income is recorded in "Other expense, net" in the Condensed Consolidated Statement of 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 rate to exceed statutory rates primarily due to non-deductible expenses, including interest on securities originally issued to acquire its broadband business or securities subsequently issued to refinance those securities. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards — On January 9, 2015, the FASB issued Accounting Standard Update ("ASU") 2015-01, Income Statement-Extraordinary and Unusual Items. The updated standard will no longer allow for transactions that are unusual in nature and occur infrequently to be presented net-of-tax after income from continuing operations as an extraordinary item in the statements of operations. Under the new guidance, these transactions will be separately presented within income from continuing operations similar to current guidance for transactions that are unusual in nature or occur infrequently. 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 as there are no transactions presented as an extraordinary item. |
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest, which changes the presentation of debt issuance costs in the financial statements. The amendments in this update require companies to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset and to record amortization of the costs as interest expense. The standard will be effective on January 1, 2016 and will be applied retrospectively for prior periods. The Company estimates approximately $10 million of debt issuance costs will be reclassified from "Other non-current assets" to "Long term debt, less current portion" on the Condensed Consolidated Balance Sheets on the date of adoption. The adoption is not expected to impact the Statement of Operations. | |
In April 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other-Internal-Use Software, which amends ASC 350-40 to provide customers with guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. The standard will be effective on January 1, 2016 and can be adopted retrospectively or prospectively to arrangements entered into, or materially modified, after the effective date. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company’s consolidated financial statements. | |
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 was effective for us on January 1, 2015 and the amended guidance has been applied to the discontinuation of our wireless operations. For a full discussion of discontinued operations and required disclosures reference Note 2. | |
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, exercise of warrants or conversion of preferred stock, but only to the extent that they are considered dilutive. |
Fair Value Measurement | The fair value of our investment in CyrusOne was based on the closing market price of CyrusOne's common stock on March 31, 2015 and December 31, 2014. This fair value measurement is considered Level 1 of the fair value hierarchy. |
The fair value of our long-term debt was based on closing or estimated market prices of the Company’s debt at March 31, 2015 and December 31, 2014, which is considered Level 2 of the fair value hierarchy. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Assets and Liabilities to be Reclassified - Discontinued Operations [Table Text Block] | As a result, we removed the following assets and liabilities in the second quarter of 2015. | |||||||
(dollars in millions) | As of March 31, 2015 | |||||||
Property, plant and equipment, net | $ | 16 | ||||||
Current portion of long-term debt | 0.5 | |||||||
Long-term debt, less current portion | 24.6 | |||||||
Other non-current liabilities | 6.6 | |||||||
Total liabilities | $ | 31.7 | ||||||
Condensed Income Statement [Table Text Block] | Wireless financial results for the three months ended March 31, 2015 and 2014 reported as Income from discontinued operations (net of tax) on the Condensed Consolidated Statements of Operations are as follows: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(dollars in millions) | 2015 | 2014 | ||||||
Revenue | $ | 4.4 | $ | 44.7 | ||||
Costs and expenses | ||||||||
Cost of products and services | 12 | 19.8 | ||||||
Selling, general and administrative | 1.3 | 6.2 | ||||||
Depreciation and amortization expense | 28.6 | 15.8 | ||||||
Restructuring charges | 6.4 | — | ||||||
Amortization of deferred gain | (6.5 | ) | (3.6 | ) | ||||
Total operating costs and expenses | 41.8 | 38.2 | ||||||
Operating income (loss) | (37.4 | ) | 6.5 | |||||
Interest (income) expense | (0.8 | ) | 1.5 | |||||
Other expense | — | 0.9 | ||||||
Gain on sale of wireless spectrum licenses | 112.6 | — | ||||||
Income before income taxes | 76 | 4.1 | ||||||
Income tax expense | 27.1 | 3 | ||||||
Net income from discontinued operations | $ | 48.9 | $ | 1.1 | ||||
Summarized financial information for CyrusOne is as follows: | ||||||||
Three months ended | ||||||||
(dollars in millions) | 31-Mar-15 | 31-Mar-14 | ||||||
Revenue | $ | 85.7 | $ | 77.5 | ||||
Operating income | 1.6 | 11.8 | ||||||
Net (loss) income | (7.2 | ) | 0.7 | |||||
Condensed Balance Sheet [Table Text Block] | Wireless assets and liabilities presented as discontinued operations as of March 31, 2015 and December 31, 2014 are as follows: | |||||||
(dollars in millions) | 31-Mar-15 | 31-Dec-14 | ||||||
Current assets | ||||||||
Prepaid rent - lease of spectrum license | $ | — | $ | 3.2 | ||||
Other current assets | 0.4 | 1.5 | ||||||
Total current assets from discontinued operations | 0.4 | 4.7 | ||||||
Property, plant and equipment | 16 | 44.1 | ||||||
Other noncurrent assets | — | 0.5 | ||||||
Total noncurrent assets from discontinued operations | 16 | 44.6 | ||||||
Total assets from discontinued operations | $ | 16.4 | $ | 49.3 | ||||
Current liabilities | ||||||||
Current portion of long-term debt | $ | 0.5 | $ | 1.6 | ||||
Accounts payable | 2.8 | 5 | ||||||
Restructuring reserve | 18.4 | 15.4 | ||||||
Deferred gain on sale of wireless spectrum licenses | — | 112.6 | ||||||
Other current liabilities | 4.8 | 7.4 | ||||||
Total current liabilities from discontinued operations | 26.5 | 142 | ||||||
Long-term debt, less current portion | 24.6 | 81.6 | ||||||
Deferred gain on sale of towers | 6.6 | 13.1 | ||||||
Other noncurrent liabilities | — | 8 | ||||||
Total noncurrent liabilities from discontinued operations | 31.2 | 102.7 | ||||||
Total liabilities related to discontinued operations | $ | 57.7 | $ | 244.7 | ||||
Capital Leases and Debt Retained - Discontinued Operations [Table Text Block] | The following capital lease and asset retirement obligations will be retained by the Company and have not been included in liabilities from discontinued operations at March 31, 2015: | |||||||
Continuing Operations | Discontinued Operations | |||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||
(dollars in millions) | ||||||||
Current portion of long-term debt | $ | 1.1 | $ | 1.1 | ||||
Long-term debt, less current portion | 53.4 | 57 | ||||||
Other noncurrent liabilities | 10.9 | 7.5 | ||||||
Total liabilities | $ | 65.4 | $ | 65.6 | ||||
Condensed Cash Flow Statement [Table Text Block] | Following is selected operating and investing cash flow activity from discontinued operations included in Condensed Consolidated Statements of Cash Flows | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(dollars in millions) | 2015 | 2014 | ||||||
Depreciation and amortization | $ | 28.6 | $ | 15.8 | ||||
Amortization of deferred gain on sale of towers | (6.5 | ) | (3.6 | ) | ||||
Non-cash spectrum lease | 3.2 | — | ||||||
Deferred gain on sale of spectrum | (112.6 | ) | — | |||||
Restructuring payments | (3.4 | ) | (0.3 | ) | ||||
Capital expenditures | — | (5.6 | ) | |||||
Investment_in_CyrusOne_Tables
Investment in CyrusOne (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Schedule of Condensed Income Statement, Equity Method Investee | Wireless financial results for the three months ended March 31, 2015 and 2014 reported as Income from discontinued operations (net of tax) on the Condensed Consolidated Statements of Operations are as follows: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(dollars in millions) | 2015 | 2014 | ||||||
Revenue | $ | 4.4 | $ | 44.7 | ||||
Costs and expenses | ||||||||
Cost of products and services | 12 | 19.8 | ||||||
Selling, general and administrative | 1.3 | 6.2 | ||||||
Depreciation and amortization expense | 28.6 | 15.8 | ||||||
Restructuring charges | 6.4 | — | ||||||
Amortization of deferred gain | (6.5 | ) | (3.6 | ) | ||||
Total operating costs and expenses | 41.8 | 38.2 | ||||||
Operating income (loss) | (37.4 | ) | 6.5 | |||||
Interest (income) expense | (0.8 | ) | 1.5 | |||||
Other expense | — | 0.9 | ||||||
Gain on sale of wireless spectrum licenses | 112.6 | — | ||||||
Income before income taxes | 76 | 4.1 | ||||||
Income tax expense | 27.1 | 3 | ||||||
Net income from discontinued operations | $ | 48.9 | $ | 1.1 | ||||
Summarized financial information for CyrusOne is as follows: | ||||||||
Three months ended | ||||||||
(dollars in millions) | 31-Mar-15 | 31-Mar-14 | ||||||
Revenue | $ | 85.7 | $ | 77.5 | ||||
Operating income | 1.6 | 11.8 | ||||||
Net (loss) income | (7.2 | ) | 0.7 | |||||
Related Party Revenues and Expenses [Member] | ||||||||
Schedule of Related Party Transactions [Table Text Block] | Revenues and operating costs and expenses from transactions with CyrusOne were as follows: | |||||||
Three months ended | ||||||||
(dollars in millions) | 31-Mar-15 | 31-Mar-14 | ||||||
Revenue: | ||||||||
Services provided to CyrusOne | $ | 0.3 | $ | 0.5 | ||||
Operating costs and expenses: | ||||||||
Charges for services provided by CyrusOne | 2.5 | 2.3 | ||||||
Administrative services provided to CyrusOne | (0.1 | ) | (0.1 | ) | ||||
Total operating costs and expenses | $ | 2.4 | $ | 2.2 | ||||
Related Party Receivables and Payables [Member] | ||||||||
Schedule of Related Party Transactions [Table Text Block] | At March 31, 2015 and December 31, 2014, amounts receivable from and payable to CyrusOne were as follows: | |||||||
March 31, | December 31, | |||||||
(dollars in millions) | 2015 | 2014 | ||||||
Accounts receivable | $ | 0.6 | $ | 1.7 | ||||
Dividends receivable | 9 | 6 | ||||||
Receivable from CyrusOne | $ | 9.6 | $ | 7.7 | ||||
Accounts payable | $ | 1.3 | $ | 0.4 | ||||
Payable to CyrusOne | $ | 1.3 | $ | 0.4 | ||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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 | Three Months Ended | |||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||||||
(in millions, except per share amounts) | Continuing Operations | Discontinued Operations | Total | Continuing Operations | Discontinued Operations | Total | ||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Net income | $ | 0.3 | $ | 48.9 | $ | 49.2 | $ | 5.9 | $ | 1.1 | $ | 7 | ||||||||||||
Preferred stock dividends | 2.6 | — | 2.6 | 2.6 | — | 2.6 | ||||||||||||||||||
Net income (loss) applicable to common shareowners - basic and diluted | $ | (2.3 | ) | $ | 48.9 | $ | 46.6 | $ | 3.3 | $ | 1.1 | $ | 4.4 | |||||||||||
Denominator: | ||||||||||||||||||||||||
Weighted average common shares outstanding - basic | 209.2 | 209.2 | 209.2 | 208 | 208 | 208 | ||||||||||||||||||
Stock-based compensation arrangements | — | — | — | 1 | 1 | 1 | ||||||||||||||||||
Weighted average common shares outstanding - diluted | 209.2 | 209.2 | 209.2 | 209 | 209 | 209 | ||||||||||||||||||
Basic and diluted earnings (loss) per common share | $ | (0.01 | ) | $ | 0.23 | $ | 0.22 | $ | 0.02 | $ | — | $ | 0.02 | |||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The Company’s debt (excluding debt related to discontinued operations) consists of the following: | |||||||
(dollars in millions) | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
Current portion of long-term debt: | ||||||||
Corporate Credit Agreement - Tranche B Term Loan | $ | 5.4 | $ | 5.4 | ||||
Capital lease obligations and other debt | 7.2 | 6.2 | ||||||
Current portion of long-term debt | 12.6 | 11.6 | ||||||
Long-term debt, less current portion: | ||||||||
Corporate Credit Agreement | — | — | ||||||
Receivables facility | 26.7 | 19.2 | ||||||
8 3/4% Senior Subordinated Notes due 2018 | 300 | 300 | ||||||
Corporate Credit Agreement - Tranche B Term Loan | 526.5 | 527.8 | ||||||
8 3/8% Senior Notes due 2020 | 661.2 | 661.2 | ||||||
7 1/4% Senior Notes due 2023 | 40 | 40 | ||||||
Various Cincinnati Bell Telephone notes | 134.5 | 134.5 | ||||||
Capital lease obligations and other debt | 62.9 | 9.9 | ||||||
1,751.80 | 1,692.60 | |||||||
Net unamortized discount | (3.0 | ) | (3.2 | ) | ||||
Long-term debt, less current portion | 1,748.80 | 1,689.40 | ||||||
Total debt | $ | 1,761.40 | $ | 1,701.00 | ||||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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: | |||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
(dollars in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Investment in CyrusOne | $ | 261.5 | $ | 886.7 | $ | 273.6 | $ | 785 | ||||||||
Long-term debt, including current portion* | 1,692.40 | 1,745.20 | 1,686.10 | 1,717.40 | ||||||||||||
*Excludes capital leases. |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | A summary of the activity in our restructuring liabilities is presented below: | |||||||||||||||
(dollars in millions) | Employee | Lease | Other | Total | ||||||||||||
Separation | Abandonment | |||||||||||||||
Balance as of December 31, 2014 | $ | 3 | $ | 1.8 | $ | 0.1 | $ | 4.9 | ||||||||
Charges | 2.2 | — | 1.2 | 3.4 | ||||||||||||
Utilizations | (3.1 | ) | (0.2 | ) | (1.2 | ) | (4.5 | ) | ||||||||
Balance as of March 31, 2015 | $ | 2.1 | $ | 1.6 | $ | 0.1 | $ | 3.8 | ||||||||
Schedule of Restructuring and Related Costs by Segment [Table Text Block] | A summary of restructuring activity by business segment is presented below: | |||||||||||||||
(dollars in millions) | Entertainment and Communications | IT Services and Hardware | Corporate | Total | ||||||||||||
Balance as of December 31, 2014 | $ | 3.9 | $ | 0.3 | $ | 0.7 | $ | 4.9 | ||||||||
Charges | 0.8 | 2.2 | 0.4 | 3.4 | ||||||||||||
Utilizations | (3.2 | ) | (0.8 | ) | (0.5 | ) | (4.5 | ) | ||||||||
Balance as of March 31, 2015 | $ | 1.5 | $ | 1.7 | $ | 0.6 | $ | 3.8 | ||||||||
Pension_and_Postretirement_Pla1
Pension and Postretirement Plans (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | For the three months ended March 31, 2015 and 2014, pension and postretirement benefit costs were as follows: | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(dollars in millions) | Pension Benefits | Postretirement and | ||||||||||||||
Other Benefits | ||||||||||||||||
Service cost | $ | — | $ | 0.3 | $ | 0.1 | $ | 0.1 | ||||||||
Interest cost on projected benefit obligation | 4.6 | 4.5 | 0.8 | 0.9 | ||||||||||||
Expected return on plan assets | (7.2 | ) | (6.8 | ) | — | — | ||||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 0.1 | — | (3.9 | ) | (3.8 | ) | ||||||||||
Actuarial loss | 5.1 | 5.3 | 1.4 | 1.3 | ||||||||||||
Total amortization | 5.2 | 5.3 | (2.5 | ) | (2.5 | ) | ||||||||||
Benefit costs (benefits) | $ | 2.6 | $ | 3.3 | $ | (1.6 | ) | $ | (1.5 | ) | ||||||
Shareowners_Deficit_Tables
Shareowners' Deficit (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component [Abstract] | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | For the three months ended March 31, 2015, 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, 2014 | $ | (173.6 | ) | $ | (0.3 | ) | $ | (173.9 | ) | |||
Reclassifications, net | 1.7 | (a) | (0.3 | ) | 1.4 | |||||||
Balance as of March 31, 2015 | $ | (171.9 | ) | $ | (0.6 | ) | $ | (172.5 | ) | |||
(a) These reclassifications are included in the components of net periodic pension and postretirement benefit costs (see Note 8 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) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 | ||||||||
March 31, | ||||||||
(dollars in millions) | 2015 | 2014 | ||||||
Revenue | ||||||||
Entertainment and Communications | $ | 188.1 | $ | 183.6 | ||||
IT Services and Hardware | 107.6 | 101.9 | ||||||
Intersegment | (2.8 | ) | (3.3 | ) | ||||
Total revenue | $ | 292.9 | $ | 282.2 | ||||
Intersegment revenue | ||||||||
Entertainment and Communications | $ | 0.3 | $ | 0.2 | ||||
IT Services and Hardware | 2.5 | 3.1 | ||||||
Total intersegment revenue | $ | 2.8 | $ | 3.3 | ||||
Operating income | ||||||||
Entertainment and Communications | $ | 41.3 | $ | 51.8 | ||||
IT Services and Hardware | 1.1 | 5.4 | ||||||
Corporate | (5.3 | ) | (6.8 | ) | ||||
Total operating income | $ | 37.1 | $ | 50.4 | ||||
Expenditures for long-lived assets | ||||||||
Entertainment and Communications | $ | 54 | $ | 26.2 | ||||
IT Services and Hardware | 3.9 | 2.5 | ||||||
Total expenditures for long-lived assets | $ | 57.9 | $ | 28.7 | ||||
Depreciation and amortization | ||||||||
Entertainment and Communications | $ | 29.5 | $ | 28.1 | ||||
IT Services and Hardware | 3.1 | 2.8 | ||||||
Corporate | — | 0.2 | ||||||
Total depreciation and amortization | $ | 32.6 | $ | 31.1 | ||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Assets | ||||||||
Entertainment and Communications | $ | 861.4 | $ | 833.2 | ||||
IT Services and Hardware | 58.9 | 61.4 | ||||||
Total assets from discontinued operations | 16.4 | 49.3 | ||||||
Corporate and eliminations | 796.3 | 876.8 | ||||||
Total assets | $ | 1,733.00 | $ | 1,820.70 | ||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 months ended March 31, 2015 and 2014, Condensed Consolidating Balance Sheets as of March 31, 2015 and December 31, 2014, and Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2015 and 2014 of (1) the Parent Company, as the guarantor, (2) CBT, as the issuer, and (3) the non-guarantor subsidiaries on a combined basis. | |||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Revenue | $ | — | $ | 167.6 | $ | 135 | $ | (9.7 | ) | $ | 292.9 | |||||||||
Operating costs and expenses | 5.3 | 128.9 | 131.3 | (9.7 | ) | 255.8 | ||||||||||||||
Operating income (loss) | (5.3 | ) | 38.7 | 3.7 | — | 37.1 | ||||||||||||||
Interest expense (income), net | 33.9 | (0.8 | ) | (0.4 | ) | — | 32.7 | |||||||||||||
Other expense (income), net | (0.4 | ) | 1.9 | 2 | — | 3.5 | ||||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | (38.8 | ) | 37.6 | 2.1 | — | 0.9 | ||||||||||||||
Income tax expense (benefit) | (14.1 | ) | 13.8 | 0.9 | — | 0.6 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 73.9 | — | — | (73.9 | ) | — | ||||||||||||||
Income (loss) from continuing operations | 49.2 | 23.8 | 1.2 | (73.9 | ) | 0.3 | ||||||||||||||
Income (loss) from discontinued operations | — | — | 48.9 | — | 48.9 | |||||||||||||||
Net income (loss) | 49.2 | 23.8 | 50.1 | (73.9 | ) | 49.2 | ||||||||||||||
Other comprehensive income (loss) | 1.7 | — | (0.3 | ) | — | 1.4 | ||||||||||||||
Total comprehensive income (loss) | $ | 50.9 | $ | 23.8 | $ | 49.8 | $ | (73.9 | ) | $ | 50.6 | |||||||||
Net income (loss) | 49.2 | 23.8 | 50.1 | (73.9 | ) | 49.2 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income (loss) applicable to common shareowners | $ | 46.6 | $ | 23.8 | $ | 50.1 | $ | (73.9 | ) | $ | 46.6 | |||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Revenue | $ | — | $ | 163.3 | $ | 128.9 | $ | (10.0 | ) | $ | 282.2 | |||||||||
Operating costs and expenses | 6.5 | 113.7 | 121.6 | (10.0 | ) | 231.8 | ||||||||||||||
Operating income (loss) | (6.5 | ) | 49.6 | 7.3 | — | 50.4 | ||||||||||||||
Interest expense (income), net | 36.7 | (0.8 | ) | 2.9 | — | 38.8 | ||||||||||||||
Other expense (income), net | (0.3 | ) | 1.9 | (2.4 | ) | — | (0.8 | ) | ||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | (42.9 | ) | 48.5 | 6.8 | — | 12.4 | ||||||||||||||
Income tax expense (benefit) | (13.2 | ) | 17.9 | 1.8 | — | 6.5 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 36.7 | — | — | (36.7 | ) | — | ||||||||||||||
Income (loss) from continuing operations | 7 | 30.6 | 5 | (36.7 | ) | 5.9 | ||||||||||||||
Income (loss) from discontinued operations | — | — | 1.1 | — | 1.1 | |||||||||||||||
Net income (loss) | 7 | 30.6 | 6.1 | (36.7 | ) | 7 | ||||||||||||||
Other comprehensive income (loss) | 1.8 | — | — | — | 1.8 | |||||||||||||||
Total comprehensive income (loss) | $ | 8.8 | $ | 30.6 | $ | 6.1 | $ | (36.7 | ) | $ | 8.8 | |||||||||
Net income (loss) | 7 | 30.6 | 6.1 | (36.7 | ) | 7 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income (loss) applicable to common shareowners | $ | 4.4 | $ | 30.6 | $ | 6.1 | $ | (36.7 | ) | $ | 4.4 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash and cash equivalents | $ | 10.6 | $ | 1.2 | $ | 1.6 | $ | — | $ | 13.4 | ||||||||||
Receivables, net | 1.4 | 1 | 167.9 | — | 170.3 | |||||||||||||||
Other current assets | 45.2 | 32 | 66 | (1.6 | ) | 141.6 | ||||||||||||||
Other current assets from discontinued operations | — | — | 0.4 | — | 0.4 | |||||||||||||||
Total current assets | 57.2 | 34.2 | 235.9 | (1.6 | ) | 325.7 | ||||||||||||||
Property, plant and equipment, net | 0.3 | 793.5 | 51.9 | — | 845.7 | |||||||||||||||
Investment in CyrusOne | — | — | 261.5 | — | 261.5 | |||||||||||||||
Goodwill and intangibles, net | — | 2.2 | 12.6 | — | 14.8 | |||||||||||||||
Investments in and advances to subsidiaries | 1,135.30 | 213.6 | 55.5 | (1,404.4 | ) | — | ||||||||||||||
Other noncurrent assets | 255.6 | 4.5 | 159.3 | (150.1 | ) | 269.3 | ||||||||||||||
Other noncurrent assets from discontinued operations | — | — | 16 | — | 16 | |||||||||||||||
Total assets | $ | 1,448.40 | $ | 1,048.00 | $ | 792.7 | $ | (1,556.1 | ) | $ | 1,733.00 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3.8 | $ | 3.4 | $ | — | $ | 12.6 | ||||||||||
Accounts payable | 0.6 | 72 | 40.5 | — | 113.1 | |||||||||||||||
Other current liabilities | 58.2 | 46.3 | 22.7 | — | 127.2 | |||||||||||||||
Other current liabilities from discontinued operations | — | — | 26.5 | — | 26.5 | |||||||||||||||
Total current liabilities | 64.2 | 122.1 | 93.1 | — | 279.4 | |||||||||||||||
Long-term debt, less current portion | 1,524.90 | 141.4 | 82.5 | — | 1,748.80 | |||||||||||||||
Other noncurrent liabilities | 247.3 | 165.8 | 11.8 | (151.7 | ) | 273.2 | ||||||||||||||
Other noncurrent liabilities from discontinued operations | — | — | 31.2 | — | 31.2 | |||||||||||||||
Intercompany payables | 211 | — | — | (211.0 | ) | — | ||||||||||||||
Total liabilities | 2,047.40 | 429.3 | 218.6 | (362.7 | ) | 2,332.60 | ||||||||||||||
Shareowners’ (deficit) equity | (599.0 | ) | 618.7 | 574.1 | (1,193.4 | ) | (599.6 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,448.40 | $ | 1,048.00 | $ | 792.7 | $ | (1,556.1 | ) | $ | 1,733.00 | |||||||||
As of December 31, 2014 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash and cash equivalents | $ | 56.2 | $ | 1 | $ | 0.7 | $ | — | $ | 57.9 | ||||||||||
Receivables, net | 2.6 | 1 | 164.9 | — | 168.5 | |||||||||||||||
Other current assets | 4.7 | 29.3 | 73.7 | (1.2 | ) | 106.5 | ||||||||||||||
Other current assets from discontinued operations | — | — | 4.7 | — | 4.7 | |||||||||||||||
Total current assets | 63.5 | 31.3 | 244 | (1.2 | ) | 337.6 | ||||||||||||||
Property, plant and equipment, net | 0.2 | 764 | 51.2 | — | 815.4 | |||||||||||||||
Investment in CyrusOne | — | — | 273.6 | — | 273.6 | |||||||||||||||
Goodwill and intangibles, net | — | 2.2 | 12.7 | — | 14.9 | |||||||||||||||
Investments in and advances to subsidiaries | 1,061.20 | 230.8 | 250 | (1,542.0 | ) | — | ||||||||||||||
Other noncurrent assets | 294.2 | 4.9 | 190.5 | (155.0 | ) | 334.6 | ||||||||||||||
Other noncurrent assets from discontinued operations | — | — | 44.6 | — | 44.6 | |||||||||||||||
Total assets | $ | 1,419.10 | $ | 1,033.20 | $ | 1,066.60 | $ | (1,698.2 | ) | $ | 1,820.70 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3.9 | $ | 2.3 | $ | — | $ | 11.6 | ||||||||||
Accounts payable | 1 | 73.8 | 57.2 | — | 132 | |||||||||||||||
Other current liabilities | 52.3 | 52.8 | 20 | 0.1 | 125.2 | |||||||||||||||
Other current liabilities from discontinued operations | — | — | 142 | — | 142 | |||||||||||||||
Total current liabilities | 58.7 | 130.5 | 221.5 | 0.1 | 410.8 | |||||||||||||||
Long-term debt, less current portion | 1,526.10 | 141.2 | 22.1 | — | 1,689.40 | |||||||||||||||
Other noncurrent liabilities | 254.1 | 166.7 | 1.9 | (156.4 | ) | 266.3 | ||||||||||||||
Other noncurrent liabilities from discontinued operations | — | — | 102.7 | — | 102.7 | |||||||||||||||
Intercompany payables | 228.5 | — | — | (228.5 | ) | — | ||||||||||||||
Total liabilities | 2,067.40 | 438.4 | 348.2 | (384.8 | ) | 2,469.20 | ||||||||||||||
Shareowners’ (deficit) equity | (648.3 | ) | 594.8 | 718.4 | (1,313.4 | ) | (648.5 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,419.10 | $ | 1,033.20 | $ | 1,066.60 | $ | (1,698.2 | ) | $ | 1,820.70 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(dollars in millions) | Parent | CBT | Other | Eliminations | Total | |||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (23.5 | ) | $ | 35.7 | $ | (5.9 | ) | $ | — | $ | 6.3 | ||||||||
Capital expenditures | — | (51.8 | ) | (6.1 | ) | — | (57.9 | ) | ||||||||||||
Dividends received from CyrusOne | — | — | 6 | — | 6 | |||||||||||||||
Distributions received from subsidiaries | 2.7 | — | — | (2.7 | ) | — | ||||||||||||||
Funding between Parent and subsidiaries, net | — | 17.3 | 10.9 | (28.2 | ) | — | ||||||||||||||
Other investing activities | (0.1 | ) | — | — | — | (0.1 | ) | |||||||||||||
Cash flows provided by (used in) investing activities | 2.6 | (34.5 | ) | 10.8 | (30.9 | ) | (52.0 | ) | ||||||||||||
Funding between Parent and subsidiaries, net | (20.4 | ) | — | (7.8 | ) | 28.2 | — | |||||||||||||
Distributions paid to Parent | — | — | (2.7 | ) | 2.7 | — | ||||||||||||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | — | — | 7.5 | — | 7.5 | |||||||||||||||
Repayment of debt | (1.3 | ) | (1.0 | ) | (1.0 | ) | — | (3.3 | ) | |||||||||||
Other financing activities | (3.0 | ) | — | — | — | (3.0 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | (24.7 | ) | (1.0 | ) | (4.0 | ) | 30.9 | 1.2 | ||||||||||||
Increase (decrease) in cash and cash equivalents | (45.6 | ) | 0.2 | 0.9 | — | (44.5 | ) | |||||||||||||
Beginning cash and cash equivalents | 56.2 | 1 | 0.7 | — | 57.9 | |||||||||||||||
Ending cash and cash equivalents | $ | 10.6 | $ | 1.2 | $ | 1.6 | $ | — | $ | 13.4 | ||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | CBT | Other | Eliminations | Total | ||||||||||||||||
(Guarantor) | (Issuer) | Non-guarantors | ||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (28.2 | ) | $ | 51.9 | $ | 14.1 | $ | — | $ | 37.8 | |||||||||
Capital expenditures | — | (22.6 | ) | (11.7 | ) | — | (34.3 | ) | ||||||||||||
Proceeds from sale of assets | — | 0.1 | 1.8 | — | 1.9 | |||||||||||||||
Dividends received from CyrusOne | — | — | 7.1 | — | 7.1 | |||||||||||||||
Cash flows provided by (used in) investing activities | — | (22.5 | ) | (2.8 | ) | — | (25.3 | ) | ||||||||||||
Funding between Parent and subsidiaries, net | 35.4 | (29.4 | ) | (6.0 | ) | — | — | |||||||||||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | (2.5 | ) | — | (1.6 | ) | — | (4.1 | ) | ||||||||||||
Repayment of debt | (1.3 | ) | (1.0 | ) | (2.9 | ) | — | (5.2 | ) | |||||||||||
Proceeds from exercise of options and warrants | 0.6 | — | — | — | 0.6 | |||||||||||||||
Other financing activities | (4.2 | ) | — | — | — | (4.2 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 28 | (30.4 | ) | (10.5 | ) | — | (12.9 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | (0.2 | ) | (1.0 | ) | 0.8 | — | (0.4 | ) | ||||||||||||
Beginning cash and cash equivalents | 2.1 | 1.8 | 0.7 | — | 4.6 | |||||||||||||||
Ending cash and cash equivalents | $ | 1.9 | $ | 0.8 | $ | 1.5 | $ | — | $ | 4.2 | ||||||||||
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 months ended March 31, 2015 and 2014, Condensed Consolidating Balance Sheets as of March 31, 2015 and December 31, 2014, and Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2015 and 2014 of (1) the Parent Company, as the issuer, (2) the guarantor subsidiaries on a combined basis, and (3) the non-guarantor subsidiaries on a combined basis. | |||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 152.9 | $ | 149.7 | $ | (9.7 | ) | $ | 292.9 | |||||||||
Operating costs and expenses | 5.3 | 147.3 | 112.9 | (9.7 | ) | 255.8 | ||||||||||||||
Operating income (loss) | (5.3 | ) | 5.6 | 36.8 | — | 37.1 | ||||||||||||||
Interest expense (income), net | 33.9 | (0.7 | ) | (0.5 | ) | — | 32.7 | |||||||||||||
Other expense (income), net | (0.4 | ) | 6.1 | (2.2 | ) | — | 3.5 | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | (38.8 | ) | 0.2 | 39.5 | — | 0.9 | ||||||||||||||
Income tax expense (benefit) | (14.1 | ) | — | 14.7 | — | 0.6 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 73.9 | — | — | (73.9 | ) | — | ||||||||||||||
Income (loss) from continuing operations | 49.2 | 0.2 | 24.8 | (73.9 | ) | 0.3 | ||||||||||||||
Income (loss) from discontinued operations | — | 48.9 | — | — | 48.9 | |||||||||||||||
Net income (loss) | 49.2 | 49.1 | 24.8 | (73.9 | ) | 49.2 | ||||||||||||||
Other comprehensive income (loss) | 1.7 | — | (0.3 | ) | — | 1.4 | ||||||||||||||
Total comprehensive income (loss) | $ | 50.9 | $ | 49.1 | $ | 24.5 | $ | (73.9 | ) | $ | 50.6 | |||||||||
Net income (loss) | 49.2 | 49.1 | 24.8 | (73.9 | ) | 49.2 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income (loss) applicable to common shareowners | $ | 46.6 | $ | 49.1 | $ | 24.8 | $ | (73.9 | ) | $ | 46.6 | |||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Revenue | $ | — | $ | 142.4 | $ | 149.8 | $ | (10.0 | ) | $ | 282.2 | |||||||||
Operating costs and expenses | 6.5 | 133.5 | 101.8 | (10.0 | ) | 231.8 | ||||||||||||||
Operating income (loss) | (6.5 | ) | 8.9 | 48 | — | 50.4 | ||||||||||||||
Interest expense (income), net | 36.7 | 2.5 | (0.4 | ) | — | 38.8 | ||||||||||||||
Other expense (income), net | (0.3 | ) | 2.6 | (3.1 | ) | — | (0.8 | ) | ||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | (42.9 | ) | 3.8 | 51.5 | — | 12.4 | ||||||||||||||
Income tax expense (benefit) | (13.2 | ) | 1.2 | 18.5 | — | 6.5 | ||||||||||||||
Equity in earnings of subsidiaries, net of tax | 36.7 | — | — | (36.7 | ) | — | ||||||||||||||
Income (loss) from continuing operations | 7 | 2.6 | 33 | (36.7 | ) | 5.9 | ||||||||||||||
Income (loss) from discontinued operations | — | 1.1 | — | — | 1.1 | |||||||||||||||
Net income (loss) | 7 | 3.7 | 33 | (36.7 | ) | 7 | ||||||||||||||
Other comprehensive income (loss) | 1.8 | — | — | — | 1.8 | |||||||||||||||
Total comprehensive income (loss) | $ | 8.8 | $ | 3.7 | $ | 33 | $ | (36.7 | ) | $ | 8.8 | |||||||||
Net income (loss) | 7 | 3.7 | 33 | (36.7 | ) | 7 | ||||||||||||||
Preferred stock dividends | 2.6 | — | — | — | 2.6 | |||||||||||||||
Net income (loss) applicable to common shareowners | $ | 4.4 | $ | 3.7 | $ | 33 | $ | (36.7 | ) | $ | 4.4 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash and cash equivalents | $ | 10.6 | $ | 0.3 | $ | 2.5 | $ | — | $ | 13.4 | ||||||||||
Receivables, net | 1.4 | 9 | 159.9 | — | 170.3 | |||||||||||||||
Other current assets | 45.2 | 63.4 | 34.6 | (1.6 | ) | 141.6 | ||||||||||||||
Other current assets from discontinued operations | — | 0.4 | — | — | 0.4 | |||||||||||||||
Total current assets | 57.2 | 73.1 | 197 | (1.6 | ) | 325.7 | ||||||||||||||
Property, plant and equipment, net | 0.3 | 51.5 | 793.9 | — | 845.7 | |||||||||||||||
Investment in CyrusOne | — | 261.5 | — | — | 261.5 | |||||||||||||||
Goodwill and intangibles, net | — | 12.6 | 2.2 | — | 14.8 | |||||||||||||||
Investments in and advances to subsidiaries | 1,135.30 | 181.5 | 206.3 | (1,523.1 | ) | — | ||||||||||||||
Other noncurrent assets | 255.6 | 160.3 | 3.5 | (150.1 | ) | 269.3 | ||||||||||||||
Other noncurrent assets from discontinued operations | — | 16 | — | — | 16 | |||||||||||||||
Total assets | $ | 1,448.40 | $ | 756.5 | $ | 1,202.90 | $ | (1,674.8 | ) | $ | 1,733.00 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 3.4 | $ | 3.8 | $ | — | $ | 12.6 | ||||||||||
Accounts payable | 0.6 | 55.8 | 56.7 | — | 113.1 | |||||||||||||||
Other current liabilities | 58.2 | 24.3 | 44.7 | — | 127.2 | |||||||||||||||
Other current liabilities from discontinued operations | — | 26.5 | — | — | 26.5 | |||||||||||||||
Total current liabilities | 64.2 | 110 | 105.2 | — | 279.4 | |||||||||||||||
Long-term debt, less current portion | 1,524.90 | 55.8 | 168.1 | — | 1,748.80 | |||||||||||||||
Other noncurrent liabilities | 247.3 | 8.8 | 168.8 | (151.7 | ) | 273.2 | ||||||||||||||
Other noncurrent liabilities from discontinued operations | — | 31.2 | — | — | 31.2 | |||||||||||||||
Intercompany payables | 211 | — | 128.1 | (339.1 | ) | — | ||||||||||||||
Total liabilities | 2,047.40 | 205.8 | 570.2 | (490.8 | ) | 2,332.60 | ||||||||||||||
Shareowners’ (deficit) equity | (599.0 | ) | 550.7 | 632.7 | (1,184.0 | ) | (599.6 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,448.40 | $ | 756.5 | $ | 1,202.90 | $ | (1,674.8 | ) | $ | 1,733.00 | |||||||||
As of December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash and cash equivalents | $ | 56.2 | $ | 0.2 | $ | 1.5 | $ | — | $ | 57.9 | ||||||||||
Receivables, net | 2.6 | 6.1 | 159.8 | — | 168.5 | |||||||||||||||
Other current assets | 4.7 | 69.9 | 33.1 | (1.2 | ) | 106.5 | ||||||||||||||
Other current assets from discontinued operations | — | 4.7 | — | — | 4.7 | |||||||||||||||
Total current assets | 63.5 | 80.9 | 194.4 | (1.2 | ) | 337.6 | ||||||||||||||
Property, plant and equipment, net | 0.2 | 50.8 | 764.4 | — | 815.4 | |||||||||||||||
Investment in CyrusOne | — | 273.6 | — | — | 273.6 | |||||||||||||||
Goodwill and intangibles, net | — | 12.7 | 2.2 | — | 14.9 | |||||||||||||||
Investments in and advances to subsidiaries | 1,061.20 | 393.1 | 209.3 | (1,663.6 | ) | — | ||||||||||||||
Other noncurrent assets | 294.2 | 191.6 | 3.8 | (155.0 | ) | 334.6 | ||||||||||||||
Other noncurrent assets from discontinued operations | — | 44.6 | — | — | 44.6 | |||||||||||||||
Total assets | $ | 1,419.10 | $ | 1,047.30 | $ | 1,174.10 | $ | (1,819.8 | ) | $ | 1,820.70 | |||||||||
Current portion of long-term debt | $ | 5.4 | $ | 2.3 | $ | 3.9 | $ | — | $ | 11.6 | ||||||||||
Accounts payable | 1 | 76.2 | 54.8 | — | 132 | |||||||||||||||
Other current liabilities | 52.3 | 23.5 | 49.3 | 0.1 | 125.2 | |||||||||||||||
Other current liabilities from discontinued operations | — | 142 | — | — | 142 | |||||||||||||||
Total current liabilities | 58.7 | 244 | 108 | 0.1 | 410.8 | |||||||||||||||
Long-term debt, less current portion | 1,526.10 | 2.9 | 160.4 | — | 1,689.40 | |||||||||||||||
Other noncurrent liabilities | 254.1 | 4.6 | 164 | (156.4 | ) | 266.3 | ||||||||||||||
Other noncurrent liabilities from discontinued operations | — | 102.7 | — | — | 102.7 | |||||||||||||||
Intercompany payables | 228.5 | — | 131.9 | (360.4 | ) | — | ||||||||||||||
Total liabilities | 2,067.40 | 354.2 | 564.3 | (516.7 | ) | 2,469.20 | ||||||||||||||
Shareowners’ (deficit) equity | (648.3 | ) | 693.1 | 609.8 | (1,303.1 | ) | (648.5 | ) | ||||||||||||
Total liabilities and shareowners’ equity (deficit) | $ | 1,419.10 | $ | 1,047.30 | $ | 1,174.10 | $ | (1,819.8 | ) | $ | 1,820.70 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(dollars in millions) | Parent | Guarantors | Non-guarantors | Eliminations | Total | |||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (23.5 | ) | $ | (19.2 | ) | $ | 49 | $ | — | $ | 6.3 | ||||||||
Capital expenditures | — | (6.1 | ) | (51.8 | ) | — | (57.9 | ) | ||||||||||||
Dividends received from CyrusOne | — | 6 | — | — | 6 | |||||||||||||||
Distributions received from subsidiaries | 2.7 | — | — | (2.7 | ) | — | ||||||||||||||
Funding between Parent and subsidiaries, net | — | 20.4 | 7.2 | (27.6 | ) | — | ||||||||||||||
Other investing activities | (0.1 | ) | — | — | — | (0.1 | ) | |||||||||||||
Cash flows provided by (used in) investing activities | 2.6 | 20.3 | (44.6 | ) | (30.3 | ) | (52.0 | ) | ||||||||||||
Funding between Parent and subsidiaries, net | (20.4 | ) | — | (7.2 | ) | 27.6 | — | |||||||||||||
Distributions paid to Parent | — | — | (2.7 | ) | 2.7 | — | ||||||||||||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | — | — | 7.5 | — | 7.5 | |||||||||||||||
Repayment of debt | (1.3 | ) | (1.0 | ) | (1.0 | ) | — | (3.3 | ) | |||||||||||
Other financing activities | (3.0 | ) | — | — | — | (3.0 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | (24.7 | ) | (1.0 | ) | (3.4 | ) | 30.3 | 1.2 | ||||||||||||
Increase (decrease) in cash and cash equivalents | (45.6 | ) | 0.1 | 1 | — | (44.5 | ) | |||||||||||||
Beginning cash and cash equivalents | 56.2 | 0.2 | 1.5 | — | 57.9 | |||||||||||||||
Ending cash and cash equivalents | $ | 10.6 | $ | 0.3 | $ | 2.5 | $ | — | $ | 13.4 | ||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-guarantors | Eliminations | Total | ||||||||||||||||
(Issuer) | ||||||||||||||||||||
Cash flows provided by (used in) operating activities | $ | (28.2 | ) | $ | 25.6 | $ | 40.4 | $ | — | $ | 37.8 | |||||||||
Capital expenditures | — | (11.7 | ) | (22.6 | ) | — | (34.3 | ) | ||||||||||||
Proceeds from sale of assets | — | — | 1.9 | — | 1.9 | |||||||||||||||
Dividends received from CyrusOne | — | 7.1 | — | — | 7.1 | |||||||||||||||
Cash flows provided by (used in) investing activities | — | (4.6 | ) | (20.7 | ) | — | (25.3 | ) | ||||||||||||
Funding between Parent and subsidiaries, net | 35.4 | (19.5 | ) | (15.9 | ) | — | — | |||||||||||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | (2.5 | ) | — | (1.6 | ) | — | (4.1 | ) | ||||||||||||
Repayment of debt | (1.3 | ) | (0.7 | ) | (3.2 | ) | — | (5.2 | ) | |||||||||||
Proceeds from exercise of options and warrants | 0.6 | — | — | — | 0.6 | |||||||||||||||
Other financing activities | (4.2 | ) | — | — | — | (4.2 | ) | |||||||||||||
Cash flows provided by (used in) financing activities | 28 | (20.2 | ) | (20.7 | ) | — | (12.9 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | (0.2 | ) | 0.8 | (1.0 | ) | — | (0.4 | ) | ||||||||||||
Beginning cash and cash equivalents | 2.1 | 0.3 | 2.2 | — | 4.6 | |||||||||||||||
Ending cash and cash equivalents | $ | 1.9 | $ | 1.1 | $ | 1.2 | $ | — | $ | 4.2 | ||||||||||
Description_of_Business_and_Ac2
Description of Business and Accounting Policies (Details) (USD $) | 3 Months Ended | ||||||
Share data in Millions, except Per Share data, unless otherwise specified | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Apr. 07, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||||||
Revenue from customers greater than 10%, percentage | $1 | ||||||
Accounts Receivable from customers greater than 10%, percentage | 0.25 | 0.26 | |||||
Revenue from customers greater than 10%, percentage | 0.12 | 0.12 | |||||
Proceeds from Sale of Intangible Assets | 194,400,000 | ||||||
Investment owned in CyrusOne Inc., Balance, Shares | 1.9 | 1.9 | |||||
Investment owned in CyrusOne LP, Balance, Partnership Units | 26.6 | 12.3 | |||||
Total ownership interests in Equity Method Investee, Percentage | 43.00% | 22.00% | |||||
Equity Method Investment Sold, Partnership Units | 14.3 | ||||||
Sale of Partnership Units, Price Per Unit | $29.88 | ||||||
Proceeds from Sale of Equity Method Investments | 426,000,000 | ||||||
Dividends received from CyrusOne | 6,000,000 | 7,100,000 | |||||
Equity Method Investments | 5,500,000 | ||||||
Debt Issuance Costs to be Reclassified | $10,000,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 |
Proceeds from Sale of Intangible Assets | $194.40 | ||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 88.2 | ||||
Prepaid Expense, Current | 14.1 | 10.8 | |||
Gain on Liabilities and Other Assets transferred in Sale of Business Affiliate and Productive Assets | 16 | ||||
Total liabilities | 2,332.60 | 2,469.20 | |||
Revenue | 292.9 | 282.2 | |||
Selling, General and Administrative Expense | 52.2 | 49.3 | |||
Depreciation and amortization | 61.2 | 46.9 | |||
Restructuring charges | 3.4 | 0 | |||
Amortization of deferred gain | 6.5 | 3.6 | |||
Total operating costs and expenses | 255.8 | 231.8 | |||
Operating income (loss) | 37.1 | 50.4 | |||
Other Nonoperating Income (Expense) | -0.4 | 0.3 | |||
Gain on sale of wireless spectrum licenses | -112.6 | 0 | |||
Income tax expense | 0.6 | 6.5 | |||
Net income from discontinued operations | 49.2 | 7 | |||
Other current assets | 3.5 | 1.8 | |||
Other noncurrent assets | 32.4 | 33.9 | |||
Total noncurrent assets from discontinued operations | 16 | 44.6 | |||
Restructuring reserve | 3.5 | 4.9 | |||
Other current liabilities from discontinued operations | 26.5 | 142 | |||
Other noncurrent liabilities | 39.3 | 26.2 | |||
Total noncurrent liabilities from discontinued operations | 31.2 | 102.7 | |||
Restructuring payments | -4.5 | ||||
Capital expenditures | -57.9 | -34.3 | |||
Discontinued Operations [Member] | |||||
Prepaid Expense, Current | 6.4 | ||||
Total liabilities | 31.7 | ||||
Other noncurrent liabilities from discontinued operations | 6.6 | ||||
Revenue | 4.4 | 44.7 | |||
Cost of Goods and Services Sold | 12 | 19.8 | |||
Selling, General and Administrative Expense | 1.3 | 6.2 | |||
Depreciation and amortization | 28.6 | 15.8 | |||
Restructuring charges | 6.4 | 0 | |||
Amortization of deferred gain | -6.5 | -3.6 | |||
Total operating costs and expenses | 41.8 | 38.2 | |||
Operating income (loss) | -37.4 | 6.5 | |||
Interest Income (Expense), Net | -0.8 | 1.5 | |||
Other Nonoperating Income (Expense) | 0 | 0.9 | |||
Gain on sale of wireless spectrum licenses | -112.6 | 0 | |||
Income before income taxes | 76 | 4.1 | |||
Income tax expense | 27.1 | 3 | |||
Net income from discontinued operations | 48.9 | 1.1 | |||
Prepaid rent - spectrum license | 0 | 3.2 | |||
Other current assets | 0.4 | 1.5 | |||
Total current assets from discontinued operations | 0.4 | 4.7 | |||
Property, plant and equipment, net | 16 | 44.1 | |||
Other noncurrent assets | 0 | 0.5 | |||
Total noncurrent assets from discontinued operations | 16 | 44.6 | |||
Total assets from discontinued operations | 16.4 | 49.3 | |||
Current portion of long-term debt | 0.5 | 1.6 | |||
Accounts payable | 2.8 | 5 | |||
Restructuring reserve | 18.4 | 15.4 | |||
Deferred Gain on Sale of Property | 0 | 112.6 | |||
Other current liabilities from discontinued operations | 4.8 | 7.4 | |||
Total current liabilities from discontinued operations | 26.5 | 142 | |||
Long-term debt, less current portion | 24.6 | 81.6 | |||
Other noncurrent liabilities | 0 | 8 | |||
Total noncurrent liabilities from discontinued operations | 31.2 | 102.7 | |||
Disposal Group, Including Discontinued Operation, Liabilities | 57.7 | 244.7 | |||
Increase (Decrease) in Prepaid Rent | 3.2 | 0 | |||
Restructuring payments | -3.4 | -0.3 | |||
Capital expenditures | 0 | 5.6 | |||
Continuing Operations [Member] | |||||
Total liabilities | 65.4 | 65.6 | |||
Depreciation and amortization | 32.6 | 31.1 | |||
Net income from discontinued operations | 5.9 | ||||
Current portion of long-term debt | 1.1 | 1.1 | |||
Long-term debt, less current portion | 53.4 | 57 | |||
Other noncurrent liabilities | 10.9 | 7.5 | |||
Capital expenditures | -28.7 | ||||
Wireless Towers [Member] | Discontinued Operations [Member] | |||||
Deferred Gain on Sale of Property | $6.60 | $13.10 |
Investment_in_CyrusOne_Details
Investment in CyrusOne (Details) (USD $) | 3 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Apr. 07, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||||||
Total ownership interests in CyrusOne, Percentage | 43.00% | 22.00% | ||||
Investment owned in CyrusOne Inc., Balance, Shares | 1.9 | 1.9 | ||||
Investment owned in CyrusOne LP, Balance, Partnership Units | 26.6 | 12.3 | ||||
Equity Method Investments, Fair Value Disclosure | $886.70 | $785 | ||||
Loss (income) from CyrusOne equity method investment | 3.1 | -0.5 | ||||
Equity Method Investment Sold, Partnership Units | 14.3 | |||||
Sale of Partnership Units, Price Per Unit | $29.88 | |||||
Proceeds from Sale of Equity Method Investments | 426 | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 295.2 | |||||
Dividends received from CyrusOne | 6 | 7.1 | ||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||
Operating income (loss) | 37.1 | 50.4 | ||||
CyrusOne [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Dividends Payable, Amount Per Share | $0.32 | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||||
Revenue | 85.7 | 77.5 | ||||
Operating income (loss) | 1.6 | 11.8 | ||||
Net income (loss) | ($7.20) | $0.70 |
Investment_in_CyrusOne_Schedul
Investment in CyrusOne - Schedule of Related Party Transactions (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2013 |
Amounts receivable from and payable to CyrusOne | ||||
Dividends receivable | $9 | $9.30 | ||
Receivable from CyrusOne | 9.6 | 7.7 | ||
Payable to CyrusOne | 1.3 | 0.4 | ||
CyrusOne [Member] | ||||
Related Party Transaction [Line Items] | ||||
Income Tax Receivable from Related Party | 0.5 | 1.7 | ||
Revenue: | ||||
Services provided to CyrusOne | 0.3 | 0.5 | ||
Operating costs and expenses: | ||||
Charges for services provided by CyrusOne | 2.5 | 2.3 | ||
Administrative services provided to CyrusOne | -0.1 | -0.1 | ||
Total operating costs and expenses | 2.4 | 2.2 | ||
Amounts receivable from and payable to CyrusOne | ||||
Accounts receivable | 0.6 | 1.7 | ||
Dividends receivable | 9 | 6 | ||
Receivable from CyrusOne | 9.6 | 7.7 | ||
Accounts payable | 1.3 | 0.4 | ||
Payable to CyrusOne | $1.30 | $0.40 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Earnings Per Common Share, Basic and Diluted [Line Items] | ||
Income (Loss) from Continuing Operations Attributable to Parent | $0.30 | $5.90 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 48.9 | 1.1 |
Numerator: | ||
Net income (loss) | 49.2 | 7 |
Preferred stock dividends | 2.6 | 2.6 |
Net income (loss) available to common shareowners - basic and diluted | 46.6 | 4.4 |
Denominator: | ||
Weighted average common shares outstanding - basic | 209.2 | 208 |
Stock-based compensation arrangements | 0 | 1 |
Weighted average common shares outstanding - diluted | 209.2 | 209 |
Basic and diluted earnings (loss) per common share | $0.22 | $0.02 |
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 | 3.9 | |
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 |
Continuing Operations [Member] | ||
Schedule of Earnings Per Common Share, Basic and Diluted [Line Items] | ||
Income (Loss) from Continuing Operations Attributable to Parent | 0.3 | |
Numerator: | ||
Net income (loss) | 5.9 | |
Preferred stock dividends | 2.6 | |
Net income (loss) available to common shareowners - basic and diluted | -2.3 | 3.3 |
Denominator: | ||
Weighted average common shares outstanding - basic | 209.2 | 208 |
Stock-based compensation arrangements | 0 | 1 |
Weighted average common shares outstanding - diluted | 209.2 | 209 |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | ($0.01) | $0.02 |
Discontinued Operations [Member] | ||
Schedule of Earnings Per Common Share, Basic and Diluted [Line Items] | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 48.9 | |
Numerator: | ||
Net income (loss) | 48.9 | 1.1 |
Preferred stock dividends | 0 | 0 |
Net income (loss) available to common shareowners - basic and diluted | $48.90 | $1.10 |
Denominator: | ||
Weighted average common shares outstanding - basic | 209.2 | 208 |
Stock-based compensation arrangements | 0 | 1 |
Weighted average common shares outstanding - diluted | 209.2 | 209 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share | $0.23 | $0 |
Debt_Debt_Schedule_of_Debt_Det
Debt Debt - Schedule of Debt (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jan. 24, 2013 |
Debt Instrument [Line Items] | ||||
Current portion of long-term debt | $12.60 | $11.60 | ||
Corporate Credit Agreement | 0 | 0 | ||
Receivables facility amount outstanding | 26.7 | 19.2 | ||
Long-term debt, less current portion | 1,748.80 | 1,689.40 | ||
Net unamortized discount | -3 | -3.2 | ||
Total debt | 1,761.40 | 1,701 | ||
Debt Instrument, Redemption Price, Percentage | 102.19% | |||
Capital lease Obligations and Other Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Current portion of long-term debt | 7.2 | 6.2 | ||
Long-term debt, less current portion | 62.9 | 9.9 | ||
Senior Subordinated Notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | |||
Debt Instrument, Face Amount | 300 | 300 | 300 | |
Senior Notes due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.38% | |||
Debt Instrument, Face Amount | 661.2 | 661.2 | ||
Senior Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.38% | |||
Senior Notes due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||
Debt Instrument, Face Amount | 40 | 40 | ||
Various Cincinnati Bell Telephone Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 134.5 | 134.5 | ||
Long-term debt, less current portion, before deducting unamortized discount or premium [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, less current portion | 1,751.80 | 1,692.60 | ||
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 [Member] | Tranche B Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $526.50 | $527.80 |
Debt_Debt_Credit_Facility_Deta
Debt Debt - Credit Facility (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2015 | Apr. 07, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $175 | |||
Line of Credit Facility, Amount Outstanding | 0 | 0 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 150 | |||
Equity Method Investment Sold, Partnership Units | 14.3 | |||
Receivables facility amount outstanding | 26.7 | 19.2 | ||
Letters of Credit Outstanding, Amount | 6.3 | |||
Receivables Facility Remaining Borrowing Capacity | 69 | |||
Receivables facility maximum borrowing availability, current | 102 | |||
Receivables facility maximum borrowing availability | $120 |
Debt_Debt_Extinguishment_Detai
Debt Debt - Extinguishment (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 102.19% | ||
Loss (gain) on extinguishment of debt | $10 | ||
Senior Subordinated Notes due 2018 [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Face Amount | $300 | $300 | $300 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment in CyrusOne, carrying value | $261.50 | $273.60 |
Investment in CyrusOne, fair value | 886.7 | 785 |
Long-term debt, including current portion | 1,692.40 | 1,686.10 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $1,745.20 | $1,717.40 |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $4.90 | ||
Charges | 3.4 | 0 | |
Utilizations | -4.5 | ||
Ending balance | 3.8 | ||
Restructuring liabilities included in other current liabilities | 3.5 | 4.9 | |
Restructuring liabilities included in other noncurrent liabilities | 0.3 | ||
Wireline [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 3.9 | ||
Charges | 0.8 | ||
Utilizations | -3.2 | ||
Ending balance | 1.5 | ||
IT Services and Hardware [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0.3 | ||
Charges | 2.2 | ||
Utilizations | -0.8 | ||
Ending balance | 1.7 | ||
Corporate [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0.7 | ||
Charges | 0.4 | ||
Utilizations | -0.5 | ||
Ending balance | 0.6 | ||
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 3 | ||
Charges | 2.2 | ||
Utilizations | -3.1 | ||
Ending balance | 2.1 | ||
Lease Abandonment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 1.8 | ||
Charges | 0 | ||
Utilizations | -0.2 | ||
Ending balance | 1.6 | ||
Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0.1 | ||
Charges | 1.2 | ||
Utilizations | -1.2 | ||
Ending balance | $0.10 |
Pension_and_Postretirement_Pla2
Pension and Postretirement Plans (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Capitalized portion of defined benefit contribution percent | 10.00% | 10.00% | |
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | $25 | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Benefit Contributions | 2.6 | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | 0 | 0.3 | |
Interest cost on projected benefit obligation | 4.6 | 4.5 | |
Expected return on plan assets | -7.2 | -6.8 | |
Amortization of: | |||
Prior service cost (benefit) | 0.1 | 0 | |
Actuarial loss | 5.1 | 5.3 | |
Total amortization | 5.2 | 5.3 | |
Benefit costs (benefits) | 2.6 | 3.3 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Benefit Contributions | 2 | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service Cost | 0.1 | 0.1 | |
Interest cost on projected benefit obligation | 0.8 | 0.9 | |
Expected return on plan assets | 0 | 0 | |
Amortization of: | |||
Prior service cost (benefit) | -3.9 | -3.8 | |
Actuarial loss | 1.4 | 1.3 | |
Total amortization | -2.5 | -2.5 | |
Benefit costs (benefits) | -1.6 | -1.5 |
StockBased_and_Other_Compensat1
Stock-Based and Other Compensation Plans (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $2 | $0.90 |
Stock-Based Compensation Mark-to-Market | 0.4 | -0.2 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 15.7 | |
Deferred Compensation, Compensation Expense | $0.10 | |
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, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 0 months 0 days | |
Deferred Compensation, Share-based Payments [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common shares deferred under deferred compensation plans | 0.4 | 0.6 |
Performance-Based Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 0 months 0 days |
Shareowners_Deficit_Accumulate
Shareowners' Deficit Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | |||
Beginning balance | ($173.90) | ||
Reclassifications, net | 1.4 | ||
Foreign currency loss (gain) | -0.3 | 0 | |
Ending balance | -172.5 | ||
Accumulated Translation Adjustment [Member] | |||
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | |||
Beginning balance | -0.3 | ||
Reclassifications, net | -0.3 | ||
Ending balance | -0.6 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | |||
Beginning balance | -173.6 | ||
Reclassifications, net | 1.7 | [1] | |
Ending balance | ($171.90) | ||
[1] | These reclassifications are included in the components of net periodic pension and postretirement benefit costs (see Note 8 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 | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Revenue | $292.90 | $282.20 | |
Operating income (loss) | 37.1 | 50.4 | |
Expenditures for long-lived assets | 57.9 | 34.3 | |
Depreciation and amortization | 61.2 | 46.9 | |
Assets | 1,733 | 1,820.70 | |
Segment Reporting Information, Additional Information [Abstract] | |||
Loss (income) from CyrusOne equity method investment | 3.1 | -0.5 | |
Investment in CyrusOne | 261.5 | 273.6 | |
Continuing Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Expenditures for long-lived assets | 28.7 | ||
Depreciation and amortization | 32.6 | 31.1 | |
Discontinued Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 4.4 | 44.7 | |
Operating income (loss) | -37.4 | 6.5 | |
Expenditures for long-lived assets | 0 | -5.6 | |
Depreciation and amortization | 28.6 | 15.8 | |
Assets | 16.4 | 49.3 | |
Wireline [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 188.1 | 183.6 | |
Operating income (loss) | 41.3 | 51.8 | |
Expenditures for long-lived assets | 54 | 26.2 | |
Depreciation and amortization | 29.5 | 28.1 | |
Assets | 861.4 | 833.2 | |
IT Services and Hardware [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 107.6 | 101.9 | |
Operating income (loss) | 1.1 | 5.4 | |
Expenditures for long-lived assets | 3.9 | 2.5 | |
Depreciation and amortization | 3.1 | 2.8 | |
Assets | 58.9 | 61.4 | |
Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | -5.3 | -6.8 | |
Depreciation and amortization | 0 | 0.2 | |
Intersegment Elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | -2.8 | -3.3 | |
Intersegment Elimination [Member] | Wireline [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0.3 | 0.2 | |
Intersegment Elimination [Member] | IT Services and Hardware [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2.5 | 3.1 | |
Intersegment Elimination [Member] | Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 796.3 | 876.8 | |
Sales [Member] | Intersegment Elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $2.80 | $3.30 |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information (Details) (USD $) | 3 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 |
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||
Revenue | $292.90 | $282.20 | ||||
Operating costs and expenses | 255.8 | 231.8 | ||||
Operating income (loss) | 37.1 | 50.4 | ||||
Interest expense (income), net | 32.7 | 38.8 | ||||
Other expense (income), net | 0.4 | -0.3 | ||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 0.9 | 12.4 | ||||
Income tax expense (benefit) | 0.6 | 6.5 | ||||
Income (loss) from continuing operations | 0.3 | 5.9 | ||||
Income (loss) from discontinued operations | 48.9 | 1.1 | ||||
Net income (loss) | 49.2 | 7 | ||||
Total comprehensive income (loss) | 50.6 | 8.8 | ||||
Preferred stock dividends | 2.6 | 2.6 | ||||
Net income (loss) applicable to common shareowners | 46.6 | 4.4 | ||||
Condensed Consolidating Balance Sheets | ||||||
Cash and cash equivalents | 13.4 | 4.2 | 4.6 | |||
Other current assets | 3.5 | 1.8 | ||||
Other current assets from discontinued operations | 0.4 | 4.7 | ||||
Total current assets | 325.7 | 337.6 | ||||
Property, plant and equipment, net | 845.7 | 815.4 | ||||
Investment in CyrusOne | 261.5 | 273.6 | ||||
Other noncurrent assets | 32.4 | 33.9 | ||||
Other noncurrent assets from discontinued operations | 16 | 44.6 | ||||
Total assets | 1,733 | 1,820.70 | ||||
Current portion of long-term debt | 12.6 | 11.6 | ||||
Accounts payable | 111.8 | 131.6 | ||||
Other current liabilities | 25.9 | 25.8 | ||||
Other current liabilities from discontinued operations | 26.5 | 142 | ||||
Total current liabilities | 279.4 | 410.8 | ||||
Long-term debt, less current portion | 1,748.80 | 1,689.40 | ||||
Other noncurrent liabilities | 39.3 | 26.2 | ||||
Total liabilities | 2,332.60 | 2,469.20 | ||||
Shareowners' (deficit) equity | -599.6 | -648.5 | ||||
Total liabilities and shareowners' equity (deficit) | 1,733 | 1,820.70 | ||||
Condensed Consolidating Statements of Cash Flows | ||||||
Cash flows provided by (used in) operating activities | 6.3 | 37.8 | ||||
Capital expenditures | -57.9 | -34.3 | ||||
Proceeds from sale of assets | 0 | 1.9 | ||||
Dividends received from CyrusOne | 6 | 7.1 | ||||
Other investing activities | -0.1 | 0 | ||||
Cash flows provided by (used in) investing activities | -52 | -25.3 | ||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | 7.5 | -4.1 | ||||
Repayment of debt | -3.3 | -5.2 | ||||
Proceeds from exercise of options and warrants | 0 | 0.6 | ||||
Other financing activities | -0.6 | -1.7 | ||||
Cash flows provided by (used in) financing activities | 1.2 | -12.9 | ||||
Increase (decrease) in cash and cash equivalents | -44.5 | -0.4 | ||||
Cash and cash equivalents at beginning of period | 13.4 | 57.9 | 4.2 | 4.6 | ||
Cash and cash equivalents at end of period | 13.4 | 4.2 | 4.6 | |||
Debt Instrument, Redemption Price, Percentage | 102.19% | |||||
Notes guaranteed by parent [Member] | ||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||
Revenue | 292.9 | 282.2 | ||||
Operating costs and expenses | 255.8 | 231.8 | ||||
Operating income (loss) | 37.1 | 50.4 | ||||
Interest expense (income), net | 32.7 | 38.8 | ||||
Other expense (income), net | 3.5 | -0.8 | ||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 0.9 | 12.4 | ||||
Income tax expense (benefit) | 0.6 | 6.5 | ||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | ||||
Income (loss) from continuing operations | 0.3 | 5.9 | ||||
Income (loss) from discontinued operations | 48.9 | 1.1 | ||||
Net income (loss) | 49.2 | 7 | ||||
Other comprehensive income (loss) | 1.4 | 1.8 | ||||
Total comprehensive income (loss) | 50.6 | 8.8 | ||||
Preferred stock dividends | 2.6 | 2.6 | ||||
Net income (loss) applicable to common shareowners | 46.6 | 4.4 | ||||
Condensed Consolidating Balance Sheets | ||||||
Cash and cash equivalents | 13.4 | 4.2 | ||||
Receivables, net | 170.3 | 168.5 | ||||
Other current assets | 141.6 | 106.5 | ||||
Other current assets from discontinued operations | 0.4 | 4.7 | ||||
Total current assets | 325.7 | 337.6 | ||||
Property, plant and equipment, net | 845.7 | 815.4 | ||||
Investment in CyrusOne | 261.5 | 273.6 | ||||
Goodwill and intangibles, net | 14.8 | 14.9 | ||||
Investments in and advances to subsidiaries | 0 | 0 | ||||
Other noncurrent assets | 269.3 | 334.6 | ||||
Other noncurrent assets from discontinued operations | 16 | 44.6 | ||||
Total assets | 1,733 | 1,820.70 | ||||
Current portion of long-term debt | 12.6 | 11.6 | ||||
Accounts payable | 113.1 | 132 | ||||
Other current liabilities | 127.2 | 125.2 | ||||
Other current liabilities from discontinued operations | 26.5 | 142 | ||||
Total current liabilities | 279.4 | 410.8 | ||||
Long-term debt, less current portion | 1,748.80 | 1,689.40 | ||||
Other noncurrent liabilities | 273.2 | 266.3 | ||||
Other noncurrent liabilities from discontinued operations | 31.2 | 102.7 | ||||
Intercompany payables | 0 | 0 | ||||
Total liabilities | 2,332.60 | 2,469.20 | ||||
Shareowners' (deficit) equity | -599.6 | -648.5 | ||||
Total liabilities and shareowners' equity (deficit) | 1,733 | 1,820.70 | ||||
Condensed Consolidating Statements of Cash Flows | ||||||
Cash flows provided by (used in) operating activities | 6.3 | 37.8 | ||||
Capital expenditures | -57.9 | -34.3 | ||||
Proceeds from sale of assets | 1.9 | |||||
Dividends received from CyrusOne | 6 | 7.1 | ||||
Distributions Received from Subsidiaries | 0 | |||||
Funding Between Parent and Subsidiaries, net investing | 0 | |||||
Other investing activities | -0.1 | |||||
Cash flows provided by (used in) investing activities | -52 | -25.3 | ||||
Funding between Parent and subsidiaries, net financing | 0 | |||||
Funding between Parent and subsidiaries, net | 0 | |||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 0 | |||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | 7.5 | -4.1 | ||||
Repayment of debt | -3.3 | -5.2 | ||||
Proceeds from exercise of options and warrants | 0.6 | |||||
Other financing activities | -3 | -4.2 | ||||
Cash flows provided by (used in) financing activities | 1.2 | -12.9 | ||||
Increase (decrease) in cash and cash equivalents | -44.5 | -0.4 | ||||
Cash and cash equivalents at beginning of period | 57.9 | 4.6 | ||||
Cash and cash equivalents at end of period | 13.4 | 4.2 | ||||
Notes guaranteed by parent [Member] | Parent Company [Member] | ||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||
Revenue | 0 | 0 | ||||
Operating costs and expenses | 5.3 | 6.5 | ||||
Operating income (loss) | -5.3 | -6.5 | ||||
Interest expense (income), net | 33.9 | 36.7 | ||||
Other expense (income), net | -0.4 | -0.3 | ||||
Income (loss) before equity in earnings of subsidiaries and income taxes | -38.8 | -42.9 | ||||
Income tax expense (benefit) | -14.1 | -13.2 | ||||
Equity in earnings of subsidiaries, net of tax | 73.9 | 36.7 | ||||
Income (loss) from continuing operations | 49.2 | 7 | ||||
Income (loss) from discontinued operations | 0 | 0 | ||||
Net income (loss) | 49.2 | 7 | ||||
Other comprehensive income (loss) | 1.7 | 1.8 | ||||
Total comprehensive income (loss) | 50.9 | 8.8 | ||||
Preferred stock dividends | 2.6 | 2.6 | ||||
Net income (loss) applicable to common shareowners | 46.6 | 4.4 | ||||
Condensed Consolidating Balance Sheets | ||||||
Cash and cash equivalents | 10.6 | 1.9 | ||||
Receivables, net | 1.4 | 2.6 | ||||
Other current assets | 45.2 | 4.7 | ||||
Other current assets from discontinued operations | 0 | 0 | ||||
Total current assets | 57.2 | 63.5 | ||||
Property, plant and equipment, net | 0.3 | 0.2 | ||||
Investment in CyrusOne | 0 | 0 | ||||
Goodwill and intangibles, net | 0 | 0 | ||||
Investments in and advances to subsidiaries | 1,135.30 | 1,061.20 | ||||
Other noncurrent assets | 255.6 | 294.2 | ||||
Other noncurrent assets from discontinued operations | 0 | 0 | ||||
Total assets | 1,448.40 | 1,419.10 | ||||
Current portion of long-term debt | 5.4 | 5.4 | ||||
Accounts payable | 0.6 | 1 | ||||
Other current liabilities | 58.2 | 52.3 | ||||
Other current liabilities from discontinued operations | 0 | 0 | ||||
Total current liabilities | 64.2 | 58.7 | ||||
Long-term debt, less current portion | 1,524.90 | 1,526.10 | ||||
Other noncurrent liabilities | 247.3 | 254.1 | ||||
Other noncurrent liabilities from discontinued operations | 0 | 0 | ||||
Intercompany payables | 211 | 228.5 | ||||
Total liabilities | 2,047.40 | 2,067.40 | ||||
Shareowners' (deficit) equity | -599 | -648.3 | ||||
Total liabilities and shareowners' equity (deficit) | 1,448.40 | 1,419.10 | ||||
Condensed Consolidating Statements of Cash Flows | ||||||
Cash flows provided by (used in) operating activities | -23.5 | -28.2 | ||||
Capital expenditures | 0 | 0 | ||||
Proceeds from sale of assets | 0 | |||||
Dividends received from CyrusOne | 0 | 0 | ||||
Distributions Received from Subsidiaries | 2.7 | |||||
Funding Between Parent and Subsidiaries, net investing | 0 | |||||
Other investing activities | -0.1 | |||||
Cash flows provided by (used in) investing activities | 2.6 | 0 | ||||
Funding between Parent and subsidiaries, net financing | -20.4 | |||||
Funding between Parent and subsidiaries, net | -35.4 | |||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 0 | |||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | -2.5 | ||||
Repayment of debt | -1.3 | -1.3 | ||||
Proceeds from exercise of options and warrants | 0.6 | |||||
Other financing activities | -3 | -4.2 | ||||
Cash flows provided by (used in) financing activities | -24.7 | 28 | ||||
Increase (decrease) in cash and cash equivalents | -45.6 | -0.2 | ||||
Cash and cash equivalents at beginning of period | 56.2 | 2.1 | ||||
Cash and cash equivalents at end of period | 10.6 | 1.9 | ||||
Notes guaranteed by parent [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||
Revenue | 135 | 128.9 | ||||
Operating costs and expenses | 131.3 | 121.6 | ||||
Operating income (loss) | 3.7 | 7.3 | ||||
Interest expense (income), net | -0.4 | 2.9 | ||||
Other expense (income), net | 2 | -2.4 | ||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 2.1 | 6.8 | ||||
Income tax expense (benefit) | 0.9 | 1.8 | ||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | ||||
Income (loss) from continuing operations | 1.2 | 5 | ||||
Income (loss) from discontinued operations | 48.9 | 1.1 | ||||
Net income (loss) | 50.1 | 6.1 | ||||
Other comprehensive income (loss) | -0.3 | 0 | ||||
Total comprehensive income (loss) | 49.8 | 6.1 | ||||
Preferred stock dividends | 0 | 0 | ||||
Net income (loss) applicable to common shareowners | 50.1 | 6.1 | ||||
Condensed Consolidating Balance Sheets | ||||||
Cash and cash equivalents | 1.6 | 1.5 | ||||
Receivables, net | 167.9 | 164.9 | ||||
Other current assets | 66 | 73.7 | ||||
Other current assets from discontinued operations | 0.4 | 4.7 | ||||
Total current assets | 235.9 | 244 | ||||
Property, plant and equipment, net | 51.9 | 51.2 | ||||
Investment in CyrusOne | 261.5 | 273.6 | ||||
Goodwill and intangibles, net | 12.6 | 12.7 | ||||
Investments in and advances to subsidiaries | 55.5 | 250 | ||||
Other noncurrent assets | 159.3 | 190.5 | ||||
Other noncurrent assets from discontinued operations | 16 | 44.6 | ||||
Total assets | 792.7 | 1,066.60 | ||||
Current portion of long-term debt | 3.4 | 2.3 | ||||
Accounts payable | 40.5 | 57.2 | ||||
Other current liabilities | 22.7 | 20 | ||||
Other current liabilities from discontinued operations | 26.5 | 142 | ||||
Total current liabilities | 93.1 | 221.5 | ||||
Long-term debt, less current portion | 82.5 | 22.1 | ||||
Other noncurrent liabilities | 11.8 | 1.9 | ||||
Other noncurrent liabilities from discontinued operations | 31.2 | 102.7 | ||||
Intercompany payables | 0 | 0 | ||||
Total liabilities | 218.6 | 348.2 | ||||
Shareowners' (deficit) equity | 574.1 | 718.4 | ||||
Total liabilities and shareowners' equity (deficit) | 792.7 | 1,066.60 | ||||
Condensed Consolidating Statements of Cash Flows | ||||||
Cash flows provided by (used in) operating activities | -5.9 | 14.1 | ||||
Capital expenditures | -6.1 | -11.7 | ||||
Proceeds from sale of assets | 1.8 | |||||
Dividends received from CyrusOne | 6 | 7.1 | ||||
Distributions Received from Subsidiaries | 0 | |||||
Funding Between Parent and Subsidiaries, net investing | 10.9 | |||||
Other investing activities | 0 | |||||
Cash flows provided by (used in) investing activities | 10.8 | -2.8 | ||||
Funding between Parent and subsidiaries, net financing | -7.8 | |||||
Funding between Parent and subsidiaries, net | 6 | |||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | -2.7 | |||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | 7.5 | -1.6 | ||||
Repayment of debt | -1 | -2.9 | ||||
Proceeds from exercise of options and warrants | 0 | |||||
Other financing activities | 0 | 0 | ||||
Cash flows provided by (used in) financing activities | -4 | -10.5 | ||||
Increase (decrease) in cash and cash equivalents | 0.9 | 0.8 | ||||
Cash and cash equivalents at beginning of period | 0.7 | 0.7 | ||||
Cash and cash equivalents at end of period | 1.6 | 1.5 | ||||
Notes guaranteed by parent [Member] | Cincinnati Bell Telephone Company [Member] | ||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||
Revenue | 167.6 | 163.3 | ||||
Operating costs and expenses | 128.9 | 113.7 | ||||
Operating income (loss) | 38.7 | 49.6 | ||||
Interest expense (income), net | -0.8 | -0.8 | ||||
Other expense (income), net | 1.9 | 1.9 | ||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 37.6 | 48.5 | ||||
Income tax expense (benefit) | 13.8 | 17.9 | ||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | ||||
Income (loss) from continuing operations | 23.8 | 30.6 | ||||
Income (loss) from discontinued operations | 0 | 0 | ||||
Net income (loss) | 23.8 | 30.6 | ||||
Other comprehensive income (loss) | 0 | 0 | ||||
Total comprehensive income (loss) | 23.8 | 30.6 | ||||
Preferred stock dividends | 0 | 0 | ||||
Net income (loss) applicable to common shareowners | 23.8 | 30.6 | ||||
Condensed Consolidating Balance Sheets | ||||||
Cash and cash equivalents | 1.2 | 0.8 | ||||
Receivables, net | 1 | 1 | ||||
Other current assets | 32 | 29.3 | ||||
Other current assets from discontinued operations | 0 | 0 | ||||
Total current assets | 34.2 | 31.3 | ||||
Property, plant and equipment, net | 793.5 | 764 | ||||
Investment in CyrusOne | 0 | 0 | ||||
Goodwill and intangibles, net | 2.2 | 2.2 | ||||
Investments in and advances to subsidiaries | 213.6 | 230.8 | ||||
Other noncurrent assets | 4.5 | 4.9 | ||||
Other noncurrent assets from discontinued operations | 0 | 0 | ||||
Total assets | 1,048 | 1,033.20 | ||||
Current portion of long-term debt | 3.8 | 3.9 | ||||
Accounts payable | 72 | 73.8 | ||||
Other current liabilities | 46.3 | 52.8 | ||||
Other current liabilities from discontinued operations | 0 | 0 | ||||
Total current liabilities | 122.1 | 130.5 | ||||
Long-term debt, less current portion | 141.4 | 141.2 | ||||
Other noncurrent liabilities | 165.8 | 166.7 | ||||
Other noncurrent liabilities from discontinued operations | 0 | 0 | ||||
Intercompany payables | 0 | 0 | ||||
Total liabilities | 429.3 | 438.4 | ||||
Shareowners' (deficit) equity | 618.7 | 594.8 | ||||
Total liabilities and shareowners' equity (deficit) | 1,048 | 1,033.20 | ||||
Condensed Consolidating Statements of Cash Flows | ||||||
Cash flows provided by (used in) operating activities | 35.7 | 51.9 | ||||
Capital expenditures | -51.8 | -22.6 | ||||
Proceeds from sale of assets | 0.1 | |||||
Dividends received from CyrusOne | 0 | 0 | ||||
Distributions Received from Subsidiaries | 0 | |||||
Funding Between Parent and Subsidiaries, net investing | 17.3 | |||||
Other investing activities | 0 | |||||
Cash flows provided by (used in) investing activities | -34.5 | -22.5 | ||||
Funding between Parent and subsidiaries, net financing | 0 | |||||
Funding between Parent and subsidiaries, net | 29.4 | |||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 0 | |||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | ||||
Repayment of debt | -1 | -1 | ||||
Proceeds from exercise of options and warrants | 0 | |||||
Other financing activities | 0 | 0 | ||||
Cash flows provided by (used in) financing activities | -1 | -30.4 | ||||
Increase (decrease) in cash and cash equivalents | 0.2 | -1 | ||||
Cash and cash equivalents at beginning of period | 1 | 1.8 | ||||
Cash and cash equivalents at end of period | 1.2 | 0.8 | ||||
Notes guaranteed by parent [Member] | Consolidation, Eliminations [Member] | ||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||
Revenue | -9.7 | -10 | ||||
Operating costs and expenses | -9.7 | -10 | ||||
Operating income (loss) | 0 | 0 | ||||
Interest expense (income), net | 0 | 0 | ||||
Other expense (income), net | 0 | 0 | ||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 0 | 0 | ||||
Income tax expense (benefit) | 0 | 0 | ||||
Equity in earnings of subsidiaries, net of tax | -73.9 | -36.7 | ||||
Income (loss) from continuing operations | -73.9 | -36.7 | ||||
Income (loss) from discontinued operations | 0 | 0 | ||||
Net income (loss) | -73.9 | -36.7 | ||||
Other comprehensive income (loss) | 0 | 0 | ||||
Total comprehensive income (loss) | -73.9 | -36.7 | ||||
Preferred stock dividends | 0 | 0 | ||||
Net income (loss) applicable to common shareowners | -73.9 | -36.7 | ||||
Condensed Consolidating Balance Sheets | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Receivables, net | 0 | 0 | ||||
Other current assets | -1.6 | -1.2 | ||||
Other current assets from discontinued operations | 0 | 0 | ||||
Total current assets | -1.6 | -1.2 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Investment in CyrusOne | 0 | 0 | ||||
Goodwill and intangibles, net | 0 | 0 | ||||
Investments in and advances to subsidiaries | -1,404.40 | -1,542 | ||||
Other noncurrent assets | -150.1 | -155 | ||||
Other noncurrent assets from discontinued operations | 0 | 0 | ||||
Total assets | -1,556.10 | -1,698.20 | ||||
Current portion of long-term debt | 0 | 0 | ||||
Accounts payable | 0 | 0 | ||||
Other current liabilities | 0 | 0.1 | ||||
Other current liabilities from discontinued operations | 0 | 0 | ||||
Total current liabilities | 0 | 0.1 | ||||
Long-term debt, less current portion | 0 | 0 | ||||
Other noncurrent liabilities | -151.7 | -156.4 | ||||
Other noncurrent liabilities from discontinued operations | 0 | 0 | ||||
Intercompany payables | -211 | -228.5 | ||||
Total liabilities | -362.7 | -384.8 | ||||
Shareowners' (deficit) equity | -1,193.40 | -1,313.40 | ||||
Total liabilities and shareowners' equity (deficit) | -1,556.10 | -1,698.20 | ||||
Condensed Consolidating Statements of Cash Flows | ||||||
Cash flows provided by (used in) operating activities | 0 | 0 | ||||
Capital expenditures | 0 | 0 | ||||
Proceeds from sale of assets | 0 | |||||
Dividends received from CyrusOne | 0 | 0 | ||||
Distributions Received from Subsidiaries | -2.7 | |||||
Funding Between Parent and Subsidiaries, net investing | -28.2 | |||||
Other investing activities | 0 | |||||
Cash flows provided by (used in) investing activities | -30.9 | 0 | ||||
Funding between Parent and subsidiaries, net financing | 28.2 | |||||
Funding between Parent and subsidiaries, net | 0 | |||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 2.7 | |||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | ||||
Repayment of debt | 0 | 0 | ||||
Proceeds from exercise of options and warrants | 0 | |||||
Other financing activities | 0 | 0 | ||||
Cash flows provided by (used in) financing activities | 30.9 | 0 | ||||
Increase (decrease) in cash and cash equivalents | 0 | 0 | ||||
Cash and cash equivalents at beginning of period | 0 | 0 | ||||
Cash and cash equivalents at end of period | 0 | 0 | ||||
Notes guaranteed by subsidiaries [Member] | ||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||
Revenue | 292.9 | 282.2 | ||||
Operating costs and expenses | 255.8 | 231.8 | ||||
Operating income (loss) | 37.1 | 50.4 | ||||
Interest expense (income), net | 32.7 | 38.8 | ||||
Other expense (income), net | 3.5 | -0.8 | ||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 0.9 | 12.4 | ||||
Income tax expense (benefit) | 0.6 | 6.5 | ||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | ||||
Income (loss) from continuing operations | 0.3 | 5.9 | ||||
Income (loss) from discontinued operations | 48.9 | 1.1 | ||||
Net income (loss) | 49.2 | 7 | ||||
Other comprehensive income (loss) | 1.4 | 1.8 | ||||
Total comprehensive income (loss) | 50.6 | 8.8 | ||||
Preferred stock dividends | 2.6 | 2.6 | ||||
Net income (loss) applicable to common shareowners | 46.6 | 4.4 | ||||
Condensed Consolidating Balance Sheets | ||||||
Cash and cash equivalents | 13.4 | 4.2 | ||||
Receivables, net | 170.3 | 168.5 | ||||
Other current assets | 141.6 | 106.5 | ||||
Other current assets from discontinued operations | 0.4 | 4.7 | ||||
Total current assets | 325.7 | 337.6 | ||||
Property, plant and equipment, net | 845.7 | 815.4 | ||||
Investment in CyrusOne | 261.5 | 273.6 | ||||
Goodwill and intangibles, net | 14.8 | 14.9 | ||||
Investments in and advances to subsidiaries | 0 | 0 | ||||
Other noncurrent assets | 269.3 | 334.6 | ||||
Other noncurrent assets from discontinued operations | 16 | 44.6 | ||||
Total assets | 1,733 | 1,820.70 | ||||
Current portion of long-term debt | 12.6 | 11.6 | ||||
Accounts payable | 113.1 | 132 | ||||
Other current liabilities | 127.2 | 125.2 | ||||
Other current liabilities from discontinued operations | 26.5 | 142 | ||||
Total current liabilities | 279.4 | 410.8 | ||||
Long-term debt, less current portion | 1,748.80 | 1,689.40 | ||||
Other noncurrent liabilities | 273.2 | 266.3 | ||||
Other noncurrent liabilities from discontinued operations | 31.2 | 102.7 | ||||
Intercompany payables | 0 | 0 | ||||
Total liabilities | 2,332.60 | 2,469.20 | ||||
Shareowners' (deficit) equity | -599.6 | -648.5 | ||||
Total liabilities and shareowners' equity (deficit) | 1,733 | 1,820.70 | ||||
Condensed Consolidating Statements of Cash Flows | ||||||
Cash flows provided by (used in) operating activities | 6.3 | 37.8 | ||||
Capital expenditures | -57.9 | -34.3 | ||||
Proceeds from sale of assets | 1.9 | |||||
Dividends received from CyrusOne | 6 | 7.1 | ||||
Distributions Received from Subsidiaries | 0 | |||||
Funding Between Parent and Subsidiaries, net investing | 0 | |||||
Other investing activities | 0.1 | |||||
Cash flows provided by (used in) investing activities | -52 | -25.3 | ||||
Funding between Parent and subsidiaries, net financing | 0 | |||||
Funding between Parent and subsidiaries, net | 0 | |||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 0 | |||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | 7.5 | -4.1 | ||||
Repayment of debt | -3.3 | -5.2 | ||||
Proceeds from exercise of options and warrants | 0.6 | |||||
Other financing activities | -3 | -4.2 | ||||
Cash flows provided by (used in) financing activities | 1.2 | -12.9 | ||||
Increase (decrease) in cash and cash equivalents | -44.5 | -0.4 | ||||
Cash and cash equivalents at beginning of period | 57.9 | 4.6 | ||||
Cash and cash equivalents at end of period | 13.4 | 4.2 | ||||
Notes guaranteed by subsidiaries [Member] | Parent Company [Member] | ||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||
Revenue | 0 | 0 | ||||
Operating costs and expenses | 5.3 | 6.5 | ||||
Operating income (loss) | -5.3 | -6.5 | ||||
Interest expense (income), net | 33.9 | 36.7 | ||||
Other expense (income), net | -0.4 | -0.3 | ||||
Income (loss) before equity in earnings of subsidiaries and income taxes | -38.8 | -42.9 | ||||
Income tax expense (benefit) | -14.1 | -13.2 | ||||
Equity in earnings of subsidiaries, net of tax | 73.9 | 36.7 | ||||
Income (loss) from continuing operations | 49.2 | 7 | ||||
Income (loss) from discontinued operations | 0 | 0 | ||||
Net income (loss) | 49.2 | 7 | ||||
Other comprehensive income (loss) | 1.7 | 1.8 | ||||
Total comprehensive income (loss) | 50.9 | 8.8 | ||||
Preferred stock dividends | 2.6 | 2.6 | ||||
Net income (loss) applicable to common shareowners | 46.6 | 4.4 | ||||
Condensed Consolidating Balance Sheets | ||||||
Cash and cash equivalents | 10.6 | 1.9 | ||||
Receivables, net | 1.4 | 2.6 | ||||
Other current assets | 45.2 | 4.7 | ||||
Other current assets from discontinued operations | 0 | 0 | ||||
Total current assets | 57.2 | 63.5 | ||||
Property, plant and equipment, net | 0.3 | 0.2 | ||||
Investment in CyrusOne | 0 | 0 | ||||
Goodwill and intangibles, net | 0 | 0 | ||||
Investments in and advances to subsidiaries | 1,135.30 | 1,061.20 | ||||
Other noncurrent assets | 255.6 | 294.2 | ||||
Other noncurrent assets from discontinued operations | 0 | 0 | ||||
Total assets | 1,448.40 | 1,419.10 | ||||
Current portion of long-term debt | 5.4 | 5.4 | ||||
Accounts payable | 0.6 | 1 | ||||
Other current liabilities | 58.2 | 52.3 | ||||
Other current liabilities from discontinued operations | 0 | 0 | ||||
Total current liabilities | 64.2 | 58.7 | ||||
Long-term debt, less current portion | 1,524.90 | 1,526.10 | ||||
Other noncurrent liabilities | 247.3 | 254.1 | ||||
Other noncurrent liabilities from discontinued operations | 0 | 0 | ||||
Intercompany payables | 211 | 228.5 | ||||
Total liabilities | 2,047.40 | 2,067.40 | ||||
Shareowners' (deficit) equity | -599 | -648.3 | ||||
Total liabilities and shareowners' equity (deficit) | 1,448.40 | 1,419.10 | ||||
Condensed Consolidating Statements of Cash Flows | ||||||
Cash flows provided by (used in) operating activities | -23.5 | -28.2 | ||||
Capital expenditures | 0 | 0 | ||||
Proceeds from sale of assets | 0 | |||||
Dividends received from CyrusOne | 0 | 0 | ||||
Distributions Received from Subsidiaries | -2.7 | |||||
Funding Between Parent and Subsidiaries, net investing | 0 | |||||
Other investing activities | -0.1 | |||||
Cash flows provided by (used in) investing activities | 2.6 | 0 | ||||
Funding between Parent and subsidiaries, net financing | 20.4 | |||||
Funding between Parent and subsidiaries, net | -35.4 | |||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 0 | |||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | -2.5 | ||||
Repayment of debt | -1.3 | -1.3 | ||||
Proceeds from exercise of options and warrants | 0.6 | |||||
Other financing activities | -3 | -4.2 | ||||
Cash flows provided by (used in) financing activities | -24.7 | 28 | ||||
Increase (decrease) in cash and cash equivalents | -45.6 | -0.2 | ||||
Cash and cash equivalents at beginning of period | 56.2 | 2.1 | ||||
Cash and cash equivalents at end of period | 10.6 | 1.9 | ||||
Notes guaranteed by subsidiaries [Member] | Guarantor Subsidiaries [Member] | ||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||
Revenue | 152.9 | 142.4 | ||||
Operating costs and expenses | 147.3 | 133.5 | ||||
Operating income (loss) | 5.6 | 8.9 | ||||
Interest expense (income), net | -0.7 | 2.5 | ||||
Other expense (income), net | 6.1 | 2.6 | ||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 0.2 | 3.8 | ||||
Income tax expense (benefit) | 0 | 1.2 | ||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | ||||
Income (loss) from continuing operations | 0.2 | 2.6 | ||||
Income (loss) from discontinued operations | 48.9 | 1.1 | ||||
Net income (loss) | 49.1 | 3.7 | ||||
Other comprehensive income (loss) | 0 | 0 | ||||
Total comprehensive income (loss) | 49.1 | 3.7 | ||||
Preferred stock dividends | 0 | 0 | ||||
Net income (loss) applicable to common shareowners | 49.1 | 3.7 | ||||
Condensed Consolidating Balance Sheets | ||||||
Cash and cash equivalents | 0.3 | 1.1 | ||||
Receivables, net | 9 | 6.1 | ||||
Other current assets | 63.4 | 69.9 | ||||
Other current assets from discontinued operations | 0.4 | 4.7 | ||||
Total current assets | 73.1 | 80.9 | ||||
Property, plant and equipment, net | 51.5 | 50.8 | ||||
Investment in CyrusOne | 261.5 | 273.6 | ||||
Goodwill and intangibles, net | 12.6 | 12.7 | ||||
Investments in and advances to subsidiaries | 181.5 | 393.1 | ||||
Other noncurrent assets | 160.3 | 191.6 | ||||
Other noncurrent assets from discontinued operations | 16 | 44.6 | ||||
Total assets | 756.5 | 1,047.30 | ||||
Current portion of long-term debt | 3.4 | 2.3 | ||||
Accounts payable | 55.8 | 76.2 | ||||
Other current liabilities | 24.3 | 23.5 | ||||
Other current liabilities from discontinued operations | 26.5 | 142 | ||||
Total current liabilities | 110 | 244 | ||||
Long-term debt, less current portion | 55.8 | 2.9 | ||||
Other noncurrent liabilities | 8.8 | 4.6 | ||||
Other noncurrent liabilities from discontinued operations | 31.2 | 102.7 | ||||
Intercompany payables | 0 | 0 | ||||
Total liabilities | 205.8 | 354.2 | ||||
Shareowners' (deficit) equity | 550.7 | 693.1 | ||||
Total liabilities and shareowners' equity (deficit) | 756.5 | 1,047.30 | ||||
Condensed Consolidating Statements of Cash Flows | ||||||
Cash flows provided by (used in) operating activities | -19.2 | 25.6 | ||||
Capital expenditures | -6.1 | -11.7 | ||||
Proceeds from sale of assets | 0 | |||||
Dividends received from CyrusOne | 6 | -7.1 | ||||
Distributions Received from Subsidiaries | 0 | |||||
Funding Between Parent and Subsidiaries, net investing | -20.4 | |||||
Other investing activities | 0 | |||||
Cash flows provided by (used in) investing activities | 20.3 | -4.6 | ||||
Funding between Parent and subsidiaries, net financing | 0 | |||||
Funding between Parent and subsidiaries, net | 19.5 | |||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 0 | |||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | ||||
Repayment of debt | -1 | -0.7 | ||||
Proceeds from exercise of options and warrants | 0 | |||||
Other financing activities | 0 | 0 | ||||
Cash flows provided by (used in) financing activities | -1 | -20.2 | ||||
Increase (decrease) in cash and cash equivalents | 0.1 | 0.8 | ||||
Cash and cash equivalents at beginning of period | 0.2 | 0.3 | ||||
Cash and cash equivalents at end of period | 0.3 | 1.1 | ||||
Notes guaranteed by subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||
Revenue | 149.7 | 149.8 | ||||
Operating costs and expenses | 112.9 | 101.8 | ||||
Operating income (loss) | 36.8 | 48 | ||||
Interest expense (income), net | -0.5 | -0.4 | ||||
Other expense (income), net | -2.2 | -3.1 | ||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 39.5 | 51.5 | ||||
Income tax expense (benefit) | 14.7 | 18.5 | ||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | ||||
Income (loss) from continuing operations | 24.8 | 33 | ||||
Income (loss) from discontinued operations | 0 | 0 | ||||
Net income (loss) | 24.8 | 33 | ||||
Other comprehensive income (loss) | -0.3 | 0 | ||||
Total comprehensive income (loss) | 24.5 | 33 | ||||
Preferred stock dividends | 0 | 0 | ||||
Net income (loss) applicable to common shareowners | 24.8 | 33 | ||||
Condensed Consolidating Balance Sheets | ||||||
Cash and cash equivalents | 2.5 | 1.2 | ||||
Receivables, net | 159.9 | 159.8 | ||||
Other current assets | 34.6 | 33.1 | ||||
Other current assets from discontinued operations | 0 | 0 | ||||
Total current assets | 197 | 194.4 | ||||
Property, plant and equipment, net | 793.9 | 764.4 | ||||
Investment in CyrusOne | 0 | 0 | ||||
Goodwill and intangibles, net | 2.2 | 2.2 | ||||
Investments in and advances to subsidiaries | 206.3 | 209.3 | ||||
Other noncurrent assets | 3.5 | 3.8 | ||||
Other noncurrent assets from discontinued operations | 0 | 0 | ||||
Total assets | 1,202.90 | 1,174.10 | ||||
Current portion of long-term debt | 3.8 | 3.9 | ||||
Accounts payable | 56.7 | 54.8 | ||||
Other current liabilities | 44.7 | 49.3 | ||||
Other current liabilities from discontinued operations | 0 | 0 | ||||
Total current liabilities | 105.2 | 108 | ||||
Long-term debt, less current portion | 168.1 | 160.4 | ||||
Other noncurrent liabilities | 168.8 | 164 | ||||
Other noncurrent liabilities from discontinued operations | 0 | 0 | ||||
Intercompany payables | 128.1 | 131.9 | ||||
Total liabilities | 570.2 | 564.3 | ||||
Shareowners' (deficit) equity | 632.7 | 609.8 | ||||
Total liabilities and shareowners' equity (deficit) | 1,202.90 | 1,174.10 | ||||
Condensed Consolidating Statements of Cash Flows | ||||||
Cash flows provided by (used in) operating activities | 49 | 40.4 | ||||
Capital expenditures | -51.8 | -22.6 | ||||
Proceeds from sale of assets | 1.9 | |||||
Dividends received from CyrusOne | 0 | 0 | ||||
Distributions Received from Subsidiaries | 0 | |||||
Funding Between Parent and Subsidiaries, net investing | 7.2 | |||||
Other investing activities | 0 | |||||
Cash flows provided by (used in) investing activities | -44.6 | -20.7 | ||||
Funding between Parent and subsidiaries, net financing | 7.2 | |||||
Funding between Parent and subsidiaries, net | 15.9 | |||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | -2.7 | |||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | 7.5 | -1.6 | ||||
Repayment of debt | -1 | -3.2 | ||||
Proceeds from exercise of options and warrants | 0 | |||||
Other financing activities | 0 | 0 | ||||
Cash flows provided by (used in) financing activities | -3.4 | -20.7 | ||||
Increase (decrease) in cash and cash equivalents | 1 | -1 | ||||
Cash and cash equivalents at beginning of period | 1.5 | 2.2 | ||||
Cash and cash equivalents at end of period | 2.5 | 1.2 | ||||
Notes guaranteed by subsidiaries [Member] | Consolidation, Eliminations [Member] | ||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | ||||||
Revenue | -9.7 | -10 | ||||
Operating costs and expenses | -9.7 | -10 | ||||
Operating income (loss) | 0 | 0 | ||||
Interest expense (income), net | 0 | 0 | ||||
Other expense (income), net | 0 | 0 | ||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 0 | 0 | ||||
Income tax expense (benefit) | 0 | 0 | ||||
Equity in earnings of subsidiaries, net of tax | -73.9 | -36.7 | ||||
Income (loss) from continuing operations | -73.9 | -36.7 | ||||
Income (loss) from discontinued operations | 0 | 0 | ||||
Net income (loss) | -73.9 | -36.7 | ||||
Other comprehensive income (loss) | 0 | 0 | ||||
Total comprehensive income (loss) | -73.9 | -36.7 | ||||
Preferred stock dividends | 0 | 0 | ||||
Net income (loss) applicable to common shareowners | -73.9 | -36.7 | ||||
Condensed Consolidating Balance Sheets | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Receivables, net | 0 | 0 | ||||
Other current assets | -1.6 | -1.2 | ||||
Other current assets from discontinued operations | 0 | 0 | ||||
Total current assets | -1.6 | -1.2 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Investment in CyrusOne | 0 | 0 | ||||
Goodwill and intangibles, net | 0 | 0 | ||||
Investments in and advances to subsidiaries | -1,523.10 | -1,663.60 | ||||
Other noncurrent assets | -150.1 | -155 | ||||
Other noncurrent assets from discontinued operations | 0 | 0 | ||||
Total assets | -1,674.80 | -1,819.80 | ||||
Current portion of long-term debt | 0 | 0 | ||||
Accounts payable | 0 | 0 | ||||
Other current liabilities | 0 | 0.1 | ||||
Other current liabilities from discontinued operations | 0 | 0 | ||||
Total current liabilities | 0 | 0.1 | ||||
Long-term debt, less current portion | 0 | 0 | ||||
Other noncurrent liabilities | -151.7 | -156.4 | ||||
Other noncurrent liabilities from discontinued operations | 0 | 0 | ||||
Intercompany payables | -339.1 | -360.4 | ||||
Total liabilities | -490.8 | -516.7 | ||||
Shareowners' (deficit) equity | -1,184 | -1,303.10 | ||||
Total liabilities and shareowners' equity (deficit) | -1,674.80 | -1,819.80 | ||||
Condensed Consolidating Statements of Cash Flows | ||||||
Cash flows provided by (used in) operating activities | 0 | 0 | ||||
Capital expenditures | 0 | 0 | ||||
Proceeds from sale of assets | 0 | |||||
Dividends received from CyrusOne | 0 | 0 | ||||
Distributions Received from Subsidiaries | 2.7 | |||||
Funding Between Parent and Subsidiaries, net investing | 27.6 | |||||
Other investing activities | 0 | |||||
Cash flows provided by (used in) investing activities | -30.3 | 0 | ||||
Funding between Parent and subsidiaries, net financing | -27.6 | |||||
Funding between Parent and subsidiaries, net | 0 | |||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | -2.7 | |||||
Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | ||||
Repayment of debt | 0 | 0 | ||||
Proceeds from exercise of options and warrants | 0 | |||||
Other financing activities | 0 | 0 | ||||
Cash flows provided by (used in) financing activities | 30.3 | 0 | ||||
Increase (decrease) in cash and cash equivalents | 0 | 0 | ||||
Cash and cash equivalents at beginning of period | 0 | 0 | ||||
Cash and cash equivalents at end of period | 0 | 0 | ||||
Various Cincinnati Bell Telephone Notes [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Debt Instrument, Face Amount | 134.5 | 134.5 | ||||
Senior Subordinated Notes due 2018 [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Debt Instrument, Face Amount | $300 | $300 | $300 |