Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CBS Corporation | ' | ' |
Entity Central Index Key | '0000813828 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Statement [Line Items] | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 37,849,903 | 480,424,203 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $3,367,000,000 | $3,302,000,000 | $10,125,000,000 | $10,434,000,000 |
Expenses: | ' | ' | ' | ' |
Operating | 1,936,000,000 | 1,801,000,000 | 5,855,000,000 | 6,002,000,000 |
Selling, general and administrative | 617,000,000 | 667,000,000 | 1,793,000,000 | 1,905,000,000 |
Restructuring charges (Note 12) | 26,000,000 | 0 | 26,000,000 | 0 |
Impairment charge (Note 5) | 52,000,000 | 0 | 52,000,000 | 0 |
Depreciation and amortization | 68,000,000 | 70,000,000 | 210,000,000 | 217,000,000 |
Total expenses | 2,699,000,000 | 2,538,000,000 | 7,936,000,000 | 8,124,000,000 |
Operating income (loss) | 668,000,000 | 764,000,000 | 2,189,000,000 | 2,310,000,000 |
Interest expense | -89,000,000 | -93,000,000 | -276,000,000 | -281,000,000 |
Interest income | 4,000,000 | 2,000,000 | 10,000,000 | 6,000,000 |
Loss on early extinguishment of debt (Note 7) | -352,000,000 | 0 | -352,000,000 | 0 |
Other items, net | -21,000,000 | 6,000,000 | -10,000,000 | -2,000,000 |
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | 210,000,000 | 679,000,000 | 1,561,000,000 | 2,033,000,000 |
Provision for income taxes | -110,000,000 | -226,000,000 | -561,000,000 | -678,000,000 |
Equity in loss of investee companies, net of tax | -28,000,000 | -22,000,000 | -48,000,000 | -39,000,000 |
Net earnings from continuing operations | 72,000,000 | 431,000,000 | 952,000,000 | 1,316,000,000 |
Net earnings (loss) from discontinued operations, net of tax | 1,567,000,000 | 63,000,000 | 1,594,000,000 | 93,000,000 |
Net earnings | $1,639,000,000 | $494,000,000 | $2,546,000,000 | $1,409,000,000 |
Basic net earnings per common share: | ' | ' | ' | ' |
Basic net earnings from continuing operations per common share (in dollars per share) | $0.14 | $0.71 | $1.69 | $2.15 |
Basic net earnings from discontinued operations per common share (in dollars per share) | $2.95 | $0.10 | $2.84 | $0.15 |
Basic net earnings per common share (in dollars per share) | $3.08 | $0.82 | $4.53 | $2.31 |
Diluted net earnings per common share: | ' | ' | ' | ' |
Diluted net earnings from continuing operations per common share (in dollars per share) | $0.13 | $0.70 | $1.66 | $2.10 |
Diluted net earnings from discontinued operations per common share (in dollars per share) | $2.90 | $0.10 | $2.78 | $0.15 |
Diluted net earnings per common share (in dollars per share) | $3.03 | $0.80 | $4.44 | $2.25 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic weighted average number of common shares outstanding | 532 | 603 | 562 | 611 |
Diluted weighted average number of common shares outstanding | 541 | 618 | 574 | 627 |
Dividends per common share (in dollars per share) | $0.15 | $0.12 | $0.39 | $0.36 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Net earnings (loss) | $1,639 | $494 | $2,546 | $1,409 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | 8 | -8 |
Reclassifications from accumulated other comprehensive income (loss) to net earnings, net of tax | ' | ' | -10 | -146 |
Other comprehensive income (loss), net of tax | -24 | -158 | -2 | -154 |
Total comprehensive income (loss), net of tax | 1,615 | 336 | 2,544 | 1,255 |
Continuing Operations [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Cumulative translation adjustments | 0 | 5 | -7 | 5 |
Amortization of net actuarial loss | 6 | 10 | 20 | 32 |
Changes in fair value of cash flow hedges | 0 | 1 | 0 | 0 |
Unrealized gains on securities | 0 | 0 | 0 | 1 |
Other comprehensive income (loss), net of tax | 6 | 16 | 13 | 38 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications, net of tax | 0 | 4 | 15 | -14 |
Reclassifications from accumulated other comprehensive income (loss) to net earnings, net of tax | -30 | -178 | -30 | -178 |
Other comprehensive income (loss), net of tax | ' | ' | ($15) | ($192) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Assets, Current [Abstract] | ' | ' |
Cash and cash equivalents | $178,000,000 | $368,000,000 |
Receivables, less allowances of $54 (2014) and $60 (2013) | 3,378,000,000 | 3,234,000,000 |
Programming and other inventory (Note 4) | 1,136,000,000 | 772,000,000 |
Deferred income tax assets, net | 155,000,000 | 152,000,000 |
Prepaid income taxes | 83,000,000 | 0 |
Prepaid expenses | 146,000,000 | 109,000,000 |
Other current assets | 328,000,000 | 384,000,000 |
Current assets of discontinued operations (Note 3) | 0 | 351,000,000 |
Total current assets | 5,404,000,000 | 5,370,000,000 |
Property and equipment | 3,125,000,000 | 3,060,000,000 |
Less accumulated depreciation and amortization | 1,731,000,000 | 1,599,000,000 |
Net property and equipment | 1,394,000,000 | 1,461,000,000 |
Programming and other inventory (Note 4) | 1,621,000,000 | 1,697,000,000 |
Goodwill (Note 5) | 6,609,000,000 | 6,588,000,000 |
Intangible assets | 5,848,000,000 | 5,870,000,000 |
Other assets | 2,262,000,000 | 1,963,000,000 |
Assets held for sale (Note 5) | 262,000,000 | 314,000,000 |
Assets of discontinued operations (Note 3) | 55,000,000 | 3,124,000,000 |
Total Assets | 23,455,000,000 | 26,387,000,000 |
Liabilities, Current [Abstract] | ' | ' |
Accounts payable | 196,000,000 | 286,000,000 |
Accrued compensation | 263,000,000 | 376,000,000 |
Participants' share and royalties payable | 914,000,000 | 1,008,000,000 |
Program rights | 317,000,000 | 398,000,000 |
Deferred revenues | 161,000,000 | 269,000,000 |
Income taxes payable | 0 | 54,000,000 |
Commercial paper (Note 7) | 431,000,000 | 475,000,000 |
Current portion of long-term debt (Note 7) | 20,000,000 | 20,000,000 |
Accrued expenses and other current liabilities | 1,058,000,000 | 1,067,000,000 |
Current liabilities of discontinued operations (Note 3) | 37,000,000 | 254,000,000 |
Total current liabilities | 3,397,000,000 | 4,207,000,000 |
Long-term debt (Note 7) | 6,508,000,000 | 5,940,000,000 |
Pension and postretirement benefit obligations | 1,272,000,000 | 1,327,000,000 |
Deferred income tax liabilities, net | 1,489,000,000 | 1,314,000,000 |
Other liabilities | 3,125,000,000 | 3,156,000,000 |
Liabilities of discontinued operations (Note 3) | 138,000,000 | 477,000,000 |
Commitments and contingencies (Note 11) | ' | ' |
Stockholders' Equity [Abstract] | ' | ' |
Common stock | 1,000,000 | 1,000,000 |
Additional paid-in capital | 44,022,000,000 | 43,474,000,000 |
Accumulated deficit | -22,344,000,000 | -24,890,000,000 |
Accumulated other comprehensive loss (Note 9) | -547,000,000 | -545,000,000 |
Stockholders' equity including treasury stock | 21,132,000,000 | 18,040,000,000 |
Less treasury stock, at cost | 13,606,000,000 | 8,074,000,000 |
Total Stockholders' Equity | 7,526,000,000 | 9,966,000,000 |
Total Liabilities and Stockholders' Equity | 23,455,000,000 | 26,387,000,000 |
Common Class A [Member] | ' | ' |
Stockholders' Equity [Abstract] | ' | ' |
Common stock | 0 | 0 |
Common Class B [Member] | ' | ' |
Stockholders' Equity [Abstract] | ' | ' |
Common stock | $1,000,000 | $1,000,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Balance Sheet Parentheticals [Abstract] | ' | ' |
Receivables, allowances | $54 | $60 |
Common Class A [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 375 | 375 |
Common stock, shares, issued | 38 | 39 |
Common Class B [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 5,000 | 5,000 |
Common stock, shares, issued | 816 | 801 |
Treasury stock, shares | 334 | 244 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Operating Activities | ' | ' |
Net earnings (loss) | $2,546,000,000 | $1,409,000,000 |
Less: Net earnings from discontinued operations | 1,594,000,000 | 93,000,000 |
Net earnings from continuing operations | 952,000,000 | 1,316,000,000 |
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations: | ' | ' |
Depreciation and amortization | 210,000,000 | 217,000,000 |
Impairment charges | 52,000,000 | 0 |
Stock-based compensation | 117,000,000 | 163,000,000 |
Equity in loss of investee companies, net of tax and distributions | 56,000,000 | 44,000,000 |
Change in assets and liabilities, net of investing and financing activities | -1,151,000,000 | -341,000,000 |
Net cash flow provided by (used for) operating activities from continuing operations | 236,000,000 | 1,399,000,000 |
Net cash flow provided by (used for) operating activities from discontinued operations | 52,000,000 | -79,000,000 |
Net cash flow provided by (used for) operating activities | 288,000,000 | 1,320,000,000 |
Investing Activities | ' | ' |
Acquisitions, net of cash acquired | -27,000,000 | -20,000,000 |
Capital expenditures | -112,000,000 | -112,000,000 |
Investments in and advances to investee companies | -68,000,000 | -144,000,000 |
Proceeds from sale of investments | 3,000,000 | 20,000,000 |
Proceeds from dispositions | 7,000,000 | 185,000,000 |
Net cash flow provided by (used for) investing activities from continuing operations | -197,000,000 | -71,000,000 |
Net cash flow provided by (used for) investing activities from discontinued operations | -271,000,000 | -45,000,000 |
Net cash flow provided by (used for) investing activities | -468,000,000 | -116,000,000 |
Financing Activities | ' | ' |
(Repayments of) proceeds from short-term debt borrowings, net | -44,000,000 | 341,000,000 |
Proceeds from issuance of notes | 1,729,000,000 | 0 |
Repayment of notes and debentures | -1,152,000,000 | 0 |
Payment of capital lease obligations | -13,000,000 | -13,000,000 |
Payment of contingent consideration | 0 | -30,000,000 |
Dividends | -214,000,000 | -228,000,000 |
Purchase of Company common stock | -2,830,000,000 | -1,864,000,000 |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | -146,000,000 | -142,000,000 |
Proceeds from exercise of stock options | 237,000,000 | 121,000,000 |
Excess tax benefit from stock-based compensation | 227,000,000 | 128,000,000 |
Other financing activities | 0 | -4,000,000 |
Net cash flow provided by (used for) financing activities from continuing operations | -2,206,000,000 | -1,691,000,000 |
Net cash flow provided by (used for) financing activities from discontinued operations | 2,167,000,000 | 5,000,000 |
Net cash flow provided by (used for) financing activities | -39,000,000 | -1,686,000,000 |
Net increase (decrease) in cash and cash equivalents | -219,000,000 | -482,000,000 |
Cash and cash equivalents, including discontinued operations, at beginning of period | 397,000,000 | 708,000,000 |
Cash and cash equivalents, including discontinued operations, at end of period | 178,000,000 | 226,000,000 |
Supplemental Cash Flow [Line Items] | ' | ' |
Noncash proceeds from split-off (Note 3) | 2,721,000,000 | 0 |
Equipment acquired under capital leases | 1,000,000 | 58,000,000 |
Continuing Operations [Member] | ' | ' |
Supplemental Cash Flow [Line Items] | ' | ' |
Cash paid for interest, including early redemption premiums | 661,000,000 | 283,000,000 |
Cash paid for taxes | $227,000,000 | $196,000,000 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Parenthetical) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Statement of Cash Flows [Abstract] | ' | ' | ' |
Cash and cash equivalents of discontinued operations | $29 | $24 | $21 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | ' | |||||||||||
1) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Description of Business-CBS Corporation (together with its consolidated subsidiaries unless the context otherwise requires, the “Company” or “CBS Corp.”) is comprised of the following segments: Entertainment (CBS Television, comprised of the CBS Television Network, CBS Television Studios and CBS Global Distribution Group; CBS Interactive and CBS Films), Cable Networks (Showtime Networks, CBS Sports Network and Smithsonian Networks), Publishing (Simon & Schuster) and Local Broadcasting (CBS Television Stations and CBS Radio). On April 2, 2014, CBS Outdoor Americas Inc. (“Outdoor Americas”), which had been a subsidiary of the Company, completed an initial public offering (“IPO”) through which it sold 23.0 million shares, or approximately 19%, of its common stock. On July 16, 2014, the Company completed the split-off of Outdoor Americas through which the Company accepted 44.7 million shares of CBS Corp. Class B Common Stock from its stockholders in exchange for the 97.0 million shares, or approximately 81%, of Outdoor Americas common stock that it owned (the "Split-Off"). During 2013, the Company completed the sale of its outdoor advertising business in Europe (“Outdoor Europe”). Outdoor Americas and Outdoor Europe have been presented as discontinued operations in the Company’s consolidated financial statements. | ||||||||||||
Basis of Presentation-The accompanying unaudited consolidated financial statements of the Company have been prepared pursuant to the rules of the Securities and Exchange Commission. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in the Company’s Form 8-K filed on August 8, 2014, which recasts the financial information in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 to present Outdoor Americas as a discontinued operation. | ||||||||||||
In the opinion of management, the accompanying unaudited financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of the financial position, results of operations and cash flows of the Company for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation. | ||||||||||||
Use of Estimates-The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. | ||||||||||||
Net Earnings per Common Share-Basic net earnings per share (“EPS”) is based upon net earnings divided by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) and market-based performance share units (“PSUs”) only in the periods in which such effect would have been dilutive. For each of the three and nine months ended September 30, 2014 and 2013, stock options to purchase 2 million shares of Class B Common Stock were outstanding but excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive. | ||||||||||||
The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||
Weighted average shares for basic EPS | 532 | 603 | 562 | 611 | ||||||||
Dilutive effect of shares issuable under stock-based | 9 | 15 | 12 | 16 | ||||||||
compensation plans | ||||||||||||
Weighted average shares for diluted EPS | 541 | 618 | 574 | 627 | ||||||||
Other Liabilities-Other liabilities consist primarily of the noncurrent portion of residual liabilities of previously disposed businesses, participants’ share and royalties payable, program rights obligations, deferred compensation and other employee benefit accruals. | ||||||||||||
Additional Paid-In Capital-For the nine months ended September 30, 2014 and 2013, the Company recorded dividends of $218 million and $222 million, respectively, as a reduction to additional paid-in capital as the Company had an accumulated deficit balance. | ||||||||||||
Adoption of New Accounting Standards | ||||||||||||
Presentation of Reserves for Uncertain Tax Positions when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | ||||||||||||
During the first quarter of 2014, the Company adopted Financial Accounting Standards Board (‘‘FASB’’) guidance on the presentation of the reserve for uncertain tax positions when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance requires the reserve for uncertain tax positions to be presented in the financial statements as a reduction to the deferred tax asset for a tax loss or other tax carryforward that would be applied in the settlement of the uncertain tax position. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements. | ||||||||||||
Obligations Resulting from Joint and Several Liability Arrangements | ||||||||||||
During the first quarter of 2014, the Company adopted FASB guidance on the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. Under this guidance, the Company is required to measure its obligations under such arrangements as the sum of the amount it agreed to pay in the arrangement among its co-obligors and any additional amount the Company expects to pay on behalf of its co-obligors. The Company is also required to disclose the nature and amount of the obligation. The adoption of this guidance did not have an effect on the Company's consolidated financial statements. | ||||||||||||
Recent Pronouncements | ||||||||||||
Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern | ||||||||||||
In August 2014, the FASB issued guidance which requires management to evaluate, for each interim and annual reporting period, whether there are conditions or events that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date the financial statements are issued. If management identifies conditions or events that raise substantial doubt, disclosures are required in the financial statements, including any plans that will alleviate the substantial doubt about the entity's ability to continue as a going concern. This guidance, which is effective for the first annual period ending after December 15, 2016, is not expected to have an impact on the Company's consolidated financial statements. | ||||||||||||
Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period | ||||||||||||
In June 2014, the FASB issued guidance on the accounting for stock-based compensation when the terms of an award provide that a performance target that affects vesting could be achieved after the requisite service period. Under this guidance such performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. This guidance, which is effective for interim and annual periods beginning after December 15, 2015, is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||||||
Revenue from Contracts with Customers | ||||||||||||
In May 2014, the FASB issued guidance on the recognition of revenues which provides a single, comprehensive revenue recognition model for all contracts with customers and supersedes most existing revenue recognition guidance. The main principle under this guidance is that an entity should recognize revenue at the amount it expects to be entitled to in exchange for the transfer of goods or services to customers. The Company is currently evaluating the impact of this guidance, which is effective for interim and annual reporting periods beginning after December 15, 2016 with early adoption not permitted. | ||||||||||||
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | ||||||||||||
In April 2014, the FASB issued amended guidance which changes the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. Under this guidance, only a disposal of a component of an entity or a group of components of an entity that represent a strategic shift that has (or will have) a major effect on the company’s operations and financial results should be reported in discontinued operations. The guidance also expands the definition of a discontinued operation to include a business or nonprofit activity that, on acquisition, meets the criteria to be classified as held for sale and disposals of equity method investments that meet the definition of discontinued operations. This guidance is effective prospectively for interim and annual periods beginning after December 15, 2014. Early adoption is permitted for disposals that have not been reported in financial statements previously issued or available for issuance. |
Stockbased_Compensation
Stock-based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock-based Compensation | ' | |||||||||||||||
2) STOCK-BASED COMPENSATION | ||||||||||||||||
The following table summarizes the Company's stock-based compensation expense for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
RSUs and PSUs | $ | 33 | $ | 34 | $ | 102 | $ | 97 | ||||||||
Stock options and equivalents | — | 23 | 15 | 66 | ||||||||||||
Stock-based compensation expense, before income taxes | 33 | 57 | 117 | 163 | ||||||||||||
Related tax benefit | (12 | ) | (22 | ) | (45 | ) | (63 | ) | ||||||||
Stock-based compensation expense, net of tax benefit | $ | 21 | $ | 35 | $ | 72 | $ | 100 | ||||||||
Included in net earnings from discontinued operations is stock-based compensation expense of $5 million for the nine months ended September 30, 2014, and $10 million and $14 million for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||
During the nine months ended September 30, 2014, the Company granted 2 million RSUs for CBS Corp. Class B common stock with a weighted average per unit grant date fair value of $65.13. RSU grants during the first nine months of 2014 generally vest over a one- to four-year service period. Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant. For certain RSU awards the number of shares an employee earns ranges from 0% to 120% of the target award, based on the outcome of established performance goals. Compensation expense is recorded based on the probable outcome of the performance conditions. During the nine months ended September 30, 2014, the Company also granted 2 million stock options with a weighted average exercise price of $65.91. Stock option grants during the first nine months of 2014 generally vest over a four-year service period and expire eight years from the date of grant. Compensation expense for stock options is determined based on the grant date fair value of the award calculated using the Black-Scholes options-pricing model. | ||||||||||||||||
Total unrecognized compensation cost related to unvested RSUs at September 30, 2014 was $221 million, which is expected to be recognized over a weighted average period of 2.4 years. Total unrecognized compensation cost related to unvested stock option awards at September 30, 2014 was $64 million, which is expected to be recognized over a weighted average period of 2.5 years. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
3) DISCONTINUED OPERATIONS | ||||||||||||||||
In connection with the Company's plan to dispose of Outdoor Americas, in January 2014 Outdoor Americas borrowed $1.60 billion. On April 2, 2014, Outdoor Americas completed an IPO through which it sold 23.0 million shares, or approximately 19%, of its common stock for $28.00 per share. Proceeds from the IPO aggregated $615 million, net of underwriting discounts and commissions. The Company received $2.04 billion of the combined IPO and debt proceeds from Outdoor Americas. | ||||||||||||||||
Upon completion of the IPO, the Company owned 97.0 million shares, or approximately 81% of Outdoor Americas. On July 16, 2014, the Company completed the disposition of its 81% ownership of Outdoor Americas common stock through the tax-free Split-Off. In connection with the Split-Off, the Company accepted 44.7 million shares of CBS Corp. Class B Common Stock from its stockholders in exchange for the 97.0 million shares of Outdoor Americas common stock that it owned. As a result, Outdoor Americas has been presented as a discontinued operation in the Company’s consolidated financial statements for all periods presented. This transaction resulted in a gain of $1.56 billion for the three and nine months ended September 30, 2014 which is calculated as follows: | ||||||||||||||||
Fair value of CBS Corp. Class B Common Stock accepted | $ | 2,721 | ||||||||||||||
(44,723,131 shares at $60.85 per share on July 16, 2014) | ||||||||||||||||
Carrying value of Outdoor Americas | (1,162 | ) | ||||||||||||||
Accumulated other comprehensive income | 30 | |||||||||||||||
Transaction costs | (32 | ) | ||||||||||||||
Net gain on split-off of Outdoor Americas | $ | 1,557 | ||||||||||||||
The Split-Off is accounted for as a tax-free transaction and therefore, there is no tax impact on the gain. In aggregate, the Company received $4.76 billion from the disposition of Outdoor Americas, including proceeds from Outdoor Americas' IPO and debt borrowings and shares received in the Split-Off. | ||||||||||||||||
The following table sets forth details of the net earnings from discontinued operations. For 2013, net earnings from discontinued operations also included the operating results and gain on the disposal of Outdoor Europe during September 2013. Included in the loss from discontinued operations for the three and nine months ended September 30, 2013 is an after-tax charge of $110 million related to Outdoor Europe. This charge was associated with exiting an unprofitable contractual arrangement and the estimated fair value of guarantees, which historically were intercompany but upon the closing of the transaction became third-party guarantees (See Note 11). | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues from discontinued operations | $ | 55 | $ | 477 | $ | 677 | $ | 1,351 | ||||||||
Earnings (loss) from discontinued operations | $ | 5 | $ | (128 | ) | $ | 59 | $ | (83 | ) | ||||||
Income tax benefit (provision) | 5 | 44 | (17 | ) | 29 | |||||||||||
Earnings (loss) from discontinued operations, net of tax | 10 | (84 | ) | 42 | (54 | ) | ||||||||||
Gain on disposal | 1,557 | 149 | 1,557 | 149 | ||||||||||||
Income tax provision | — | (2 | ) | — | (2 | ) | ||||||||||
Gain on disposal, net of tax | 1,557 | 147 | 1,557 | 147 | ||||||||||||
Less: Net earnings from discontinued operations | — | — | 5 | — | ||||||||||||
attributable to noncontrolling interest, net of tax | ||||||||||||||||
Net earnings from discontinued operations attributable to | $ | 1,567 | $ | 63 | $ | 1,594 | $ | 93 | ||||||||
CBS Corp. | ||||||||||||||||
The following table presents the major classes of assets and liabilities of the Company's discontinued operations. | ||||||||||||||||
At | At | |||||||||||||||
30-Sep-14 | December 31, 2013 | |||||||||||||||
Current assets | $ | — | $ | 351 | ||||||||||||
Goodwill | — | 1,866 | ||||||||||||||
Intangible assets | — | 366 | ||||||||||||||
Net property and equipment | — | 763 | ||||||||||||||
Other assets | 55 | 129 | ||||||||||||||
Total Assets | $ | 55 | $ | 3,475 | ||||||||||||
Current liabilities | $ | 37 | $ | 254 | ||||||||||||
Other liabilities | 138 | 477 | ||||||||||||||
Total Liabilities | $ | 175 | $ | 731 | ||||||||||||
Other liabilities of discontinued operations of $138 million and $477 million at September 30, 2014 and December 31, 2013, respectively, primarily include tax reserves related to previously disposed businesses and the estimated fair value of guarantee liabilities of approximately $40 million associated with the disposition of Outdoor Europe. At December 31, 2013, other liabilities of discontinued operations also included deferred tax liabilities related to Outdoor Americas. |
Programming_and_Other_Inventor
Programming and Other Inventory | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Programming and Other Inventory | ' | |||||||||||
4) PROGRAMMING AND OTHER INVENTORY | ||||||||||||
At | At | |||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||
Program rights | $ | 1,648 | $ | 1,331 | ||||||||
Television programming: | ||||||||||||
Released (including acquired libraries) | 700 | 878 | ||||||||||
In process and other | 293 | 139 | ||||||||||
Theatrical programming: | ||||||||||||
Released | 27 | 38 | ||||||||||
In process and other | 31 | 32 | ||||||||||
Publishing, primarily finished goods | 58 | 51 | ||||||||||
Total programming and other inventory | 2,757 | 2,469 | ||||||||||
Less current portion | 1,136 | 772 | ||||||||||
Total noncurrent programming and other inventory | $ | 1,621 | $ | 1,697 | ||||||||
Impairment_Charge
Impairment Charge | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill and Intangible Asset Impairment [Abstract] | ' |
Impairment Charge | ' |
5) IMPAIRMENT CHARGE | |
On October 2, 2014, the Company announced that it entered into an agreement with Beasley Broadcast Group, Inc. to swap 13 of the Company's mid-size market radio stations in Tampa and Charlotte, as well as one radio station in Philadelphia, for two radio stations in Philadelphia, and three radio stations in Miami. This transaction is subject to customary closing conditions. The assets associated with these radio stations, primarily consisting of goodwill and other intangible assets, have been classified as held for sale on the Company's Consolidated Balance Sheets. During the third quarter of 2014, in connection with the swap, the Company recorded a pre-tax noncash impairment charge of $52 million to reduce the carrying value of the allocated goodwill. |
Related_Parties
Related Parties | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Related Parties | ' | |||||||||||
6) RELATED PARTIES | ||||||||||||
National Amusements, Inc. National Amusements, Inc. (“NAI”) is the controlling stockholder of CBS Corp. and Viacom Inc. Mr. Sumner M. Redstone, the controlling stockholder, chairman of the board of directors and chief executive officer of NAI, is the Executive Chairman of the Board of Directors and founder of both CBS Corp. and Viacom Inc. In addition, Ms. Shari Redstone, Mr. Sumner M. Redstone’s daughter, is the president and a director of NAI and the vice chair of the Board of Directors of both CBS Corp. and Viacom Inc. Mr. David R. Andelman is a director of CBS Corp. and serves as a director of NAI. Mr. Frederic V. Salerno is a director of CBS Corp. and serves as a director of Viacom Inc. At September 30, 2014, NAI directly or indirectly owned approximately 79.6% of CBS Corp.’s voting Class A Common Stock, and owned approximately 7.6% of CBS Corp.’s Class A Common Stock and non-voting Class B Common Stock on a combined basis. | ||||||||||||
Viacom Inc. As part of its normal course of business, the Company licenses its television content, leases production facilities and sells advertising spots to various subsidiaries of Viacom Inc. Viacom Inc. also distributes certain of the Company’s television programs in the home entertainment market. The Company’s total revenues from these transactions were $54 million and $42 million for the three months ended September 30, 2014 and 2013, respectively, and $150 million and $168 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||
The Company places advertisements with and leases production facilities from various subsidiaries of Viacom Inc. The total amounts for these transactions were $6 million and $7 million for the three months ended September 30, 2014 and 2013, and $14 million and $17 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||
The following table presents the amounts due from Viacom Inc. in the normal course of business as reflected on the Company’s Consolidated Balance Sheets. Amounts due to Viacom Inc. were minimal at September 30, 2014 and December 31, 2013. | ||||||||||||
At | At | |||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||
Receivables | $ | 95 | $ | 84 | ||||||||
Other assets (Receivables, noncurrent) | 88 | 115 | ||||||||||
Total amounts due from Viacom Inc. | $ | 183 | $ | 199 | ||||||||
Other Related Parties. The Company has equity interests in two domestic television networks and several international joint ventures for television channels, from which the Company earns revenues primarily by selling its television programming. Total revenues earned from sales to these joint ventures were $18 million for each of the three months ended September 30, 2014 and 2013 and $81 million and $79 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||
The Company, through the normal course of business, is involved in transactions with other related parties that have not been material in any of the periods presented. |
Bank_Financing_and_Debt
Bank Financing and Debt | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Bank Financing and Debt | ' | |||||||||||
7) BANK FINANCING AND DEBT | ||||||||||||
The following table sets forth the Company’s debt. | ||||||||||||
At | At | |||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||
Commercial paper | $ | 431 | $ | 475 | ||||||||
Senior debt (1.95% - 8.875% due 2014 - 2044) (a) | 6,427 | 5,848 | ||||||||||
Obligations under capital leases | 101 | 112 | ||||||||||
Total debt | 6,959 | 6,435 | ||||||||||
Less commercial paper | 431 | 475 | ||||||||||
Less current portion of long-term debt | 20 | 20 | ||||||||||
Total long-term debt, net of current portion | $ | 6,508 | $ | 5,940 | ||||||||
(a) At September 30, 2014 and December 31, 2013, the senior debt balances included (i) a net unamortized discount of $22 million and $13 million, respectively, and (ii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $15 million and $18 million, respectively. The balance at September 30, 2014, also included a decrease in the carrying value of the debt relating to outstanding fair value hedges of $6 million. The face value of the Company’s senior debt was $6.44 billion and $5.84 billion at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||
For the nine months ended September 30, 2014, debt issuances, redemptions and repurchases were as follows: | ||||||||||||
Debt Issuances | ||||||||||||
August 2014, $600 million 2.30% senior notes due 2019 | ||||||||||||
August 2014, $600 million 3.70% senior notes due 2024 | ||||||||||||
August 2014, $550 million 4.90% senior notes due 2044 | ||||||||||||
Debt Redemptions | ||||||||||||
$99 million 8.875% notes due 2014 | ||||||||||||
$264 million 8.875% senior notes due 2019 | ||||||||||||
Debt Repurchases | ||||||||||||
$336 million 8.875% senior notes due 2019, through a tender offer | ||||||||||||
$37 million 7.875% debentures due 2023, through a tender offer | ||||||||||||
$6 million 7.125% senior notes due 2023, through a tender offer | ||||||||||||
$423 million 7.875% senior debentures due 2030, through a tender offer | ||||||||||||
The debt repurchases and early debt redemption resulted in a pre-tax loss on early extinguishment of debt of $352 million ($219 million, net of tax) for the three and nine months ended September 30, 2014. | ||||||||||||
All of the Company's long-term debt has been issued under fixed interest rate agreements. During the third quarter of 2014, the Company entered into $600 million notional amount of fixed-to-floating rate swap agreements to hedge the Company's 2.30% senior notes that were issued in the third quarter of 2014. These interest rate swaps are designated as fair value hedges (See Note 13). | ||||||||||||
Commercial Paper | ||||||||||||
The Company had outstanding commercial paper borrowings under its $2.0 billion commercial paper program of $431 million at September 30, 2014 and $475 million at December 31, 2013, each at a weighted average interest rate of 0.3% and with maturities of less than thirty days. | ||||||||||||
Credit Facility | ||||||||||||
At September 30, 2014, the Company had a $2.0 billion revolving credit facility (the “Credit Facility”) which expires in March 2018. The Credit Facility requires the Company to maintain a maximum Consolidated Leverage Ratio of 4.5x at the end of each quarter as further described in the Credit Facility. At September 30, 2014, the Company’s Consolidated Leverage Ratio was approximately 2.0x. | ||||||||||||
The Consolidated Leverage Ratio is the ratio of the Company’s indebtedness from continuing operations, adjusted to exclude certain capital lease obligations, at the end of a quarter, to the Company’s Consolidated EBITDA for the trailing four consecutive quarters. Consolidated EBITDA is defined in the Credit Facility as operating income plus interest income and before depreciation, amortization and certain other noncash items. | ||||||||||||
The Credit Facility is used for general corporate purposes. At September 30, 2014, the Company had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $1.99 billion. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||||
8) PENSION AND OTHER POSTRETIREMENT BENEFITS | ||||||||||||||||
The components of net periodic cost for the Company's pension and postretirement benefit plans were as follows: | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Three Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of net periodic cost: | ||||||||||||||||
Service cost | $ | 8 | $ | 8 | $ | — | $ | — | ||||||||
Interest cost | 60 | 54 | 6 | 6 | ||||||||||||
Expected return on plan assets | (65 | ) | (69 | ) | — | — | ||||||||||
Amortization of actuarial loss (gain) (a) | 16 | 21 | (6 | ) | (4 | ) | ||||||||||
Net periodic cost | $ | 19 | $ | 14 | $ | — | $ | 2 | ||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Nine Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of net periodic cost: | ||||||||||||||||
Service cost | $ | 24 | $ | 28 | $ | — | $ | — | ||||||||
Interest cost | 178 | 158 | 18 | 18 | ||||||||||||
Expected return on plan assets | (197 | ) | (203 | ) | — | — | ||||||||||
Amortization of actuarial loss (gain) (a) | 48 | 65 | (16 | ) | (12 | ) | ||||||||||
Net periodic cost | $ | 53 | $ | 48 | $ | 2 | $ | 6 | ||||||||
(a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||
Stockholders' Equity | ' | |||||||||||||||||||
9) STOCKHOLDERS' EQUITY | ||||||||||||||||||||
During the third quarter of 2014, the Company repurchased 6.9 million shares of its Class B Common Stock for $400 million, at an average cost of $57.91 per share. During the nine months ended September 30, 2014, the Company repurchased 45.4 million shares of its Class B Common Stock for $2.81 billion, at an average cost of $61.94 per share, leaving $5.60 billion of authorization remaining under its share repurchase program at September 30, 2014. Share repurchases during 2014 were partly funded by proceeds of $2.04 billion received from Outdoor Americas' IPO and debt borrowings (See Note 3). | ||||||||||||||||||||
On July 16, 2014, the Company completed the Split-Off through which it received 44.7 million shares of CBS Corp. Class B Common Stock in exchange for the 97.0 million shares of Outdoor Americas common stock that it owned (See Note 3). | ||||||||||||||||||||
On August 7, 2014, the Company announced a 25% increase in the quarterly cash dividend on its Class A and Class B Common Stock to $.15 per share from $.12 per share. The total third quarter dividend was $79 million of which $78 million was paid on October 1, 2014 and $1 million was accrued to be paid upon vesting of RSUs. Total dividends for the nine months ended September 30, 2014 were $218 million. | ||||||||||||||||||||
During the second quarter of 2014, in connection with the IPO of Outdoor Americas (See Note 3), the Company recorded an increase to additional paid-in capital of $313 million for the excess of the proceeds received from the IPO over the carrying value of the 19% noncontrolling interest. | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
The following tables summarize the changes in the components of accumulated other comprehensive income (loss). | ||||||||||||||||||||
Continuing Operations | Discontinued Operations | |||||||||||||||||||
Cumulative | Net Actuarial | Unrealized | Other Comprehensive Income (Loss) | Accumulated | ||||||||||||||||
Translation | Gain (Loss) | Gains on | Other | |||||||||||||||||
Adjustments | and Prior | Securities | Comprehensive | |||||||||||||||||
Service Cost | Loss | |||||||||||||||||||
At December 31, 2013 | $ | 166 | $ | (729 | ) | $ | 3 | $ | 15 | $ | (545 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (7 | ) | — | — | 15 | 8 | ||||||||||||||
Reclassifications to net earnings | — | 20 | (a) | — | (30 | ) | (b) | (10 | ) | |||||||||||
Net other comprehensive income (loss) | (7 | ) | 20 | — | (15 | ) | (2 | ) | ||||||||||||
At September 30, 2014 | $ | 159 | $ | (709 | ) | $ | 3 | $ | — | $ | (547 | ) | ||||||||
Continuing Operations | Discontinued | |||||||||||||||||||
Operations | ||||||||||||||||||||
Cumulative | Net Actuarial Gain (Loss) and Prior Service Cost | Unrealized Gains on Securities | Other Comprehensive Income (Loss) | Accumulated | ||||||||||||||||
Translation | Other | |||||||||||||||||||
Adjustments | Comprehensive | |||||||||||||||||||
Loss | ||||||||||||||||||||
At December 31, 2012 | $ | 168 | $ | (936 | ) | $ | 2 | $ | 197 | $ | (569 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 5 | — | 1 | (14 | ) | (8 | ) | |||||||||||||
Reclassifications to net earnings | — | 32 | (a) | — | (178 | ) | (b) | (146 | ) | |||||||||||
Net other comprehensive income (loss) | 5 | 32 | 1 | (192 | ) | (154 | ) | |||||||||||||
At September 30, 2013 | $ | 173 | $ | (904 | ) | $ | 3 | $ | 5 | $ | (723 | ) | ||||||||
(a) | Reflects amortization of net actuarial losses. See Note 8. | |||||||||||||||||||
(b) | Reclassified in connection with the disposal of Outdoor Americas in 2014 and Outdoor Europe in 2013. See Note 3. | |||||||||||||||||||
The net actuarial gain (loss) and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax provision of $12 million and $21 million for the nine months ended September 30, 2014 and 2013, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
10) INCOME TAXES | |
The provision for income taxes represents federal, state and local, and foreign income taxes on earnings from continuing operations before income taxes and equity in loss of investee companies. | |
The provision for income taxes was $110 million for the three months ended September 30, 2014 and $226 million for the three months ended September 30, 2013, reflecting an effective income tax rate of 52.4% and 33.3%, respectively. For the nine months ended September 30, 2014, the provision for income taxes was $561 million compared to $678 million for the nine months ended September 30, 2013, reflecting an effective income tax rate of 35.9% and 33.3%, respectively. The Company's income tax provision for the three and nine months ended September 30, 2014 included a tax benefit of $133 million associated with the loss on early extinguishment of debt of $352 million; a tax provision of $22 million associated with the noncash impairment charge of $52 million to reduce the carrying value of the allocated goodwill in connection with a radio station swap; and the establishment of a tax reserve of $19 million for the retroactive impact of an uncertain tax position in a foreign jurisdiction. | |
The Company is currently under examination by the IRS for the years 2011 and 2012 and expects to settle the audit in the first quarter of 2015. In addition, during the next six months, the Company expects a decrease to its reserve for uncertain tax positions related to an audit in a foreign jurisdiction of a previously disposed business that is accounted for as a discontinued operation. Various tax years are also currently under examination by state and local and other foreign tax authorities. With respect to open tax years in all jurisdictions, the Company currently believes that it is reasonably possible that the reserve for uncertain tax positions will decrease within the next twelve months; however, as it is difficult to predict the final outcome of any particular tax matter, an estimate of any related impact to the reserve for uncertain tax positions cannot currently be determined. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
11) COMMITMENTS AND CONTINGENCIES | |
Guarantees | |
During 2013, the Company completed the sale of Outdoor Europe to an affiliate of Platinum Equity. The Company continues to be the guarantor of Outdoor Europe’s franchise payment obligations under certain transit franchise agreements. Generally, the Company would be required to perform under the guarantees in the event of non-performance by the buyer. These agreements have varying terms, with the majority of the obligations guaranteed under these agreements expiring by September 2016. At September 30, 2014, the total franchise payment obligations under these agreements are estimated to be approximately $200 million, which will decrease on a monthly basis thereafter. The estimated fair value of the guarantee liability of approximately $40 million is included in ‘‘Liabilities of discontinued operations’’ on the Consolidated Balance Sheet at September 30, 2014. | |
The Company also has indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. At September 30, 2014, the outstanding letters of credit and surety bonds approximated $252 million and were not recorded on the Consolidated Balance Sheet. | |
In the course of its business, the Company both provides and receives indemnities which are intended to allocate certain risks associated with business transactions. Similarly, the Company may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not live up to its obligations under an indemnification obligation. The Company records a liability for its indemnification obligations and other contingent liabilities when probable and reasonably estimable. | |
Legal Matters | |
E-books Matters. Commencing in 2012, as previously disclosed, a number of antitrust suits were filed and/or consolidated in the United States District Court for the Southern District of New York against Simon & Schuster, other book publishers and Apple Inc. (‘‘Apple’’) in connection with these book publishers’ agency arrangements regarding the distribution of e-books to e-book retailers. Simon & Schuster has settled all of these actions without any admission of wrongdoing or liability and has adopted certain business and compliance practices as part of certain settlements. On April 10, 2012, Simon & Schuster and two other book publisher parties entered into a settlement stipulation and proposed final judgment (the ‘‘Stipulation’’) with the United States Department of Justice (the ‘‘DOJ’’) in connection with an antitrust action filed by the DOJ, which was approved by the court on September 7, 2012. The Stipulation requires the adoption of certain business practices for a 24 month period (the ‘‘24 Month Period’’) and certain compliance practices for a five year period. In addition, as previously disclosed, in connection with Simon & Schuster’s settlement of an antitrust suit filed with the court on April 11, 2012 by the U.S. states and territories and the District of Columbia (the ‘‘States Settlement’’), Simon & Schuster adopted certain business and compliance practices substantially similar to those described in the Stipulation. The Company believes that continuing to comply with these business and compliance practices pursuant to the Stipulation and States Settlement, which are the only outstanding obligations under these settlements, will not have a material adverse effect on its results of operations, financial position or cash flows. | |
Following a ruling in favor of the DOJ and a judgment against Apple that was entered by the court on September 6, 2013 in one of the antitrust suits described above, Apple filed an appeal, which will be heard by the United States Court of Appeals for the Second Circuit. On October 4, 2013, Simon & Schuster filed an appeal with the court relating to an aspect of the Apple judgment involving the 24 Month Period. | |
Similar antitrust suits have been filed against the Publishing parties by private litigants in Canada, purportedly as class actions, under Canadian law, commencing on February 24, 2012 (“Canada Actions”); and by an Australian e-book retailer on September 16, 2013, and two former U.S. e-book retailers in March 2014, each in the United States Court for the Southern District of New York (“U.S. Actions”). Simon & Schuster executed an agreement settling the Canada Actions as of May 8, 2014, which is subject to Canadian court approval. Simon & Schuster intends to defend itself in the U.S. Actions. | |
In addition, the European Commission (the ‘‘EC’’) and Canadian Competition Bureau (the ‘‘CCB’’) conducted separate competition investigations of agency distribution arrangements of e-books in this industry. On December 12, 2012, following the close of a comment period, the EC entered into settlement agreements with Simon & Schuster and certain Publishing parties. The CCB also entered into a settlement agreement with Simon & Schuster and certain Publishing parties, which was effective on February 7, 2014 but was subsequently stayed by the Canadian Competition Tribunal on March 18, 2014 pending the resolution of an application to rescind or vary the settlement agreement filed by a large Canadian e-book retailer. These settlements require the adoption of certain business and compliance practices similar to those described in the Stipulation with the DOJ. | |
Claims Related to Former Businesses: Asbestos. The Company is a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred principally as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. The Company is typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of the Company’s products is the basis of a claim. Claims against the Company | |
in which a product has been identified principally relate to exposures allegedly caused by asbestos-containing insulating material in turbines sold for power-generation, industrial and marine use, or by asbestos-containing grades of decorative micarta, a laminate used in commercial ships. | |
Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. The Company does not report as pending those claims on inactive, stayed, deferred or similar dockets which some jurisdictions have established for claimants who allege minimal or no impairment. As of September 30, 2014, the Company had pending approximately 42,560 asbestos claims, as compared with approximately 45,150 as of December 31, 2013 and 45,480 as of September 30, 2013. During the third quarter of 2014, the Company received approximately 1,030 new claims and closed or moved to an inactive docket approximately 2,200 claims. The Company reports claims as closed when it becomes aware that a dismissal order has been entered by a court or when the Company has reached agreement with the claimants on the material terms of a settlement. Settlement costs depend on the seriousness of the injuries that form the basis of the claim, the quality of evidence supporting the claims and other factors. The Company’s total costs for the years 2013 and 2012 for settlement and defense of asbestos claims after insurance recoveries and net of tax benefits were approximately $29 million and $21 million, respectively. The Company’s costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses. | |
The Company believes that its reserves and insurance are adequate to cover its asbestos liabilities. This belief is based upon many factors and assumptions, including the number of outstanding claims, estimated average cost per claim, the breakdown of claims by disease type, historic claim filings, costs per claim of resolution and the filing of new claims. While the number of asbestos claims filed against the Company has trended down in the past five to ten years and has remained flat in recent years, it is difficult to predict future asbestos liabilities, as events and circumstances may occur including, among others, the number and types of claims and average cost to resolve such claims, which could affect the Company’s estimate of its asbestos liabilities. | |
Other. The Company from time to time receives claims from federal and state environmental regulatory agencies and other entities asserting that it is or may be liable for environmental cleanup costs and related damages principally relating to historical and predecessor operations of the Company. In addition, the Company from time to time receives personal injury claims including toxic tort and product liability claims (other than asbestos) arising from historical operations of the Company and its predecessors. | |
General. On an ongoing basis, the Company vigorously defends itself in numerous lawsuits and proceedings and responds to various investigations and inquiries from federal, state and local authorities (collectively, ‘‘litigation’’). Litigation may be brought against the Company without merit, is inherently uncertain and always difficult to predict. However, based on its understanding and evaluation of the relevant facts and circumstances, the Company believes that the above-described legal matters and other litigation to which it is a party are not likely, in the aggregate, to have a material adverse effect on its results of operations, financial position or cash flows. Under the Separation Agreement between the Company and Viacom Inc., the Company and Viacom Inc. have agreed to defend and indemnify the other in certain litigation in which the Company and/or Viacom Inc. is named. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Restructuring Charges | ' | |||||||||||||||||||||||
12) RESTRUCTURING CHARGES | ||||||||||||||||||||||||
During the third quarter of 2014, in a continued effort to reduce its cost structure, the Company initiated restructuring plans across several of its businesses, primarily for the reorganization of certain business operations. As a result, the Company recorded restructuring charges of $26 million, reflecting $17 million of severance costs and $9 million of costs associated with exiting contractual obligations. During the year ended December 31, 2013, the Company recorded restructuring charges of $20 million, reflecting $14 million of severance costs and $6 million of costs associated with exiting contractual obligations. As of September 30, 2014, the cumulative amount paid for the restructuring charges was $18 million, of which $13 million was for the severance costs and $5 million was related to costs associated with contractual obligations. The Company expects to substantially utilize its restructuring reserves by the end of 2015. | ||||||||||||||||||||||||
Balance at | 2014 | 2014 | Balance at | |||||||||||||||||||||
December 31, 2013 | Charges | Payments | September 30, 2014 | |||||||||||||||||||||
Entertainment | $ | 8 | $ | 8 | $ | (7 | ) | $ | 9 | |||||||||||||||
Cable Networks | 1 | — | (1 | ) | — | |||||||||||||||||||
Publishing | 1 | 1 | (1 | ) | 1 | |||||||||||||||||||
Local Broadcasting | 4 | 14 | (3 | ) | 15 | |||||||||||||||||||
Corporate | 1 | 3 | (1 | ) | 3 | |||||||||||||||||||
Total | $ | 15 | $ | 26 | $ | (13 | ) | $ | 28 | |||||||||||||||
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Financial Instruments and Fair Value Measurements | ' | |||||||||||||||
13) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | ||||||||||||||||
The Company uses derivative financial instruments primarily to modify its exposure to market risks from fluctuations in interest rates and foreign currency exchange rates. The Company does not use derivative instruments unless there is an underlying exposure and, therefore, the Company does not hold or enter into derivative financial instruments for speculative trading purposes. | ||||||||||||||||
All of the Company's long-term debt has been issued under fixed interest rate agreements. During the third quarter of 2014, the Company entered into $600 million notional amount of fixed-to-floating rate swap agreements to hedge the Company's 2.30% senior notes that were issued in the third quarter of 2014. These interest rate swaps are designated as fair value hedges. The fair value of interest rate swaps is recorded in other liabilities on the Consolidated Balance Sheet with an offsetting change in the carrying value of the debt attributable to the risk being hedged. Gains or losses on interest rate swaps are recognized within interest expense. The fair value of the Company’s derivative instruments and the related activity was not material to the Consolidated Balance Sheets and Consolidated Statements of Operations for any of the periods presented. | ||||||||||||||||
The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013. These assets and liabilities have been categorized according to the three‑level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. | ||||||||||||||||
At September 30, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Investments | $ | 78 | $ | — | $ | — | $ | 78 | ||||||||
Foreign currency hedges | — | 3 | — | 3 | ||||||||||||
Total Assets | $ | 78 | $ | 3 | $ | — | $ | 81 | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation | $ | — | $ | 278 | $ | — | $ | 278 | ||||||||
Guarantees | — | — | 40 | 40 | ||||||||||||
Interest rate swaps | — | 6 | — | 6 | ||||||||||||
Foreign currency hedges | — | 1 | — | 1 | ||||||||||||
Total Liabilities | $ | — | $ | 285 | $ | 40 | $ | 325 | ||||||||
At December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Investments | $ | 83 | $ | — | $ | — | $ | 83 | ||||||||
Foreign currency hedges | — | 3 | — | 3 | ||||||||||||
Total Assets | $ | 83 | $ | 3 | $ | — | $ | 86 | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation | $ | — | $ | 268 | $ | — | $ | 268 | ||||||||
Guarantees | — | — | 40 | 40 | ||||||||||||
Foreign currency hedges | — | 4 | — | 4 | ||||||||||||
Total Liabilities | $ | — | $ | 272 | $ | 40 | $ | 312 | ||||||||
The fair value of investments is determined based on publicly quoted market prices in active markets. The fair value of interest rate swaps and foreign currency hedges is determined based on the present value of future cash flows using observable inputs including interest rates, yield curves and foreign currency exchange rates. The fair value of deferred compensation is determined based on the fair value of the investments elected by employees. The fair value of the guarantee liabilities reflects the premium that would be required to issue such guarantee in a standalone arm’s length transaction and is calculated based on an assessment of the probability of the primary obligor’s default under the obligation, discounted to its present value. During the nine months ended September 30, 2014, changes to the fair value of the guarantee liability were minimal. | ||||||||||||||||
During the third quarter of 2014, in connection with a radio station swap, the Company recorded a pre-tax noncash impairment charge of $52 million to reduce the carrying value of the allocated goodwill to its fair value using other nonobservable inputs (Level 3). The fair value was determined based on a valuation of comparable assets in the same geographic markets. | ||||||||||||||||
The Company’s carrying value of financial instruments approximates fair value, except for differences with respect to its long-term debt. At September 30, 2014 and December 31, 2013, the carrying value of the Company’s senior debt was $6.43 billion and $5.85 billion, respectively, and the fair value, which is estimated based on quoted market prices for similar liabilities (Level 2) and includes accrued interest, was $7.05 billion and $6.68 billion, respectively. |
Reportable_Segments
Reportable Segments | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Reportable Segments | ' | |||||||||||||||
14) REPORTABLE SEGMENTS | ||||||||||||||||
The following tables set forth the Company’s financial performance by reportable segment. The Company’s operating segments, which are the same as its reportable segments, have been determined in accordance with the Company’s internal management structure, which is organized based upon products and services. | ||||||||||||||||
On July 16, 2014, the Company completed the disposition of Outdoor Americas through the Split-Off. As a result, Outdoor Americas has been presented as a discontinued operation in the Company’s consolidated financial statements. Prior periods have been reclassified to conform to this presentation. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Entertainment | $ | 1,911 | $ | 1,884 | $ | 6,049 | $ | 6,431 | ||||||||
Cable Networks | 624 | 596 | 1,677 | 1,592 | ||||||||||||
Publishing | 199 | 224 | 563 | 584 | ||||||||||||
Local Broadcasting | 680 | 641 | 1,971 | 1,977 | ||||||||||||
Corporate/Eliminations | (47 | ) | (43 | ) | (135 | ) | (150 | ) | ||||||||
Total Revenues | $ | 3,367 | $ | 3,302 | $ | 10,125 | $ | 10,434 | ||||||||
Revenues generated between segments primarily reflect advertising sales and television and feature film license fees. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Intercompany Revenues: | ||||||||||||||||
Entertainment | $ | 45 | $ | 41 | $ | 130 | $ | 145 | ||||||||
Local Broadcasting | 5 | 4 | 13 | 11 | ||||||||||||
Total Intercompany Revenues | $ | 50 | $ | 45 | $ | 143 | $ | 156 | ||||||||
The Company presents segment operating income (loss) before depreciation and amortization (“OIBDA”), restructuring charges and impairment charges (“Segment OIBDA”) as the primary measure of profit and loss for its operating segments in accordance with FASB guidance for segment reporting. The Company believes the presentation of Segment OIBDA is relevant and useful for investors because it allows investors to view segment performance in a manner similar to the primary method used by the Company’s management and enhances their ability to understand the Company’s operating performance. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Segment OIBDA: | ||||||||||||||||
Entertainment | $ | 335 | $ | 431 | $ | 1,168 | $ | 1,340 | ||||||||
Cable Networks | 272 | 261 | 750 | 699 | ||||||||||||
Publishing | 43 | 43 | 80 | 76 | ||||||||||||
Local Broadcasting | 214 | 181 | 652 | 635 | ||||||||||||
Corporate | (50 | ) | (82 | ) | (173 | ) | (223 | ) | ||||||||
Total Segment OIBDA | 814 | 834 | 2,477 | 2,527 | ||||||||||||
Restructuring charges | (26 | ) | — | (26 | ) | — | ||||||||||
Impairment charge | (52 | ) | — | (52 | ) | — | ||||||||||
Depreciation and amortization | (68 | ) | (70 | ) | (210 | ) | (217 | ) | ||||||||
Operating income | 668 | 764 | 2,189 | 2,310 | ||||||||||||
Interest expense | (89 | ) | (93 | ) | (276 | ) | (281 | ) | ||||||||
Interest income | 4 | 2 | 10 | 6 | ||||||||||||
Loss on early extinguishment of debt | (352 | ) | — | (352 | ) | — | ||||||||||
Other items, net | (21 | ) | 6 | (10 | ) | (2 | ) | |||||||||
Earnings from continuing operations before income taxes | 210 | 679 | 1,561 | 2,033 | ||||||||||||
and equity in loss of investee companies | ||||||||||||||||
Provision for income taxes | (110 | ) | (226 | ) | (561 | ) | (678 | ) | ||||||||
Equity in loss of investee companies, net of tax | (28 | ) | (22 | ) | (48 | ) | (39 | ) | ||||||||
Net earnings from continuing operations | 72 | 431 | 952 | 1,316 | ||||||||||||
Net earnings from discontinued operations, net of tax | 1,567 | 63 | 1,594 | 93 | ||||||||||||
Net earnings | $ | 1,639 | $ | 494 | $ | 2,546 | $ | 1,409 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating Income (Loss): | ||||||||||||||||
Entertainment | $ | 294 | $ | 394 | $ | 1,055 | $ | 1,225 | ||||||||
Cable Networks | 266 | 255 | 733 | 684 | ||||||||||||
Publishing | 41 | 41 | 75 | 71 | ||||||||||||
Local Broadcasting | 126 | 161 | 520 | 571 | ||||||||||||
Corporate | (59 | ) | (87 | ) | (194 | ) | (241 | ) | ||||||||
Total Operating Income | $ | 668 | $ | 764 | $ | 2,189 | $ | 2,310 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Depreciation and Amortization: | ||||||||||||||||
Entertainment | $ | 33 | $ | 37 | $ | 105 | $ | 115 | ||||||||
Cable Networks | 6 | 6 | 17 | 15 | ||||||||||||
Publishing | 1 | 2 | 4 | 5 | ||||||||||||
Local Broadcasting | 22 | 20 | 66 | 64 | ||||||||||||
Corporate | 6 | 5 | 18 | 18 | ||||||||||||
Total Depreciation and Amortization | $ | 68 | $ | 70 | $ | 210 | $ | 217 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock-based Compensation: | ||||||||||||||||
Entertainment | $ | 16 | $ | 14 | $ | 45 | $ | 44 | ||||||||
Cable Networks | 2 | 2 | 7 | 6 | ||||||||||||
Publishing | 1 | 1 | 3 | 3 | ||||||||||||
Local Broadcasting | 7 | 7 | 22 | 21 | ||||||||||||
Corporate | 7 | 33 | 40 | 89 | ||||||||||||
Total Stock-based Compensation | $ | 33 | $ | 57 | $ | 117 | $ | 163 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Capital Expenditures: | ||||||||||||||||
Entertainment | $ | 21 | $ | 24 | $ | 58 | $ | 67 | ||||||||
Cable Networks | 2 | 2 | 7 | 6 | ||||||||||||
Publishing | — | 1 | 1 | 2 | ||||||||||||
Local Broadcasting | 15 | 15 | 35 | 33 | ||||||||||||
Corporate | 5 | 2 | 11 | 4 | ||||||||||||
Total Capital Expenditures | $ | 43 | $ | 44 | $ | 112 | $ | 112 | ||||||||
At | At | |||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Assets: | ||||||||||||||||
Entertainment | $ | 10,248 | $ | 9,657 | ||||||||||||
Cable Networks | 2,108 | 1,968 | ||||||||||||||
Publishing | 962 | 1,026 | ||||||||||||||
Local Broadcasting | 9,541 | 9,600 | ||||||||||||||
Corporate | 541 | 661 | ||||||||||||||
Discontinued operations | 55 | 3,475 | ||||||||||||||
Total Assets | $ | 23,455 | $ | 26,387 | ||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Statements | ' | |||||||||||||||||||
15) CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | ||||||||||||||||||||
CBS Operations Inc. is a wholly owned subsidiary of the Company. CBS Operations Inc. has fully and unconditionally guaranteed CBS Corp.’s senior debt securities. The following condensed consolidating financial statements present the results of operations, financial position and cash flows of CBS Corp., CBS Operations Inc., the direct and indirect Non-Guarantor Affiliates of CBS Corp. and CBS Operations Inc., and the eliminations necessary to arrive at the information for the Company on a consolidated basis. | ||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Revenues | $ | 40 | $ | 2 | $ | 3,325 | $ | — | $ | 3,367 | ||||||||||
Expenses: | ||||||||||||||||||||
Operating | 18 | 1 | 1,917 | — | 1,936 | |||||||||||||||
Selling, general and administrative | 11 | 51 | 555 | — | 617 | |||||||||||||||
Restructuring charges | — | 3 | 23 | — | 26 | |||||||||||||||
Impairment charge | — | — | 52 | — | 52 | |||||||||||||||
Depreciation and amortization | 2 | 4 | 62 | — | 68 | |||||||||||||||
Total expenses | 31 | 59 | 2,609 | — | 2,699 | |||||||||||||||
Operating income (loss) | 9 | (57 | ) | 716 | — | 668 | ||||||||||||||
Interest (expense) income, net | (109 | ) | (97 | ) | 121 | — | (85 | ) | ||||||||||||
Loss on early extinguishment of debt | (351 | ) | — | (1 | ) | — | (352 | ) | ||||||||||||
Other items, net | (1 | ) | 4 | (24 | ) | — | (21 | ) | ||||||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | (452 | ) | (150 | ) | 812 | — | 210 | |||||||||||||
Benefit (provision) for income taxes | 167 | 52 | (329 | ) | — | (110 | ) | |||||||||||||
Equity in earnings (loss) of investee companies, | 1,924 | 314 | (28 | ) | (2,238 | ) | (28 | ) | ||||||||||||
net of tax | ||||||||||||||||||||
Net earnings from continuing operations | 1,639 | 216 | 455 | (2,238 | ) | 72 | ||||||||||||||
Net earnings from discontinued operations, net of tax | — | — | 1,567 | — | 1,567 | |||||||||||||||
Net earnings | $ | 1,639 | $ | 216 | $ | 2,022 | $ | (2,238 | ) | $ | 1,639 | |||||||||
Total comprehensive income | $ | 1,615 | $ | 222 | $ | 1,987 | $ | (2,209 | ) | $ | 1,615 | |||||||||
Statement of Operations | ||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Revenues | $ | 108 | $ | 8 | $ | 10,009 | $ | — | $ | 10,125 | ||||||||||
Expenses: | ||||||||||||||||||||
Operating | 49 | 4 | 5,802 | — | 5,855 | |||||||||||||||
Selling, general and administrative | 43 | 165 | 1,585 | — | 1,793 | |||||||||||||||
Restructuring charges | — | 3 | 23 | — | 26 | |||||||||||||||
Impairment charge | — | — | 52 | — | 52 | |||||||||||||||
Depreciation and amortization | 5 | 11 | 194 | — | 210 | |||||||||||||||
Total expenses | 97 | 183 | 7,656 | — | 7,936 | |||||||||||||||
Operating income (loss) | 11 | (175 | ) | 2,353 | — | 2,189 | ||||||||||||||
Interest (expense) income, net | (338 | ) | (285 | ) | 357 | — | (266 | ) | ||||||||||||
Loss on early extinguishment of debt | (351 | ) | — | (1 | ) | — | (352 | ) | ||||||||||||
Other items, net | — | 2 | (12 | ) | — | (10 | ) | |||||||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | (678 | ) | (458 | ) | 2,697 | — | 1,561 | |||||||||||||
Benefit (provision) for income taxes | 244 | 157 | (962 | ) | — | (561 | ) | |||||||||||||
Equity in earnings (loss) of investee companies, | 2,980 | 978 | (48 | ) | (3,958 | ) | (48 | ) | ||||||||||||
net of tax | ||||||||||||||||||||
Net earnings from continuing operations | 2,546 | 677 | 1,687 | (3,958 | ) | 952 | ||||||||||||||
Net earnings (loss) from discontinued operations, net of tax | — | (1 | ) | 1,595 | — | 1,594 | ||||||||||||||
Net earnings | $ | 2,546 | $ | 676 | $ | 3,282 | $ | (3,958 | ) | $ | 2,546 | |||||||||
Total comprehensive income | $ | 2,544 | $ | 678 | $ | 3,242 | $ | (3,920 | ) | $ | 2,544 | |||||||||
Statement of Operations | ||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Revenues | $ | 31 | $ | 2 | $ | 3,269 | $ | — | $ | 3,302 | ||||||||||
Expenses: | ||||||||||||||||||||
Operating | 16 | 2 | 1,783 | — | 1,801 | |||||||||||||||
Selling, general and administrative | 17 | 78 | 572 | — | 667 | |||||||||||||||
Depreciation and amortization | 2 | 4 | 64 | — | 70 | |||||||||||||||
Total expenses | 35 | 84 | 2,419 | — | 2,538 | |||||||||||||||
Operating income (loss) | (4 | ) | (82 | ) | 850 | — | 764 | |||||||||||||
Interest (expense) income, net | (113 | ) | (96 | ) | 118 | — | (91 | ) | ||||||||||||
Other items, net | 1 | (4 | ) | 9 | — | 6 | ||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | (116 | ) | (182 | ) | 977 | — | 679 | |||||||||||||
Benefit (provision) for income taxes | 40 | 62 | (328 | ) | — | (226 | ) | |||||||||||||
Equity in earnings (loss) of investee companies, | 567 | 484 | (22 | ) | (1,051 | ) | (22 | ) | ||||||||||||
net of tax | ||||||||||||||||||||
Net earnings from continuing operations | 491 | 364 | 627 | (1,051 | ) | 431 | ||||||||||||||
Net earnings (loss) from discontinued operations, net of tax | 3 | (1 | ) | 61 | — | 63 | ||||||||||||||
Net earnings | $ | 494 | $ | 363 | $ | 688 | $ | (1,051 | ) | $ | 494 | |||||||||
Total comprehensive income | $ | 336 | $ | 356 | $ | 527 | $ | (883 | ) | $ | 336 | |||||||||
Statement of Operations | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Revenues | $ | 103 | $ | 8 | $ | 10,323 | $ | — | $ | 10,434 | ||||||||||
Expenses: | ||||||||||||||||||||
Operating | 50 | 6 | 5,946 | — | 6,002 | |||||||||||||||
Selling, general and administrative | 48 | 219 | 1,638 | — | 1,905 | |||||||||||||||
Depreciation and amortization | 5 | 11 | 201 | — | 217 | |||||||||||||||
Total expenses | 103 | 236 | 7,785 | — | 8,124 | |||||||||||||||
Operating income (loss) | — | (228 | ) | 2,538 | — | 2,310 | ||||||||||||||
Interest (expense) income, net | (342 | ) | (276 | ) | 343 | — | (275 | ) | ||||||||||||
Other items, net | — | 4 | (6 | ) | — | (2 | ) | |||||||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | (342 | ) | (500 | ) | 2,875 | — | 2,033 | |||||||||||||
Benefit (provision) for income taxes | 117 | 171 | (966 | ) | — | (678 | ) | |||||||||||||
Equity in earnings (loss) of investee companies, net of tax | 1,631 | 1,061 | (39 | ) | (2,692 | ) | (39 | ) | ||||||||||||
Net earnings from continuing operations | 1,406 | 732 | 1,870 | (2,692 | ) | 1,316 | ||||||||||||||
Net earnings (loss) from discontinued operations, net of tax | 3 | (5 | ) | 95 | — | 93 | ||||||||||||||
Net earnings | $ | 1,409 | $ | 727 | $ | 1,965 | $ | (2,692 | ) | $ | 1,409 | |||||||||
Total comprehensive income | $ | 1,255 | $ | 726 | $ | 1,780 | $ | (2,506 | ) | $ | 1,255 | |||||||||
Balance Sheet | ||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 20 | $ | 1 | $ | 157 | $ | — | $ | 178 | ||||||||||
Receivables, net | 23 | 2 | 3,353 | — | 3,378 | |||||||||||||||
Programming and other inventory | 4 | 3 | 1,129 | — | 1,136 | |||||||||||||||
Prepaid expenses and other current assets | 202 | 45 | 497 | (32 | ) | 712 | ||||||||||||||
Total current assets | 249 | 51 | 5,136 | (32 | ) | 5,404 | ||||||||||||||
Property and equipment | 39 | 148 | 2,938 | — | 3,125 | |||||||||||||||
Less accumulated depreciation and amortization | 13 | 93 | 1,625 | — | 1,731 | |||||||||||||||
Net property and equipment | 26 | 55 | 1,313 | — | 1,394 | |||||||||||||||
Programming and other inventory | 8 | 9 | 1,604 | — | 1,621 | |||||||||||||||
Goodwill | 98 | 62 | 6,449 | — | 6,609 | |||||||||||||||
Intangible assets | — | — | 5,848 | — | 5,848 | |||||||||||||||
Investments in consolidated subsidiaries | 40,409 | 11,389 | — | (51,798 | ) | — | ||||||||||||||
Other assets | 85 | 50 | 2,127 | — | 2,262 | |||||||||||||||
Assets held for sale | — | — | 262 | — | 262 | |||||||||||||||
Intercompany | — | 2,725 | 20,919 | (23,644 | ) | — | ||||||||||||||
Assets of discontinued operations | — | — | 55 | — | 55 | |||||||||||||||
Total Assets | $ | 40,875 | $ | 14,341 | $ | 43,713 | $ | (75,474 | ) | $ | 23,455 | |||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Accounts payable | $ | 1 | $ | 4 | $ | 191 | $ | — | $ | 196 | ||||||||||
Participants' share and royalties payable | — | — | 914 | — | 914 | |||||||||||||||
Program rights | 5 | 3 | 309 | — | 317 | |||||||||||||||
Commercial paper | 431 | — | — | — | 431 | |||||||||||||||
Current portion of long-term debt | 4 | — | 16 | — | 20 | |||||||||||||||
Accrued expenses and other current liabilities | 330 | 219 | 965 | (32 | ) | 1,482 | ||||||||||||||
Current liabilities of discontinued operations | — | — | 37 | — | 37 | |||||||||||||||
Total current liabilities | 771 | 226 | 2,432 | (32 | ) | 3,397 | ||||||||||||||
Long-term debt | 6,377 | — | 131 | — | 6,508 | |||||||||||||||
Other liabilities | 2,557 | 245 | 3,084 | — | 5,886 | |||||||||||||||
Liabilities of discontinued operations | — | — | 138 | — | 138 | |||||||||||||||
Intercompany | 23,644 | — | — | (23,644 | ) | — | ||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Preferred stock | — | — | 126 | (126 | ) | — | ||||||||||||||
Common stock | 1 | 123 | 590 | (713 | ) | 1 | ||||||||||||||
Additional paid-in capital | 44,022 | — | 60,619 | (60,619 | ) | 44,022 | ||||||||||||||
Retained earnings (deficit) | (22,344 | ) | 14,086 | (18,693 | ) | 4,607 | (22,344 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (547 | ) | (8 | ) | 86 | (78 | ) | (547 | ) | |||||||||||
21,132 | 14,201 | 42,728 | (56,929 | ) | 21,132 | |||||||||||||||
Less treasury stock, at cost | 13,606 | 331 | 4,800 | (5,131 | ) | 13,606 | ||||||||||||||
Total Stockholders' Equity | 7,526 | 13,870 | 37,928 | (51,798 | ) | 7,526 | ||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 40,875 | $ | 14,341 | $ | 43,713 | $ | (75,474 | ) | $ | 23,455 | |||||||||
Balance Sheet | ||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 80 | $ | 1 | $ | 287 | $ | — | $ | 368 | ||||||||||
Receivables, net | 30 | 2 | 3,202 | — | 3,234 | |||||||||||||||
Programming and other inventory | 4 | 2 | 766 | — | 772 | |||||||||||||||
Prepaid expenses and other current assets | 179 | 18 | 474 | (26 | ) | 645 | ||||||||||||||
Current assets of discontinued operations | — | — | 351 | — | 351 | |||||||||||||||
Total current assets | 293 | 23 | 5,080 | (26 | ) | 5,370 | ||||||||||||||
Property and equipment | 37 | 137 | 2,886 | — | 3,060 | |||||||||||||||
Less accumulated depreciation and amortization | 9 | 83 | 1,507 | — | 1,599 | |||||||||||||||
Net property and equipment | 28 | 54 | 1,379 | — | 1,461 | |||||||||||||||
Programming and other inventory | 5 | — | 1,692 | — | 1,697 | |||||||||||||||
Goodwill | 98 | 62 | 6,428 | — | 6,588 | |||||||||||||||
Intangible assets | — | — | 5,870 | — | 5,870 | |||||||||||||||
Investments in consolidated subsidiaries | 40,454 | 10,415 | — | (50,869 | ) | — | ||||||||||||||
Other assets | 89 | 18 | 1,856 | — | 1,963 | |||||||||||||||
Assets held for sale | — | — | 314 | — | 314 | |||||||||||||||
Intercompany | — | 3,240 | 18,409 | (21,649 | ) | — | ||||||||||||||
Assets of discontinued operations | — | — | 3,124 | — | 3,124 | |||||||||||||||
Total Assets | $ | 40,967 | $ | 13,812 | $ | 44,152 | $ | (72,544 | ) | $ | 26,387 | |||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Accounts payable | $ | 1 | $ | 8 | $ | 277 | $ | — | $ | 286 | ||||||||||
Participants' share and royalties payable | — | — | 1,008 | — | 1,008 | |||||||||||||||
Program rights | 5 | 2 | 391 | — | 398 | |||||||||||||||
Commercial paper | 475 | — | — | — | 475 | |||||||||||||||
Current portion of long-term debt | 5 | — | 15 | — | 20 | |||||||||||||||
Accrued expenses and other current liabilities | 361 | 293 | 1,138 | (26 | ) | 1,766 | ||||||||||||||
Current liabilities of discontinued operations | — | — | 254 | — | 254 | |||||||||||||||
Total current liabilities | 847 | 303 | 3,083 | (26 | ) | 4,207 | ||||||||||||||
Long-term debt | 5,791 | — | 149 | — | 5,940 | |||||||||||||||
Other liabilities | 2,714 | 317 | 2,766 | — | 5,797 | |||||||||||||||
Liabilities of discontinued operations | — | — | 477 | — | 477 | |||||||||||||||
Intercompany | 21,649 | — | — | (21,649 | ) | — | ||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Preferred stock | — | — | 126 | (126 | ) | — | ||||||||||||||
Common stock | 1 | 123 | 953 | (1,076 | ) | 1 | ||||||||||||||
Additional paid-in capital | 43,474 | — | 61,678 | (61,678 | ) | 43,474 | ||||||||||||||
Retained earnings (deficit) | (24,890 | ) | 13,410 | (20,406 | ) | 6,996 | (24,890 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (545 | ) | (10 | ) | 126 | (116 | ) | (545 | ) | |||||||||||
18,040 | 13,523 | 42,477 | (56,000 | ) | 18,040 | |||||||||||||||
Less treasury stock, at cost | 8,074 | 331 | 4,800 | (5,131 | ) | 8,074 | ||||||||||||||
Total Stockholders' Equity | 9,966 | 13,192 | 37,677 | (50,869 | ) | 9,966 | ||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 40,967 | $ | 13,812 | $ | 44,152 | $ | (72,544 | ) | $ | 26,387 | |||||||||
Statement of Cash Flows | ||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Net cash flow (used for) provided by operating activities | $ | (843 | ) | $ | (199 | ) | $ | 1,330 | $ | — | $ | 288 | ||||||||
Investing Activities: | ||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | (27 | ) | — | (27 | ) | |||||||||||||
Capital expenditures | — | (11 | ) | (101 | ) | — | (112 | ) | ||||||||||||
Investments in and advances to investee companies | — | — | (68 | ) | — | (68 | ) | |||||||||||||
Proceeds from sale of investments | — | 2 | 1 | — | 3 | |||||||||||||||
Proceeds from dispositions | — | — | 7 | — | 7 | |||||||||||||||
Net cash flow used for investing activities from continuing operations | — | (9 | ) | (188 | ) | — | (197 | ) | ||||||||||||
Net cash flow used for investing activities from discontinued operations | — | — | (271 | ) | — | (271 | ) | |||||||||||||
Net cash flow used for investing activities | — | (9 | ) | (459 | ) | — | (468 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Repayments of short-term debt borrowings, net | (44 | ) | — | — | — | (44 | ) | |||||||||||||
Proceeds from issuance of notes | 1,729 | — | — | — | 1,729 | |||||||||||||||
Repayment of notes and debentures | (1,146 | ) | — | (6 | ) | — | (1,152 | ) | ||||||||||||
Payment of capital lease obligations | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Dividends | (214 | ) | — | — | — | (214 | ) | |||||||||||||
Purchase of Company common stock | (2,830 | ) | — | — | — | (2,830 | ) | |||||||||||||
Payment of payroll taxes in lieu of issuing | (146 | ) | — | — | — | (146 | ) | |||||||||||||
shares for stock-based compensation | ||||||||||||||||||||
Proceeds from exercise of stock options | 237 | — | — | — | 237 | |||||||||||||||
Excess tax benefit from stock-based compensation | 227 | — | — | — | 227 | |||||||||||||||
Increase (decrease) in intercompany payables | 2,970 | 208 | (3,178 | ) | — | — | ||||||||||||||
Net cash flow provided by (used for) financing activities from continuing operations | 783 | 208 | (3,197 | ) | — | (2,206 | ) | |||||||||||||
Net cash flow provided by financing activities from discontinued operations | — | — | 2,167 | — | 2,167 | |||||||||||||||
Net cash flow provided by (used for) financing activities | 783 | 208 | (1,030 | ) | — | (39 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (60 | ) | — | (159 | ) | — | (219 | ) | ||||||||||||
Cash and cash equivalents at beginning of period (includes $29 of discontinued operations cash) | 80 | 1 | 316 | — | 397 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 20 | $ | 1 | $ | 157 | $ | — | $ | 178 | ||||||||||
Statement of Cash Flows | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Net cash flow (used for) provided by operating activities | $ | (858 | ) | $ | (174 | ) | $ | 2,352 | $ | — | $ | 1,320 | ||||||||
Investing Activities: | ||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | (20 | ) | — | (20 | ) | |||||||||||||
Capital expenditures | — | (4 | ) | (108 | ) | — | (112 | ) | ||||||||||||
Investments in and advances to investee companies | — | — | (144 | ) | — | (144 | ) | |||||||||||||
Proceeds from sale of investments | 15 | 1 | 4 | — | 20 | |||||||||||||||
Proceeds from dispositions | — | — | 185 | — | 185 | |||||||||||||||
Net cash flow provided by (used for) investing activities from continuing operations | 15 | (3 | ) | (83 | ) | — | (71 | ) | ||||||||||||
Net cash flow used for investing activities from discontinued operations | — | — | (45 | ) | — | (45 | ) | |||||||||||||
Net cash flow provided by (used for) investing activities | 15 | (3 | ) | (128 | ) | — | (116 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Proceeds from short-term debt borrowings, net | 341 | — | — | — | 341 | |||||||||||||||
Payment of capital lease obligations | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Payment of contingent consideration | — | — | (30 | ) | — | (30 | ) | |||||||||||||
Dividends | (228 | ) | — | — | — | (228 | ) | |||||||||||||
Purchase of Company common stock | (1,864 | ) | — | — | — | (1,864 | ) | |||||||||||||
Payment of payroll taxes in lieu of issuing shares | (142 | ) | — | — | — | (142 | ) | |||||||||||||
for stock-based compensation | ||||||||||||||||||||
Proceeds from exercise of stock options | 121 | — | — | — | 121 | |||||||||||||||
Excess tax benefit from stock-based compensation | 128 | — | — | — | 128 | |||||||||||||||
Other financing activities | (4 | ) | — | — | — | (4 | ) | |||||||||||||
Increase (decrease) in intercompany payables | 2,271 | 177 | (2,448 | ) | — | — | ||||||||||||||
Net cash flow provided by (used for) financing activities from continuing operations | 623 | 177 | (2,491 | ) | — | (1,691 | ) | |||||||||||||
Net cash flow provided by financing activities from discontinued operations | 5 | — | — | — | 5 | |||||||||||||||
Net cash flow provided by (used for) financing activities | 628 | 177 | (2,491 | ) | — | (1,686 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (215 | ) | — | (267 | ) | — | (482 | ) | ||||||||||||
Cash and cash equivalents at beginning of period (includes $21 of discontinued operations cash) | 254 | 1 | 453 | — | 708 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 39 | $ | 1 | $ | 186 | $ | — | $ | 226 | ||||||||||
(includes $24 of discontinued operations cash) | ||||||||||||||||||||
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates-The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Net Earnings per Common Share-Basic net earnings per share (“EPS”) is based upon net earnings divided by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) and market-based performance share units (“PSUs”) only in the periods in which such effect would have been dilutive. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Reconciliation from Basic to Diluted Shares [Table Text Block] | ' | |||||||||||
The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||
Weighted average shares for basic EPS | 532 | 603 | 562 | 611 | ||||||||
Dilutive effect of shares issuable under stock-based | 9 | 15 | 12 | 16 | ||||||||
compensation plans | ||||||||||||
Weighted average shares for diluted EPS | 541 | 618 | 574 | 627 | ||||||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock-based Compensation [Table Text Block] | ' | |||||||||||||||
The following table summarizes the Company's stock-based compensation expense for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
RSUs and PSUs | $ | 33 | $ | 34 | $ | 102 | $ | 97 | ||||||||
Stock options and equivalents | — | 23 | 15 | 66 | ||||||||||||
Stock-based compensation expense, before income taxes | 33 | 57 | 117 | 163 | ||||||||||||
Related tax benefit | (12 | ) | (22 | ) | (45 | ) | (63 | ) | ||||||||
Stock-based compensation expense, net of tax benefit | $ | 21 | $ | 35 | $ | 72 | $ | 100 | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations [Table Text Block] | ' | |||||||||||||||
Fair value of CBS Corp. Class B Common Stock accepted | $ | 2,721 | ||||||||||||||
(44,723,131 shares at $60.85 per share on July 16, 2014) | ||||||||||||||||
Carrying value of Outdoor Americas | (1,162 | ) | ||||||||||||||
Accumulated other comprehensive income | 30 | |||||||||||||||
Transaction costs | (32 | ) | ||||||||||||||
Net gain on split-off of Outdoor Americas | $ | 1,557 | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues from discontinued operations | $ | 55 | $ | 477 | $ | 677 | $ | 1,351 | ||||||||
Earnings (loss) from discontinued operations | $ | 5 | $ | (128 | ) | $ | 59 | $ | (83 | ) | ||||||
Income tax benefit (provision) | 5 | 44 | (17 | ) | 29 | |||||||||||
Earnings (loss) from discontinued operations, net of tax | 10 | (84 | ) | 42 | (54 | ) | ||||||||||
Gain on disposal | 1,557 | 149 | 1,557 | 149 | ||||||||||||
Income tax provision | — | (2 | ) | — | (2 | ) | ||||||||||
Gain on disposal, net of tax | 1,557 | 147 | 1,557 | 147 | ||||||||||||
Less: Net earnings from discontinued operations | — | — | 5 | — | ||||||||||||
attributable to noncontrolling interest, net of tax | ||||||||||||||||
Net earnings from discontinued operations attributable to | $ | 1,567 | $ | 63 | $ | 1,594 | $ | 93 | ||||||||
CBS Corp. | ||||||||||||||||
The following table presents the major classes of assets and liabilities of the Company's discontinued operations. | ||||||||||||||||
At | At | |||||||||||||||
30-Sep-14 | December 31, 2013 | |||||||||||||||
Current assets | $ | — | $ | 351 | ||||||||||||
Goodwill | — | 1,866 | ||||||||||||||
Intangible assets | — | 366 | ||||||||||||||
Net property and equipment | — | 763 | ||||||||||||||
Other assets | 55 | 129 | ||||||||||||||
Total Assets | $ | 55 | $ | 3,475 | ||||||||||||
Current liabilities | $ | 37 | $ | 254 | ||||||||||||
Other liabilities | 138 | 477 | ||||||||||||||
Total Liabilities | $ | 175 | $ | 731 | ||||||||||||
Programming_and_Other_Inventor1
Programming and Other Inventory (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Programming and Other Inventory [Table Text Block] | ' | |||||||||||
At | At | |||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||
Program rights | $ | 1,648 | $ | 1,331 | ||||||||
Television programming: | ||||||||||||
Released (including acquired libraries) | 700 | 878 | ||||||||||
In process and other | 293 | 139 | ||||||||||
Theatrical programming: | ||||||||||||
Released | 27 | 38 | ||||||||||
In process and other | 31 | 32 | ||||||||||
Publishing, primarily finished goods | 58 | 51 | ||||||||||
Total programming and other inventory | 2,757 | 2,469 | ||||||||||
Less current portion | 1,136 | 772 | ||||||||||
Total noncurrent programming and other inventory | $ | 1,621 | $ | 1,697 | ||||||||
Related_Parties_Tables
Related Parties (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Amounts due from Viacom Inc. [Table Text Block] | ' | |||||||||||
At | At | |||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||
Receivables | $ | 95 | $ | 84 | ||||||||
Other assets (Receivables, noncurrent) | 88 | 115 | ||||||||||
Total amounts due from Viacom Inc. | $ | 183 | $ | 199 | ||||||||
Bank_Financing_and_Debt_Tables
Bank Financing and Debt (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||||
The following table sets forth the Company’s debt. | ||||||||||||
At | At | |||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||
Commercial paper | $ | 431 | $ | 475 | ||||||||
Senior debt (1.95% - 8.875% due 2014 - 2044) (a) | 6,427 | 5,848 | ||||||||||
Obligations under capital leases | 101 | 112 | ||||||||||
Total debt | 6,959 | 6,435 | ||||||||||
Less commercial paper | 431 | 475 | ||||||||||
Less current portion of long-term debt | 20 | 20 | ||||||||||
Total long-term debt, net of current portion | $ | 6,508 | $ | 5,940 | ||||||||
(a) At September 30, 2014 and December 31, 2013, the senior debt balances included (i) a net unamortized discount of $22 million and $13 million, respectively, and (ii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $15 million and $18 million, respectively. The balance at September 30, 2014, also included a decrease in the carrying value of the debt relating to outstanding fair value hedges of $6 million. The face value of the Company’s senior debt was $6.44 billion and $5.84 billion at September 30, 2014 and December 31, 2013, respectively. |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Pension and Other Postretirement Benefits [Table Text Block] | ' | |||||||||||||||
The components of net periodic cost for the Company's pension and postretirement benefit plans were as follows: | ||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Three Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of net periodic cost: | ||||||||||||||||
Service cost | $ | 8 | $ | 8 | $ | — | $ | — | ||||||||
Interest cost | 60 | 54 | 6 | 6 | ||||||||||||
Expected return on plan assets | (65 | ) | (69 | ) | — | — | ||||||||||
Amortization of actuarial loss (gain) (a) | 16 | 21 | (6 | ) | (4 | ) | ||||||||||
Net periodic cost | $ | 19 | $ | 14 | $ | — | $ | 2 | ||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||
Nine Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of net periodic cost: | ||||||||||||||||
Service cost | $ | 24 | $ | 28 | $ | — | $ | — | ||||||||
Interest cost | 178 | 158 | 18 | 18 | ||||||||||||
Expected return on plan assets | (197 | ) | (203 | ) | — | — | ||||||||||
Amortization of actuarial loss (gain) (a) | 48 | 65 | (16 | ) | (12 | ) | ||||||||||
Net periodic cost | $ | 53 | $ | 48 | $ | 2 | $ | 6 | ||||||||
(a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||
The following tables summarize the changes in the components of accumulated other comprehensive income (loss). | ||||||||||||||||||||
Continuing Operations | Discontinued Operations | |||||||||||||||||||
Cumulative | Net Actuarial | Unrealized | Other Comprehensive Income (Loss) | Accumulated | ||||||||||||||||
Translation | Gain (Loss) | Gains on | Other | |||||||||||||||||
Adjustments | and Prior | Securities | Comprehensive | |||||||||||||||||
Service Cost | Loss | |||||||||||||||||||
At December 31, 2013 | $ | 166 | $ | (729 | ) | $ | 3 | $ | 15 | $ | (545 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (7 | ) | — | — | 15 | 8 | ||||||||||||||
Reclassifications to net earnings | — | 20 | (a) | — | (30 | ) | (b) | (10 | ) | |||||||||||
Net other comprehensive income (loss) | (7 | ) | 20 | — | (15 | ) | (2 | ) | ||||||||||||
At September 30, 2014 | $ | 159 | $ | (709 | ) | $ | 3 | $ | — | $ | (547 | ) | ||||||||
Continuing Operations | Discontinued | |||||||||||||||||||
Operations | ||||||||||||||||||||
Cumulative | Net Actuarial Gain (Loss) and Prior Service Cost | Unrealized Gains on Securities | Other Comprehensive Income (Loss) | Accumulated | ||||||||||||||||
Translation | Other | |||||||||||||||||||
Adjustments | Comprehensive | |||||||||||||||||||
Loss | ||||||||||||||||||||
At December 31, 2012 | $ | 168 | $ | (936 | ) | $ | 2 | $ | 197 | $ | (569 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 5 | — | 1 | (14 | ) | (8 | ) | |||||||||||||
Reclassifications to net earnings | — | 32 | (a) | — | (178 | ) | (b) | (146 | ) | |||||||||||
Net other comprehensive income (loss) | 5 | 32 | 1 | (192 | ) | (154 | ) | |||||||||||||
At September 30, 2013 | $ | 173 | $ | (904 | ) | $ | 3 | $ | 5 | $ | (723 | ) | ||||||||
(a) | Reflects amortization of net actuarial losses. See Note 8. | |||||||||||||||||||
(b) | Reclassified in connection with the disposal of Outdoor Americas in 2014 and Outdoor Europe in 2013. See Note 3. |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||
Restructuring Reserve Rollforward [Table Text Block] | ' | |||||||||||||||||||||||
Balance at | 2014 | 2014 | Balance at | |||||||||||||||||||||
December 31, 2013 | Charges | Payments | September 30, 2014 | |||||||||||||||||||||
Entertainment | $ | 8 | $ | 8 | $ | (7 | ) | $ | 9 | |||||||||||||||
Cable Networks | 1 | — | (1 | ) | — | |||||||||||||||||||
Publishing | 1 | 1 | (1 | ) | 1 | |||||||||||||||||||
Local Broadcasting | 4 | 14 | (3 | ) | 15 | |||||||||||||||||||
Corporate | 1 | 3 | (1 | ) | 3 | |||||||||||||||||||
Total | $ | 15 | $ | 26 | $ | (13 | ) | $ | 28 | |||||||||||||||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurement [Table Text Block] | ' | |||||||||||||||
At September 30, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Investments | $ | 78 | $ | — | $ | — | $ | 78 | ||||||||
Foreign currency hedges | — | 3 | — | 3 | ||||||||||||
Total Assets | $ | 78 | $ | 3 | $ | — | $ | 81 | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation | $ | — | $ | 278 | $ | — | $ | 278 | ||||||||
Guarantees | — | — | 40 | 40 | ||||||||||||
Interest rate swaps | — | 6 | — | 6 | ||||||||||||
Foreign currency hedges | — | 1 | — | 1 | ||||||||||||
Total Liabilities | $ | — | $ | 285 | $ | 40 | $ | 325 | ||||||||
At December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Investments | $ | 83 | $ | — | $ | — | $ | 83 | ||||||||
Foreign currency hedges | — | 3 | — | 3 | ||||||||||||
Total Assets | $ | 83 | $ | 3 | $ | — | $ | 86 | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation | $ | — | $ | 268 | $ | — | $ | 268 | ||||||||
Guarantees | — | — | 40 | 40 | ||||||||||||
Foreign currency hedges | — | 4 | — | 4 | ||||||||||||
Total Liabilities | $ | — | $ | 272 | $ | 40 | $ | 312 | ||||||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Revenues by Segment [Table Text Block] | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Entertainment | $ | 1,911 | $ | 1,884 | $ | 6,049 | $ | 6,431 | ||||||||
Cable Networks | 624 | 596 | 1,677 | 1,592 | ||||||||||||
Publishing | 199 | 224 | 563 | 584 | ||||||||||||
Local Broadcasting | 680 | 641 | 1,971 | 1,977 | ||||||||||||
Corporate/Eliminations | (47 | ) | (43 | ) | (135 | ) | (150 | ) | ||||||||
Total Revenues | $ | 3,367 | $ | 3,302 | $ | 10,125 | $ | 10,434 | ||||||||
Intercompany Revenues by Segment [Table Text Block] | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Intercompany Revenues: | ||||||||||||||||
Entertainment | $ | 45 | $ | 41 | $ | 130 | $ | 145 | ||||||||
Local Broadcasting | 5 | 4 | 13 | 11 | ||||||||||||
Total Intercompany Revenues | $ | 50 | $ | 45 | $ | 143 | $ | 156 | ||||||||
Segment OIBDA and Reconciliation to Consolidated Net Earnings (Loss) [Table Text Block] | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Segment OIBDA: | ||||||||||||||||
Entertainment | $ | 335 | $ | 431 | $ | 1,168 | $ | 1,340 | ||||||||
Cable Networks | 272 | 261 | 750 | 699 | ||||||||||||
Publishing | 43 | 43 | 80 | 76 | ||||||||||||
Local Broadcasting | 214 | 181 | 652 | 635 | ||||||||||||
Corporate | (50 | ) | (82 | ) | (173 | ) | (223 | ) | ||||||||
Total Segment OIBDA | 814 | 834 | 2,477 | 2,527 | ||||||||||||
Restructuring charges | (26 | ) | — | (26 | ) | — | ||||||||||
Impairment charge | (52 | ) | — | (52 | ) | — | ||||||||||
Depreciation and amortization | (68 | ) | (70 | ) | (210 | ) | (217 | ) | ||||||||
Operating income | 668 | 764 | 2,189 | 2,310 | ||||||||||||
Interest expense | (89 | ) | (93 | ) | (276 | ) | (281 | ) | ||||||||
Interest income | 4 | 2 | 10 | 6 | ||||||||||||
Loss on early extinguishment of debt | (352 | ) | — | (352 | ) | — | ||||||||||
Other items, net | (21 | ) | 6 | (10 | ) | (2 | ) | |||||||||
Earnings from continuing operations before income taxes | 210 | 679 | 1,561 | 2,033 | ||||||||||||
and equity in loss of investee companies | ||||||||||||||||
Provision for income taxes | (110 | ) | (226 | ) | (561 | ) | (678 | ) | ||||||||
Equity in loss of investee companies, net of tax | (28 | ) | (22 | ) | (48 | ) | (39 | ) | ||||||||
Net earnings from continuing operations | 72 | 431 | 952 | 1,316 | ||||||||||||
Net earnings from discontinued operations, net of tax | 1,567 | 63 | 1,594 | 93 | ||||||||||||
Net earnings | $ | 1,639 | $ | 494 | $ | 2,546 | $ | 1,409 | ||||||||
Operating Income (Loss) by Segment [Table Text Block] | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating Income (Loss): | ||||||||||||||||
Entertainment | $ | 294 | $ | 394 | $ | 1,055 | $ | 1,225 | ||||||||
Cable Networks | 266 | 255 | 733 | 684 | ||||||||||||
Publishing | 41 | 41 | 75 | 71 | ||||||||||||
Local Broadcasting | 126 | 161 | 520 | 571 | ||||||||||||
Corporate | (59 | ) | (87 | ) | (194 | ) | (241 | ) | ||||||||
Total Operating Income | $ | 668 | $ | 764 | $ | 2,189 | $ | 2,310 | ||||||||
Depreciation and Amortization by Segment [Table Text Block] | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Depreciation and Amortization: | ||||||||||||||||
Entertainment | $ | 33 | $ | 37 | $ | 105 | $ | 115 | ||||||||
Cable Networks | 6 | 6 | 17 | 15 | ||||||||||||
Publishing | 1 | 2 | 4 | 5 | ||||||||||||
Local Broadcasting | 22 | 20 | 66 | 64 | ||||||||||||
Corporate | 6 | 5 | 18 | 18 | ||||||||||||
Total Depreciation and Amortization | $ | 68 | $ | 70 | $ | 210 | $ | 217 | ||||||||
Stock-based Compensation by Segment [Table Text Block] | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Stock-based Compensation: | ||||||||||||||||
Entertainment | $ | 16 | $ | 14 | $ | 45 | $ | 44 | ||||||||
Cable Networks | 2 | 2 | 7 | 6 | ||||||||||||
Publishing | 1 | 1 | 3 | 3 | ||||||||||||
Local Broadcasting | 7 | 7 | 22 | 21 | ||||||||||||
Corporate | 7 | 33 | 40 | 89 | ||||||||||||
Total Stock-based Compensation | $ | 33 | $ | 57 | $ | 117 | $ | 163 | ||||||||
Capital Expenditures by Segment [Table Text Block] | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Capital Expenditures: | ||||||||||||||||
Entertainment | $ | 21 | $ | 24 | $ | 58 | $ | 67 | ||||||||
Cable Networks | 2 | 2 | 7 | 6 | ||||||||||||
Publishing | — | 1 | 1 | 2 | ||||||||||||
Local Broadcasting | 15 | 15 | 35 | 33 | ||||||||||||
Corporate | 5 | 2 | 11 | 4 | ||||||||||||
Total Capital Expenditures | $ | 43 | $ | 44 | $ | 112 | $ | 112 | ||||||||
Assets by Segment [Table Text Block] | ' | |||||||||||||||
At | At | |||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Assets: | ||||||||||||||||
Entertainment | $ | 10,248 | $ | 9,657 | ||||||||||||
Cable Networks | 2,108 | 1,968 | ||||||||||||||
Publishing | 962 | 1,026 | ||||||||||||||
Local Broadcasting | 9,541 | 9,600 | ||||||||||||||
Corporate | 541 | 661 | ||||||||||||||
Discontinued operations | 55 | 3,475 | ||||||||||||||
Total Assets | $ | 23,455 | $ | 26,387 | ||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Statements of Operations [Table Text Block] | ' | |||||||||||||||||||
Statement of Operations | ||||||||||||||||||||
For the Three Months Ended September 30, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Revenues | $ | 40 | $ | 2 | $ | 3,325 | $ | — | $ | 3,367 | ||||||||||
Expenses: | ||||||||||||||||||||
Operating | 18 | 1 | 1,917 | — | 1,936 | |||||||||||||||
Selling, general and administrative | 11 | 51 | 555 | — | 617 | |||||||||||||||
Restructuring charges | — | 3 | 23 | — | 26 | |||||||||||||||
Impairment charge | — | — | 52 | — | 52 | |||||||||||||||
Depreciation and amortization | 2 | 4 | 62 | — | 68 | |||||||||||||||
Total expenses | 31 | 59 | 2,609 | — | 2,699 | |||||||||||||||
Operating income (loss) | 9 | (57 | ) | 716 | — | 668 | ||||||||||||||
Interest (expense) income, net | (109 | ) | (97 | ) | 121 | — | (85 | ) | ||||||||||||
Loss on early extinguishment of debt | (351 | ) | — | (1 | ) | — | (352 | ) | ||||||||||||
Other items, net | (1 | ) | 4 | (24 | ) | — | (21 | ) | ||||||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | (452 | ) | (150 | ) | 812 | — | 210 | |||||||||||||
Benefit (provision) for income taxes | 167 | 52 | (329 | ) | — | (110 | ) | |||||||||||||
Equity in earnings (loss) of investee companies, | 1,924 | 314 | (28 | ) | (2,238 | ) | (28 | ) | ||||||||||||
net of tax | ||||||||||||||||||||
Net earnings from continuing operations | 1,639 | 216 | 455 | (2,238 | ) | 72 | ||||||||||||||
Net earnings from discontinued operations, net of tax | — | — | 1,567 | — | 1,567 | |||||||||||||||
Net earnings | $ | 1,639 | $ | 216 | $ | 2,022 | $ | (2,238 | ) | $ | 1,639 | |||||||||
Total comprehensive income | $ | 1,615 | $ | 222 | $ | 1,987 | $ | (2,209 | ) | $ | 1,615 | |||||||||
Statement of Operations | ||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Revenues | $ | 108 | $ | 8 | $ | 10,009 | $ | — | $ | 10,125 | ||||||||||
Expenses: | ||||||||||||||||||||
Operating | 49 | 4 | 5,802 | — | 5,855 | |||||||||||||||
Selling, general and administrative | 43 | 165 | 1,585 | — | 1,793 | |||||||||||||||
Restructuring charges | — | 3 | 23 | — | 26 | |||||||||||||||
Impairment charge | — | — | 52 | — | 52 | |||||||||||||||
Depreciation and amortization | 5 | 11 | 194 | — | 210 | |||||||||||||||
Total expenses | 97 | 183 | 7,656 | — | 7,936 | |||||||||||||||
Operating income (loss) | 11 | (175 | ) | 2,353 | — | 2,189 | ||||||||||||||
Interest (expense) income, net | (338 | ) | (285 | ) | 357 | — | (266 | ) | ||||||||||||
Loss on early extinguishment of debt | (351 | ) | — | (1 | ) | — | (352 | ) | ||||||||||||
Other items, net | — | 2 | (12 | ) | — | (10 | ) | |||||||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | (678 | ) | (458 | ) | 2,697 | — | 1,561 | |||||||||||||
Benefit (provision) for income taxes | 244 | 157 | (962 | ) | — | (561 | ) | |||||||||||||
Equity in earnings (loss) of investee companies, | 2,980 | 978 | (48 | ) | (3,958 | ) | (48 | ) | ||||||||||||
net of tax | ||||||||||||||||||||
Net earnings from continuing operations | 2,546 | 677 | 1,687 | (3,958 | ) | 952 | ||||||||||||||
Net earnings (loss) from discontinued operations, net of tax | — | (1 | ) | 1,595 | — | 1,594 | ||||||||||||||
Net earnings | $ | 2,546 | $ | 676 | $ | 3,282 | $ | (3,958 | ) | $ | 2,546 | |||||||||
Total comprehensive income | $ | 2,544 | $ | 678 | $ | 3,242 | $ | (3,920 | ) | $ | 2,544 | |||||||||
Statement of Operations | ||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Revenues | $ | 31 | $ | 2 | $ | 3,269 | $ | — | $ | 3,302 | ||||||||||
Expenses: | ||||||||||||||||||||
Operating | 16 | 2 | 1,783 | — | 1,801 | |||||||||||||||
Selling, general and administrative | 17 | 78 | 572 | — | 667 | |||||||||||||||
Depreciation and amortization | 2 | 4 | 64 | — | 70 | |||||||||||||||
Total expenses | 35 | 84 | 2,419 | — | 2,538 | |||||||||||||||
Operating income (loss) | (4 | ) | (82 | ) | 850 | — | 764 | |||||||||||||
Interest (expense) income, net | (113 | ) | (96 | ) | 118 | — | (91 | ) | ||||||||||||
Other items, net | 1 | (4 | ) | 9 | — | 6 | ||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | (116 | ) | (182 | ) | 977 | — | 679 | |||||||||||||
Benefit (provision) for income taxes | 40 | 62 | (328 | ) | — | (226 | ) | |||||||||||||
Equity in earnings (loss) of investee companies, | 567 | 484 | (22 | ) | (1,051 | ) | (22 | ) | ||||||||||||
net of tax | ||||||||||||||||||||
Net earnings from continuing operations | 491 | 364 | 627 | (1,051 | ) | 431 | ||||||||||||||
Net earnings (loss) from discontinued operations, net of tax | 3 | (1 | ) | 61 | — | 63 | ||||||||||||||
Net earnings | $ | 494 | $ | 363 | $ | 688 | $ | (1,051 | ) | $ | 494 | |||||||||
Total comprehensive income | $ | 336 | $ | 356 | $ | 527 | $ | (883 | ) | $ | 336 | |||||||||
Statement of Operations | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Revenues | $ | 103 | $ | 8 | $ | 10,323 | $ | — | $ | 10,434 | ||||||||||
Expenses: | ||||||||||||||||||||
Operating | 50 | 6 | 5,946 | — | 6,002 | |||||||||||||||
Selling, general and administrative | 48 | 219 | 1,638 | — | 1,905 | |||||||||||||||
Depreciation and amortization | 5 | 11 | 201 | — | 217 | |||||||||||||||
Total expenses | 103 | 236 | 7,785 | — | 8,124 | |||||||||||||||
Operating income (loss) | — | (228 | ) | 2,538 | — | 2,310 | ||||||||||||||
Interest (expense) income, net | (342 | ) | (276 | ) | 343 | — | (275 | ) | ||||||||||||
Other items, net | — | 4 | (6 | ) | — | (2 | ) | |||||||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | (342 | ) | (500 | ) | 2,875 | — | 2,033 | |||||||||||||
Benefit (provision) for income taxes | 117 | 171 | (966 | ) | — | (678 | ) | |||||||||||||
Equity in earnings (loss) of investee companies, net of tax | 1,631 | 1,061 | (39 | ) | (2,692 | ) | (39 | ) | ||||||||||||
Net earnings from continuing operations | 1,406 | 732 | 1,870 | (2,692 | ) | 1,316 | ||||||||||||||
Net earnings (loss) from discontinued operations, net of tax | 3 | (5 | ) | 95 | — | 93 | ||||||||||||||
Net earnings | $ | 1,409 | $ | 727 | $ | 1,965 | $ | (2,692 | ) | $ | 1,409 | |||||||||
Total comprehensive income | $ | 1,255 | $ | 726 | $ | 1,780 | $ | (2,506 | ) | $ | 1,255 | |||||||||
Condensed Consolidating Balance Sheets [Table Text Block] | ' | |||||||||||||||||||
Balance Sheet | ||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 20 | $ | 1 | $ | 157 | $ | — | $ | 178 | ||||||||||
Receivables, net | 23 | 2 | 3,353 | — | 3,378 | |||||||||||||||
Programming and other inventory | 4 | 3 | 1,129 | — | 1,136 | |||||||||||||||
Prepaid expenses and other current assets | 202 | 45 | 497 | (32 | ) | 712 | ||||||||||||||
Total current assets | 249 | 51 | 5,136 | (32 | ) | 5,404 | ||||||||||||||
Property and equipment | 39 | 148 | 2,938 | — | 3,125 | |||||||||||||||
Less accumulated depreciation and amortization | 13 | 93 | 1,625 | — | 1,731 | |||||||||||||||
Net property and equipment | 26 | 55 | 1,313 | — | 1,394 | |||||||||||||||
Programming and other inventory | 8 | 9 | 1,604 | — | 1,621 | |||||||||||||||
Goodwill | 98 | 62 | 6,449 | — | 6,609 | |||||||||||||||
Intangible assets | — | — | 5,848 | — | 5,848 | |||||||||||||||
Investments in consolidated subsidiaries | 40,409 | 11,389 | — | (51,798 | ) | — | ||||||||||||||
Other assets | 85 | 50 | 2,127 | — | 2,262 | |||||||||||||||
Assets held for sale | — | — | 262 | — | 262 | |||||||||||||||
Intercompany | — | 2,725 | 20,919 | (23,644 | ) | — | ||||||||||||||
Assets of discontinued operations | — | — | 55 | — | 55 | |||||||||||||||
Total Assets | $ | 40,875 | $ | 14,341 | $ | 43,713 | $ | (75,474 | ) | $ | 23,455 | |||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Accounts payable | $ | 1 | $ | 4 | $ | 191 | $ | — | $ | 196 | ||||||||||
Participants' share and royalties payable | — | — | 914 | — | 914 | |||||||||||||||
Program rights | 5 | 3 | 309 | — | 317 | |||||||||||||||
Commercial paper | 431 | — | — | — | 431 | |||||||||||||||
Current portion of long-term debt | 4 | — | 16 | — | 20 | |||||||||||||||
Accrued expenses and other current liabilities | 330 | 219 | 965 | (32 | ) | 1,482 | ||||||||||||||
Current liabilities of discontinued operations | — | — | 37 | — | 37 | |||||||||||||||
Total current liabilities | 771 | 226 | 2,432 | (32 | ) | 3,397 | ||||||||||||||
Long-term debt | 6,377 | — | 131 | — | 6,508 | |||||||||||||||
Other liabilities | 2,557 | 245 | 3,084 | — | 5,886 | |||||||||||||||
Liabilities of discontinued operations | — | — | 138 | — | 138 | |||||||||||||||
Intercompany | 23,644 | — | — | (23,644 | ) | — | ||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Preferred stock | — | — | 126 | (126 | ) | — | ||||||||||||||
Common stock | 1 | 123 | 590 | (713 | ) | 1 | ||||||||||||||
Additional paid-in capital | 44,022 | — | 60,619 | (60,619 | ) | 44,022 | ||||||||||||||
Retained earnings (deficit) | (22,344 | ) | 14,086 | (18,693 | ) | 4,607 | (22,344 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (547 | ) | (8 | ) | 86 | (78 | ) | (547 | ) | |||||||||||
21,132 | 14,201 | 42,728 | (56,929 | ) | 21,132 | |||||||||||||||
Less treasury stock, at cost | 13,606 | 331 | 4,800 | (5,131 | ) | 13,606 | ||||||||||||||
Total Stockholders' Equity | 7,526 | 13,870 | 37,928 | (51,798 | ) | 7,526 | ||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 40,875 | $ | 14,341 | $ | 43,713 | $ | (75,474 | ) | $ | 23,455 | |||||||||
Balance Sheet | ||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 80 | $ | 1 | $ | 287 | $ | — | $ | 368 | ||||||||||
Receivables, net | 30 | 2 | 3,202 | — | 3,234 | |||||||||||||||
Programming and other inventory | 4 | 2 | 766 | — | 772 | |||||||||||||||
Prepaid expenses and other current assets | 179 | 18 | 474 | (26 | ) | 645 | ||||||||||||||
Current assets of discontinued operations | — | — | 351 | — | 351 | |||||||||||||||
Total current assets | 293 | 23 | 5,080 | (26 | ) | 5,370 | ||||||||||||||
Property and equipment | 37 | 137 | 2,886 | — | 3,060 | |||||||||||||||
Less accumulated depreciation and amortization | 9 | 83 | 1,507 | — | 1,599 | |||||||||||||||
Net property and equipment | 28 | 54 | 1,379 | — | 1,461 | |||||||||||||||
Programming and other inventory | 5 | — | 1,692 | — | 1,697 | |||||||||||||||
Goodwill | 98 | 62 | 6,428 | — | 6,588 | |||||||||||||||
Intangible assets | — | — | 5,870 | — | 5,870 | |||||||||||||||
Investments in consolidated subsidiaries | 40,454 | 10,415 | — | (50,869 | ) | — | ||||||||||||||
Other assets | 89 | 18 | 1,856 | — | 1,963 | |||||||||||||||
Assets held for sale | — | — | 314 | — | 314 | |||||||||||||||
Intercompany | — | 3,240 | 18,409 | (21,649 | ) | — | ||||||||||||||
Assets of discontinued operations | — | — | 3,124 | — | 3,124 | |||||||||||||||
Total Assets | $ | 40,967 | $ | 13,812 | $ | 44,152 | $ | (72,544 | ) | $ | 26,387 | |||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Accounts payable | $ | 1 | $ | 8 | $ | 277 | $ | — | $ | 286 | ||||||||||
Participants' share and royalties payable | — | — | 1,008 | — | 1,008 | |||||||||||||||
Program rights | 5 | 2 | 391 | — | 398 | |||||||||||||||
Commercial paper | 475 | — | — | — | 475 | |||||||||||||||
Current portion of long-term debt | 5 | — | 15 | — | 20 | |||||||||||||||
Accrued expenses and other current liabilities | 361 | 293 | 1,138 | (26 | ) | 1,766 | ||||||||||||||
Current liabilities of discontinued operations | — | — | 254 | — | 254 | |||||||||||||||
Total current liabilities | 847 | 303 | 3,083 | (26 | ) | 4,207 | ||||||||||||||
Long-term debt | 5,791 | — | 149 | — | 5,940 | |||||||||||||||
Other liabilities | 2,714 | 317 | 2,766 | — | 5,797 | |||||||||||||||
Liabilities of discontinued operations | — | — | 477 | — | 477 | |||||||||||||||
Intercompany | 21,649 | — | — | (21,649 | ) | — | ||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||
Preferred stock | — | — | 126 | (126 | ) | — | ||||||||||||||
Common stock | 1 | 123 | 953 | (1,076 | ) | 1 | ||||||||||||||
Additional paid-in capital | 43,474 | — | 61,678 | (61,678 | ) | 43,474 | ||||||||||||||
Retained earnings (deficit) | (24,890 | ) | 13,410 | (20,406 | ) | 6,996 | (24,890 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (545 | ) | (10 | ) | 126 | (116 | ) | (545 | ) | |||||||||||
18,040 | 13,523 | 42,477 | (56,000 | ) | 18,040 | |||||||||||||||
Less treasury stock, at cost | 8,074 | 331 | 4,800 | (5,131 | ) | 8,074 | ||||||||||||||
Total Stockholders' Equity | 9,966 | 13,192 | 37,677 | (50,869 | ) | 9,966 | ||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 40,967 | $ | 13,812 | $ | 44,152 | $ | (72,544 | ) | $ | 26,387 | |||||||||
Condensed Consolidating Statements of Cash Flows [Table Text Block] | ' | |||||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Net cash flow (used for) provided by operating activities | $ | (843 | ) | $ | (199 | ) | $ | 1,330 | $ | — | $ | 288 | ||||||||
Investing Activities: | ||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | (27 | ) | — | (27 | ) | |||||||||||||
Capital expenditures | — | (11 | ) | (101 | ) | — | (112 | ) | ||||||||||||
Investments in and advances to investee companies | — | — | (68 | ) | — | (68 | ) | |||||||||||||
Proceeds from sale of investments | — | 2 | 1 | — | 3 | |||||||||||||||
Proceeds from dispositions | — | — | 7 | — | 7 | |||||||||||||||
Net cash flow used for investing activities from continuing operations | — | (9 | ) | (188 | ) | — | (197 | ) | ||||||||||||
Net cash flow used for investing activities from discontinued operations | — | — | (271 | ) | — | (271 | ) | |||||||||||||
Net cash flow used for investing activities | — | (9 | ) | (459 | ) | — | (468 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Repayments of short-term debt borrowings, net | (44 | ) | — | — | — | (44 | ) | |||||||||||||
Proceeds from issuance of notes | 1,729 | — | — | — | 1,729 | |||||||||||||||
Repayment of notes and debentures | (1,146 | ) | — | (6 | ) | — | (1,152 | ) | ||||||||||||
Payment of capital lease obligations | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Dividends | (214 | ) | — | — | — | (214 | ) | |||||||||||||
Purchase of Company common stock | (2,830 | ) | — | — | — | (2,830 | ) | |||||||||||||
Payment of payroll taxes in lieu of issuing | (146 | ) | — | — | — | (146 | ) | |||||||||||||
shares for stock-based compensation | ||||||||||||||||||||
Proceeds from exercise of stock options | 237 | — | — | — | 237 | |||||||||||||||
Excess tax benefit from stock-based compensation | 227 | — | — | — | 227 | |||||||||||||||
Increase (decrease) in intercompany payables | 2,970 | 208 | (3,178 | ) | — | — | ||||||||||||||
Net cash flow provided by (used for) financing activities from continuing operations | 783 | 208 | (3,197 | ) | — | (2,206 | ) | |||||||||||||
Net cash flow provided by financing activities from discontinued operations | — | — | 2,167 | — | 2,167 | |||||||||||||||
Net cash flow provided by (used for) financing activities | 783 | 208 | (1,030 | ) | — | (39 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (60 | ) | — | (159 | ) | — | (219 | ) | ||||||||||||
Cash and cash equivalents at beginning of period (includes $29 of discontinued operations cash) | 80 | 1 | 316 | — | 397 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 20 | $ | 1 | $ | 157 | $ | — | $ | 178 | ||||||||||
Statement of Cash Flows | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Net cash flow (used for) provided by operating activities | $ | (858 | ) | $ | (174 | ) | $ | 2,352 | $ | — | $ | 1,320 | ||||||||
Investing Activities: | ||||||||||||||||||||
Acquisitions, net of cash acquired | — | — | (20 | ) | — | (20 | ) | |||||||||||||
Capital expenditures | — | (4 | ) | (108 | ) | — | (112 | ) | ||||||||||||
Investments in and advances to investee companies | — | — | (144 | ) | — | (144 | ) | |||||||||||||
Proceeds from sale of investments | 15 | 1 | 4 | — | 20 | |||||||||||||||
Proceeds from dispositions | — | — | 185 | — | 185 | |||||||||||||||
Net cash flow provided by (used for) investing activities from continuing operations | 15 | (3 | ) | (83 | ) | — | (71 | ) | ||||||||||||
Net cash flow used for investing activities from discontinued operations | — | — | (45 | ) | — | (45 | ) | |||||||||||||
Net cash flow provided by (used for) investing activities | 15 | (3 | ) | (128 | ) | — | (116 | ) | ||||||||||||
Financing Activities: | ||||||||||||||||||||
Proceeds from short-term debt borrowings, net | 341 | — | — | — | 341 | |||||||||||||||
Payment of capital lease obligations | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Payment of contingent consideration | — | — | (30 | ) | — | (30 | ) | |||||||||||||
Dividends | (228 | ) | — | — | — | (228 | ) | |||||||||||||
Purchase of Company common stock | (1,864 | ) | — | — | — | (1,864 | ) | |||||||||||||
Payment of payroll taxes in lieu of issuing shares | (142 | ) | — | — | — | (142 | ) | |||||||||||||
for stock-based compensation | ||||||||||||||||||||
Proceeds from exercise of stock options | 121 | — | — | — | 121 | |||||||||||||||
Excess tax benefit from stock-based compensation | 128 | — | — | — | 128 | |||||||||||||||
Other financing activities | (4 | ) | — | — | — | (4 | ) | |||||||||||||
Increase (decrease) in intercompany payables | 2,271 | 177 | (2,448 | ) | — | — | ||||||||||||||
Net cash flow provided by (used for) financing activities from continuing operations | 623 | 177 | (2,491 | ) | — | (1,691 | ) | |||||||||||||
Net cash flow provided by financing activities from discontinued operations | 5 | — | — | — | 5 | |||||||||||||||
Net cash flow provided by (used for) financing activities | 628 | 177 | (2,491 | ) | — | (1,686 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (215 | ) | — | (267 | ) | — | (482 | ) | ||||||||||||
Cash and cash equivalents at beginning of period (includes $21 of discontinued operations cash) | 254 | 1 | 453 | — | 708 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 39 | $ | 1 | $ | 186 | $ | — | $ | 226 | ||||||||||
(includes $24 of discontinued operations cash) | ||||||||||||||||||||
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Apr. 02, 2014 | Sep. 30, 2014 | Apr. 02, 2014 | Sep. 30, 2013 | Jul. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares for basic EPS | ' | 532,000,000 | ' | 603,000,000 | ' | 562,000,000 | 611,000,000 |
Dilutive effect of shares issuable under stock-based compensation plans | ' | 9,000,000 | ' | 15,000,000 | ' | 12,000,000 | 16,000,000 |
Weighted average shares for diluted EPS | ' | 541,000,000 | ' | 618,000,000 | ' | 574,000,000 | 627,000,000 |
Dividends recorded on common stock | ' | $79 | ' | ' | ' | $218 | $222 |
Number of shares of CBS Outdoor Americas Inc common stock offered in IPO | 23,000,000 | ' | ' | ' | ' | ' | ' |
Percentage of CBS Outdoor Americas Inc stock offered in IPO | 19.00% | ' | 19.00% | ' | ' | ' | ' |
Shares of CBS Class B common stock received in split-off transaction | ' | ' | ' | ' | 44,723,131 | ' | ' |
Shares of CBS Outdoor Americas Inc common stock owned by CBS | 97,000,000 | ' | 97,000,000 | ' | 0 | ' | ' |
Percentage of CBS Outdoor Americas Inc owned by CBS after IPO and prior to split-off | ' | ' | 81.00% | ' | ' | ' | ' |
Percentage of CBS Outdoor Americas Inc owned by CBS after split-off | ' | ' | ' | ' | 0.00% | ' | ' |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | ' | 2,000,000 | ' | 2,000,000 | ' | 2,000,000 | 2,000,000 |
Stockbased_Compensation_Detail
Stock-based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share Based Compensation Expense [Line Items] | ' | ' | ' | ' |
RSUs and PSUs | $33 | $34 | $102 | $97 |
Stock options and equivalents | 0 | 23 | 15 | 66 |
Stock-based compensation expense, before income taxes | 33 | 57 | 117 | 163 |
Related tax benefit | -12 | -22 | -45 | -63 |
Stock-based compensation expense, net of tax | 21 | 35 | 72 | 100 |
Share-based Compensation [Abstract] | ' | ' | ' | ' |
Number of RSUs granted during the period | ' | ' | 2 | ' |
Weighted average grant date fair value - RSUs | ' | ' | $65.13 | ' |
Number of stock options granted during the period | ' | ' | 2 | ' |
Weighted average per unit exercise price - options | ' | ' | $65.91 | ' |
Unrecognized future expense of RSUs | 221 | ' | 221 | ' |
Unrecognized future expense of stock options | 64 | ' | 64 | ' |
Term until expiration - options | ' | ' | '8 years | ' |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Service period over which grants vest | ' | ' | '4 years | ' |
Weighted average period to expense unrecognized stock-based compensation expense | ' | ' | '2 years 6 months | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted average period to expense unrecognized stock-based compensation expense | ' | ' | '2 years 5 months | ' |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Payout on stock-based compensation award (percent) | ' | ' | 120.00% | ' |
Service period over which grants vest | ' | ' | '4 years | ' |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Payout on stock-based compensation award (percent) | ' | ' | 0.00% | ' |
Service period over which grants vest | ' | ' | '1 year | ' |
Discontinued Operations [Member] | ' | ' | ' | ' |
Share Based Compensation Expense [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense, net of tax | ' | $10 | $5 | $14 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Apr. 02, 2014 | Sep. 30, 2014 | Apr. 02, 2014 | Sep. 30, 2013 | Jul. 16, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2014 | |
Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | |||||||||
Accumulated other comprehensive loss | ' | ' | ' | ' | ' | $10,000,000 | $146,000,000 | ' | $30,000,000 | $178,000,000 | $30,000,000 | $178,000,000 | ' |
Face value of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000,000 |
Number of shares of CBS Outdoor Americas Inc common stock offered in IPO | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of CBS Outdoor Americas Inc stock offered in IPO | 19.00% | ' | 19.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of CBS Outdoor Americas Inc owned by CBS after IPO and prior to split-off | ' | ' | 81.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of CBS Outdoor Americas Inc owned by CBS after split-off | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Per share IPO price of CBS Outdoor Americas | $28 | ' | $28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate proceeds from IPO, net of underwriting discounts and commissions | 615,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from IPO and debt borrowings from Outdoor Americas | ' | ' | ' | ' | ' | 2,040,000,000 | ' | ' | ' | ' | ' | ' | ' |
Fair value of CBS Corp Class B Common stock accepted | ' | 2,721,000,000 | ' | ' | ' | 2,721,000,000 | 0 | ' | ' | ' | ' | ' | ' |
Carrying value of Outdoor Americas | ' | 1,162,000,000 | ' | ' | ' | 1,162,000,000 | ' | ' | ' | ' | ' | ' | ' |
Transaction costs | ' | -32,000,000 | ' | ' | ' | -32,000,000 | ' | ' | ' | ' | ' | ' | ' |
Shares of CBS Class B common stock received in split-off transaction | ' | ' | ' | ' | 44,723,131 | ' | ' | ' | ' | ' | ' | ' | ' |
Share price | ' | ' | ' | ' | $60.85 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of CBS Outdoor Americas Inc common stock owned by CBS | 97,000,000 | ' | 97,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount received from disposition of Outdoor Americas (proceeds from IPO, debt borrowings and split off) | ' | ' | ' | ' | ' | 4,760,000,000 | ' | ' | ' | ' | ' | ' | ' |
After tax charge associated with disposition of Outdoor Europe | ' | ' | ' | 110,000,000 | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' |
Discontinued operations income statement disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from discontinued operations | ' | 55,000,000 | ' | 477,000,000 | ' | 677,000,000 | 1,351,000,000 | ' | ' | ' | ' | ' | ' |
Earnings (loss) from discontinued operations | ' | 5,000,000 | ' | -128,000,000 | ' | 59,000,000 | -83,000,000 | ' | ' | ' | ' | ' | ' |
Income tax benefit (provision), discontinued operations | ' | 5,000,000 | ' | 44,000,000 | ' | -17,000,000 | 29,000,000 | ' | ' | ' | ' | ' | ' |
Net earnings (loss) from discontinued operations, net of tax | ' | 10,000,000 | ' | -84,000,000 | ' | 42,000,000 | -54,000,000 | ' | ' | ' | ' | ' | ' |
Gain on disposal | ' | 1,557,000,000 | ' | 149,000,000 | ' | 1,557,000,000 | 149,000,000 | ' | ' | ' | ' | ' | ' |
Income tax provision on disposal | ' | 0 | ' | -2,000,000 | ' | 0 | -2,000,000 | ' | ' | ' | ' | ' | ' |
Gain on disposal, net of tax | ' | 1,557,000,000 | ' | 147,000,000 | ' | 1,557,000,000 | 147,000,000 | ' | ' | ' | ' | ' | ' |
Less: Net earnings from discontinued operations attributable to noncontrolling interest, net of tax | ' | 0 | ' | 0 | ' | 5,000,000 | 0 | ' | ' | ' | ' | ' | ' |
Net earnings from discontinued operations attributable to CBS Corp. | ' | 1,567,000,000 | ' | 63,000,000 | ' | 1,594,000,000 | 93,000,000 | ' | ' | ' | ' | ' | ' |
Discontinued operations balance sheet disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets, discontinued operations | ' | 0 | ' | ' | ' | 0 | ' | 351,000,000 | ' | ' | ' | ' | ' |
Goodwill, discontinued operations | ' | 0 | ' | ' | ' | 0 | ' | 1,866,000,000 | ' | ' | ' | ' | ' |
Intangible assets, discontinued operations | ' | 0 | ' | ' | ' | 0 | ' | 366,000,000 | ' | ' | ' | ' | ' |
Net property and equipment, discontinued operations | ' | 0 | ' | ' | ' | 0 | ' | 763,000,000 | ' | ' | ' | ' | ' |
Other assets, discontinued operations | ' | 55,000,000 | ' | ' | ' | 55,000,000 | ' | 129,000,000 | ' | ' | ' | ' | ' |
Total assets, discontinued operations | ' | 55,000,000 | ' | ' | ' | 55,000,000 | ' | 3,475,000,000 | ' | ' | ' | ' | ' |
Current liabilities of discontinued operations | ' | 37,000,000 | ' | ' | ' | 37,000,000 | ' | 254,000,000 | ' | ' | ' | ' | ' |
Other liabilities, discontinued operations | ' | 138,000,000 | ' | ' | ' | 138,000,000 | ' | 477,000,000 | ' | ' | ' | ' | ' |
Total liabilities, discontinued operations | ' | 175,000,000 | ' | ' | ' | 175,000,000 | ' | 731,000,000 | ' | ' | ' | ' | ' |
Estimated fair value of guarantees | ' | $40,000,000 | ' | ' | ' | $40,000,000 | ' | $40,000,000 | $40,000,000 | ' | $40,000,000 | ' | ' |
Programming_and_Other_Inventor2
Programming and Other Inventory (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Program rights | $1,648 | $1,331 |
Television programming: | ' | ' |
Released (including acquired libraries) | 700 | 878 |
In process and other | 293 | 139 |
Theatrical programming: | ' | ' |
Released | 27 | 38 |
In process and other | 31 | 32 |
Publishing, primarily finished goods | 58 | 51 |
Total programming and other inventory | 2,757 | 2,469 |
Less current portion | 1,136 | 772 |
Total noncurrent programming and other inventory | $1,621 | $1,697 |
Impairment_Charge_Details
Impairment Charge (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 02, 2014 | Oct. 02, 2014 | Oct. 02, 2014 | |
Radio station exchange [Member] | Radio station exchange [Member] | Radio station exchange [Member] | |||||
Tampa and Charlotte [Member] | Philadelphia [Member] | Miami [Member] | |||||
Stations | Stations | Stations | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of stations to be swapped | ' | ' | ' | ' | 13 | 1 | ' |
Number of stations to be received in swap | ' | ' | ' | ' | ' | 2 | 3 |
Impairment charges | $52,000,000 | $0 | $52,000,000 | $0 | ' | ' | ' |
Related_Parties_Details
Related Parties (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
National Amusements Inc. [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
NAI ownership of CBS Corp. Class A Common Stock (percentage) | 79.60% | ' | 79.60% | ' | ' |
NAI ownership of CBS Corp. Class A and Class B Common Stock on a combined basis (percentage) | 7.60% | ' | 7.60% | ' | ' |
Viacom Inc. [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Revenues from transactions with related party | $54 | $42 | $150 | $168 | ' |
Expenses from transactions with related party | 6 | 7 | 14 | 17 | ' |
Receivables from Viacom Inc., current | 95 | ' | 95 | ' | 84 |
Other assets (Receivables, noncurrent) from Viacom Inc. | 88 | ' | 88 | ' | 115 |
Total amounts due from Viacom Inc. | 183 | ' | 183 | ' | 199 |
Domestic and International Television Joint Ventures [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Revenues from transactions with related party | $18 | $18 | $81 | $79 | ' |
Bank_Financing_and_Debt_Detail
Bank Financing and Debt (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' | ' |
Commercial paper | $431,000,000 | $475,000,000 |
Senior debt (1.95% - 8.875% due 2014 - 2044) (a) | 6,427,000,000 | 5,848,000,000 |
Obligations under capital lease | 101,000,000 | 112,000,000 |
Less current portion of long-term debt | 20,000,000 | 20,000,000 |
Total long-term debt, net of current portion | 6,508,000,000 | 5,940,000,000 |
Total Debt [Line Items] | ' | ' |
Total debt | 6,959,000,000 | 6,435,000,000 |
Debt Parentheticals [Abstract] | ' | ' |
Minimum stated interest rate of senior debt | 1.95% | ' |
Maximum stated interest rate of senior debt | 8.88% | ' |
Net unamortized discount on senior debt | 22,000,000 | 13,000,000 |
Increase in carrying value of debt relating to previously settled fair value hedges | 15,000,000 | 18,000,000 |
Decrease in carrying value of debt relating to outstanding fair value hedges | 6,000,000 | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum borrowing capacity line under credit facility | 2,000,000,000 | ' |
Revolving Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Availability under credit facility | 1,990,000,000 | ' |
Amount borrowed under credit facility | 0 | ' |
Revolving Credit Facility [Member] | Maximum Consolidated Leverage Ratio [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility covenant description | '4.5x | ' |
Revolving Credit Facility [Member] | Consolidated Leverage Ratio [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility covenant compliance | '2.0x | ' |
Commercial Paper [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum borrowing capacity line under credit facility | $2,000,000,000 | ' |
Weighted average interest rate | 0.30% | 0.30% |
Bank_Financing_and_Debt_Additi
Bank Financing and Debt Additional Disclosures (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | |
Senior Notes Due 2019 A [Member] | Senior Notes Due 2024 [Member] | Senior Notes Due 2044 [Member] | Notes Due 2014 [Member] | Notes Due 2014 [Member] | Senior Notes Due 2023 [Member] | Senior Notes Due 2023 [Member] | Debentures Due 2023 [Member] | Debentures Due 2023 [Member] | Senior Debentures Due 2030 [Member] | Senior Debentures Due 2030 [Member] | Senior Notes Due 2019 B [Member] | Senior Notes Due 2019 B [Member] | Senior Notes Due 2019 B [Member] | Senior Notes [Member] | Senior Notes [Member] | Interest rate swap [Member] | |||||
Redemption Or Repurchase [Member] | Tender Offer [Member] | Tender Offer [Member] | Tender Offer [Member] | Redemption Or Repurchase [Member] | Tender Offer [Member] | ||||||||||||||||
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | $352,000,000 | $0 | $352,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt, net of tax | 219,000,000 | ' | 219,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of fixed-to-floating swap agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 |
Debt Instruments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | 2.30% | 3.70% | 4.90% | 8.88% | ' | 7.13% | ' | 7.88% | ' | 7.88% | ' | 8.88% | ' | ' | ' | ' | ' |
Face value of debt | ' | ' | ' | ' | 600,000,000 | 600,000,000 | 550,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,440,000,000 | 5,840,000,000 | ' |
Repayments/repurchase of debt | ' | ' | $1,152,000,000 | $0 | ' | ' | ' | ' | $99,000,000 | ' | $6,000,000 | ' | $37,000,000 | ' | $423,000,000 | ' | $264,000,000 | $336,000,000 | ' | ' | ' |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Components Of Net Periodic Cost Details [Abstract] | ' | ' | ' | ' |
Service cost | $8 | $8 | $24 | $28 |
Interest cost | 60 | 54 | 178 | 158 |
Expected return on plan assets | -65 | -69 | -197 | -203 |
Amortization of actuarial losses (gains) | 16 | 21 | 48 | 65 |
Net periodic cost | 19 | 14 | 53 | 48 |
Postretirement Benefit [Member] | ' | ' | ' | ' |
Components Of Net Periodic Cost Details [Abstract] | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 6 | 6 | 18 | 18 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial losses (gains) | -6 | -4 | -16 | -12 |
Net periodic cost | $0 | $2 | $2 | $6 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Oct. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 16, 2014 | Apr. 02, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class B common stock repurchased under repurchase program (shares) | ' | 6,900,000 | ' | ' | 45,400,000 | ' | ' | ' | ' | ' |
Value of shares repurchased | ' | $400,000,000 | ' | ' | $2,810,000,000 | ' | ' | ' | ' | ' |
Average per share price repurchased (in dollars per share) | ' | $57.91 | ' | ' | $61.94 | ' | ' | ' | ' | ' |
Remaining authorization under share repurchase program | ' | 5,600,000,000 | ' | ' | 5,600,000,000 | ' | ' | ' | ' | ' |
Cash received from IPO and debt borrowings from Outdoor Americas | ' | ' | ' | ' | 2,040,000,000 | ' | ' | ' | ' | ' |
Dividends [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in cash dividend per share (percentage) | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends per common share (in dollars per share) | ' | $0.15 | $0.12 | $0.12 | $0.39 | $0.36 | ' | ' | ' | ' |
Dividends recorded on common stock | ' | 79,000,000 | ' | ' | 218,000,000 | 222,000,000 | ' | ' | ' | ' |
Dividends recorded on unvested restricted share units | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | 78,000,000 | ' | ' | ' | 214,000,000 | 228,000,000 | ' | ' | ' | ' |
Shares of CBS Class B common stock received in split-off transaction | ' | ' | ' | ' | ' | ' | 44,723,131 | ' | ' | ' |
Shares of CBS Outdoor Americas Inc common stock owned by CBS | ' | ' | ' | ' | ' | ' | 0 | 97,000,000 | ' | ' |
Percentage of CBS Outdoor Americas Inc stock offered in IPO | ' | ' | ' | ' | ' | ' | ' | 19.00% | ' | ' |
Excess of proceeds received from IPO over carrying value of noncontrolling interest recorded as an increase to APIC | ' | ' | ' | ' | 313,000,000 | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | ' | -547,000,000 | ' | -723,000,000 | -547,000,000 | -723,000,000 | ' | ' | -545,000,000 | -569,000,000 |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | ' | ' | 8,000,000 | -8,000,000 | ' | ' | ' | ' |
Reclassifications from accumulated other comprehensive income (loss) to net earnings, net of tax | ' | ' | ' | ' | -10,000,000 | -146,000,000 | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | ' | -24,000,000 | ' | -158,000,000 | -2,000,000 | -154,000,000 | ' | ' | ' | ' |
Tax provision on net actuarial gain (loss) and prior service costs related to pension and other postretirement benefit plans | ' | ' | ' | ' | 12,000,000 | 21,000,000 | ' | ' | ' | ' |
Continuing Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | ' | 6,000,000 | ' | 16,000,000 | 13,000,000 | 38,000,000 | ' | ' | ' | ' |
Continuing Operations [Member] | Cumulative Translation Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | ' | 159,000,000 | ' | 173,000,000 | 159,000,000 | 173,000,000 | ' | ' | 166,000,000 | 168,000,000 |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | ' | ' | -7,000,000 | 5,000,000 | ' | ' | ' | ' |
Reclassifications from accumulated other comprehensive income (loss) to net earnings, net of tax | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | -7,000,000 | 5,000,000 | ' | ' | ' | ' |
Continuing Operations [Member] | Net Actuarial Gains (Losses) and Prior Service Costs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | ' | -709,000,000 | ' | -904,000,000 | -709,000,000 | -904,000,000 | ' | ' | -729,000,000 | -936,000,000 |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' |
Reclassifications from accumulated other comprehensive income (loss) to net earnings, net of tax | ' | ' | ' | ' | 20,000,000 | 32,000,000 | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | 20,000,000 | 32,000,000 | ' | ' | ' | ' |
Continuing Operations [Member] | Unrealized Gains (Losses) on Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | ' | 3,000,000 | ' | 3,000,000 | 3,000,000 | 3,000,000 | ' | ' | 3,000,000 | 2,000,000 |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | ' | ' | 0 | 1,000,000 | ' | ' | ' | ' |
Reclassifications from accumulated other comprehensive income (loss) to net earnings, net of tax | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | 0 | 1,000,000 | ' | ' | ' | ' |
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | ' | 0 | ' | 5,000,000 | 0 | 5,000,000 | ' | ' | 15,000,000 | 197,000,000 |
Other comprehensive income (loss) before reclassifications, net of tax | ' | 0 | ' | 4,000,000 | 15,000,000 | -14,000,000 | ' | ' | ' | ' |
Reclassifications from accumulated other comprehensive income (loss) to net earnings, net of tax | ' | -30,000,000 | ' | -178,000,000 | -30,000,000 | -178,000,000 | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ($15,000,000) | ($192,000,000) | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Provision for income taxes | $110,000,000 | $226,000,000 | $561,000,000 | $678,000,000 |
Effective tax rate | 52.40% | 33.30% | 35.90% | 33.30% |
Tax benefit associated with loss on early extinguishment of debt | 133,000,000 | ' | 133,000,000 | ' |
Tax benefit on impairment charge | 22,000,000 | ' | 22,000,000 | ' |
Loss on early extinguishment of debt | 352,000,000 | 0 | 352,000,000 | 0 |
Impairment charges | 52,000,000 | 0 | 52,000,000 | 0 |
Tax reserve established for retroactive impact of uncertain tax position | $19,000,000 | ' | $19,000,000 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Discontinued Operations [Member] | Asbestos Claims [Member] | Asbestos Claims [Member] | Asbestos Claims [Member] | ||||
claims | claims | claims | |||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit and surety bonds | ' | ' | $252 | ' | ' | ' | ' |
Number of pending asbestos claims | ' | ' | ' | ' | 42,560 | 45,150 | 45,480 |
Number of new asbestos claims | ' | ' | ' | ' | 1,030 | ' | ' |
Number of asbestos claims closed or moved to inactive docket | ' | ' | ' | ' | 2,200 | ' | ' |
Costs for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits | 29 | 21 | ' | ' | ' | ' | ' |
Exposure under guarantee | ' | ' | ' | 200 | ' | ' | ' |
Estimated fair value of guarantees | $40 | ' | $40 | $40 | ' | ' | ' |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 21 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 |
Restructuring and Related Cost [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges | $26 | $0 | $26 | $0 | $20 | ' |
Payments to settle restructuring reserve | ' | ' | 13 | ' | ' | 18 |
Employee Severance [Member] | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges | 17 | ' | ' | ' | 14 | ' |
Payments to settle restructuring reserve | ' | ' | ' | ' | ' | 13 |
Contract Termination [Member] | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring charges | 9 | ' | ' | ' | 6 | ' |
Payments to settle restructuring reserve | ' | ' | ' | ' | ' | $5 |
Restructuring_Charges_Rollforw
Restructuring Charges (Rollforward) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 21 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' |
Restructuring reserve, beginning balance | ' | ' | $15 | ' | ' | ' |
Restructuring charges | 26 | 0 | 26 | 0 | 20 | ' |
Payments to settle restructuring reserves | ' | ' | -13 | ' | ' | -18 |
Restructuring reserve, ending balance | 28 | ' | 28 | ' | 15 | 28 |
Operating Segments [Member] | Entertainment Segment [Member] | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' |
Restructuring reserve, beginning balance | ' | ' | 8 | ' | ' | ' |
Restructuring charges | ' | ' | 8 | ' | ' | ' |
Payments to settle restructuring reserves | ' | ' | -7 | ' | ' | ' |
Restructuring reserve, ending balance | 9 | ' | 9 | ' | ' | 9 |
Operating Segments [Member] | Cable Networks Segment [Member] | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' |
Restructuring reserve, beginning balance | ' | ' | 1 | ' | ' | ' |
Restructuring charges | ' | ' | 0 | ' | ' | ' |
Payments to settle restructuring reserves | ' | ' | -1 | ' | ' | ' |
Restructuring reserve, ending balance | 0 | ' | 0 | ' | ' | 0 |
Operating Segments [Member] | Publishing Segment [Member] | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' |
Restructuring reserve, beginning balance | ' | ' | 1 | ' | ' | ' |
Restructuring charges | ' | ' | 1 | ' | ' | ' |
Payments to settle restructuring reserves | ' | ' | -1 | ' | ' | ' |
Restructuring reserve, ending balance | 1 | ' | 1 | ' | ' | 1 |
Operating Segments [Member] | Local Broadcasting Segment [Member] | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' |
Restructuring reserve, beginning balance | ' | ' | 4 | ' | ' | ' |
Restructuring charges | ' | ' | 14 | ' | ' | ' |
Payments to settle restructuring reserves | ' | ' | -3 | ' | ' | ' |
Restructuring reserve, ending balance | 15 | ' | 15 | ' | ' | 15 |
Corporate [Member] | ' | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' |
Restructuring reserve, beginning balance | ' | ' | 1 | ' | ' | ' |
Restructuring charges | ' | ' | 3 | ' | ' | ' |
Payments to settle restructuring reserves | ' | ' | -1 | ' | ' | ' |
Restructuring reserve, ending balance | $3 | ' | $3 | ' | ' | $3 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Senior Debt [Line Items] | ' | ' |
Carrying value of senior debt | $6,427,000,000 | $5,848,000,000 |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 78,000,000 | 83,000,000 |
Foreign currency hedges | 3,000,000 | 3,000,000 |
Total Assets | 81,000,000 | 86,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Deferred compensation | 278,000,000 | 268,000,000 |
Guarantees | 40,000,000 | 40,000,000 |
Interest rate swaps | 6,000,000 | ' |
Foreign currency hedges | 1,000,000 | 4,000,000 |
Total Liabilities | 325,000,000 | 312,000,000 |
Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 78,000,000 | 83,000,000 |
Foreign currency hedges | 0 | 0 |
Total Assets | 78,000,000 | 83,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Deferred compensation | 0 | 0 |
Guarantees | 0 | 0 |
Interest rate swaps | 0 | ' |
Foreign currency hedges | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 0 | 0 |
Foreign currency hedges | 3,000,000 | 3,000,000 |
Total Assets | 3,000,000 | 3,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Deferred compensation | 278,000,000 | 268,000,000 |
Guarantees | 0 | 0 |
Interest rate swaps | 6,000,000 | ' |
Foreign currency hedges | 1,000,000 | 4,000,000 |
Total Liabilities | 285,000,000 | 272,000,000 |
Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Investments | 0 | 0 |
Foreign currency hedges | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Deferred compensation | 0 | 0 |
Guarantees | 40,000,000 | 40,000,000 |
Interest rate swaps | 0 | ' |
Foreign currency hedges | 0 | 0 |
Total Liabilities | 40,000,000 | 40,000,000 |
Senior Notes [Member] | ' | ' |
Senior Debt [Line Items] | ' | ' |
Fair value of senior debt | $7,050,000,000 | $6,680,000,000 |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements Additional Disclosures (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Impairment charges | $52,000,000 | $0 | $52,000,000 | $0 |
Interest rate swap [Member] | ' | ' | ' | ' |
Derivatives [Line Items] | ' | ' | ' | ' |
Notional amount of fixed-to-floating swap agreement | $600,000,000 | ' | $600,000,000 | ' |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' | ' | ' | ' | ' |
Interest expense | ($89,000,000) | ($93,000,000) | ($276,000,000) | ($281,000,000) | ' |
Interest income | 4,000,000 | 2,000,000 | 10,000,000 | 6,000,000 | ' |
Loss on early extinguishment of debt | -352,000,000 | 0 | -352,000,000 | 0 | ' |
Other items, net | -21,000,000 | 6,000,000 | -10,000,000 | -2,000,000 | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | 210,000,000 | 679,000,000 | 1,561,000,000 | 2,033,000,000 | ' |
Provision for income taxes | -110,000,000 | -226,000,000 | -561,000,000 | -678,000,000 | ' |
Equity in loss of investee companies, net of tax | -28,000,000 | -22,000,000 | -48,000,000 | -39,000,000 | ' |
Net earnings from continuing operations | 72,000,000 | 431,000,000 | 952,000,000 | 1,316,000,000 | ' |
Net earnings (loss) from discontinued operations, net of tax | 1,567,000,000 | 63,000,000 | 1,594,000,000 | 93,000,000 | ' |
Net earnings (loss) | 1,639,000,000 | 494,000,000 | 2,546,000,000 | 1,409,000,000 | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | 3,367,000,000 | 3,302,000,000 | 10,125,000,000 | 10,434,000,000 | ' |
Restructuring charges | -26,000,000 | 0 | -26,000,000 | 0 | -20,000,000 |
Impairment charges | -52,000,000 | 0 | -52,000,000 | 0 | ' |
Segment OIBDA | 814,000,000 | 834,000,000 | 2,477,000,000 | 2,527,000,000 | ' |
Operating income (loss) | 668,000,000 | 764,000,000 | 2,189,000,000 | 2,310,000,000 | ' |
Depreciation and amortization | 68,000,000 | 70,000,000 | 210,000,000 | 217,000,000 | ' |
Stock-based compensation | 33,000,000 | 57,000,000 | 117,000,000 | 163,000,000 | ' |
Capital expenditures | 43,000,000 | 44,000,000 | 112,000,000 | 112,000,000 | ' |
Assets | 23,455,000,000 | ' | 23,455,000,000 | ' | 26,387,000,000 |
Operating Segments [Member] | Entertainment Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | 1,911,000,000 | 1,884,000,000 | 6,049,000,000 | 6,431,000,000 | ' |
Restructuring charges | ' | ' | -8,000,000 | ' | ' |
Segment OIBDA | 335,000,000 | 431,000,000 | 1,168,000,000 | 1,340,000,000 | ' |
Operating income (loss) | 294,000,000 | 394,000,000 | 1,055,000,000 | 1,225,000,000 | ' |
Depreciation and amortization | 33,000,000 | 37,000,000 | 105,000,000 | 115,000,000 | ' |
Stock-based compensation | 16,000,000 | 14,000,000 | 45,000,000 | 44,000,000 | ' |
Capital expenditures | 21,000,000 | 24,000,000 | 58,000,000 | 67,000,000 | ' |
Assets | 10,248,000,000 | ' | 10,248,000,000 | ' | 9,657,000,000 |
Operating Segments [Member] | Cable Networks Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | 624,000,000 | 596,000,000 | 1,677,000,000 | 1,592,000,000 | ' |
Restructuring charges | ' | ' | 0 | ' | ' |
Segment OIBDA | 272,000,000 | 261,000,000 | 750,000,000 | 699,000,000 | ' |
Operating income (loss) | 266,000,000 | 255,000,000 | 733,000,000 | 684,000,000 | ' |
Depreciation and amortization | 6,000,000 | 6,000,000 | 17,000,000 | 15,000,000 | ' |
Stock-based compensation | 2,000,000 | 2,000,000 | 7,000,000 | 6,000,000 | ' |
Capital expenditures | 2,000,000 | 2,000,000 | 7,000,000 | 6,000,000 | ' |
Assets | 2,108,000,000 | ' | 2,108,000,000 | ' | 1,968,000,000 |
Operating Segments [Member] | Publishing Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | 199,000,000 | 224,000,000 | 563,000,000 | 584,000,000 | ' |
Restructuring charges | ' | ' | -1,000,000 | ' | ' |
Segment OIBDA | 43,000,000 | 43,000,000 | 80,000,000 | 76,000,000 | ' |
Operating income (loss) | 41,000,000 | 41,000,000 | 75,000,000 | 71,000,000 | ' |
Depreciation and amortization | 1,000,000 | 2,000,000 | 4,000,000 | 5,000,000 | ' |
Stock-based compensation | 1,000,000 | 1,000,000 | 3,000,000 | 3,000,000 | ' |
Capital expenditures | 0 | 1,000,000 | 1,000,000 | 2,000,000 | ' |
Assets | 962,000,000 | ' | 962,000,000 | ' | 1,026,000,000 |
Operating Segments [Member] | Local Broadcasting Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | 680,000,000 | 641,000,000 | 1,971,000,000 | 1,977,000,000 | ' |
Restructuring charges | ' | ' | -14,000,000 | ' | ' |
Segment OIBDA | 214,000,000 | 181,000,000 | 652,000,000 | 635,000,000 | ' |
Operating income (loss) | 126,000,000 | 161,000,000 | 520,000,000 | 571,000,000 | ' |
Depreciation and amortization | 22,000,000 | 20,000,000 | 66,000,000 | 64,000,000 | ' |
Stock-based compensation | 7,000,000 | 7,000,000 | 22,000,000 | 21,000,000 | ' |
Capital expenditures | 15,000,000 | 15,000,000 | 35,000,000 | 33,000,000 | ' |
Assets | 9,541,000,000 | ' | 9,541,000,000 | ' | 9,600,000,000 |
Corporate [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | -3,000,000 | ' | ' |
Segment OIBDA | -50,000,000 | -82,000,000 | -173,000,000 | -223,000,000 | ' |
Operating income (loss) | -59,000,000 | -87,000,000 | -194,000,000 | -241,000,000 | ' |
Depreciation and amortization | 6,000,000 | 5,000,000 | 18,000,000 | 18,000,000 | ' |
Stock-based compensation | 7,000,000 | 33,000,000 | 40,000,000 | 89,000,000 | ' |
Capital expenditures | 5,000,000 | 2,000,000 | 11,000,000 | 4,000,000 | ' |
Assets | 541,000,000 | ' | 541,000,000 | ' | 661,000,000 |
Corporate and Eliminations [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | -47,000,000 | -43,000,000 | -135,000,000 | -150,000,000 | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | -50,000,000 | -45,000,000 | -143,000,000 | -156,000,000 | ' |
Intersegment Eliminations [Member] | Entertainment Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | -45,000,000 | -41,000,000 | -130,000,000 | -145,000,000 | ' |
Intersegment Eliminations [Member] | Local Broadcasting Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | -5,000,000 | -4,000,000 | -13,000,000 | -11,000,000 | ' |
Discontinued Operations [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Assets | 55,000,000 | ' | 55,000,000 | ' | 3,475,000,000 |
Segment Reconciling Items [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | -26,000,000 | 0 | -26,000,000 | 0 | ' |
Impairment charges | -52,000,000 | 0 | -52,000,000 | 0 | ' |
Depreciation and amortization | $68,000,000 | $70,000,000 | $210,000,000 | $217,000,000 | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Consolidating Statement Of Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | $3,367,000,000 | $3,302,000,000 | $10,125,000,000 | $10,434,000,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | 1,936,000,000 | 1,801,000,000 | 5,855,000,000 | 6,002,000,000 | ' | ' |
Selling, general and administrative | ' | 617,000,000 | 667,000,000 | 1,793,000,000 | 1,905,000,000 | ' | ' |
Restructuring charges | ' | 26,000,000 | 0 | 26,000,000 | 0 | 20,000,000 | ' |
Impairment charges | ' | 52,000,000 | 0 | 52,000,000 | 0 | ' | ' |
Depreciation and amortization | ' | 68,000,000 | 70,000,000 | 210,000,000 | 217,000,000 | ' | ' |
Total expenses | ' | 2,699,000,000 | 2,538,000,000 | 7,936,000,000 | 8,124,000,000 | ' | ' |
Operating income (loss) | ' | 668,000,000 | 764,000,000 | 2,189,000,000 | 2,310,000,000 | ' | ' |
Interest (expense) income, net | ' | -85,000,000 | -91,000,000 | -266,000,000 | -275,000,000 | ' | ' |
Loss on early extinguishment of debt (Note 7) | ' | -352,000,000 | 0 | -352,000,000 | 0 | ' | ' |
Other items, net | ' | -21,000,000 | 6,000,000 | -10,000,000 | -2,000,000 | ' | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | ' | 210,000,000 | 679,000,000 | 1,561,000,000 | 2,033,000,000 | ' | ' |
Benefit (provision) for income taxes | ' | -110,000,000 | -226,000,000 | -561,000,000 | -678,000,000 | ' | ' |
Equity in earnings (loss) of investee companies, net of tax | ' | -28,000,000 | -22,000,000 | -48,000,000 | -39,000,000 | ' | ' |
Net earnings from continuing operations | ' | 72,000,000 | 431,000,000 | 952,000,000 | 1,316,000,000 | ' | ' |
Net earnings (loss) from discontinued operations, net of tax | ' | 1,567,000,000 | 63,000,000 | 1,594,000,000 | 93,000,000 | ' | ' |
Net earnings (loss) | ' | 1,639,000,000 | 494,000,000 | 2,546,000,000 | 1,409,000,000 | ' | ' |
Total comprehensive income | ' | 1,615,000,000 | 336,000,000 | 2,544,000,000 | 1,255,000,000 | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 178,000,000 | ' | 178,000,000 | ' | 368,000,000 | ' |
Receivables, net | ' | 3,378,000,000 | ' | 3,378,000,000 | ' | 3,234,000,000 | ' |
Programming and other inventory (Note 4) | ' | 1,136,000,000 | ' | 1,136,000,000 | ' | 772,000,000 | ' |
Prepaid expenses and other current assets | ' | 712,000,000 | ' | 712,000,000 | ' | 645,000,000 | ' |
Current assets of discontinued operations (Note 3) | ' | 0 | ' | 0 | ' | 351,000,000 | ' |
Total current assets | ' | 5,404,000,000 | ' | 5,404,000,000 | ' | 5,370,000,000 | ' |
Property and equipment | ' | 3,125,000,000 | ' | 3,125,000,000 | ' | 3,060,000,000 | ' |
Less accumulated depreciation and amortization | ' | 1,731,000,000 | ' | 1,731,000,000 | ' | 1,599,000,000 | ' |
Net property and equipment | ' | 1,394,000,000 | ' | 1,394,000,000 | ' | 1,461,000,000 | ' |
Programming and other inventory (Note 4) | ' | 1,621,000,000 | ' | 1,621,000,000 | ' | 1,697,000,000 | ' |
Goodwill (Note 5) | ' | 6,609,000,000 | ' | 6,609,000,000 | ' | 6,588,000,000 | ' |
Intangible assets | ' | 5,848,000,000 | ' | 5,848,000,000 | ' | 5,870,000,000 | ' |
Investments in consolidated subsidiaries | ' | 0 | ' | 0 | ' | 0 | ' |
Other assets | ' | 2,262,000,000 | ' | 2,262,000,000 | ' | 1,963,000,000 | ' |
Assets held for sale | ' | 262,000,000 | ' | 262,000,000 | ' | 314,000,000 | ' |
Intercompany | ' | 0 | ' | 0 | ' | 0 | ' |
Assets of discontinued operations (Note 3) | ' | 55,000,000 | ' | 55,000,000 | ' | 3,124,000,000 | ' |
Total Assets | ' | 23,455,000,000 | ' | 23,455,000,000 | ' | 26,387,000,000 | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 196,000,000 | ' | 196,000,000 | ' | 286,000,000 | ' |
Participants' share and royalties payable | ' | 914,000,000 | ' | 914,000,000 | ' | 1,008,000,000 | ' |
Program rights | ' | 317,000,000 | ' | 317,000,000 | ' | 398,000,000 | ' |
Commercial paper | ' | 431,000,000 | ' | 431,000,000 | ' | 475,000,000 | ' |
Current portion of long-term debt (Note 7) | ' | 20,000,000 | ' | 20,000,000 | ' | 20,000,000 | ' |
Accrued expenses and other current liabilities | ' | 1,482,000,000 | ' | 1,482,000,000 | ' | 1,766,000,000 | ' |
Current liabilities of discontinued operations (Note 3) | ' | 37,000,000 | ' | 37,000,000 | ' | 254,000,000 | ' |
Total current liabilities | ' | 3,397,000,000 | ' | 3,397,000,000 | ' | 4,207,000,000 | ' |
Long-term debt (Note 7) | ' | 6,508,000,000 | ' | 6,508,000,000 | ' | 5,940,000,000 | ' |
Other liabilities | ' | 5,886,000,000 | ' | 5,886,000,000 | ' | 5,797,000,000 | ' |
Liabilities of discontinued operations (Note 3) | ' | 138,000,000 | ' | 138,000,000 | ' | 477,000,000 | ' |
Intercompany | ' | 0 | ' | 0 | ' | 0 | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Preferred stock | ' | 0 | ' | 0 | ' | 0 | ' |
Common stock | ' | 1,000,000 | ' | 1,000,000 | ' | 1,000,000 | ' |
Additional paid-in capital | ' | 44,022,000,000 | ' | 44,022,000,000 | ' | 43,474,000,000 | ' |
Retained earnings (deficit) | ' | -22,344,000,000 | ' | -22,344,000,000 | ' | -24,890,000,000 | ' |
Accumulated other comprehensive loss (Note 9) | ' | -547,000,000 | -723,000,000 | -547,000,000 | -723,000,000 | -545,000,000 | -569,000,000 |
Stockholders' equity including treasury stock | ' | 21,132,000,000 | ' | 21,132,000,000 | ' | 18,040,000,000 | ' |
Less treasury stock, at cost | ' | 13,606,000,000 | ' | 13,606,000,000 | ' | 8,074,000,000 | ' |
Total Stockholders' Equity | ' | 7,526,000,000 | ' | 7,526,000,000 | ' | 9,966,000,000 | ' |
Total Liabilities and Stockholders' Equity | ' | 23,455,000,000 | ' | 23,455,000,000 | ' | 26,387,000,000 | ' |
Condensed Consolidating Statement Of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | ' | 288,000,000 | 1,320,000,000 | ' | ' |
Investing Activities | ' | ' | ' | ' | ' | ' | ' |
Acquisitions, net of cash acquired | ' | ' | ' | -27,000,000 | -20,000,000 | ' | ' |
Capital expenditures | ' | -43,000,000 | -44,000,000 | -112,000,000 | -112,000,000 | ' | ' |
Investments in and advances to investee companies | ' | ' | ' | -68,000,000 | -144,000,000 | ' | ' |
Proceeds from sale of investments | ' | ' | ' | 3,000,000 | 20,000,000 | ' | ' |
Proceeds from dispositions | ' | ' | ' | 7,000,000 | 185,000,000 | ' | ' |
Net cash flow provided by (used for) investing activities from continuing operations | ' | ' | ' | -197,000,000 | -71,000,000 | ' | ' |
Net cash flow provided by (used for) investing activities from discontinued operations | ' | ' | ' | -271,000,000 | -45,000,000 | ' | ' |
Net cash flow provided by (used for) investing activities | ' | ' | ' | -468,000,000 | -116,000,000 | ' | ' |
Financing Activities | ' | ' | ' | ' | ' | ' | ' |
(Repayments of) proceeds from short-term debt borrowings, net | ' | ' | ' | -44,000,000 | 341,000,000 | ' | ' |
Proceeds from issuance of notes | ' | ' | ' | 1,729,000,000 | 0 | ' | ' |
Repayment of notes and debentures | ' | ' | ' | -1,152,000,000 | 0 | ' | ' |
Payment of capital lease obligations | ' | ' | ' | -13,000,000 | -13,000,000 | ' | ' |
Payment of contingent consideration | ' | ' | ' | 0 | -30,000,000 | ' | ' |
Dividends | -78,000,000 | ' | ' | -214,000,000 | -228,000,000 | ' | ' |
Purchase of Company common stock | ' | ' | ' | -2,830,000,000 | -1,864,000,000 | ' | ' |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ' | ' | ' | -146,000,000 | -142,000,000 | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' | 237,000,000 | 121,000,000 | ' | ' |
Excess tax benefit from stock-based compensation | ' | ' | ' | 227,000,000 | 128,000,000 | ' | ' |
Other financing activities | ' | ' | ' | 0 | -4,000,000 | ' | ' |
Increase (decrease) in intercompany payables | ' | ' | ' | 0 | 0 | ' | ' |
Net cash flow provided by (used for) financing activities from continuing operations | ' | ' | ' | -2,206,000,000 | -1,691,000,000 | ' | ' |
Net cash flow provided by (used for) financing activities from discontinued operations | ' | ' | ' | 2,167,000,000 | 5,000,000 | ' | ' |
Net cash flow provided by (used for) financing activities | ' | ' | ' | -39,000,000 | -1,686,000,000 | ' | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | -219,000,000 | -482,000,000 | ' | ' |
Cash and cash equivalents, including discontinued operations, at beginning of period | 178,000,000 | ' | ' | 397,000,000 | 708,000,000 | 708,000,000 | ' |
Cash and cash equivalents, including discontinued operations, at end of period | ' | 178,000,000 | 226,000,000 | 178,000,000 | 226,000,000 | 397,000,000 | ' |
Cash and cash equivalents of discontinued operations | ' | ' | 24,000,000 | ' | 24,000,000 | 29,000,000 | 21,000,000 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement Of Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | 0 | 0 | 0 | 0 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | 0 | 0 | 0 | 0 | ' | ' |
Selling, general and administrative | ' | 0 | 0 | 0 | 0 | ' | ' |
Restructuring charges | ' | 0 | ' | 0 | ' | ' | ' |
Impairment charges | ' | 0 | ' | 0 | ' | ' | ' |
Depreciation and amortization | ' | 0 | 0 | 0 | 0 | ' | ' |
Total expenses | ' | 0 | 0 | 0 | 0 | ' | ' |
Operating income (loss) | ' | 0 | 0 | 0 | 0 | ' | ' |
Interest (expense) income, net | ' | 0 | 0 | 0 | 0 | ' | ' |
Loss on early extinguishment of debt (Note 7) | ' | 0 | ' | 0 | ' | ' | ' |
Other items, net | ' | 0 | 0 | 0 | 0 | ' | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | ' | 0 | 0 | 0 | 0 | ' | ' |
Benefit (provision) for income taxes | ' | 0 | 0 | 0 | 0 | ' | ' |
Equity in earnings (loss) of investee companies, net of tax | ' | -2,238,000,000 | -1,051,000,000 | -3,958,000,000 | -2,692,000,000 | ' | ' |
Net earnings from continuing operations | ' | -2,238,000,000 | -1,051,000,000 | -3,958,000,000 | -2,692,000,000 | ' | ' |
Net earnings (loss) from discontinued operations, net of tax | ' | 0 | 0 | 0 | 0 | ' | ' |
Net earnings (loss) | ' | -2,238,000,000 | -1,051,000,000 | -3,958,000,000 | -2,692,000,000 | ' | ' |
Total comprehensive income | ' | -2,209,000,000 | -883,000,000 | -3,920,000,000 | -2,506,000,000 | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 0 | ' | 0 | ' | 0 | ' |
Receivables, net | ' | 0 | ' | 0 | ' | 0 | ' |
Programming and other inventory (Note 4) | ' | 0 | ' | 0 | ' | 0 | ' |
Prepaid expenses and other current assets | ' | -32,000,000 | ' | -32,000,000 | ' | -26,000,000 | ' |
Current assets of discontinued operations (Note 3) | ' | ' | ' | ' | ' | 0 | ' |
Total current assets | ' | -32,000,000 | ' | -32,000,000 | ' | -26,000,000 | ' |
Property and equipment | ' | 0 | ' | 0 | ' | 0 | ' |
Less accumulated depreciation and amortization | ' | 0 | ' | 0 | ' | 0 | ' |
Net property and equipment | ' | 0 | ' | 0 | ' | 0 | ' |
Programming and other inventory (Note 4) | ' | 0 | ' | 0 | ' | 0 | ' |
Goodwill (Note 5) | ' | 0 | ' | 0 | ' | 0 | ' |
Intangible assets | ' | 0 | ' | 0 | ' | 0 | ' |
Investments in consolidated subsidiaries | ' | -51,798,000,000 | ' | -51,798,000,000 | ' | -50,869,000,000 | ' |
Other assets | ' | 0 | ' | 0 | ' | 0 | ' |
Assets held for sale | ' | 0 | ' | 0 | ' | 0 | ' |
Intercompany | ' | -23,644,000,000 | ' | -23,644,000,000 | ' | -21,649,000,000 | ' |
Assets of discontinued operations (Note 3) | ' | 0 | ' | 0 | ' | 0 | ' |
Total Assets | ' | -75,474,000,000 | ' | -75,474,000,000 | ' | -72,544,000,000 | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 0 | ' | 0 | ' | 0 | ' |
Participants' share and royalties payable | ' | 0 | ' | 0 | ' | 0 | ' |
Program rights | ' | 0 | ' | 0 | ' | 0 | ' |
Commercial paper | ' | 0 | ' | 0 | ' | 0 | ' |
Current portion of long-term debt (Note 7) | ' | 0 | ' | 0 | ' | 0 | ' |
Accrued expenses and other current liabilities | ' | -32,000,000 | ' | -32,000,000 | ' | -26,000,000 | ' |
Current liabilities of discontinued operations (Note 3) | ' | 0 | ' | 0 | ' | 0 | ' |
Total current liabilities | ' | -32,000,000 | ' | -32,000,000 | ' | -26,000,000 | ' |
Long-term debt (Note 7) | ' | 0 | ' | 0 | ' | 0 | ' |
Other liabilities | ' | 0 | ' | 0 | ' | 0 | ' |
Liabilities of discontinued operations (Note 3) | ' | 0 | ' | 0 | ' | 0 | ' |
Intercompany | ' | -23,644,000,000 | ' | -23,644,000,000 | ' | -21,649,000,000 | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Preferred stock | ' | -126,000,000 | ' | -126,000,000 | ' | -126,000,000 | ' |
Common stock | ' | -713,000,000 | ' | -713,000,000 | ' | -1,076,000,000 | ' |
Additional paid-in capital | ' | -60,619,000,000 | ' | -60,619,000,000 | ' | -61,678,000,000 | ' |
Retained earnings (deficit) | ' | 4,607,000,000 | ' | 4,607,000,000 | ' | 6,996,000,000 | ' |
Accumulated other comprehensive loss (Note 9) | ' | -78,000,000 | ' | -78,000,000 | ' | -116,000,000 | ' |
Stockholders' equity including treasury stock | ' | -56,929,000,000 | ' | -56,929,000,000 | ' | -56,000,000,000 | ' |
Less treasury stock, at cost | ' | -5,131,000,000 | ' | -5,131,000,000 | ' | -5,131,000,000 | ' |
Total Stockholders' Equity | ' | -51,798,000,000 | ' | -51,798,000,000 | ' | -50,869,000,000 | ' |
Total Liabilities and Stockholders' Equity | ' | -75,474,000,000 | ' | -75,474,000,000 | ' | -72,544,000,000 | ' |
Condensed Consolidating Statement Of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | ' | 0 | 0 | ' | ' |
Investing Activities | ' | ' | ' | ' | ' | ' | ' |
Acquisitions, net of cash acquired | ' | ' | ' | 0 | 0 | ' | ' |
Capital expenditures | ' | ' | ' | 0 | 0 | ' | ' |
Investments in and advances to investee companies | ' | ' | ' | 0 | 0 | ' | ' |
Proceeds from sale of investments | ' | ' | ' | 0 | 0 | ' | ' |
Proceeds from dispositions | ' | ' | ' | 0 | 0 | ' | ' |
Net cash flow provided by (used for) investing activities from continuing operations | ' | ' | ' | 0 | 0 | ' | ' |
Net cash flow provided by (used for) investing activities from discontinued operations | ' | ' | ' | 0 | 0 | ' | ' |
Net cash flow provided by (used for) investing activities | ' | ' | ' | 0 | 0 | ' | ' |
Financing Activities | ' | ' | ' | ' | ' | ' | ' |
(Repayments of) proceeds from short-term debt borrowings, net | ' | ' | ' | 0 | 0 | ' | ' |
Proceeds from issuance of notes | ' | ' | ' | 0 | ' | ' | ' |
Repayment of notes and debentures | ' | ' | ' | 0 | ' | ' | ' |
Payment of capital lease obligations | ' | ' | ' | 0 | 0 | ' | ' |
Payment of contingent consideration | ' | ' | ' | ' | 0 | ' | ' |
Dividends | ' | ' | ' | 0 | 0 | ' | ' |
Purchase of Company common stock | ' | ' | ' | 0 | 0 | ' | ' |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ' | ' | ' | 0 | 0 | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' | 0 | 0 | ' | ' |
Excess tax benefit from stock-based compensation | ' | ' | ' | 0 | 0 | ' | ' |
Other financing activities | ' | ' | ' | ' | 0 | ' | ' |
Increase (decrease) in intercompany payables | ' | ' | ' | 0 | 0 | ' | ' |
Net cash flow provided by (used for) financing activities from continuing operations | ' | ' | ' | 0 | 0 | ' | ' |
Net cash flow provided by (used for) financing activities from discontinued operations | ' | ' | ' | 0 | 0 | ' | ' |
Net cash flow provided by (used for) financing activities | ' | ' | ' | 0 | 0 | ' | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | 0 | 0 | ' | ' |
Cash and cash equivalents, including discontinued operations, at beginning of period | ' | ' | ' | 0 | 0 | 0 | ' |
Cash and cash equivalents, including discontinued operations, at end of period | ' | 0 | 0 | 0 | 0 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement Of Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | 40,000,000 | 31,000,000 | 108,000,000 | 103,000,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | 18,000,000 | 16,000,000 | 49,000,000 | 50,000,000 | ' | ' |
Selling, general and administrative | ' | 11,000,000 | 17,000,000 | 43,000,000 | 48,000,000 | ' | ' |
Restructuring charges | ' | 0 | ' | 0 | ' | ' | ' |
Impairment charges | ' | 0 | ' | 0 | ' | ' | ' |
Depreciation and amortization | ' | 2,000,000 | 2,000,000 | 5,000,000 | 5,000,000 | ' | ' |
Total expenses | ' | 31,000,000 | 35,000,000 | 97,000,000 | 103,000,000 | ' | ' |
Operating income (loss) | ' | 9,000,000 | -4,000,000 | 11,000,000 | 0 | ' | ' |
Interest (expense) income, net | ' | -109,000,000 | -113,000,000 | -338,000,000 | -342,000,000 | ' | ' |
Loss on early extinguishment of debt (Note 7) | ' | -351,000,000 | ' | -351,000,000 | ' | ' | ' |
Other items, net | ' | -1,000,000 | 1,000,000 | 0 | 0 | ' | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | ' | -452,000,000 | -116,000,000 | -678,000,000 | -342,000,000 | ' | ' |
Benefit (provision) for income taxes | ' | 167,000,000 | 40,000,000 | 244,000,000 | 117,000,000 | ' | ' |
Equity in earnings (loss) of investee companies, net of tax | ' | 1,924,000,000 | 567,000,000 | 2,980,000,000 | 1,631,000,000 | ' | ' |
Net earnings from continuing operations | ' | 1,639,000,000 | 491,000,000 | 2,546,000,000 | 1,406,000,000 | ' | ' |
Net earnings (loss) from discontinued operations, net of tax | ' | 0 | 3,000,000 | 0 | 3,000,000 | ' | ' |
Net earnings (loss) | ' | 1,639,000,000 | 494,000,000 | 2,546,000,000 | 1,409,000,000 | ' | ' |
Total comprehensive income | ' | 1,615,000,000 | 336,000,000 | 2,544,000,000 | 1,255,000,000 | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 20,000,000 | ' | 20,000,000 | ' | 80,000,000 | ' |
Receivables, net | ' | 23,000,000 | ' | 23,000,000 | ' | 30,000,000 | ' |
Programming and other inventory (Note 4) | ' | 4,000,000 | ' | 4,000,000 | ' | 4,000,000 | ' |
Prepaid expenses and other current assets | ' | 202,000,000 | ' | 202,000,000 | ' | 179,000,000 | ' |
Current assets of discontinued operations (Note 3) | ' | ' | ' | ' | ' | 0 | ' |
Total current assets | ' | 249,000,000 | ' | 249,000,000 | ' | 293,000,000 | ' |
Property and equipment | ' | 39,000,000 | ' | 39,000,000 | ' | 37,000,000 | ' |
Less accumulated depreciation and amortization | ' | 13,000,000 | ' | 13,000,000 | ' | 9,000,000 | ' |
Net property and equipment | ' | 26,000,000 | ' | 26,000,000 | ' | 28,000,000 | ' |
Programming and other inventory (Note 4) | ' | 8,000,000 | ' | 8,000,000 | ' | 5,000,000 | ' |
Goodwill (Note 5) | ' | 98,000,000 | ' | 98,000,000 | ' | 98,000,000 | ' |
Intangible assets | ' | 0 | ' | 0 | ' | 0 | ' |
Investments in consolidated subsidiaries | ' | 40,409,000,000 | ' | 40,409,000,000 | ' | 40,454,000,000 | ' |
Other assets | ' | 85,000,000 | ' | 85,000,000 | ' | 89,000,000 | ' |
Assets held for sale | ' | 0 | ' | 0 | ' | 0 | ' |
Intercompany | ' | 0 | ' | 0 | ' | 0 | ' |
Assets of discontinued operations (Note 3) | ' | 0 | ' | 0 | ' | 0 | ' |
Total Assets | ' | 40,875,000,000 | ' | 40,875,000,000 | ' | 40,967,000,000 | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 1,000,000 | ' | 1,000,000 | ' | 1,000,000 | ' |
Participants' share and royalties payable | ' | 0 | ' | 0 | ' | 0 | ' |
Program rights | ' | 5,000,000 | ' | 5,000,000 | ' | 5,000,000 | ' |
Commercial paper | ' | 431,000,000 | ' | 431,000,000 | ' | 475,000,000 | ' |
Current portion of long-term debt (Note 7) | ' | 4,000,000 | ' | 4,000,000 | ' | 5,000,000 | ' |
Accrued expenses and other current liabilities | ' | 330,000,000 | ' | 330,000,000 | ' | 361,000,000 | ' |
Current liabilities of discontinued operations (Note 3) | ' | 0 | ' | 0 | ' | 0 | ' |
Total current liabilities | ' | 771,000,000 | ' | 771,000,000 | ' | 847,000,000 | ' |
Long-term debt (Note 7) | ' | 6,377,000,000 | ' | 6,377,000,000 | ' | 5,791,000,000 | ' |
Other liabilities | ' | 2,557,000,000 | ' | 2,557,000,000 | ' | 2,714,000,000 | ' |
Liabilities of discontinued operations (Note 3) | ' | 0 | ' | 0 | ' | 0 | ' |
Intercompany | ' | 23,644,000,000 | ' | 23,644,000,000 | ' | 21,649,000,000 | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Preferred stock | ' | 0 | ' | 0 | ' | 0 | ' |
Common stock | ' | 1,000,000 | ' | 1,000,000 | ' | 1,000,000 | ' |
Additional paid-in capital | ' | 44,022,000,000 | ' | 44,022,000,000 | ' | 43,474,000,000 | ' |
Retained earnings (deficit) | ' | -22,344,000,000 | ' | -22,344,000,000 | ' | -24,890,000,000 | ' |
Accumulated other comprehensive loss (Note 9) | ' | -547,000,000 | ' | -547,000,000 | ' | -545,000,000 | ' |
Stockholders' equity including treasury stock | ' | 21,132,000,000 | ' | 21,132,000,000 | ' | 18,040,000,000 | ' |
Less treasury stock, at cost | ' | 13,606,000,000 | ' | 13,606,000,000 | ' | 8,074,000,000 | ' |
Total Stockholders' Equity | ' | 7,526,000,000 | ' | 7,526,000,000 | ' | 9,966,000,000 | ' |
Total Liabilities and Stockholders' Equity | ' | 40,875,000,000 | ' | 40,875,000,000 | ' | 40,967,000,000 | ' |
Condensed Consolidating Statement Of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | ' | -843,000,000 | -858,000,000 | ' | ' |
Investing Activities | ' | ' | ' | ' | ' | ' | ' |
Acquisitions, net of cash acquired | ' | ' | ' | 0 | 0 | ' | ' |
Capital expenditures | ' | ' | ' | 0 | 0 | ' | ' |
Investments in and advances to investee companies | ' | ' | ' | 0 | 0 | ' | ' |
Proceeds from sale of investments | ' | ' | ' | 0 | 15,000,000 | ' | ' |
Proceeds from dispositions | ' | ' | ' | 0 | 0 | ' | ' |
Net cash flow provided by (used for) investing activities from continuing operations | ' | ' | ' | 0 | 15,000,000 | ' | ' |
Net cash flow provided by (used for) investing activities from discontinued operations | ' | ' | ' | 0 | 0 | ' | ' |
Net cash flow provided by (used for) investing activities | ' | ' | ' | 0 | 15,000,000 | ' | ' |
Financing Activities | ' | ' | ' | ' | ' | ' | ' |
(Repayments of) proceeds from short-term debt borrowings, net | ' | ' | ' | -44,000,000 | 341,000,000 | ' | ' |
Proceeds from issuance of notes | ' | ' | ' | 1,729,000,000 | ' | ' | ' |
Repayment of notes and debentures | ' | ' | ' | -1,146,000,000 | ' | ' | ' |
Payment of capital lease obligations | ' | ' | ' | 0 | 0 | ' | ' |
Payment of contingent consideration | ' | ' | ' | ' | 0 | ' | ' |
Dividends | ' | ' | ' | -214,000,000 | -228,000,000 | ' | ' |
Purchase of Company common stock | ' | ' | ' | -2,830,000,000 | -1,864,000,000 | ' | ' |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ' | ' | ' | -146,000,000 | -142,000,000 | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' | 237,000,000 | 121,000,000 | ' | ' |
Excess tax benefit from stock-based compensation | ' | ' | ' | 227,000,000 | 128,000,000 | ' | ' |
Other financing activities | ' | ' | ' | ' | -4,000,000 | ' | ' |
Increase (decrease) in intercompany payables | ' | ' | ' | 2,970,000,000 | 2,271,000,000 | ' | ' |
Net cash flow provided by (used for) financing activities from continuing operations | ' | ' | ' | 783,000,000 | 623,000,000 | ' | ' |
Net cash flow provided by (used for) financing activities from discontinued operations | ' | ' | ' | 0 | 5,000,000 | ' | ' |
Net cash flow provided by (used for) financing activities | ' | ' | ' | 783,000,000 | 628,000,000 | ' | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | -60,000,000 | -215,000,000 | ' | ' |
Cash and cash equivalents, including discontinued operations, at beginning of period | ' | ' | ' | 80,000,000 | 254,000,000 | 254,000,000 | ' |
Cash and cash equivalents, including discontinued operations, at end of period | ' | 20,000,000 | 39,000,000 | 20,000,000 | 39,000,000 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement Of Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | 2,000,000 | 2,000,000 | 8,000,000 | 8,000,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | 1,000,000 | 2,000,000 | 4,000,000 | 6,000,000 | ' | ' |
Selling, general and administrative | ' | 51,000,000 | 78,000,000 | 165,000,000 | 219,000,000 | ' | ' |
Restructuring charges | ' | 3,000,000 | ' | 3,000,000 | ' | ' | ' |
Impairment charges | ' | 0 | ' | 0 | ' | ' | ' |
Depreciation and amortization | ' | 4,000,000 | 4,000,000 | 11,000,000 | 11,000,000 | ' | ' |
Total expenses | ' | 59,000,000 | 84,000,000 | 183,000,000 | 236,000,000 | ' | ' |
Operating income (loss) | ' | -57,000,000 | -82,000,000 | -175,000,000 | -228,000,000 | ' | ' |
Interest (expense) income, net | ' | -97,000,000 | -96,000,000 | -285,000,000 | -276,000,000 | ' | ' |
Loss on early extinguishment of debt (Note 7) | ' | 0 | ' | 0 | ' | ' | ' |
Other items, net | ' | 4,000,000 | -4,000,000 | 2,000,000 | 4,000,000 | ' | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | ' | -150,000,000 | -182,000,000 | -458,000,000 | -500,000,000 | ' | ' |
Benefit (provision) for income taxes | ' | 52,000,000 | 62,000,000 | 157,000,000 | 171,000,000 | ' | ' |
Equity in earnings (loss) of investee companies, net of tax | ' | 314,000,000 | 484,000,000 | 978,000,000 | 1,061,000,000 | ' | ' |
Net earnings from continuing operations | ' | 216,000,000 | 364,000,000 | 677,000,000 | 732,000,000 | ' | ' |
Net earnings (loss) from discontinued operations, net of tax | ' | 0 | -1,000,000 | -1,000,000 | -5,000,000 | ' | ' |
Net earnings (loss) | ' | 216,000,000 | 363,000,000 | 676,000,000 | 727,000,000 | ' | ' |
Total comprehensive income | ' | 222,000,000 | 356,000,000 | 678,000,000 | 726,000,000 | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 1,000,000 | ' | 1,000,000 | ' | 1,000,000 | ' |
Receivables, net | ' | 2,000,000 | ' | 2,000,000 | ' | 2,000,000 | ' |
Programming and other inventory (Note 4) | ' | 3,000,000 | ' | 3,000,000 | ' | 2,000,000 | ' |
Prepaid expenses and other current assets | ' | 45,000,000 | ' | 45,000,000 | ' | 18,000,000 | ' |
Current assets of discontinued operations (Note 3) | ' | ' | ' | ' | ' | 0 | ' |
Total current assets | ' | 51,000,000 | ' | 51,000,000 | ' | 23,000,000 | ' |
Property and equipment | ' | 148,000,000 | ' | 148,000,000 | ' | 137,000,000 | ' |
Less accumulated depreciation and amortization | ' | 93,000,000 | ' | 93,000,000 | ' | 83,000,000 | ' |
Net property and equipment | ' | 55,000,000 | ' | 55,000,000 | ' | 54,000,000 | ' |
Programming and other inventory (Note 4) | ' | 9,000,000 | ' | 9,000,000 | ' | 0 | ' |
Goodwill (Note 5) | ' | 62,000,000 | ' | 62,000,000 | ' | 62,000,000 | ' |
Intangible assets | ' | 0 | ' | 0 | ' | 0 | ' |
Investments in consolidated subsidiaries | ' | 11,389,000,000 | ' | 11,389,000,000 | ' | 10,415,000,000 | ' |
Other assets | ' | 50,000,000 | ' | 50,000,000 | ' | 18,000,000 | ' |
Assets held for sale | ' | 0 | ' | 0 | ' | 0 | ' |
Intercompany | ' | 2,725,000,000 | ' | 2,725,000,000 | ' | 3,240,000,000 | ' |
Assets of discontinued operations (Note 3) | ' | 0 | ' | 0 | ' | 0 | ' |
Total Assets | ' | 14,341,000,000 | ' | 14,341,000,000 | ' | 13,812,000,000 | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 4,000,000 | ' | 4,000,000 | ' | 8,000,000 | ' |
Participants' share and royalties payable | ' | 0 | ' | 0 | ' | 0 | ' |
Program rights | ' | 3,000,000 | ' | 3,000,000 | ' | 2,000,000 | ' |
Commercial paper | ' | 0 | ' | 0 | ' | 0 | ' |
Current portion of long-term debt (Note 7) | ' | 0 | ' | 0 | ' | 0 | ' |
Accrued expenses and other current liabilities | ' | 219,000,000 | ' | 219,000,000 | ' | 293,000,000 | ' |
Current liabilities of discontinued operations (Note 3) | ' | 0 | ' | 0 | ' | 0 | ' |
Total current liabilities | ' | 226,000,000 | ' | 226,000,000 | ' | 303,000,000 | ' |
Long-term debt (Note 7) | ' | 0 | ' | 0 | ' | 0 | ' |
Other liabilities | ' | 245,000,000 | ' | 245,000,000 | ' | 317,000,000 | ' |
Liabilities of discontinued operations (Note 3) | ' | 0 | ' | 0 | ' | 0 | ' |
Intercompany | ' | 0 | ' | 0 | ' | 0 | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Preferred stock | ' | 0 | ' | 0 | ' | 0 | ' |
Common stock | ' | 123,000,000 | ' | 123,000,000 | ' | 123,000,000 | ' |
Additional paid-in capital | ' | 0 | ' | 0 | ' | 0 | ' |
Retained earnings (deficit) | ' | 14,086,000,000 | ' | 14,086,000,000 | ' | 13,410,000,000 | ' |
Accumulated other comprehensive loss (Note 9) | ' | -8,000,000 | ' | -8,000,000 | ' | -10,000,000 | ' |
Stockholders' equity including treasury stock | ' | 14,201,000,000 | ' | 14,201,000,000 | ' | 13,523,000,000 | ' |
Less treasury stock, at cost | ' | 331,000,000 | ' | 331,000,000 | ' | 331,000,000 | ' |
Total Stockholders' Equity | ' | 13,870,000,000 | ' | 13,870,000,000 | ' | 13,192,000,000 | ' |
Total Liabilities and Stockholders' Equity | ' | 14,341,000,000 | ' | 14,341,000,000 | ' | 13,812,000,000 | ' |
Condensed Consolidating Statement Of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | ' | -199,000,000 | -174,000,000 | ' | ' |
Investing Activities | ' | ' | ' | ' | ' | ' | ' |
Acquisitions, net of cash acquired | ' | ' | ' | 0 | 0 | ' | ' |
Capital expenditures | ' | ' | ' | -11,000,000 | -4,000,000 | ' | ' |
Investments in and advances to investee companies | ' | ' | ' | 0 | 0 | ' | ' |
Proceeds from sale of investments | ' | ' | ' | 2,000,000 | 1,000,000 | ' | ' |
Proceeds from dispositions | ' | ' | ' | 0 | 0 | ' | ' |
Net cash flow provided by (used for) investing activities from continuing operations | ' | ' | ' | -9,000,000 | -3,000,000 | ' | ' |
Net cash flow provided by (used for) investing activities from discontinued operations | ' | ' | ' | 0 | 0 | ' | ' |
Net cash flow provided by (used for) investing activities | ' | ' | ' | -9,000,000 | -3,000,000 | ' | ' |
Financing Activities | ' | ' | ' | ' | ' | ' | ' |
(Repayments of) proceeds from short-term debt borrowings, net | ' | ' | ' | 0 | 0 | ' | ' |
Proceeds from issuance of notes | ' | ' | ' | 0 | ' | ' | ' |
Repayment of notes and debentures | ' | ' | ' | 0 | ' | ' | ' |
Payment of capital lease obligations | ' | ' | ' | 0 | 0 | ' | ' |
Payment of contingent consideration | ' | ' | ' | ' | 0 | ' | ' |
Dividends | ' | ' | ' | 0 | 0 | ' | ' |
Purchase of Company common stock | ' | ' | ' | 0 | 0 | ' | ' |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ' | ' | ' | 0 | 0 | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' | 0 | 0 | ' | ' |
Excess tax benefit from stock-based compensation | ' | ' | ' | 0 | 0 | ' | ' |
Other financing activities | ' | ' | ' | ' | 0 | ' | ' |
Increase (decrease) in intercompany payables | ' | ' | ' | 208,000,000 | 177,000,000 | ' | ' |
Net cash flow provided by (used for) financing activities from continuing operations | ' | ' | ' | 208,000,000 | 177,000,000 | ' | ' |
Net cash flow provided by (used for) financing activities from discontinued operations | ' | ' | ' | 0 | 0 | ' | ' |
Net cash flow provided by (used for) financing activities | ' | ' | ' | 208,000,000 | 177,000,000 | ' | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | 0 | 0 | ' | ' |
Cash and cash equivalents, including discontinued operations, at beginning of period | ' | ' | ' | 1,000,000 | 1,000,000 | 1,000,000 | ' |
Cash and cash equivalents, including discontinued operations, at end of period | ' | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement Of Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | 3,325,000,000 | 3,269,000,000 | 10,009,000,000 | 10,323,000,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | 1,917,000,000 | 1,783,000,000 | 5,802,000,000 | 5,946,000,000 | ' | ' |
Selling, general and administrative | ' | 555,000,000 | 572,000,000 | 1,585,000,000 | 1,638,000,000 | ' | ' |
Restructuring charges | ' | 23,000,000 | ' | 23,000,000 | ' | ' | ' |
Impairment charges | ' | 52,000,000 | ' | 52,000,000 | ' | ' | ' |
Depreciation and amortization | ' | 62,000,000 | 64,000,000 | 194,000,000 | 201,000,000 | ' | ' |
Total expenses | ' | 2,609,000,000 | 2,419,000,000 | 7,656,000,000 | 7,785,000,000 | ' | ' |
Operating income (loss) | ' | 716,000,000 | 850,000,000 | 2,353,000,000 | 2,538,000,000 | ' | ' |
Interest (expense) income, net | ' | 121,000,000 | 118,000,000 | 357,000,000 | 343,000,000 | ' | ' |
Loss on early extinguishment of debt (Note 7) | ' | -1,000,000 | ' | -1,000,000 | ' | ' | ' |
Other items, net | ' | -24,000,000 | 9,000,000 | -12,000,000 | -6,000,000 | ' | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | ' | 812,000,000 | 977,000,000 | 2,697,000,000 | 2,875,000,000 | ' | ' |
Benefit (provision) for income taxes | ' | -329,000,000 | -328,000,000 | -962,000,000 | -966,000,000 | ' | ' |
Equity in earnings (loss) of investee companies, net of tax | ' | -28,000,000 | -22,000,000 | -48,000,000 | -39,000,000 | ' | ' |
Net earnings from continuing operations | ' | 455,000,000 | 627,000,000 | 1,687,000,000 | 1,870,000,000 | ' | ' |
Net earnings (loss) from discontinued operations, net of tax | ' | 1,567,000,000 | 61,000,000 | 1,595,000,000 | 95,000,000 | ' | ' |
Net earnings (loss) | ' | 2,022,000,000 | 688,000,000 | 3,282,000,000 | 1,965,000,000 | ' | ' |
Total comprehensive income | ' | 1,987,000,000 | 527,000,000 | 3,242,000,000 | 1,780,000,000 | ' | ' |
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 157,000,000 | ' | 157,000,000 | ' | 287,000,000 | ' |
Receivables, net | ' | 3,353,000,000 | ' | 3,353,000,000 | ' | 3,202,000,000 | ' |
Programming and other inventory (Note 4) | ' | 1,129,000,000 | ' | 1,129,000,000 | ' | 766,000,000 | ' |
Prepaid expenses and other current assets | ' | 497,000,000 | ' | 497,000,000 | ' | 474,000,000 | ' |
Current assets of discontinued operations (Note 3) | ' | ' | ' | ' | ' | 351,000,000 | ' |
Total current assets | ' | 5,136,000,000 | ' | 5,136,000,000 | ' | 5,080,000,000 | ' |
Property and equipment | ' | 2,938,000,000 | ' | 2,938,000,000 | ' | 2,886,000,000 | ' |
Less accumulated depreciation and amortization | ' | 1,625,000,000 | ' | 1,625,000,000 | ' | 1,507,000,000 | ' |
Net property and equipment | ' | 1,313,000,000 | ' | 1,313,000,000 | ' | 1,379,000,000 | ' |
Programming and other inventory (Note 4) | ' | 1,604,000,000 | ' | 1,604,000,000 | ' | 1,692,000,000 | ' |
Goodwill (Note 5) | ' | 6,449,000,000 | ' | 6,449,000,000 | ' | 6,428,000,000 | ' |
Intangible assets | ' | 5,848,000,000 | ' | 5,848,000,000 | ' | 5,870,000,000 | ' |
Investments in consolidated subsidiaries | ' | 0 | ' | 0 | ' | 0 | ' |
Other assets | ' | 2,127,000,000 | ' | 2,127,000,000 | ' | 1,856,000,000 | ' |
Assets held for sale | ' | 262,000,000 | ' | 262,000,000 | ' | 314,000,000 | ' |
Intercompany | ' | 20,919,000,000 | ' | 20,919,000,000 | ' | 18,409,000,000 | ' |
Assets of discontinued operations (Note 3) | ' | 55,000,000 | ' | 55,000,000 | ' | 3,124,000,000 | ' |
Total Assets | ' | 43,713,000,000 | ' | 43,713,000,000 | ' | 44,152,000,000 | ' |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 191,000,000 | ' | 191,000,000 | ' | 277,000,000 | ' |
Participants' share and royalties payable | ' | 914,000,000 | ' | 914,000,000 | ' | 1,008,000,000 | ' |
Program rights | ' | 309,000,000 | ' | 309,000,000 | ' | 391,000,000 | ' |
Commercial paper | ' | 0 | ' | 0 | ' | 0 | ' |
Current portion of long-term debt (Note 7) | ' | 16,000,000 | ' | 16,000,000 | ' | 15,000,000 | ' |
Accrued expenses and other current liabilities | ' | 965,000,000 | ' | 965,000,000 | ' | 1,138,000,000 | ' |
Current liabilities of discontinued operations (Note 3) | ' | 37,000,000 | ' | 37,000,000 | ' | 254,000,000 | ' |
Total current liabilities | ' | 2,432,000,000 | ' | 2,432,000,000 | ' | 3,083,000,000 | ' |
Long-term debt (Note 7) | ' | 131,000,000 | ' | 131,000,000 | ' | 149,000,000 | ' |
Other liabilities | ' | 3,084,000,000 | ' | 3,084,000,000 | ' | 2,766,000,000 | ' |
Liabilities of discontinued operations (Note 3) | ' | 138,000,000 | ' | 138,000,000 | ' | 477,000,000 | ' |
Intercompany | ' | 0 | ' | 0 | ' | 0 | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Preferred stock | ' | 126,000,000 | ' | 126,000,000 | ' | 126,000,000 | ' |
Common stock | ' | 590,000,000 | ' | 590,000,000 | ' | 953,000,000 | ' |
Additional paid-in capital | ' | 60,619,000,000 | ' | 60,619,000,000 | ' | 61,678,000,000 | ' |
Retained earnings (deficit) | ' | -18,693,000,000 | ' | -18,693,000,000 | ' | -20,406,000,000 | ' |
Accumulated other comprehensive loss (Note 9) | ' | 86,000,000 | ' | 86,000,000 | ' | 126,000,000 | ' |
Stockholders' equity including treasury stock | ' | 42,728,000,000 | ' | 42,728,000,000 | ' | 42,477,000,000 | ' |
Less treasury stock, at cost | ' | 4,800,000,000 | ' | 4,800,000,000 | ' | 4,800,000,000 | ' |
Total Stockholders' Equity | ' | 37,928,000,000 | ' | 37,928,000,000 | ' | 37,677,000,000 | ' |
Total Liabilities and Stockholders' Equity | ' | 43,713,000,000 | ' | 43,713,000,000 | ' | 44,152,000,000 | ' |
Condensed Consolidating Statement Of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | ' | ' | ' | 1,330,000,000 | 2,352,000,000 | ' | ' |
Investing Activities | ' | ' | ' | ' | ' | ' | ' |
Acquisitions, net of cash acquired | ' | ' | ' | -27,000,000 | -20,000,000 | ' | ' |
Capital expenditures | ' | ' | ' | -101,000,000 | -108,000,000 | ' | ' |
Investments in and advances to investee companies | ' | ' | ' | -68,000,000 | -144,000,000 | ' | ' |
Proceeds from sale of investments | ' | ' | ' | 1,000,000 | 4,000,000 | ' | ' |
Proceeds from dispositions | ' | ' | ' | 7,000,000 | 185,000,000 | ' | ' |
Net cash flow provided by (used for) investing activities from continuing operations | ' | ' | ' | -188,000,000 | -83,000,000 | ' | ' |
Net cash flow provided by (used for) investing activities from discontinued operations | ' | ' | ' | -271,000,000 | -45,000,000 | ' | ' |
Net cash flow provided by (used for) investing activities | ' | ' | ' | -459,000,000 | -128,000,000 | ' | ' |
Financing Activities | ' | ' | ' | ' | ' | ' | ' |
(Repayments of) proceeds from short-term debt borrowings, net | ' | ' | ' | 0 | 0 | ' | ' |
Proceeds from issuance of notes | ' | ' | ' | 0 | ' | ' | ' |
Repayment of notes and debentures | ' | ' | ' | -6,000,000 | ' | ' | ' |
Payment of capital lease obligations | ' | ' | ' | -13,000,000 | -13,000,000 | ' | ' |
Payment of contingent consideration | ' | ' | ' | ' | -30,000,000 | ' | ' |
Dividends | ' | ' | ' | 0 | 0 | ' | ' |
Purchase of Company common stock | ' | ' | ' | 0 | 0 | ' | ' |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ' | ' | ' | 0 | 0 | ' | ' |
Proceeds from exercise of stock options | ' | ' | ' | 0 | 0 | ' | ' |
Excess tax benefit from stock-based compensation | ' | ' | ' | 0 | 0 | ' | ' |
Other financing activities | ' | ' | ' | ' | 0 | ' | ' |
Increase (decrease) in intercompany payables | ' | ' | ' | -3,178,000,000 | -2,448,000,000 | ' | ' |
Net cash flow provided by (used for) financing activities from continuing operations | ' | ' | ' | -3,197,000,000 | -2,491,000,000 | ' | ' |
Net cash flow provided by (used for) financing activities from discontinued operations | ' | ' | ' | 2,167,000,000 | 0 | ' | ' |
Net cash flow provided by (used for) financing activities | ' | ' | ' | -1,030,000,000 | -2,491,000,000 | ' | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | -159,000,000 | -267,000,000 | ' | ' |
Cash and cash equivalents, including discontinued operations, at beginning of period | ' | ' | ' | 316,000,000 | 453,000,000 | 453,000,000 | ' |
Cash and cash equivalents, including discontinued operations, at end of period | ' | $157,000,000 | $186,000,000 | $157,000,000 | $186,000,000 | ' | ' |