Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2014 | |
Entity Information [Line Items] | |||
Entity Registrant Name | CINCINNATI BELL INC. | ||
Entity Central Index Key | 716,133 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 210,018,611 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 7.4 | $ 57.9 |
Receivables, less allowances of $12.4 and $12.4 | 154.9 | 160.8 |
Receivable from CyrusOne | 2.2 | 7.7 |
Inventory, materials and supplies | 20.6 | 25 |
Prepaid expenses | 13.1 | 10.8 |
Other current assets | 2.2 | 1.8 |
Other current assets from discontinued operations | 0 | 4.7 |
Total current assets | 200.4 | 268.7 |
Property, plant and equipment, net | 975.5 | 815.4 |
Investment in CyrusOne | 55.5 | 273.6 |
Goodwill | 14.3 | 14.4 |
Intangible assets, net | 0.2 | 0.5 |
Deferred income taxes, net | 182.9 | 369.6 |
Other noncurrent assets | 25.6 | 33.9 |
Noncurrent assets from discontinued operations | 0 | 44.6 |
Total assets | 1,454.4 | 1,820.7 |
Current liabilities | ||
Current portion of long-term debt | 13.8 | 11.6 |
Accounts payable | 127.4 | 131.6 |
Payable to CyrusOne | 1.5 | 0.4 |
Unearned revenue and customer deposits | 29.2 | 30.4 |
Accrued taxes | 14.5 | 9.9 |
Accrued interest | 11.2 | 22.1 |
Accrued payroll and benefits | 31.2 | 37 |
Other current liabilities | 25 | 25.8 |
Other current liabilities from discontinued operations | 5.4 | 142 |
Total current liabilities | 259.2 | 410.8 |
Long-term debt, less current portion | 1,231.8 | 1,689.4 |
Pension and postretirement benefit obligations | 225 | 240.1 |
Other noncurrent liabilities | 36.6 | 26.2 |
Noncurrent liabilities from discontinued operations | 0 | 102.7 |
Total liabilities | 1,752.6 | 2,469.2 |
Shareowners' deficit | ||
Preferred stock, 2,357,299 shares authorized; 155,250 shares (3,105,000 depositary shares) of 6 3/4% Cumulative Convertible Preferred Stock issued and outstanding at December 31, 2015 and 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; 210,017,999 and 209,571,138 shares issued; 209,876,949 and 209,296,068 shares outstanding at December 31, 2015 and 2014 | 2.1 | 2.1 |
Additional paid-in capital | 2,576 | 2,582.9 |
Accumulated deficit | (2,834.2) | (3,187.9) |
Accumulated other comprehensive loss | (171) | (173.9) |
Common shares in treasury, at cost | (0.5) | (1.1) |
Total shareowners' deficit | (298.2) | (648.5) |
Total liabilities and shareowners' deficit | $ 1,454.4 | 1,820.7 |
Continuing Operations [Member] | ||
Current liabilities | ||
Other noncurrent liabilities | 7.5 | |
Total liabilities | $ 65.6 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parenthetical - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for receivables | $ 12.4 | $ 12.4 |
Preferred Stock, Shares Authorized | 2,357,299 | 2,357,299 |
Preferred Stock, 6 3/4% Cumulative Convertible, Shares Issued | 155,250 | 155,250 |
Preferred Stock, 6 3/4% Cumulative Convertible, Shares Outstanding | 155,250 | 155,250 |
Preferred Stock, Depositary Shares | 3,105,000 | 3,105,000 |
Preferred Stock, Dividend Rate, Percentage | 6.75% | 6.75% |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Preferred Stock Liquidation Preference Per Depositary Share | 50 | 50 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 480,000,000 | 480,000,000 |
Common Stock, Shares, Issued | 210,017,999 | 209,571,138 |
Common Stock, Shares, Outstanding | 209,876,949 | 209,296,068 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | |||
Services | $ 933 | $ 890.2 | $ 871.9 |
Products | 234.8 | 271.3 | 201.5 |
Total revenue | 1,167.8 | 1,161.5 | 1,073.4 |
Costs and expenses | |||
Cost of services, excluding items below | 472.5 | 416.2 | 386.2 |
Cost of products sold, excluding items below | 198.1 | 231.5 | 175.1 |
Selling, general and administrative | 219.1 | 204.2 | 187.9 |
Depreciation and amortization | 141.6 | 127.6 | 128.4 |
Restructuring charges (reversals) | 6 | (0.4) | 13.5 |
Transaction-related compensation | 0 | 0 | 42.6 |
Curtailment loss (gain) | 0.3 | 0 | (0.6) |
Loss (gain) on sale or disposal of assets, net | 0.8 | (0.3) | (1.1) |
Impairment of assets | 0 | 4.6 | 0 |
Transaction costs | 1.4 | 1.2 | 1.6 |
Total operating costs and expenses | 1,039.8 | 984.6 | 933.6 |
Operating income | 128 | 176.9 | 139.8 |
Interest expense | 103.1 | 145.9 | 176 |
Loss on extinguishment of debt | 20.9 | 19.6 | 29.6 |
Loss from CyrusOne investment | 5.1 | 7 | 10.7 |
Gain on sale of CyrusOne investment | (449.2) | (192.8) | 0 |
Other income, net | (2.5) | (1.9) | (3.3) |
Income (loss) from continuing operations before income taxes | 450.6 | 199.1 | (73.2) |
Income tax expense (benefit) | 159.8 | 81.4 | (8.3) |
Income (loss) from continuing operations | 290.8 | 117.7 | (64.9) |
Income (loss) from discontinued operations, net of tax | 62.9 | (42.1) | 10.2 |
Net income (loss) | 353.7 | 75.6 | (54.7) |
Preferred stock dividends | 10.4 | 10.4 | 10.4 |
Net income (loss) applicable to common shareowners | $ 343.3 | $ 65.2 | $ (65.1) |
Basic earnings (loss) per common share from continuing operations | $ 1.34 | $ 0.51 | $ (0.37) |
Basic earnings (loss) per common share from discontinued operations | 0.30 | (0.20) | 0.05 |
Basic net earnings (loss) per common share | 1.64 | 0.31 | (0.32) |
Diluted earnings (loss) per common share from continuing operations | 1.33 | 0.51 | (0.37) |
Diluted earnings (loss) per common share from discontinued operations | 0.30 | (0.20) | 0.05 |
Diluted net earnings (loss) per common share | $ 1.63 | $ 0.31 | $ (0.32) |
Weighted-average common shares outstanding - basic | 209.6 | 208.5 | 205.9 |
Weighted-average common shares outstanding - diluted | 210.2 | 209.6 | 205.9 |
Corporate Segment [Member] | |||
Costs and expenses | |||
Depreciation and amortization | $ 0.1 | $ 0.2 | $ 0.5 |
Restructuring charges (reversals) | 1.6 | 0.1 | 3.7 |
Operating income | (22.5) | (21.8) | (58.1) |
Continuing Operations [Member] | |||
Costs and expenses | |||
Depreciation and amortization | 141.6 | 127.6 | 128.4 |
Income tax expense (benefit) | 159.8 | 81.4 | (8.3) |
Income (loss) from continuing operations | 290.8 | 117.7 | (64.9) |
Preferred stock dividends | $ 10.4 | $ 10.4 | $ 10.4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) | $ 353.7 | $ 75.6 | $ (54.7) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation loss | (0.4) | (0.1) | (0.1) |
Defined benefit plans: | |||
Net (loss) gain arising from remeasurement during the period, net of tax of ($3.4), ($25.0), $30.7 | (6.6) | (45.4) | 56.8 |
Net prior service credit, net of tax of $6.1 | 0 | 0 | 11.3 |
Amortization of prior service benefits included in net income (loss), net of tax of ($5.5), ($5.4), ($5.2) | (9.8) | (9.8) | (8.7) |
Amortization of net actuarial loss included in net income (loss), net of tax of $10.8, $8.0, $10.1 | 19.5 | 14.7 | 17.5 |
Reclassification adjustment for curtailment loss (gain) included in net income (loss), net of tax of $0.1, ($0.2) | 0.2 | 0 | (0.4) |
Total other comprehensive income (loss), net of tax | 2.9 | (40.6) | 76.4 |
Total comprehensive income | $ 356.6 | $ 35 | $ 21.7 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income Parenthetical - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net (loss) gain arising from remeasurement during the period, tax | $ (3.4) | $ (25) | $ 30.7 |
Net prior service credit, tax | 0 | 0 | 6.1 |
Amortization of prior service benefits included in net income (loss), tax | (5.5) | (5.4) | (5.2) |
Amortization of net actuarial loss included in net income (loss), tax | 10.8 | 8 | 10.1 |
Reclassification adjustment for curtailment loss (gain) included in net income (loss), tax | $ 0.1 | $ 0 | $ (0.2) |
Consolidated Statements of Shar
Consolidated Statements of Shareowners' Deficit - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | $ (648.5) | $ (676.7) | $ (648.5) | $ (676.7) | $ (698.2) | ||
Net income (loss) | $ 32.6 | $ 49.2 | $ (18.3) | $ 7 | 353.7 | 75.6 | (54.7) |
Other comprehensive income (loss) | 2.9 | (40.6) | 76.4 | ||||
Shares issued under employee plans | 0.1 | 1.4 | 2.4 | ||||
Shares purchased under employee plans and other | (0.1) | (1.1) | (2.3) | ||||
Stock-based compensation | 4.1 | 3.3 | 4.9 | ||||
Exercise of warrants | 5.2 | ||||||
Dividends on preferred stock | (10.4) | (10.4) | (10.4) | ||||
Balance | $ (298.2) | $ (648.5) | $ (298.2) | $ (648.5) | $ (676.7) | ||
Preferred Stock [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | ||
Balance | $ 129.4 | $ 129.4 | $ 129.4 | $ 129.4 | $ 129.4 | ||
Balance | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | ||
Balance | $ 129.4 | $ 129.4 | $ 129.4 | $ 129.4 | $ 129.4 | ||
Common Stock [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 209.6 | 208.7 | 209.6 | 208.7 | 203 | ||
Balance | $ 2.1 | $ 2.1 | $ 2.1 | $ 2.1 | $ 2 | ||
Shares issued under employee plans | 0.4 | 1.1 | 1.6 | ||||
Shares issued under employee plans | $ 0 | $ 0 | $ 0 | ||||
Shares purchased under employee plans and other | 0 | (0.2) | (0.3) | ||||
Shares purchased under employee plans and other | $ 0 | $ 0 | $ 0 | ||||
Stock-based compensation | 0 | 0 | 0 | ||||
Stock-based compensation | $ 0 | $ 0 | $ 0 | ||||
Exercise of warrants | 4.4 | ||||||
Exercise of warrants | $ 0.1 | ||||||
Balance | 210 | 209.6 | 210 | 209.6 | 208.7 | ||
Balance | $ 2.1 | $ 2.1 | $ 2.1 | $ 2.1 | $ 2.1 | ||
Additional Paid-in Capital [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | 2,582.9 | 2,590.6 | 2,582.9 | 2,590.6 | 2,590.9 | ||
Shares issued under employee plans | 0.1 | 1.4 | 2.4 | ||||
Shares purchased under employee plans and other | (0.7) | (2) | (2.3) | ||||
Stock-based compensation | 4.1 | 3.3 | 4.9 | ||||
Exercise of warrants | 5.1 | ||||||
Dividends on preferred stock | (10.4) | (10.4) | (10.4) | ||||
Balance | 2,576 | 2,582.9 | 2,576 | 2,582.9 | 2,590.6 | ||
Retained Earnings [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | (3,187.9) | (3,263.5) | (3,187.9) | (3,263.5) | (3,208.8) | ||
Net income (loss) | 353.7 | 75.6 | (54.7) | ||||
Balance | (2,834.2) | (3,187.9) | (2,834.2) | (3,187.9) | (3,263.5) | ||
AOCI Attributable to Parent [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | $ (173.9) | $ (133.3) | (173.9) | (133.3) | (209.7) | ||
Other comprehensive income (loss) | 2.9 | (40.6) | 76.4 | ||||
Balance | $ (171) | $ (173.9) | $ (171) | $ (173.9) | $ (133.3) | ||
Treasury Stock [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance | (0.3) | (0.5) | (0.3) | (0.5) | (0.5) | ||
Balance | $ (1.1) | $ (2) | $ (1.1) | $ (2) | $ (2) | ||
Shares issued under employee plans | 0 | 0 | 0 | ||||
Shares issued under employee plans | $ 0 | $ 0 | $ 0 | ||||
Shares purchased under employee plans and other | 0.2 | 0.2 | 0 | ||||
Shares purchased under employee plans and other | $ 0.6 | $ 0.9 | $ 0 | ||||
Stock-based compensation | 0 | 0 | 0 | ||||
Stock-based compensation | $ 0 | $ 0 | $ 0 | ||||
Balance | (0.1) | (0.3) | (0.1) | (0.3) | (0.5) | ||
Balance | $ (0.5) | $ (1.1) | $ (0.5) | $ (1.1) | $ (2) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income (loss) | $ 353.7 | $ 75.6 | $ (54.7) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 170.2 | 231 | 169.6 |
Loss on extinguishment of debt | 20.9 | 19.6 | 29.6 |
Loss from CyrusOne investment | 5.1 | 7 | 10.7 |
Gain on sale of CyrusOne investment | (449.2) | (192.8) | 0 |
Loss (gain) on sale of assets | 0.4 | (0.3) | 2.4 |
Impairment of assets | 0 | 12.1 | 0 |
Provision for loss on receivables | 8.5 | 10.4 | 11.3 |
Noncash portion of interest expense | 4.6 | 6.2 | 7.5 |
Deferred income tax expense (benefit), including valuation allowance change | 184.5 | 47.4 | (2.7) |
Pension and other postretirement payments in excess of expense | (11.5) | (25.7) | (49.7) |
Deferred gain on sale of wireless spectrum licenses - discontinued operations | (112.6) | 0 | 0 |
Amortization of deferred gain - discontinued operations | (6.5) | (22.9) | (3.3) |
Stock-based compensation | 4.1 | 3.3 | 4.9 |
Excess tax benefit for share based payments | (0.1) | (0.1) | (0.5) |
Gain on transfer of lease obligations - discontinued operations | (15.9) | 0 | 0 |
Other, net | (2.3) | 3.9 | (3.4) |
Changes in operating assets and liabilities, net of effects of divestitures: | |||
(Increase) decrease in receivables | (1.9) | (23.7) | 0.5 |
Decrease (increase) in inventory, materials, supplies, prepaid expenses and other current assets | 3.6 | (7.2) | (0.8) |
(Decrease) increase in accounts payable | (17) | 38.7 | (17.7) |
Decrease in accrued and other current liabilities | (30.6) | (0.8) | (18.1) |
Decrease in other noncurrent assets | 1.5 | 0.7 | 0.8 |
Increase (decrease) in other noncurrent liabilities | 1.4 | (7.2) | (7.6) |
Net cash provided by operating activities | 110.9 | 175.2 | 78.8 |
Cash flows from investing activities | |||
Capital expenditures | (283.6) | (182.3) | (196.9) |
Proceeds from sale of CyrusOne investment | 643.9 | 355.9 | 0 |
Dividends received from CyrusOne | 22.2 | 28.4 | 21.3 |
Proceeds from sale of wireless spectrum licenses | 0 | 194.4 | 0 |
Proceeds from sale of assets | 1 | 2 | 2 |
Release of restricted cash | 0 | 0 | 0.4 |
Cash divested from deconsolidation of CyrusOne | 0 | 0 | (12.2) |
Other, net | (0.3) | (5.8) | 0 |
Net cash provided by (used in) investing activities | 383.2 | 392.6 | (185.4) |
Cash flows from financing activities | |||
Proceeds from issuance of long-term debt | 0 | 0 | 536 |
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days | (1.6) | (127) | 94.2 |
Repayment of debt | (531.7) | (376.5) | (530.8) |
Debt issuance costs | (0.4) | (0.9) | (6.7) |
Dividends paid on preferred stock | (10.4) | (10.4) | (10.4) |
Proceeds from exercise of options and warrants | 0 | 1.3 | 7.1 |
Excess tax benefit for share based payments | 0.1 | 0.1 | 0.5 |
Other, net | (0.6) | (1.1) | (2.3) |
Net cash (used in) provided by financing activities | (544.6) | (514.5) | 87.6 |
Net (decrease) increase in cash and cash equivalents | (50.5) | 53.3 | (19) |
Cash and cash equivalents at beginning of year | 57.9 | 4.6 | 23.6 |
Cash and cash equivalents at end of year | $ 7.4 | $ 57.9 | $ 4.6 |
Description of Business and Acc
Description of Business and Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Accounting Policies [Text Block] | Description of Business and Accounting Policies Description of Business — Cincinnati Bell Inc. and its consolidated subsidiaries ("Cincinnati Bell", "we", "our", "us" or the "Company") provides diversified telecommunications and technology services. The Company generates a large portion of its revenue by serving customers in the Greater Cincinnati and Dayton, Ohio areas. An economic downturn or natural disaster occurring in this, or a portion of this, limited operating territory could have a disproportionate effect on our business, financial condition, results of operations and cash flows compared to similar companies of a national scope and similar companies operating in different geographic areas. As of December 31, 2015, we operate our business through the following segments: Entertainment and Communications (formerly known as "Wireline") and IT Services and Hardware. The company has 3,250 employees as of December 31, 2015, and approximately 30% of its employees are covered by a collective bargaining agreement with Communications Workers of America (“CWA”) that will be in effect through May 12, 2018. Basis of Presentation — The consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") and, in the opinion of management, include all adjustments necessary for a fair presentation of the results of operations, comprehensive income, financial position and cash flows for each period presented. Basis of Consolidation — The consolidated financial statements include the consolidated accounts of Cincinnati Bell Inc. and its majority-owned subsidiaries over which it exercises control. Intercompany accounts and transactions have been eliminated in the consolidated financial statements. Investments over which the Company exercises significant influence are recorded under the equity method. Investments in which we own less than 20% of the ownership interests and cannot exercise significant influence over the investee’s operations are recorded at cost. Recast of Financial Information for Discontinued Operations — In the second quarter of 2014, we entered into agreements to sell our wireless spectrum licenses and certain other assets related to our wireless business. The agreement to sell our wireless spectrum licenses closed on September 30, 2014, for cash proceeds of $194.4 million . Simultaneously, we entered into a separate agreement to use certain spectrum licenses for $8.00 until we no longer provided wireless service. Effective March 31, 2015, all wireless subscribers were migrated off our network and we ceased providing wireless services and operations. Certain wireless tower lease obligations and other assets were transferred to the acquiring company on April 1, 2015. The closing of our wireless operations represents a strategic shift in our business. Therefore, certain wireless assets, liabilities and results of operations are reported as discontinued operations in our financial statements. Accordingly, the Company recast its prior period results to be comparable with the current discontinued operations presentation with the exception of the Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareowners' Deficit and Consolidated Statements of Cash Flows. See Note 3 for all required disclosures. Use of Estimates — The preparation of financial statements in conformity with generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. Significant items subject to such estimates and judgments include: the carrying value of property, plant and equipment; the valuation of insurance and claims liabilities; the valuation of allowances for receivables and deferred income taxes; reserves recorded for income tax exposures; the valuation of asset retirement obligations; assets and liabilities related to employee benefits; and the valuation of goodwill. In the normal course of business, the Company is also subject to various regulatory and tax proceedings, lawsuits, claims and other matters. The Company believes adequate provision has been made for all such asserted and unasserted claims in accordance with GAAP. Such matters are subject to many uncertainties and outcomes that are not predictable with assurance. Cash and Cash Equivalents — Cash consists of funds held in bank accounts. Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Receivables — Receivables consist principally of trade receivables from customers and are generally unsecured and due within 21 - 90 days. The Company has receivables with one large customer, General Electric Corp. ("GE"), that makes up 22% and 26% of the outstanding accounts receivable balance at December 31, 2015 and 2014 , respectively. Unbilled receivables arise from services rendered but not yet billed. As of December 31, 2015 and 2014 , unbilled receivables totaled $14.0 million and $13.2 million , respectively. Expected credit losses related to trade receivables are recorded as an allowance for uncollectible accounts in the Consolidated Balance Sheets. The Company establishes the allowances for uncollectible accounts using percentages of aged accounts receivable balances to reflect the historical average of credit losses as well as specific provisions for certain identifiable, potentially uncollectible balances. When internal collection efforts on accounts have been exhausted, the accounts are written off and the associated allowance for uncollectible accounts is reduced. Inventory, Materials and Supplies — Inventory, materials and supplies consists of network components, various telephony and IT equipment to be sold to customers, wireless handsets and accessories to support our agreement with Verizon to sell their products and services in our retail stores, maintenance inventories, and other materials and supplies, which are carried at the lower of average cost or market. Property, Plant and Equipment — Property, plant and equipment is stated at original cost and presented net of accumulated depreciation and impairment losses. Maintenance and repairs are charged to expense as incurred while improvements which extend an asset's useful life or increase its functionality are capitalized and depreciated over the asset's remaining life. The majority of the Entertainment and Communications network property, plant and equipment used to generate its voice and data revenue is depreciated using the group method, which develops a depreciation rate annually based on the average useful life of a specific group of assets rather than for each individual asset as would be utilized under the unit method. Provision for depreciation of other property, plant and equipment, except for leasehold improvements, is based on the straight-line method over the estimated economic useful life. Depreciation of leasehold improvements is based on a straight-line method over the lesser of the economic useful life of the asset or the term of the lease, including optional renewal periods if renewal of the lease is reasonably assured. Additions and improvements, including interest and certain labor costs incurred during the construction period, are capitalized. The Company records the fair value of a legal liability for an asset retirement obligation in the period it is incurred. The estimated removal cost is initially capitalized and depreciated over the remaining life of the underlying asset. The associated liability is accreted to its present value each period. Once the obligation is ultimately settled, any difference between the final cost and the recorded liability is recognized as gain or loss on disposition. Goodwill — Goodwill represents the excess of the purchase price consideration over the fair value of net assets acquired and recorded in connection with business acquisitions. Goodwill is generally allocated to reporting units one level below business segments. Goodwill is tested for impairment on an annual basis or when events or changes in circumstances indicate that such assets may be impaired. If the net book value of the reporting unit exceeds its fair value, an impairment loss may be recognized. An impairment loss is measured as the excess of the carrying value of goodwill of a reporting unit over its implied fair value. The implied fair value of goodwill represents the difference between the fair value of the reporting unit and the fair value of all the assets and liabilities of that unit, including any unrecognized intangible assets. Long-Lived Assets — Management reviews the carrying value of property, plant and equipment and other long-lived assets, including intangible assets with definite lives, when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss is recognized when the estimated future undiscounted cash flows expected to result from the use of an asset (or group of assets) and its eventual disposition is less than its carrying amount. An impairment loss is measured as the amount by which the asset’s carrying value exceeds its estimated fair value. Long-lived intangible assets are amortized based on the estimated economic value generated by the asset in future years. Equity Method Investments - On January 24, 2013, we completed the initial public offering ("IPO") of CyrusOne Inc. ("CyrusOne"), which owns and operates our former Data Center Colocation business. CyrusOne conducts its data center business through CyrusOne LP, an operating partnership. Effective with the IPO, we retained ownership of approximately 1.9 million shares, or 8.6% , of CyrusOne's common stock and were a limited partner in CyrusOne LP, owning approximately 42.6 million , or 66% , of its partnership units. We effectively owned 69% of CyrusOne and continued to have significant influence over the entity, but we did not control its operations. Therefore, effective January 24, 2013, we no longer included the accounts of CyrusOne in our consolidated financial statements, but accounted for our ownership in CyrusOne as an equity method investment. From the date of IPO, we recognized our proportionate share of CyrusOne's net income or loss as non-operating income or expense in our Consolidated Statement of Operations through December 31, 2015. For the period January 1, 2013 through January 23, 2013, we consolidated CyrusOne's operating results. We completed the sale of 16.0 million partnership units of CyrusOne LP to CyrusOne Inc. at a price of $22.26 per unit in the second quarter of 2014. In the second quarter of 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 . On July 1, 2015, we sold 6.0 million operating partnership units of CyrusOne LP to CyrusOne, Inc. at a price of $28.41 per unit for proceeds o f $170.3 million . In December 2015, we sold 1.4 million shares of CyrusOne's common stock at a price of $35.30 per share for proceeds of $47.6 million . For the year ended December 31, 2015, 2014 and 2013, the Company received cash dividends from CyrusOne totaling $22.2 million , $28.4 million and $21.3 million , respectively. Dividends from CyrusOne are recognized as a reduction of our investment. Effective December 31, 2015 we exchanged our remaining 6.3 million operating partnership units in CyrusOne LP for an equal number of newly issued shares of common stock of CyrusOne Inc. As a result, we own approximately 9.5% of CyrusOne's common shares and no longer have significant influence over the entity. Therefore, as of December 31, 2015, our ownership in CyrusOne is accounted for as a cost method investment. During 2014, we invested a total of $5.5 million in other entities, which are accounted for as equity method investments and the carrying value has been recorded within “Other noncurrent assets” in the Consolidated Balance Sheets. The Company's proportionate share of the investments’ net loss had a minimal impact on our Consolidated Statement of Operations. Our equity method investments are tested for impairment on an annual basis or when events or changes in circumstances indicate that such assets may be impaired. Cost Method Investments — Effective December 31, 2015 our investment in CyrusOne is accounted for as a cost method investment. The carrying value of this investment was 55.5 million as of December 31, 2015 . Our cost method investments are tested for impairment on an annual basis or when events or changes in circumstances indicate that such assets may be impaired. Leases — Certain property and equipment are leased. At lease inception, the lease terms are assessed to determine if the transaction should be classified as a capital or operating lease. Treasury Shares — The repurchase of common shares is recorded at purchase cost as treasury shares. Our policy is to retire, either formally or constructively, treasury shares that management anticipates will not be reissued. Upon retirement, the purchase cost of the treasury shares that exceeds par value is recorded as a reduction to “Additional paid-in capital” in the Consolidated Balance Sheets. Revenue Recognition — We apply the revenue recognition principles described in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic ("ASC") 605, “Revenue Recognition.” Under ASC 605, revenue is recognized when there is persuasive evidence of a sale arrangement, delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. With respect to arrangements with multiple deliverables, management determines whether more than one unit of accounting exists in an arrangement. To the extent that the deliverables are separable into multiple units of accounting, total consideration is allocated to the individual units of accounting based on their relative fair value, determined by the price of each deliverable when it is regularly sold on a stand-alone basis. Revenue is recognized for each unit of accounting as delivered, or as service is performed, depending on the nature of the deliverable comprising the unit of accounting. The Company has sales with one large customer, GE, that contributed 12% to total revenue in 2015 and 14% in 2014. Revenue derived from foreign operations is approximately 1% of consolidated revenue. Entertainment and Communications — Revenues from local telephone, special access, internet product and video services, which are billed monthly prior to performance of service, are not recognized upon billing or cash receipt but rather are deferred until the service is provided. Long distance, switched access and other usage based charges are billed monthly in arrears. Entertainment and Communications bills service revenue in regular monthly cycles, which are spread throughout the days of the month. As the last day of each billing cycle rarely coincides with the end of the reporting period for usage-based services such as long distance and switched access, we must estimate service revenues earned but not yet billed. These estimates are based upon historical usage, and we adjust these estimates during the period in which actual usage is determinable, typically in the following reporting period. Initial billings for Entertainment and Communications service connection and activation are deferred and amortized into revenue on a straight-line basis over the average customer life. The associated connection and activation costs, to the extent of the upfront fees, are also deferred and amortized on a straight-line basis over the average customer life. Pricing of local voice services is generally subject to oversight by both state and federal regulatory commissions. Such regulation also covers services, competition, and other public policy issues. Various regulatory rulings and interpretations could result in increases or decreases to revenue in future periods. IT Services and Hardware — S ervices are generally recognized as the service is provided. Maintenance on telephony equipment is deferred and recognized ratably over the term of the underlying customer contract, generally one to three years. Equipment revenue is recognized upon the completion of our contractual obligations, such as shipment, delivery, or customer acceptance. Installation service revenue is generally recognized when installation is complete. We sell equipment and installation services on both a combined and standalone basis. The Company is a reseller of IT and telephony equipment. For these transactions, we consider the gross versus net revenue recording criteria of ASC 605. Based on this criteria, these equipment revenues and associated costs have generally been recorded on a gross basis rather than recording the revenues net of the associated costs. Vendor rebates are earned on certain equipment sales. When the rebate is earned and the amount is determinable, we recognize the rebate as an offset to cost of products sold. Discontinued Operations — Postpaid wireless and reciprocal compensation were billed monthly in arrears. Service revenue was billed in regular monthly cycles, which were spread throughout the days of the month. As the last day of each billing cycle rarely coincided with the end of the reporting period for usage-based services such as postpaid wireless, we estimated service revenues earned but not yet billed. Our estimates were based upon historical usage, and we adjusted these estimates during the period in which actual usage was determinable, typically in the following reporting period. Revenue from prepaid wireless service, which was collected in advance, was not recognized upon billing or cash receipt but rather deferred until the service was provided. Wireless handset revenue and the related activation revenue were recognized when the products were delivered to and accepted by the customer, as this was considered to be a separate earnings process from the sale of wireless services. Wireless equipment costs were also recognized upon handset sale and were generally in excess of the related handset and activation revenue. Revenue from termination fees was recognized when collection was deemed reasonably assured. Advertising Expenses — Costs related to advertising are expensed as incurred. Advertising costs were $8.3 million , $7.2 million , and $7.3 million in 2015 , 2014 , and 2013 , respectively. Legal Expenses — In the normal course of business, the Company is involved in various claims and legal proceedings. Legal costs incurred in connection with loss contingencies are expensed as incurred. Legal claim accruals are recorded once determined to be both probable and estimable. Income, Operating, and Regulatory Taxes Income taxes — The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction as well as various foreign, state and local jurisdictions. The provision for income taxes is based upon income in the consolidated financial statements, rather than amounts reported on the income tax return. The income tax provision consists of an amount for taxes currently payable and an amount for tax consequences deferred to future periods. Deferred investment tax credits are amortized as a reduction of the provision for income taxes over the estimated useful lives of the related property, plant and equipment. Deferred income taxes are provided for temporary differences between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at rates then in effect. Valuation allowances are recorded to reduce deferred tax assets to amounts that are more likely than not to be realized. The ultimate realization of the deferred income tax assets depends upon the ability to generate future taxable income during the periods in which basis differences and other deductions become deductible and prior to the expiration of the net operating loss carryforwards. Previous tax filings are subject to normal reviews by regulatory agencies until the related statute of limitations expires. Operating taxes — Certain operating taxes such as property, sales, use, and gross receipts taxes are reported as expenses in operating income primarily within cost of services. These taxes are not included in income tax expense because the amounts to be paid are not dependent on our level of income. Liabilities for audit exposures are established based on management's assessment of the probability of payment. The provision for such liabilities is recognized as either property, plant and equipment, operating tax expense, or depreciation expense depending on the nature of the audit exposure. Upon resolution of an audit, any remaining liability not paid is released against the account in which it was originally recorded. Regulatory taxes — The Company incurs federal and state regulatory taxes on certain revenue producing transactions. We are permitted to recover certain of these taxes by billing the customer; however, collections cannot exceed the amount due to the federal regulatory agency. These federal regulatory taxes are presented in sales and cost of services on a gross basis because, while the Company is required to pay the tax, it is not required to collect the tax from customers and, in fact, does not collect the tax from customers in certain instances. The amounts recorded as revenue for 2015 , 2014 , and 2013 were $15.5 million , $15.2 million , and $14.9 million , respectively. The amounts expensed for 2015 , 2014 , and 2013 were $17.9 million , $16.4 million , and $14.9 million , respectively. We record all other federal taxes collected from customers on a net basis. Stock-Based Compensation — Compensation cost is recognized for all share-based awards to employees and non-employee directors. We value all share-based awards to employees at fair value on the date of grant and expense this amount over the required service period, generally defined as the applicable vesting period. For awards which contain a performance condition, compensation expense is recognized over the service period, when achievement of the performance condition is deemed probable. The fair value of stock options and stock appreciation rights is determined using the Black-Scholes option-pricing model using assumptions such as volatility, risk-free interest rate, holding period and dividends. The fair value of stock awards is based on the Company’s closing share price on the date of grant. For all share-based payments, an assumption is also made for the estimated forfeiture rate based on the historical behavior of employees. The forfeiture rate reduces the total fair value of the awards to be recognized as compensation expense. Our accounting policy for graded vesting awards is to recognize compensation expense on a straight-line basis over the vesting period. We have also granted employee awards to be ultimately paid in cash which are indexed to the change in the Company’s common stock price. These awards are adjusted to the fair value of the Company's common stock, and the adjusted fair value is expensed on a pro-rata basis over the vesting period. When an award is granted to an employee who is retirement eligible, the compensation cost is recognized over the service period up to the date that the employee first becomes eligible to retire. Pension and Postretirement Benefit Plans — The Company maintains qualified and non-qualified defined benefit pension plans, and also provides postretirement healthcare and life insurance benefits for eligible employees. We recognize the overfunded or underfunded status of the defined benefit pension and other postretirement benefit plans as either an asset or liability. Changes in the funded status of these plans are recognized as a component of comprehensive income (loss) in the year they occur. Pension and postretirement healthcare and life insurance benefits earned during the year and interest on the projected benefit obligations are accrued and recognized currently in net periodic benefit cost. Prior service costs and credits are amortized over the average life expectancy of participants or remaining service period, based upon whether plan participants are mostly retirees or active employees. Net gains or losses resulting from differences between actuarial experience and assumptions or from changes in actuarial assumptions are recognized as a component of annual net periodic benefit cost. Unrecognized actuarial gains or losses that exceed 10% of the projected benefit obligation are amortized on a straight-line basis over the average remaining service life of active employees for the pension and bargained postretirement plans (approximately 9 - 13 years) and average life expectancy of retirees for the management postretirement plan (approximately 17 years). Business Combinations — In accounting for business combinations, we apply the accounting requirements of ASC 805, “Business Combinations,” which requires the recording of net assets of acquired businesses at fair value. In developing estimates of fair value of acquired assets and assumed liabilities, management analyzes a variety of factors including market data, estimated future cash flows of the acquired operations, industry growth rates, current replacement cost for fixed assets, and market rate assumptions for contractual obligations. Such a valuation requires management to make significant estimates and assumptions, particularly with respect to the intangible assets. In addition, contingent consideration is presented at fair value at the date of acquisition. Transaction costs are expensed as incurred. Fair Value Measurements — Fair value of financial and non-financial assets and liabilities is defined as the price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is utilized to measure certain investments on a recurring basis. Fair value measurements are also utilized to determine the initial value of assets and liabilities acquired in a business combination, to perform impairment tests, and for disclosure purposes. Management uses quoted market prices and observable inputs to the maximum extent possible when measuring fair value. In the absence of quoted market prices or observable inputs, fair value is determined using valuation models that incorporate assumptions that a market participant would use in pricing the asset or liability. Fair value measurements are classified within one of three levels, which prioritize the inputs used in the methodologies of measuring fair value for assets and liabilities, as follows: Level 1 — Quoted market prices for identical instruments in an active market; Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs); and Level 3 — Unobservable inputs that reflect management's determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including our own data. Foreign Currency Translation and Transactions — The financial position of foreign subsidiaries is translated at the exchange rates in effect at the end of the period, while revenues and expenses are translated at average rates of exchange during the period. Gains or losses from translation of foreign operations where the local currency is the functional currency are included as components of accumulated other comprehensive income (loss). Gains and losses arising from foreign currency transactions are recorded in other income (expense) in the period incurred. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2015 | |
Recently Issued Accounting Standards [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Standards In April 2014, the FASB issued Accounting Standard Update ("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. ASU 2014-08 was effective on January 1, 2015 and applicable to our wireless operations, which qualified for discontinued operations as of March 31, 2015. For full discussion of discontinued operations and required disclosures reference Notes 1 and 3 of the Consolidated Financial Statements. 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, 2018. The Company is currently in the process of evaluating the impact of adoption of this ASU on the consolidated financial statements. The FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern in August 2014. 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 in the fiscal year ending December 31, 2016. The adoption of this pronouncement is not expected to have a material impact on our financial statements. 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 rather than as an asset and to record amortization of the costs as interest expense. The standard will be effective for us in the fiscal year ending December 31, 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 Consolidated Balance Sheets on the date of adoption. The adoption is not expected to impact the Statement of Operations. 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 in April 2015. The standard will be effective for us in the fiscal year ending December 31, 2016 and can be adopted retrospectively or prospectively to arrangements entered into, or materially modified, after the effective date. The Company plans to prospectively adopt this standard and estimates an immaterial impact on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which amends rules regarding the classification of current and noncurrent deferred tax liabilities and assets. Specifically, this amendment requires that for a particular tax-paying component of an entity and within a particular tax jurisdiction, all deferred tax liabilities and assets shall be offset and presented as a single noncurrent amount. The Company retrospectively adopted the amended standard effective December 31, 2015. The adoption of this standard resulted in a prior period adjustment due to a change in accounting principle. The Consolidated Balance Sheet for the period ending December 31, 2014 has been restated to reflect this change in accounting principle and reclass of $68.9 million of "Deferred income taxes, net" from current to non-current. The previously discussed reclasses also impact the Supplemental Guarantor Condensed Consolidating Balance Sheets in Footnote 18 and 19 by decreasing “Other current assets” and increasing “Other noncurrent assets” by $68.9 million . Adoption of ASU 2015-17 did not effect income (loss) from continuing operations, income (loss) from discontinued operations or retained earnings in the presented periods. The FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments in January 2016. The amended guidance requires entities to carry all investments in equity securities at fair value through net income unless the entity has elected the practicability exception to fair value measurement. This standard will be effective for the fiscal year ending December 31, 2018 and will require a cumulative-effect adjustment to beginning retained earnings on this date. The Company is currently in the process of evaluating the impact of adoption of this ASU on the consolidated financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations Cincinnati Bell Wireless LLC ("CBW"), our former Wireless segment, provided digital wireless voice and data communications services to customers in the Company’s licensed service territory, which included Greater Cincinnati and Dayton, Ohio, and areas of northern Kentucky and southeastern Indiana. The Company’s customers were also able to place and receive wireless calls nationally and internationally due to roaming agreements the Company had with other carriers. In the second quarter of 2014, we entered into agreements to sell our wireless spectrum licenses and certain other assets related to our wireless business, including leases to certain wireless towers and related equipment and other assets. The agreement to sell our spectrum licenses closed on September 30, 2014 for cash proceeds of $194.4 million . Prior to this date, the Company's digital wireless network utilized 50 MHz of licensed spectrum in the Cincinnati area and 40 MHz of licensed spectrum in the Dayton area, which had a carrying value of $88.2 million . Simultaneous with the close of the spectrum sale, the Company entered into a separate agreement to use certain wireless spectrum for $8.00 until we no longer provided wireless services. We ceased providing wireless service effective March 31, 2015. The fair value of the lease, which is considered a Level 3 measurement based on other comparable transactions, totaled $6.4 million and was recorded as a prepaid expense and amortized over a six month period ending March 31, 2015. As of March 31, 2015, there were no subscribers remaining on the network and we no longer required the use of the spectrum being leased. Therefore, the $112.6 million gain on the sale of the wireless spectrum licenses, which had been previously deferred, was recognized in Income (loss) from discontinued operations, net of tax during the three months ended March 31, 2015. On April 1, 2015, we transferred certain other wireless assets to the acquirer, including leases to certain wireless towers and related equipment and other assets, which resulted in a gain of $15.9 million in the second quarter of 2015. As a result, we removed the following assets and liabilities in the second quarter of 2015. (dollars in millions) As of April 1, 2015 Property, plant and equipment, net $ 16.0 Current portion of long-term debt 0.5 Long-term debt, less current portion 24.8 Other non-current liabilities 6.6 Total liabilities $ 31.9 Wireless financial results for the twelve months ended December 31, 2015, 2014 and 2013 reported as Income (loss) from discontinued operations, net of tax on the Consolidated Statements of Operations are as follows: Twelve Months Ended December 31, (dollars in millions) 2015 2014 2013 Revenue $ 4.4 $ 132.8 $ 201.5 Costs and expenses Cost of products and services 12.0 66.9 102.3 Selling, general and administrative 2.2 19.5 33.6 Depreciation and amortization expense 28.6 103.4 41.2 Restructuring charges 3.3 16.3 0.2 Impairment of asset — 7.5 — Transaction costs — 3.2 — (Gain) loss on sale or disposal of assets (0.4 ) — 3.5 Amortization of deferred gain (6.5 ) (22.9 ) (3.3 ) Total operating costs and expenses 39.2 193.9 177.5 Operating income (loss) (34.8 ) (61.1 ) 24.0 Interest (income) expense (1.7 ) 2.8 6.0 Other (income) expense (2.3 ) 2.2 2.0 Gain on transfer of tower lease obligations and other assets 15.9 — — Gain on sale of wireless spectrum licenses 112.6 — — Income (loss) before income taxes 97.7 (66.1 ) 16.0 Income tax expense (benefit) 34.8 (24.0 ) 5.8 Net income (loss) from discontinued operations $ 62.9 $ (42.1 ) $ 10.2 Wireless assets and liabilities presented as discontinued operations as of December 31, 2015 and December 31, 2014 are as follows: (dollars in millions) December 31, 2015 December 31, 2014 Current assets Prepaid rent - spectrum license $ — $ 3.2 Other current assets — 1.5 Total current assets from discontinued operations — 4.7 Property, plant and equipment — 44.1 Other noncurrent assets — 0.5 Total noncurrent assets from discontinued operations — 44.6 Total assets from discontinued operations $ — $ 49.3 Current liabilities Current portion of long-term debt $ — $ 1.6 Accounts payable — 5.0 Restructuring liability 4.7 15.4 Deferred gain on sale of wireless spectrum licenses — 112.6 Other current liabilities 0.7 7.4 Total current liabilities from discontinued operations 5.4 142.0 Long-term debt, less current portion — 81.6 Deferred gain on sale of towers — 13.1 Other noncurrent liabilities — 8.0 Total noncurrent liabilities from discontinued operations — 102.7 Total liabilities from discontinued operations $ 5.4 $ 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. Subsequent to ceasing operations of our wireless business these liabilities and the related assets were transferred to continuing operations as they were retained by the Company. Amounts transferred at April 1, 2015 include the following: Continuing Operations Discontinued Operations As of April 1, 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 57.0 Other noncurrent liabilities 10.9 7.5 Total liabilities $ 65.4 $ 65.6 In the first quarter of 2013, in connection with our review of the estimated remaining useful lives of property, plant and equipment, we shortened the estimated useful lives assigned to wireless network software to three years. This change resulted from smartphone-driven technology upgrades, enhancements and projected retirements. As a result of this change in estimate, we recorded additional depreciation expense of $8.5 million in the first quarter of 2013. In conjunction with our long-lived asset analysis conducted in the fourth quarter of 2013, we reassessed the useful lives of all of our Wireless property, plant and equipment. The remaining useful lives for all Wireless property, plant, and equipment assets were reduced to 30 months as of December 31, 2013, resulting in additional depreciation expense of $3.0 million in the quarter. Following the agreement to sell our wireless spectrum licenses and certain other assets in the second quarter of 2014, we further reduced the remaining useful lives of those assets not included in the sale to be fully depreciated as of March 31, 2015. As a result of the combined changes in estimates, depreciation and amortization expense increased by $62.2 million for the year ended December 31, 2014. In addition, adjusting the useful lives of our Wireless property, plant and equipment also required that we reduce the amortization period of the deferred gain associated with the 2009 tower sale in a similar manner. Amortization of the deferred gain associated with the tower sale totaled $6.5 million , $22.9 million and $3.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. In 2015, a $0.4 million gain was recorded on the sale of a wireless tower that was fully depreciated. An asset impairment loss of $7.5 million was also recognized in 2014 for the write-off of certain construction-in-progress projects that were not completed due to the wind down of wireless operations. In 2013, a $3.5 million loss on disposal of assets was incurred for equipment that was either disconnected from the wireless network, abandoned or demolished. Restructuring liabilities were established for employee separations, lease abandonments and contract terminations charges. In 2015, restructuring charges were for tower operating leases that were abandoned. During 2014, restructuring charges included $13.1 million in contract termination charges for wireless contracts that were no longer utilized and $3.2 million in employee separation charges. In 2013, $0.2 million was recorded for lease abandonment charges due to the closure of a retail store. In the fourth quarter of 2014, we repaid $22.7 million 8 3 / 8 % Senior Notes due 2020 using proceeds from the sale of our wireless spectrum licenses. Following is selected operating, investing and financing cash flow activity from discontinued operations included in Consolidated Statements of Cash Flows: Twelve Months Ended December 31, (dollars in millions) 2015 2014 2013 Depreciation and amortization $ 28.6 $ 103.4 $ 41.2 (Gain) loss on sale of assets (0.4 ) — 3.5 Impairment of assets — 7.5 — Deferred gain on sale of spectrum licenses (112.6 ) — — Amortization of deferred gain on sale of towers (6.5 ) (22.9 ) (3.3 ) Gain on transfer of tower lease obligations and other assets (15.9 ) — — Non-cash spectrum lease 3.2 3.2 — Restructuring payments (14.5 ) (2.4 ) (0.3 ) Capital expenditures — (6.5 ) (16.0 ) Proceeds from sale of wireless spectrum licenses — 194.4 — Repayment of debt (0.3 ) (23.5 ) (0.6 ) Operating Lease Commitments The Company's discontinued operations leased certain facilities and equipment. Operating lease expense was $1.4 million , $6.4 million , and $6.5 million , in 2015 , 2014 , and 2013 , respectively. At December 31, 2015 , future minimum lease payments required under operating leases have been reported as Restructuring liability. |
Investment in CyrusOne
Investment in CyrusOne | 12 Months Ended |
Dec. 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. Effective with the IPO, our 69% ownership was held in the form of 1.9 million shares of unregistered common stock of CyrusOne Inc. and 42.6 million of economically equivalent partnership units in its underlying operating entity, CyrusOne LP. As of that date, we no longer controlled CyrusOne's operations but as a result of maintaining significant influence, our investment was accounted for using the equity method. Commencing January 17, 2014, we were 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. In the second quarter of 2014, we sold 16.0 million operating partnership units of CyrusOne LP to CyrusOne, Inc. at a price of $22.26 per unit. The sale generated proceeds of $355.9 million and resulted in a gain of $192.8 million . In the second quarter of 2015, we sold 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 . We sold 6.0 million operating partnership units of CyrusOne LP to CyrusOne, Inc. at a price of $28.41 per unit in the third quarter of 2015. Proceeds from the sale totaled of $170.3 million and resulted in a gain of $117.7 million . In the fourth quarter of 2015, we sold 1.4 million shares of CyrusOne's common stock at a price of $35.30 per share. The sale generated proceeds of $47.6 million and resulted in a gain of $36.3 million . Concurrent with the fourth quarter sale, we exchanged all of our remaining 6.3 million operating partnership units in CyrusOne LP for an equal number of newly issued shares of common stock of CyrusOne Inc. As of December 31, 2015 , we owned 9.5% of CyrusOne, which was held in the form of 6.9 million shares of registered common stock of CyrusOne Inc. Effective with the conversion of our LP shares to common stock, our investment in CyrusOne is accounted for using the cost method as we no longer have significant influence over CyrusOne or any of its subsidiaries. For the years ended December 31, 2015 , 2014 , and 2013 , our equity method share of CyrusOne's net loss was $5.1 million , $7.0 million , and $10.7 million , respectively. As of December 31, 2015 , the fair value of this investment was $257.9 million based on the quoted market price of CyrusOne's common stock, which is considered a Level 1 measurement in the fair value hierarchy. Summarized financial information for the CyrusOne Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 , and 2013 and Consolidated Balance Sheets as of December 31, 2015 and 2014 is as follows: (dollars in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 January 24, 2013 to December 31, 2013 Revenue $ 399.3 $ 330.9 $ 248.4 Operating income 22.8 40.0 28.9 Net loss (20.2 ) (14.5 ) (15.6 ) (dollars in millions) December 31, 2015 December 31, 2014 Net investment in real estate $ 1,392.0 $ 1,051.4 Total assets 2,195.6 1,571.0 Total liabilities 1,374.0 854.0 Transactions with CyrusOne Revenues - The Company records service revenue from CyrusOne under contractual service arrangements which include, among others, providing services such as fiber transport, network support, service calls, monitoring and management, storage and back-up, and IT systems support. Operating Expenses - We lease data center and office space from CyrusOne at certain locations in our operating territory under operating leases and are also billed for other services provided by CyrusOne under contractual service arrangements. In the normal course of business, the Company also provides certain administrative services to CyrusOne which are billed based on agreed-upon rates. Revenues and operating costs and expenses from transactions with CyrusOne were as follows: (dollars in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 January 24, 2013 to December 31, 2013 Revenue: Services provided to CyrusOne $ 1.3 $ 1.7 $ 2.1 Operating costs and expenses: Transaction-related compensation to CyrusOne employees $ — $ — $ 20.0 Charges for services provided by CyrusOne 10.2 9.1 8.8 Administrative services provided to CyrusOne (0.4 ) (0.5 ) (0.6 ) Total operating costs and expenses $ 9.8 $ 8.6 $ 28.2 Dividends of $22.2 million , $28.4 million and $21.3 million were received in 2015 , 2014 and 2013 respectively. In addition, on November 5, 2015, CyrusOne declared dividends of $0.315 per share payable on its common shares and CyrusOne LP partnership units. This dividend was paid on January 8, 2016 to holders of record as of December 24, 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 would reimburse the Company for the Texas Margin Tax liability that CyrusOne would have incurred if they had filed a Texas Margin Tax return separate from the consolidated filing. The agreement remained in effect until the Texas Margin Tax return for the period ending December 31, 2014 was filed. As of December 31, 2015 , there was no receivable related to this agreement compared to $1.7 million at December 31, 2014. The balance at December 31, 2014 is included in Receivable from CyrusOne in the Consolidated Balance Sheets. Amounts receivable from and payable to CyrusOne were as follows: (dollars in millions) December 31, 2015 December 31, 2014 Accounts receivable $ 0.1 $ 1.7 Dividends receivable 2.1 6.0 Receivable from CyrusOne $ 2.2 $ 7.7 Payable to CyrusOne $ 1.5 $ 0.4 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share [Text Block] | Earnings Per Common Share Basic earnings per common share ("EPS") is based upon the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that would occur upon issuance of common shares for awards under stock-based compensation plans, 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: Year Ended December 31, 2015 (in millions, except per share amounts) Continuing Operations Discontinued Operations Total Numerator: Net income (loss) $ 290.8 $ 62.9 $ 353.7 Preferred stock dividends 10.4 — 10.4 Net income (loss) applicable to common shareowners - basic and diluted $ 280.4 $ 62.9 $ 343.3 Denominator: Weighted-average common shares outstanding - basic 209.6 209.6 209.6 Stock-based compensation arrangements 0.6 0.6 0.6 Weighted-average common shares outstanding - diluted 210.2 210.2 210.2 Basic earnings (loss) per common share $ 1.34 $ 0.30 $ 1.64 Diluted earnings (loss) per common share $ 1.33 $ 0.30 $ 1.63 Year Ended December 31, 2014 (in millions, except per share amounts) Continuing Operations Discontinued Operations Total Numerator: Net income (loss) $ 117.7 $ (42.1 ) $ 75.6 Preferred stock dividends 10.4 — 10.4 Net income (loss) applicable to common shareowners - basic and diluted $ 107.3 $ (42.1 ) $ 65.2 Denominator: Weighted-average common shares outstanding - basic 208.5 208.5 208.5 Stock-based compensation arrangements 1.1 1.1 1.1 Weighted-average common shares outstanding - diluted 209.6 209.6 209.6 Basic and diluted earnings (loss) per common share $ 0.51 $ (0.20 ) $ 0.31 Year Ended December 31, 2013 (in millions, except per share amounts) Continuing Operations Discontinued Operations Total Numerator: Net income (loss) $ (64.9 ) $ 10.2 $ (54.7 ) Preferred stock dividends 10.4 — 10.4 Net income (loss) applicable to common shareowners - basic and diluted $ (75.3 ) $ 10.2 $ (65.1 ) Denominator: Weighted-average common shares outstanding - basic and diluted 205.9 205.9 205.9 Basic and diluted earnings (loss) per common share $ (0.37 ) $ 0.05 $ (0.32 ) For the years ended December 31, 2015 and 2014, awards under the Company’s stock-based compensation plans for common shares of 3.5 million and 3.6 million , respectively, were excluded from the computation of diluted EPS as their inclusion would have been anti-dilutive. For the year ended December 31, 2013, the Company had a net loss available to common shareholders from 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 all periods presented, preferred stock convertible into 4.5 million common shares was excluded as it was anti-dilutive. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant and Equipment Property, plant and equipment is comprised of the following: December 31, Depreciable Lives (Years) (dollars in millions) 2015 2014 Land and rights-of-way $ 4.3 $ 4.3 20 - Indefinite Buildings and leasehold improvements 165.0 170.5 3 - 40 Network equipment 2,959.3 2,686.8 2 - 50 Office software, furniture, fixtures and vehicles 131.4 123.9 2 - 14 Construction in process 29.2 25.7 n/a Gross value 3,289.2 3,011.2 Accumulated depreciation (2,313.7 ) (2,195.8 ) Property, plant and equipment, net $ 975.5 $ 815.4 Depreciation expense on property, plant and equipment totaled $141.3 million , $127.2 million , and $126.3 million in 2015 , 2014 , and 2013 , respectively. In 2015 , approximately 79% , compared to approximately 81% in 2014 and 2013 , of "Depreciation," as presented in the Consolidated Statements of Operations, was associated with the cost of providing services. There are numerous assets included within network equipment resulting in a range of depreciable lives between 2 and 50 years, the majority of which fall within the range of 7 to 22 years. In the fourth quarter of 2015, we reduced the useful life of our copper assets from 15 years to 7 years as customers have continued to migrate to services provided by our fiber network. No asset impairment losses were recognized in 2015 or 2013. During the year ended December 31, 2014, the Entertainment and Communications segment recognized an asset impairment loss of $4.6 million for the abandonment of an internal use software project. As of December 31, 2015 and 2014 , buildings and leasehold improvements, network equipment, and office software, furniture, fixtures and vehicles include $91.2 million and $39.8 million , respectively, of assets accounted for as capital leases. Concurrent with the shut-down of our wireless network, $57.7 million of fully depreciated capital lease assets were transferred to continuing operations as these assets were retained by the Company. These leases were reported in discontinued operations as of December 31, 2014, as they were still being utilized in our wireless operations. Depreciation of capital lease assets is included in "Depreciation and amortization" in the Consolidated Statements of Operations. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Intangible Assets Goodwill At December 31, 2015 and 2014 , the gross value of goodwill was $14.3 million and $14.4 million , respectively. The changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 were as follows: (dollars in millions) Entertainment and Communications IT Services and Hardware Total Balance as of December 31, 2014 and 2013 $ 11.8 $ 2.6 $ 14.4 Disposal of asset — (0.1 ) (0.1 ) Balance as of December 31, 2015 $ 11.8 $ 2.5 $ 14.3 Intangible Assets Subject to Amortization As of December 31, 2015 and 2014 , intangible assets subject to amortization consisted of customer relationships. For the years ended December 31, 2015 , 2014 , and 2013 , no impairment losses were recognized on intangible assets subject to amortization. Summarized below are the carrying values for the intangible assets subject to amortization: Weighted- Average December 31, 2015 December 31, 2014 Life in Gross Carrying Accumulated Gross Carrying Accumulated (dollars in millions) Years Amount Amortization Amount Amortization Customer relationships - Entertainment and Communications 10 $ 7.0 $ 6.8 $ 7.0 $ 6.5 Amortization expense for intangible assets subject to amortization was $0.3 million in 2015 , $0.4 million in 2014 , and $2.1 million in 2013 . The following table presents estimated amortization expense for the assets' remaining useful lives: (dollars in millions) 2016 $ 0.2 |
Debt and Other Financing Arrang
Debt and Other Financing Arrangements (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instruments [Abstract] | |
Debt and Other Financing Arrangements [Text Block] | Debt and Other Financing Arrangements The Company’s debt consists of the following: December 31, (dollars in millions) 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 8.4 6.2 Current portion of long-term debt 13.8 11.6 Long-term debt, less current portion: Receivables Facility 17.6 19.2 8 3/4% Senior Subordinated Notes due 2018 — 300.0 Corporate Credit Agreement - Tranche B Term Loan 522.5 527.8 8 3/8% Senior Notes due 2020 478.5 661.2 7 1/4% Notes due 2023 26.3 40.0 Various Cincinnati Bell Telephone notes 128.7 134.5 Capital lease obligations and other debt 59.9 9.9 1,233.5 1,692.6 Net unamortized discount (1.7 ) (3.2 ) Long-term debt, less current portion 1,231.8 1,689.4 Total debt $ 1,245.6 $ 1,701.0 Corporate Credit Agreement Revolving Credit Facility On November 20, 2012, the Company entered into a new credit agreement ("Corporate Credit Agreement") which provided for a $200.0 million revolving credit facility, with a sublimit of $30.0 million for letters of credit and a $25.0 million sublimit for swingline loans. Effective with the sale of 16.0 million partnership units to CyrusOne, Inc. on June 25, 2014 for $355.9 million , the amount available under the Corporate Credit Agreement's revolving credit facility was reduced to $150.0 million . However, the Company entered into an Incremental Assumption Agreement to the Company's existing Corporate Credit Agreement on April 6, 2015, and effective with the sale of 14.3 million CyrusOne LP operating partnership units on April 7, 2015, the aggregate available borrowings on the Corporate Credit Agreement's revolving credit facility increased to $175.0 million for the remainder of the term. The Corporate Credit Agreement's revolving credit facility has a maturity date of July 15, 2017. Borrowings under the Corporate Credit Agreement's revolving credit facility will be used to provide ongoing working capital and for other general corporate purposes of the Company. Availability under the Corporate Credit Agreement's revolving credit facility is subject to customary borrowing conditions. Borrowings under the Corporate Credit Agreement's revolving credit facility bear interest, at the Company's election, at a rate per annum equal to (i) LIBOR plus the applicable margin or (ii) the base rate plus the applicable margin. The applicable margin for advances under the revolving facility is based on certain financial ratios and ranges between 3.50% and 4.25% for LIBOR rate advances and 2.50% and 3.25% for base rate advances. As of December 31, 2015, the applicable margin was 3.75% for LIBOR rate advances and 2.75% for base rate advances. Base rate is the higher of (i) the bank prime rate, (ii) the one-month LIBOR rate plus 1.00% and (iii) the federal funds rate plus 0.5% . At December 31, 2015 , there were no outstanding borrowings under the Corporate Credit Agreement's revolving credit facility. Amendment for Tranche B Term Loan Facility On September 10, 2013, the Company amended and restated its Corporate Credit Agreement, originally dated as of November 20, 2012, to include a $540.0 million Tranche B Term Loan facility ("Tranche B Term Loan") that matures on September 10, 2020. The Company received $529.8 million in net proceeds from the Tranche B Term Loan after deducting the original issue discount, fees and expenses. These proceeds were used to redeem all of the Company's $500.0 million 8 1 / 4 % Senior Notes due 2017 ("8 1 / 4 % Senior Notes") on October 15, 2013 at a redemption price of 104.125% , including payment of accrued interest thereon totaling $20.6 million . The Tranche B Term Loan was issued with 0.75% of original issue discount and requires quarterly principal payments of 0.25% of the original principal amount. Loans under the Tranche B Term Loan bear interest, at the Company's election, at a rate per annum equal to (i) LIBOR (subject to a 1.00% floor) plus 3.00% or (ii) the base rate plus 2.00% . Base rate is the greatest of (a) the bank prime rate, (b) the one-month LIBOR rate plus 1.00% and (c) the federal funds rate plus 0.5% . At December 31, 2015, the interest rate on the outstanding Tranche B Term Loan was 4.00% . In accordance with the terms of the amended Corporate Credit Agreement, the Company's ability to make restricted payments, which include share repurchases and common stock dividends, is limited to a total of $15.0 million , with certain permitted exceptions, given that its Consolidated Total Leverage Ratio, as defined by the Corporate Credit Agreement, exceeds 3.50 to 1.00 as of December 31, 2015. The Company may make restricted payments of $45.0 million annually when the Consolidated Total Leverage Ratio is less than or equal to 3.50 to 1.00. There are no dollar limits on restricted payments when the Consolidated Total Leverage Ratio is less than or equal to 3.00 to 1.00. These restricted payment limitations do not impact the Company's ability to make regularly scheduled dividend payments on its 6 3 / 4 % Cumulative Convertible Preferred Stock. Furthermore, the Company may make restricted payments in the form of share repurchases or dividends up to 15% of CyrusOne sale proceeds, subject to a $35.0 million annual cap with carryovers. The Corporate Credit Agreement was also modified to provide that the Tranche B Term Loan participates in mandatory prepayments, subject to the terms and conditions (including with respect to payment priority) set forth in the restated Corporate Credit Agreement. In addition, the Corporate Credit Agreement was modified to provide that 85% , rather than 100% , of proceeds from monetizing any portion of our CyrusOne common stock or CyrusOne LP partnership units, are applied to mandatory prepayments under the restated Corporate Credit Agreement, subject to the terms and conditions set forth therein. Other revisions were also effected pursuant to the amended agreement, including with respect to financial covenant compliance levels. Effective November 5, 2014, the Company amended its Corporate Credit Agreement to, among other things, modify certain financial covenants governing leverage ratios and capital expenditures. Guarantors and Security Interests, Corporate Credit Agreement (Including Tranche B Term Loan) All existing and future subsidiaries of the Company (other than Cincinnati Bell Telephone Company LLC, Cincinnati Bell Funding LLC (and any other similar special purpose receivables financing subsidiary), Cincinnati Bell Shared Services LLC, Cincinnati Bell Extended Territories LLC, CBMSM Inc. and its direct and indirect subsidiaries, and the Company's joint ventures, subsidiaries prohibited by applicable law from becoming guarantors and foreign subsidiaries) are required to guarantee borrowings under the Corporate Credit Agreement. Debt outstanding under the Corporate Credit Agreement is secured by perfected first priority pledges of and security interests in (i) substantially all of the equity interests of the Company's U.S. subsidiaries (other than subsidiaries of non-guarantors of the Corporate Credit Agreement) and 66% of the equity interests in the first-tier foreign subsidiaries held by the Company and the guarantors under the Corporate Credit Agreement, (ii) certain personal property and intellectual property of the Company and its subsidiaries (other than that of non-guarantors of the Corporate Credit Agreement and certain other excluded property) and (iii) the Company's equity interests in CyrusOne and CyrusOne LP, both of which, together with their respective subsidiaries, are treated as non-subsidiaries of the Company and are not guarantors for purposes of the Corporate Credit Agreement. Borrowings and Commitment Fees, Corporate Credit Agreement As of December 31, 2015 , the Company had no outstanding borrowings under the Corporate Credit Agreement's revolving credit facility, leaving $175.0 million available. As of December 31, 2014, the Company had no outstanding borrowings under the Corporate Credit Agreement's revolving credit facility, leaving $150.0 million available. The Company pays commitment fees for the unused amount of borrowings on the Corporate Credit Agreement and letter of credit fees on outstanding letters of credit. The commitment fees are calculated based on the total leverage ratio and range between 0.500% and 0.625% of the actual daily amount by which the aggregate revolving commitments exceed the sum of outstanding revolving loans and letter of credit obligations. These fees were $0.9 million in 2015 and 2014 and $1.0 million in 2013 . Accounts Receivable Securitization Facility Cincinnati Bell Inc. and certain of its subsidiaries have an accounts receivable securitization facility ("Receivables Facility"), which permits maximum borrowings of up to $120.0 million as of December 31, 2015. CBT, CBET, Cincinnati Bell Any Distance Inc. ("CBAD"), Cincinnati Bell Any Distance of Virginia LLC, CBTS, and eVolve Business Solutions LLC ("eVolve") all participate in this facility. Cincinnati Bell Wireless ("CBW") also participated in the facility until it was withdrawn from the agreement effective June 1, 2015. The available borrowing capacity is calculated monthly based on the quantity and quality of outstanding accounts receivable and thus may be lower than the maximum borrowing limit. At December 31, 2015, the available borrowing capacity was $114.2 million . The transferors sell their respective trade receivables on a continuous basis to CBF, a wholly-owned limited liability company. In turn, CBF grants, without recourse, a senior undivided interest in the pooled receivables to various purchasers, including commercial paper conduits, in exchange for cash while maintaining a subordinated undivided interest in the form of over-collateralization in the pooled receivables. The transferors have agreed to continue servicing the receivables for CBF at market rates; accordingly, no servicing asset or liability has been recorded. On June 1, 2015, the Company executed an amendment of its Receivables Facility, which replaced, amended and added certain provisions and definitions to increase the credit availability, renew the facility, which is subject to renewal every 364 days, until May 30, 2016, extend the facility's termination date to May 30, 2018, and include a Libor Market Index Rate floor of zero. Also on June 1, 2015, the Company amended the Receivables Facility to allow CBW to withdraw as a party from the agreement and to be relieved of all of its rights and obligations thereunder. CBW was required to purchase certain receivables that it previously sold to Cincinnati Bell Funding LLC, amounting to $1.7 million . Although CBF is a wholly-owned consolidated subsidiary of the Company, CBF is legally separate from the Company and each of the Company’s other subsidiaries. Upon and after the sale or contribution of the accounts receivable to CBF, such accounts receivable are legally assets of CBF, and, as such, are not available to creditors of other subsidiaries or the parent company. For the purposes of consolidated financial reporting, the Receivables Facility is accounted for as secured financing. Because CBF has the ability to prepay the Receivables Facility at any time by making a cash payment and effectively repurchasing the receivables transferred pursuant to the facility, the transfers do not qualify for "sale" treatment on a consolidated basis under ASC 860, "Transfers and Servicing." Of the total borrowing capacity of $114.2 million at December 31, 2015 , $17.6 million consisted of outstanding borrowings and $6.3 million consisted of outstanding letters of credit. Interest on the Receivables Facility is based on the LIBOR rate plus 0.5% . The average interest rate on the Receivables Facility was 0.7% in 2015. The Company pays letter of credit fees on the securitization facility and also pays commitment fees on the total facility. These fees were $0.8 million in 2015 and 2014 and $0.7 million in 2013 . 8 3 / 8 % Senior Notes due 2020 In the fourth quarter of 2010, the Company issued $775.0 million of 8 3 / 8 % Senior Notes due 2020 ("8 3 / 8 % Senior Notes"), which are fixed rate bonds to maturity. Interest on the 8 3 / 8 % Senior Notes is payable semi-annually in cash in arrears on April 15 and October 15 of each year, commencing April 15, 2011. The 8 3 / 8 % Senior Notes are unsecured senior obligations ranking equally with all existing and future senior debt and ranking senior to all existing and future senior subordinated indebtedness and subordinated indebtedness. Each of the Company’s current and future subsidiaries that is a guarantor under the Corporate Credit Agreement is also a guarantor of the 8 3 / 8 % Senior Notes on an unsecured senior basis, with certain immaterial exceptions. The indenture governing the 8 3 / 8 % Senior Notes contains covenants including but not limited to the following: limitations on dividends to shareowners and other restricted payments; dividend and other payment restrictions affecting the Company’s subsidiaries such that the subsidiaries are not permitted to enter into an agreement that would limit their ability to make dividend payments to the parent; issuance of indebtedness; asset dispositions; transactions with affiliates; liens; investments; issuances and sales of capital stock of subsidiaries; and redemption of debt that is junior in right of payment. The indenture governing the 8 3 / 8 % Senior Notes provides for customary events of default, including for nonpayment at final maturity and for a default of any other existing debt instrument that exceeds $35.0 million . The Company may redeem the 8 3 / 8 % Senior Notes for a redemption price of 102.792% , 101.396% and 100.000% on or after October 15, 2016, 2017, and 2018, respectively. In the fourth quarter of 2014, the Company redeemed $22.7 million of its outstanding 8 3 / 8 % Senior Notes due 2020 at par. During 2015, the Company purchased $182.7 million of its outstanding 8 3 / 8 % Senior Notes due 2020 at an average redemption price of 105.543% which resulted in recording a loss on extinguishment of debt of $10.9 million . 7 1 / 4 % Notes due 2023 In 1993, the Company issued $50.0 million of 7 1 / 4 % Notes due 2023 ("7 1 / 4 % Notes"). The 7 1 / 4 % Notes rank ratably to the 8 3 / 8 % Senior Notes and senior to the CBT Notes. The indenture related to the 7 1 / 4 % Notes does not subject the Company to restrictive financial covenants, but it does contain a covenant providing that if the Company incurs certain liens on its property or assets, the Company must secure the outstanding 7 1 / 4 % Notes equally and ratably with the indebtedness or obligations secured by such liens. The liens under the Corporate Credit Agreement have resulted in the debt outstanding under the 7 1 / 4 % Notes being secured equally and ratably with the obligations secured under the Corporate Credit Agreement. Interest on the 7 1 / 4 % Notes is payable semi-annually on June 15 and December 15. The Company may not call the 7 1 / 4 % Notes prior to maturity. The indenture governing the 7 1 / 4 % Notes provides for customary events of default, including for failure to make any payment when due and for one or more defaults of any other existing debt instruments that exceeds $20.0 million , in the aggregate. In the fourth quarter of 2015, the Company redeemed $13.7 million of its outstanding 7 1 / 4 % Notes due 2023 at an average redemption price of 99.853% which resulted in a loss on extinguishment of debt of $0.1 million . Cincinnati Bell Telephone Notes In 1998, CBT's predecessor issued $150.0 million in aggregate principal of 6.30% unsecured senior notes due 2028 (the "CBT Notes"), which are guaranteed on a subordinated basis by the Company but not its subsidiaries. The indenture related to the CBT Notes does not subject the Company or CBT to restrictive financial covenants, but it does contain a covenant providing that if CBT incurs certain liens on its property or assets, CBT must secure the outstanding CBT Notes equally and ratably with the indebtedness or obligations secured by such liens. The maturity date of the CBT notes is in 2028, and the CBT Notes may be redeemed at any time at a redemption price equal to the greater of 100% of the principal amount of the CBT Notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest to maturity, plus accrued interest to the redemption date. The indenture governing the CBT Notes provides for customary events of default, including for failure to make any payment when due and for one or more defaults of any other existing debt instruments of the Company or CBT that exceeds $20.0 million , in the aggregate. In the fourth quarter of 2015, the Company redeemed $5.8 million of its outstanding CBT Notes at an average redemption price of 90.840% which resulted in a gain on extinguishment of debt of $0.5 million . Capital Lease Obligations Capital lease obligations represent our obligation for certain leased assets, including vehicles and various equipment. These leases generally contain renewal or buyout options. Debt Maturity Schedule The following table summarizes our annual principal maturities of debt and capital leases for the five years subsequent to December 31, 2015 , and thereafter: Capital Total (dollars in millions) Debt Leases Debt Year ended December 31, 2016 $ 5.9 $ 7.9 $ 13.8 2017 5.6 5.0 10.6 2018 23.0 4.0 27.0 2019 5.4 3.8 9.2 2020 984.8 2.6 987.4 Thereafter 155.0 44.3 199.3 1,179.7 67.6 1,247.3 Net unamortized discount (1.7 ) — (1.7 ) Total debt $ 1,178.0 $ 67.6 $ 1,245.6 Total capital lease payments including interest are expected to be $12.3 million for 2016 , $9.1 million for 2017, $7.9 million for 2018, $7.4 million for 2019, $6.0 million for 2020, and $61.8 million thereafter. Effective March 31, 2015, $54.5 million of capital lease obligations were retained by the Company in conjunction with discontinuing wireless operations. Deferred Financing Costs Deferred financing costs are costs incurred in connection with obtaining long-term financing. In 2015 and 2014, deferred financing costs incurred related to amending the Corporate Credit Agreement and renewing the Receivables Facility were $0.4 million and $0.9 million , respectively. As of December 31, 2015 and 2014 , deferred financing costs totaled $11.2 million and $18.5 million , respectively. Deferred financing costs are amortized over the term of the related indebtedness or credit agreement. Amortization of deferred financing costs, included in "Interest expense" in the Consolidated Statements of Operations, totaled $4.1 million in 2015 , $5.1 million in 2014 , and $5.9 million in 2013 . Debt Covenants Corporate Credit Agreement The Corporate Credit Agreement has financial covenants that require the Company to maintain certain leverage and interest coverage ratios and comply with annual limitations on capital expenditures. As of December 31, 2015, these ratios and limitations include a maximum consolidated total leverage ratio of 6.50 , a maximum consolidated senior secured leverage ratio of 3.50 , a minimum consolidated interest coverage ratio of 1.50 and a 2015 maximum capital expenditure limitation of $319.2 million . Capital expenditures are permitted subject to predetermined annual thresholds which are not to exceed $626.4 million in the aggregate over the next three years. In 2015 , capital expenditures for the Company totaled $283.6 million . In addition, the Corporate Credit Agreement contains customary affirmative and negative covenants including, but not limited to, restrictions on the Company's ability to incur additional indebtedness, create liens, pay dividends, make certain investments, prepay other indebtedness, sell, transfer, lease, or dispose of assets and enter into, or undertake, certain liquidations, mergers, consolidations or acquisitions. The Corporate Credit Agreement contains customary events of default (which are in some cases subject to certain exceptions, thresholds and grace periods), including, but not limited to, nonpayment of principal or interest, failure to perform or observe covenants, breaches of representations and warranties, cross-defaults with certain other indebtedness, certain bankruptcy-related events or proceedings, final monetary judgments or orders, ERISA defaults, invalidity of loan documents or guarantees, and certain change of control events. If the Company were to violate any of its covenants and were unable to obtain a waiver, it would be considered a default. If the Company were in default under the Corporate Credit Agreement, no additional borrowings under this facility would be available until the default was waived or cured. The Tranche B Term Loan is subject to the same affirmative and negative covenants and events of default as the Corporate Credit Agreement, except that a breach of the financial covenants will not result in an event of default under the Tranche B Term Loan unless and until the agent or a majority in interest of the lenders under the Corporate Credit Agreement have terminated the commitments under the Corporate Credit Agreement or accelerated the loans then outstanding under the Corporate Credit Agreement in response to such breach. Public Indentures The Company’s public debt, which includes the 8 3 / 8 % Senior Notes due 2020, is governed by indentures which contain covenants that, among other things, limit the Company’s ability to incur additional debt or liens, pay dividends or make other restricted payments, sell, transfer, lease, or dispose of assets and make investments or merge with another company. One of the financial covenants permits the issuance of additional Indebtedness up to a 4:00 to 1:00 Consolidated Adjusted Senior Debt to EBITDA ratio (as defined by the individual indenture). Once this ratio exceeds 4:00 to 1:00, the Company is not in default; however, additional indebtedness may only be incurred in specified permitted baskets, including a credit agreement basket providing full access to the $175.0 million revolving credit facility of the Corporate Credit Agreement plus an additional $197.1 million of secured debt. Also, the Company’s ability to make Restricted Payments (as defined by the individual indenture) would be limited, including common stock dividend payments or repurchasing outstanding Company shares. If the Company is under the 4:00 to 1:00 ratio on a pro forma basis, the Company may access its restricted payments basket, which provides the ability to repurchase shares or pay dividends. In addition, the Company may designate one or more of its subsidiaries as Unrestricted (as defined in the various indentures) such that any Unrestricted Subsidiary (as defined in the various indentures) would generally not be subject to the restrictions of these various indentures. However, certain provisions which govern the Company's relationship with Unrestricted Subsidiaries would begin to apply. Extinguished Notes In the third quarter of 2014, the Company redeemed $325.0 million of its 8 3 / 4 % Senior Subordinated Notes due 2018 at a redemption price of 104.375% . As a result of the redemption, the Company recorded a debt extinguishment loss of $19.4 million . Additionally, in the second quarter of 2015, the Company redeemed the remaining $300.0 million of outstanding 8 ¾% Senior Subordinated Notes due 2018 at a redemption rate of 102.188% . As a result, the Company recorded a loss on extinguishment of debt of $10.4 million . In the fourth quarter of 2013, the Company redeemed all of the $500.0 million of 8 1 / 4 % Senior Notes due 2017 ("8 1 / 4 % Senior Notes") at a redemption price of 104.125% using proceeds from the Corporate Credit Agreement Tranche B Term Loan facility that was issued on September 10, 2013. As a result, the Company recorded a debt extinguishment loss of $29.6 million for the year ended December 31, 2013. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies Operating Lease Commitments The Company leases certain circuits, facilities, and equipment used in its operations. Operating lease expense was $10.1 million , $7.4 million , and $6.5 million in 2015 , 2014 , and 2013 , respectively. In 2015, our retail stores, which were previously used to support our wireless operations, were re-branded to support the growth of our Fioptics suite of products. Rent expense associated with our retail locations totaled $0.8 million in 2015. Certain facility leases provide for renewal options with fixed rent escalations beyond the initial lease term. At December 31, 2015 , future minimum lease payments required under operating leases having initial or remaining non-cancellable lease terms for the next five years are as follows: (dollars in millions) 2016 $ 3.9 2017 3.7 2018 2.6 2019 2.5 2020 2.3 Thereafter 22.0 Total $ 37.0 Asset Retirement Obligations Asset retirement obligations exist for certain other assets. Effective March 31, 2015, certain asset retirement obligations related to our wireless towers were reclassified to continuing operations as the obligations relate to tower leases retained by the Company. The following table presents the activity for the Company’s asset retirement obligations, which are included in "Other noncurrent liabilities" in the Consolidated Balance Sheets: December 31, (dollars in millions) 2015 2014 Balance, beginning of period $ 1.6 $ 1.7 Asset retirement obligations reclassified from discontinued operations 10.9 — Liabilities settled (5.0 ) (0.2 ) Revision to estimated cash flow (2.9 ) — Accretion expense 0.2 0.1 Balance, end of period $ 4.8 $ 1.6 Indemnifications During the normal course of business, the Company makes certain indemnities, commitments, and guarantees under which it may be required to make payments in relation to certain transactions. These include (a) intellectual property indemnities to customers in connection with the use, sale, and/or license of products and services, (b) indemnities to customers in connection with losses incurred while performing services on their premises, (c) indemnities to vendors and service providers pertaining to claims based on negligence or willful misconduct of the Company, (d) indemnities involving the representations and warranties in certain contracts, and (e) outstanding letters of credit which totaled $6.3 million as of December 31, 2015 . In addition, the Company has made contractual commitments to several employees providing for payments upon the occurrence of certain prescribed events. The majority of these indemnities, commitments, and guarantees do not provide for any limitation on the maximum potential for future payments that the Company could be obligated to make. As permitted under Ohio law, the Company has agreements whereby the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company's request in such capacity. The term of the indemnification period is for the lifetime of the officer or director. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits the Company's exposure and enables the Company to recover a portion of any future amounts paid. As a result of the Company's insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is minimal. The Company has no liabilities recorded for these agreements as of December 31, 2015 or 2014 . Purchase Commitments The Company has noncancellable purchase commitments related to certain goods and services. These agreements typically range from one to three years. As of December 31, 2015 and 2014 , the minimum commitments for these arrangements were approximately $166 million and $178 million , respectively. The Company generally has the right to cancel open purchase orders prior to delivery and to terminate the contracts without cause. Litigation Cincinnati Bell and its subsidiaries are subject to various lawsuits, actions, proceedings, claims and other matters asserted under laws and regulations in the normal course of business. We believe the liabilities accrued for legal contingencies in our consolidated financial statements, as prescribed by GAAP, are adequate in light of the probable and estimable contingencies. However, there can be no assurances that the actual amounts required to satisfy alleged liabilities from various legal proceedings, claims, tax examinations, and other matters, and to comply with applicable laws and regulations, will not exceed the amounts reflected in our consolidated financial statements. As such, costs, if any, that may be incurred in excess of those amounts provided as of December 31, 2015 , cannot be reasonably determined. Contingent Compensation Plan In 2010, the Company's Board of Directors approved long-term incentive programs for certain members of management. Payment was contingent upon the completion of a qualifying transaction and attainment of an increase in the equity value of the data center business, as defined in the plans. The CyrusOne IPO completed on January 24, 2013 was a qualifying transaction and triggered payments under this contingent compensation plan. For the year ended December 31, 2013 , compensation expense of $42.6 million was recognized for these awards and other transaction-related incentives, of which $20.0 million was associated with CyrusOne employees. This expense has been presented as transaction-related compensation in our Consolidated Statement of Operations for the year ended December 31, 2013 . |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Disclosures [text block] | Financial Instruments and Fair Value Measurements Fair Value of Financial Instruments The carrying values of our financial instruments do not materially differ from the estimated fair values as of December 31, 2015 and 2014 , except for the Company's investment in CyrusOne and long-term debt. The carrying value and fair value of the Company’s financial instruments are as follows: December 31, 2015 December 31, 2014 (dollars in millions) Carrying Value Fair Value Carrying Value Fair Value Investment in CyrusOne $ 55.5 $ 257.9 $ 273.6 $ 785.0 Long-term debt, including current portion* 1,178.0 1,155.6 1,686.1 1,717.4 *Excludes capital leases. The fair value of our investment in CyrusOne was based on the closing market price of CyrusOne's common stock on December 31, 2015 and 2014 . This fair value measurement is considered Level 1 of the fair value hierarchy. The fair value of debt instruments was based on closing or estimated market prices of the Company’s debt at December 31, 2015 and 2014 , which is considered Level 2 of the fair value hierarchy. Non-Recurring Fair Value Measurements Certain long-lived assets, intangibles, and goodwill are required to be measured at fair value on a non-recurring basis subsequent to their initial measurement. These non-recurring fair value measurements generally occur when evidence of impairment has occurred. In 2015 and 2013, no assets were remeasured at fair value. During 2014, the following assets were remeasured at fair value in connection with impairment tests: Fair Value Measurements Using (dollars in millions) Year Ended December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impairment Losses Property: Office software, furniture, fixtures, & vehicles (Entertainment and Communications) — — — — $ (4.6 ) Impairment of assets $ (4.6 ) In 2014, certain software projects for our Entertainment and Communications segment were abandoned. These assets had no fair value, as they were no longer being used, resulting in an impairment loss of $4.6 million in 2014. Historically, management used the income approach to determine fair value of the assets, but since the assets will not be used in the future, there are no expected future earnings attributable and the entire value of the asset was impaired. This fair value measurement is considered a Level 3 measurement due to the significance of its unobservable inputs. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Charges [Abstract] | |
Restructuring Charges [Text Block] | Restructuring Charges Restructuring liabilities have been established for employee separations, lease abandonment and contract terminations. A summary of activity in the restructuring liability is shown below: (dollars in millions) Employee Separation Lease Abandonment Other Total Balance as of December 31, 2012 $ 6.5 $ 5.2 $ 0.2 $ 11.9 Charges 9.0 3.9 0.6 13.5 Utilizations (7.1 ) (3.3 ) (0.7 ) (11.1 ) Balance as of December 31, 2013 8.4 5.8 0.1 14.3 Charges/(Reversals) 1.0 (1.4 ) — (0.4 ) Utilizations (6.4 ) (2.6 ) — (9.0 ) Balance as of December 31, 2014 3.0 1.8 0.1 4.9 Charges 3.3 0.3 2.4 6.0 Utilizations (6.1 ) (1.3 ) (2.4 ) (9.8 ) Balance as of December 31, 2015 $ 0.2 $ 0.8 $ 0.1 $ 1.1 Employee separation costs consist of severance to be paid pursuant to the Company's written severance plan. In 2015, employee separation charges were associated with discontinuing our cyber-security product offering and integrating each of our segments' business markets. In 2014, employee separation charges included charges attributable to outsourcing a portion of our IT function and incurring consulting fees related to a workforce optimization initiative. During 2013, employee separation costs included consulting fees related to a workforce optimization initiative. Lease abandonment costs represent future minimum lease obligations, net of expected sublease income, for abandoned facilities. Reversals in 2014 were related to previously abandoned leased space that was reoccupied in the third quarter. Lease payments on abandoned facilities will continue through 2019. Other charges in 2015 represent project related expenses as we continue to identify opportunities to integrate the business markets within our Entertainment and Communications and IT Services & Hardware segments. For 2013, contract terminations consisted of amounts due to a distributor to terminate a contractual agreement. 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, 2012 $ 8.6 $ 0.5 $ 2.8 $ 11.9 Charges 9.1 0.7 3.7 13.5 Utilizations (7.2 ) (0.4 ) (3.5 ) (11.1 ) Balance as of December 31, 2013 10.5 0.8 3.0 14.3 Charges/(Reversals) (0.5 ) — 0.1 (0.4 ) Utilizations (6.1 ) (0.5 ) (2.4 ) (9.0 ) Balance as of December 31, 2014 3.9 0.3 0.7 4.9 Charges 1.6 2.8 1.6 6.0 Utilizations (4.7 ) (2.8 ) (2.3 ) (9.8 ) Balance as of December 31, 2015 $ 0.8 $ 0.3 $ — $ 1.1 At December 31, 2015 and 2014 , $0.9 million and $4.9 million , respectively, of the restructuring liabilities were included in “Other current liabilities.” At December 31, 2015, $0.2 million was included in "Other noncurrent liabilities." |
Pension and Postretirement Plan
Pension and Postretirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension and Postretirement Plans [Text Block] | Pension and Postretirement Plans Savings Plans The Company sponsors several defined contribution plans covering substantially all employees. The Company's contributions to the plans are based on matching a portion of the employee contributions. Both employer and employee contributions are invested in various investment funds at the direction of the employee. Employer contributions to the defined contribution plans were $7.0 million , $6.4 million , and $6.2 million in 2015 , 2014 , and 2013 , respectively. Pension and Postretirement Plans The Company sponsors three noncontributory defined benefit pension plans: one for eligible management employees, one for non-management employees, and one supplemental, nonqualified, unfunded plan for certain former senior executives. The management pension plan is a cash balance plan in which the pension benefit is determined by a combination of compensation-based credits and annual guaranteed interest credits. Pension plan amendments were approved in May 2013 and the Company remeasured the associated pension obligations. As a result of the pension plan amendment, the Company recorded a curtailment gain of $0.6 million and a $10.3 million reduction to the associated pension obligations during the second quarter of 2013. The non-management pension plan is also a cash balance plan in which the combination of service and job-classification-based credits and annual interest credits determine the pension benefit. During the second quarter of 2015, the non-management pension plan was amended to eliminate all future pension credits and transition benefits. As a result, we recognized a curtailment loss of $0.3 million and a $1.7 million reduction to the associated pension obligations. Benefits for the supplemental plan are based on eligible pay, adjusted for age and service upon retirement. We fund both the management and non-management plans in an irrevocable trust through contributions, which are determined using the traditional unit credit cost method. We also use the traditional unit credit cost method for determining pension cost for financial reporting purposes. The Company also provides healthcare and group life insurance benefits for eligible retirees. We fund healthcare benefits and other group life insurance benefits using Voluntary Employee Benefit Association ("VEBA") trusts. It is our practice to fund amounts as deemed appropriate from time to time. Contributions are subject to Internal Revenue Service ("IRS") limitations developed using the traditional unit credit cost method. The actuarial expense calculation for our postretirement health plan is based on numerous assumptions, estimates, and judgments including healthcare cost trend rates and cost sharing with retirees. Retiree healthcare benefits are being phased out for both management and certain retirees. Components of Net Periodic Cost The following information relates to noncontributory defined benefit pension plans, postretirement healthcare plans, and life insurance benefit plans. Approximately 12% in 2015 , 8% in 2014 , and 10% in 2013 of these costs were capitalized to property, plant and equipment related to network construction in the Entertainment and Communications segment. Pension and postretirement benefit costs for these plans were comprised of: Pension Benefits Postretirement and Other Benefits (dollars in millions) 2015 2014 2013 2015 2014 2013 Service cost $ 0.3 $ 1.0 $ 2.1 $ 0.3 $ 0.3 $ 0.4 Interest cost on projected benefit obligation 19.0 21.0 18.8 3.3 4.0 4.0 Expected return on plan assets (29.2 ) (28.1 ) (25.7 ) — — — Amortization of: Prior service cost (benefit) 0.1 0.2 0.2 (15.4 ) (15.4 ) (14.1 ) Actuarial loss 24.9 17.3 22.0 5.4 5.4 5.6 Curtailment loss (gain) 0.3 — (0.6 ) — — — Pension/postretirement cost (benefit) $ 15.4 $ 11.4 $ 16.8 $ (6.4 ) $ (5.7 ) $ (4.1 ) The following are the weighted-average assumptions used in measuring the net periodic cost of the pension and postretirement benefits: Pension Benefits Postretirement and Other Benefits 2015 2014 2013 2015 2014 2013 Discount rate 3.40 % * 4.20 % 3.30 % ** 3.40 % 4.10 % 3.40 % *** Expected long-term rate of return 7.75 % 7.75 % 7.75 % — — — Future compensation growth rate — — 3.00 % — — — * Discount rate used for the remeasurement of the non-management pension plan in April 2015 was consistent with the discount rate previously established. ** Discount rate used for the remeasurement of the management pension plan in May 2013 was consistent with the discount rate previously established. *** For the period January 1, 2013 through July 31, 2013, the date of the remeasurement, we used a 3.10% discount rate. From that date through December 31, 2013, we used a 3.90% discount rate. The expected long-term rate of return on plan assets, developed using the building block approach, is based on the mix of investments held directly by the plans and the current view of expected future returns, which is influenced by historical averages. Changes in actual asset return experience and discount rate assumptions can impact the Company’s operating results, financial position and cash flows. Benefit Obligation and Funded Status Changes in the plans' benefit obligations and funded status are as follows: Postretirement and Other Benefits Pension Benefits (dollars in millions) 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at January 1, $ 577.3 $ 523.0 $ 109.0 $ 101.5 Service cost 0.3 1.0 0.3 0.3 Interest cost 19.0 21.0 3.3 4.0 Actuarial (gain) loss (18.8 ) 73.5 (10.9 ) 13.3 Benefits paid (47.3 ) (41.2 ) (12.7 ) (15.2 ) Retiree drug subsidy received — — 0.2 0.5 Other — — 3.9 4.6 Benefit obligation at December 31, $ 530.5 $ 577.3 $ 93.1 $ 109.0 Change in plan assets: Fair value of plan assets at January 1, $ 424.3 $ 399.3 $ 11.0 $ 11.3 Actual return on plan assets (10.5 ) 44.2 0.1 0.4 Employer contributions 11.6 22.0 11.7 14.0 Retiree drug subsidy received — — 0.2 0.5 Benefits paid (47.3 ) (41.2 ) (12.7 ) (15.2 ) Fair value of plan assets at December 31, 378.1 424.3 10.3 11.0 Unfunded status $ (152.4 ) $ (153.0 ) $ (82.8 ) $ (98.0 ) The following are the weighted-average assumptions used in accounting for and measuring the projected benefit obligations: Pension Benefits Postretirement and Other Benefits December 31, December 31, 2015 2014 2015 2014 Discount rate 3.80 % 3.40 % 3.70 % 3.40 % Expected long-term rate of return 7.75 % 7.75 % — — Future compensation growth rate — — — — The assumed healthcare cost trend rate used to measure the postretirement health benefit obligation is shown below: December 31, 2015 2014 Healthcare cost trend 6.5 % 6.5 % Rate to which the cost trend is assumed to decline (ultimate trend rate) 4.5 % 4.5 % Year the rates reach the ultimate trend rate 2020 2018 A one-percentage point change in assumed healthcare cost trend rates would have the following effect on the postretirement benefit costs and obligation: (dollars in millions) 1% Increase 1% Decrease Service and interest costs for 2015 $ 0.2 $ (0.1 ) Postretirement benefit obligation at December 31, 2015 4.2 (3.8 ) The projected benefit obligation is recognized in the Consolidated Balance Sheets as follows: Pension Benefits Postretirement and Other Benefits December 31, December 31, (dollars in millions) 2015 2014 2015 2014 Accrued payroll and benefits (current liability) $ 2.1 $ 2.2 $ 10.1 $ 12.0 Pension and postretirement benefit obligations (noncurrent liability) 150.3 150.8 72.7 86.0 Total $ 152.4 $ 153.0 $ 82.8 $ 98.0 Amounts recognized in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets which have not yet been recognized in net pension costs consisted of the following: Postretirement and Other Benefits Pension Benefits December 31, December 31, (dollars in millions) 2015 2014 2015 2014 Prior service (cost) benefit, net of tax of ($0.1), ($0.2), $15.8, $21.3 $ (0.2 ) $ (0.5 ) $ 28.6 $ 38.5 Actuarial loss, net of tax of ($90.4), ($91.5), ($23.0), ($29.3) (157.8 ) (160.7 ) (40.9 ) (50.9 ) Total $ (158.0 ) $ (161.2 ) $ (12.3 ) $ (12.4 ) Amounts recognized in "Accumulated other comprehensive loss" on the Consolidated Statements of Shareowners’ Deficit and the Consolidated Statements of Comprehensive Income are shown below: Pension Benefits Postretirement and Other Benefits (dollars in millions) 2015 2014 2015 2014 Prior service cost recognized: Reclassification adjustments $ 0.4 $ 0.2 $ (15.4 ) $ (15.4 ) Actuarial (loss) gain recognized: Reclassification adjustments 24.9 17.3 5.4 5.4 Actuarial (loss) gain arising during the period (20.9 ) (57.5 ) 10.9 (12.9 ) The following amounts currently included in "Accumulated other comprehensive loss" are expected to be recognized in 2016 as a component of net periodic pension and postretirement cost: Pension Benefits Postretirement and Other Benefits (dollars in millions) Prior service cost (benefit) $ 0.1 $ (14.8 ) Actuarial loss 18.2 4.9 Total $ 18.3 $ (9.9 ) Plan Assets, Investment Policies and Strategies The primary investment objective for the trusts holding the assets of the pension and postretirement plans is preservation of capital with a reasonable amount of long-term growth and income without undue exposure to risk. This is provided by a balanced strategy using fixed income and equity securities. The target allocations for the pension plan assets are 65% equity securities and 35% investment grade fixed income securities. Equity securities are primarily held in the form of passively managed funds that seek to track the performance of a benchmark index. Equity securities include investments in growth and value common stocks of companies located in the United States, which represents approximately 60% of the equity securities held by the pension plans at December 31, 2015 as well as stock of international companies located in both developed and emerging markets around the world. Fixed income securities primarily include holdings of funds, which generally invest in a variety of intermediate and long-term investment grade corporate bonds from diversified industries. The postretirement plan assets are currently invested in a group insurance contract. The fair values of the pension and postretirement plan assets at December 31, 2015 and 2014 by asset category are as follows: (dollars in millions) December 31, 2015 Quoted Prices in active markets Level 1 Significant observable inputs Level 2 Significant unobservable inputs Level 3 Mutual funds U.S. equity index funds $ 147.8 $ 147.8 $ — $ — International equity index funds 97.0 97.0 — — Fixed income bond funds 133.3 133.3 — — Group insurance contract 10.3 — — 10.3 Total $ 388.4 $ 378.1 $ — $ 10.3 (dollars in millions) December 31, 2014 Quoted Prices in active markets Level 1 Significant observable inputs Level 2 Significant unobservable inputs Level 3 Mutual funds U.S. equity index funds $ 212.3 $ 212.3 $ — $ — International equity index funds 61.1 61.1 — — Fixed income bond funds 150.9 150.9 — — Group insurance contract 11.0 — — 11.0 Total $ 435.3 $ 424.3 $ — $ 11.0 The fair values of Level 1 investments are based on quoted prices in active markets. The Level 3 investment consists of a group insurance contract as of December 31, 2015 and 2014. The contract is valued at contract value plus accrued interest, which approximates fair value. During the fourth quarter of 2014, the Company liquidated the real estate pooled funds within the pension plan master trust that had been categorized as Level 3 investments. The proceeds from the sale were reinvested in equity securities and investment grade fixed income securities similar to those currently held by the pension plan master trust. These new investments are classified as Level 1 investments. The Level 3 investments had the following changes in 2015 and 2014 : Pension Postretirement and Other Benefits (dollars in millions) 2015 2014 2015 2014 Balance, beginning of year $ — $ 30.8 $ 11.0 $ 11.3 Realized gains, net — 3.2 0.3 0.4 Purchases, sales, issuances and settlements, net — (34.0 ) (1.0 ) (0.7 ) Balance, end of year $ — $ — $ 10.3 $ 11.0 Contributions to our qualified pension plans were $10.3 million in 2015 , $19.7 million in 2014 , and $42.1 million in 2013 . Contributions to our non-qualified pension plan were $2.2 million in 2015 , $2.3 million in 2014 and $2.9 million in 2013 . Based on current assumptions, management believes it will not make any contributions to the qualified pension plan in 2016 . Contributions to non-qualified pension plans in 2016 are expected to be approximately $2 million . Management expects to make cash payments of approximately $10 million related to its postretirement health plans in 2016 . Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years: (dollars in millions) Pension Benefits Postretirement and Other Benefits Medicare Subsidy Receipts 2016 $ 42.3 $ 10.6 $ (0.5 ) 2017 41.5 9.8 (0.5 ) 2018 41.2 9.2 (0.5 ) 2019 39.4 7.9 (0.5 ) 2020 38.8 7.1 (0.4 ) Years 2021 - 2025 174.9 30.8 (1.7 ) |
Shareowners' Deficit
Shareowners' Deficit | 12 Months Ended |
Dec. 31, 2015 | |
Shareowners' Deficit [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Shareowners’ Deficit Common Shares The par value of the Company’s common shares is $0.01 per share. At December 31, 2015 and 2014 , common shares outstanding were 209,876,949 and 209,296,068 , respectively. In 2010, the Board of Directors approved a plan for repurchase of up to $150.0 million of the Company's common shares. In 2015 , 2014 , and 2013 , no shares were repurchased or retired under this plan. As of December 31, 2015 , the Company had the authority to repurchase $129.2 million of its common stock. At December 31, 2015 , treasury shares of common stock held under certain management deferred compensation arrangements were 0.1 million , with a total cost of $0.5 million . At December 31, 2014 , treasury shares of common stock held under certain management deferred compensation arrangements were 0.3 million , with a total cost of $1.1 million . Preferred Shares The Company is authorized to issue 1,357,299 shares of voting preferred stock without par value and 1,000,000 shares of nonvoting preferred stock without par value. The Company issued 155,250 voting shares of 6 3 / 4 % cumulative convertible preferred stock at stated value. These shares were subsequently deposited into a trust in which the underlying 155,250 shares are equivalent to 3,105,000 depositary shares. Shares of this preferred stock can be converted at any time at the option of the holder into common stock of the Company at a conversion rate of 1.44 shares of the Company common stock per depositary share of 6 3 / 4 % convertible preferred stock. Annual dividends of $67.50 per share (or $3.3752 per depositary share) on the outstanding 6 3 / 4 % convertible preferred stock are payable quarterly in arrears in cash, or in common stock in certain circumstances if cash payment is not legally permitted. The liquidation preference on the 6 3 / 4 % preferred stock is $1,000 per share (or $50 per depositary share). The Company paid $10.4 million in preferred stock dividends in 2015 , 2014 , and 2013 . Accumulated Other Comprehensive Loss Shareowners’ deficit includes an accumulated other comprehensive loss that is comprised of pension and postretirement unrecognized prior service cost and unrecognized actuarial losses, and foreign currency translation losses. For the years ended December 31, 2015 and 2014, the changes in accumulated other comprehensive loss by component were as follows: (dollars in millions) Unrecognized Net Periodic Pension and Postretirement Benefit Cost Foreign Currency Translation Loss Total Balance as of December 31, 2013 $ (133.1 ) $ (0.2 ) $ (133.3 ) Foreign currency loss — (0.1 ) (0.1 ) Remeasurement of benefit obligations (45.4 ) — (45.4 ) Reclassifications, net (a) 4.9 — 4.9 Balance as of December 31, 2014 (173.6 ) (0.3 ) (173.9 ) Foreign currency loss — (0.4 ) (0.4 ) Remeasurement of benefit obligations (6.6 ) — (6.6 ) Reclassifications, net (a) 9.9 — 9.9 Balance as of December 31, 2015 $ (170.3 ) $ (0.7 ) $ (171.0 ) (a) These reclassifications are included in the components of net period pension and postretirement benefit costs (see Note 12 for additional details). The components of net period pension and postretirement benefit cost are reported within "Cost of services", "Cost of products sold", and "Selling, general and administrative" expenses on the Consolidated Statements of Operations. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Provision (Benefit) Charged to Continuing Operations, Accumulated Other Comprehensive Income (Loss) or Additional Paid-In Capital [Abstract] | |
Income Taxes [Text Block] | Income Taxes Income tax expense for continuing operations consisted of the following: Year Ended December 31, (dollars in millions) 2015 2014 2013 Current: Federal $ 9.2 $ 9.3 $ — State and local 1.7 1.9 — Total current 10.9 11.2 — Investment tax credits (0.2 ) (0.2 ) (0.2 ) Deferred: Federal 149.4 69.6 (18.5 ) State and local 5.2 1.9 (4.0 ) Foreign — — 0.3 Total deferred 154.6 71.5 (22.2 ) Valuation allowance (5.5 ) (1.1 ) 14.1 Total $ 159.8 $ 81.4 $ (8.3 ) The following is a reconciliation of the statutory federal income tax rate with the effective tax rate for each year: Year Ended December 31, 2015 2014 2013 U.S. federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal income tax 0.7 0.8 1.5 Change in valuation allowance, net of federal income tax (0.8 ) (2.0 ) (12.4 ) State net operating loss adjustments 0.3 1.9 2.1 Nondeductible interest expense — 2.7 (8.9 ) Unrecognized tax benefit changes 0.2 1.4 (1.7 ) Nondeductible compensation 0.1 0.7 (2.0 ) Foreign — — (0.5 ) Other differences, net — 0.4 (1.7 ) Effective tax rate 35.5 % 40.9 % 11.4 % The income tax (benefit) provision was charged to continuing operations, discontinued operations, accumulated other comprehensive income or additional paid-in capital as follows: Year Ended December 31, (dollars in millions) 2015 2014 2013 Income tax (benefit) provision related to: Continuing operations $ 159.8 $ 81.4 $ (8.3 ) Discontinued operations 34.8 (24.0 ) 5.8 Accumulated other comprehensive income (loss) 2.0 (22.4 ) 42.1 Excess tax benefits on stock option exercises (0.1 ) (0.1 ) (0.5 ) The components of our deferred tax assets and liabilities were as follows: December 31, (dollars in millions) 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 142.0 $ 286.5 Pension and postretirement benefits 89.1 95.5 Investment in CyrusOne 68.9 64.5 Deferred gain on sale of wireless spectrum licenses — 42.2 AMT Credit Carryforward 32.7 24.7 Other 43.8 47.4 Total deferred tax assets 376.5 560.8 Valuation allowance (58.4 ) (64.4 ) Total deferred tax assets, net of valuation allowance $ 318.1 $ 496.4 Deferred tax liabilities: Property, plant and equipment $ 134.9 $ 121.9 Other 0.3 4.9 Total deferred tax liabilities 135.2 126.8 Net deferred tax assets $ 182.9 $ 369.6 As of December 31, 2015 , the Company had $258.6 million of federal tax operating loss carryforwards with a deferred tax asset value of $90.5 million , alternative minimum tax credit carryforwards of $32.7 million , state tax credits of $10.7 million , and $51.5 million in deferred tax assets related to state, local, and foreign tax operating loss carryforwards. The majority of the remaining tax loss carryforwards will generally expire in 2023 . U.S. tax laws limit the annual utilization of tax loss carryforwards of acquired entities. These limitations should not materially impact the utilization of the tax carryforwards. The ultimate realization of the deferred income tax assets depends upon the Company’s ability to generate future taxable income during the periods in which basis differences and other deductions become deductible, and prior to the expiration of the net operating loss carryforwards. Due to its historical and future projected earnings, management believes it will utilize future federal deductions and available net operating loss carryforwards prior to their expiration. Management also concluded that it was more likely than not that certain state and foreign tax loss carryforwards would not be realized based upon the analysis described above and therefore provided a valuation allowance. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $27.3 million at December 31, 2015 and $26.3 million at December 31, 2014 . Accrued interest and penalties on income tax uncertainties were immaterial as of December 31, 2015 and 2014. A reconciliation of the unrecognized tax benefits is as follows: Year Ended December 31, (dollars in millions) 2015 2014 2013 Balance, beginning of year $ 27.1 $ 24.1 $ 22.8 Change in tax positions for the current year 0.5 3.0 1.3 Change in tax positions for prior years — — — Balance, end of year $ 27.6 $ 27.1 $ 24.1 The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various foreign, state and local jurisdictions. With a few exceptions, the Company is no longer subject to U.S. federal, state or local examinations for years before 2012 . |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans [Text Block] | Stock-Based and Deferred Compensation Plans The Company may grant stock options, stock appreciation rights, performance-based awards, and time-based restricted shares to officers and key employees under the 2007 Long Term Incentive Plan and stock options, restricted shares, and restricted stock units to directors under the 2007 Stock Option Plan for Non-Employee Directors. The maximum number of shares authorized under these plans is 25.0 million . Shares available for award under the plans at December 31, 2015 were 5.8 million . Stock Options and Stock Appreciation Rights Generally, the awards of stock options and stock appreciation rights fully vest three years from grant date and expire ten years from grant date. Beginning in 2012, some of the stock options and stock appreciation rights vested over a three year period based on the achievement of certain performance objectives. The Company generally issues new shares when options to purchase common shares or stock appreciation rights are exercised. The following table summarizes stock options and stock appreciation rights activity: 2015 2014 2013 Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares Shares Outstanding at January 1, 5,224 $ 3.85 6,128 $ 3.66 9,538 $ 4.04 Granted * — — 998 3.41 595 4.75 Exercised (33 ) 1.94 (725 ) 1.73 (804 ) 2.41 Forfeited (499 ) 3.75 (215 ) 3.99 (361 ) 3.39 Expired (812 ) 4.00 (962 ) 3.73 (2,840 ) 5.56 Outstanding at December 31, 3,880 $ 3.86 5,224 $ 3.85 6,128 $ 3.66 Expected to vest at December 31, 3,880 $ 3.86 5,224 $ 3.85 6,128 $ 3.66 Exercisable at December 31, 3,175 $ 3.93 3,477 $ 3.98 5,064 $ 3.61 (dollars in millions) Compensation expense for the year $ — $ 0.3 $ 0.6 Tax benefit related to compensation expense $ — $ (0.1 ) $ (0.2 ) Intrinsic value of awards exercised $ 0.1 $ 1.5 $ 1.2 Cash received from awards exercised $ 0.1 $ 1.3 $ 2.4 Grant date fair value of awards vested $ 0.7 $ 0.4 $ 0.4 * Assumes the maximum number of awards that can be earned if the performance conditions are achieved. The following table summarizes our outstanding and exercisable awards at December 31, 2015 : Outstanding Exercisable Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares $1.67 to $2.91 564 $ 2.49 564 $ 2.49 $3.40 to $4.62 1,788 3.46 1,146 3.49 $4.74 to $5.31 1,528 4.82 1,465 4.83 Total 3,880 $ 3.86 3,175 $ 3.93 As of December 31, 2015 , the aggregate intrinsic value for awards outstanding and exercisable was $0.9 million and $0.8 million , respectively. The weighted-average remaining contractual life for awards outstanding and exercisable is approximately five years and four years, respectively. As of December 31, 2015 , there was $0.7 million of unrecognized stock compensation expense, which is expected to be recognized over a weighted-average period of approximately two years. The fair values at the date of grant were estimated using the Black-Scholes pricing model with the following assumptions: 2015 2014 2013 Expected volatility — 35.5 % 43.6 % Risk-free interest rate — 1.5 % 0.8 % Expected holding period (in years) — 5 5 Expected dividends — 0.0 % 0.0 % Weighted-average grant date fair value $ — $ 1.14 $ 1.84 The expected volatility assumption used in the Black-Scholes pricing model was based on historical volatility. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected holding period was estimated using the historical exercise behavior of employees and adjusted for abnormal activity. Expected dividends are based on the Company’s history of not paying dividends. Performance-Based Restricted Awards Awards granted generally vest over three years and upon the achievement of certain performance-based objectives. Performance-based awards are expensed based on their grant date fair value if it is probable that the performance conditions will be achieved. The following table summarizes our outstanding performance-based restricted award activity: 2015 2014 2013 Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares Shares Non-vested at January 1, 1,746 $ 3.85 1,537 $ 3.97 1,687 $ 3.13 Granted* 2,692 3.09 1,085 3.56 1,067 4.56 Vested (445 ) 3.80 (635 ) 3.71 (703 ) 3.07 Forfeited (386 ) 3.28 (241 ) 3.65 (514 ) 3.67 Non-vested at December 31, 3,607 $ 3.35 1,746 $ 3.85 1,537 $ 3.97 (dollars in millions) Compensation expense for the year $ 3.1 $ 1.4 $ 2.6 Tax benefit related to compensation expense $ (1.1 ) $ (0.5 ) $ (1.0 ) Grant date fair value of awards vested $ 1.7 $ 2.3 $ 2.2 * Assumes the maximum number of awards that can be earned if the performance conditions are achieved. As of December 31, 2015 , unrecognized compensation expense related to performance-based awards was $7.5 million , which is expected to be recognized over a weighted-average period of approximately two years. Time-Based Restricted Awards Awards granted to employees generally vest in one-third increments over a period of three years. Awards granted to directors in 2015 and 2014 vest on the first anniversary of the grant date. Awards granted to directors in 2013 vest on the second anniversary of the grant date. The following table summarizes our time-based restricted award activity: 2015 2014 2013 Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares Shares Non-vested at January 1, 684 $ 3.70 1,044 $ 3.55 1,298 $ 3.11 Granted 180 3.47 176 3.19 279 4.72 Vested (630 ) 3.54 (514 ) 3.25 (454 ) 3.03 Forfeited — — (22 ) 3.19 (79 ) 3.40 Non-vested at December 31, 234 $ 3.96 684 $ 3.70 1,044 $ 3.55 (dollars in millions) Compensation expense for the year $ 1.0 $ 1.6 $ 1.7 Tax benefit related to compensation expense $ (0.3 ) $ (0.6 ) $ (0.6 ) Grant date fair value of awards vested $ 2.2 $ 1.7 $ 1.4 As of December 31, 2015 , there was $0.2 million of unrecognized compensation expense related to these restricted stock awards, which is expected to be recognized during 2016. Cash-Settled and Other Awards The Company grants cash-settled stock appreciation rights and performance awards. The final payments of these awards will be indexed to the percentage change in the Company’s stock price from the date of grant. The Company granted cash-payment performance awards of $3.6 million in 2014. No cash-payment awards were issued in 2015 or 2013. For the years ended December 31, 2015 and 2014, expense of $0.6 million related to cash-payment awards was incurred. For the year ended December 31, 2013, a benefit of $0.2 million related to these awards was incurred. At December 31, 2015 there was $1.9 million remaining unrecognized compensation expense for cash-settled and other awards, which will primarily be recognized during 2016. The aggregate intrinsic value of outstanding and exercisable cash-settled stock appreciation rights at December 31, 2015 was $0.8 million . Deferred Compensation Plans The Company currently has deferred compensation plans for both the Board of Directors and certain executives of the Company. Under the directors deferred compensation plan, each director can defer receipt of all or a part of their director fees and annual retainers, which can be invested in various investment funds including the Company’s common stock. In years prior to 2012, the Company granted 6,000 phantom shares to each non-employee director on the first business day of each year, which are fully vested once a director has five years of service. No phantom shares were granted to non-employee directors in 2015 . Distributions to the directors are generally in the form of cash. The executive deferred compensation plan allows for certain executives to defer a portion of their annual base pay, bonus, or stock awards. Under the executive deferred compensation plan, participants can elect to receive distributions in the form of either cash or common shares. In the fourth quarter of 2015 the executive deferred compensation plan was terminated. All amounts due under the plan will be distributed to plan participants during 2016. At December 31, 2015 and 2014 , there were 0.3 million and 0.4 million common shares deferred in these plans, respectively. As these awards can be settled in cash, compensation costs each period are based on the change in the Company’s stock price. We recognized compensation expense of $0.2 million in 2015, a benefit of $0.3 million in 2014, and a benefit of $1.4 million in 2013. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information [Text Block] | Business Segment Information As of December 31, 2015, 2014, and 2013, we operated two business segments: Entertainment and Communications and IT Services and Hardware. Effective January 24, 2013, the date of the CyrusOne IPO, we no longer include CyrusOne, our former Data Center Colocation segment, in our consolidated financial statements and now account for our ownership in CyrusOne as a cost method investment. The closing of our wireless operations, effective March 31, 2015, represented a strategic shift in our business. Therefore, certain wireless assets, liabilities and results of operations are reported as discontinued operations in our financial statements. For further details of our investment in CyrusOne, see Note 1 and Note 4 of Notes to Consolidated Financial Statements. For further details of Discontinued Operations, see Notes 1 and 3 of Notes to Consolidated Financial Statements. The Entertainment and Communications segment provides data, video, voice and other services. These services are primarily provided to customers in southwestern Ohio, northern Kentucky and southeastern Indiana. Data includes products such as high-speed internet access, digital subscriber lines, private line, multi-protocol label switching, SONET, dedicated internet access, wavelength, audio conferencing and digital signal. These products are used to transport large amounts of data over private networks. Video services provide our Fioptics customers access to over 400 entertainment channels, over 120 high-definition channels, parental controls, HD DVR and video On-Demand. In addition, we offer features that deliver high customer satisfaction, including Fioptics TV Everywhere ™ and a Fioptics live TV streaming application. Voice represents local service, including Fioptics voice lines. It also includes VoIP, long distance, digital trunking, switched access and other value-added services such as caller identification, voicemail, call waiting, and call return. VoIP products provide our customers access to widely disbursed communication platforms and access to cloud based services and hosted unified communications products. Other services consists of revenue generated from wiring projects for business customers, advertising, directory assistance, maintenance, information services and commissions received as an authorized sales agent for DirecTV® and Verizon Wireless. Operating income for Entertainment and Communications for 2015 was down from a year ago due primarily to additional operating expenses associated with accelerating our fiber investment and costs absorbed as a result of shutting down wireless operations. Entertainment and Communications recognized restructuring charges of $1.6 million in 2015 and reversed restructuring charges of $0.5 million in 2014. Restructuring charges were $9.1 million in 2013 for costs associated with employee separation, lease abandonments and contract termination costs. In 2014, Entertainment and Communications recorded an asset impairment charge of $4.6 million related to the abandonment of an internal use software project that was written off in the fourth quarter. There were no impairment charges recorded in 2015 or 2013. Capital expenditures are incurred to expand our Fioptics product suite, upgrade and increase capacity for our internet and data networks, and to maintain our wireline network. In 2015, we increased our Fioptics investment by $86.4 million . The IT Services and Hardware segment provides a range of fully managed and outsourced IT and telecommunications services along with the sale, installation, and maintenance of major branded IT and telephony equipment. IT Services and Hardware revenue increased $2.4 million from 2014 as a result of an increase in strategic revenue of $40.7 million in 2015. This was partially offset by the $35.1 million decrease in telecom and IT hardware sales in 2015 compared to the prior year. IT Services and Hardware revenue increased $88.9 million from 2013 to 2014 as a result of increases of $20.6 million in strategic revenue and $64.4 million in telecom and IT hardware sales. As of December 31, 2015 and 2014 , the carrying value of our investment in CyrusOne was 55.5 million and 273.6 million , respectively, and is included as an asset of the Corporate segment. Deferred tax assets totaling $182.3 million and $284.7 million as of December 31, 2015 and 2014, respectively, are also reported as assets in the Corporate segment. In 2013, Corporate operating results include compensation expense of $42.6 million associated with awards and other transaction-related incentives associated with the IPO of CyrusOne on January 24, 2013. Our business segment information is as follows: Year Ended December 31, (dollars in millions) 2015 2014 2013 Revenue Entertainment and Communications $ 743.7 $ 740.7 $ 724.8 IT Services and Hardware 435.4 433.0 344.1 Data Center Colocation — — 15.6 Intersegment (11.3 ) (12.2 ) (11.1 ) Total revenue $ 1,167.8 $ 1,161.5 $ 1,073.4 Intersegment revenue Entertainment and Communications $ 1.3 $ 1.2 $ 1.1 IT Services and Hardware 10.0 11.0 9.6 Data Center Colocation — — 0.4 Total intersegment revenue $ 11.3 $ 12.2 $ 11.1 Operating income Entertainment and Communications $ 129.9 $ 178.9 $ 186.2 IT Services and Hardware 20.6 19.8 8.5 Data Center Colocation — — 3.2 Corporate (22.5 ) (21.8 ) (58.1 ) Total operating income $ 128.0 $ 176.9 $ 139.8 Expenditures for long-lived assets Entertainment and Communications $ 269.5 $ 163.7 $ 162.6 IT Services and Hardware 14.0 11.9 10.6 Data Center Colocation — — 7.7 Corporate 0.1 0.2 — Total expenditures for long-lived assets $ 283.6 $ 175.8 $ 180.9 Depreciation and amortization Entertainment and Communications $ 129.2 $ 115.7 $ 112.2 IT Services and Hardware 12.3 11.7 10.5 Data Center Colocation — — 5.2 Corporate 0.1 0.2 0.5 Total depreciation and amortization $ 141.6 $ 127.6 $ 128.4 As of December 31, (dollars in millions) 2015 2014 Assets Entertainment and Communications $ 983.3 $ 833.2 IT Services and Hardware 58.0 61.4 Total assets from discontinued operations — 49.3 Corporate and eliminations 413.1 876.8 Total assets $ 1,454.4 $ 1,820.7 Details of our service and product revenues including eliminations are as follows: Year Ended December 31, (dollars in millions) 2015 2014 2013 Service revenue Entertainment and Communications $ 735.0 $ 728.8 $ 718.0 IT Services and Hardware 198.0 161.4 138.7 Data Center Colocation — — 15.2 Total service revenue $ 933.0 $ 890.2 $ 871.9 Product revenue Handsets and accessories $ 7.4 $ 10.7 $ 5.7 Telecom and IT hardware 227.4 260.6 195.8 Total product revenue $ 234.8 $ 271.3 $ 201.5 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information [Text Block] | Supplemental Cash Flow Information Year Ended December 31, (dollars in millions) 2015 2014 2013 Capitalized interest expense $ 1.1 $ 0.8 $ 0.6 Cash paid for: Interest 108.5 153.1 179.5 Income taxes, net of refunds 8.8 9.1 2.8 Noncash investing and financing activities: Investment in CyrusOne resulting from deconsolidation — — 509.7 Accrual of CyrusOne dividends 2.1 6.0 7.1 Acquisition of property by assuming debt and other financing arrangements 5.8 4.7 7.6 Acquisition of property on account 34.6 24.8 13.3 |
Supplemental Guarantor Informat
Supplemental Guarantor Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Guarantor Information Abstract | |
Supplemental Guarantor Information | Supplemental Guarantor Information - Cincinnati Bell Telephone Notes As of December 31, 2015 , Cincinnati Bell Telephone Company LLC ("CBT"), a wholly-owned subsidiary of Cincinnati Bell Inc. (the "Parent Company"), had $128.7 million in notes outstanding that are guaranteed by the Parent Company and no other subsidiaries of the Parent Company. The guarantee is full and unconditional. The Parent Company’s subsidiaries generate substantially all of its income and cash flow and generally distribute or advance the funds necessary to meet the Parent Company’s debt service obligations. The following information sets forth the Condensed Consolidating Balance Sheets of the Company as of December 31, 2015 and 2014 and the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) and Cash Flows for the years ended December 31, 2015 , 2014 , and 2013 of (1) the Parent Company, as the guarantor, (2) CBT, as the issuer, and (3) the non-guarantor subsidiaries on a combined basis. Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2015 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Revenue $ — $ 660.1 $ 546.3 $ (38.6 ) $ 1,167.8 Operating costs and expenses 22.4 538.6 517.4 (38.6 ) 1,039.8 Operating income (loss) (22.4 ) 121.5 28.9 — 128.0 Interest expense (income), net 112.7 (0.9 ) (8.7 ) — 103.1 Other expense (income), net 19.5 7.0 (452.2 ) — (425.7 ) Income (loss) before equity in earnings of subsidiaries and income taxes (154.6 ) 115.4 489.8 — 450.6 Income tax expense (benefit) (53.3 ) 41.1 172.0 — 159.8 Equity in earnings of subsidiaries, net of tax 455.0 — — (455.0 ) — Income (loss) from continuing operations 353.7 74.3 317.8 (455.0 ) 290.8 Income (loss) from discontinued operations — — 62.9 — 62.9 Net income (loss) 353.7 74.3 380.7 (455.0 ) 353.7 Other comprehensive income (loss) 3.3 — (0.4 ) — 2.9 Total comprehensive income (loss) $ 357.0 $ 74.3 $ 380.3 $ (455.0 ) $ 356.6 Net income (loss) $ 353.7 $ 74.3 $ 380.7 $ (455.0 ) $ 353.7 Preferred stock dividends 10.4 — — — 10.4 Net income (loss) applicable to common shareowners $ 343.3 $ 74.3 $ 380.7 $ (455.0 ) $ 343.3 Year Ended December 31, 2014 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Revenue $ — $ 659.6 $ 541.0 $ (39.1 ) $ 1,161.5 Operating costs and expenses 21.5 488.0 514.2 (39.1 ) 984.6 Operating income (loss) (21.5 ) 171.6 26.8 — 176.9 Interest expense (income), net 142.6 (4.5 ) 7.8 — 145.9 Other expense (income), net 17.6 7.4 (193.1 ) — (168.1 ) Income (loss) before equity in earnings of subsidiaries and income taxes (181.7 ) 168.7 212.1 — 199.1 Income tax expense (benefit) (55.8 ) 61.7 75.5 — 81.4 Equity in earnings of subsidiaries, net of tax 201.5 — — (201.5 ) — Income (loss) from continuing operations 75.6 107.0 136.6 (201.5 ) 117.7 Income (loss) from discontinued operations — — (42.1 ) — (42.1 ) Net income (loss) 75.6 107.0 94.5 (201.5 ) 75.6 Other comprehensive income (loss) (40.5 ) — (0.1 ) — (40.6 ) Total comprehensive income (loss) $ 35.1 $ 107.0 $ 94.4 $ (201.5 ) $ 35.0 Net income (loss) $ 75.6 $ 107.0 $ 94.5 $ (201.5 ) $ 75.6 Preferred stock dividends 10.4 — — — 10.4 Net income (loss) applicable to common shareowners $ 65.2 $ 107.0 $ 94.5 $ (201.5 ) $ 65.2 Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2013 (dollars in millions) Parent CBT (Issuer) Other Non-guarantors Eliminations Total Revenue $ — $ 644.2 $ 467.5 $ (38.3 ) $ 1,073.4 Operating costs and expenses 57.2 463.1 451.6 (38.3 ) 933.6 Operating income (loss) (57.2 ) 181.1 15.9 — 139.8 Interest expense (income), net 162.5 (2.7 ) 16.2 — 176.0 Other expense (income), net 28.2 6.5 2.3 — 37.0 Income (loss) before equity in earnings of subsidiaries and income taxes (247.9 ) 177.3 (2.6 ) — (73.2 ) Income tax expense (benefit) (79.8 ) 64.7 6.8 — (8.3 ) Equity in earnings of subsidiaries, net of tax 113.4 — — (113.4 ) — Income (loss) from continuing operations (54.7 ) 112.6 (9.4 ) (113.4 ) (64.9 ) Income (loss) from discontinued operations — — 10.2 — 10.2 Net income (loss) (54.7 ) 112.6 0.8 (113.4 ) (54.7 ) Other comprehensive income (loss) 76.5 — (0.1 ) — 76.4 Total comprehensive income (loss) $ 21.8 $ 112.6 $ 0.7 $ (113.4 ) $ 21.7 Net income (loss) $ (54.7 ) $ 112.6 $ 0.8 $ (113.4 ) $ (54.7 ) Preferred stock dividends 10.4 — — — 10.4 Net income (loss) applicable to common shareowners $ (65.1 ) $ 112.6 $ 0.8 $ (113.4 ) $ (65.1 ) Condensed Consolidating Balance Sheets As of December 31, 2015 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash and cash equivalents $ 4.6 $ 1.0 $ 1.8 $ — $ 7.4 Receivables, net 0.7 — 156.4 — 157.1 Other current assets 1.6 20.2 14.1 — 35.9 Total current assets 6.9 21.2 172.3 — 200.4 Property, plant and equipment, net 0.3 921.5 53.7 — 975.5 Investment in CyrusOne — — 55.5 — 55.5 Goodwill and intangibles, net — 2.2 12.3 — 14.5 Investments in and advances to subsidiaries 844.6 63.9 647.2 (1,555.7 ) — Other noncurrent assets 214.4 3.8 136.6 (146.3 ) 208.5 Total assets $ 1,066.2 $ 1,012.6 $ 1,077.6 $ (1,702.0 ) $ 1,454.4 Current portion of long-term debt $ 5.4 $ 5.0 $ 3.4 $ — $ 13.8 Accounts payable 0.7 84.8 43.4 — 128.9 Other current liabilities 41.6 45.3 24.2 — 111.1 Other current liabilities from discontinued operations — — 5.4 — 5.4 Total current liabilities 47.7 135.1 76.4 — 259.2 Long-term debt, less current portion 1,025.8 135.1 70.9 — 1,231.8 Other noncurrent liabilities 235.5 168.3 4.0 (146.2 ) 261.6 Intercompany payables 54.7 — — (54.7 ) — Total liabilities 1,363.7 438.5 151.3 (200.9 ) 1,752.6 Shareowners’ (deficit) equity (297.5 ) 574.1 926.3 (1,501.1 ) (298.2 ) Total liabilities and shareowners’ equity (deficit) $ 1,066.2 $ 1,012.6 $ 1,077.6 $ (1,702.0 ) $ 1,454.4 Condensed Consolidating Balance Sheets As of December 31, 2014 (dollars in millions) Parent CBT Other Eliminations Total Cash and cash equivalents $ 56.2 $ 1.0 $ 0.7 $ — $ 57.9 Receivables, net 2.6 1.0 164.9 — 168.5 Other current assets 1.3 16.3 20.0 — 37.6 Other current assets from discontinued operations — — 4.7 — 4.7 Total current assets 60.1 18.3 190.3 — 268.7 Property, plant and equipment, net 0.2 764.0 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 1,066.1 220.8 260.5 (1,547.4 ) — Other noncurrent assets 297.6 4.9 244.2 (143.2 ) 403.5 Other noncurrent assets from discontinued operations — — 44.6 — 44.6 Total assets $ 1,424.0 $ 1,010.2 $ 1,077.1 $ (1,690.6 ) $ 1,820.7 Current portion of long-term debt $ 5.4 $ 3.9 $ 2.3 $ — $ 11.6 Accounts payable 1.0 73.8 57.2 — 132.0 Other current liabilities 52.3 52.8 20.0 0.1 125.2 Other current liabilities from discontinued operations — — 142.0 — 142.0 Total current liabilities 58.7 130.5 221.5 0.1 410.8 Long-term debt, less current portion 1,526.1 141.2 22.1 — 1,689.4 Other noncurrent liabilities 254.1 153.7 1.9 (143.4 ) 266.3 Other noncurrent liabilities from discontinued operations — — 102.7 — 102.7 Intercompany payables 233.4 — — (233.4 ) — Total liabilities 2,072.3 425.4 348.2 (376.7 ) 2,469.2 Shareowners’ (deficit) equity (648.3 ) 584.8 728.9 (1,313.9 ) (648.5 ) Total liabilities and shareowners’ equity (deficit) $ 1,424.0 $ 1,010.2 $ 1,077.1 $ (1,690.6 ) $ 1,820.7 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2015 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash flows provided by (used in) by operating activities $ (19.3 ) $ 198.7 $ (68.5 ) $ — $ 110.9 Capital expenditures (0.1 ) (260.7 ) (22.8 ) — (283.6 ) Proceeds received from sale of CyrusOne — — 643.9 — 643.9 Dividends received from CyrusOne — — 22.2 — 22.2 Proceeds from sale of assets — 0.1 0.9 — 1.0 Distributions received from subsidiaries 11.3 — — (11.3 ) — Funding between Parent and subsidiaries, net — 71.9 (555.5 ) 483.6 — Other investing activities (0.3 ) — — — (0.3 ) Cash flows provided by (used in) investing activities 10.9 (188.7 ) 88.7 472.3 383.2 Funding between Parent and subsidiaries, net 486.4 — (2.8 ) (483.6 ) — Distributions paid to Parent — — (11.3 ) 11.3 — Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days — — (1.6 ) — (1.6 ) Repayment of debt (518.5 ) (10.0 ) (3.2 ) — (531.7 ) Debt issuance costs (0.2 ) — (0.2 ) — (0.4 ) Other financing activities (10.9 ) — — — (10.9 ) Cash flows provided by (used in) financing activities (43.2 ) (10.0 ) (19.1 ) (472.3 ) (544.6 ) Increase (decrease) in cash and cash equivalents (51.6 ) — 1.1 — (50.5 ) Beginning cash and cash equivalents 56.2 1.0 0.7 — 57.9 Ending cash and cash equivalents $ 4.6 $ 1.0 $ 1.8 $ — $ 7.4 Year Ended December 31, 2014 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (56.3 ) $ 226.3 $ 5.2 $ — $ 175.2 Capital expenditures (0.2 ) (152.5 ) (29.6 ) — (182.3 ) Proceeds from sale of CyrusOne — — 355.9 — 355.9 Dividends received from CyrusOne — — 28.4 — 28.4 Proceeds from sale of assets — 0.3 196.1 — 196.4 Distributions received from subsidiaries 12.8 — — (12.8 ) — Funding between Parent and subsidiaries, net — (71.0 ) (545.0 ) 616.0 — Other investing activities (0.3 ) — (5.5 ) — (5.8 ) Cash flows provided by (used in) investing activities 12.3 (223.2 ) 0.3 603.2 392.6 Funding between Parent and subsidiaries, net 516.2 — 99.8 (616.0 ) — Distributions paid to Parent — — (12.8 ) 12.8 — Net increase in corporate credit and receivables facilities with initial maturities less than 90 days (40.0 ) — (87.0 ) — (127.0 ) Repayment of debt (367.3 ) (3.9 ) (5.3 ) — (376.5 ) Debt issuance costs (0.7 ) — (0.2 ) — (0.9 ) Proceeds from exercise of options and warrants 1.3 — — — 1.3 Other financing activities (11.4 ) — — — (11.4 ) Cash flows provided by (used in) financing activities 98.1 (3.9 ) (5.5 ) (603.2 ) (514.5 ) Increase (decrease) in cash and cash equivalents 54.1 (0.8 ) — — 53.3 Beginning cash and cash equivalents 2.1 1.8 0.7 — 4.6 Ending cash and cash equivalents $ 56.2 $ 1.0 $ 0.7 $ — $ 57.9 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2013 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (218.1 ) $ 236.4 $ 60.5 $ — $ 78.8 Capital expenditures — (153.1 ) (43.8 ) — (196.9 ) Dividends received from CyrusOne — — 21.3 — 21.3 Proceeds from sale of assets — 2.0 — — 2.0 Cash divested from deconsolidation of CyrusOne — — (12.2 ) — (12.2 ) Other investing activities — — 0.4 — 0.4 Cash flows provided by (used in) investing activities — (151.1 ) (34.3 ) — (185.4 ) Issuance of long-term debt 536.0 — — — 536.0 Funding between Parent and subsidiaries, net 174.2 (81.7 ) (92.5 ) — — Net increase in corporate credit and receivables facilities with initial maturities less than 90 days 40.0 — 54.2 — 94.2 Repayment of debt (522.0 ) (3.7 ) (5.1 ) — (530.8 ) Debt issuance costs (6.7 ) — — — (6.7 ) Proceeds from exercise of options and warrants 7.1 — — — 7.1 Other financing activities (12.2 ) — — — (12.2 ) Cash flows provided by (used in) financing activities 216.4 (85.4 ) (43.4 ) — 87.6 Increase (decrease) in cash and cash equivalents (1.7 ) (0.1 ) (17.2 ) — (19.0 ) Beginning cash and cash equivalents 3.8 1.9 17.9 — 23.6 Ending cash and cash equivalents $ 2.1 $ 1.8 $ 0.7 $ — $ 4.6 |
Supplemental Guarantor Inform27
Supplemental Guarantor Information HY | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Guarantor Information Abstract | |
Supplemental Guarantor Information High Yield [Text Block] | Supplemental Guarantor Information - 8 3 / 8 % Senior Notes due 2020 and 8 3 / 4 % Senior Subordinated Notes due 2018 As of December 31, 2015, the Parent Company’s 8 3 / 8 % Senior Notes due 2020 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 second quarter of 2015, the Company redeemed the remaining $300.0 million of outstanding 8 ¾% Senior Subordinated Notes due 2018. The Parent Company owns directly or indirectly 100% of each guarantor and each guarantee is full and unconditional, and joint and several. In certain customary circumstances, a subsidiary may be released from its guarantee obligation. These circumstances are defined as follows: • upon the sale of all of the capital stock of a subsidiary, • if the Company designates the subsidiary as an unrestricted subsidiary under the terms of the indentures, or • if the subsidiary is released as a guarantor from the Company's Corporate Credit Agreement. On September 30, 2014, the Company entered into an Amendment to the Corporate Credit Agreement giving the Company the right to provide written notice to the administrative agent on or after the closing of the wireless sale of spectrum assets to remove any designated wireless subsidiary as a guarantor subsidiary. The Parent Company’s subsidiaries generate substantially all of its income and cash flow and generally distribute or advance the funds necessary to meet the Parent Company’s debt service obligations. The following information sets forth the Condensed Consolidating Balance Sheets of the Company as of December 31, 2015 and 2014 and the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) and Cash Flows for the years ended December 31, 2015 , 2014 , and 2013 of (1) the Parent Company, as the issuer, (2) the guarantor subsidiaries on a combined basis, and (3) the non-guarantor subsidiaries on a combined basis. Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2015 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Revenue $ — $ 614.2 $ 592.2 $ (38.6 ) $ 1,167.8 Operating costs and expenses 22.4 577.9 478.1 (38.6 ) 1,039.8 Operating income (loss) (22.4 ) 36.3 114.1 — 128.0 Interest expense (income), net 112.7 (10.0 ) 0.4 — 103.1 Other expense (income), net 19.5 (434.3 ) (10.9 ) — (425.7 ) Income (loss) before equity in earnings of subsidiaries and income taxes (154.6 ) 480.6 124.6 — 450.6 Income tax expense (benefit) (53.3 ) 168.7 44.4 — 159.8 Equity in earnings of subsidiaries, net of tax 455.0 — — (455.0 ) — Income (loss) from continuing operations 353.7 311.9 80.2 (455.0 ) 290.8 Income (loss) from discontinued operations — 62.9 — — 62.9 Net income (loss) 353.7 374.8 80.2 (455.0 ) 353.7 Other comprehensive income (loss) 3.3 — (0.4 ) — 2.9 Total comprehensive income (loss) $ 357.0 $ 374.8 $ 79.8 $ (455.0 ) $ 356.6 Net income (loss) $ 353.7 $ 374.8 $ 80.2 $ (455.0 ) $ 353.7 Preferred stock dividends 10.4 — — — 10.4 Net income (loss) applicable to common shareowners $ 343.3 $ 374.8 $ 80.2 $ (455.0 ) $ 343.3 Year Ended December 31, 2014 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Revenue $ — $ 599.1 $ 601.5 $ (39.1 ) $ 1,161.5 Operating costs and expenses 21.5 567.5 434.7 (39.1 ) 984.6 Operating income (loss) (21.5 ) 31.6 166.8 — 176.9 Interest expense (income), net 142.6 6.4 (3.1 ) — 145.9 Other expense (income), net 17.6 (173.4 ) (12.3 ) — (168.1 ) Income (loss) before equity in earnings of subsidiaries and income taxes (181.7 ) 198.6 182.2 — 199.1 Income tax expense (benefit) (55.8 ) 70.8 66.4 — 81.4 Equity in earnings of subsidiaries, net of tax 201.5 — — (201.5 ) — Income (loss) from continuing operations 75.6 127.8 115.8 (201.5 ) 117.7 Income (loss) from discontinued operations — (42.1 ) — — (42.1 ) Net income (loss) 75.6 85.7 115.8 (201.5 ) 75.6 Other comprehensive income (loss) (40.5 ) (0.1 ) — — (40.6 ) Total comprehensive income (loss) $ 35.1 $ 85.6 $ 115.8 $ (201.5 ) $ 35.0 Net income (loss) $ 75.6 $ 85.7 $ 115.8 $ (201.5 ) $ 75.6 Preferred stock dividends 10.4 — — — 10.4 Net income (loss) applicable to common shareowners $ 65.2 $ 85.7 $ 115.8 $ (201.5 ) $ 65.2 Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2013 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Revenue $ — $ 503.1 $ 608.6 $ (38.3 ) $ 1,073.4 Operating costs and expenses 57.2 484.2 430.5 (38.3 ) 933.6 Operating income (loss) (57.2 ) 18.9 178.1 — 139.8 Interest expense (income), net 162.5 10.7 2.8 — 176.0 Other expense (income), net 28.2 15.4 (6.6 ) — 37.0 Income (loss) before equity in earnings of subsidiaries and income taxes (247.9 ) (7.2 ) 181.9 — (73.2 ) Income tax expense (benefit) (79.8 ) 5.3 66.2 — (8.3 ) Equity in earnings of subsidiaries, net of tax 113.4 0.7 — (114.1 ) — Income (loss) from continuing operations (54.7 ) (11.8 ) 115.7 (114.1 ) (64.9 ) Income (loss) from discontinued operations — 10.2 — — 10.2 Net income (loss) (54.7 ) (1.6 ) 115.7 (114.1 ) (54.7 ) Other comprehensive income (loss) 76.5 — (0.1 ) — 76.4 Total comprehensive income (loss) $ 21.8 $ (1.6 ) $ 115.6 $ (114.1 ) $ 21.7 Net income (loss) $ (54.7 ) $ (1.6 ) $ 115.7 $ (114.1 ) $ (54.7 ) Preferred stock dividends 10.4 — — — 10.4 Net income (loss) applicable to common shareowners $ (65.1 ) $ (1.6 ) $ 115.7 $ (114.1 ) $ (65.1 ) Condensed Consolidating Balance Sheets As of December 31, 2015 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Cash and cash equivalents $ 4.6 $ 0.4 $ 2.4 $ — $ 7.4 Receivables, net 0.7 2.8 153.6 — 157.1 Other current assets 1.6 15.6 18.7 — 35.9 Total current assets 6.9 18.8 174.7 — 200.4 Property, plant and equipment, net 0.3 53.4 921.8 — 975.5 Investment in CyrusOne — 55.5 — — 55.5 Goodwill and intangibles, net — 12.3 2.2 — 14.5 Investments in and advances to subsidiaries 844.6 830.4 4.3 (1,679.3 ) — Other noncurrent assets 214.4 133.2 7.1 (146.2 ) 208.5 Total assets $ 1,066.2 $ 1,103.6 $ 1,110.1 $ (1,825.5 ) $ 1,454.4 Current portion of long-term debt $ 5.4 $ 3.4 $ 5.0 $ — $ 13.8 Accounts payable 0.7 95.6 32.6 — 128.9 Other current liabilities 41.6 26.8 42.7 — 111.1 Other current liabilities from discontinued operations — 5.4 — — 5.4 Total current liabilities 47.7 131.2 80.3 — 259.2 Long-term debt, less current portion 1,025.8 53.3 152.7 — 1,231.8 Other noncurrent liabilities 235.5 11.8 160.5 (146.2 ) 261.6 Intercompany payables 54.7 — 127.3 (182.0 ) — Total liabilities 1,363.7 196.3 520.8 (328.2 ) 1,752.6 Shareowners’ (deficit) equity (297.5 ) 907.3 589.3 (1,497.3 ) (298.2 ) Total liabilities and shareowners’ equity (deficit) $ 1,066.2 $ 1,103.6 $ 1,110.1 $ (1,825.5 ) $ 1,454.4 Condensed Consolidating Balance Sheets As of December 31, 2014 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total 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 1.3 20.6 15.7 — 37.6 Other current assets from discontinued operations — 4.7 — — 4.7 Total current assets 60.1 31.6 177.0 — 268.7 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 1,066.1 403.6 199.3 (1,669.0 ) — Other noncurrent assets 297.6 240.9 8.2 (143.2 ) 403.5 Other noncurrent assets from discontinued operations — 44.6 — — 44.6 Total assets $ 1,424.0 $ 1,057.8 $ 1,151.1 $ (1,812.2 ) $ 1,820.7 Current portion of long-term debt $ 5.4 $ 2.3 $ 3.9 $ — $ 11.6 Accounts payable 1.0 76.2 54.8 — 132.0 Other current liabilities 52.3 23.5 49.3 0.1 125.2 Other current liabilities from discontinued operations — 142.0 — — 142.0 Total current liabilities 58.7 244.0 108.0 0.1 410.8 Long-term debt, less current portion 1,526.1 2.9 160.4 — 1,689.4 Other noncurrent liabilities 254.1 4.6 151.0 (143.4 ) 266.3 Other noncurrent liabilities from discontinued operations — 102.7 — — 102.7 Intercompany payables 233.4 — 131.9 (365.3 ) — Total liabilities 2,072.3 354.2 551.3 (508.6 ) 2,469.2 Shareowners’ (deficit) equity (648.3 ) 703.6 599.8 (1,303.6 ) (648.5 ) Total liabilities and shareowners’ equity (deficit) $ 1,424.0 $ 1,057.8 $ 1,151.1 $ (1,812.2 ) $ 1,820.7 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2015 (dollars in millions) Parent (Issuer) Guarantors Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (19.3 ) $ (44.0 ) $ 174.2 $ — $ 110.9 Capital expenditures (0.1 ) (22.5 ) (261.0 ) — (283.6 ) Proceeds received from sale of CyrusOne — 643.9 — — 643.9 Dividends received from CyrusOne — 22.2 — — 22.2 Proceeds from sale of assets — 0.9 0.1 — 1.0 Distributions received from subsidiaries 11.3 — — (11.3 ) — Funding between Parent and subsidiaries, net — (597.1 ) 114.7 482.4 — Other investing activities (0.3 ) — — — (0.3 ) Cash flows provided by (used in) investing activities 10.9 47.4 (146.2 ) 471.1 383.2 Funding between Parent and subsidiaries, net 486.4 — (4.0 ) (482.4 ) — Distributions paid to Parent — — (11.3 ) 11.3 — Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days — — (1.6 ) — (1.6 ) Repayment of debt (518.5 ) (3.2 ) (10.0 ) — (531.7 ) Debt issuance costs (0.2 ) — (0.2 ) — (0.4 ) Other financing activities (10.9 ) — — — (10.9 ) Cash flows provided by (used in) financing activities (43.2 ) (3.2 ) (27.1 ) (471.1 ) (544.6 ) Increase (decrease) in cash and cash equivalents (51.6 ) 0.2 0.9 — (50.5 ) Beginning cash and cash equivalents 56.2 0.2 1.5 — 57.9 Ending cash and cash equivalents $ 4.6 $ 0.4 $ 2.4 $ — $ 7.4 Year Ended December 31, 2014 (dollars in millions) Parent (Issuer) Guarantors Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (56.3 ) $ 1.0 $ 230.5 $ — $ 175.2 Capital expenditures (0.2 ) (29.6 ) (152.5 ) — (182.3 ) Proceeds from sale of CyrusOne — 355.9 — — 355.9 Dividends received from CyrusOne — 28.4 — — 28.4 Proceeds from sale of assets — 194.4 2.0 — 196.4 Distributions received from subsidiaries 12.8 — — (12.8 ) — Funding between Parent and subsidiaries, net — (541.7 ) (75.6 ) 617.3 — Other investing activities (0.3 ) (5.5 ) — — (5.8 ) Cash flows provided by (used in) investing activities 12.3 1.9 (226.1 ) 604.5 392.6 Funding between Parent and subsidiaries, net 516.2 — 101.1 (617.3 ) — Distributions paid to Parent — — (12.8 ) 12.8 — Net increase in corporate credit and receivables facilities with initial maturities less than 90 days (40.0 ) — (87.0 ) — (127.0 ) Repayment of debt (367.3 ) (3.0 ) (6.2 ) — (376.5 ) Debt issuance costs (0.7 ) — (0.2 ) — (0.9 ) Proceeds from exercise of options and warrants 1.3 — — — 1.3 Other financing activities (11.4 ) — — — (11.4 ) Cash flows provided by (used in) financing activities 98.1 (3.0 ) (5.1 ) (604.5 ) (514.5 ) Increase (decrease) in cash and cash equivalents 54.1 (0.1 ) (0.7 ) — 53.3 Beginning cash and cash equivalents 2.1 0.3 2.2 — 4.6 Ending cash and cash equivalents $ 56.2 $ 0.2 $ 1.5 $ — $ 57.9 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2013 (dollars in millions) Parent (Issuer) Guarantors Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (218.1 ) $ 28.8 $ 268.1 $ — $ 78.8 Capital expenditures — (36.1 ) (160.8 ) — (196.9 ) Dividends received from CyrusOne — 21.3 — — 21.3 Proceeds from sale of assets — — 2.0 — 2.0 Cash divested from deconsolidation of CyrusOne — — (12.2 ) — (12.2 ) Other investing activities — — 0.4 — 0.4 Cash flows provided by (used in) investing activities — (14.8 ) (170.6 ) — (185.4 ) Issuance of long-term debt 536.0 — — — 536.0 Funding between Parent and subsidiaries, net 174.2 (10.0 ) (164.2 ) — — Net increase in corporate credit and receivables facilities with initial maturities less than 90 days 40.0 — 54.2 — 94.2 Repayment of debt (522.0 ) (4.0 ) (4.8 ) — (530.8 ) Debt issuance costs (6.7 ) — — — (6.7 ) Proceeds from exercise of options and warrants 7.1 — — — 7.1 Other financing activities (12.2 ) — — — (12.2 ) Cash flows provided by (used in) financing activities 216.4 (14.0 ) (114.8 ) — 87.6 Increase (decrease) in cash and cash equivalents (1.7 ) — (17.3 ) — (19.0 ) Beginning cash and cash equivalents 3.8 0.3 19.5 — 23.6 Ending cash and cash equivalents $ 2.1 $ 0.3 $ 2.2 $ — $ 4.6 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Financial Information (Unaudited) [Text Block] | Quarterly Financial Information (Unaudited) 2015 First Second Third Fourth (dollars in millions, except per common share amounts) Quarter Quarter Quarter Quarter Total Revenue $ 292.9 $ 285.8 $ 299.8 $ 289.3 $ 1,167.8 Operating income 37.1 29.7 36.2 25.0 128.0 Income from continuing operations 0.3 180.7 79.3 30.5 290.8 Income from discontinued operations, net of tax 48.9 10.9 1.0 2.1 62.9 Net income 49.2 191.6 80.3 32.6 353.7 Basic earnings (loss) per common share from continuing operations $ (0.01 ) $ 0.85 $ 0.37 $ 0.13 $ 1.34 Basic earnings per common share from discontinued operations $ 0.23 $ 0.05 $ — $ 0.01 $ 0.30 Net basic earnings per common share $ 0.22 $ 0.90 $ 0.37 $ 0.14 $ 1.64 Diluted earnings (loss) per common share from continuing operations $ (0.01 ) $ 0.84 $ 0.37 $ 0.13 $ 1.33 Diluted earnings per common share from discontinued operations $ 0.23 $ 0.05 $ — $ 0.01 $ 0.30 Net diluted earnings per common share $ 0.22 $ 0.89 $ 0.37 $ 0.14 $ 1.63 2014 First Second Third Fourth (dollars in millions, except per common share amounts) Quarter Quarter Quarter Quarter Total Revenue $ 282.2 $ 283.0 $ 301.4 $ 294.9 $ 1,161.5 Operating income 50.4 47.3 47.8 31.4 176.9 Income (loss) from continuing operations 5.9 123.7 (7.5 ) (4.4 ) 117.7 Income (loss) from discontinued operations, net of tax 1.1 (9.5 ) (19.8 ) (13.9 ) (42.1 ) Net income (loss) 7.0 114.2 (27.3 ) (18.3 ) 75.6 Basic earnings (loss) per common share from continuing operations $ 0.02 $ 0.58 $ (0.05 ) $ (0.03 ) $ 0.51 Basic earnings (loss) per common share from discontinued operations $ — $ (0.04 ) $ (0.09 ) $ (0.07 ) $ (0.20 ) Net basic earnings (loss) per common share $ 0.02 $ 0.54 $ (0.14 ) $ (0.10 ) $ 0.31 Diluted earnings (loss) per common share from continuing operations $ 0.02 $ 0.58 $ (0.05 ) $ (0.03 ) $ 0.51 Diluted earnings (loss) per common share from discontinued operations $ — $ (0.05 ) $ (0.09 ) $ (0.07 ) $ (0.20 ) Net diluted earnings (loss) per common share $ 0.02 $ 0.53 $ (0.14 ) $ (0.10 ) $ 0.31 The effects of assumed common share conversions are determined independently for each respective quarter and year and may not be dilutive during every period due to variations in operating results. Therefore, the sum of quarterly per share results will not necessarily equal the per share results for the full year. Income from continuing operations in 2015 includes gains from the sale of our CyrusOne investment of $295.2 million , $117.7 million , and $36.3 million in the second, third, and fourth quarters, respectively. Income from continuing operations in the second quarter of 2014 includes a $192.8 million gain on sale of our CyrusOne investment. In the second quarter of 2015, the Company redeemed the remaining $300.0 million of outstanding 8 ¾% Senior Subordinated Notes due 2018 at a redemption rate of 102.188% which resulted in recording a loss on extinguishment of debt of $10.4 million . Additionally, the Company redeemed $45.1 million of its outstanding 8 3 / 8 % Senior Notes due 2020 at an average redemption price of 106.450% which resulted in recording a loss on extinguishment of debt of $3.1 million in the second quarter of 2015. During the third quarter of 2015, the Company redeemed $137.6 million of its outstanding 8 3 / 8 % Senior Notes due 2020 at an average redemption price of 105.242% . As a result of the redemption, the Company recorded a loss on extinguishment of debt of $7.8 million . In the third quarter of 2014, the Company redeemed $325.0 million of its 8 3 / 4 % Senior Subordinated Notes due 2018 at a redemption price of 104.375% . As a result of the redemption, the Company recorded a debt extinguishment loss of $19.4 million . Operating income in the fourth quarter of 2014 includes an impairment charge of $4.6 million related to the abandonment of an internal use software project. As of March 31, 2015, no subscribers remained on the network, and we no longer required the use of the leased spectrum. Therefore, the $112.6 million gain on the sale of the wireless spectrum licenses, which had been previously deferred, was recognized in Income (loss) from discontinued operations, net of tax in the first quarter of 2015. During the second quarter, we transferred certain other assets related to our wireless business, including leases to certain wireless towers and related equipment and other assets, resulting in a gain of $15.9 million in the second quarter of 2015 which was recognized in Income (loss) from discontinued operations, net of tax. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Subsequent to December 31, 2015, the Company redeemed $23.8 million of its outstanding CBT Notes due 2028 at an average redemption price of 90.711% which will result in a gain on extinguishment of debt of approximately $2.0 million in the first quarter of 2016. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Valuation and Qualifying Accounts Disclosure [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VALUATION AND QUALIFYING ACCOUNTS Additions (dollars in millions) Beginning of Period Charge (Benefit) to Expenses To (from) Other Accounts Deductions End of Period Allowance for Doubtful Accounts Year 2015 $ 12.4 $ 8.5 $ — $ 8.5 $ 12.4 Year 2014 $ 12.2 $ 10.4 $ — $ 10.2 $ 12.4 Year 2013 $ 13.3 $ 11.3 $ — $ 12.4 $ 12.2 Deferred Tax Valuation Allowance Year 2015 $ 64.4 $ (5.5 ) $ (0.5 ) $ — $ 58.4 Year 2014 $ 68.3 $ (1.1 ) $ (2.8 ) $ — $ 64.4 Year 2013 $ 56.8 $ 14.1 $ (2.6 ) $ — $ 68.3 |
Description of Business and A31
Description of Business and Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation — The consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") and, in the opinion of management, include all adjustments necessary for a fair presentation of the results of operations, comprehensive income, financial position and cash flows for each period presented. |
Basis of Consolidation | Basis of Consolidation — The consolidated financial statements include the consolidated accounts of Cincinnati Bell Inc. and its majority-owned subsidiaries over which it exercises control. Intercompany accounts and transactions have been eliminated in the consolidated financial statements. Investments over which the Company exercises significant influence are recorded under the equity method. Investments in which we own less than 20% of the ownership interests and cannot exercise significant influence over the investee’s operations are recorded at cost. |
Discontinued Operations, Policy [Policy Text Block] | Recast of Financial Information for Discontinued Operations — In the second quarter of 2014, we entered into agreements to sell our wireless spectrum licenses and certain other assets related to our wireless business. The agreement to sell our wireless spectrum licenses closed on September 30, 2014, for cash proceeds of $194.4 million . Simultaneously, we entered into a separate agreement to use certain spectrum licenses for $8.00 until we no longer provided wireless service. Effective March 31, 2015, all wireless subscribers were migrated off our network and we ceased providing wireless services and operations. Certain wireless tower lease obligations and other assets were transferred to the acquiring company on April 1, 2015. The closing of our wireless operations represents a strategic shift in our business. Therefore, certain wireless assets, liabilities and results of operations are reported as discontinued operations in our financial statements. Accordingly, the Company recast its prior period results to be comparable with the current discontinued operations presentation with the exception of the Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareowners' Deficit and Consolidated Statements of Cash Flows. See Note 3 for all required disclosures. |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. Significant items subject to such estimates and judgments include: the carrying value of property, plant and equipment; the valuation of insurance and claims liabilities; the valuation of allowances for receivables and deferred income taxes; reserves recorded for income tax exposures; the valuation of asset retirement obligations; assets and liabilities related to employee benefits; and the valuation of goodwill. In the normal course of business, the Company is also subject to various regulatory and tax proceedings, lawsuits, claims and other matters. The Company believes adequate provision has been made for all such asserted and unasserted claims in accordance with GAAP. Such matters are subject to many uncertainties and outcomes that are not predictable with assurance. |
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash consists of funds held in bank accounts. Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. |
Receivables | Receivables — Receivables consist principally of trade receivables from customers and are generally unsecured and due within 21 - 90 days. The Company has receivables with one large customer, General Electric Corp. ("GE"), that makes up 22% and 26% of the outstanding accounts receivable balance at December 31, 2015 and 2014 , respectively. Unbilled receivables arise from services rendered but not yet billed. As of December 31, 2015 and 2014 , unbilled receivables totaled $14.0 million and $13.2 million , respectively. Expected credit losses related to trade receivables are recorded as an allowance for uncollectible accounts in the Consolidated Balance Sheets. The Company establishes the allowances for uncollectible accounts using percentages of aged accounts receivable balances to reflect the historical average of credit losses as well as specific provisions for certain identifiable, potentially uncollectible balances. When internal collection efforts on accounts have been exhausted, the accounts are written off and the associated allowance for uncollectible accounts is reduced. |
Inventory, Materials and Supplies | Inventory, Materials and Supplies — Inventory, materials and supplies consists of network components, various telephony and IT equipment to be sold to customers, wireless handsets and accessories to support our agreement with Verizon to sell their products and services in our retail stores, maintenance inventories, and other materials and supplies, which are carried at the lower of average cost or market. |
Property, Plant and Equipment | Property, Plant and Equipment — Property, plant and equipment is stated at original cost and presented net of accumulated depreciation and impairment losses. Maintenance and repairs are charged to expense as incurred while improvements which extend an asset's useful life or increase its functionality are capitalized and depreciated over the asset's remaining life. The majority of the Entertainment and Communications network property, plant and equipment used to generate its voice and data revenue is depreciated using the group method, which develops a depreciation rate annually based on the average useful life of a specific group of assets rather than for each individual asset as would be utilized under the unit method. Provision for depreciation of other property, plant and equipment, except for leasehold improvements, is based on the straight-line method over the estimated economic useful life. Depreciation of leasehold improvements is based on a straight-line method over the lesser of the economic useful life of the asset or the term of the lease, including optional renewal periods if renewal of the lease is reasonably assured. Additions and improvements, including interest and certain labor costs incurred during the construction period, are capitalized. The Company records the fair value of a legal liability for an asset retirement obligation in the period it is incurred. The estimated removal cost is initially capitalized and depreciated over the remaining life of the underlying asset. The associated liability is accreted to its present value each period. Once the obligation is ultimately settled, any difference between the final cost and the recorded liability is recognized as gain or loss on disposition. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill — Goodwill represents the excess of the purchase price consideration over the fair value of net assets acquired and recorded in connection with business acquisitions. Goodwill is generally allocated to reporting units one level below business segments. Goodwill is tested for impairment on an annual basis or when events or changes in circumstances indicate that such assets may be impaired. If the net book value of the reporting unit exceeds its fair value, an impairment loss may be recognized. An impairment loss is measured as the excess of the carrying value of goodwill of a reporting unit over its implied fair value. The implied fair value of goodwill represents the difference between the fair value of the reporting unit and the fair value of all the assets and liabilities of that unit, including any unrecognized intangible assets. |
Long-Lived Assets | Long-Lived Assets — Management reviews the carrying value of property, plant and equipment and other long-lived assets, including intangible assets with definite lives, when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss is recognized when the estimated future undiscounted cash flows expected to result from the use of an asset (or group of assets) and its eventual disposition is less than its carrying amount. An impairment loss is measured as the amount by which the asset’s carrying value exceeds its estimated fair value. Long-lived intangible assets are amortized based on the estimated economic value generated by the asset in future years. |
Equity Method Investments | Equity Method Investments - On January 24, 2013, we completed the initial public offering ("IPO") of CyrusOne Inc. ("CyrusOne"), which owns and operates our former Data Center Colocation business. CyrusOne conducts its data center business through CyrusOne LP, an operating partnership. Effective with the IPO, we retained ownership of approximately 1.9 million shares, or 8.6% , of CyrusOne's common stock and were a limited partner in CyrusOne LP, owning approximately 42.6 million , or 66% , of its partnership units. We effectively owned 69% of CyrusOne and continued to have significant influence over the entity, but we did not control its operations. Therefore, effective January 24, 2013, we no longer included the accounts of CyrusOne in our consolidated financial statements, but accounted for our ownership in CyrusOne as an equity method investment. From the date of IPO, we recognized our proportionate share of CyrusOne's net income or loss as non-operating income or expense in our Consolidated Statement of Operations through December 31, 2015. For the period January 1, 2013 through January 23, 2013, we consolidated CyrusOne's operating results. We completed the sale of 16.0 million partnership units of CyrusOne LP to CyrusOne Inc. at a price of $22.26 per unit in the second quarter of 2014. In the second quarter of 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 . On July 1, 2015, we sold 6.0 million operating partnership units of CyrusOne LP to CyrusOne, Inc. at a price of $28.41 per unit for proceeds o f $170.3 million . In December 2015, we sold 1.4 million shares of CyrusOne's common stock at a price of $35.30 per share for proceeds of $47.6 million . For the year ended December 31, 2015, 2014 and 2013, the Company received cash dividends from CyrusOne totaling $22.2 million , $28.4 million and $21.3 million , respectively. Dividends from CyrusOne are recognized as a reduction of our investment. Effective December 31, 2015 we exchanged our remaining 6.3 million operating partnership units in CyrusOne LP for an equal number of newly issued shares of common stock of CyrusOne Inc. As a result, we own approximately 9.5% of CyrusOne's common shares and no longer have significant influence over the entity. Therefore, as of December 31, 2015, our ownership in CyrusOne is accounted for as a cost method investment. During 2014, we invested a total of $5.5 million in other entities, which are accounted for as equity method investments and the carrying value has been recorded within “Other noncurrent assets” in the Consolidated Balance Sheets. The Company's proportionate share of the investments’ net loss had a minimal impact on our Consolidated Statement of Operations. Our equity method investments are tested for impairment on an annual basis or when events or changes in circumstances indicate that such assets may be impaired. |
Cost Method Investments | Cost Method Investments — Effective December 31, 2015 our investment in CyrusOne is accounted for as a cost method investment. The carrying value of this investment was 55.5 million as of December 31, 2015 . Our cost method investments are tested for impairment on an annual basis or when events or changes in circumstances indicate that such assets may be impaired. |
Leases | Leases — Certain property and equipment are leased. At lease inception, the lease terms are assessed to determine if the transaction should be classified as a capital or operating lease. |
Treasury Shares | Treasury Shares — The repurchase of common shares is recorded at purchase cost as treasury shares. Our policy is to retire, either formally or constructively, treasury shares that management anticipates will not be reissued. Upon retirement, the purchase cost of the treasury shares that exceeds par value is recorded as a reduction to “Additional paid-in capital” in the Consolidated Balance Sheets. |
Revenue Recognition | Revenue Recognition — We apply the revenue recognition principles described in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic ("ASC") 605, “Revenue Recognition.” Under ASC 605, revenue is recognized when there is persuasive evidence of a sale arrangement, delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. With respect to arrangements with multiple deliverables, management determines whether more than one unit of accounting exists in an arrangement. To the extent that the deliverables are separable into multiple units of accounting, total consideration is allocated to the individual units of accounting based on their relative fair value, determined by the price of each deliverable when it is regularly sold on a stand-alone basis. Revenue is recognized for each unit of accounting as delivered, or as service is performed, depending on the nature of the deliverable comprising the unit of accounting. The Company has sales with one large customer, GE, that contributed 12% to total revenue in 2015 and 14% in 2014. Revenue derived from foreign operations is approximately 1% of consolidated revenue. Entertainment and Communications — Revenues from local telephone, special access, internet product and video services, which are billed monthly prior to performance of service, are not recognized upon billing or cash receipt but rather are deferred until the service is provided. Long distance, switched access and other usage based charges are billed monthly in arrears. Entertainment and Communications bills service revenue in regular monthly cycles, which are spread throughout the days of the month. As the last day of each billing cycle rarely coincides with the end of the reporting period for usage-based services such as long distance and switched access, we must estimate service revenues earned but not yet billed. These estimates are based upon historical usage, and we adjust these estimates during the period in which actual usage is determinable, typically in the following reporting period. Initial billings for Entertainment and Communications service connection and activation are deferred and amortized into revenue on a straight-line basis over the average customer life. The associated connection and activation costs, to the extent of the upfront fees, are also deferred and amortized on a straight-line basis over the average customer life. Pricing of local voice services is generally subject to oversight by both state and federal regulatory commissions. Such regulation also covers services, competition, and other public policy issues. Various regulatory rulings and interpretations could result in increases or decreases to revenue in future periods. IT Services and Hardware — S ervices are generally recognized as the service is provided. Maintenance on telephony equipment is deferred and recognized ratably over the term of the underlying customer contract, generally one to three years. Equipment revenue is recognized upon the completion of our contractual obligations, such as shipment, delivery, or customer acceptance. Installation service revenue is generally recognized when installation is complete. We sell equipment and installation services on both a combined and standalone basis. The Company is a reseller of IT and telephony equipment. For these transactions, we consider the gross versus net revenue recording criteria of ASC 605. Based on this criteria, these equipment revenues and associated costs have generally been recorded on a gross basis rather than recording the revenues net of the associated costs. Vendor rebates are earned on certain equipment sales. When the rebate is earned and the amount is determinable, we recognize the rebate as an offset to cost of products sold. Discontinued Operations — Postpaid wireless and reciprocal compensation were billed monthly in arrears. Service revenue was billed in regular monthly cycles, which were spread throughout the days of the month. As the last day of each billing cycle rarely coincided with the end of the reporting period for usage-based services such as postpaid wireless, we estimated service revenues earned but not yet billed. Our estimates were based upon historical usage, and we adjusted these estimates during the period in which actual usage was determinable, typically in the following reporting period. Revenue from prepaid wireless service, which was collected in advance, was not recognized upon billing or cash receipt but rather deferred until the service was provided. Wireless handset revenue and the related activation revenue were recognized when the products were delivered to and accepted by the customer, as this was considered to be a separate earnings process from the sale of wireless services. Wireless equipment costs were also recognized upon handset sale and were generally in excess of the related handset and activation revenue. Revenue from termination fees was recognized when collection was deemed reasonably assured. |
Advertising Expenses | Advertising Expenses — Costs related to advertising are expensed as incurred. Advertising costs were $8.3 million , $7.2 million , and $7.3 million in 2015 , 2014 , and 2013 , respectively. |
Legal Expenses | Legal Expenses — In the normal course of business, the Company is involved in various claims and legal proceedings. Legal costs incurred in connection with loss contingencies are expensed as incurred. Legal claim accruals are recorded once determined to be both probable and estimable. |
Income Taxes | Income taxes — The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction as well as various foreign, state and local jurisdictions. The provision for income taxes is based upon income in the consolidated financial statements, rather than amounts reported on the income tax return. The income tax provision consists of an amount for taxes currently payable and an amount for tax consequences deferred to future periods. Deferred investment tax credits are amortized as a reduction of the provision for income taxes over the estimated useful lives of the related property, plant and equipment. Deferred income taxes are provided for temporary differences between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at rates then in effect. Valuation allowances are recorded to reduce deferred tax assets to amounts that are more likely than not to be realized. The ultimate realization of the deferred income tax assets depends upon the ability to generate future taxable income during the periods in which basis differences and other deductions become deductible and prior to the expiration of the net operating loss carryforwards. Previous tax filings are subject to normal reviews by regulatory agencies until the related statute of limitations expires. |
Operating Taxes | Operating taxes — Certain operating taxes such as property, sales, use, and gross receipts taxes are reported as expenses in operating income primarily within cost of services. These taxes are not included in income tax expense because the amounts to be paid are not dependent on our level of income. Liabilities for audit exposures are established based on management's assessment of the probability of payment. The provision for such liabilities is recognized as either property, plant and equipment, operating tax expense, or depreciation expense depending on the nature of the audit exposure. Upon resolution of an audit, any remaining liability not paid is released against the account in which it was originally recorded. |
Regulatory Taxes | Regulatory taxes — The Company incurs federal and state regulatory taxes on certain revenue producing transactions. We are permitted to recover certain of these taxes by billing the customer; however, collections cannot exceed the amount due to the federal regulatory agency. These federal regulatory taxes are presented in sales and cost of services on a gross basis because, while the Company is required to pay the tax, it is not required to collect the tax from customers and, in fact, does not collect the tax from customers in certain instances. The amounts recorded as revenue for 2015 , 2014 , and 2013 were $15.5 million , $15.2 million , and $14.9 million , respectively. The amounts expensed for 2015 , 2014 , and 2013 were $17.9 million , $16.4 million , and $14.9 million , respectively. We record all other federal taxes collected from customers on a net basis. |
Stock-Based Compensation | Stock-Based Compensation — Compensation cost is recognized for all share-based awards to employees and non-employee directors. We value all share-based awards to employees at fair value on the date of grant and expense this amount over the required service period, generally defined as the applicable vesting period. For awards which contain a performance condition, compensation expense is recognized over the service period, when achievement of the performance condition is deemed probable. The fair value of stock options and stock appreciation rights is determined using the Black-Scholes option-pricing model using assumptions such as volatility, risk-free interest rate, holding period and dividends. The fair value of stock awards is based on the Company’s closing share price on the date of grant. For all share-based payments, an assumption is also made for the estimated forfeiture rate based on the historical behavior of employees. The forfeiture rate reduces the total fair value of the awards to be recognized as compensation expense. Our accounting policy for graded vesting awards is to recognize compensation expense on a straight-line basis over the vesting period. We have also granted employee awards to be ultimately paid in cash which are indexed to the change in the Company’s common stock price. These awards are adjusted to the fair value of the Company's common stock, and the adjusted fair value is expensed on a pro-rata basis over the vesting period. When an award is granted to an employee who is retirement eligible, the compensation cost is recognized over the service period up to the date that the employee first becomes eligible to retire. |
Pension and Postretirement Benefit Plans | Pension and Postretirement Benefit Plans — The Company maintains qualified and non-qualified defined benefit pension plans, and also provides postretirement healthcare and life insurance benefits for eligible employees. We recognize the overfunded or underfunded status of the defined benefit pension and other postretirement benefit plans as either an asset or liability. Changes in the funded status of these plans are recognized as a component of comprehensive income (loss) in the year they occur. Pension and postretirement healthcare and life insurance benefits earned during the year and interest on the projected benefit obligations are accrued and recognized currently in net periodic benefit cost. Prior service costs and credits are amortized over the average life expectancy of participants or remaining service period, based upon whether plan participants are mostly retirees or active employees. Net gains or losses resulting from differences between actuarial experience and assumptions or from changes in actuarial assumptions are recognized as a component of annual net periodic benefit cost. Unrecognized actuarial gains or losses that exceed 10% of the projected benefit obligation are amortized on a straight-line basis over the average remaining service life of active employees for the pension and bargained postretirement plans (approximately 9 - 13 years) and average life expectancy of retirees for the management postretirement plan (approximately 17 years). |
Business Combinations | Business Combinations — In accounting for business combinations, we apply the accounting requirements of ASC 805, “Business Combinations,” which requires the recording of net assets of acquired businesses at fair value. In developing estimates of fair value of acquired assets and assumed liabilities, management analyzes a variety of factors including market data, estimated future cash flows of the acquired operations, industry growth rates, current replacement cost for fixed assets, and market rate assumptions for contractual obligations. Such a valuation requires management to make significant estimates and assumptions, particularly with respect to the intangible assets. In addition, contingent consideration is presented at fair value at the date of acquisition. Transaction costs are expensed as incurred. |
Fair Value Measurements | Fair Value Measurements — Fair value of financial and non-financial assets and liabilities is defined as the price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is utilized to measure certain investments on a recurring basis. Fair value measurements are also utilized to determine the initial value of assets and liabilities acquired in a business combination, to perform impairment tests, and for disclosure purposes. Management uses quoted market prices and observable inputs to the maximum extent possible when measuring fair value. In the absence of quoted market prices or observable inputs, fair value is determined using valuation models that incorporate assumptions that a market participant would use in pricing the asset or liability. Fair value measurements are classified within one of three levels, which prioritize the inputs used in the methodologies of measuring fair value for assets and liabilities, as follows: Level 1 — Quoted market prices for identical instruments in an active market; Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs); and Level 3 — Unobservable inputs that reflect management's determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including our own data. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions — The financial position of foreign subsidiaries is translated at the exchange rates in effect at the end of the period, while revenues and expenses are translated at average rates of exchange during the period. Gains or losses from translation of foreign operations where the local currency is the functional currency are included as components of accumulated other comprehensive income (loss). Gains and losses arising from foreign currency transactions are recorded in other income (expense) in the period incurred. |
Earnings Per Common Share | Basic earnings per common share ("EPS") is based upon the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that would occur upon issuance of common shares for awards under stock-based compensation plans, exercise of warrants, or conversion of preferred stock, but only to the extent that they are considered dilutive. |
Fair Value of Financial Instruments | The fair value of our investment in CyrusOne was based on the closing market price of CyrusOne's common stock on December 31, 2015 and 2014 . This fair value measurement is considered Level 1 of the fair value hierarchy. The fair value of debt instruments was based on closing or estimated market prices of the Company’s debt at December 31, 2015 and 2014 , which is considered Level 2 of the fair value hierarchy. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
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 April 1, 2015 Property, plant and equipment, net $ 16.0 Current portion of long-term debt 0.5 Long-term debt, less current portion 24.8 Other non-current liabilities 6.6 Total liabilities $ 31.9 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Summarized financial information for the CyrusOne Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 , and 2013 and Consolidated Balance Sheets as of December 31, 2015 and 2014 is as follows: (dollars in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 January 24, 2013 to December 31, 2013 Revenue $ 399.3 $ 330.9 $ 248.4 Operating income 22.8 40.0 28.9 Net loss (20.2 ) (14.5 ) (15.6 ) |
Condensed Balance Sheet [Table Text Block] | (dollars in millions) December 31, 2015 December 31, 2014 Net investment in real estate $ 1,392.0 $ 1,051.4 Total assets 2,195.6 1,571.0 Total liabilities 1,374.0 854.0 |
Capital Leases and Debt Retained - Discontinued Operations [Table Text Block] | Amounts transferred at April 1, 2015 include the following: Continuing Operations Discontinued Operations As of April 1, 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 57.0 Other noncurrent liabilities 10.9 7.5 Total liabilities $ 65.4 $ 65.6 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2015 , future minimum lease payments required under operating leases having initial or remaining non-cancellable lease terms for the next five years are as follows: (dollars in millions) 2016 $ 3.9 2017 3.7 2018 2.6 2019 2.5 2020 2.3 Thereafter 22.0 Total $ 37.0 |
Discontinued Operations [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Wireless financial results for the twelve months ended December 31, 2015, 2014 and 2013 reported as Income (loss) from discontinued operations, net of tax on the Consolidated Statements of Operations are as follows: Twelve Months Ended December 31, (dollars in millions) 2015 2014 2013 Revenue $ 4.4 $ 132.8 $ 201.5 Costs and expenses Cost of products and services 12.0 66.9 102.3 Selling, general and administrative 2.2 19.5 33.6 Depreciation and amortization expense 28.6 103.4 41.2 Restructuring charges 3.3 16.3 0.2 Impairment of asset — 7.5 — Transaction costs — 3.2 — (Gain) loss on sale or disposal of assets (0.4 ) — 3.5 Amortization of deferred gain (6.5 ) (22.9 ) (3.3 ) Total operating costs and expenses 39.2 193.9 177.5 Operating income (loss) (34.8 ) (61.1 ) 24.0 Interest (income) expense (1.7 ) 2.8 6.0 Other (income) expense (2.3 ) 2.2 2.0 Gain on transfer of tower lease obligations and other assets 15.9 — — Gain on sale of wireless spectrum licenses 112.6 — — Income (loss) before income taxes 97.7 (66.1 ) 16.0 Income tax expense (benefit) 34.8 (24.0 ) 5.8 Net income (loss) from discontinued operations $ 62.9 $ (42.1 ) $ 10.2 |
Condensed Balance Sheet [Table Text Block] | Wireless assets and liabilities presented as discontinued operations as of December 31, 2015 and December 31, 2014 are as follows: (dollars in millions) December 31, 2015 December 31, 2014 Current assets Prepaid rent - spectrum license $ — $ 3.2 Other current assets — 1.5 Total current assets from discontinued operations — 4.7 Property, plant and equipment — 44.1 Other noncurrent assets — 0.5 Total noncurrent assets from discontinued operations — 44.6 Total assets from discontinued operations $ — $ 49.3 Current liabilities Current portion of long-term debt $ — $ 1.6 Accounts payable — 5.0 Restructuring liability 4.7 15.4 Deferred gain on sale of wireless spectrum licenses — 112.6 Other current liabilities 0.7 7.4 Total current liabilities from discontinued operations 5.4 142.0 Long-term debt, less current portion — 81.6 Deferred gain on sale of towers — 13.1 Other noncurrent liabilities — 8.0 Total noncurrent liabilities from discontinued operations — 102.7 Total liabilities from discontinued operations $ 5.4 $ 244.7 |
Condensed Cash Flow Statement [Table Text Block] | Following is selected operating, investing and financing cash flow activity from discontinued operations included in Consolidated Statements of Cash Flows: Twelve Months Ended December 31, (dollars in millions) 2015 2014 2013 Depreciation and amortization $ 28.6 $ 103.4 $ 41.2 (Gain) loss on sale of assets (0.4 ) — 3.5 Impairment of assets — 7.5 — Deferred gain on sale of spectrum licenses (112.6 ) — — Amortization of deferred gain on sale of towers (6.5 ) (22.9 ) (3.3 ) Gain on transfer of tower lease obligations and other assets (15.9 ) — — Non-cash spectrum lease 3.2 3.2 — Restructuring payments (14.5 ) (2.4 ) (0.3 ) Capital expenditures — (6.5 ) (16.0 ) Proceeds from sale of wireless spectrum licenses — 194.4 — Repayment of debt (0.3 ) (23.5 ) (0.6 ) |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2015 , future minimum lease payments required under operating leases have been reported as Restructuring liability. |
Investment in CyrusOne (Tables)
Investment in CyrusOne (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |
Assets and Liabilities Deconsolidated [Table Text Block] | On January 24, 2013, we completed the IPO of CyrusOne, our former Data Center Colocation segment. Effective with the IPO, our 69% ownership was held in the form of 1.9 million shares of unregistered common stock of CyrusOne Inc. and 42.6 million of economically equivalent partnership units in its underlying operating entity, CyrusOne LP. As of that date, we no longer controlled CyrusOne's operations but as a result of maintaining significant influence, our investment was accounted for using the equity method. |
Condensed Income Statement, Equity Method Investee | Summarized financial information for the CyrusOne Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 , and 2013 and Consolidated Balance Sheets as of December 31, 2015 and 2014 is as follows: (dollars in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 January 24, 2013 to December 31, 2013 Revenue $ 399.3 $ 330.9 $ 248.4 Operating income 22.8 40.0 28.9 Net loss (20.2 ) (14.5 ) (15.6 ) |
Condensed Balance Sheet, Equity Method Investee | (dollars in millions) December 31, 2015 December 31, 2014 Net investment in real estate $ 1,392.0 $ 1,051.4 Total assets 2,195.6 1,571.0 Total liabilities 1,374.0 854.0 |
Related Party Revenues and Expenses [Member] | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions [Table Text Block] | Revenues and operating costs and expenses from transactions with CyrusOne were as follows: (dollars in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 January 24, 2013 to December 31, 2013 Revenue: Services provided to CyrusOne $ 1.3 $ 1.7 $ 2.1 Operating costs and expenses: Transaction-related compensation to CyrusOne employees $ — $ — $ 20.0 Charges for services provided by CyrusOne 10.2 9.1 8.8 Administrative services provided to CyrusOne (0.4 ) (0.5 ) (0.6 ) Total operating costs and expenses $ 9.8 $ 8.6 $ 28.2 |
Related Party Receivables and Payables [Member] | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions [Table Text Block] | Amounts receivable from and payable to CyrusOne were as follows: (dollars in millions) December 31, 2015 December 31, 2014 Accounts receivable $ 0.1 $ 1.7 Dividends receivable 2.1 6.0 Receivable from CyrusOne $ 2.2 $ 7.7 Payable to CyrusOne $ 1.5 $ 0.4 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Earnings Per Common Share, Basic and Diluted [Line Items] | |||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The following table shows the computation of basic and diluted EPS: Year Ended December 31, 2015 (in millions, except per share amounts) Continuing Operations Discontinued Operations Total Numerator: Net income (loss) $ 290.8 $ 62.9 $ 353.7 Preferred stock dividends 10.4 — 10.4 Net income (loss) applicable to common shareowners - basic and diluted $ 280.4 $ 62.9 $ 343.3 Denominator: Weighted-average common shares outstanding - basic 209.6 209.6 209.6 Stock-based compensation arrangements 0.6 0.6 0.6 Weighted-average common shares outstanding - diluted 210.2 210.2 210.2 Basic earnings (loss) per common share $ 1.34 $ 0.30 $ 1.64 Diluted earnings (loss) per common share $ 1.33 $ 0.30 $ 1.63 | Year Ended December 31, 2014 (in millions, except per share amounts) Continuing Operations Discontinued Operations Total Numerator: Net income (loss) $ 117.7 $ (42.1 ) $ 75.6 Preferred stock dividends 10.4 — 10.4 Net income (loss) applicable to common shareowners - basic and diluted $ 107.3 $ (42.1 ) $ 65.2 Denominator: Weighted-average common shares outstanding - basic 208.5 208.5 208.5 Stock-based compensation arrangements 1.1 1.1 1.1 Weighted-average common shares outstanding - diluted 209.6 209.6 209.6 Basic and diluted earnings (loss) per common share $ 0.51 $ (0.20 ) $ 0.31 | Year Ended December 31, 2013 (in millions, except per share amounts) Continuing Operations Discontinued Operations Total Numerator: Net income (loss) $ (64.9 ) $ 10.2 $ (54.7 ) Preferred stock dividends 10.4 — 10.4 Net income (loss) applicable to common shareowners - basic and diluted $ (75.3 ) $ 10.2 $ (65.1 ) Denominator: Weighted-average common shares outstanding - basic and diluted 205.9 205.9 205.9 Basic and diluted earnings (loss) per common share $ (0.37 ) $ 0.05 $ (0.32 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment is comprised of the following: December 31, Depreciable Lives (Years) (dollars in millions) 2015 2014 Land and rights-of-way $ 4.3 $ 4.3 20 - Indefinite Buildings and leasehold improvements 165.0 170.5 3 - 40 Network equipment 2,959.3 2,686.8 2 - 50 Office software, furniture, fixtures and vehicles 131.4 123.9 2 - 14 Construction in process 29.2 25.7 n/a Gross value 3,289.2 3,011.2 Accumulated depreciation (2,313.7 ) (2,195.8 ) Property, plant and equipment, net $ 975.5 $ 815.4 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets [Abstract] | |
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 were as follows: (dollars in millions) Entertainment and Communications IT Services and Hardware Total Balance as of December 31, 2014 and 2013 $ 11.8 $ 2.6 $ 14.4 Disposal of asset — (0.1 ) (0.1 ) Balance as of December 31, 2015 $ 11.8 $ 2.5 $ 14.3 |
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | Summarized below are the carrying values for the intangible assets subject to amortization: Weighted- Average December 31, 2015 December 31, 2014 Life in Gross Carrying Accumulated Gross Carrying Accumulated (dollars in millions) Years Amount Amortization Amount Amortization Customer relationships - Entertainment and Communications 10 $ 7.0 $ 6.8 $ 7.0 $ 6.5 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table presents estimated amortization expense for the assets' remaining useful lives: (dollars in millions) 2016 $ 0.2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instruments [Abstract] | |
Schedule of Long-term Debt Instruments | The Company’s debt consists of the following: December 31, (dollars in millions) 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 8.4 6.2 Current portion of long-term debt 13.8 11.6 Long-term debt, less current portion: Receivables Facility 17.6 19.2 8 3/4% Senior Subordinated Notes due 2018 — 300.0 Corporate Credit Agreement - Tranche B Term Loan 522.5 527.8 8 3/8% Senior Notes due 2020 478.5 661.2 7 1/4% Notes due 2023 26.3 40.0 Various Cincinnati Bell Telephone notes 128.7 134.5 Capital lease obligations and other debt 59.9 9.9 1,233.5 1,692.6 Net unamortized discount (1.7 ) (3.2 ) Long-term debt, less current portion 1,231.8 1,689.4 Total debt $ 1,245.6 $ 1,701.0 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table summarizes our annual principal maturities of debt and capital leases for the five years subsequent to December 31, 2015 , and thereafter: Capital Total (dollars in millions) Debt Leases Debt Year ended December 31, 2016 $ 5.9 $ 7.9 $ 13.8 2017 5.6 5.0 10.6 2018 23.0 4.0 27.0 2019 5.4 3.8 9.2 2020 984.8 2.6 987.4 Thereafter 155.0 44.3 199.3 1,179.7 67.6 1,247.3 Net unamortized discount (1.7 ) — (1.7 ) Total debt $ 1,178.0 $ 67.6 $ 1,245.6 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2015 , future minimum lease payments required under operating leases having initial or remaining non-cancellable lease terms for the next five years are as follows: (dollars in millions) 2016 $ 3.9 2017 3.7 2018 2.6 2019 2.5 2020 2.3 Thereafter 22.0 Total $ 37.0 |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | The following table presents the activity for the Company’s asset retirement obligations, which are included in "Other noncurrent liabilities" in the Consolidated Balance Sheets: December 31, (dollars in millions) 2015 2014 Balance, beginning of period $ 1.6 $ 1.7 Asset retirement obligations reclassified from discontinued operations 10.9 — Liabilities settled (5.0 ) (0.2 ) Revision to estimated cash flow (2.9 ) — Accretion expense 0.2 0.1 Balance, end of period $ 4.8 $ 1.6 |
Financial Instruments and Fai39
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Fair Value, by Balance Sheet Grouping | The carrying value and fair value of the Company’s financial instruments are as follows: December 31, 2015 December 31, 2014 (dollars in millions) Carrying Value Fair Value Carrying Value Fair Value Investment in CyrusOne $ 55.5 $ 257.9 $ 273.6 $ 785.0 Long-term debt, including current portion* 1,178.0 1,155.6 1,686.1 1,717.4 *Excludes capital leases. | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | During 2014, the following assets were remeasured at fair value in connection with impairment tests: Fair Value Measurements Using (dollars in millions) Year Ended December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impairment Losses Property: Office software, furniture, fixtures, & vehicles (Entertainment and Communications) — — — — $ (4.6 ) Impairment of assets $ (4.6 ) |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | A summary of activity in the restructuring liability is shown below: (dollars in millions) Employee Separation Lease Abandonment Other Total Balance as of December 31, 2012 $ 6.5 $ 5.2 $ 0.2 $ 11.9 Charges 9.0 3.9 0.6 13.5 Utilizations (7.1 ) (3.3 ) (0.7 ) (11.1 ) Balance as of December 31, 2013 8.4 5.8 0.1 14.3 Charges/(Reversals) 1.0 (1.4 ) — (0.4 ) Utilizations (6.4 ) (2.6 ) — (9.0 ) Balance as of December 31, 2014 3.0 1.8 0.1 4.9 Charges 3.3 0.3 2.4 6.0 Utilizations (6.1 ) (1.3 ) (2.4 ) (9.8 ) Balance as of December 31, 2015 $ 0.2 $ 0.8 $ 0.1 $ 1.1 |
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, 2012 $ 8.6 $ 0.5 $ 2.8 $ 11.9 Charges 9.1 0.7 3.7 13.5 Utilizations (7.2 ) (0.4 ) (3.5 ) (11.1 ) Balance as of December 31, 2013 10.5 0.8 3.0 14.3 Charges/(Reversals) (0.5 ) — 0.1 (0.4 ) Utilizations (6.1 ) (0.5 ) (2.4 ) (9.0 ) Balance as of December 31, 2014 3.9 0.3 0.7 4.9 Charges 1.6 2.8 1.6 6.0 Utilizations (4.7 ) (2.8 ) (2.3 ) (9.8 ) Balance as of December 31, 2015 $ 0.8 $ 0.3 $ — $ 1.1 |
Pension and Postretirement Pl41
Pension and Postretirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | Pension and postretirement benefit costs for these plans were comprised of: Pension Benefits Postretirement and Other Benefits (dollars in millions) 2015 2014 2013 2015 2014 2013 Service cost $ 0.3 $ 1.0 $ 2.1 $ 0.3 $ 0.3 $ 0.4 Interest cost on projected benefit obligation 19.0 21.0 18.8 3.3 4.0 4.0 Expected return on plan assets (29.2 ) (28.1 ) (25.7 ) — — — Amortization of: Prior service cost (benefit) 0.1 0.2 0.2 (15.4 ) (15.4 ) (14.1 ) Actuarial loss 24.9 17.3 22.0 5.4 5.4 5.6 Curtailment loss (gain) 0.3 — (0.6 ) — — — Pension/postretirement cost (benefit) $ 15.4 $ 11.4 $ 16.8 $ (6.4 ) $ (5.7 ) $ (4.1 ) |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Changes in the plans' benefit obligations and funded status are as follows: Postretirement and Other Benefits Pension Benefits (dollars in millions) 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at January 1, $ 577.3 $ 523.0 $ 109.0 $ 101.5 Service cost 0.3 1.0 0.3 0.3 Interest cost 19.0 21.0 3.3 4.0 Actuarial (gain) loss (18.8 ) 73.5 (10.9 ) 13.3 Benefits paid (47.3 ) (41.2 ) (12.7 ) (15.2 ) Retiree drug subsidy received — — 0.2 0.5 Other — — 3.9 4.6 Benefit obligation at December 31, $ 530.5 $ 577.3 $ 93.1 $ 109.0 Change in plan assets: Fair value of plan assets at January 1, $ 424.3 $ 399.3 $ 11.0 $ 11.3 Actual return on plan assets (10.5 ) 44.2 0.1 0.4 Employer contributions 11.6 22.0 11.7 14.0 Retiree drug subsidy received — — 0.2 0.5 Benefits paid (47.3 ) (41.2 ) (12.7 ) (15.2 ) Fair value of plan assets at December 31, 378.1 424.3 10.3 11.0 Unfunded status $ (152.4 ) $ (153.0 ) $ (82.8 ) $ (98.0 ) |
Schedule of Health Care Cost Trend Rates [Table Text Block] | The assumed healthcare cost trend rate used to measure the postretirement health benefit obligation is shown below: December 31, 2015 2014 Healthcare cost trend 6.5 % 6.5 % Rate to which the cost trend is assumed to decline (ultimate trend rate) 4.5 % 4.5 % Year the rates reach the ultimate trend rate 2020 2018 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | A one-percentage point change in assumed healthcare cost trend rates would have the following effect on the postretirement benefit costs and obligation: (dollars in millions) 1% Increase 1% Decrease Service and interest costs for 2015 $ 0.2 $ (0.1 ) Postretirement benefit obligation at December 31, 2015 4.2 (3.8 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | The projected benefit obligation is recognized in the Consolidated Balance Sheets as follows: Pension Benefits Postretirement and Other Benefits December 31, December 31, (dollars in millions) 2015 2014 2015 2014 Accrued payroll and benefits (current liability) $ 2.1 $ 2.2 $ 10.1 $ 12.0 Pension and postretirement benefit obligations (noncurrent liability) 150.3 150.8 72.7 86.0 Total $ 152.4 $ 153.0 $ 82.8 $ 98.0 |
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | Amounts recognized in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets which have not yet been recognized in net pension costs consisted of the following: Postretirement and Other Benefits Pension Benefits December 31, December 31, (dollars in millions) 2015 2014 2015 2014 Prior service (cost) benefit, net of tax of ($0.1), ($0.2), $15.8, $21.3 $ (0.2 ) $ (0.5 ) $ 28.6 $ 38.5 Actuarial loss, net of tax of ($90.4), ($91.5), ($23.0), ($29.3) (157.8 ) (160.7 ) (40.9 ) (50.9 ) Total $ (158.0 ) $ (161.2 ) $ (12.3 ) $ (12.4 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in "Accumulated other comprehensive loss" on the Consolidated Statements of Shareowners’ Deficit and the Consolidated Statements of Comprehensive Income are shown below: Pension Benefits Postretirement and Other Benefits (dollars in millions) 2015 2014 2015 2014 Prior service cost recognized: Reclassification adjustments $ 0.4 $ 0.2 $ (15.4 ) $ (15.4 ) Actuarial (loss) gain recognized: Reclassification adjustments 24.9 17.3 5.4 5.4 Actuarial (loss) gain arising during the period (20.9 ) (57.5 ) 10.9 (12.9 ) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | The following amounts currently included in "Accumulated other comprehensive loss" are expected to be recognized in 2016 as a component of net periodic pension and postretirement cost: Pension Benefits Postretirement and Other Benefits (dollars in millions) Prior service cost (benefit) $ 0.1 $ (14.8 ) Actuarial loss 18.2 4.9 Total $ 18.3 $ (9.9 ) |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of the pension and postretirement plan assets at December 31, 2015 and 2014 by asset category are as follows: (dollars in millions) December 31, 2015 Quoted Prices in active markets Level 1 Significant observable inputs Level 2 Significant unobservable inputs Level 3 Mutual funds U.S. equity index funds $ 147.8 $ 147.8 $ — $ — International equity index funds 97.0 97.0 — — Fixed income bond funds 133.3 133.3 — — Group insurance contract 10.3 — — 10.3 Total $ 388.4 $ 378.1 $ — $ 10.3 (dollars in millions) December 31, 2014 Quoted Prices in active markets Level 1 Significant observable inputs Level 2 Significant unobservable inputs Level 3 Mutual funds U.S. equity index funds $ 212.3 $ 212.3 $ — $ — International equity index funds 61.1 61.1 — — Fixed income bond funds 150.9 150.9 — — Group insurance contract 11.0 — — 11.0 Total $ 435.3 $ 424.3 $ — $ 11.0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The Level 3 investments had the following changes in 2015 and 2014 : Pension Postretirement and Other Benefits (dollars in millions) 2015 2014 2015 2014 Balance, beginning of year $ — $ 30.8 $ 11.0 $ 11.3 Realized gains, net — 3.2 0.3 0.4 Purchases, sales, issuances and settlements, net — (34.0 ) (1.0 ) (0.7 ) Balance, end of year $ — $ — $ 10.3 $ 11.0 |
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years: (dollars in millions) Pension Benefits Postretirement and Other Benefits Medicare Subsidy Receipts 2016 $ 42.3 $ 10.6 $ (0.5 ) 2017 41.5 9.8 (0.5 ) 2018 41.2 9.2 (0.5 ) 2019 39.4 7.9 (0.5 ) 2020 38.8 7.1 (0.4 ) Years 2021 - 2025 174.9 30.8 (1.7 ) |
Net Periodic Cost [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Assumptions Used [Table Text Block] | The following are the weighted-average assumptions used in measuring the net periodic cost of the pension and postretirement benefits: Pension Benefits Postretirement and Other Benefits 2015 2014 2013 2015 2014 2013 Discount rate 3.40 % * 4.20 % 3.30 % ** 3.40 % 4.10 % 3.40 % *** Expected long-term rate of return 7.75 % 7.75 % 7.75 % — — — Future compensation growth rate — — 3.00 % — — — * Discount rate used for the remeasurement of the non-management pension plan in April 2015 was consistent with the discount rate previously established. ** Discount rate used for the remeasurement of the management pension plan in May 2013 was consistent with the discount rate previously established. *** For the period January 1, 2013 through July 31, 2013, the date of the remeasurement, we used a 3.10% discount rate. From that date through December 31, 2013, we used a 3.90% discount rate. |
Projected Benefit Obligation [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Assumptions Used [Table Text Block] | The following are the weighted-average assumptions used in accounting for and measuring the projected benefit obligations: Pension Benefits Postretirement and Other Benefits December 31, December 31, 2015 2014 2015 2014 Discount rate 3.80 % 3.40 % 3.70 % 3.40 % Expected long-term rate of return 7.75 % 7.75 % — — Future compensation growth rate — — — — |
Shareowners' Deficit (Tables)
Shareowners' Deficit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Changes in Other Comprehensive Loss by Component [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | For the years ended December 31, 2015 and 2014, the changes in accumulated other comprehensive loss by component were as follows: (dollars in millions) Unrecognized Net Periodic Pension and Postretirement Benefit Cost Foreign Currency Translation Loss Total Balance as of December 31, 2013 $ (133.1 ) $ (0.2 ) $ (133.3 ) Foreign currency loss — (0.1 ) (0.1 ) Remeasurement of benefit obligations (45.4 ) — (45.4 ) Reclassifications, net (a) 4.9 — 4.9 Balance as of December 31, 2014 (173.6 ) (0.3 ) (173.9 ) Foreign currency loss — (0.4 ) (0.4 ) Remeasurement of benefit obligations (6.6 ) — (6.6 ) Reclassifications, net (a) 9.9 — 9.9 Balance as of December 31, 2015 $ (170.3 ) $ (0.7 ) $ (171.0 ) (a) These reclassifications are included in the components of net period pension and postretirement benefit costs (see Note 12 for additional details). The components of net period pension and postretirement benefit cost are reported within "Cost of services", "Cost of products sold", and "Selling, general and administrative" expenses on the Consolidated Statements of Operations. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Provision (Benefit) Charged to Continuing Operations, Accumulated Other Comprehensive Income (Loss) or Additional Paid-In Capital [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense for continuing operations consisted of the following: Year Ended December 31, (dollars in millions) 2015 2014 2013 Current: Federal $ 9.2 $ 9.3 $ — State and local 1.7 1.9 — Total current 10.9 11.2 — Investment tax credits (0.2 ) (0.2 ) (0.2 ) Deferred: Federal 149.4 69.6 (18.5 ) State and local 5.2 1.9 (4.0 ) Foreign — — 0.3 Total deferred 154.6 71.5 (22.2 ) Valuation allowance (5.5 ) (1.1 ) 14.1 Total $ 159.8 $ 81.4 $ (8.3 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation of the statutory federal income tax rate with the effective tax rate for each year: Year Ended December 31, 2015 2014 2013 U.S. federal statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal income tax 0.7 0.8 1.5 Change in valuation allowance, net of federal income tax (0.8 ) (2.0 ) (12.4 ) State net operating loss adjustments 0.3 1.9 2.1 Nondeductible interest expense — 2.7 (8.9 ) Unrecognized tax benefit changes 0.2 1.4 (1.7 ) Nondeductible compensation 0.1 0.7 (2.0 ) Foreign — — (0.5 ) Other differences, net — 0.4 (1.7 ) Effective tax rate 35.5 % 40.9 % 11.4 % |
Schedule of income tax provision charged to continuing operations, accumulated other comprehensive income (loss) or additional paid-in capital [Table Text Block] | The income tax (benefit) provision was charged to continuing operations, discontinued operations, accumulated other comprehensive income or additional paid-in capital as follows: Year Ended December 31, (dollars in millions) 2015 2014 2013 Income tax (benefit) provision related to: Continuing operations $ 159.8 $ 81.4 $ (8.3 ) Discontinued operations 34.8 (24.0 ) 5.8 Accumulated other comprehensive income (loss) 2.0 (22.4 ) 42.1 Excess tax benefits on stock option exercises (0.1 ) (0.1 ) (0.5 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of our deferred tax assets and liabilities were as follows: December 31, (dollars in millions) 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 142.0 $ 286.5 Pension and postretirement benefits 89.1 95.5 Investment in CyrusOne 68.9 64.5 Deferred gain on sale of wireless spectrum licenses — 42.2 AMT Credit Carryforward 32.7 24.7 Other 43.8 47.4 Total deferred tax assets 376.5 560.8 Valuation allowance (58.4 ) (64.4 ) Total deferred tax assets, net of valuation allowance $ 318.1 $ 496.4 Deferred tax liabilities: Property, plant and equipment $ 134.9 $ 121.9 Other 0.3 4.9 Total deferred tax liabilities 135.2 126.8 Net deferred tax assets $ 182.9 $ 369.6 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the unrecognized tax benefits is as follows: Year Ended December 31, (dollars in millions) 2015 2014 2013 Balance, beginning of year $ 27.1 $ 24.1 $ 22.8 Change in tax positions for the current year 0.5 3.0 1.3 Change in tax positions for prior years — — — Balance, end of year $ 27.6 $ 27.1 $ 24.1 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans Stock Option & SARS activity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | The following table summarizes stock options and stock appreciation rights activity: 2015 2014 2013 Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares Shares Outstanding at January 1, 5,224 $ 3.85 6,128 $ 3.66 9,538 $ 4.04 Granted * — — 998 3.41 595 4.75 Exercised (33 ) 1.94 (725 ) 1.73 (804 ) 2.41 Forfeited (499 ) 3.75 (215 ) 3.99 (361 ) 3.39 Expired (812 ) 4.00 (962 ) 3.73 (2,840 ) 5.56 Outstanding at December 31, 3,880 $ 3.86 5,224 $ 3.85 6,128 $ 3.66 Expected to vest at December 31, 3,880 $ 3.86 5,224 $ 3.85 6,128 $ 3.66 Exercisable at December 31, 3,175 $ 3.93 3,477 $ 3.98 5,064 $ 3.61 (dollars in millions) Compensation expense for the year $ — $ 0.3 $ 0.6 Tax benefit related to compensation expense $ — $ (0.1 ) $ (0.2 ) Intrinsic value of awards exercised $ 0.1 $ 1.5 $ 1.2 Cash received from awards exercised $ 0.1 $ 1.3 $ 2.4 Grant date fair value of awards vested $ 0.7 $ 0.4 $ 0.4 * Assumes the maximum number of awards that can be earned if the performance conditions are achieved. |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes our outstanding and exercisable awards at December 31, 2015 : Outstanding Exercisable Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares $1.67 to $2.91 564 $ 2.49 564 $ 2.49 $3.40 to $4.62 1,788 3.46 1,146 3.49 $4.74 to $5.31 1,528 4.82 1,465 4.83 Total 3,880 $ 3.86 3,175 $ 3.93 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair values at the date of grant were estimated using the Black-Scholes pricing model with the following assumptions: 2015 2014 2013 Expected volatility — 35.5 % 43.6 % Risk-free interest rate — 1.5 % 0.8 % Expected holding period (in years) — 5 5 Expected dividends — 0.0 % 0.0 % Weighted-average grant date fair value $ — $ 1.14 $ 1.84 |
Performance Based Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity [Table Text Block] | The following table summarizes our outstanding performance-based restricted award activity: 2015 2014 2013 Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares Shares Non-vested at January 1, 1,746 $ 3.85 1,537 $ 3.97 1,687 $ 3.13 Granted* 2,692 3.09 1,085 3.56 1,067 4.56 Vested (445 ) 3.80 (635 ) 3.71 (703 ) 3.07 Forfeited (386 ) 3.28 (241 ) 3.65 (514 ) 3.67 Non-vested at December 31, 3,607 $ 3.35 1,746 $ 3.85 1,537 $ 3.97 (dollars in millions) Compensation expense for the year $ 3.1 $ 1.4 $ 2.6 Tax benefit related to compensation expense $ (1.1 ) $ (0.5 ) $ (1.0 ) Grant date fair value of awards vested $ 1.7 $ 2.3 $ 2.2 * Assumes the maximum number of awards that can be earned if the performance conditions are achieved. |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity [Table Text Block] | The following table summarizes our time-based restricted award activity: 2015 2014 2013 Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share Weighted- Average Exercise Price Per Share (in thousands, except per share amounts) Shares Shares Shares Non-vested at January 1, 684 $ 3.70 1,044 $ 3.55 1,298 $ 3.11 Granted 180 3.47 176 3.19 279 4.72 Vested (630 ) 3.54 (514 ) 3.25 (454 ) 3.03 Forfeited — — (22 ) 3.19 (79 ) 3.40 Non-vested at December 31, 234 $ 3.96 684 $ 3.70 1,044 $ 3.55 (dollars in millions) Compensation expense for the year $ 1.0 $ 1.6 $ 1.7 Tax benefit related to compensation expense $ (0.3 ) $ (0.6 ) $ (0.6 ) Grant date fair value of awards vested $ 2.2 $ 1.7 $ 1.4 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Our business segment information is as follows: Year Ended December 31, (dollars in millions) 2015 2014 2013 Revenue Entertainment and Communications $ 743.7 $ 740.7 $ 724.8 IT Services and Hardware 435.4 433.0 344.1 Data Center Colocation — — 15.6 Intersegment (11.3 ) (12.2 ) (11.1 ) Total revenue $ 1,167.8 $ 1,161.5 $ 1,073.4 Intersegment revenue Entertainment and Communications $ 1.3 $ 1.2 $ 1.1 IT Services and Hardware 10.0 11.0 9.6 Data Center Colocation — — 0.4 Total intersegment revenue $ 11.3 $ 12.2 $ 11.1 Operating income Entertainment and Communications $ 129.9 $ 178.9 $ 186.2 IT Services and Hardware 20.6 19.8 8.5 Data Center Colocation — — 3.2 Corporate (22.5 ) (21.8 ) (58.1 ) Total operating income $ 128.0 $ 176.9 $ 139.8 Expenditures for long-lived assets Entertainment and Communications $ 269.5 $ 163.7 $ 162.6 IT Services and Hardware 14.0 11.9 10.6 Data Center Colocation — — 7.7 Corporate 0.1 0.2 — Total expenditures for long-lived assets $ 283.6 $ 175.8 $ 180.9 Depreciation and amortization Entertainment and Communications $ 129.2 $ 115.7 $ 112.2 IT Services and Hardware 12.3 11.7 10.5 Data Center Colocation — — 5.2 Corporate 0.1 0.2 0.5 Total depreciation and amortization $ 141.6 $ 127.6 $ 128.4 As of December 31, (dollars in millions) 2015 2014 Assets Entertainment and Communications $ 983.3 $ 833.2 IT Services and Hardware 58.0 61.4 Total assets from discontinued operations — 49.3 Corporate and eliminations 413.1 876.8 Total assets $ 1,454.4 $ 1,820.7 |
Revenue from External Customers by Products and Services [Table Text Block] | Details of our service and product revenues including eliminations are as follows: Year Ended December 31, (dollars in millions) 2015 2014 2013 Service revenue Entertainment and Communications $ 735.0 $ 728.8 $ 718.0 IT Services and Hardware 198.0 161.4 138.7 Data Center Colocation — — 15.2 Total service revenue $ 933.0 $ 890.2 $ 871.9 Product revenue Handsets and accessories $ 7.4 $ 10.7 $ 5.7 Telecom and IT hardware 227.4 260.6 195.8 Total product revenue $ 234.8 $ 271.3 $ 201.5 |
Supplemental Cash Flow Inform46
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended December 31, (dollars in millions) 2015 2014 2013 Capitalized interest expense $ 1.1 $ 0.8 $ 0.6 Cash paid for: Interest 108.5 153.1 179.5 Income taxes, net of refunds 8.8 9.1 2.8 Noncash investing and financing activities: Investment in CyrusOne resulting from deconsolidation — — 509.7 Accrual of CyrusOne dividends 2.1 6.0 7.1 Acquisition of property by assuming debt and other financing arrangements 5.8 4.7 7.6 Acquisition of property on account 34.6 24.8 13.3 |
Supplemental Guarantor Inform47
Supplemental Guarantor Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Guarantor Information Abstract | |
Supplemental Guarantor Information [Table Text Block] | The following information sets forth the Condensed Consolidating Balance Sheets of the Company as of December 31, 2015 and 2014 and the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) and Cash Flows for the years ended December 31, 2015 , 2014 , and 2013 of (1) the Parent Company, as the guarantor, (2) CBT, as the issuer, and (3) the non-guarantor subsidiaries on a combined basis. Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2015 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Revenue $ — $ 660.1 $ 546.3 $ (38.6 ) $ 1,167.8 Operating costs and expenses 22.4 538.6 517.4 (38.6 ) 1,039.8 Operating income (loss) (22.4 ) 121.5 28.9 — 128.0 Interest expense (income), net 112.7 (0.9 ) (8.7 ) — 103.1 Other expense (income), net 19.5 7.0 (452.2 ) — (425.7 ) Income (loss) before equity in earnings of subsidiaries and income taxes (154.6 ) 115.4 489.8 — 450.6 Income tax expense (benefit) (53.3 ) 41.1 172.0 — 159.8 Equity in earnings of subsidiaries, net of tax 455.0 — — (455.0 ) — Income (loss) from continuing operations 353.7 74.3 317.8 (455.0 ) 290.8 Income (loss) from discontinued operations — — 62.9 — 62.9 Net income (loss) 353.7 74.3 380.7 (455.0 ) 353.7 Other comprehensive income (loss) 3.3 — (0.4 ) — 2.9 Total comprehensive income (loss) $ 357.0 $ 74.3 $ 380.3 $ (455.0 ) $ 356.6 Net income (loss) $ 353.7 $ 74.3 $ 380.7 $ (455.0 ) $ 353.7 Preferred stock dividends 10.4 — — — 10.4 Net income (loss) applicable to common shareowners $ 343.3 $ 74.3 $ 380.7 $ (455.0 ) $ 343.3 Year Ended December 31, 2014 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Revenue $ — $ 659.6 $ 541.0 $ (39.1 ) $ 1,161.5 Operating costs and expenses 21.5 488.0 514.2 (39.1 ) 984.6 Operating income (loss) (21.5 ) 171.6 26.8 — 176.9 Interest expense (income), net 142.6 (4.5 ) 7.8 — 145.9 Other expense (income), net 17.6 7.4 (193.1 ) — (168.1 ) Income (loss) before equity in earnings of subsidiaries and income taxes (181.7 ) 168.7 212.1 — 199.1 Income tax expense (benefit) (55.8 ) 61.7 75.5 — 81.4 Equity in earnings of subsidiaries, net of tax 201.5 — — (201.5 ) — Income (loss) from continuing operations 75.6 107.0 136.6 (201.5 ) 117.7 Income (loss) from discontinued operations — — (42.1 ) — (42.1 ) Net income (loss) 75.6 107.0 94.5 (201.5 ) 75.6 Other comprehensive income (loss) (40.5 ) — (0.1 ) — (40.6 ) Total comprehensive income (loss) $ 35.1 $ 107.0 $ 94.4 $ (201.5 ) $ 35.0 Net income (loss) $ 75.6 $ 107.0 $ 94.5 $ (201.5 ) $ 75.6 Preferred stock dividends 10.4 — — — 10.4 Net income (loss) applicable to common shareowners $ 65.2 $ 107.0 $ 94.5 $ (201.5 ) $ 65.2 Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2013 (dollars in millions) Parent CBT (Issuer) Other Non-guarantors Eliminations Total Revenue $ — $ 644.2 $ 467.5 $ (38.3 ) $ 1,073.4 Operating costs and expenses 57.2 463.1 451.6 (38.3 ) 933.6 Operating income (loss) (57.2 ) 181.1 15.9 — 139.8 Interest expense (income), net 162.5 (2.7 ) 16.2 — 176.0 Other expense (income), net 28.2 6.5 2.3 — 37.0 Income (loss) before equity in earnings of subsidiaries and income taxes (247.9 ) 177.3 (2.6 ) — (73.2 ) Income tax expense (benefit) (79.8 ) 64.7 6.8 — (8.3 ) Equity in earnings of subsidiaries, net of tax 113.4 — — (113.4 ) — Income (loss) from continuing operations (54.7 ) 112.6 (9.4 ) (113.4 ) (64.9 ) Income (loss) from discontinued operations — — 10.2 — 10.2 Net income (loss) (54.7 ) 112.6 0.8 (113.4 ) (54.7 ) Other comprehensive income (loss) 76.5 — (0.1 ) — 76.4 Total comprehensive income (loss) $ 21.8 $ 112.6 $ 0.7 $ (113.4 ) $ 21.7 Net income (loss) $ (54.7 ) $ 112.6 $ 0.8 $ (113.4 ) $ (54.7 ) Preferred stock dividends 10.4 — — — 10.4 Net income (loss) applicable to common shareowners $ (65.1 ) $ 112.6 $ 0.8 $ (113.4 ) $ (65.1 ) Condensed Consolidating Balance Sheets As of December 31, 2015 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash and cash equivalents $ 4.6 $ 1.0 $ 1.8 $ — $ 7.4 Receivables, net 0.7 — 156.4 — 157.1 Other current assets 1.6 20.2 14.1 — 35.9 Total current assets 6.9 21.2 172.3 — 200.4 Property, plant and equipment, net 0.3 921.5 53.7 — 975.5 Investment in CyrusOne — — 55.5 — 55.5 Goodwill and intangibles, net — 2.2 12.3 — 14.5 Investments in and advances to subsidiaries 844.6 63.9 647.2 (1,555.7 ) — Other noncurrent assets 214.4 3.8 136.6 (146.3 ) 208.5 Total assets $ 1,066.2 $ 1,012.6 $ 1,077.6 $ (1,702.0 ) $ 1,454.4 Current portion of long-term debt $ 5.4 $ 5.0 $ 3.4 $ — $ 13.8 Accounts payable 0.7 84.8 43.4 — 128.9 Other current liabilities 41.6 45.3 24.2 — 111.1 Other current liabilities from discontinued operations — — 5.4 — 5.4 Total current liabilities 47.7 135.1 76.4 — 259.2 Long-term debt, less current portion 1,025.8 135.1 70.9 — 1,231.8 Other noncurrent liabilities 235.5 168.3 4.0 (146.2 ) 261.6 Intercompany payables 54.7 — — (54.7 ) — Total liabilities 1,363.7 438.5 151.3 (200.9 ) 1,752.6 Shareowners’ (deficit) equity (297.5 ) 574.1 926.3 (1,501.1 ) (298.2 ) Total liabilities and shareowners’ equity (deficit) $ 1,066.2 $ 1,012.6 $ 1,077.6 $ (1,702.0 ) $ 1,454.4 Condensed Consolidating Balance Sheets As of December 31, 2014 (dollars in millions) Parent CBT Other Eliminations Total Cash and cash equivalents $ 56.2 $ 1.0 $ 0.7 $ — $ 57.9 Receivables, net 2.6 1.0 164.9 — 168.5 Other current assets 1.3 16.3 20.0 — 37.6 Other current assets from discontinued operations — — 4.7 — 4.7 Total current assets 60.1 18.3 190.3 — 268.7 Property, plant and equipment, net 0.2 764.0 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 1,066.1 220.8 260.5 (1,547.4 ) — Other noncurrent assets 297.6 4.9 244.2 (143.2 ) 403.5 Other noncurrent assets from discontinued operations — — 44.6 — 44.6 Total assets $ 1,424.0 $ 1,010.2 $ 1,077.1 $ (1,690.6 ) $ 1,820.7 Current portion of long-term debt $ 5.4 $ 3.9 $ 2.3 $ — $ 11.6 Accounts payable 1.0 73.8 57.2 — 132.0 Other current liabilities 52.3 52.8 20.0 0.1 125.2 Other current liabilities from discontinued operations — — 142.0 — 142.0 Total current liabilities 58.7 130.5 221.5 0.1 410.8 Long-term debt, less current portion 1,526.1 141.2 22.1 — 1,689.4 Other noncurrent liabilities 254.1 153.7 1.9 (143.4 ) 266.3 Other noncurrent liabilities from discontinued operations — — 102.7 — 102.7 Intercompany payables 233.4 — — (233.4 ) — Total liabilities 2,072.3 425.4 348.2 (376.7 ) 2,469.2 Shareowners’ (deficit) equity (648.3 ) 584.8 728.9 (1,313.9 ) (648.5 ) Total liabilities and shareowners’ equity (deficit) $ 1,424.0 $ 1,010.2 $ 1,077.1 $ (1,690.6 ) $ 1,820.7 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2015 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash flows provided by (used in) by operating activities $ (19.3 ) $ 198.7 $ (68.5 ) $ — $ 110.9 Capital expenditures (0.1 ) (260.7 ) (22.8 ) — (283.6 ) Proceeds received from sale of CyrusOne — — 643.9 — 643.9 Dividends received from CyrusOne — — 22.2 — 22.2 Proceeds from sale of assets — 0.1 0.9 — 1.0 Distributions received from subsidiaries 11.3 — — (11.3 ) — Funding between Parent and subsidiaries, net — 71.9 (555.5 ) 483.6 — Other investing activities (0.3 ) — — — (0.3 ) Cash flows provided by (used in) investing activities 10.9 (188.7 ) 88.7 472.3 383.2 Funding between Parent and subsidiaries, net 486.4 — (2.8 ) (483.6 ) — Distributions paid to Parent — — (11.3 ) 11.3 — Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days — — (1.6 ) — (1.6 ) Repayment of debt (518.5 ) (10.0 ) (3.2 ) — (531.7 ) Debt issuance costs (0.2 ) — (0.2 ) — (0.4 ) Other financing activities (10.9 ) — — — (10.9 ) Cash flows provided by (used in) financing activities (43.2 ) (10.0 ) (19.1 ) (472.3 ) (544.6 ) Increase (decrease) in cash and cash equivalents (51.6 ) — 1.1 — (50.5 ) Beginning cash and cash equivalents 56.2 1.0 0.7 — 57.9 Ending cash and cash equivalents $ 4.6 $ 1.0 $ 1.8 $ — $ 7.4 Year Ended December 31, 2014 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (56.3 ) $ 226.3 $ 5.2 $ — $ 175.2 Capital expenditures (0.2 ) (152.5 ) (29.6 ) — (182.3 ) Proceeds from sale of CyrusOne — — 355.9 — 355.9 Dividends received from CyrusOne — — 28.4 — 28.4 Proceeds from sale of assets — 0.3 196.1 — 196.4 Distributions received from subsidiaries 12.8 — — (12.8 ) — Funding between Parent and subsidiaries, net — (71.0 ) (545.0 ) 616.0 — Other investing activities (0.3 ) — (5.5 ) — (5.8 ) Cash flows provided by (used in) investing activities 12.3 (223.2 ) 0.3 603.2 392.6 Funding between Parent and subsidiaries, net 516.2 — 99.8 (616.0 ) — Distributions paid to Parent — — (12.8 ) 12.8 — Net increase in corporate credit and receivables facilities with initial maturities less than 90 days (40.0 ) — (87.0 ) — (127.0 ) Repayment of debt (367.3 ) (3.9 ) (5.3 ) — (376.5 ) Debt issuance costs (0.7 ) — (0.2 ) — (0.9 ) Proceeds from exercise of options and warrants 1.3 — — — 1.3 Other financing activities (11.4 ) — — — (11.4 ) Cash flows provided by (used in) financing activities 98.1 (3.9 ) (5.5 ) (603.2 ) (514.5 ) Increase (decrease) in cash and cash equivalents 54.1 (0.8 ) — — 53.3 Beginning cash and cash equivalents 2.1 1.8 0.7 — 4.6 Ending cash and cash equivalents $ 56.2 $ 1.0 $ 0.7 $ — $ 57.9 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2013 (dollars in millions) Parent (Guarantor) CBT (Issuer) Other Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (218.1 ) $ 236.4 $ 60.5 $ — $ 78.8 Capital expenditures — (153.1 ) (43.8 ) — (196.9 ) Dividends received from CyrusOne — — 21.3 — 21.3 Proceeds from sale of assets — 2.0 — — 2.0 Cash divested from deconsolidation of CyrusOne — — (12.2 ) — (12.2 ) Other investing activities — — 0.4 — 0.4 Cash flows provided by (used in) investing activities — (151.1 ) (34.3 ) — (185.4 ) Issuance of long-term debt 536.0 — — — 536.0 Funding between Parent and subsidiaries, net 174.2 (81.7 ) (92.5 ) — — Net increase in corporate credit and receivables facilities with initial maturities less than 90 days 40.0 — 54.2 — 94.2 Repayment of debt (522.0 ) (3.7 ) (5.1 ) — (530.8 ) Debt issuance costs (6.7 ) — — — (6.7 ) Proceeds from exercise of options and warrants 7.1 — — — 7.1 Other financing activities (12.2 ) — — — (12.2 ) Cash flows provided by (used in) financing activities 216.4 (85.4 ) (43.4 ) — 87.6 Increase (decrease) in cash and cash equivalents (1.7 ) (0.1 ) (17.2 ) — (19.0 ) Beginning cash and cash equivalents 3.8 1.9 17.9 — 23.6 Ending cash and cash equivalents $ 2.1 $ 1.8 $ 0.7 $ — $ 4.6 |
Supplemental Guarantor Inform48
Supplemental Guarantor Information HY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Guarantor Information Abstract | |
Supplemental Guarantor Information, High Yield Notes [Table Text Block] | The following information sets forth the Condensed Consolidating Balance Sheets of the Company as of December 31, 2015 and 2014 and the Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) and Cash Flows for the years ended December 31, 2015 , 2014 , and 2013 of (1) the Parent Company, as the issuer, (2) the guarantor subsidiaries on a combined basis, and (3) the non-guarantor subsidiaries on a combined basis. Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2015 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Revenue $ — $ 614.2 $ 592.2 $ (38.6 ) $ 1,167.8 Operating costs and expenses 22.4 577.9 478.1 (38.6 ) 1,039.8 Operating income (loss) (22.4 ) 36.3 114.1 — 128.0 Interest expense (income), net 112.7 (10.0 ) 0.4 — 103.1 Other expense (income), net 19.5 (434.3 ) (10.9 ) — (425.7 ) Income (loss) before equity in earnings of subsidiaries and income taxes (154.6 ) 480.6 124.6 — 450.6 Income tax expense (benefit) (53.3 ) 168.7 44.4 — 159.8 Equity in earnings of subsidiaries, net of tax 455.0 — — (455.0 ) — Income (loss) from continuing operations 353.7 311.9 80.2 (455.0 ) 290.8 Income (loss) from discontinued operations — 62.9 — — 62.9 Net income (loss) 353.7 374.8 80.2 (455.0 ) 353.7 Other comprehensive income (loss) 3.3 — (0.4 ) — 2.9 Total comprehensive income (loss) $ 357.0 $ 374.8 $ 79.8 $ (455.0 ) $ 356.6 Net income (loss) $ 353.7 $ 374.8 $ 80.2 $ (455.0 ) $ 353.7 Preferred stock dividends 10.4 — — — 10.4 Net income (loss) applicable to common shareowners $ 343.3 $ 374.8 $ 80.2 $ (455.0 ) $ 343.3 Year Ended December 31, 2014 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Revenue $ — $ 599.1 $ 601.5 $ (39.1 ) $ 1,161.5 Operating costs and expenses 21.5 567.5 434.7 (39.1 ) 984.6 Operating income (loss) (21.5 ) 31.6 166.8 — 176.9 Interest expense (income), net 142.6 6.4 (3.1 ) — 145.9 Other expense (income), net 17.6 (173.4 ) (12.3 ) — (168.1 ) Income (loss) before equity in earnings of subsidiaries and income taxes (181.7 ) 198.6 182.2 — 199.1 Income tax expense (benefit) (55.8 ) 70.8 66.4 — 81.4 Equity in earnings of subsidiaries, net of tax 201.5 — — (201.5 ) — Income (loss) from continuing operations 75.6 127.8 115.8 (201.5 ) 117.7 Income (loss) from discontinued operations — (42.1 ) — — (42.1 ) Net income (loss) 75.6 85.7 115.8 (201.5 ) 75.6 Other comprehensive income (loss) (40.5 ) (0.1 ) — — (40.6 ) Total comprehensive income (loss) $ 35.1 $ 85.6 $ 115.8 $ (201.5 ) $ 35.0 Net income (loss) $ 75.6 $ 85.7 $ 115.8 $ (201.5 ) $ 75.6 Preferred stock dividends 10.4 — — — 10.4 Net income (loss) applicable to common shareowners $ 65.2 $ 85.7 $ 115.8 $ (201.5 ) $ 65.2 Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) Year Ended December 31, 2013 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Revenue $ — $ 503.1 $ 608.6 $ (38.3 ) $ 1,073.4 Operating costs and expenses 57.2 484.2 430.5 (38.3 ) 933.6 Operating income (loss) (57.2 ) 18.9 178.1 — 139.8 Interest expense (income), net 162.5 10.7 2.8 — 176.0 Other expense (income), net 28.2 15.4 (6.6 ) — 37.0 Income (loss) before equity in earnings of subsidiaries and income taxes (247.9 ) (7.2 ) 181.9 — (73.2 ) Income tax expense (benefit) (79.8 ) 5.3 66.2 — (8.3 ) Equity in earnings of subsidiaries, net of tax 113.4 0.7 — (114.1 ) — Income (loss) from continuing operations (54.7 ) (11.8 ) 115.7 (114.1 ) (64.9 ) Income (loss) from discontinued operations — 10.2 — — 10.2 Net income (loss) (54.7 ) (1.6 ) 115.7 (114.1 ) (54.7 ) Other comprehensive income (loss) 76.5 — (0.1 ) — 76.4 Total comprehensive income (loss) $ 21.8 $ (1.6 ) $ 115.6 $ (114.1 ) $ 21.7 Net income (loss) $ (54.7 ) $ (1.6 ) $ 115.7 $ (114.1 ) $ (54.7 ) Preferred stock dividends 10.4 — — — 10.4 Net income (loss) applicable to common shareowners $ (65.1 ) $ (1.6 ) $ 115.7 $ (114.1 ) $ (65.1 ) Condensed Consolidating Balance Sheets As of December 31, 2015 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total Cash and cash equivalents $ 4.6 $ 0.4 $ 2.4 $ — $ 7.4 Receivables, net 0.7 2.8 153.6 — 157.1 Other current assets 1.6 15.6 18.7 — 35.9 Total current assets 6.9 18.8 174.7 — 200.4 Property, plant and equipment, net 0.3 53.4 921.8 — 975.5 Investment in CyrusOne — 55.5 — — 55.5 Goodwill and intangibles, net — 12.3 2.2 — 14.5 Investments in and advances to subsidiaries 844.6 830.4 4.3 (1,679.3 ) — Other noncurrent assets 214.4 133.2 7.1 (146.2 ) 208.5 Total assets $ 1,066.2 $ 1,103.6 $ 1,110.1 $ (1,825.5 ) $ 1,454.4 Current portion of long-term debt $ 5.4 $ 3.4 $ 5.0 $ — $ 13.8 Accounts payable 0.7 95.6 32.6 — 128.9 Other current liabilities 41.6 26.8 42.7 — 111.1 Other current liabilities from discontinued operations — 5.4 — — 5.4 Total current liabilities 47.7 131.2 80.3 — 259.2 Long-term debt, less current portion 1,025.8 53.3 152.7 — 1,231.8 Other noncurrent liabilities 235.5 11.8 160.5 (146.2 ) 261.6 Intercompany payables 54.7 — 127.3 (182.0 ) — Total liabilities 1,363.7 196.3 520.8 (328.2 ) 1,752.6 Shareowners’ (deficit) equity (297.5 ) 907.3 589.3 (1,497.3 ) (298.2 ) Total liabilities and shareowners’ equity (deficit) $ 1,066.2 $ 1,103.6 $ 1,110.1 $ (1,825.5 ) $ 1,454.4 Condensed Consolidating Balance Sheets As of December 31, 2014 (dollars in millions) Parent Guarantors Non-guarantors Eliminations Total 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 1.3 20.6 15.7 — 37.6 Other current assets from discontinued operations — 4.7 — — 4.7 Total current assets 60.1 31.6 177.0 — 268.7 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 1,066.1 403.6 199.3 (1,669.0 ) — Other noncurrent assets 297.6 240.9 8.2 (143.2 ) 403.5 Other noncurrent assets from discontinued operations — 44.6 — — 44.6 Total assets $ 1,424.0 $ 1,057.8 $ 1,151.1 $ (1,812.2 ) $ 1,820.7 Current portion of long-term debt $ 5.4 $ 2.3 $ 3.9 $ — $ 11.6 Accounts payable 1.0 76.2 54.8 — 132.0 Other current liabilities 52.3 23.5 49.3 0.1 125.2 Other current liabilities from discontinued operations — 142.0 — — 142.0 Total current liabilities 58.7 244.0 108.0 0.1 410.8 Long-term debt, less current portion 1,526.1 2.9 160.4 — 1,689.4 Other noncurrent liabilities 254.1 4.6 151.0 (143.4 ) 266.3 Other noncurrent liabilities from discontinued operations — 102.7 — — 102.7 Intercompany payables 233.4 — 131.9 (365.3 ) — Total liabilities 2,072.3 354.2 551.3 (508.6 ) 2,469.2 Shareowners’ (deficit) equity (648.3 ) 703.6 599.8 (1,303.6 ) (648.5 ) Total liabilities and shareowners’ equity (deficit) $ 1,424.0 $ 1,057.8 $ 1,151.1 $ (1,812.2 ) $ 1,820.7 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2015 (dollars in millions) Parent (Issuer) Guarantors Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (19.3 ) $ (44.0 ) $ 174.2 $ — $ 110.9 Capital expenditures (0.1 ) (22.5 ) (261.0 ) — (283.6 ) Proceeds received from sale of CyrusOne — 643.9 — — 643.9 Dividends received from CyrusOne — 22.2 — — 22.2 Proceeds from sale of assets — 0.9 0.1 — 1.0 Distributions received from subsidiaries 11.3 — — (11.3 ) — Funding between Parent and subsidiaries, net — (597.1 ) 114.7 482.4 — Other investing activities (0.3 ) — — — (0.3 ) Cash flows provided by (used in) investing activities 10.9 47.4 (146.2 ) 471.1 383.2 Funding between Parent and subsidiaries, net 486.4 — (4.0 ) (482.4 ) — Distributions paid to Parent — — (11.3 ) 11.3 — Net decrease in corporate credit and receivables facilities with initial maturities less than 90 days — — (1.6 ) — (1.6 ) Repayment of debt (518.5 ) (3.2 ) (10.0 ) — (531.7 ) Debt issuance costs (0.2 ) — (0.2 ) — (0.4 ) Other financing activities (10.9 ) — — — (10.9 ) Cash flows provided by (used in) financing activities (43.2 ) (3.2 ) (27.1 ) (471.1 ) (544.6 ) Increase (decrease) in cash and cash equivalents (51.6 ) 0.2 0.9 — (50.5 ) Beginning cash and cash equivalents 56.2 0.2 1.5 — 57.9 Ending cash and cash equivalents $ 4.6 $ 0.4 $ 2.4 $ — $ 7.4 Year Ended December 31, 2014 (dollars in millions) Parent (Issuer) Guarantors Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (56.3 ) $ 1.0 $ 230.5 $ — $ 175.2 Capital expenditures (0.2 ) (29.6 ) (152.5 ) — (182.3 ) Proceeds from sale of CyrusOne — 355.9 — — 355.9 Dividends received from CyrusOne — 28.4 — — 28.4 Proceeds from sale of assets — 194.4 2.0 — 196.4 Distributions received from subsidiaries 12.8 — — (12.8 ) — Funding between Parent and subsidiaries, net — (541.7 ) (75.6 ) 617.3 — Other investing activities (0.3 ) (5.5 ) — — (5.8 ) Cash flows provided by (used in) investing activities 12.3 1.9 (226.1 ) 604.5 392.6 Funding between Parent and subsidiaries, net 516.2 — 101.1 (617.3 ) — Distributions paid to Parent — — (12.8 ) 12.8 — Net increase in corporate credit and receivables facilities with initial maturities less than 90 days (40.0 ) — (87.0 ) — (127.0 ) Repayment of debt (367.3 ) (3.0 ) (6.2 ) — (376.5 ) Debt issuance costs (0.7 ) — (0.2 ) — (0.9 ) Proceeds from exercise of options and warrants 1.3 — — — 1.3 Other financing activities (11.4 ) — — — (11.4 ) Cash flows provided by (used in) financing activities 98.1 (3.0 ) (5.1 ) (604.5 ) (514.5 ) Increase (decrease) in cash and cash equivalents 54.1 (0.1 ) (0.7 ) — 53.3 Beginning cash and cash equivalents 2.1 0.3 2.2 — 4.6 Ending cash and cash equivalents $ 56.2 $ 0.2 $ 1.5 $ — $ 57.9 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2013 (dollars in millions) Parent (Issuer) Guarantors Non-guarantors Eliminations Total Cash flows provided by (used in) operating activities $ (218.1 ) $ 28.8 $ 268.1 $ — $ 78.8 Capital expenditures — (36.1 ) (160.8 ) — (196.9 ) Dividends received from CyrusOne — 21.3 — — 21.3 Proceeds from sale of assets — — 2.0 — 2.0 Cash divested from deconsolidation of CyrusOne — — (12.2 ) — (12.2 ) Other investing activities — — 0.4 — 0.4 Cash flows provided by (used in) investing activities — (14.8 ) (170.6 ) — (185.4 ) Issuance of long-term debt 536.0 — — — 536.0 Funding between Parent and subsidiaries, net 174.2 (10.0 ) (164.2 ) — — Net increase in corporate credit and receivables facilities with initial maturities less than 90 days 40.0 — 54.2 — 94.2 Repayment of debt (522.0 ) (4.0 ) (4.8 ) — (530.8 ) Debt issuance costs (6.7 ) — — — (6.7 ) Proceeds from exercise of options and warrants 7.1 — — — 7.1 Other financing activities (12.2 ) — — — (12.2 ) Cash flows provided by (used in) financing activities 216.4 (14.0 ) (114.8 ) — 87.6 Increase (decrease) in cash and cash equivalents (1.7 ) — (17.3 ) — (19.0 ) Beginning cash and cash equivalents 3.8 0.3 19.5 — 23.6 Ending cash and cash equivalents $ 2.1 $ 0.3 $ 2.2 $ — $ 4.6 |
Quarterly Financial Informati49
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 2015 First Second Third Fourth (dollars in millions, except per common share amounts) Quarter Quarter Quarter Quarter Total Revenue $ 292.9 $ 285.8 $ 299.8 $ 289.3 $ 1,167.8 Operating income 37.1 29.7 36.2 25.0 128.0 Income from continuing operations 0.3 180.7 79.3 30.5 290.8 Income from discontinued operations, net of tax 48.9 10.9 1.0 2.1 62.9 Net income 49.2 191.6 80.3 32.6 353.7 Basic earnings (loss) per common share from continuing operations $ (0.01 ) $ 0.85 $ 0.37 $ 0.13 $ 1.34 Basic earnings per common share from discontinued operations $ 0.23 $ 0.05 $ — $ 0.01 $ 0.30 Net basic earnings per common share $ 0.22 $ 0.90 $ 0.37 $ 0.14 $ 1.64 Diluted earnings (loss) per common share from continuing operations $ (0.01 ) $ 0.84 $ 0.37 $ 0.13 $ 1.33 Diluted earnings per common share from discontinued operations $ 0.23 $ 0.05 $ — $ 0.01 $ 0.30 Net diluted earnings per common share $ 0.22 $ 0.89 $ 0.37 $ 0.14 $ 1.63 2014 First Second Third Fourth (dollars in millions, except per common share amounts) Quarter Quarter Quarter Quarter Total Revenue $ 282.2 $ 283.0 $ 301.4 $ 294.9 $ 1,161.5 Operating income 50.4 47.3 47.8 31.4 176.9 Income (loss) from continuing operations 5.9 123.7 (7.5 ) (4.4 ) 117.7 Income (loss) from discontinued operations, net of tax 1.1 (9.5 ) (19.8 ) (13.9 ) (42.1 ) Net income (loss) 7.0 114.2 (27.3 ) (18.3 ) 75.6 Basic earnings (loss) per common share from continuing operations $ 0.02 $ 0.58 $ (0.05 ) $ (0.03 ) $ 0.51 Basic earnings (loss) per common share from discontinued operations $ — $ (0.04 ) $ (0.09 ) $ (0.07 ) $ (0.20 ) Net basic earnings (loss) per common share $ 0.02 $ 0.54 $ (0.14 ) $ (0.10 ) $ 0.31 Diluted earnings (loss) per common share from continuing operations $ 0.02 $ 0.58 $ (0.05 ) $ (0.03 ) $ 0.51 Diluted earnings (loss) per common share from discontinued operations $ — $ (0.05 ) $ (0.09 ) $ (0.07 ) $ (0.20 ) Net diluted earnings (loss) per common share $ 0.02 $ 0.53 $ (0.14 ) $ (0.10 ) $ 0.31 |
Description of Business and A50
Description of Business and Accounting Policies Description of Business and Accounting Policies (Details) $ / shares in Units, shares in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015USD ($)shares | Sep. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($)$ / sharesshares | Dec. 31, 2015USD ($)dshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 24, 2013shares | |
Description of accounting policies [Line Items] | ||||||||
Carrying Value of Investment in CyrusOne | $ 55,500,000 | $ 55,500,000 | $ 273,600,000 | |||||
Threshold for Cost Method Investments, Percentage | 20.00% | 20.00% | ||||||
Entity Number of Employees | 3,250 | 3,250 | ||||||
Equity Method Investment Sold, common stock | shares | 1.4 | |||||||
Sale of Equity Method Invesment Common Stock, Price Per Share | $ 0 | |||||||
Proceeds from Sale of Equity Method Investments | $ 47,600,000 | $ 170,300,000 | $ 426,000,000 | $ 355,900,000 | $ 643,900,000 | $ 355,900,000 | $ 0 | |
Percent of Revenue from Foreign Subsidiaries | 1.00% | |||||||
Number of Operating Segments | 2 | 2 | 2 | |||||
Investment owned in CyrusOne Inc., Balance, Shares | shares | 1.9 | |||||||
Investment owned in CyrusOne Inc., Percentage, Common Stock | 8.60% | |||||||
Investment owned in Equity Method Investee, Balance, Partnership Units | shares | 6.3 | 6.3 | 42.6 | |||||
Cost Method Investment, Ownership Percentage | 9.50% | 9.50% | ||||||
Investment owned in CyrusOne LP, Percentage, Partnership Units | 66.00% | |||||||
Total ownership interests in CyrusOne, Percentage | 69.00% | |||||||
Cost Method Investments | $ 55,500,000 | $ 55,500,000 | ||||||
Equity Method Investment Sold, Partnership Units | shares | 6 | 14.3 | 16 | |||||
Sale of Partnership Units, Price Per Unit | $ / shares | $ 28.41 | $ 29.88 | $ 22.26 | |||||
Proceeds from sale of wireless spectrum licenses | $ 0 | $ 194,400,000 | $ 0 | |||||
Trade Receivables Due From Customers, Range, Minimum | d | 21 | |||||||
Trade Receivables Due from Customers, Range, Maximum | d | 90 | |||||||
Number of customers, exceeds 10% of total accounts receivable | 1 | |||||||
Accounts Receivable from one customer greater than 10%, percentage | 22.00% | 22.00% | 26.00% | |||||
Revenue from one customer greater than 10%, percentage | 12.00% | 12.00% | 14.00% | |||||
Unbilled Receivables, Current | $ 14,000,000 | $ 14,000,000 | $ 13,200,000 | |||||
Dividends received from CyrusOne | 22,200,000 | 28,400,000 | 21,300,000 | |||||
Payments to Acquire Equity Method Investments | $ 5,500,000 | |||||||
Customer Contract, Lower Range, in Years | 1 | |||||||
Customer Contract, Upper Range, in Years | 3 | |||||||
Advertising Expense | $ 8,300,000 | 7,200,000 | 7,300,000 | |||||
Regulatory Taxes Included in Revenue | 15,500,000 | 15,200,000 | 14,900,000 | |||||
Regulatory Taxes Included in Expense | $ 17,900,000 | $ 16,400,000 | $ 14,900,000 | |||||
Lower range, in years, of remaining service life of active employees | 9 | 9 | ||||||
Upper range, in years, of remaining service life of active employees | 13 | 13 | ||||||
Company Employees Participating in Collective Bargaining Agreement, Percentage | 30.00% | 30.00% | ||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||
Description of accounting policies [Line Items] | ||||||||
Average life expectancy of retirees, in years | 17 | 17 |
Recently Issued Accounting St51
Recently Issued Accounting Standards (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2014 |
Accounting Changes and Error Corrections [Abstract] | ||
Deferred Tax Assets, Reclassified | $ 68.9 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Debt Issuance Costs to be Reclassified | $ 10 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 01, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from Sale of Intangible Assets | $ 0 | $ 194.4 | $ 0 | |||||||||||
Disposal Group, Including Discontinued Operation, Intangible Assets, Noncurrent | $ 88.2 | |||||||||||||
Prepaid Expense, Current | $ 13.1 | $ 10.8 | $ 6.4 | 13.1 | 10.8 | |||||||||
Gain (Loss) on Disposition of Intangible Assets | $ (112.6) | (112.6) | 0 | 0 | ||||||||||
Gain on Liabilities and Other Assets transferred in Sale of Business Affiliate and Productive Assets | $ 15.9 | 15.9 | 0 | 0 | ||||||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 16 | |||||||||||||
Revenue, Net | 289.3 | $ 299.8 | 285.8 | 292.9 | 294.9 | 301.4 | 283 | $ 282.2 | 1,167.8 | 1,161.5 | 1,073.4 | |||
Selling, General and Administrative Expense | 219.1 | 204.2 | 187.9 | |||||||||||
Depreciation and amortization | 141.6 | 127.6 | 128.4 | |||||||||||
Restructuring charges | 6 | (0.4) | 13.5 | |||||||||||
Impairment of assets | 0 | 4.6 | 0 | |||||||||||
Transaction costs | 1.4 | 1.2 | 1.6 | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0.8 | (0.3) | (1.1) | |||||||||||
Sale Leaseback Transaction, Current Period Gain Recognized | (6.5) | (22.9) | (3.3) | |||||||||||
Costs and Expenses | 1,039.8 | 984.6 | 933.6 | |||||||||||
Operating income (loss) | 25 | 36.2 | 29.7 | 37.1 | 31.4 | 47.8 | 47.3 | 50.4 | 128 | 176.9 | 139.8 | |||
Other expense (income), net | (2.5) | (1.9) | (3.3) | |||||||||||
Income tax expense (benefit) | 159.8 | 81.4 | (8.3) | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 2.1 | $ 1 | $ 10.9 | $ 48.9 | (13.9) | $ (19.8) | $ (9.5) | $ 1.1 | 62.9 | (42.1) | 10.2 | |||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 4.7 | 0 | 4.7 | ||||||||||
Property, plant and equipment, net | 975.5 | 815.4 | 975.5 | 815.4 | ||||||||||
Intangible Assets, Net (Excluding Goodwill) | 0.2 | 0.5 | 0.2 | 0.5 | ||||||||||
Current portion of long-term debt | 13.8 | 11.6 | 13.8 | 11.6 | ||||||||||
Accounts payable | 127.4 | 131.6 | 127.4 | 131.6 | ||||||||||
Restructuring Reserve | 0.9 | 4.9 | 0.9 | 4.9 | ||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 5.4 | 142 | 5.4 | 142 | ||||||||||
Long-term debt, less current portion | 1,231.8 | 1,689.4 | 1,231.8 | 1,689.4 | ||||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 102.7 | 0 | 102.7 | ||||||||||
Other Liabilities, Noncurrent | 36.6 | 26.2 | 36.6 | 26.2 | ||||||||||
Liabilities | 1,752.6 | 2,469.2 | 1,752.6 | 2,469.2 | ||||||||||
Change in Accounting Estimate, Effect of Change on Operating Results, Increase in Depreciation Expense | $ 3 | $ 8.5 | 62.2 | |||||||||||
Impairment of assets | 0 | 12.1 | 0 | |||||||||||
Payments for Restructuring | (9.8) | (9) | (11.1) | |||||||||||
Capital expenditures | (283.6) | (182.3) | (196.9) | |||||||||||
Repayment of debt | (531.7) | (376.5) | (530.8) | |||||||||||
Operating lease expense | 10.1 | 7.4 | 6.5 | |||||||||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 3.9 | 3.9 | ||||||||||||
Operating Leases, Future Minimum Payments, Due in Two Years | 3.7 | 3.7 | ||||||||||||
Operating Leases, Future Minimum Payments, Due Thereafter | 22 | 22 | ||||||||||||
Operating Leases, Future Minimum Payments Due | 37 | 37 | ||||||||||||
Discontinued Operations [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from Sale of Intangible Assets | 0 | 194.4 | 0 | |||||||||||
Prepaid Expense, Current | 0 | 3.2 | 0 | 3.2 | ||||||||||
Long-term Debt, Current Maturities | 0.5 | |||||||||||||
Long-term Debt, Excluding Current Maturities | 24.8 | |||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 0 | 8 | 0 | 8 | 6.6 | |||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 5.4 | 244.7 | 5.4 | 244.7 | 31.9 | |||||||||
Revenue, Net | 4.4 | 132.8 | 201.5 | |||||||||||
Cost of Goods and Services Sold | 12 | 66.9 | 102.3 | |||||||||||
Selling, General and Administrative Expense | 2.2 | 19.5 | 33.6 | |||||||||||
Depreciation and amortization | 28.6 | 103.4 | 41.2 | |||||||||||
Restructuring charges | 3.3 | 16.3 | ||||||||||||
Impairment of assets | 0 | 7.5 | 0 | |||||||||||
Transaction costs | 0 | 3.2 | 0 | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (0.4) | 0 | 3.5 | |||||||||||
Sale Leaseback Transaction, Current Period Gain Recognized | (6.5) | (22.9) | (3.3) | |||||||||||
Costs and Expenses | 39.2 | 193.9 | 177.5 | |||||||||||
Operating income (loss) | (34.8) | (61.1) | 24 | |||||||||||
Interest Income (Expense), Net | (1.7) | 2.8 | 6 | |||||||||||
Other expense (income), net | (2.3) | 2.2 | 2 | |||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 97.7 | (66.1) | 16 | |||||||||||
Income tax expense (benefit) | 34.8 | (24) | 5.8 | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 62.9 | (42.1) | 10.2 | |||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 1.5 | 0 | 1.5 | ||||||||||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 4.7 | 0 | 4.7 | ||||||||||
Property, plant and equipment, net | 0 | 44.1 | 0 | 44.1 | ||||||||||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0.5 | 0 | 0.5 | ||||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | 44.6 | 0 | 44.6 | ||||||||||
Disposal Group, Including Discontinued Operation, Assets | 0 | 49.3 | 0 | 49.3 | ||||||||||
Current portion of long-term debt | 0 | 1.6 | 0 | 1.6 | ||||||||||
Accounts payable | 0 | 5 | 0 | 5 | ||||||||||
Restructuring Reserve | 4.7 | 15.4 | 4.7 | 15.4 | ||||||||||
Deferred Gain on Sale of Property | 0 | 112.6 | 0 | 112.6 | ||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0.7 | 7.4 | 0.7 | 7.4 | ||||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 5.4 | 142 | 5.4 | 142 | ||||||||||
Long-term debt, less current portion | 0 | 81.6 | 0 | 81.6 | ||||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 102.7 | 0 | 102.7 | ||||||||||
Gain (Loss) on Disposition of Assets | 3.5 | |||||||||||||
Impairment of assets | 0 | 7.5 | 0 | |||||||||||
Increase (Decrease) in Prepaid Rent | 3.2 | 3.2 | 0 | |||||||||||
Payments for Restructuring | (14.5) | (2.4) | (0.3) | |||||||||||
Capital expenditures | 0 | (6.5) | (16) | |||||||||||
Repayment of debt | (0.3) | (23.5) | (0.6) | |||||||||||
Operating lease expense | 1.4 | 6.4 | 6.5 | |||||||||||
Continuing Operations [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Long-term Debt, Current Maturities | 1.1 | 1.1 | 1.1 | |||||||||||
Long-term Debt, Excluding Current Maturities | 57 | 57 | 53.4 | |||||||||||
Depreciation and amortization | 141.6 | 127.6 | 128.4 | |||||||||||
Income tax expense (benefit) | 159.8 | 81.4 | (8.3) | |||||||||||
Other Liabilities, Noncurrent | 7.5 | 7.5 | 10.9 | |||||||||||
Liabilities | 65.6 | 65.6 | $ 65.4 | |||||||||||
Capital expenditures | (283.6) | (175.8) | (180.9) | |||||||||||
Wireless Towers [Member] | Discontinued Operations [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Deferred Gain on Sale of Property | $ 0 | $ 13.1 | 0 | 13.1 | ||||||||||
Contract Termination [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | 13.1 | |||||||||||||
Employee Severance [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | 3.3 | 1 | 9 | |||||||||||
Payments for Restructuring | (6.1) | (6.4) | (7.1) | |||||||||||
Employee Severance [Member] | Discontinued Operations [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | 3.2 | |||||||||||||
Lease Abandonment [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | 0.3 | (1.4) | 3.9 | |||||||||||
Payments for Restructuring | $ (1.3) | (2.6) | (3.3) | |||||||||||
Lease Abandonment [Member] | Discontinued Operations [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Restructuring charges | $ 0.2 | |||||||||||||
Senior Notes due 2020 [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Extinguishment of Debt, Amount | $ 22.7 | |||||||||||||
Computer Software, Intangible Asset [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||||||||
Property, Plant and Equipment [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 30 months |
Investment in CyrusOne (Details
Investment in CyrusOne (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 24, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | $ 22,200,000 | $ 28,400,000 | $ 21,300,000 | ||||||
Equity Method Investment Sold, Partnership Units | 6 | 14.3 | 16 | ||||||
Sale of Partnership Units, Price Per Unit | $ 28.41 | $ 29.88 | $ 22.26 | ||||||
Proceeds from Sale of Equity Method Investments | $ 47,600,000 | $ 170,300,000 | $ 426,000,000 | $ 355,900,000 | 643,900,000 | 355,900,000 | 0 | ||
Gain on sale of CyrusOne equity method investment | $ 36,300,000 | $ 117,700,000 | $ 295,200,000 | $ 192,800,000 | $ 449,200,000 | 192,800,000 | 0 | ||
Investment owned in Equity Method Investee, Balance, Partnership Units | 6.3 | 6.3 | 42.6 | ||||||
Cost Method Investment, Ownership Percentage | 9.50% | 9.50% | |||||||
Investment owned in Cost Method Investee, Balance, Shares | 6.9 | 6.9 | |||||||
Equity Method Investment Sold, common stock | 1.4 | ||||||||
Sale of Equity Method Invesment Common Stock, Price Per Share | $ 0 | ||||||||
Total ownership interests in CyrusOne, Percentage | 69.00% | ||||||||
Investment owned in CyrusOne Inc., Balance, Shares | 1.9 | ||||||||
Loss from CyrusOne | $ 5,100,000 | 7,000,000 | $ 10,700,000 | ||||||
CyrusOne [Member] | |||||||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||||||
Revenue | $ 248,400,000 | 399,300,000 | 330,900,000 | ||||||
Operating income | 28,900,000 | 22,800,000 | 40,000,000 | ||||||
Net loss | $ (15,600,000) | (20,200,000) | (14,500,000) | ||||||
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | |||||||||
Net investment in real estate | 1,392,000,000 | 1,392,000,000 | 1,051,400,000 | ||||||
Total assets | 2,195,600,000 | 2,195,600,000 | 1,571,000,000 | ||||||
Equity Method Investment, Summarized Financial Information, Liabilities [Abstract] | |||||||||
Total liabilities | $ 1,374,000,000 | $ 1,374,000,000 | $ 854,000,000 |
Investment in CyrusOne - Schedu
Investment in CyrusOne - Schedule of Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Millions | 11 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating costs and expenses: | ||||
Transaction-related compensation to CyrusOne employees | $ 20 | |||
Dividends received from CyrusOne | $ 22.2 | $ 28.4 | 21.3 | |
Balance Sheet Related Disclosures [Abstract] | ||||
Receivable from CyrusOne | 2.2 | 7.7 | ||
CyrusOne [Member] | ||||
Revenue: | ||||
Services provided to CyrusOne | $ 2.1 | 1.3 | 1.7 | |
Operating costs and expenses: | ||||
Transaction-related compensation to CyrusOne employees | 20 | 0 | 0 | |
Charges for services provided by CyrusOne | 8.8 | 10.2 | 9.1 | |
Administrative services provided to CyrusOne | (0.6) | (0.4) | (0.5) | |
Total operating costs and expenses | 28.2 | 9.8 | 8.6 | |
Income Tax Receivable from Related Party | 0 | 1.7 | ||
Balance Sheet Related Disclosures [Abstract] | ||||
Accounts receivable | 0.1 | 1.7 | ||
Dividends receivable | $ 7.1 | 2.1 | 6 | $ 7.1 |
Receivable from CyrusOne | 2.2 | 7.7 | ||
Payable to CyrusOne | $ 1.5 | $ 0.4 | ||
CyrusOne [Member] | ||||
Operating costs and expenses: | ||||
Dividends Payable, Amount Per Share | $ 0.32 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 30.5 | $ 79.3 | $ 180.7 | $ 0.3 | $ (4.4) | $ (7.5) | $ 123.7 | $ 5.9 | $ 290.8 | $ 117.7 | $ (64.9) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 2.1 | 1 | 10.9 | 48.9 | (13.9) | (19.8) | (9.5) | 1.1 | 62.9 | (42.1) | 10.2 |
Numerator: | |||||||||||
Net income (loss) | $ 32.6 | $ 80.3 | $ 191.6 | $ 49.2 | $ (18.3) | $ (27.3) | $ 114.2 | $ 7 | 353.7 | 75.6 | (54.7) |
Preferred stock dividends | 10.4 | 10.4 | 10.4 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic and Diluted | $ 343.3 | $ 65.2 | $ (65.1) | ||||||||
Weighted-average common shares outstanding - basic | 209.6 | 208.5 | 205.9 | ||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 205.9 | ||||||||||
Denominator: | |||||||||||
Stock-based compensation arrangements | 0.6 | 1.1 | |||||||||
Weighted Average Number of Shares Outstanding, Diluted | 210.2 | 209.6 | 205.9 | ||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.13 | $ 0.37 | $ 0.85 | $ (0.01) | $ (0.03) | $ (0.05) | $ 0.58 | $ 0.02 | $ 1.34 | $ 0.51 | $ (0.37) |
Earnings Per Share, Basic | 0.14 | 0.37 | 0.90 | 0.22 | (0.10) | (0.14) | 0.54 | 0.02 | 1.64 | 0.31 | (0.32) |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.13 | 0.37 | 0.84 | (0.01) | (0.03) | (0.05) | 0.58 | 0.02 | 1.33 | 0.51 | (0.37) |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.01 | 0 | 0.05 | 0.23 | (0.07) | (0.09) | (0.04) | 0 | 0.30 | (0.20) | 0.05 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.01 | 0 | 0.05 | 0.23 | (0.07) | (0.09) | (0.05) | 0 | 0.30 | (0.20) | 0.05 |
Earnings Per Share, Diluted | $ 0.14 | $ 0.37 | $ 0.89 | $ 0.22 | $ (0.10) | $ (0.14) | $ 0.53 | $ 0.02 | $ 1.63 | 0.31 | (0.32) |
Earnings Per Share, Basic and Diluted | $ 0.31 | $ (0.32) | |||||||||
Continuing Operations [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 290.8 | $ 117.7 | $ (64.9) | ||||||||
Numerator: | |||||||||||
Preferred stock dividends | 10.4 | 10.4 | 10.4 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic and Diluted | 280.4 | $ 107.3 | $ (75.3) | ||||||||
Denominator: | |||||||||||
Earnings Per Share, Basic and Diluted | $ 0.51 | $ (0.37) | |||||||||
Discontinued Operations [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 62.9 | $ (42.1) | $ 10.2 | ||||||||
Numerator: | |||||||||||
Preferred stock dividends | 0 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic and Diluted | $ 62.9 | $ (42.1) | $ 10.2 | ||||||||
Denominator: | |||||||||||
Earnings Per Share, Basic and Diluted | $ (0.20) | $ 0.05 |
Earnings Per Common Share - Ant
Earnings Per Common Share - Antidilutive Securities Excluded From Computation of EPS (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 3.5 | 3.6 | |
Convertible Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4.5 | 4.5 | 4.5 |
Property, Plant and Equipment57
Property, Plant and Equipment (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Years | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Land and rights-of-way | $ 4,300,000 | $ 4,300,000 | |
Buildings and leasehold improvements | 165,000,000 | 170,500,000 | |
Network equipment | 2,959,300,000 | 2,686,800,000 | |
Office software, furniture, fixtures and vehicles | 131,400,000 | 123,900,000 | |
Construction in process | 29,200,000 | 25,700,000 | |
Gross value | 3,289,200,000 | 3,011,200,000 | |
Accumulated depreciation | (2,313,700,000) | (2,195,800,000) | |
Property, plant and equipment, net | 975,500,000 | 815,400,000 | |
Depreciation | $ 141,300,000 | $ 127,200,000 | $ 126,300,000 |
Depreciation associated with cost of providing services | 79.00% | 81.00% | 81.00% |
Impairment of assets, excluding goodwill | $ 0 | $ (4,600,000) | $ 0 |
Capital Lease and Other Financing Arrangements Assets, Gross | 91,200,000 | 39,800,000 | |
Capital Leases, Net of Depreciation, Retained After Sale of Business, Affiliate and Productive Assets | $ 57,700,000 | ||
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life, Minimum in Practice | Years | 7 | ||
Property, Plant and Equipment, Useful Life, Maximum in Practice | Years | 22 | ||
copper assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
property, plant, and equipment, copper asset useful life, prior to remeasurement | $ 15 | ||
property, plant, and equipment, copper assets useful life, after remeasurement | $ 7 | ||
Entertainment and Communications [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment of assets, excluding goodwill | $ 4,600,000 | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Minimum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum [Member] | Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Maximum [Member] | Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 14 years |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 | $ 0 |
Goodwill, Gross | 14.3 | 14.4 | |
Goodwill [Roll Forward] | |||
Goodwill | 14.4 | 14.4 | |
Goodwill, Other Changes | (0.1) | ||
Goodwill | 14.3 | 14.4 | 14.4 |
Entertainment and Communications [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 11.8 | 11.8 | |
Goodwill, Other Changes | 0 | ||
Goodwill | 11.8 | 11.8 | 11.8 |
IT Services and Hardware [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 2.6 | 2.6 | |
Goodwill, Other Changes | (0.1) | ||
Goodwill | $ 2.5 | $ 2.6 | $ 2.6 |
Goodwill and Intangible Asset59
Goodwill and Intangible Assets Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 | $ 0 |
Amortization of Intangible Assets | 0.3 | 0.4 | $ 2.1 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2,016 | $ 0.2 | ||
Customer Relationships [Member] | Entertainment and Communications [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Gross Carrying Amount | $ 7 | 7 | |
Accumulated Amortization | $ 6.8 | $ 6.5 |
Debt and Other Financing Arra60
Debt and Other Financing Arrangements Long-Term Debt and Other (Details) - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Nov. 30, 1998 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 1993 | Mar. 31, 2015 | Oct. 15, 2013 | Sep. 30, 2013 | Nov. 20, 2012 | |
Debt Instrument [Line Items] | |||||||||||||||||
Receivables from discontinued operations | $ 1,700,000 | ||||||||||||||||
Long-term Debt and Capital Lease Obligations | $ 1,231,800,000 | $ 1,689,400,000 | $ 1,231,800,000 | $ 1,689,400,000 | |||||||||||||
Long-term Debt and Capital Lease Obligations, Current | 13,800,000 | 11,600,000 | 13,800,000 | 11,600,000 | |||||||||||||
Proceeds from issuance of long-term debt | 0 | 0 | $ 536,000,000 | ||||||||||||||
Equity Method Investment Sold, Partnership Units | 6 | 14.3 | 16 | ||||||||||||||
Proceeds from sale of CyrusOne investment | 47,600,000 | $ 170,300,000 | $ 426,000,000 | $ 355,900,000 | 643,900,000 | 355,900,000 | 0 | ||||||||||
Line of Credit Facility, Amount Outstanding | 0 | 0 | 0 | 0 | |||||||||||||
Receivables facility amount outstanding | 17,600,000 | 19,200,000 | 17,600,000 | 19,200,000 | |||||||||||||
Repayments of Long-term Debt [Abstract] | |||||||||||||||||
Long-Term Debt, Excluding Capital Leases, Current | 5,900,000 | 5,900,000 | |||||||||||||||
Long-Term Debt, Excluding Capital Leases, Repayments of Principal in Year Two | 5,600,000 | 5,600,000 | |||||||||||||||
Long-Term Debt, Excluding Capital Leases, Repayments of Principal in Year Three | 23,000,000 | 23,000,000 | |||||||||||||||
Long-Term Debt, Excluding Capital Leases, Repayments of Principal in Year Four | 5,400,000 | 5,400,000 | |||||||||||||||
Long-Term Debt, Excluding Capital Leases, Repayments of Principal in Year Five | 984,800,000 | 984,800,000 | |||||||||||||||
Long-Term Debt, Excluding Capital Leases, Repayments of Principal After Year Five | 155,000,000 | 155,000,000 | |||||||||||||||
Long-Term Debt, Excluding Capital Leases, Gross | 1,179,700,000 | 1,179,700,000 | |||||||||||||||
Long-Term Debt, Excluding Capital Leases, Net | 1,178,000,000 | 1,686,100,000 | 1,178,000,000 | 1,686,100,000 | |||||||||||||
Capital Leases, Future Principal Payments Due, Repayments of Principal in Next Twelve Months | 7,900,000 | 7,900,000 | |||||||||||||||
Capital Leases, Future Principal Payments Due in Two Years | 5,000,000 | 5,000,000 | |||||||||||||||
Capital Leases, Future Principal Payments Due in Three Years | 4,000,000 | 4,000,000 | |||||||||||||||
Capital Leases, Future Principal Payments Due in Four Years | 3,800,000 | 3,800,000 | |||||||||||||||
Capital Leases, Future Principal Payments Due in Five Years | 2,600,000 | 2,600,000 | |||||||||||||||
Capital Leases, Future Principal Payments Due Thereafter | 44,300,000 | 44,300,000 | |||||||||||||||
Capital Leases, Future Minimum Principal Payments Due | 67,600,000 | 67,600,000 | |||||||||||||||
Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months | 13,800,000 | 13,800,000 | |||||||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 10,600,000 | 10,600,000 | |||||||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 27,000,000 | 27,000,000 | |||||||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 9,200,000 | 9,200,000 | |||||||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 987,400,000 | 987,400,000 | |||||||||||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 199,300,000 | 199,300,000 | |||||||||||||||
Long-term Debt, Gross | 1,247,300,000 | 1,247,300,000 | |||||||||||||||
Net unamortized discount | 1,700,000 | 3,200,000 | 1,700,000 | 3,200,000 | |||||||||||||
Net unamortized discount | 0 | 0 | |||||||||||||||
Total debt | 1,245,600,000 | 1,701,000,000 | 1,245,600,000 | 1,701,000,000 | |||||||||||||
Capital Leases, Future Minimum Payments Due [Abstract] | |||||||||||||||||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 12,300,000 | 12,300,000 | |||||||||||||||
Capital Leases, Future Minimum Payments Due in Two Years | 9,100,000 | 9,100,000 | |||||||||||||||
Capital Leases, Future Minimum Payments Due in Three Years | 7,900,000 | 7,900,000 | |||||||||||||||
Capital Leases, Future Minimum Payments Due in Four Years | 7,400,000 | 7,400,000 | |||||||||||||||
Capital Leases, Future Minimum Payments Due in Five Years | 6,000,000 | 6,000,000 | |||||||||||||||
Capital Leases, Future Minimum Payments Due Thereafter | 61,800,000 | 61,800,000 | |||||||||||||||
Capital Lease Obligations | $ 54,500,000 | ||||||||||||||||
Payments of Debt Issuance Costs | 400,000 | 900,000 | 6,700,000 | ||||||||||||||
Amortization of Deferred Charges [Abstract] | |||||||||||||||||
Amortization of Financing Costs | 4,100,000 | 5,100,000 | 5,900,000 | ||||||||||||||
Deferred Finance Costs [Abstract] | |||||||||||||||||
Deferred Finance Costs, Noncurrent, Net | 11,200,000 | 18,500,000 | $ 11,200,000 | 18,500,000 | |||||||||||||
Debt Covenants [Abstract] | |||||||||||||||||
Consolidated total leverage ratio, maximum allowed under Line of Credit Facility | 6.50 | ||||||||||||||||
Consolidated senior secured leverage ratio, maximum allowed under Line of Credit Facility | 3.50 | ||||||||||||||||
Consolidated interest coverage ratio, minimum allowed under Line of Credit Facility | 1.50 | ||||||||||||||||
Line of credit facility, maximum capital expenditures in current year | $ 319,000,000 | ||||||||||||||||
Line of credit facility, maximum aggregate capital expenditures over life of the agreement | 626,400,000 | ||||||||||||||||
Capital expenditures | $ 283,600,000 | 182,300,000 | 196,900,000 | ||||||||||||||
Consolidated Adjusted Senior Debt to EBITDA ratio | 4:00 | ||||||||||||||||
Secured Debt, Other | 197,100,000 | $ 197,100,000 | |||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | |||||||||||||||||
Loss on extinguishment of debt | 20,900,000 | 19,600,000 | 29,600,000 | ||||||||||||||
Tranche B Term Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 522,500,000 | 527,800,000 | $ 522,500,000 | 527,800,000 | $ 540,000,000 | ||||||||||||
Proceeds from issuance of long-term debt | 529,800,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | |||||||||||||||
Senior Notes due 2017 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | ||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 104.125% | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | 8.25% | |||||||||||||||
Senior Subordinated Notes due 2018 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 0 | 300,000,000 | $ 0 | 300,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | 8.75% | |||||||||||||||
Senior Notes due 2020 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 478,500,000 | 661,200,000 | $ 478,500,000 | 661,200,000 | |||||||||||||
Proceeds from issuance of long-term debt | $ 775,000,000 | ||||||||||||||||
Customary Events of Default Amount for Existing Debt Instruments | $ 35,000,000 | $ 35,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.375% | 8.375% | |||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | |||||||||||||||||
Extinguishment of Debt, Amount | 22,700,000 | ||||||||||||||||
Senior Notes due 2023 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 26,300,000 | 40,000,000 | $ 26,300,000 | 40,000,000 | |||||||||||||
Proceeds from issuance of long-term debt | $ 50,000,000 | ||||||||||||||||
Customary Events of Default Amount for Existing Debt Instruments | $ 20,000,000 | $ 20,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | |||||||||||||||
Various Cincinnati Bell Telephone Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 128,700,000 | 134,500,000 | $ 128,700,000 | 134,500,000 | |||||||||||||
Customary Events of Default Amount for Existing Debt Instruments | 20,000,000 | 20,000,000 | |||||||||||||||
Cincinnati Bell Telephone Senior Notes due 2028 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 134,500,000 | $ 134,500,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | 6.30% | |||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 150,000,000 | ||||||||||||||||
Line of Credit [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 175,000,000 | $ 150,000,000 | $ 175,000,000 | $ 200,000,000 | |||||||||||||
Standby Letters of Credit [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | 30,000,000 | |||||||||||||||
Bridge Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | 25,000,000 | |||||||||||||||
Capital lease Obligations and Other Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt and Capital Lease Obligations | 59,900,000 | 9,900,000 | 59,900,000 | 9,900,000 | |||||||||||||
Current Portion of Long-Term Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt and Capital Lease Obligations, Current | 13,800,000 | 11,600,000 | $ 13,800,000 | 11,600,000 | |||||||||||||
Senior Notes due 2017 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 104.125% | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | |||||||||||||||||
Extinguishment of Debt, Amount | 500,000,000 | ||||||||||||||||
Loss on extinguishment of debt | 29,600,000 | ||||||||||||||||
Senior Subordinated Notes due 2018 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 102.188% | 104.375% | |||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | |||||||||||||||||
Extinguishment of Debt, Amount | $ 300,000,000 | $ 325,000,000 | |||||||||||||||
Loss on extinguishment of debt | $ (10,400,000) | $ (19,400,000) | |||||||||||||||
Senior Notes due 2020 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 105.242% | 106.45% | 105.543% | ||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | |||||||||||||||||
Extinguishment of Debt, Amount | $ 137,600,000 | $ 45,100,000 | 22,700,000 | $ 182,700,000 | |||||||||||||
Loss on extinguishment of debt | $ (7,800,000) | $ (3,100,000) | $ (10,900,000) | ||||||||||||||
Senior Notes due 2023 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 99.853% | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | |||||||||||||||||
Extinguishment of Debt, Amount | $ 13,700,000 | ||||||||||||||||
Loss on extinguishment of debt | $ (100,000) | ||||||||||||||||
Cincinnati Bell Telephone Senior Notes due 2028 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 90.84% | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | |||||||||||||||||
Extinguishment of Debt, Amount | $ 5,800,000 | ||||||||||||||||
Loss on extinguishment of debt | $ (500,000) | ||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | Senior Notes due 2020 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 102.792% | ||||||||||||||||
Debt Instrument, Redemption, Period Three [Member] | Senior Notes due 2020 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 101.396% | ||||||||||||||||
Debt Instrument, Redemption, Period Four [Member] | Senior Notes due 2020 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||
Current Portion of Long-Term Debt [Member] | Tranche B Term Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | 5,400,000 | 5,400,000 | $ 5,400,000 | 5,400,000 | |||||||||||||
Current Portion of Long-Term Debt [Member] | Capital lease Obligations and Other Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt and Capital Lease Obligations, Current | 8,400,000 | 6,200,000 | 8,400,000 | 6,200,000 | |||||||||||||
Long-Term Debt, Less Current Portion [Member] | Long-Term Debt, Less Current Portion [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt and Capital Lease Obligations | 1,231,800,000 | 1,689,400,000 | 1,231,800,000 | 1,689,400,000 | |||||||||||||
Long-term debt, less current portion, before deducting unamortized discount or premium [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term Debt and Capital Lease Obligations | $ 1,233,500,000 | $ 1,692,600,000 | 1,233,500,000 | 1,692,600,000 | |||||||||||||
Continuing Operations [Member] | |||||||||||||||||
Debt Covenants [Abstract] | |||||||||||||||||
Capital expenditures | $ 283,600,000 | $ 175,800,000 | $ 180,900,000 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 15, 2013 | Sep. 30, 2013 | |
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Amount | $ 0.9 | $ 0.9 | $ 1 | |||||||
Capital Leases, Future Minimum Payments Due Thereafter | 61.8 | |||||||||
Line of credit facility, maximum aggregate capital expenditures over life of the agreement | 626.4 | |||||||||
Debt issuance costs | (0.4) | (0.9) | (6.7) | |||||||
Gains (Losses) on Extinguishment of Debt | (20.9) | (19.6) | (29.6) | |||||||
Current portion of long-term debt | $ 11.6 | 13.8 | 11.6 | |||||||
Corporate Credit Agreement | 0 | 0 | 0 | |||||||
Receivables facility | 19.2 | 17.6 | 19.2 | |||||||
Long-term debt, less current portion | 1,689.4 | 1,231.8 | 1,689.4 | |||||||
Net unamortized discount | 3.2 | 1.7 | 3.2 | |||||||
Total debt | 1,701 | 1,245.6 | 1,701 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||
Capital expenditures | 283.6 | 182.3 | 196.9 | |||||||
Receivables Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Amount | 0.8 | 0.8 | 0.7 | |||||||
Tranche B Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 527.8 | $ 522.5 | 527.8 | $ 540 | ||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||||||
Capital lease Obligations and Other Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, less current portion | 9.9 | $ 59.9 | 9.9 | |||||||
Current Portion of Long-Term Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current portion of long-term debt | 11.6 | $ 13.8 | 11.6 | |||||||
Senior Notes due 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage | 104.125% | |||||||||
Debt Instrument, Face Amount | $ 500 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |||||||||
Senior Subordinated Notes due 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 300 | $ 0 | 300 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | |||||||||
Senior Notes due 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Extinguishment of Debt, Amount | 22.7 | |||||||||
Debt Instrument, Face Amount | 661.2 | $ 478.5 | 661.2 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.375% | |||||||||
Senior Notes due 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 40 | $ 26.3 | 40 | |||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||||||||
Various Cincinnati Bell Telephone Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 134.5 | $ 128.7 | 134.5 | |||||||
Cincinnati Bell Telephone Senior Notes due 2028 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 134.5 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | |||||||||
Long-term debt, less current portion, before deducting unamortized discount or premium [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, less current portion | 1,692.6 | $ 1,233.5 | 1,692.6 | |||||||
Current Portion of Long-Term Debt [Member] | Tranche B Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 5.4 | 5.4 | 5.4 | |||||||
Current Portion of Long-Term Debt [Member] | Capital lease Obligations and Other Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current portion of long-term debt | 6.2 | 8.4 | 6.2 | |||||||
Long-term debt, less current portion [Member] | Long-term debt, less current portion [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, less current portion | 1,689.4 | 1,231.8 | 1,689.4 | |||||||
Cincinnati Bell Telephone Senior Notes due 2028 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gains (Losses) on Extinguishment of Debt | 0.5 | |||||||||
Extinguishment of Debt, Amount | $ 5.8 | |||||||||
Debt Instrument, Redemption Price, Percentage | 90.84% | |||||||||
Senior Notes due 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gains (Losses) on Extinguishment of Debt | (29.6) | |||||||||
Extinguishment of Debt, Amount | 500 | |||||||||
Debt Instrument, Redemption Price, Percentage | 104.125% | |||||||||
Senior Subordinated Notes due 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gains (Losses) on Extinguishment of Debt | $ 10.4 | $ 19.4 | ||||||||
Extinguishment of Debt, Amount | $ 300 | $ 325 | ||||||||
Debt Instrument, Redemption Price, Percentage | 102.188% | 104.375% | ||||||||
Senior Notes due 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gains (Losses) on Extinguishment of Debt | $ 7.8 | $ 3.1 | $ 10.9 | |||||||
Extinguishment of Debt, Amount | $ 137.6 | $ 45.1 | $ 22.7 | $ 182.7 | ||||||
Debt Instrument, Redemption Price, Percentage | 105.242% | 106.45% | 105.543% | |||||||
Senior Notes due 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gains (Losses) on Extinguishment of Debt | $ 0.1 | |||||||||
Extinguishment of Debt, Amount | $ 13.7 | |||||||||
Debt Instrument, Redemption Price, Percentage | 99.853% | |||||||||
Continuing Operations [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | ||||||||||
Capital expenditures | $ 283.6 | $ 175.8 | $ 180.9 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 15, 2013 | Sep. 30, 2013 | Nov. 20, 2012 | |
Line of Credit Facility [Line Items] | |||||||||||
Line of credit facility, maximum aggregate capital expenditures over life of the agreement | $ 626.4 | ||||||||||
Proceeds from Sale of Equity Method Investments | $ 47.6 | $ 170.3 | $ 426 | $ 355.9 | $ 643.9 | $ 355.9 | $ 0 | ||||
Long-Term Debt, Required Principal Payments | 0.25% | ||||||||||
Proceeds received from Tranche B Term Loan | $ 0 | 0 | $ 536 | ||||||||
Issuance of Long-Term Debt, Original Issue Discount | 0.75% | 0.75% | |||||||||
Loss on extinguishment of debt | 20.9 | 19.6 | $ 29.6 | ||||||||
Write-off of debt discount | 0 | 0 | |||||||||
Restricted payments, limit when leverage ratio threshold not attained | $ 15 | $ 15 | |||||||||
Leverage Ratio, threshold | 3.50 | 3.50 | |||||||||
Restricted payments, limit when leverage ratio threshold is attained | $ 45 | $ 45 | |||||||||
Leverage Ratio, threshold, other | 3 | 3 | |||||||||
Restricted Payments, Share Repurchases or Dividends, limit | 15.00% | 15.00% | |||||||||
Restricted Payments, Share Repurchases or Dividends, cap | $ 35 | $ 35 | |||||||||
Proceeds from Sale of Equity Method Investment, Percent Required for Mandatory Debt Prepayments | 85.00% | 100.00% | 85.00% | 100.00% | |||||||
Equity Method Investment Sold, Partnership Units | 6 | 14.3 | 16 | ||||||||
Equity Interests in Foreign Subsidiaries | 66.00% | 66.00% | |||||||||
Line of Credit Facility, Amount Outstanding | $ 0 | $ 0 | 0 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 175 | 175 | 150 | ||||||||
Line of Credit Facility, Commitment Fee Amount | 0.9 | 0.9 | $ 1 | ||||||||
Receivables facility maximum borrowing capacity | 120 | 120 | |||||||||
Receivables facility maximum borrowing availability | 114.2 | $ 114.2 | |||||||||
Accounts Receivable Facility, Renewal Term | 364 | ||||||||||
Receivables facility amount outstanding | 17.6 | $ 17.6 | 19.2 | ||||||||
Letters of Credit Outstanding, Amount | 6.3 | 6.3 | |||||||||
Line of Credit [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 175 | $ 150 | 175 | $ 200 | |||||||
Standby Letters of Credit [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 30 | 30 | |||||||||
Bridge Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25 | $ 25 | |||||||||
Tranche B Term Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | |||||||||
Debt Instrument, Face Amount | $ 522.5 | $ 522.5 | 527.8 | $ 540 | |||||||
Proceeds received from Tranche B Term Loan | 529.8 | ||||||||||
Tranche B Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||
Senior Notes due 2017 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | 8.25% | |||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||||
Debt Instrument, Redemption Price, Percentage | 104.125% | ||||||||||
Accrued interest | $ 20.6 | ||||||||||
Receivables Facilities [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Commitment Fee Amount | $ 0.8 | $ 0.8 | $ 0.7 | ||||||||
Debt Instrument, Interest Rate During Period | 0.70% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.50% | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 4.25% | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Tranche B Term Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.00% | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Receivables Facilities [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||||
Base Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.50% | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 3.25% | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | |||||||||
Base Rate [Member] | Tranche B Term Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||||
Federal Funds Rate [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||||
Federal Funds Rate [Member] | Tranche B Term Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||||
Minimum [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||||||||||
Maximum [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.625% |
Commitments and Contingencies63
Commitments and Contingencies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Years | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating Leases, Rent Expense | $ 10.1 | $ 7.4 | $ 6.5 |
Asset Retirement Obligation [Abstract] | |||
Balance, beginning of period | 1.6 | 1.7 | |
Asset Retirement Obligation, Reclassified from Discontinued Operations | 10.9 | 0 | |
Liabilities settled | (5) | (0.2) | |
Revisions to estimated cash flow | (2.9) | 0 | |
Accretion expense | 0.2 | 0.1 | |
Balance, end of period | 4.8 | 1.6 | 1.7 |
Letters of Credit Outstanding, Amount | $ 6.3 | ||
Long-term Purchase Commitments, Range of Years, Minimum | Years | 1 | ||
Long-Term Purchase Commitments, Range of Years, Maximum | Years | 3 | ||
Long-term Purchase Commitment, Amount | $ 166 | 178 | |
Transaction-related compensation | 0 | $ 0 | (42.6) |
Transaction-related compensation to CyrusOne employees | $ 20 | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 3.9 | ||
2,017 | 3.7 | ||
2,018 | 2.6 | ||
2,019 | 2.5 | ||
2,020 | 2.3 | ||
Thereafter | 22 | ||
Total | 37 | ||
Retail Store [Member] | |||
Operating Leases, Rent Expense | $ 0.8 |
Financial Instruments and Fai64
Financial Instruments and Fair Value Measurements Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost Method Investments | $ 55.5 | |
Investment in CyrusOne, fair value | 257.9 | |
Equity Method Investments | $ 273.6 | |
Investment in CyrusOne, Fair Value Disclosure | 785 | |
Long-Term Debt, Excluding Capital Leases, Net | 1,178 | 1,686.1 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-Term Debt, Excluding Capital Leases, Net | $ 1,155.6 | $ 1,717.4 |
Financial Instruments and Fai65
Financial Instruments and Fair Value Measurements Non-Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of assets, excluding goodwill | $ 0 | $ 4.6 | $ 0 |
Impairment of assets, excluding goodwill | $ 0 | (12.1) | $ 0 |
Entertainment and Communications [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of assets, excluding goodwill | (4.6) | ||
Impairment of assets, excluding goodwill | (4.6) | ||
Software and Software Development Costs [Member] | Fair Value, Measurements, Nonrecurring [Member] | Entertainment and Communications [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ||
Software and Software Development Costs [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | Entertainment and Communications [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ||
Software and Software Development Costs [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Entertainment and Communications [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ||
Software and Software Development Costs [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Entertainment and Communications [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant, and Equipment, Fair Value Disclosure | $ 0 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 4.9 | $ 14.3 | $ 11.9 |
Restructuring charges | 6 | (0.4) | 13.5 |
Utilizations | (9.8) | (9) | (11.1) |
Ending balance | 1.1 | 4.9 | 14.3 |
Restructuring liabilities included in other current liabilities | 0.9 | 4.9 | |
Restructuring liabilities included in other noncurrent liabilities | 0.2 | ||
Entertainment and Communications [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 3.9 | 10.5 | 8.6 |
Restructuring charges | 1.6 | (0.5) | 9.1 |
Utilizations | (4.7) | (6.1) | (7.2) |
Ending balance | 0.8 | 3.9 | 10.5 |
IT Services and Hardware [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0.3 | 0.8 | 0.5 |
Restructuring charges | 2.8 | 0 | 0.7 |
Utilizations | (2.8) | (0.5) | (0.4) |
Ending balance | 0.3 | 0.3 | 0.8 |
Corporate Segment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0.7 | 3 | 2.8 |
Restructuring charges | 1.6 | 0.1 | 3.7 |
Utilizations | (2.3) | (2.4) | (3.5) |
Ending balance | 0 | 0.7 | 3 |
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 3 | 8.4 | 6.5 |
Restructuring charges | 3.3 | 1 | 9 |
Utilizations | (6.1) | (6.4) | (7.1) |
Ending balance | 0.2 | 3 | 8.4 |
Lease Abandonment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 1.8 | 5.8 | 5.2 |
Restructuring charges | 0.3 | (1.4) | 3.9 |
Utilizations | (1.3) | (2.6) | (3.3) |
Ending balance | 0.8 | 1.8 | 5.8 |
Contract Terminations [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0.1 | 0.1 | 0.2 |
Restructuring charges | 2.4 | 0 | 0.6 |
Utilizations | (2.4) | 0 | (0.7) |
Ending balance | $ 0.1 | $ 0.1 | $ 0.1 |
Pension and Postretirement Pl67
Pension and Postretirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 7 | $ 6.4 | $ 6.2 |
Curtailment gain | 0.3 | $ 0 | (0.6) |
Reduction to pension obligation | $ 1.7 | $ 10.3 | |
Capitalized portion of defined benefit contribution percent | 12.00% | 8.00% | 10.00% |
Fair value of plan assets | $ 388.4 | $ 435.3 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Pension and postretirement benefit obligations (noncurrent liablity) | $ 225 | 240.1 | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Allocation Percentage in US based Investments | 60.00% | ||
Disclosure of Expected Gross Prescription Drug Subsidy Receipts [Abstract] | |||
2,016 | $ (0.5) | ||
2,017 | (0.5) | ||
2,018 | (0.5) | ||
2,019 | (0.5) | ||
2,020 | (0.4) | ||
Years 2021 - 2025 | (1.7) | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefits Paid | 47.3 | 41.2 | |
Curtailment gain | 0.3 | 0 | $ (0.6) |
Fair value of plan assets | $ 378.1 | $ 424.3 | 399.3 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.80% | 3.40% | |
Expected long-term rate of return | 7.75% | 7.75% | |
Future compensation growth rate | 0.00% | 0.00% | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issuances, Settlements [Abstract] | |||
Balance, beginning of the year | $ 0 | $ 30.8 | |
Realized gains, net | 0 | 3.2 | |
Purchases, sales, issuances and settlements, net | 0 | (34) | |
Balance, end of the year | 0 | 0 | 30.8 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Accrued payroll and benefits (current liability) | 2.1 | 2.2 | |
Pension and postretirement benefit obligations (noncurrent liablity) | 150.3 | 150.8 | |
Total | 152.4 | 153 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0.3 | 1 | 2.1 |
Interest cost on projected benefit obligation | 19 | 21 | 18.8 |
Expected return on plan assets | (29.2) | (28.1) | (25.7) |
Amortization of: | |||
Prior service cost (benefit) | 0.1 | 0.2 | 0.2 |
Actuarial loss | 24.9 | 17.3 | 22 |
Pension/postretirement costs | 15.4 | 11.4 | 16.8 |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||
2,016 | 42.3 | ||
2,017 | 41.5 | ||
2,018 | 41.2 | ||
2,019 | 39.4 | ||
2,020 | 38.8 | ||
Years 2021 - 2025 | 174.9 | ||
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefits Paid | 12.7 | 15.2 | |
Curtailment gain | 0 | 0 | 0 |
Fair value of plan assets | $ 10.3 | $ 11 | 11.3 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.70% | 3.40% | |
Expected long-term rate of return | 0.00% | 0.00% | |
Future compensation growth rate | 0.00% | 0.00% | |
Pension and Other Postretirement Benefit Contributions [Abstract] | |||
Estimated Future Employer Contributions in Next Fiscal Year | $ 10 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, Sales, Issuances, Settlements [Abstract] | |||
Balance, beginning of the year | 11 | $ 11.3 | |
Realized gains, net | 0.3 | 0.4 | |
Purchases, sales, issuances and settlements, net | (1) | (0.7) | |
Balance, end of the year | 10.3 | 11 | 11.3 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Accrued payroll and benefits (current liability) | 10.1 | 12 | |
Pension and postretirement benefit obligations (noncurrent liablity) | 72.7 | 86 | |
Total | 82.8 | 98 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0.3 | 0.3 | 0.4 |
Interest cost on projected benefit obligation | 3.3 | 4 | 4 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of: | |||
Prior service cost (benefit) | (15.4) | (15.4) | (14.1) |
Actuarial loss | 5.4 | 5.4 | 5.6 |
Pension/postretirement costs | (6.4) | (5.7) | (4.1) |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |||
2,016 | 10.6 | ||
2,017 | 9.8 | ||
2,018 | 9.2 | ||
2,019 | 7.9 | ||
2,020 | 7.1 | ||
Years 2021 - 2025 | 30.8 | ||
Pension Plan Qualified [Member] | |||
Pension and Other Postretirement Benefit Contributions [Abstract] | |||
Pension benefit contributions | 10.3 | 19.7 | 42.1 |
Pension Plan Non-Qualified [Member] | |||
Pension and Other Postretirement Benefit Contributions [Abstract] | |||
Pension benefit contributions | 2.2 | 2.3 | $ 2.9 |
Estimated Future Employer Contributions in Next Fiscal Year | $ 2 | ||
Equity Securities [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Target allocation percentage of assets, equity securities | 65.00% | ||
Fixed Income Securities [Member] | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||
Target allocation percentage of assets, equity securities | 35.00% | ||
Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 147.8 | 212.3 | |
Equity Index Funds International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 97 | 61.1 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 133.3 | 150.9 | |
Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.3 | 11 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 378.1 | 424.3 | |
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 147.8 | 212.3 | |
Fair Value, Inputs, Level 1 [Member] | Equity Index Funds International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 97 | 61.1 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 133.3 | 150.9 | |
Fair Value, Inputs, Level 1 [Member] | Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Index Funds International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.3 | 11 | |
Fair Value, Inputs, Level 3 [Member] | Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Index Funds International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Insurance Contract, Rights and Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 10.3 | $ 11 |
Pension and Postretirement Pl68
Pension and Postretirement Plans Pension and Postretirement Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||||
Healthcare cost trend | 6.50% | 6.50% | |||
Rate to which the cost trend is assumed to decline (ultimate trend rate) | 4.50% | 4.50% | |||
Year the rates reach the ultimate trend rate | 2,020 | 2,018 | |||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |||||
Service and interest costs for current year | $ 0.2 | ||||
Service and interest costs for current year | (0.1) | ||||
Postretirement benefit obligation at December 31 | 4.2 | ||||
Postretirement benefit obligation at December 31 | $ (3.8) | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate | 3.40% | [1] | 4.20% | 3.30% | |
Expected long-term rate of return | 7.75% | 7.75% | 7.75% | ||
Future compensation growth rate | 0.00% | 0.00% | 3.00% | ||
Other Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate | 3.40% | [2] | 4.10% | 3.40% | |
Expected long-term rate of return | 0.00% | 0.00% | 0.00% | ||
Future compensation growth rate | 0.00% | 0.00% | 0.00% | ||
Discount rate before remeasurement of pension or postretirement liability [Member] | Other Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate | [2] | 3.10% | |||
Discount rate after remeasurement of pension or postretirement liability [Member] | Other Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate | [2] | 3.90% | |||
[1] | Discount rate used for the remeasurement of the management pension plan in May 2013 was consistent with the discount rate previously established. | ||||
[2] | For the period January 1, 2013 through July 31, 2013, the date of the remeasurement, we used a 3.10% discount rate. From that date through December 31, 2013, we used a 3.90% discount rate. |
Pension and Postretirement Pl69
Pension and Postretirement Plans Projected Benefit Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1, | $ 435.3 | ||
Fair value of plan assets at December 31, | 388.4 | $ 435.3 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at January 1, | 577.3 | 523 | |
Service cost | 0.3 | 1 | $ 2.1 |
Interest Cost | 19 | 21 | 18.8 |
Actuarial (gain) loss | (18.8) | 73.5 | |
Benefits paid | (47.3) | (41.2) | |
Retiree drug subsidy received | 0 | 0 | |
Other | 0 | 0 | |
Benefit obligation at December 31, | 530.5 | 577.3 | 523 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1, | 424.3 | 399.3 | |
Actual return on plan assets | (10.5) | 44.2 | |
Employer contributions | 11.6 | 22 | |
Retiree drug subsidy received | 0 | 0 | |
Benefits paid | (47.3) | (41.2) | |
Fair value of plan assets at December 31, | 378.1 | 424.3 | 399.3 |
Unfunded status | (152.4) | (153) | |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at January 1, | 109 | 101.5 | |
Service cost | 0.3 | 0.3 | 0.4 |
Interest Cost | 3.3 | 4 | 4 |
Actuarial (gain) loss | (10.9) | 13.3 | |
Benefits paid | (12.7) | (15.2) | |
Retiree drug subsidy received | 0.2 | 0.5 | |
Other | 3.9 | 4.6 | |
Benefit obligation at December 31, | 93.1 | 109 | 101.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1, | 11 | 11.3 | |
Actual return on plan assets | 0.1 | 0.4 | |
Employer contributions | 11.7 | 14 | |
Retiree drug subsidy received | 0.2 | 0.5 | |
Benefits paid | (12.7) | (15.2) | |
Fair value of plan assets at December 31, | 10.3 | 11 | $ 11.3 |
Unfunded status | $ (82.8) | $ (98) |
Pension and Postretirement Pl70
Pension and Postretirement Plans Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan [Member] | ||
Prior service cost recognized: | ||
Reclassification adjustments | $ 0.4 | $ 0.2 |
Actuarial (loss) gain recognized: | ||
Reclassification adjustments | 24.9 | 17.3 |
Actuarial (loss) gain arising during the period | (20.9) | (57.5) |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ||
Prior service cost (benefit) | 0.1 | |
Actuarial loss | 18.2 | |
Total | 18.3 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Prior service (cost) benefit, net of tax of ($0.1), ($0.2), $15.8, $21.3 | (0.2) | (0.5) |
Actuarial loss, net of tax of ($90.4), ($91.5), ($23.0), ($29.3) | (157.8) | (160.7) |
Total | (158) | (161.2) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax Effect [Abstract] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Prior Service (Cost) Benefit, Tax Effect | (0.1) | (0.2) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), Tax Effect | (90.4) | (91.5) |
Other Postretirement Benefit Plan [Member] | ||
Prior service cost recognized: | ||
Reclassification adjustments | (15.4) | (15.4) |
Actuarial (loss) gain recognized: | ||
Reclassification adjustments | 5.4 | 5.4 |
Actuarial (loss) gain arising during the period | 10.9 | (12.9) |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | ||
Prior service cost (benefit) | (14.8) | |
Actuarial loss | 4.9 | |
Total | (9.9) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Prior service (cost) benefit, net of tax of ($0.1), ($0.2), $15.8, $21.3 | 28.6 | 38.5 |
Actuarial loss, net of tax of ($90.4), ($91.5), ($23.0), ($29.3) | (40.9) | (50.9) |
Total | (12.3) | (12.4) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax Effect [Abstract] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Prior Service (Cost) Benefit, Tax Effect | 15.8 | 21.3 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), Tax Effect | $ (23) | $ (29.3) |
Shareowners' Deficit (Details)
Shareowners' Deficit (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)shares | |
Class of Stock [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |
Common Stock, Shares, Outstanding | 209,876,949 | 209,296,068 | |
Stock Repurchase Program, Authorized Amount | $ | $ 150 | ||
Repurchase and retirement of shares | 0 | 0 | 0 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 129.2 | ||
Treasury Stock, Shares | 100,000 | 300,000 | |
Treasury Stock, Value | $ | $ 0.5 | $ 1.1 | |
Preferred Stock, Shares Authorized | 2,357,299 | 2,357,299 | |
Preferred Stock, Shares Issued | 155,250 | 155,250 | |
Preferred Stock, Depositary Shares | 3,105,000 | 3,105,000 | |
Preferred Stock Converstion Rate | 1.44 | ||
Preferred Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 67.50 | ||
Preferred stock dividends per depositary share | $ / shares | 3.3752 | ||
Preferred Stock, Liquidation Preference Per Share | $ / shares | 1,000 | $ 1,000 | |
Preferred Stock Liquidation Preference Per Depositary Share | $ / shares | $ 50 | $ 50 | |
Preferred Stock Dividends and Other Adjustments | $ | $ 10.4 | $ 10.4 | $ 10.4 |
Preferred Voting Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 1,357,299 | ||
Nonvoting Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 1,000,000 |
Shareowners' Deficit Accumulate
Shareowners' Deficit Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | ||||
Beginning balance | $ (173.9) | $ (133.3) | ||
Foreign currency loss | (0.4) | (0.1) | $ (0.1) | |
Remeasurement of benefit obligations | (6.6) | (45.4) | 56.8 | |
Reclassifications, net | 9.9 | 4.9 | ||
Ending balance | (171) | (173.9) | (133.3) | |
Accumulated Translation Adjustment [Member] | ||||
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | ||||
Beginning balance | (0.3) | (0.2) | ||
Foreign currency loss | (0.4) | (0.1) | ||
Remeasurement of benefit obligations | 0 | 0 | ||
Reclassifications, net | 0 | 0 | ||
Ending balance | (0.7) | (0.3) | (0.2) | |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward] | ||||
Beginning balance | (173.6) | (133.1) | ||
Foreign currency loss | 0 | 0 | ||
Remeasurement of benefit obligations | (6.6) | (45.4) | ||
Reclassifications, net | [1] | 9.9 | 4.9 | |
Ending balance | $ (170.3) | $ (173.6) | $ (133.1) | |
[1] | These reclassifications are included in the components of net period pension and postretirement benefit costs (see Note 12 for additional details). The components of net period pension and postretirement benefit cost are reported within "Cost of services", "Cost of products sold", and "Selling, general and administrative" expenses on the Consolidated Statements of Operations. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 9.2 | $ 9.3 | $ 0 |
State and local | 1.7 | 1.9 | 0 |
Total current | 10.9 | 11.2 | 0 |
Investment tax credits | (0.2) | (0.2) | (0.2) |
Deferred: | |||
Federal | 149.4 | 69.6 | (18.5) |
State and local | 5.2 | 1.9 | (4) |
Foreign | 0 | 0 | 0.3 |
Total deferred | 154.6 | 71.5 | (22.2) |
Valuation allowance | (5.5) | (1.1) | 14.1 |
Total | $ 159.8 | $ 81.4 | $ (8.3) |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal income tax | 0.70% | 0.80% | 1.50% |
Change in valuation allowance, net of federal income tax | (0.80%) | (2.00%) | (12.40%) |
State net operating loss adjustments | 0.30% | 1.90% | 2.10% |
Nondeductible interest expense | 0.00% | 2.70% | (8.90%) |
Unrecognized tax benefit changes | 0.20% | 1.40% | (1.70%) |
Nondeductible compensation | 0.10% | 0.70% | (2.00%) |
Foreign | 0.00% | 0.00% | (0.50%) |
Other differences, net | 0.00% | 0.40% | (1.70%) |
Effective tax rate | 35.50% | 40.90% | 11.40% |
Income tax expense (benefit) | $ 159.8 | $ 81.4 | $ (8.3) |
Accumulated other comprehensive income (loss) | 2 | (22.4) | 42.1 |
Excess tax benefits on stock option exercises | $ (0.1) | (0.1) | (0.5) |
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2023 | ||
Deferred tax assets: | |||
Net operating loss carryforwards | $ 142 | 286.5 | |
Pension and postretirement benefits | 89.1 | 95.5 | |
Equity method investment in CyrusOne | 68.9 | 64.5 | |
Deferred Tax Assets, Deferred Gain on Sale Leaseback Transaction | 0 | 42.2 | |
Other | 43.8 | 47.4 | |
Total deferred tax assets | 376.5 | 560.8 | |
Valuation allowance | (58.4) | (64.4) | |
Total deferred tax assets, net of valuation allowance | 318.1 | 496.4 | |
Deferred tax liabilities: | |||
Property, plant and equipment | 134.9 | 121.9 | |
Other | 0.3 | 4.9 | |
Total deferred tax liabilities | 135.2 | 126.8 | |
Net deferred tax assets | 182.9 | 369.6 | |
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | |||
Federal tax operating loss carryforwards | 258.6 | ||
Federal tax operating loss carryforwards, deferred tax asset value | 90.5 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 32.7 | 24.7 | |
State tax credits | 10.7 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign, State and Local Tax | 51.5 | ||
Income Tax Uncertainties [Abstract] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 27.3 | 26.3 | |
Balance, beginning of year | 27.1 | 24.1 | 22.8 |
Change in tax positions for the current year | 0.5 | 3 | 1.3 |
Change in tax positions for prior years | 0 | 0 | 0 |
Balance, end of year | 27.6 | 27.1 | 24.1 |
Continuing Operations [Member] | |||
Deferred: | |||
Total | 159.8 | 81.4 | (8.3) |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Income tax expense (benefit) | 159.8 | 81.4 | (8.3) |
Discontinued Operations [Member] | |||
Deferred: | |||
Total | 34.8 | (24) | 5.8 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Income tax expense (benefit) | $ 34.8 | $ (24) | $ 5.8 |
Stock-Based Compensation Plan74
Stock-Based Compensation Plans Stock-Based Compensation Options & SARs (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from exercise of options and warrants | $ 0 | $ 1.3 | $ 7.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 1.14 | $ 1.84 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Stock Options and Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from exercise of options and warrants | $ 0.1 | $ 1.3 | $ 2.4 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 3.41 | $ 4.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Stock-Based Compensation Plan75
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares Authorized | 25,000,000 | |||
Number of Shares Available for Grant | 5,800,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Granted | $ 0 | $ 1.14 | $ 1.84 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Compensation expense for the year | $ 4.1 | $ 3.3 | $ 4.9 | |
Cash received from awards exercised | 0 | $ 1.3 | $ 7.1 | |
Intrinsic Value of awards exercisable | 0.8 | |||
Intrinsic Value of awards outstanding | $ 0.9 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years | |||
Phantom Shares Annual Grant | 0 | 6,000 | ||
Deferred Compensation Plans, Years of Service Required for Full Vesting | five | |||
Stock Options and Stock Appreciation Rights [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at January 1, | 5,224,000 | 6,128,000 | 9,538,000 | |
Outstanding at January 1, | $ 3.85 | $ 3.66 | $ 4.04 | |
Granted | 0 | 998,000 | 595,000 | |
Granted | $ 0 | $ 3.41 | $ 4.75 | |
Exercised | (33,000) | (725,000) | (804,000) | |
Exercised | $ 1.94 | $ 1.73 | $ 2.41 | |
Forfeited | (499,000) | (215,000) | (361,000) | |
Forfeited | $ 3.75 | $ 3.99 | $ 3.39 | |
Expired | (812,000) | (962,000) | (2,840,000) | |
Expired | $ 4 | $ 3.73 | $ 5.56 | |
Outstanding at December 31, | 3,880,000 | 5,224,000 | 6,128,000 | |
Outstanding at December 31, | $ 3.86 | $ 3.85 | $ 3.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Expected to vest at December 31, | 3,880,000 | 5,224,000 | 6,128,000 | |
Expected to vest at December 31, | $ 3.86 | $ 3.85 | $ 3.66 | |
Exercisable at December 31, | 3,175,000 | 3,477,000 | 5,064,000 | |
Exercisable at December 31, | $ 3.93 | $ 3.98 | $ 3.61 | |
Compensation expense for the year | $ 0 | $ 0.3 | $ 0.6 | |
Tax benefit related to compensation expense | 0 | (0.1) | (0.2) | |
Intrinsic value of awards exercised | 0.1 | 1.5 | 1.2 | |
Cash received from awards exercised | 0.1 | 1.3 | 2.4 | |
Grant date fair value of awards vested | 0.7 | 0.4 | 0.4 | |
Unrecognized Compensation | $ 0.7 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
Performance Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Compensation expense for the year | $ 3.1 | 1.4 | 2.6 | |
Tax benefit related to compensation expense | (1.1) | $ (0.5) | $ (1) | |
Unrecognized Compensation | $ 7.5 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,692,000 | 1,085,000 | 1,067,000 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Compensation expense for the year | $ 1 | $ 1.6 | $ 1.7 | |
Tax benefit related to compensation expense | (0.3) | $ (0.6) | $ (0.6) | |
Unrecognized Compensation | $ 0.2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 180,000 | 176,000 | 279,000 | |
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Aggregate intrinsic value, cash settled and other awards, exercisable | $ 0.8 | |||
Performance Based Cash Unit Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Compensation expense for the year | 0.6 | $ 0.6 | $ (0.2) | |
Unrecognized Compensation | 1.9 | |||
Fair Value of Grants in Period | $ 0 | $ 3.6 | 0 | |
Deferred Compensation, Share-based Payments [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Deferred Compensation,Total Shares Deferred | 300,000 | 400,000 | ||
Deferred Compensation, Compensation Expense | $ 0.2 | $ (0.3) | $ (1.4) |
Stock-Based Compensation Plan76
Stock-Based Compensation Plans Oustanding and Exercisable Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0.8 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years | |||
Outstanding Shares | 3,880 | |||
Exercisable Shares | 3,175 | |||
$1.67 to $2.91 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding Shares | 564 | |||
Outstanding Weighted Average Exercise Price Per Share | $ 2.49 | |||
Exercisable Shares | 564 | |||
Exercisable Weighted Average Exercise Price Per Share | $ 2.49 | |||
$3.40 to $4.62 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding Shares | 1,788 | |||
Outstanding Weighted Average Exercise Price Per Share | $ 3.46 | |||
Exercisable Shares | 1,146 | |||
Exercisable Weighted Average Exercise Price Per Share | $ 3.49 | |||
$4.74 to $5.31 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding Shares | 1,528 | |||
Outstanding Weighted Average Exercise Price Per Share | $ 4.82 | |||
Exercisable Shares | 1,465 | |||
Exercisable Weighted Average Exercise Price Per Share | $ 4.83 | |||
Stock Options and Stock Appreciation Rights [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 3.86 | $ 3.85 | $ 3.66 | $ 4.04 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 3.93 | $ 3.98 | $ 3.61 |
Stock-Based Compensation Plan77
Stock-Based Compensation Plans Stock Option Award Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2015$ / shares | Dec. 31, 2014$ / shares | Dec. 31, 2013$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 0.00% | 35.50% | 43.60% |
Risk-free interest rate | 0.00% | 1.50% | 0.80% |
Expected holding period (in years) | 0 | 5 | 5 |
Expected dividends | 0.00% | 0.00% | 0.00% |
Weighted-average grant date fair value | $ 0 | $ 1.14 | $ 1.84 |
Stock Options and Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value | $ 0 | $ 3.41 | $ 4.75 |
Stock-Based Compensation Plan78
Stock-Based Compensation Plans Performance Unit Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Compensation expense for the year | $ 4.1 | $ 3.3 | $ 4.9 |
Performance Based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Non-vested at January 1, | 1,746 | 1,537 | 1,687 |
Non-vested at January 1, | $ 3.85 | $ 3.97 | $ 3.13 |
Granted | 2,692 | 1,085 | 1,067 |
Granted | $ 3.09 | $ 3.56 | $ 4.56 |
Vested | (445) | (635) | (703) |
Vested | $ 3.80 | $ 3.71 | $ 3.07 |
Forfeited | (386) | (241) | (514) |
Forfeited | $ 3.28 | $ 3.65 | $ 3.67 |
Non-vested at December 31, | 3,607 | 1,746 | 1,537 |
Non-vested at December 31, | $ 3.35 | $ 3.85 | $ 3.97 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Compensation expense for the year | $ 3.1 | $ 1.4 | $ 2.6 |
Tax benefit related to compensation expense | (1.1) | (0.5) | (1) |
Grant date fair value of awards vested | 1.7 | 2.3 | 2.2 |
Unrecognized Compensation | $ 7.5 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||
Performance Based Cash Unit Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Compensation expense for the year | $ 0.6 | 0.6 | (0.2) |
Unrecognized Compensation | 1.9 | ||
Fair Value of Grants in Period | $ 0 | $ 3.6 | $ 0 |
Stock-Based Compensation Plan79
Stock-Based Compensation Plans Time Based Restricted Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Compensation expense for the year | $ 4.1 | $ 3.3 | $ 4.9 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Non-vested at January 1, | 684 | 1,044 | 1,298 |
Non-vested at January 1, | $ 3.70 | $ 3.55 | $ 3.11 |
Granted | 180 | 176 | 279 |
Granted | $ 3.47 | $ 3.19 | $ 4.72 |
Vested | (630) | (514) | (454) |
Vested | $ 3.54 | $ 3.25 | $ 3.03 |
Forfeited | 0 | (22) | (79) |
Forfeited | $ 0 | $ 3.19 | $ 3.40 |
Non-vested at December 31, | 234 | 684 | 1,044 |
Non-vested at December 31, | $ 3.96 | $ 3.70 | $ 3.55 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Compensation expense for the year | $ 1 | $ 1.6 | $ 1.7 |
Tax benefit related to compensation expense | (0.3) | (0.6) | (0.6) |
Grant date fair value of awards vested | 2.2 | 1.7 | 1.4 |
Unrecognized Compensation | 0.2 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value, cash settled and other awards, exercisable | 0.8 | ||
Performance Based Cash Unit Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Compensation expense for the year | 0.6 | $ 0.6 | $ (0.2) |
Unrecognized Compensation | $ 1.9 | ||
Deferred Compensation, Share-based Payments [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement with Individual, Shares Issued | 300 | 400 |
Business Segment Information (D
Business Segment Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Revenue | $ 289.3 | $ 299.8 | $ 285.8 | $ 292.9 | $ 294.9 | $ 301.4 | $ 283 | $ 282.2 | $ 1,167.8 | $ 1,161.5 | $ 1,073.4 |
Operating income (loss) | 25 | $ 36.2 | $ 29.7 | $ 37.1 | 31.4 | $ 47.8 | $ 47.3 | $ 50.4 | 128 | 176.9 | 139.8 |
Expenditures for long-lived assets | 283.6 | 182.3 | 196.9 | ||||||||
Depreciation and amortization | 141.6 | 127.6 | 128.4 | ||||||||
Assets | 1,454.4 | 1,820.7 | 1,454.4 | 1,820.7 | |||||||
Service revenue | 933 | 890.2 | 871.9 | ||||||||
Product revenue | $ 234.8 | $ 271.3 | $ 201.5 | ||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Number of Operating Segments | 2 | 2 | 2 | ||||||||
Restructuring charges | $ 6 | $ (0.4) | $ 13.5 | ||||||||
Impairment of assets, excluding goodwill | 0 | (4.6) | 0 | ||||||||
Property, Plant and Equipment, Gross, Period Increase (Decrease) | 86.4 | ||||||||||
Cost Method Investments | 55.5 | 55.5 | |||||||||
Equity Method Investments | 273.6 | 273.6 | |||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 182.9 | 369.6 | 182.9 | 369.6 | |||||||
Transaction-related compensation | 0 | 0 | 42.6 | ||||||||
Handsets and accessories [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Product revenue | 7.4 | 10.7 | 5.7 | ||||||||
IT, telephony and other equipment [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Product revenue | 227.4 | 260.6 | 195.8 | ||||||||
Entertainment and Communications [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | 743.7 | 740.7 | 724.8 | ||||||||
Operating income (loss) | 129.9 | 178.9 | 186.2 | ||||||||
Expenditures for long-lived assets | 269.5 | 163.7 | 162.6 | ||||||||
Depreciation and amortization | 129.2 | 115.7 | 112.2 | ||||||||
Assets | 983.3 | 833.2 | 983.3 | 833.2 | |||||||
Service revenue | 735 | 728.8 | 718 | ||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Restructuring charges | 1.6 | (0.5) | 9.1 | ||||||||
Impairment of assets, excluding goodwill | 4.6 | ||||||||||
IT Services and Hardware [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | 435.4 | 433 | 344.1 | ||||||||
Operating income (loss) | 20.6 | 19.8 | 8.5 | ||||||||
Expenditures for long-lived assets | 14 | 11.9 | 10.6 | ||||||||
Depreciation and amortization | 12.3 | 11.7 | 10.5 | ||||||||
Assets | 58 | 61.4 | 58 | 61.4 | |||||||
Service revenue | 198 | 161.4 | 138.7 | ||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Restructuring charges | 2.8 | 0 | 0.7 | ||||||||
Increase (decrease) in Revenue | 2.4 | 88.9 | |||||||||
Discontinued Operations [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Assets | 0 | 49.3 | 0 | 49.3 | |||||||
Data Center Colocation [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | 0 | 0 | 15.6 | ||||||||
Operating income (loss) | 0 | 0 | 3.2 | ||||||||
Expenditures for long-lived assets | 0 | 0 | 7.7 | ||||||||
Depreciation and amortization | 0 | 0 | 5.2 | ||||||||
Service revenue | 0 | 0 | 15.2 | ||||||||
Corporate Segment [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Operating income (loss) | (22.5) | (21.8) | (58.1) | ||||||||
Expenditures for long-lived assets | 0.1 | 0.2 | 0 | ||||||||
Depreciation and amortization | 0.1 | 0.2 | 0.5 | ||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Restructuring charges | 1.6 | 0.1 | 3.7 | ||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 182.3 | 284.7 | 182.3 | 284.7 | |||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | (11.3) | (12.2) | (11.1) | ||||||||
Intersegment Eliminations [Member] | Entertainment and Communications [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | 1.3 | 1.2 | 1.1 | ||||||||
Intersegment Eliminations [Member] | IT Services and Hardware [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | 10 | 11 | 9.6 | ||||||||
Intersegment Eliminations [Member] | Data Center Colocation [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | 0 | 0 | 0.4 | ||||||||
Intersegment Eliminations [Member] | Corporate Segment [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Assets | $ 413.1 | $ 876.8 | 413.1 | 876.8 | |||||||
Sales [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Revenue | 11.3 | 12.2 | 11.1 | ||||||||
Telecom and IT equipment [Member] | IT Services and Hardware [Member] | |||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Increase (decrease) in Revenue | 35.1 | 64.4 | |||||||||
Managed and Professional Services [Member] | IT Services and Hardware [Member] | |||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||
Increase (decrease) in Revenue | 40.7 | 20.6 | |||||||||
Continuing Operations [Member] | |||||||||||
Segment Reporting [Abstract] | |||||||||||
Expenditures for long-lived assets | 283.6 | 175.8 | 180.9 | ||||||||
Depreciation and amortization | $ 141.6 | $ 127.6 | $ 128.4 |
Supplemental Cash Flow Inform81
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Capitalized interest expense | $ 1.1 | $ 0.8 | $ 0.6 |
Interest | 108.5 | 153.1 | 179.5 |
Income taxes, net of refunds | 8.8 | 9.1 | 2.8 |
Noncash Investing and Financing Items [Abstract] | |||
Investment in CyrusOne resulting from deconsolidation | 0 | 0 | 509.7 |
Acquisition of property by assuming debt and other financing arrangements | 5.8 | 4.7 | 7.6 |
Acquisition of property on account | 34.6 | 24.8 | 13.3 |
CyrusOne [Member] | |||
Noncash Investing and Financing Items [Abstract] | |||
Accrual of CyrusOne dividends | $ 2.1 | $ 6 | $ 7.1 |
Supplemental Guarantor Inform82
Supplemental Guarantor Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Apr. 01, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Revenue | $ 289.3 | $ 299.8 | $ 285.8 | $ 292.9 | $ 294.9 | $ 301.4 | $ 283 | $ 282.2 | $ 1,167.8 | $ 1,161.5 | $ 1,073.4 | |||||
Operating costs and expenses | 1,039.8 | 984.6 | 933.6 | |||||||||||||
Operating income (loss) | 25 | 36.2 | 29.7 | 37.1 | 31.4 | 47.8 | 47.3 | 50.4 | 128 | 176.9 | 139.8 | |||||
Other expense (income), net | (2.5) | (1.9) | (3.3) | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 450.6 | 199.1 | (73.2) | |||||||||||||
Income tax expense (benefit) | 159.8 | 81.4 | (8.3) | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 30.5 | 79.3 | 180.7 | 0.3 | (4.4) | (7.5) | 123.7 | 5.9 | 290.8 | 117.7 | (64.9) | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 2.1 | 1 | 10.9 | 48.9 | (13.9) | (19.8) | (9.5) | 1.1 | 62.9 | (42.1) | 10.2 | |||||
Net income (loss) | 32.6 | 80.3 | 191.6 | 49.2 | (18.3) | $ (27.3) | 114.2 | 7 | 353.7 | 75.6 | (54.7) | |||||
Other comprehensive income (loss) | 2.9 | (40.6) | 76.4 | |||||||||||||
Total comprehensive income (loss) | 356.6 | 35 | 21.7 | |||||||||||||
Preferred stock dividends | 10.4 | 10.4 | 10.4 | |||||||||||||
Net income (loss) applicable to common shareowners | 343.3 | 65.2 | (65.1) | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 7.4 | 57.9 | 57.9 | 4.6 | 57.9 | 4.6 | 23.6 | $ 7.4 | $ 57.9 | $ 4.6 | $ 23.6 | |||||
Other current assets | 2.2 | 1.8 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 4.7 | ||||||||||||||
Total current assets | 200.4 | 268.7 | ||||||||||||||
Property, plant and equipment, net | 975.5 | 815.4 | ||||||||||||||
Investment in CyrusOne | 55.5 | 273.6 | ||||||||||||||
Other noncurrent assets | 25.6 | 33.9 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | 44.6 | ||||||||||||||
Total assets | 1,454.4 | 1,820.7 | ||||||||||||||
Current portion of long-term debt | 13.8 | 11.6 | ||||||||||||||
Accounts payable | 127.4 | 131.6 | ||||||||||||||
Other current liabilities | 25 | 25.8 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 5.4 | 142 | ||||||||||||||
Liabilities, Current | 259.2 | 410.8 | ||||||||||||||
Long-term debt, less current portion | 1,231.8 | 1,689.4 | ||||||||||||||
Other Liabilities, Noncurrent | 36.6 | 26.2 | ||||||||||||||
Total liabilities | 1,752.6 | 2,469.2 | ||||||||||||||
Stockholders' Equity Attributable to Parent | (298.2) | (648.5) | (676.7) | (698.2) | ||||||||||||
Total liabilities and shareowners' equity (deficit) | 1,454.4 | 1,820.7 | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash flows (used in) provided by operating activities | 110.9 | 175.2 | 78.8 | |||||||||||||
Capital expenditures | (283.6) | (182.3) | (196.9) | |||||||||||||
Proceeds from Sale of Equity Method Investments | 47.6 | $ 170.3 | $ 426 | $ 355.9 | 643.9 | 355.9 | 0 | |||||||||
Dividends received from CyrusOne | 22.2 | 28.4 | 21.3 | |||||||||||||
Proceeds from sale of assets | 1 | 2 | 2 | |||||||||||||
Cash Divested from Deconsolidation | 0 | 0 | (12.2) | |||||||||||||
Distributions received from subsidiaries [Abstract] | ||||||||||||||||
Other investing activities | (0.3) | (5.8) | 0 | |||||||||||||
Cash flows provided by (used in) investing activities | 383.2 | 392.6 | (185.4) | |||||||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 536 | |||||||||||||
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days | (1.6) | (127) | 94.2 | |||||||||||||
Repayment of debt | (531.7) | (376.5) | (530.8) | |||||||||||||
Debt issuance costs | (0.4) | (0.9) | (6.7) | |||||||||||||
Proceeds from exercise of options and warrants | 0 | 1.3 | 7.1 | |||||||||||||
Other financing activities | (0.6) | (1.1) | (2.3) | |||||||||||||
Cash flows provided by (used in) financing activities | (544.6) | (514.5) | 87.6 | |||||||||||||
(Decrease) increase in cash and cash equivalents | (50.5) | 53.3 | (19) | |||||||||||||
Cash and cash equivalents at beginning of year | 57.9 | 4.6 | 57.9 | 4.6 | 23.6 | |||||||||||
Cash and cash equivalents at end of year | 7.4 | 57.9 | 7.4 | 57.9 | 4.6 | |||||||||||
Notes guaranteed by parent [Member] | ||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Revenue | 1,167.8 | 1,161.5 | 1,073.4 | |||||||||||||
Operating costs and expenses | 1,039.8 | 984.6 | 933.6 | |||||||||||||
Operating income (loss) | 128 | 176.9 | 139.8 | |||||||||||||
Interest Income (Expense), Net | 103.1 | 145.9 | 176 | |||||||||||||
Other expense (income), net | (425.7) | (168.1) | 37 | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 450.6 | 199.1 | (73.2) | |||||||||||||
Income tax expense (benefit) | 159.8 | 81.4 | (8.3) | |||||||||||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 290.8 | 117.7 | (64.9) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 62.9 | (42.1) | 10.2 | |||||||||||||
Net income (loss) | 353.7 | 75.6 | (54.7) | |||||||||||||
Other comprehensive income (loss) | 2.9 | (40.6) | 76.4 | |||||||||||||
Total comprehensive income (loss) | 356.6 | 35 | 21.7 | |||||||||||||
Preferred stock dividends | 10.4 | 10.4 | 10.4 | |||||||||||||
Net income (loss) applicable to common shareowners | 343.3 | 65.2 | (65.1) | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 7.4 | 57.9 | 57.9 | 4.6 | 57.9 | 4.6 | 23.6 | 7.4 | 57.9 | 4.6 | 23.6 | |||||
Receivables, net | 157.1 | 168.5 | ||||||||||||||
Other current assets | 35.9 | 37.6 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 4.7 | |||||||||||||||
Total current assets | 200.4 | 268.7 | ||||||||||||||
Property, plant and equipment, net | 975.5 | 815.4 | ||||||||||||||
Investment in CyrusOne | 55.5 | 273.6 | ||||||||||||||
Goodwill and intangibles, net | 14.5 | 14.9 | ||||||||||||||
Investments in and advances to subsidiaries | 0 | 0 | ||||||||||||||
Other noncurrent assets | 208.5 | 403.5 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 44.6 | |||||||||||||||
Total assets | 1,454.4 | 1,820.7 | ||||||||||||||
Current portion of long-term debt | 13.8 | 11.6 | ||||||||||||||
Accounts payable | 128.9 | 132 | ||||||||||||||
Other current liabilities | 111.1 | 125.2 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 5.4 | 142 | ||||||||||||||
Liabilities, Current | 259.2 | 410.8 | ||||||||||||||
Long-term debt, less current portion | 1,231.8 | 1,689.4 | ||||||||||||||
Other Liabilities, Noncurrent | 261.6 | 266.3 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 102.7 | |||||||||||||||
Intercompany payables | 0 | 0 | ||||||||||||||
Total liabilities | 1,752.6 | 2,469.2 | ||||||||||||||
Stockholders' Equity Attributable to Parent | (298.2) | (648.5) | ||||||||||||||
Total liabilities and shareowners' equity (deficit) | 1,454.4 | 1,820.7 | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash flows (used in) provided by operating activities | 110.9 | 175.2 | 78.8 | |||||||||||||
Capital expenditures | (283.6) | (182.3) | (196.9) | |||||||||||||
Proceeds from Sale of Equity Method Investments | 643.9 | 355.9 | ||||||||||||||
Dividends received from CyrusOne | 22.2 | 28.4 | 21.3 | |||||||||||||
Proceeds from sale of assets | 1 | 196.4 | 2 | |||||||||||||
Cash Divested from Deconsolidation | (12.2) | |||||||||||||||
Distributions received from subsidiaries | 0 | 0 | ||||||||||||||
Funding between Parent and subsidiaries, net investing | 0 | 0 | ||||||||||||||
Distributions received from subsidiaries [Abstract] | ||||||||||||||||
Other investing activities | (0.3) | (5.8) | 0.4 | |||||||||||||
Cash flows provided by (used in) investing activities | 383.2 | 392.6 | (185.4) | |||||||||||||
Funding between Parent and subsidiaries, net financing | 0 | 0 | ||||||||||||||
Distributions paid to Parent | 0 | 0 | ||||||||||||||
Proceeds from issuance of long-term debt | 536 | |||||||||||||||
Funding between Parent and subsidiaries, net | 0 | |||||||||||||||
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days | (1.6) | (127) | 94.2 | |||||||||||||
Repayment of debt | (531.7) | (376.5) | (530.8) | |||||||||||||
Debt issuance costs | (0.4) | (0.9) | (6.7) | |||||||||||||
Proceeds from exercise of options and warrants | 1.3 | 7.1 | ||||||||||||||
Other financing activities | (10.9) | (11.4) | (12.2) | |||||||||||||
Cash flows provided by (used in) financing activities | (544.6) | (514.5) | 87.6 | |||||||||||||
(Decrease) increase in cash and cash equivalents | (50.5) | 53.3 | (19) | |||||||||||||
Cash and cash equivalents at beginning of year | 57.9 | 4.6 | 57.9 | 4.6 | 23.6 | |||||||||||
Cash and cash equivalents at end of year | 7.4 | 57.9 | 7.4 | 57.9 | 4.6 | |||||||||||
Parent Company [Member] | Notes guaranteed by parent [Member] | ||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||||
Operating costs and expenses | 22.4 | 21.5 | 57.2 | |||||||||||||
Operating income (loss) | (22.4) | (21.5) | (57.2) | |||||||||||||
Interest Income (Expense), Net | 112.7 | 142.6 | 162.5 | |||||||||||||
Other expense (income), net | 19.5 | 17.6 | 28.2 | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | (154.6) | (181.7) | (247.9) | |||||||||||||
Income tax expense (benefit) | (53.3) | (55.8) | (79.8) | |||||||||||||
Equity in earnings of subsidiaries, net of tax | 455 | 201.5 | 113.4 | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 353.7 | 75.6 | (54.7) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||||||
Net income (loss) | 353.7 | 75.6 | (54.7) | |||||||||||||
Other comprehensive income (loss) | 3.3 | (40.5) | 76.5 | |||||||||||||
Total comprehensive income (loss) | 357 | 35.1 | 21.8 | |||||||||||||
Preferred stock dividends | 10.4 | 10.4 | 10.4 | |||||||||||||
Net income (loss) applicable to common shareowners | 343.3 | 65.2 | (65.1) | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 4.6 | 56.2 | 56.2 | 2.1 | 56.2 | 2.1 | 3.8 | 4.6 | 56.2 | 2.1 | 3.8 | |||||
Receivables, net | 0.7 | 2.6 | ||||||||||||||
Other current assets | 1.6 | 1.3 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | |||||||||||||||
Total current assets | 6.9 | 60.1 | ||||||||||||||
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 | 844.6 | 1,066.1 | ||||||||||||||
Other noncurrent assets | 214.4 | 297.6 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | |||||||||||||||
Total assets | 1,066.2 | 1,424 | ||||||||||||||
Current portion of long-term debt | 5.4 | 5.4 | ||||||||||||||
Accounts payable | 0.7 | 1 | ||||||||||||||
Other current liabilities | 41.6 | 52.3 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 0 | ||||||||||||||
Liabilities, Current | 47.7 | 58.7 | ||||||||||||||
Long-term debt, less current portion | 1,025.8 | 1,526.1 | ||||||||||||||
Other Liabilities, Noncurrent | 235.5 | 254.1 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 0 | |||||||||||||||
Intercompany payables | 54.7 | 233.4 | ||||||||||||||
Total liabilities | 1,363.7 | 2,072.3 | ||||||||||||||
Stockholders' Equity Attributable to Parent | (297.5) | (648.3) | ||||||||||||||
Total liabilities and shareowners' equity (deficit) | 1,066.2 | 1,424 | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash flows (used in) provided by operating activities | (19.3) | (56.3) | (218.1) | |||||||||||||
Capital expenditures | (0.1) | (0.2) | 0 | |||||||||||||
Proceeds from Sale of Equity Method Investments | 0 | 0 | ||||||||||||||
Dividends received from CyrusOne | 0 | 0 | 0 | |||||||||||||
Proceeds from sale of assets | 0 | 0 | 0 | |||||||||||||
Cash Divested from Deconsolidation | 0 | |||||||||||||||
Distributions received from subsidiaries | 11.3 | 12.8 | ||||||||||||||
Funding between Parent and subsidiaries, net investing | 0 | 0 | ||||||||||||||
Distributions received from subsidiaries [Abstract] | ||||||||||||||||
Other investing activities | (0.3) | (0.3) | 0 | |||||||||||||
Cash flows provided by (used in) investing activities | 10.9 | 12.3 | 0 | |||||||||||||
Funding between Parent and subsidiaries, net financing | 486.4 | 516.2 | ||||||||||||||
Distributions paid to Parent | 0 | 0 | ||||||||||||||
Proceeds from issuance of long-term debt | 536 | |||||||||||||||
Funding between Parent and subsidiaries, net | 174.2 | |||||||||||||||
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | (40) | 40 | |||||||||||||
Repayment of debt | (518.5) | (367.3) | (522) | |||||||||||||
Debt issuance costs | (0.2) | (0.7) | (6.7) | |||||||||||||
Proceeds from exercise of options and warrants | 1.3 | 7.1 | ||||||||||||||
Other financing activities | (10.9) | (11.4) | (12.2) | |||||||||||||
Cash flows provided by (used in) financing activities | (43.2) | 98.1 | 216.4 | |||||||||||||
(Decrease) increase in cash and cash equivalents | (51.6) | 54.1 | (1.7) | |||||||||||||
Cash and cash equivalents at beginning of year | 56.2 | 2.1 | 56.2 | 2.1 | 3.8 | |||||||||||
Cash and cash equivalents at end of year | 4.6 | 56.2 | 4.6 | 56.2 | 2.1 | |||||||||||
Cincinnati Bell Telephone Company [Member] | Notes guaranteed by parent [Member] | ||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Revenue | 660.1 | 659.6 | 644.2 | |||||||||||||
Operating costs and expenses | 538.6 | 488 | 463.1 | |||||||||||||
Operating income (loss) | 121.5 | 171.6 | 181.1 | |||||||||||||
Interest Income (Expense), Net | (0.9) | (4.5) | (2.7) | |||||||||||||
Other expense (income), net | 7 | 7.4 | 6.5 | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 115.4 | 168.7 | 177.3 | |||||||||||||
Income tax expense (benefit) | 41.1 | 61.7 | 64.7 | |||||||||||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 74.3 | 107 | 112.6 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||||||
Net income (loss) | 74.3 | 107 | 112.6 | |||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | |||||||||||||
Total comprehensive income (loss) | 74.3 | 107 | 112.6 | |||||||||||||
Preferred stock dividends | 0 | 0 | 0 | |||||||||||||
Net income (loss) applicable to common shareowners | 74.3 | 107 | 112.6 | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 1 | 1 | 1 | 1.8 | 1 | 1.8 | 1.9 | 1 | 1 | 1.8 | 1.9 | |||||
Receivables, net | 0 | 1 | ||||||||||||||
Other current assets | 20.2 | 16.3 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | |||||||||||||||
Total current assets | 21.2 | 18.3 | ||||||||||||||
Property, plant and equipment, net | 921.5 | 764 | ||||||||||||||
Investment in CyrusOne | 0 | 0 | ||||||||||||||
Goodwill and intangibles, net | 2.2 | 2.2 | ||||||||||||||
Investments in and advances to subsidiaries | 63.9 | 220.8 | ||||||||||||||
Other noncurrent assets | 3.8 | 4.9 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | |||||||||||||||
Total assets | 1,012.6 | 1,010.2 | ||||||||||||||
Current portion of long-term debt | 5 | 3.9 | ||||||||||||||
Accounts payable | 84.8 | 73.8 | ||||||||||||||
Other current liabilities | 45.3 | 52.8 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 0 | ||||||||||||||
Liabilities, Current | 135.1 | 130.5 | ||||||||||||||
Long-term debt, less current portion | 135.1 | 141.2 | ||||||||||||||
Other Liabilities, Noncurrent | 168.3 | 153.7 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 0 | |||||||||||||||
Intercompany payables | 0 | 0 | ||||||||||||||
Total liabilities | 438.5 | 425.4 | ||||||||||||||
Stockholders' Equity Attributable to Parent | 574.1 | 584.8 | ||||||||||||||
Total liabilities and shareowners' equity (deficit) | 1,012.6 | 1,010.2 | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash flows (used in) provided by operating activities | 198.7 | 226.3 | 236.4 | |||||||||||||
Capital expenditures | (260.7) | (152.5) | (153.1) | |||||||||||||
Proceeds from Sale of Equity Method Investments | 0 | 0 | ||||||||||||||
Dividends received from CyrusOne | 0 | 0 | 0 | |||||||||||||
Proceeds from sale of assets | 0.1 | 0.3 | 2 | |||||||||||||
Cash Divested from Deconsolidation | 0 | |||||||||||||||
Distributions received from subsidiaries | 0 | 0 | ||||||||||||||
Funding between Parent and subsidiaries, net investing | 71.9 | (71) | ||||||||||||||
Distributions received from subsidiaries [Abstract] | ||||||||||||||||
Other investing activities | 0 | 0 | 0 | |||||||||||||
Cash flows provided by (used in) investing activities | (188.7) | (223.2) | (151.1) | |||||||||||||
Funding between Parent and subsidiaries, net financing | 0 | 0 | ||||||||||||||
Distributions paid to Parent | 0 | 0 | ||||||||||||||
Proceeds from issuance of long-term debt | 0 | |||||||||||||||
Funding between Parent and subsidiaries, net | (81.7) | |||||||||||||||
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | 0 | |||||||||||||
Repayment of debt | (10) | (3.9) | (3.7) | |||||||||||||
Debt issuance costs | 0 | 0 | 0 | |||||||||||||
Proceeds from exercise of options and warrants | 0 | 0 | ||||||||||||||
Other financing activities | 0 | 0 | 0 | |||||||||||||
Cash flows provided by (used in) financing activities | (10) | (3.9) | (85.4) | |||||||||||||
(Decrease) increase in cash and cash equivalents | 0 | (0.8) | (0.1) | |||||||||||||
Cash and cash equivalents at beginning of year | 1 | 1.8 | 1 | 1.8 | 1.9 | |||||||||||
Cash and cash equivalents at end of year | 1 | 1 | 1 | 1 | 1.8 | |||||||||||
Non-Guarantor Subsidiaries [Member] | Notes guaranteed by parent [Member] | ||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Revenue | 546.3 | 541 | 467.5 | |||||||||||||
Operating costs and expenses | 517.4 | 514.2 | 451.6 | |||||||||||||
Operating income (loss) | 28.9 | 26.8 | 15.9 | |||||||||||||
Interest Income (Expense), Net | (8.7) | 7.8 | 16.2 | |||||||||||||
Other expense (income), net | (452.2) | (193.1) | 2.3 | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 489.8 | 212.1 | (2.6) | |||||||||||||
Income tax expense (benefit) | 172 | 75.5 | 6.8 | |||||||||||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 317.8 | 136.6 | (9.4) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 62.9 | (42.1) | 10.2 | |||||||||||||
Net income (loss) | 380.7 | 94.5 | 0.8 | |||||||||||||
Other comprehensive income (loss) | (0.4) | (0.1) | (0.1) | |||||||||||||
Total comprehensive income (loss) | 380.3 | 94.4 | 0.7 | |||||||||||||
Preferred stock dividends | 0 | 0 | 0 | |||||||||||||
Net income (loss) applicable to common shareowners | 380.7 | 94.5 | 0.8 | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 1.8 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 17.9 | 1.8 | 0.7 | 0.7 | 17.9 | |||||
Receivables, net | 156.4 | 164.9 | ||||||||||||||
Other current assets | 14.1 | 20 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 4.7 | |||||||||||||||
Total current assets | 172.3 | 190.3 | ||||||||||||||
Property, plant and equipment, net | 53.7 | 51.2 | ||||||||||||||
Investment in CyrusOne | 55.5 | 273.6 | ||||||||||||||
Goodwill and intangibles, net | 12.3 | 12.7 | ||||||||||||||
Investments in and advances to subsidiaries | 647.2 | 260.5 | ||||||||||||||
Other noncurrent assets | 136.6 | 244.2 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 44.6 | |||||||||||||||
Total assets | 1,077.6 | 1,077.1 | ||||||||||||||
Current portion of long-term debt | 3.4 | 2.3 | ||||||||||||||
Accounts payable | 43.4 | 57.2 | ||||||||||||||
Other current liabilities | 24.2 | 20 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 5.4 | 142 | ||||||||||||||
Liabilities, Current | 76.4 | 221.5 | ||||||||||||||
Long-term debt, less current portion | 70.9 | 22.1 | ||||||||||||||
Other Liabilities, Noncurrent | 4 | 1.9 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 102.7 | |||||||||||||||
Intercompany payables | 0 | 0 | ||||||||||||||
Total liabilities | 151.3 | 348.2 | ||||||||||||||
Stockholders' Equity Attributable to Parent | 926.3 | 728.9 | ||||||||||||||
Total liabilities and shareowners' equity (deficit) | 1,077.6 | 1,077.1 | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash flows (used in) provided by operating activities | (68.5) | 5.2 | 60.5 | |||||||||||||
Capital expenditures | (22.8) | (29.6) | (43.8) | |||||||||||||
Proceeds from Sale of Equity Method Investments | 643.9 | 355.9 | ||||||||||||||
Dividends received from CyrusOne | 22.2 | 28.4 | 21.3 | |||||||||||||
Proceeds from sale of assets | 0.9 | 196.1 | 0 | |||||||||||||
Cash Divested from Deconsolidation | (12.2) | |||||||||||||||
Distributions received from subsidiaries | 0 | 0 | ||||||||||||||
Funding between Parent and subsidiaries, net investing | (555.5) | (545) | ||||||||||||||
Distributions received from subsidiaries [Abstract] | ||||||||||||||||
Other investing activities | 0 | (5.5) | 0.4 | |||||||||||||
Cash flows provided by (used in) investing activities | 88.7 | 0.3 | (34.3) | |||||||||||||
Funding between Parent and subsidiaries, net financing | (2.8) | 99.8 | ||||||||||||||
Distributions paid to Parent | (11.3) | (12.8) | ||||||||||||||
Proceeds from issuance of long-term debt | 0 | |||||||||||||||
Funding between Parent and subsidiaries, net | (92.5) | |||||||||||||||
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days | (1.6) | (87) | 54.2 | |||||||||||||
Repayment of debt | (3.2) | (5.3) | (5.1) | |||||||||||||
Debt issuance costs | (0.2) | (0.2) | 0 | |||||||||||||
Proceeds from exercise of options and warrants | 0 | 0 | ||||||||||||||
Other financing activities | 0 | 0 | 0 | |||||||||||||
Cash flows provided by (used in) financing activities | (19.1) | (5.5) | (43.4) | |||||||||||||
(Decrease) increase in cash and cash equivalents | 1.1 | 0 | (17.2) | |||||||||||||
Cash and cash equivalents at beginning of year | 0.7 | 0.7 | 0.7 | 0.7 | 17.9 | |||||||||||
Cash and cash equivalents at end of year | 1.8 | 0.7 | 1.8 | 0.7 | 0.7 | |||||||||||
Consolidation, Eliminations [Member] | Notes guaranteed by parent [Member] | ||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Revenue | (38.6) | (39.1) | (38.3) | |||||||||||||
Operating costs and expenses | (38.6) | (39.1) | (38.3) | |||||||||||||
Operating income (loss) | 0 | 0 | 0 | |||||||||||||
Interest Income (Expense), Net | 0 | 0 | 0 | |||||||||||||
Other expense (income), net | 0 | 0 | 0 | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 0 | 0 | 0 | |||||||||||||
Income tax expense (benefit) | 0 | 0 | 0 | |||||||||||||
Equity in earnings of subsidiaries, net of tax | (455) | (201.5) | (113.4) | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | (455) | (201.5) | (113.4) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||||||
Net income (loss) | (455) | (201.5) | (113.4) | |||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | |||||||||||||
Total comprehensive income (loss) | (455) | (201.5) | (113.4) | |||||||||||||
Preferred stock dividends | 0 | 0 | 0 | |||||||||||||
Net income (loss) applicable to common shareowners | (455) | (201.5) | (113.4) | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | |||||
Receivables, net | 0 | 0 | ||||||||||||||
Other current assets | 0 | 0 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | |||||||||||||||
Total current assets | 0 | 0 | ||||||||||||||
Property, plant and equipment, net | 0 | 0 | ||||||||||||||
Investment in CyrusOne | 0 | 0 | ||||||||||||||
Goodwill and intangibles, net | 0 | 0 | ||||||||||||||
Investments in and advances to subsidiaries | (1,555.7) | (1,547.4) | ||||||||||||||
Other noncurrent assets | (146.3) | (143.2) | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | |||||||||||||||
Total assets | (1,702) | (1,690.6) | ||||||||||||||
Current portion of long-term debt | 0 | 0 | ||||||||||||||
Accounts payable | 0 | 0 | ||||||||||||||
Other current liabilities | 0 | 0.1 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 0 | ||||||||||||||
Liabilities, Current | 0 | 0.1 | ||||||||||||||
Long-term debt, less current portion | 0 | 0 | ||||||||||||||
Other Liabilities, Noncurrent | (146.2) | (143.4) | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 0 | |||||||||||||||
Intercompany payables | (54.7) | (233.4) | ||||||||||||||
Total liabilities | (200.9) | (376.7) | ||||||||||||||
Stockholders' Equity Attributable to Parent | (1,501.1) | (1,313.9) | ||||||||||||||
Total liabilities and shareowners' equity (deficit) | (1,702) | (1,690.6) | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash flows (used in) provided by operating activities | 0 | 0 | 0 | |||||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||||
Proceeds from Sale of Equity Method Investments | 0 | 0 | ||||||||||||||
Dividends received from CyrusOne | 0 | 0 | 0 | |||||||||||||
Proceeds from sale of assets | 0 | 0 | 0 | |||||||||||||
Cash Divested from Deconsolidation | 0 | |||||||||||||||
Distributions received from subsidiaries | (11.3) | (12.8) | ||||||||||||||
Funding between Parent and subsidiaries, net investing | 483.6 | 616 | ||||||||||||||
Distributions received from subsidiaries [Abstract] | ||||||||||||||||
Other investing activities | 0 | 0 | 0 | |||||||||||||
Cash flows provided by (used in) investing activities | 472.3 | 603.2 | 0 | |||||||||||||
Funding between Parent and subsidiaries, net financing | (483.6) | (616) | ||||||||||||||
Distributions paid to Parent | 11.3 | 12.8 | ||||||||||||||
Proceeds from issuance of long-term debt | 0 | |||||||||||||||
Funding between Parent and subsidiaries, net | 0 | |||||||||||||||
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | 0 | |||||||||||||
Repayment of debt | 0 | 0 | 0 | |||||||||||||
Debt issuance costs | 0 | 0 | 0 | |||||||||||||
Proceeds from exercise of options and warrants | 0 | 0 | ||||||||||||||
Other financing activities | 0 | 0 | 0 | |||||||||||||
Cash flows provided by (used in) financing activities | (472.3) | (603.2) | 0 | |||||||||||||
(Decrease) increase in cash and cash equivalents | 0 | 0 | 0 | |||||||||||||
Cash and cash equivalents at beginning of year | 0 | $ 0 | 0 | 0 | 0 | |||||||||||
Cash and cash equivalents at end of year | $ 0 | 0 | 0 | 0 | 0 | |||||||||||
Various Cincinnati Bell Telephone Notes [Member] | ||||||||||||||||
Debt Instruments [Abstract] | ||||||||||||||||
Cincinnati Bell Telephone Notes Outstanding | $ 128.7 | 134.5 | ||||||||||||||
Continuing Operations [Member] | ||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Income tax expense (benefit) | 159.8 | 81.4 | (8.3) | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 290.8 | 117.7 | (64.9) | |||||||||||||
Preferred stock dividends | 10.4 | 10.4 | 10.4 | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Other Liabilities, Noncurrent | $ 10.9 | 7.5 | ||||||||||||||
Total liabilities | $ 65.4 | 65.6 | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Capital expenditures | (283.6) | (175.8) | $ (180.9) | |||||||||||||
Continuing Operations [Member] | Notes guaranteed by parent [Member] | ||||||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 57.9 | 57.9 | 57.9 | 57.9 | 57.9 | |||||||||||
Distributions received from subsidiaries [Abstract] | ||||||||||||||||
Cash and cash equivalents at beginning of year | 57.9 | 57.9 | ||||||||||||||
Cash and cash equivalents at end of year | 57.9 | 57.9 | ||||||||||||||
Continuing Operations [Member] | Non-Guarantor Subsidiaries [Member] | Notes guaranteed by parent [Member] | ||||||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 0.7 | 0.7 | 0.7 | 0.7 | $ 0.7 | |||||||||||
Distributions received from subsidiaries [Abstract] | ||||||||||||||||
Cash and cash equivalents at beginning of year | $ 0.7 | $ 0.7 | ||||||||||||||
Cash and cash equivalents at end of year | $ 0.7 | $ 0.7 |
Supplemental Guarantor Inform83
Supplemental Guarantor Information HY (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Apr. 01, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Revenue | $ 289.3 | $ 299.8 | $ 285.8 | $ 292.9 | $ 294.9 | $ 301.4 | $ 283 | $ 282.2 | $ 1,167.8 | $ 1,161.5 | $ 1,073.4 | |||||
Operating costs and expenses | 1,039.8 | 984.6 | 933.6 | |||||||||||||
Operating income (loss) | 25 | 36.2 | 29.7 | 37.1 | 31.4 | 47.8 | 47.3 | 50.4 | 128 | 176.9 | 139.8 | |||||
Other expense (income), net | (2.5) | (1.9) | (3.3) | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 450.6 | 199.1 | (73.2) | |||||||||||||
Income tax expense (benefit) | 159.8 | 81.4 | (8.3) | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 30.5 | 79.3 | 180.7 | 0.3 | (4.4) | (7.5) | 123.7 | 5.9 | 290.8 | 117.7 | (64.9) | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 2.1 | 1 | 10.9 | 48.9 | (13.9) | (19.8) | (9.5) | 1.1 | 62.9 | (42.1) | 10.2 | |||||
Net income (loss) | 32.6 | 80.3 | 191.6 | 49.2 | (18.3) | (27.3) | 114.2 | 7 | 353.7 | 75.6 | (54.7) | |||||
Other comprehensive income (loss) | 2.9 | (40.6) | 76.4 | |||||||||||||
Total comprehensive income (loss) | 356.6 | 35 | 21.7 | |||||||||||||
Preferred stock dividends | 10.4 | 10.4 | 10.4 | |||||||||||||
Net income (loss) applicable to common shareowners | 343.3 | 65.2 | (65.1) | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 7.4 | 57.9 | 57.9 | 4.6 | 57.9 | 4.6 | 23.6 | $ 7.4 | $ 57.9 | $ 4.6 | $ 23.6 | |||||
Other current assets | 2.2 | 1.8 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 4.7 | ||||||||||||||
Total current assets | 200.4 | 268.7 | ||||||||||||||
Property, plant and equipment, net | 975.5 | 815.4 | ||||||||||||||
Investment in CyrusOne | 55.5 | 273.6 | ||||||||||||||
Other noncurrent assets | 25.6 | 33.9 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | 44.6 | ||||||||||||||
Total assets | 1,454.4 | 1,820.7 | ||||||||||||||
Current portion of long-term debt | 13.8 | 11.6 | ||||||||||||||
Accounts payable | 127.4 | 131.6 | ||||||||||||||
Other current liabilities | 25 | 25.8 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 5.4 | 142 | ||||||||||||||
Liabilities, Current | 259.2 | 410.8 | ||||||||||||||
Long-term debt, less current portion | 1,231.8 | 1,689.4 | ||||||||||||||
Other Liabilities, Noncurrent | 36.6 | 26.2 | ||||||||||||||
Total liabilities | 1,752.6 | 2,469.2 | ||||||||||||||
Stockholders' Equity Attributable to Parent | (298.2) | (648.5) | (676.7) | (698.2) | ||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash flows (used in) provided by operating activities | 110.9 | 175.2 | 78.8 | |||||||||||||
Capital expenditures | (283.6) | (182.3) | (196.9) | |||||||||||||
Proceeds from sale of CyrusOne investment | 47.6 | $ 170.3 | 426 | $ 355.9 | 643.9 | 355.9 | 0 | |||||||||
Dividends received from CyrusOne | 22.2 | 28.4 | 21.3 | |||||||||||||
Proceeds from sale of assets | 1 | 2 | 2 | |||||||||||||
Cash Divested from Deconsolidation | 0 | 0 | (12.2) | |||||||||||||
Other investing activities | (0.3) | (5.8) | 0 | |||||||||||||
Cash flows provided by (used in) investing activities | 383.2 | 392.6 | (185.4) | |||||||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 536 | |||||||||||||
Debt issuance costs | (0.4) | (0.9) | (6.7) | |||||||||||||
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days | (1.6) | (127) | 94.2 | |||||||||||||
Repayment of debt | (531.7) | (376.5) | (530.8) | |||||||||||||
Proceeds from exercise of options and warrants | 0 | 1.3 | 7.1 | |||||||||||||
Other financing activities | (0.6) | (1.1) | (2.3) | |||||||||||||
Cash flows provided by (used in) financing activities | (544.6) | (514.5) | 87.6 | |||||||||||||
(Decrease) increase in cash and cash equivalents | (50.5) | 53.3 | (19) | |||||||||||||
Cash and cash equivalents at beginning of year | 57.9 | 4.6 | 57.9 | 4.6 | 23.6 | |||||||||||
Cash and cash equivalents at end of year | 7.4 | 57.9 | 7.4 | 57.9 | 4.6 | |||||||||||
Total liabilities and shareowners' equity (deficit) | 1,454.4 | 1,820.7 | ||||||||||||||
Notes guaranteed by subsidiaries [Member] | ||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Revenue | 1,167.8 | 1,161.5 | 1,073.4 | |||||||||||||
Operating costs and expenses | 1,039.8 | 984.6 | 933.6 | |||||||||||||
Operating income (loss) | 128 | 176.9 | 139.8 | |||||||||||||
Interest Income (Expense), Net | 103.1 | 145.9 | 176 | |||||||||||||
Other expense (income), net | (425.7) | (168.1) | 37 | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 450.6 | 199.1 | (73.2) | |||||||||||||
Income tax expense (benefit) | 159.8 | 81.4 | (8.3) | |||||||||||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 290.8 | 117.7 | (64.9) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 62.9 | (42.1) | 10.2 | |||||||||||||
Net income (loss) | 353.7 | 75.6 | (54.7) | |||||||||||||
Other comprehensive income (loss) | 2.9 | (40.6) | 76.4 | |||||||||||||
Total comprehensive income (loss) | 356.6 | 35 | 21.7 | |||||||||||||
Preferred stock dividends | 10.4 | 10.4 | 10.4 | |||||||||||||
Net income (loss) applicable to common shareowners | 343.3 | 65.2 | (65.1) | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 7.4 | 57.9 | 57.9 | 4.6 | 57.9 | 4.6 | 23.6 | 7.4 | 57.9 | 4.6 | 23.6 | |||||
Receivables, net | 157.1 | 168.5 | ||||||||||||||
Other current assets | 35.9 | 37.6 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 4.7 | |||||||||||||||
Total current assets | 200.4 | 268.7 | ||||||||||||||
Property, plant and equipment, net | 975.5 | 815.4 | ||||||||||||||
Investment in CyrusOne | 55.5 | 273.6 | ||||||||||||||
Goodwill and intangibles, net | 14.5 | 14.9 | ||||||||||||||
Investments in and advances to subsidiaries | 0 | 0 | ||||||||||||||
Other noncurrent assets | 208.5 | 403.5 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 44.6 | |||||||||||||||
Total assets | 1,454.4 | 1,820.7 | ||||||||||||||
Current portion of long-term debt | 13.8 | 11.6 | ||||||||||||||
Accounts payable | 128.9 | 132 | ||||||||||||||
Other current liabilities | 111.1 | 125.2 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 5.4 | 142 | ||||||||||||||
Liabilities, Current | 259.2 | 410.8 | ||||||||||||||
Long-term debt, less current portion | 1,231.8 | 1,689.4 | ||||||||||||||
Other Liabilities, Noncurrent | 261.6 | 266.3 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 102.7 | |||||||||||||||
Intercompany payables | 0 | 0 | ||||||||||||||
Total liabilities | 1,752.6 | 2,469.2 | ||||||||||||||
Stockholders' Equity Attributable to Parent | (298.2) | (648.5) | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash flows (used in) provided by operating activities | 110.9 | 175.2 | 78.8 | |||||||||||||
Capital expenditures | (283.6) | (182.3) | (196.9) | |||||||||||||
Proceeds from sale of CyrusOne investment | 643.9 | 355.9 | ||||||||||||||
Dividends received from CyrusOne | 22.2 | 28.4 | 21.3 | |||||||||||||
Proceeds from sale of assets | 1 | 196.4 | 2 | |||||||||||||
Cash Divested from Deconsolidation | (12.2) | |||||||||||||||
Distributions received from subsidiaries | 0 | 0 | ||||||||||||||
Funding between Parent and subsidiaries, net investing | 0 | 0 | ||||||||||||||
Other investing activities | (0.3) | (5.8) | 0.4 | |||||||||||||
Cash flows provided by (used in) investing activities | 383.2 | 392.6 | (185.4) | |||||||||||||
Funding between Parent and subsidiaries, net financing | 0 | 0 | ||||||||||||||
Distributions paid to Parent | 0 | 0 | ||||||||||||||
Proceeds from issuance of long-term debt | 536 | |||||||||||||||
Funding between Parent and subsidiaries, net | 0 | |||||||||||||||
Debt issuance costs | (0.4) | (0.9) | (6.7) | |||||||||||||
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days | (1.6) | (127) | 94.2 | |||||||||||||
Repayment of debt | (531.7) | (376.5) | (530.8) | |||||||||||||
Proceeds from exercise of options and warrants | 1.3 | 7.1 | ||||||||||||||
Other financing activities | (10.9) | (11.4) | (12.2) | |||||||||||||
Cash flows provided by (used in) financing activities | (544.6) | (514.5) | 87.6 | |||||||||||||
(Decrease) increase in cash and cash equivalents | (50.5) | 53.3 | (19) | |||||||||||||
Cash and cash equivalents at beginning of year | 57.9 | 4.6 | 57.9 | 4.6 | 23.6 | |||||||||||
Cash and cash equivalents at end of year | 7.4 | 57.9 | 7.4 | 57.9 | 4.6 | |||||||||||
Total liabilities and shareowners' equity (deficit) | 1,454.4 | 1,820.7 | ||||||||||||||
Notes guaranteed by subsidiaries [Member] | Parent Company [Member] | ||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||||
Operating costs and expenses | 22.4 | 21.5 | 57.2 | |||||||||||||
Operating income (loss) | (22.4) | (21.5) | (57.2) | |||||||||||||
Interest Income (Expense), Net | 112.7 | 142.6 | 162.5 | |||||||||||||
Other expense (income), net | 19.5 | 17.6 | 28.2 | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | (154.6) | (181.7) | (247.9) | |||||||||||||
Income tax expense (benefit) | (53.3) | (55.8) | (79.8) | |||||||||||||
Equity in earnings of subsidiaries, net of tax | 455 | 201.5 | 113.4 | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 353.7 | 75.6 | (54.7) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||||||
Net income (loss) | 353.7 | 75.6 | (54.7) | |||||||||||||
Other comprehensive income (loss) | 3.3 | (40.5) | 76.5 | |||||||||||||
Total comprehensive income (loss) | 357 | 35.1 | 21.8 | |||||||||||||
Preferred stock dividends | 10.4 | 10.4 | 10.4 | |||||||||||||
Net income (loss) applicable to common shareowners | 343.3 | 65.2 | (65.1) | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 4.6 | 56.2 | 56.2 | 2.1 | 56.2 | 2.1 | 3.8 | 4.6 | 56.2 | 2.1 | 3.8 | |||||
Receivables, net | 0.7 | 2.6 | ||||||||||||||
Other current assets | 1.6 | 1.3 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | |||||||||||||||
Total current assets | 6.9 | 60.1 | ||||||||||||||
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 | 844.6 | 1,066.1 | ||||||||||||||
Other noncurrent assets | 214.4 | 297.6 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | |||||||||||||||
Total assets | 1,066.2 | 1,424 | ||||||||||||||
Current portion of long-term debt | 5.4 | 5.4 | ||||||||||||||
Accounts payable | 0.7 | 1 | ||||||||||||||
Other current liabilities | 41.6 | 52.3 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 0 | ||||||||||||||
Liabilities, Current | 47.7 | 58.7 | ||||||||||||||
Long-term debt, less current portion | 1,025.8 | 1,526.1 | ||||||||||||||
Other Liabilities, Noncurrent | 235.5 | 254.1 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 0 | |||||||||||||||
Intercompany payables | 54.7 | 233.4 | ||||||||||||||
Total liabilities | 1,363.7 | 2,072.3 | ||||||||||||||
Stockholders' Equity Attributable to Parent | (297.5) | (648.3) | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash flows (used in) provided by operating activities | (19.3) | (56.3) | (218.1) | |||||||||||||
Capital expenditures | (0.1) | (0.2) | 0 | |||||||||||||
Proceeds from sale of CyrusOne investment | 0 | 0 | ||||||||||||||
Dividends received from CyrusOne | 0 | 0 | 0 | |||||||||||||
Proceeds from sale of assets | 0 | 0 | 0 | |||||||||||||
Cash Divested from Deconsolidation | 0 | |||||||||||||||
Distributions received from subsidiaries | 11.3 | 12.8 | ||||||||||||||
Funding between Parent and subsidiaries, net investing | 0 | 0 | ||||||||||||||
Other investing activities | (0.3) | (0.3) | 0 | |||||||||||||
Cash flows provided by (used in) investing activities | 10.9 | 12.3 | 0 | |||||||||||||
Funding between Parent and subsidiaries, net financing | 486.4 | 516.2 | ||||||||||||||
Distributions paid to Parent | 0 | 0 | ||||||||||||||
Proceeds from issuance of long-term debt | 536 | |||||||||||||||
Funding between Parent and subsidiaries, net | 174.2 | |||||||||||||||
Debt issuance costs | (0.2) | (0.7) | (6.7) | |||||||||||||
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | (40) | 40 | |||||||||||||
Repayment of debt | (518.5) | (367.3) | (522) | |||||||||||||
Proceeds from exercise of options and warrants | 1.3 | 7.1 | ||||||||||||||
Other financing activities | (10.9) | (11.4) | (12.2) | |||||||||||||
Cash flows provided by (used in) financing activities | (43.2) | 98.1 | 216.4 | |||||||||||||
(Decrease) increase in cash and cash equivalents | (51.6) | 54.1 | (1.7) | |||||||||||||
Cash and cash equivalents at beginning of year | 56.2 | 2.1 | 56.2 | 2.1 | 3.8 | |||||||||||
Cash and cash equivalents at end of year | 4.6 | 56.2 | 4.6 | 56.2 | 2.1 | |||||||||||
Total liabilities and shareowners' equity (deficit) | 1,066.2 | 1,424 | ||||||||||||||
Notes guaranteed by subsidiaries [Member] | Guarantor Subsidiaries [Member] | ||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Revenue | 614.2 | 599.1 | 503.1 | |||||||||||||
Operating costs and expenses | 577.9 | 567.5 | 484.2 | |||||||||||||
Operating income (loss) | 36.3 | 31.6 | 18.9 | |||||||||||||
Interest Income (Expense), Net | (10) | 6.4 | 10.7 | |||||||||||||
Other expense (income), net | (434.3) | (173.4) | 15.4 | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 480.6 | 198.6 | (7.2) | |||||||||||||
Income tax expense (benefit) | 168.7 | 70.8 | 5.3 | |||||||||||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0.7 | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 311.9 | 127.8 | (11.8) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 62.9 | (42.1) | 10.2 | |||||||||||||
Net income (loss) | 374.8 | 85.7 | (1.6) | |||||||||||||
Other comprehensive income (loss) | 0 | (0.1) | 0 | |||||||||||||
Total comprehensive income (loss) | 374.8 | 85.6 | (1.6) | |||||||||||||
Preferred stock dividends | 0 | 0 | 0 | |||||||||||||
Net income (loss) applicable to common shareowners | 374.8 | 85.7 | (1.6) | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 0.4 | 0.2 | 0.2 | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.2 | 0.3 | 0.3 | |||||
Receivables, net | 2.8 | 6.1 | ||||||||||||||
Other current assets | 15.6 | 20.6 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 4.7 | |||||||||||||||
Total current assets | 18.8 | 31.6 | ||||||||||||||
Property, plant and equipment, net | 53.4 | 50.8 | ||||||||||||||
Investment in CyrusOne | 55.5 | 273.6 | ||||||||||||||
Goodwill and intangibles, net | 12.3 | 12.7 | ||||||||||||||
Investments in and advances to subsidiaries | 830.4 | 403.6 | ||||||||||||||
Other noncurrent assets | 133.2 | 240.9 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 44.6 | |||||||||||||||
Total assets | 1,103.6 | 1,057.8 | ||||||||||||||
Current portion of long-term debt | 3.4 | 2.3 | ||||||||||||||
Accounts payable | 95.6 | 76.2 | ||||||||||||||
Other current liabilities | 26.8 | 23.5 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 5.4 | 142 | ||||||||||||||
Liabilities, Current | 131.2 | 244 | ||||||||||||||
Long-term debt, less current portion | 53.3 | 2.9 | ||||||||||||||
Other Liabilities, Noncurrent | 11.8 | 4.6 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 102.7 | |||||||||||||||
Intercompany payables | 0 | 0 | ||||||||||||||
Total liabilities | 196.3 | 354.2 | ||||||||||||||
Stockholders' Equity Attributable to Parent | 907.3 | 703.6 | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash flows (used in) provided by operating activities | (44) | 1 | 28.8 | |||||||||||||
Capital expenditures | (22.5) | (29.6) | (36.1) | |||||||||||||
Proceeds from sale of CyrusOne investment | 643.9 | 355.9 | ||||||||||||||
Dividends received from CyrusOne | 22.2 | 28.4 | 21.3 | |||||||||||||
Proceeds from sale of assets | 0.9 | 194.4 | 0 | |||||||||||||
Cash Divested from Deconsolidation | 0 | |||||||||||||||
Distributions received from subsidiaries | 0 | 0 | ||||||||||||||
Funding between Parent and subsidiaries, net investing | (597.1) | (541.7) | ||||||||||||||
Other investing activities | 0 | (5.5) | 0 | |||||||||||||
Cash flows provided by (used in) investing activities | 47.4 | 1.9 | (14.8) | |||||||||||||
Funding between Parent and subsidiaries, net financing | 0 | 0 | ||||||||||||||
Distributions paid to Parent | 0 | 0 | ||||||||||||||
Proceeds from issuance of long-term debt | 0 | |||||||||||||||
Funding between Parent and subsidiaries, net | (10) | |||||||||||||||
Debt issuance costs | 0 | 0 | 0 | |||||||||||||
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | 0 | |||||||||||||
Repayment of debt | (3.2) | (3) | (4) | |||||||||||||
Proceeds from exercise of options and warrants | 0 | 0 | ||||||||||||||
Other financing activities | 0 | 0 | 0 | |||||||||||||
Cash flows provided by (used in) financing activities | (3.2) | (3) | (14) | |||||||||||||
(Decrease) increase in cash and cash equivalents | 0.2 | (0.1) | 0 | |||||||||||||
Cash and cash equivalents at beginning of year | 0.2 | 0.3 | 0.2 | 0.3 | 0.3 | |||||||||||
Cash and cash equivalents at end of year | 0.4 | 0.2 | 0.4 | 0.2 | 0.3 | |||||||||||
Total liabilities and shareowners' equity (deficit) | 1,103.6 | 1,057.8 | ||||||||||||||
Notes guaranteed by subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Revenue | 592.2 | 601.5 | 608.6 | |||||||||||||
Operating costs and expenses | 478.1 | 434.7 | 430.5 | |||||||||||||
Operating income (loss) | 114.1 | 166.8 | 178.1 | |||||||||||||
Interest Income (Expense), Net | 0.4 | (3.1) | 2.8 | |||||||||||||
Other expense (income), net | (10.9) | (12.3) | (6.6) | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 124.6 | 182.2 | 181.9 | |||||||||||||
Income tax expense (benefit) | 44.4 | 66.4 | 66.2 | |||||||||||||
Equity in earnings of subsidiaries, net of tax | 0 | 0 | 0 | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 80.2 | 115.8 | 115.7 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||||||
Net income (loss) | 80.2 | 115.8 | 115.7 | |||||||||||||
Other comprehensive income (loss) | (0.4) | 0 | (0.1) | |||||||||||||
Total comprehensive income (loss) | 79.8 | 115.8 | 115.6 | |||||||||||||
Preferred stock dividends | 0 | 0 | 0 | |||||||||||||
Net income (loss) applicable to common shareowners | 80.2 | 115.8 | 115.7 | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 2.4 | 1.5 | 1.5 | 2.2 | 1.5 | 2.2 | 19.5 | 2.4 | 1.5 | 2.2 | 19.5 | |||||
Receivables, net | 153.6 | 159.8 | ||||||||||||||
Other current assets | 18.7 | 15.7 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | |||||||||||||||
Total current assets | 174.7 | 177 | ||||||||||||||
Property, plant and equipment, net | 921.8 | 764.4 | ||||||||||||||
Investment in CyrusOne | 0 | 0 | ||||||||||||||
Goodwill and intangibles, net | 2.2 | 2.2 | ||||||||||||||
Investments in and advances to subsidiaries | 4.3 | 199.3 | ||||||||||||||
Other noncurrent assets | 7.1 | 8.2 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | |||||||||||||||
Total assets | 1,110.1 | 1,151.1 | ||||||||||||||
Current portion of long-term debt | 5 | 3.9 | ||||||||||||||
Accounts payable | 32.6 | 54.8 | ||||||||||||||
Other current liabilities | 42.7 | 49.3 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 0 | ||||||||||||||
Liabilities, Current | 80.3 | 108 | ||||||||||||||
Long-term debt, less current portion | 152.7 | 160.4 | ||||||||||||||
Other Liabilities, Noncurrent | 160.5 | 151 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 0 | |||||||||||||||
Intercompany payables | 127.3 | 131.9 | ||||||||||||||
Total liabilities | 520.8 | 551.3 | ||||||||||||||
Stockholders' Equity Attributable to Parent | 589.3 | 599.8 | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash flows (used in) provided by operating activities | 174.2 | 230.5 | 268.1 | |||||||||||||
Capital expenditures | (261) | (152.5) | (160.8) | |||||||||||||
Proceeds from sale of CyrusOne investment | 0 | 0 | ||||||||||||||
Dividends received from CyrusOne | 0 | 0 | 0 | |||||||||||||
Proceeds from sale of assets | 0.1 | 2 | 2 | |||||||||||||
Cash Divested from Deconsolidation | (12.2) | |||||||||||||||
Distributions received from subsidiaries | 0 | 0 | ||||||||||||||
Funding between Parent and subsidiaries, net investing | 114.7 | (75.6) | ||||||||||||||
Other investing activities | 0 | 0 | 0.4 | |||||||||||||
Cash flows provided by (used in) investing activities | (146.2) | (226.1) | (170.6) | |||||||||||||
Funding between Parent and subsidiaries, net financing | (4) | 101.1 | ||||||||||||||
Distributions paid to Parent | (11.3) | (12.8) | ||||||||||||||
Proceeds from issuance of long-term debt | 0 | |||||||||||||||
Funding between Parent and subsidiaries, net | (164.2) | |||||||||||||||
Debt issuance costs | (0.2) | (0.2) | 0 | |||||||||||||
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days | (1.6) | (87) | 54.2 | |||||||||||||
Repayment of debt | (10) | (6.2) | (4.8) | |||||||||||||
Proceeds from exercise of options and warrants | 0 | 0 | ||||||||||||||
Other financing activities | 0 | 0 | 0 | |||||||||||||
Cash flows provided by (used in) financing activities | (27.1) | (5.1) | (114.8) | |||||||||||||
(Decrease) increase in cash and cash equivalents | 0.9 | (0.7) | (17.3) | |||||||||||||
Cash and cash equivalents at beginning of year | 1.5 | 2.2 | 1.5 | 2.2 | 19.5 | |||||||||||
Cash and cash equivalents at end of year | 2.4 | 1.5 | 2.4 | 1.5 | 2.2 | |||||||||||
Total liabilities and shareowners' equity (deficit) | 1,110.1 | 1,151.1 | ||||||||||||||
Notes guaranteed by subsidiaries [Member] | Consolidation, Eliminations [Member] | ||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Revenue | (38.6) | (39.1) | (38.3) | |||||||||||||
Operating costs and expenses | (38.6) | (39.1) | (38.3) | |||||||||||||
Operating income (loss) | 0 | 0 | 0 | |||||||||||||
Interest Income (Expense), Net | 0 | 0 | 0 | |||||||||||||
Other expense (income), net | 0 | 0 | 0 | |||||||||||||
Income (loss) before equity in earnings of subsidiaries and income taxes | 0 | 0 | 0 | |||||||||||||
Income tax expense (benefit) | 0 | 0 | 0 | |||||||||||||
Equity in earnings of subsidiaries, net of tax | (455) | (201.5) | (114.1) | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | (455) | (201.5) | (114.1) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||||||
Net income (loss) | (455) | (201.5) | (114.1) | |||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | |||||||||||||
Total comprehensive income (loss) | (455) | (201.5) | (114.1) | |||||||||||||
Preferred stock dividends | 0 | 0 | 0 | |||||||||||||
Net income (loss) applicable to common shareowners | (455) | (201.5) | (114.1) | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | |||||
Receivables, net | 0 | 0 | ||||||||||||||
Other current assets | 0 | 0 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | |||||||||||||||
Total current assets | 0 | 0 | ||||||||||||||
Property, plant and equipment, net | 0 | 0 | ||||||||||||||
Investment in CyrusOne | 0 | 0 | ||||||||||||||
Goodwill and intangibles, net | 0 | 0 | ||||||||||||||
Investments in and advances to subsidiaries | (1,679.3) | (1,669) | ||||||||||||||
Other noncurrent assets | (146.2) | (143.2) | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | |||||||||||||||
Total assets | (1,825.5) | (1,812.2) | ||||||||||||||
Current portion of long-term debt | 0 | 0 | ||||||||||||||
Accounts payable | 0 | 0 | ||||||||||||||
Other current liabilities | 0 | 0.1 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 0 | 0 | ||||||||||||||
Liabilities, Current | 0 | 0.1 | ||||||||||||||
Long-term debt, less current portion | 0 | 0 | ||||||||||||||
Other Liabilities, Noncurrent | (146.2) | (143.4) | ||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 0 | |||||||||||||||
Intercompany payables | (182) | (365.3) | ||||||||||||||
Total liabilities | (328.2) | (508.6) | ||||||||||||||
Stockholders' Equity Attributable to Parent | (1,497.3) | (1,303.6) | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash flows (used in) provided by operating activities | 0 | 0 | 0 | |||||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||||
Proceeds from sale of CyrusOne investment | 0 | 0 | ||||||||||||||
Dividends received from CyrusOne | 0 | 0 | 0 | |||||||||||||
Proceeds from sale of assets | 0 | 0 | 0 | |||||||||||||
Cash Divested from Deconsolidation | 0 | |||||||||||||||
Distributions received from subsidiaries | (11.3) | (12.8) | ||||||||||||||
Funding between Parent and subsidiaries, net investing | 482.4 | 617.3 | ||||||||||||||
Other investing activities | 0 | 0 | 0 | |||||||||||||
Cash flows provided by (used in) investing activities | 471.1 | 604.5 | 0 | |||||||||||||
Funding between Parent and subsidiaries, net financing | (482.4) | (617.3) | ||||||||||||||
Distributions paid to Parent | 11.3 | 12.8 | ||||||||||||||
Proceeds from issuance of long-term debt | 0 | |||||||||||||||
Funding between Parent and subsidiaries, net | 0 | |||||||||||||||
Debt issuance costs | 0 | 0 | 0 | |||||||||||||
Net increase in corporate credit and receivables facilities with initial maturities less than 90 days | 0 | 0 | 0 | |||||||||||||
Repayment of debt | 0 | 0 | 0 | |||||||||||||
Proceeds from exercise of options and warrants | 0 | 0 | ||||||||||||||
Other financing activities | 0 | 0 | 0 | |||||||||||||
Cash flows provided by (used in) financing activities | (471.1) | (604.5) | 0 | |||||||||||||
(Decrease) increase in cash and cash equivalents | 0 | 0 | 0 | |||||||||||||
Cash and cash equivalents at beginning of year | 0 | $ 0 | 0 | 0 | 0 | |||||||||||
Cash and cash equivalents at end of year | $ 0 | 0 | 0 | 0 | 0 | |||||||||||
Total liabilities and shareowners' equity (deficit) | $ (1,825.5) | (1,812.2) | ||||||||||||||
Continuing Operations [Member] | ||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Abstract] | ||||||||||||||||
Income tax expense (benefit) | 159.8 | 81.4 | (8.3) | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 290.8 | 117.7 | (64.9) | |||||||||||||
Preferred stock dividends | 10.4 | 10.4 | 10.4 | |||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Other Liabilities, Noncurrent | $ 10.9 | 7.5 | ||||||||||||||
Total liabilities | $ 65.4 | 65.6 | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Capital expenditures | (283.6) | (175.8) | $ (180.9) | |||||||||||||
Continuing Operations [Member] | Notes guaranteed by subsidiaries [Member] | ||||||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 57.9 | 57.9 | 57.9 | 57.9 | 57.9 | |||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash and cash equivalents at beginning of year | 57.9 | 57.9 | ||||||||||||||
Cash and cash equivalents at end of year | 57.9 | 57.9 | ||||||||||||||
Continuing Operations [Member] | Notes guaranteed by subsidiaries [Member] | Guarantor Subsidiaries [Member] | ||||||||||||||||
Condensed Consolidating Balance Sheets [Abstract] | ||||||||||||||||
Cash and cash equivalents | 0.2 | 0.2 | 0.2 | 0.2 | $ 0.2 | |||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Cash and cash equivalents at beginning of year | $ 0.2 | $ 0.2 | ||||||||||||||
Cash and cash equivalents at end of year | $ 0.2 | $ 0.2 | ||||||||||||||
Senior Subordinated Notes due 2018 [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Extinguishment of Debt, Amount | $ 300 | $ 325 | ||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | ||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 102.188% | 104.375% |
Quarterly Financial Informati84
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Financial Information [Abstract] | ||||||||||||
Revenue | $ 289.3 | $ 299.8 | $ 285.8 | $ 292.9 | $ 294.9 | $ 301.4 | $ 283 | $ 282.2 | $ 1,167.8 | $ 1,161.5 | $ 1,073.4 | |
Operating income | 25 | 36.2 | 29.7 | 37.1 | 31.4 | 47.8 | 47.3 | 50.4 | 128 | 176.9 | 139.8 | |
Income (Loss) from Continuing Operations Attributable to Parent | 30.5 | 79.3 | 180.7 | 0.3 | (4.4) | (7.5) | 123.7 | 5.9 | 290.8 | 117.7 | (64.9) | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 2.1 | 1 | 10.9 | 48.9 | (13.9) | (19.8) | (9.5) | 1.1 | 62.9 | (42.1) | 10.2 | |
Net income (loss) | $ 32.6 | $ 80.3 | $ 191.6 | $ 49.2 | $ (18.3) | $ (27.3) | $ 114.2 | $ 7 | $ 353.7 | $ 75.6 | $ (54.7) | |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.13 | $ 0.37 | $ 0.85 | $ (0.01) | $ (0.03) | $ (0.05) | $ 0.58 | $ 0.02 | $ 1.34 | $ 0.51 | $ (0.37) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.01 | 0 | 0.05 | 0.23 | (0.07) | (0.09) | (0.04) | 0 | 0.30 | (0.20) | 0.05 | |
Earnings Per Share, Basic | 0.14 | 0.37 | 0.90 | 0.22 | (0.10) | (0.14) | 0.54 | 0.02 | 1.64 | 0.31 | (0.32) | |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.13 | 0.37 | 0.84 | (0.01) | (0.03) | (0.05) | 0.58 | 0.02 | 1.33 | 0.51 | (0.37) | |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.01 | 0 | 0.05 | 0.23 | (0.07) | (0.09) | (0.05) | 0 | 0.30 | (0.20) | 0.05 | |
Earnings Per Share, Diluted | $ 0.14 | $ 0.37 | $ 0.89 | $ 0.22 | $ (0.10) | $ (0.14) | $ 0.53 | $ 0.02 | $ 1.63 | $ 0.31 | $ (0.32) | |
Effect of Fourth Quarter Events [Line Items] | ||||||||||||
Gain on sale of CyrusOne equity method investment | $ 36.3 | $ 117.7 | $ 295.2 | $ 192.8 | $ 449.2 | $ 192.8 | $ 0 | |||||
Impairment of assets, excluding goodwill | 0 | (4.6) | 0 | |||||||||
Gains (Losses) on Extinguishment of Debt | 20.9 | 19.6 | 29.6 | |||||||||
Gain (Loss) on Disposition of Intangible Assets | $ 112.6 | 112.6 | 0 | 0 | ||||||||
Gain on Liabilities and Other Assets transferred in Sale of Business Affiliate and Productive Assets | 15.9 | 15.9 | 0 | 0 | ||||||||
Senior Subordinated Notes due 2018 [Member] | ||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||
Extinguishment of Debt, Amount | $ 300 | $ 325 | ||||||||||
Debt Instrument, Redemption Price, Percentage | 102.188% | 104.375% | ||||||||||
Gains (Losses) on Extinguishment of Debt | $ (10.4) | $ (19.4) | ||||||||||
Senior Notes due 2020 [Member] | ||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||
Extinguishment of Debt, Amount | $ 137.6 | $ 45.1 | $ 22.7 | $ 182.7 | ||||||||
Debt Instrument, Redemption Price, Percentage | 105.242% | 106.45% | 105.543% | |||||||||
Gains (Losses) on Extinguishment of Debt | $ (7.8) | $ (3.1) | $ (10.9) | |||||||||
Senior Notes due 2017 [Member] | ||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||
Extinguishment of Debt, Amount | 500 | |||||||||||
Debt Instrument, Redemption Price, Percentage | 104.125% | |||||||||||
Gains (Losses) on Extinguishment of Debt | 29.6 | |||||||||||
Entertainment and Communications [Member] | ||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||
Revenue | 743.7 | 740.7 | 724.8 | |||||||||
Operating income | $ 129.9 | 178.9 | $ 186.2 | |||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||
Impairment of assets, excluding goodwill | $ 4.6 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Subsequent Event [Line Items] | ||||
Gains (Losses) on Extinguishment of Debt | $ (20.9) | $ (19.6) | $ (29.6) | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Extinguishment of Debt, Amount | $ 23.8 | |||
Debt Instrument, Redemption Price, Percentage | 90.711% | |||
Gains (Losses) on Extinguishment of Debt | $ 2 |
Schedule II - Valuation and Q86
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning of Period | $ 12.4 | $ 12.2 | $ 13.3 |
Charge (Benefit) to Expenses | 8.5 | 10.4 | 11.3 |
To (from) Other Accounts | 0 | 0 | 0 |
Deductions | 8.5 | 10.2 | 12.4 |
End of Period | 12.4 | 12.4 | 12.2 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning of Period | 64.4 | 68.3 | 56.8 |
Charge (Benefit) to Expenses | (5.5) | (1.1) | 14.1 |
To (from) Other Accounts | (0.5) | (2.8) | (2.6) |
Deductions | 0 | 0 | 0 |
End of Period | $ 58.4 | $ 64.4 | $ 68.3 |