Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CBS Corporation | |
Entity Central Index Key | 813828 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Common Class A [Member] | ||
Statement [Line Items] | ||
Shares of common stock outstanding | 37,826,904 | |
Common Class B [Member] | ||
Statement [Line Items] | ||
Shares of common stock outstanding | 454,315,931 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenues | $3,500 | $3,570 |
Expenses: | ||
Operating | 2,142 | 2,121 |
Selling, general and administrative | 588 | 587 |
Depreciation and amortization | 68 | 71 |
Total expenses | 2,798 | 2,779 |
Operating income (loss) | 702 | 791 |
Interest expense | -93 | -93 |
Interest income | 5 | 3 |
Other items, net | -4 | 5 |
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | 610 | 706 |
Provision for income taxes | -203 | -234 |
Equity in loss of investee companies, net of tax | -13 | -10 |
Net earnings from continuing operations | 394 | 462 |
Net earnings (loss) from discontinued operations, net of tax | 0 | 6 |
Net earnings | $394 | $468 |
Basic net earnings per common share: | ||
Basic net earnings from continuing operations per common share (in dollars per share) | $0.79 | $0.79 |
Basic net earnings from discontinued operations per common share (in dollars per share) | $0 | $0.01 |
Basic net earnings per common share (in dollars per share) | $0.79 | $0.80 |
Diluted net earnings per common share: | ||
Diluted net earnings from continuing operations per common share (in dollars per share) | $0.78 | $0.77 |
Diluted net earnings from discontinued operations per common share (in dollars per share) | $0 | $0.01 |
Diluted net earnings per common share (in dollars per share) | $0.78 | $0.78 |
Weighted average number of common shares outstanding: | ||
Basic weighted average number of common shares outstanding | 498 | 585 |
Diluted weighted average number of common shares outstanding | 506 | 600 |
Dividends per common share (in dollars per share) | $0.15 | $0.12 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Net earnings (loss) | $394 | $468 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Other comprehensive income from discontinued operations, net of tax | -3 | -5 |
Other comprehensive income (loss), net of tax | 6 | 2 |
Total comprehensive income (loss), net of tax | 400 | 470 |
Continuing Operations [Member] | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Cumulative translation adjustments | -4 | -6 |
Amortization of net actuarial loss | 9 | 7 |
Changes in fair value of cash flow hedges | 1 | 0 |
Other comprehensive income (loss), net of tax | 6 | 1 |
Discontinued Operations [Member] | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Other comprehensive income from discontinued operations, net of tax | 0 | 1 |
Other comprehensive income (loss), net of tax | $1 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $331,000,000 | $428,000,000 |
Receivables, less allowances of $54 (2015) and $50 (2014) | 3,295,000,000 | 3,459,000,000 |
Programming and other inventory (Note 4) | 764,000,000 | 922,000,000 |
Deferred income tax assets, net | 111,000,000 | 104,000,000 |
Prepaid income taxes | 79,000,000 | 161,000,000 |
Prepaid expenses | 136,000,000 | 129,000,000 |
Other current assets | 504,000,000 | 386,000,000 |
Total current assets | 5,220,000,000 | 5,589,000,000 |
Property and equipment | 3,166,000,000 | 3,164,000,000 |
Less accumulated depreciation and amortization | 1,772,000,000 | 1,731,000,000 |
Net property and equipment | 1,394,000,000 | 1,433,000,000 |
Programming and other inventory (Note 4) | 1,854,000,000 | 1,817,000,000 |
Goodwill | 6,664,000,000 | 6,698,000,000 |
Intangible assets | 6,002,000,000 | 6,008,000,000 |
Other assets | 2,622,000,000 | 2,488,000,000 |
Assets of discontinued operations | 30,000,000 | 39,000,000 |
Total Assets | 23,786,000,000 | 24,072,000,000 |
Liabilities, Current [Abstract] | ||
Accounts payable | 175,000,000 | 302,000,000 |
Accrued compensation | 186,000,000 | 333,000,000 |
Participants' share and royalties payable | 929,000,000 | 999,000,000 |
Program rights | 449,000,000 | 404,000,000 |
Deferred revenues | 161,000,000 | 206,000,000 |
Commercial paper (Note 6) | 0 | 616,000,000 |
Current portion of long-term debt (Note 6) | 21,000,000 | 20,000,000 |
Accrued expenses and other current liabilities | 1,127,000,000 | 1,127,000,000 |
Current liabilities of discontinued operations | 44,000,000 | 26,000,000 |
Total current liabilities | 3,092,000,000 | 4,033,000,000 |
Long-term debt (Note 6) | 7,693,000,000 | 6,510,000,000 |
Pension and postretirement benefit obligations | 1,537,000,000 | 1,564,000,000 |
Deferred income tax liabilities, net | 1,601,000,000 | 1,530,000,000 |
Other liabilities | 3,372,000,000 | 3,347,000,000 |
Liabilities of discontinued operations (Note 3) | 94,000,000 | 118,000,000 |
Commitments and contingencies (Note 10) | ||
Stockholders' Equity [Abstract] | ||
Common stock | 1,000,000 | 1,000,000 |
Additional paid-in capital | 44,068,000,000 | 44,041,000,000 |
Accumulated deficit | -21,537,000,000 | -21,931,000,000 |
Accumulated other comprehensive loss (Note 8) | -729,000,000 | -735,000,000 |
Stockholders' equity including treasury stock | 21,803,000,000 | 21,376,000,000 |
Less treasury stock, at cost | 15,406,000,000 | 14,406,000,000 |
Total Stockholders' Equity | 6,397,000,000 | 6,970,000,000 |
Total Liabilities and Stockholders' Equity | 23,786,000,000 | 24,072,000,000 |
Other liabilities | 3,372,000,000 | 3,347,000,000 |
Commitments and contingencies (Note 10) | ||
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Per Share data, unless otherwise specified | ||
Balance Sheet Parentheticals [Abstract] | ||
Receivables, allowances | $54 | $50 |
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 | 38 |
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 | 823 | 818 |
Treasury stock, shares | 366 | 349 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities | ||
Net earnings (loss) | $394 | $468 |
Less: Net earnings from discontinued operations | 0 | 6 |
Net earnings from continuing operations | 394 | 462 |
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations: | ||
Depreciation and amortization | 68 | 71 |
Stock-based compensation | 46 | 40 |
Equity in loss of investee companies, net of tax and distributions | 13 | 12 |
Change in assets and liabilities, net of investing and financing activities | -104 | -37 |
Net cash flow provided by (used for) operating activities from continuing operations | 417 | 548 |
Net cash flow provided by (used for) operating activities from discontinued operations | 0 | -47 |
Net cash flow provided by (used for) operating activities | 417 | 501 |
Investing Activities | ||
Capital expenditures | -17 | -28 |
Investments in and advances to investee companies | -39 | -39 |
Proceeds from dispositions | 59 | 6 |
Other investing activities | 2 | 5 |
Net cash flow provided by (used for) investing activities from continuing operations | 5 | -56 |
Net cash flow provided by (used for) investing activities from discontinued operations | -3 | -9 |
Net cash flow provided by (used for) investing activities | 2 | -65 |
Financing Activities | ||
(Repayments of) proceeds from short-term debt borrowings, net | -616 | -35 |
Proceeds from issuance of notes, net | 1,178 | 0 |
Payment of capital lease obligations | -4 | -4 |
Dividends | -80 | -75 |
Purchase of Company common stock | -1,049 | -2,032 |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | -82 | -125 |
Proceeds from exercise of stock options | 80 | 76 |
Excess tax benefit from stock-based compensation | 57 | 103 |
Net cash flow provided by (used for) financing activities from continuing operations | -516 | -2,092 |
Net cash flow provided by (used for) financing activities from discontinued operations | 0 | 1,570 |
Net cash flow provided by (used for) financing activities | -516 | -522 |
Net increase (decrease) in cash and cash equivalents | -97 | -86 |
Cash and cash equivalents, including discontinued operations, at beginning of period | 428 | 397 |
Cash and cash equivalents, including discontinued operations, at end of period | 331 | 311 |
Continuing Operations [Member] | ||
Supplemental Cash Flow [Line Items] | ||
Cash paid for interest, including early redemption premiums | 117 | 103 |
Cash paid for taxes | $4 | $17 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents of discontinued operations | $114 | $29 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
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). | ||||||
Discontinued Operations-On July 16, 2014, the Company completed the disposition of CBS Outdoor Americas Inc. (“Outdoor Americas”), which was previously a subsidiary of the Company and has been renamed OUTFRONT Media Inc. Outdoor Americas has been presented as a discontinued operation in the Company's consolidated financial statements (See Note 3). Prior periods have been recast to conform to this presentation. | ||||||
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 Annual Report on Form 10-K for the year ended December 31, 2014. | ||||||
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 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. Excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive, were 5 million stock options and RSUs for the three months ended March 31, 2015 and 2 million stock options for the three months ended March 31, 2014. | ||||||
The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. | ||||||
Three Months Ended | ||||||
March 31, | ||||||
(in millions) | 2015 | 2014 | ||||
Weighted average shares for basic EPS | 498 | 585 | ||||
Dilutive effect of shares issuable under stock-based | 8 | 15 | ||||
compensation plans | ||||||
Weighted average shares for diluted EPS | 506 | 600 | ||||
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 three months ended March 31, 2015 and 2014, the Company recorded dividends of $75 million and $70 million, respectively, as a reduction to additional paid-in capital as the Company had an accumulated deficit balance. | ||||||
Adoption of New Accounting Standards | ||||||
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | ||||||
During the first quarter of 2015, the Company adopted amended Financial Accounting Standards Board (“FASB”) 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 represents 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. The adoption of this guidance did not have an effect on the Company's consolidated financial statements. | ||||||
Recent Pronouncements | ||||||
Simplifying the Presentation of Debt Issuance Costs | ||||||
In April 2015, the FASB issued amended guidance which requires debt issuance costs to be presented on the balance sheet as a direct deduction from the carrying amount of the related debt, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this amended guidance. This guidance, which is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||
Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items | ||||||
In January 2015, the FASB issued amended guidance which eliminates the concept of extraordinary items. This guidance removes the requirement to assess whether an event or transaction is both unusual in nature and infrequent in occurrence and to separately present any such items on the statement of operations after income from continuing operations. Rather, such items will either be presented as a separate component of income from continuing operations or disclosed in the notes to the financial statements. This guidance is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. Additionally, the Company is permitted to amend prior periods presented in the financial statements once the guidance is adopted. | ||||||
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. |
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 months ended March 31, 2015 and 2014. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
RSUs and PSUs | $ | 38 | $ | 34 | ||||
Stock options and equivalents | 8 | 6 | ||||||
Stock-based compensation expense, before income taxes | 46 | 40 | ||||||
Related tax benefit | (18 | ) | (16 | ) | ||||
Stock-based compensation expense, net of tax benefit | $ | 28 | $ | 24 | ||||
During the three months ended March 31, 2015, the Company granted 2 million RSUs for CBS Corp. Class B common stock with a weighted average per unit grant-date fair value of $59.07. RSUs granted during the first quarter of 2015 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 first quarter of 2015, the Company also granted 2 million stock options with a weighted average exercise price of $59.54. Stock options granted during the first quarter of 2015 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 March 31, 2015 was $280 million, which is expected to be recognized over a weighted average period of 2.8 years. Total unrecognized compensation cost related to unvested stock option awards at March 31, 2015 was $74 million, which is expected to be recognized over a weighted average period of 3.0 years. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Discontinued Operations | 3) DISCONTINUED OPERATIONS | |||
During 2014, the Company completed the disposition of Outdoor Americas. Outdoor Americas has been presented as a discontinued operation in the Company’s consolidated financial statements. 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. On July 16, 2014, the Company completed the disposition of its 81% ownership of Outdoor Americas common stock through a tax-free split-off 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”). | ||||
The following table sets forth details of the net earnings from discontinued operations. | ||||
Three Months | ||||
Ended | ||||
March 31, 2014 | ||||
Revenues from discontinued operations | $ | 288 | ||
Earnings from discontinued operations | $ | 14 | ||
Income tax provision | (8 | ) | ||
Net earnings from discontinued operations, net of tax | $ | 6 | ||
Noncurrent liabilities of discontinued operations of $94 million and $118 million at March 31, 2015 and December 31, 2014, respectively, primarily include tax reserves related to previously disposed businesses and the carrying value of a guarantee liability associated with the Company’s disposition of its outdoor advertising business in Europe (“Outdoor Europe”) of approximately $28 million at both March 31, 2015 and December 31, 2014 (See Note 10). |
Programming_and_Other_Inventor
Programming and Other Inventory | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||
Programming and Other Inventory | 4) PROGRAMMING AND OTHER INVENTORY | |||||||||||
At | At | |||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||
Program rights | $ | 1,304 | $ | 1,471 | ||||||||
Television programming: | ||||||||||||
Released (including acquired libraries) | 1,082 | 983 | ||||||||||
In process and other | 113 | 179 | ||||||||||
Theatrical programming: | ||||||||||||
Released | 28 | 23 | ||||||||||
In process and other | 41 | 36 | ||||||||||
Publishing, primarily finished goods | 50 | 47 | ||||||||||
Total programming and other inventory | 2,618 | 2,739 | ||||||||||
Less current portion | 764 | 922 | ||||||||||
Total noncurrent programming and other inventory | $ | 1,854 | $ | 1,817 | ||||||||
Related_Parties
Related Parties | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Related Parties | 5) 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 March 31, 2015, NAI directly or indirectly owned approximately 79.6% of CBS Corp.’s voting Class A Common Stock, and owned approximately 7.9% 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 $46 million and $35 million for the three months ended March 31, 2015 and 2014, 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 $5 million for the three months ended March 31, 2015 and 2014, 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 March 31, 2015 and December 31, 2014. | ||||||||||||
At | At | |||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||
Receivables | $ | 107 | $ | 107 | ||||||||
Other assets (Receivables, noncurrent) | 77 | 76 | ||||||||||
Total amounts due from Viacom Inc. | $ | 184 | $ | 183 | ||||||||
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 $48 million and $37 million for the three months ended March 31, 2015 and 2014, 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 | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Bank Financing and Debt | 6) BANK FINANCING AND DEBT | |||||||||||
The following table sets forth the Company’s debt. | ||||||||||||
At | At | |||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||
Commercial paper | $ | — | $ | 616 | ||||||||
Senior debt (1.95% - 7.875% due 2016 - 2045) (a) | 7,619 | 6,433 | ||||||||||
Obligations under capital leases | 95 | 97 | ||||||||||
Total debt | 7,714 | 7,146 | ||||||||||
Less commercial paper | — | 616 | ||||||||||
Less current portion of long-term debt | 21 | 20 | ||||||||||
Total long-term debt, net of current portion | $ | 7,693 | $ | 6,510 | ||||||||
(a) At March 31, 2015 and December 31, 2014, the senior debt balances included (i) a net unamortized discount of $34 million and $21 million, respectively, and (ii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $6 million and $14 million, respectively. At March 31, 2015, the senior debt balances also included an increase in the carrying value of the debt relating to outstanding fair value hedges of $7 million. Such amount was minimal at December 31, 2014. The face value of the Company’s senior debt was $7.64 billion and $6.44 billion at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||
During January 2015, the Company issued $600 million of 3.50% senior notes due 2025 and $600 million of 4.60% senior notes due 2045 and used the net proceeds for the repurchase of CBS Corp. Class B Common Stock and repayment of short-term borrowings, including commercial paper. | ||||||||||||
At March 31, 2015, the Company classified $200 million of debt maturing in January 2016 as long-term debt on the Consolidated Balance Sheet, reflecting its intent and ability to refinance this debt on a long-term basis. | ||||||||||||
Commercial Paper | ||||||||||||
At March 31, 2015 the Company had a $2.5 billion commercial paper program under which there were no outstanding borrowings. At December 31, 2014 the Company had $616 million of outstanding commercial paper borrowings at a weighted average interest rate of 0.46% and with maturities of less than forty-five days. | ||||||||||||
Credit Facility | ||||||||||||
At March 31, 2015, the Company had a $2.5 billion revolving credit facility (the “Credit Facility”) which expires in December 2019. 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 March 31, 2015, the Company’s Consolidated Leverage Ratio was approximately 2.3x. | ||||||||||||
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 March 31, 2015, 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 $2.49 billion. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||||||||||||||
Pension and Other Postretirement Benefits | 7) 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 March 31, | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Components of net periodic cost: | ||||||||||||||||
Service cost | $ | 8 | $ | 8 | $ | — | $ | — | ||||||||
Interest cost | 52 | 59 | 5 | 6 | ||||||||||||
Expected return on plan assets | (65 | ) | (66 | ) | — | — | ||||||||||
Amortization of actuarial loss (gain) (a) | 20 | 16 | (5 | ) | (5 | ) | ||||||||||
Net periodic cost | $ | 15 | $ | 17 | $ | — | $ | 1 | ||||||||
(a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings. | ||||||||||||||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||
Stockholders' Equity | 8) STOCKHOLDERS’ EQUITY | |||||||||||||||||||
During the first quarter of 2015, the Company repurchased 17.2 million shares of its Class B Common Stock under its share repurchase program for $1.00 billion, at an average cost of $58.07 per share. At March 31, 2015, the Company had $3.80 billion of authorization remaining under its share repurchase program. | ||||||||||||||||||||
During the first quarter of 2015, the Company declared a quarterly cash dividend of $.15 on its Class A and Class B Common Stock, resulting in total dividends of $75 million, payable on April 1, 2015. | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
The following tables summarize the changes in the components of accumulated other comprehensive income (loss). | ||||||||||||||||||||
Cumulative | Net Actuarial | Change in Fair Value of Cash Flow Hedges | Accumulated | |||||||||||||||||
Translation | Gain (Loss) | Other | ||||||||||||||||||
Adjustments | and Prior | Comprehensive | ||||||||||||||||||
Service Cost | Loss | |||||||||||||||||||
At December 31, 2014 | $ | 158 | $ | (892 | ) | $ | (1 | ) | $ | (735 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (4 | ) | — | 1 | (3 | ) | ||||||||||||||
Reclassifications to net earnings | — | 9 | (a) | — | 9 | |||||||||||||||
Net other comprehensive income (loss) | (4 | ) | 9 | 1 | 6 | |||||||||||||||
At March 31, 2015 | $ | 154 | $ | (883 | ) | $ | — | $ | (729 | ) | ||||||||||
Continuing Operations | Discontinued | |||||||||||||||||||
Operations | ||||||||||||||||||||
Cumulative | Net Actuarial Gain (Loss) and Prior Service Cost | Unrealized Gain on Securities | Other Comprehensive Income (Loss) | Accumulated | ||||||||||||||||
Translation | Other | |||||||||||||||||||
Adjustments | Comprehensive | |||||||||||||||||||
Loss | ||||||||||||||||||||
At December 31, 2013 | $ | 166 | $ | (729 | ) | $ | 3 | $ | 15 | $ | (545 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (6 | ) | — | — | 1 | (5 | ) | |||||||||||||
Reclassifications to net earnings | — | 7 | (a) | — | — | 7 | ||||||||||||||
Net other comprehensive income (loss) | (6 | ) | 7 | — | 1 | 2 | ||||||||||||||
At March 31, 2014 | $ | 160 | $ | (722 | ) | $ | 3 | $ | 16 | $ | (543 | ) | ||||||||
(a) | Reflect amortization of net actuarial losses. See Note 7. | |||||||||||||||||||
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 $6 million and $4 million for the three months ended March 31, 2015 and 2014, respectively. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9) 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 $203 million for the three months ended March 31, 2015 and $234 million for the three months ended March 31, 2014, reflecting an effective income tax rate of 33.3% and 33.1%, respectively. | |
During the first quarter of 2015, the Company and the IRS settled the Company’s income tax audit for the years 2011 and 2012, which did not have a material effect on the Company’s consolidated financial statements. The IRS is expected to commence its examination of the years 2013 and 2014 during the fourth quarter of 2015. During the next six months, the Company expects a decrease to its reserve for uncertain tax positions of approximately $20 million, plus accrued interest, related to an audit in a foreign jurisdiction of a previously disposed business that is accounted for as a discontinued operation. In addition, various tax years are 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 change within the next twelve months; however, as it is difficult to predict the final outcome of any particular tax matter, an estimate of any additional impact to the reserve for uncertain tax positions cannot currently be determined. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10) COMMITMENTS AND CONTINGENCIES |
Guarantees | |
During 2013, the Company completed the sale of Outdoor Europe. The Company continues to be the guarantor of certain of Outdoor Europe’s obligations, including 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 March 31, 2015, the total franchise payment obligations under these agreements are estimated to be approximately $149 million, which will decrease on a monthly basis thereafter. The carrying value of the guarantee liability of approximately $28 million at both March 31, 2015 and December 31, 2014 is included in ‘‘Liabilities of discontinued operations’’ on the Consolidated Balance Sheets. | |
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 March 31, 2015, the outstanding letters of credit and surety bonds approximated $240 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 | |
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, local and international authorities (collectively, ‘‘litigation’’). Litigation may be brought against the Company without merit, and the outcome is inherently uncertain and difficult to predict. However, based on its understanding and evaluation of the relevant facts and circumstances, the Company believes that the below-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. | |
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. | |
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 March 31, 2015, the Company had pending approximately 40,090 asbestos claims, as compared with approximately 41,100 as of December 31, 2014 and 45,270 as of March 31, 2014. During the first quarter of 2015, the Company received approximately 860 new claims and closed or moved to an inactive docket approximately 1,870 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 claims, the quality of evidence supporting the claims and other factors. The Company’s total costs for the years 2014 and 2013 for settlement and defense of asbestos claims after insurance recoveries and net of tax benefits were approximately $11 million and $29 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. |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Financial Instruments and Fair Value Measurements | 11) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | |||||||||||||||
The Company’s carrying value of financial instruments approximates fair value, except for differences with respect to notes and debentures. At March 31, 2015 and December 31, 2014, the carrying value of the Company’s senior debt was $7.62 billion and $6.43 billion, respectively, and the fair value, which is estimated based on quoted market prices for similar liabilities (Level 2) and includes accrued interest, was $8.50 billion and $7.15 billion, respectively. | ||||||||||||||||
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. | ||||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||
Foreign exchange forward contracts have principally been used to hedge projected cash flows, generally within the next twelve months, in currencies such as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar. The Company designates forward contracts used to hedge projected future television production costs as cash flow hedges. Gains or losses on the effective portion of designated cash flow hedges are initially recorded in other comprehensive income and reclassified to the statement of operations when the hedged item is recognized. Additionally, the Company enters into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows. The change in fair value of the non-designated contracts is included in “Other items, net” in the Consolidated Statements of Operations. | ||||||||||||||||
At March 31, 2015 and December 31, 2014, the notional amount of all foreign exchange contracts was $231 million and $152 million, respectively. | ||||||||||||||||
Interest Rate Swaps | ||||||||||||||||
All of the Company's long-term debt has been issued under fixed interest rate agreements. The Company has $600 million notional amount of fixed-to-floating rate swaps outstanding to hedge its $600 million of 2.30% senior notes due 2019. These interest rate swaps are designated as fair value hedges. The fair value of interest rate swaps is included within the carrying value of the debt attributable to the risk being hedged, and in other assets or other liabilities on the Consolidated Balance Sheet. Gains or losses on interest rate swaps are recognized within interest expense. | ||||||||||||||||
Gains (losses) recognized on derivative financial instruments were as follows: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | Financial Statement Account | ||||||||||||||
Designated foreign exchange contracts | $ | (2 | ) | $ | (1 | ) | Programming costs | |||||||||
Non-designated foreign exchange contracts | $ | 13 | $ | — | Other items, net | |||||||||||
Designated interest rate swaps | $ | 2 | $ | — | Interest expense | |||||||||||
The fair value of the Company’s derivative instruments was not material to the Consolidated Balance Sheets 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 March 31, 2015 and December 31, 2014. 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 March 31, 2015 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Investments | $ | 82 | $ | — | $ | — | $ | 82 | ||||||||
Interest rate swaps | — | 7 | — | 7 | ||||||||||||
Foreign exchange contracts | — | 16 | — | 16 | ||||||||||||
Total Assets | $ | 82 | $ | 23 | $ | — | $ | 105 | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation | $ | — | $ | 318 | $ | — | $ | 318 | ||||||||
Foreign exchange contracts | — | 1 | — | 1 | ||||||||||||
Total Liabilities | $ | — | $ | 319 | $ | — | $ | 319 | ||||||||
At December 31, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Investments | $ | 80 | $ | — | $ | — | $ | 80 | ||||||||
Foreign exchange contracts | — | 6 | — | 6 | ||||||||||||
Total Assets | $ | 80 | $ | 6 | $ | — | $ | 86 | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation | $ | — | $ | 307 | $ | — | $ | 307 | ||||||||
Foreign exchange contracts | — | 2 | — | 2 | ||||||||||||
Total Liabilities | $ | — | $ | 309 | $ | — | $ | 309 | ||||||||
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. |
Reportable_Segments
Reportable Segments | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Reportable Segments | 12) 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. Outdoor Americas has been presented as a discontinued operation in the Company’s consolidated financial statements. Prior periods have been recast to conform to this presentation. | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Revenues: | ||||||||||||
Entertainment | $ | 2,261 | $ | 2,303 | ||||||||
Cable Networks | 539 | 537 | ||||||||||
Publishing | 145 | 153 | ||||||||||
Local Broadcasting | 596 | 626 | ||||||||||
Corporate/Eliminations | (41 | ) | (49 | ) | ||||||||
Total Revenues | $ | 3,500 | $ | 3,570 | ||||||||
Revenues generated between segments primarily reflect advertising sales and television 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 | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Intercompany Revenues: | ||||||||||||
Entertainment | $ | 40 | $ | 46 | ||||||||
Local Broadcasting | 3 | 3 | ||||||||||
Total Intercompany Revenues | $ | 43 | $ | 49 | ||||||||
The Company presents operating income (loss) excluding restructuring charges and impairment charges, if any, (“Segment Operating Income”) as the primary measure of profit and loss for its operating segments (“segment profit measure”) in accordance with FASB guidance for segment reporting. The Company began presenting Segment Operating Income as its segment profit measure in the first quarter of 2015 in order to align with the primary method the Company's management began using in 2015 to evaluate segment performance and to make decisions regarding the allocation of resources to its segments. The Company believes the presentation of Segment Operating Income 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 | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Segment Operating Income (Loss): | ||||||||||||
Entertainment | $ | 346 | $ | 420 | ||||||||
Cable Networks | 251 | 254 | ||||||||||
Publishing | 12 | 11 | ||||||||||
Local Broadcasting | 161 | 179 | ||||||||||
Corporate | (68 | ) | (73 | ) | ||||||||
Operating income | 702 | 791 | ||||||||||
Interest expense | (93 | ) | (93 | ) | ||||||||
Interest income | 5 | 3 | ||||||||||
Other items, net | (4 | ) | 5 | |||||||||
Earnings from continuing operations before income taxes | 610 | 706 | ||||||||||
and equity in loss of investee companies | ||||||||||||
Provision for income taxes | (203 | ) | (234 | ) | ||||||||
Equity in loss of investee companies, net of tax | (13 | ) | (10 | ) | ||||||||
Net earnings from continuing operations | 394 | 462 | ||||||||||
Net earnings from discontinued operations, net of tax | — | 6 | ||||||||||
Net earnings | $ | 394 | $ | 468 | ||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Depreciation and Amortization: | ||||||||||||
Entertainment | $ | 32 | $ | 37 | ||||||||
Cable Networks | 6 | 5 | ||||||||||
Publishing | 1 | 2 | ||||||||||
Local Broadcasting | 21 | 21 | ||||||||||
Corporate | 8 | 6 | ||||||||||
Total Depreciation and Amortization | $ | 68 | $ | 71 | ||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Stock-based Compensation: | ||||||||||||
Entertainment | $ | 16 | $ | 14 | ||||||||
Cable Networks | 3 | 2 | ||||||||||
Publishing | 1 | 1 | ||||||||||
Local Broadcasting | 7 | 7 | ||||||||||
Corporate | 19 | 16 | ||||||||||
Total Stock-based Compensation | $ | 46 | $ | 40 | ||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Capital Expenditures: | ||||||||||||
Entertainment | $ | 8 | $ | 17 | ||||||||
Cable Networks | 1 | 2 | ||||||||||
Publishing | — | — | ||||||||||
Local Broadcasting | 7 | 8 | ||||||||||
Corporate | 1 | 1 | ||||||||||
Total Capital Expenditures | $ | 17 | $ | 28 | ||||||||
At | At | |||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||
Assets: | ||||||||||||
Entertainment | $ | 10,414 | $ | 10,469 | ||||||||
Cable Networks | 2,136 | 2,113 | ||||||||||
Publishing | 889 | 990 | ||||||||||
Local Broadcasting | 9,495 | 9,585 | ||||||||||
Corporate | 822 | 876 | ||||||||||
Discontinued operations | 30 | 39 | ||||||||||
Total Assets | $ | 23,786 | $ | 24,072 | ||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Financial Statements | 13) 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 March 31, 2015 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Revenues | $ | 31 | $ | 3 | $ | 3,466 | $ | — | $ | 3,500 | ||||||||||
Expenses: | ||||||||||||||||||||
Operating | 16 | 1 | 2,125 | — | 2,142 | |||||||||||||||
Selling, general and administrative | 12 | 61 | 515 | — | 588 | |||||||||||||||
Depreciation and amortization | 1 | 5 | 62 | — | 68 | |||||||||||||||
Total expenses | 29 | 67 | 2,702 | — | 2,798 | |||||||||||||||
Operating income (loss) | 2 | (64 | ) | 764 | — | 702 | ||||||||||||||
Interest (expense) income, net | (115 | ) | (98 | ) | 125 | — | (88 | ) | ||||||||||||
Other items, net | (1 | ) | 11 | (14 | ) | — | (4 | ) | ||||||||||||
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies | (114 | ) | (151 | ) | 875 | — | 610 | |||||||||||||
Benefit (provision) for income taxes | 37 | 49 | (289 | ) | — | (203 | ) | |||||||||||||
Equity in earnings (loss) of investee companies, | 471 | 315 | (13 | ) | (786 | ) | (13 | ) | ||||||||||||
net of tax | ||||||||||||||||||||
Net earnings | $ | 394 | $ | 213 | $ | 573 | $ | (786 | ) | $ | 394 | |||||||||
Total comprehensive income | $ | 400 | $ | 220 | $ | 580 | $ | (800 | ) | $ | 400 | |||||||||
Statement of Operations | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Revenues | $ | 33 | $ | 3 | $ | 3,534 | $ | — | $ | 3,570 | ||||||||||
Expenses: | ||||||||||||||||||||
Operating | 16 | 1 | 2,104 | — | 2,121 | |||||||||||||||
Selling, general and administrative | 15 | 64 | 508 | — | 587 | |||||||||||||||
Depreciation and amortization | 1 | 4 | 66 | — | 71 | |||||||||||||||
Total expenses | 32 | 69 | 2,678 | — | 2,779 | |||||||||||||||
Operating income (loss) | 1 | (66 | ) | 856 | — | 791 | ||||||||||||||
Interest (expense) income, net | (114 | ) | (93 | ) | 117 | — | (90 | ) | ||||||||||||
Other items, net | — | — | 5 | — | 5 | |||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | (113 | ) | (159 | ) | 978 | — | 706 | |||||||||||||
Benefit (provision) for income taxes | 38 | 54 | (326 | ) | — | (234 | ) | |||||||||||||
Equity in earnings (loss) of investee companies, | 543 | 372 | (10 | ) | (915 | ) | (10 | ) | ||||||||||||
net of tax | ||||||||||||||||||||
Net earnings from continuing operations | 468 | 267 | 642 | (915 | ) | 462 | ||||||||||||||
Net earnings (loss) from discontinued operations, net of tax | — | (1 | ) | 7 | — | 6 | ||||||||||||||
Net earnings | $ | 468 | $ | 266 | $ | 649 | $ | (915 | ) | $ | 468 | |||||||||
Total comprehensive income | $ | 470 | $ | 265 | $ | 646 | $ | (911 | ) | $ | 470 | |||||||||
Balance Sheet | ||||||||||||||||||||
At March 31, 2015 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 163 | $ | 1 | $ | 167 | $ | — | $ | 331 | ||||||||||
Receivables, net | 22 | 2 | 3,271 | — | 3,295 | |||||||||||||||
Programming and other inventory | 4 | 2 | 758 | — | 764 | |||||||||||||||
Prepaid expenses and other current assets | 223 | 37 | 599 | (29 | ) | 830 | ||||||||||||||
Total current assets | 412 | 42 | 4,795 | (29 | ) | 5,220 | ||||||||||||||
Property and equipment | 49 | 163 | 2,954 | — | 3,166 | |||||||||||||||
Less accumulated depreciation and amortization | 24 | 103 | 1,645 | — | 1,772 | |||||||||||||||
Net property and equipment | 25 | 60 | 1,309 | — | 1,394 | |||||||||||||||
Programming and other inventory | 6 | 8 | 1,840 | — | 1,854 | |||||||||||||||
Goodwill | 98 | 62 | 6,504 | — | 6,664 | |||||||||||||||
Intangible assets | — | — | 6,002 | — | 6,002 | |||||||||||||||
Investments in consolidated subsidiaries | 41,629 | 12,000 | — | (53,629 | ) | — | ||||||||||||||
Other assets | 222 | 12 | 2,418 | — | 2,652 | |||||||||||||||
Intercompany | — | 2,540 | 22,525 | (25,065 | ) | — | ||||||||||||||
Total Assets | $ | 42,392 | $ | 14,724 | $ | 45,393 | $ | (78,723 | ) | $ | 23,786 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Accounts payable | $ | 24 | $ | 6 | $ | 145 | $ | — | $ | 175 | ||||||||||
Participants’ share and royalties payable | — | — | 929 | — | 929 | |||||||||||||||
Program rights | 5 | 3 | 441 | — | 449 | |||||||||||||||
Current portion of long-term debt | 4 | — | 17 | — | 21 | |||||||||||||||
Accrued expenses and other current liabilities | 333 | 197 | 1,017 | (29 | ) | 1,518 | ||||||||||||||
Total current liabilities | 366 | 206 | 2,549 | (29 | ) | 3,092 | ||||||||||||||
Long-term debt | 7,569 | — | 124 | — | 7,693 | |||||||||||||||
Other liabilities | 2,995 | 249 | 3,360 | — | 6,604 | |||||||||||||||
Intercompany | 25,065 | — | — | (25,065 | ) | — | ||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||
Preferred stock | — | — | 126 | (126 | ) | — | ||||||||||||||
Common stock | 1 | 123 | 590 | (713 | ) | 1 | ||||||||||||||
Additional paid-in capital | 44,068 | — | 60,894 | (60,894 | ) | 44,068 | ||||||||||||||
Retained earnings (deficit) | (21,537 | ) | 14,473 | (17,538 | ) | 3,065 | (21,537 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (729 | ) | 4 | 88 | (92 | ) | (729 | ) | ||||||||||||
21,803 | 14,600 | 44,160 | (58,760 | ) | 21,803 | |||||||||||||||
Less treasury stock, at cost | 15,406 | 331 | 4,800 | (5,131 | ) | 15,406 | ||||||||||||||
Total Stockholders’ Equity | 6,397 | 14,269 | 39,360 | (53,629 | ) | 6,397 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 42,392 | $ | 14,724 | $ | 45,393 | $ | (78,723 | ) | $ | 23,786 | |||||||||
Balance Sheet | ||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 63 | $ | 1 | $ | 364 | $ | — | $ | 428 | ||||||||||
Receivables, net | 29 | 2 | 3,428 | — | 3,459 | |||||||||||||||
Programming and other inventory | 4 | 3 | 915 | — | 922 | |||||||||||||||
Prepaid expenses and other current assets | 306 | 27 | 477 | (30 | ) | 780 | ||||||||||||||
Total current assets | 402 | 33 | 5,184 | (30 | ) | 5,589 | ||||||||||||||
Property and equipment | 41 | 162 | 2,961 | — | 3,164 | |||||||||||||||
Less accumulated depreciation and amortization | 15 | 98 | 1,618 | — | 1,731 | |||||||||||||||
Net property and equipment | 26 | 64 | 1,343 | — | 1,433 | |||||||||||||||
Programming and other inventory | 7 | 8 | 1,802 | — | 1,817 | |||||||||||||||
Goodwill | 98 | 62 | 6,538 | — | 6,698 | |||||||||||||||
Intangible assets | — | — | 6,008 | — | 6,008 | |||||||||||||||
Investments in consolidated subsidiaries | 41,144 | 11,685 | — | (52,829 | ) | — | ||||||||||||||
Other assets | 219 | 17 | 2,291 | — | 2,527 | |||||||||||||||
Intercompany | — | 2,726 | 21,772 | (24,498 | ) | — | ||||||||||||||
Total Assets | $ | 41,896 | $ | 14,595 | $ | 44,938 | $ | (77,357 | ) | $ | 24,072 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Accounts payable | $ | 3 | $ | 24 | $ | 275 | $ | — | $ | 302 | ||||||||||
Participants’ share and royalties payable | — | — | 999 | — | 999 | |||||||||||||||
Program rights | 5 | 3 | 396 | — | 404 | |||||||||||||||
Commercial paper | 616 | — | — | — | 616 | |||||||||||||||
Current portion of long-term debt | 4 | — | 16 | — | 20 | |||||||||||||||
Accrued expenses and other current liabilities | 388 | 270 | 1,064 | (30 | ) | 1,692 | ||||||||||||||
Total current liabilities | 1,016 | 297 | 2,750 | (30 | ) | 4,033 | ||||||||||||||
Long-term debt | 6,383 | — | 127 | — | 6,510 | |||||||||||||||
Other liabilities | 3,029 | 249 | 3,281 | — | 6,559 | |||||||||||||||
Intercompany | 24,498 | — | — | (24,498 | ) | — | ||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||
Preferred stock | — | — | 126 | (126 | ) | — | ||||||||||||||
Common stock | 1 | 123 | 590 | (713 | ) | 1 | ||||||||||||||
Additional paid-in capital | 44,041 | — | 60,894 | (60,894 | ) | 44,041 | ||||||||||||||
Retained earnings (deficit) | (21,931 | ) | 14,260 | (18,111 | ) | 3,851 | (21,931 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (735 | ) | (3 | ) | 81 | (78 | ) | (735 | ) | |||||||||||
21,376 | 14,380 | 43,580 | (57,960 | ) | 21,376 | |||||||||||||||
Less treasury stock, at cost | 14,406 | 331 | 4,800 | (5,131 | ) | 14,406 | ||||||||||||||
Total Stockholders’ Equity | 6,970 | 14,049 | 38,780 | (52,829 | ) | 6,970 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 41,896 | $ | 14,595 | $ | 44,938 | $ | (77,357 | ) | $ | 24,072 | |||||||||
Statement of Cash Flows | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Net cash flow (used for) provided by operating activities | $ | (117 | ) | $ | (137 | ) | $ | 671 | $ | — | $ | 417 | ||||||||
Investing Activities: | ||||||||||||||||||||
Capital expenditures | — | (1 | ) | (16 | ) | — | (17 | ) | ||||||||||||
Investments in and advances to investee companies | — | — | (39 | ) | — | (39 | ) | |||||||||||||
Proceeds from dispositions | — | — | 59 | — | 59 | |||||||||||||||
Other investing activities | 3 | — | (1 | ) | — | 2 | ||||||||||||||
Net cash flow provided by (used for) investing activities from continuing operations | 3 | (1 | ) | 3 | — | 5 | ||||||||||||||
Net cash flow used for investing activities from discontinued operations | (3 | ) | — | — | — | (3 | ) | |||||||||||||
Net cash flow provided by (used for) investing activities | — | (1 | ) | 3 | — | 2 | ||||||||||||||
Financing Activities: | ||||||||||||||||||||
Repayments of short-term debt borrowings, net | (616 | ) | — | — | — | (616 | ) | |||||||||||||
Proceeds from issuance of notes, net | 1,178 | — | — | — | 1,178 | |||||||||||||||
Payment of capital lease obligations | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Dividends | (80 | ) | — | — | — | (80 | ) | |||||||||||||
Purchase of Company common stock | (1,049 | ) | — | — | — | (1,049 | ) | |||||||||||||
Payment of payroll taxes in lieu of issuing | (82 | ) | — | — | — | (82 | ) | |||||||||||||
shares for stock-based compensation | ||||||||||||||||||||
Proceeds from exercise of stock options | 80 | — | — | — | 80 | |||||||||||||||
Excess tax benefit from stock-based compensation | 57 | — | — | — | 57 | |||||||||||||||
Increase (decrease) in intercompany payables | 729 | 138 | (867 | ) | — | — | ||||||||||||||
Net cash flow provided by (used for) financing activities | 217 | 138 | (871 | ) | — | (516 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 100 | — | (197 | ) | — | (97 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 63 | 1 | 364 | — | 428 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 163 | $ | 1 | $ | 167 | $ | — | $ | 331 | ||||||||||
Statement of Cash Flows | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Net cash flow (used for) provided by operating activities | $ | (81 | ) | $ | (147 | ) | $ | 729 | $ | — | $ | 501 | ||||||||
Investing Activities: | ||||||||||||||||||||
Capital expenditures | — | (1 | ) | (27 | ) | — | (28 | ) | ||||||||||||
Investments in and advances to investee companies | — | — | (39 | ) | — | (39 | ) | |||||||||||||
Proceeds from dispositions | — | — | 6 | — | 6 | |||||||||||||||
Other investing activities | 5 | 1 | (1 | ) | — | 5 | ||||||||||||||
Net cash flow provided by (used for) investing activities from continuing operations | 5 | — | (61 | ) | — | (56 | ) | |||||||||||||
Net cash flow used for investing activities from discontinued operations | — | — | (9 | ) | — | (9 | ) | |||||||||||||
Net cash flow provided by (used for) investing activities | 5 | — | (70 | ) | — | (65 | ) | |||||||||||||
Financing Activities: | ||||||||||||||||||||
Repayments of short-term debt borrowings, net | (35 | ) | — | — | — | (35 | ) | |||||||||||||
Payment of capital lease obligations | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Dividends | (75 | ) | — | — | — | (75 | ) | |||||||||||||
Purchase of Company common stock | (2,032 | ) | — | — | — | (2,032 | ) | |||||||||||||
Payment of payroll taxes in lieu of issuing shares | (125 | ) | — | — | — | (125 | ) | |||||||||||||
for stock-based compensation | ||||||||||||||||||||
Proceeds from exercise of stock options | 76 | — | — | — | 76 | |||||||||||||||
Excess tax benefit from stock-based compensation | 103 | — | — | — | 103 | |||||||||||||||
Increase (decrease) in intercompany payables | 2,144 | 147 | (2,291 | ) | — | — | ||||||||||||||
Net cash flow provided by (used for) financing activities from continuing operations | 56 | 147 | (2,295 | ) | — | (2,092 | ) | |||||||||||||
Net cash flow provided by financing activities from discontinued operations | — | — | 1,570 | — | 1,570 | |||||||||||||||
Net cash flow provided by (used for) financing activities | 56 | 147 | (725 | ) | — | (522 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (20 | ) | — | (66 | ) | — | (86 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 80 | 1 | 316 | — | 397 | |||||||||||||||
(includes $29 of discontinued operations cash) | ||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 60 | $ | 1 | $ | 250 | $ | — | $ | 311 | ||||||||||
(includes $114 of discontinued operations cash) | ||||||||||||||||||||
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates-The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States 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 | 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) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Reconciliation from Basic to Diluted Shares | The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. | |||||
Three Months Ended | ||||||
March 31, | ||||||
(in millions) | 2015 | 2014 | ||||
Weighted average shares for basic EPS | 498 | 585 | ||||
Dilutive effect of shares issuable under stock-based | 8 | 15 | ||||
compensation plans | ||||||
Weighted average shares for diluted EPS | 506 | 600 | ||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Stock-based Compensation | The following table summarizes the Company’s stock-based compensation expense for the three months ended March 31, 2015 and 2014. | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
RSUs and PSUs | $ | 38 | $ | 34 | ||||
Stock options and equivalents | 8 | 6 | ||||||
Stock-based compensation expense, before income taxes | 46 | 40 | ||||||
Related tax benefit | (18 | ) | (16 | ) | ||||
Stock-based compensation expense, net of tax benefit | $ | 28 | $ | 24 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Discontinued Operations | The following table sets forth details of the net earnings from discontinued operations. | |||
Three Months | ||||
Ended | ||||
March 31, 2014 | ||||
Revenues from discontinued operations | $ | 288 | ||
Earnings from discontinued operations | $ | 14 | ||
Income tax provision | (8 | ) | ||
Net earnings from discontinued operations, net of tax | $ | 6 | ||
Programming_and_Other_Inventor1
Programming and Other Inventory (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||
Noncurrent Programming and Other Inventory | ||||||||||||
At | At | |||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||
Program rights | $ | 1,304 | $ | 1,471 | ||||||||
Television programming: | ||||||||||||
Released (including acquired libraries) | 1,082 | 983 | ||||||||||
In process and other | 113 | 179 | ||||||||||
Theatrical programming: | ||||||||||||
Released | 28 | 23 | ||||||||||
In process and other | 41 | 36 | ||||||||||
Publishing, primarily finished goods | 50 | 47 | ||||||||||
Total programming and other inventory | 2,618 | 2,739 | ||||||||||
Less current portion | 764 | 922 | ||||||||||
Total noncurrent programming and other inventory | $ | 1,854 | $ | 1,817 | ||||||||
Current Programming and Other Inventory | ||||||||||||
At | At | |||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||
Program rights | $ | 1,304 | $ | 1,471 | ||||||||
Television programming: | ||||||||||||
Released (including acquired libraries) | 1,082 | 983 | ||||||||||
In process and other | 113 | 179 | ||||||||||
Theatrical programming: | ||||||||||||
Released | 28 | 23 | ||||||||||
In process and other | 41 | 36 | ||||||||||
Publishing, primarily finished goods | 50 | 47 | ||||||||||
Total programming and other inventory | 2,618 | 2,739 | ||||||||||
Less current portion | 764 | 922 | ||||||||||
Total noncurrent programming and other inventory | $ | 1,854 | $ | 1,817 | ||||||||
Related_Parties_Tables
Related Parties (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Amounts due from Viacom Inc. | 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 March 31, 2015 and December 31, 2014. | |||||||||||
At | At | |||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||
Receivables | $ | 107 | $ | 107 | ||||||||
Other assets (Receivables, noncurrent) | 77 | 76 | ||||||||||
Total amounts due from Viacom Inc. | $ | 184 | $ | 183 | ||||||||
Bank_Financing_and_Debt_Tables
Bank Financing and Debt (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of Debt | The following table sets forth the Company’s debt. | |||||||||||
At | At | |||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||
Commercial paper | $ | — | $ | 616 | ||||||||
Senior debt (1.95% - 7.875% due 2016 - 2045) (a) | 7,619 | 6,433 | ||||||||||
Obligations under capital leases | 95 | 97 | ||||||||||
Total debt | 7,714 | 7,146 | ||||||||||
Less commercial paper | — | 616 | ||||||||||
Less current portion of long-term debt | 21 | 20 | ||||||||||
Total long-term debt, net of current portion | $ | 7,693 | $ | 6,510 | ||||||||
(a) At March 31, 2015 and December 31, 2014, the senior debt balances included (i) a net unamortized discount of $34 million and $21 million, respectively, and (ii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $6 million and $14 million, respectively. At March 31, 2015, the senior debt balances also included an increase in the carrying value of the debt relating to outstanding fair value hedges of $7 million. Such amount was minimal at December 31, 2014. The face value of the Company’s senior debt was $7.64 billion and $6.44 billion at March 31, 2015 and December 31, 2014, respectively. |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||||||||||||||
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 March 31, | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Components of net periodic cost: | ||||||||||||||||
Service cost | $ | 8 | $ | 8 | $ | — | $ | — | ||||||||
Interest cost | 52 | 59 | 5 | 6 | ||||||||||||
Expected return on plan assets | (65 | ) | (66 | ) | — | — | ||||||||||
Amortization of actuarial loss (gain) (a) | 20 | 16 | (5 | ) | (5 | ) | ||||||||||
Net periodic cost | $ | 15 | $ | 17 | $ | — | $ | 1 | ||||||||
(a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings. | ||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | The following tables summarize the changes in the components of accumulated other comprehensive income (loss). | |||||||||||||||||||
Cumulative | Net Actuarial | Change in Fair Value of Cash Flow Hedges | Accumulated | |||||||||||||||||
Translation | Gain (Loss) | Other | ||||||||||||||||||
Adjustments | and Prior | Comprehensive | ||||||||||||||||||
Service Cost | Loss | |||||||||||||||||||
At December 31, 2014 | $ | 158 | $ | (892 | ) | $ | (1 | ) | $ | (735 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (4 | ) | — | 1 | (3 | ) | ||||||||||||||
Reclassifications to net earnings | — | 9 | (a) | — | 9 | |||||||||||||||
Net other comprehensive income (loss) | (4 | ) | 9 | 1 | 6 | |||||||||||||||
At March 31, 2015 | $ | 154 | $ | (883 | ) | $ | — | $ | (729 | ) | ||||||||||
Continuing Operations | Discontinued | |||||||||||||||||||
Operations | ||||||||||||||||||||
Cumulative | Net Actuarial Gain (Loss) and Prior Service Cost | Unrealized Gain on Securities | Other Comprehensive Income (Loss) | Accumulated | ||||||||||||||||
Translation | Other | |||||||||||||||||||
Adjustments | Comprehensive | |||||||||||||||||||
Loss | ||||||||||||||||||||
At December 31, 2013 | $ | 166 | $ | (729 | ) | $ | 3 | $ | 15 | $ | (545 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | (6 | ) | — | — | 1 | (5 | ) | |||||||||||||
Reclassifications to net earnings | — | 7 | (a) | — | — | 7 | ||||||||||||||
Net other comprehensive income (loss) | (6 | ) | 7 | — | 1 | 2 | ||||||||||||||
At March 31, 2014 | $ | 160 | $ | (722 | ) | $ | 3 | $ | 16 | $ | (543 | ) | ||||||||
(a) | Reflect amortization of net actuarial losses. See Note 7. |
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | ||||||||||||||||
At March 31, 2015 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Investments | $ | 82 | $ | — | $ | — | $ | 82 | ||||||||
Interest rate swaps | — | 7 | — | 7 | ||||||||||||
Foreign exchange contracts | — | 16 | — | 16 | ||||||||||||
Total Assets | $ | 82 | $ | 23 | $ | — | $ | 105 | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation | $ | — | $ | 318 | $ | — | $ | 318 | ||||||||
Foreign exchange contracts | — | 1 | — | 1 | ||||||||||||
Total Liabilities | $ | — | $ | 319 | $ | — | $ | 319 | ||||||||
At December 31, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Investments | $ | 80 | $ | — | $ | — | $ | 80 | ||||||||
Foreign exchange contracts | — | 6 | — | 6 | ||||||||||||
Total Assets | $ | 80 | $ | 6 | $ | — | $ | 86 | ||||||||
Liabilities: | ||||||||||||||||
Deferred compensation | $ | — | $ | 307 | $ | — | $ | 307 | ||||||||
Foreign exchange contracts | — | 2 | — | 2 | ||||||||||||
Total Liabilities | $ | — | $ | 309 | $ | — | $ | 309 | ||||||||
Financial Instruments | Gains (losses) recognized on derivative financial instruments were as follows: | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | Financial Statement Account | ||||||||||||||
Designated foreign exchange contracts | $ | (2 | ) | $ | (1 | ) | Programming costs | |||||||||
Non-designated foreign exchange contracts | $ | 13 | $ | — | Other items, net | |||||||||||
Designated interest rate swaps | $ | 2 | $ | — | Interest expense | |||||||||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Revenues by Segment | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Revenues: | ||||||||||||
Entertainment | $ | 2,261 | $ | 2,303 | ||||||||
Cable Networks | 539 | 537 | ||||||||||
Publishing | 145 | 153 | ||||||||||
Local Broadcasting | 596 | 626 | ||||||||||
Corporate/Eliminations | (41 | ) | (49 | ) | ||||||||
Total Revenues | $ | 3,500 | $ | 3,570 | ||||||||
Intercompany Revenues by Segment | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Intercompany Revenues: | ||||||||||||
Entertainment | $ | 40 | $ | 46 | ||||||||
Local Broadcasting | 3 | 3 | ||||||||||
Total Intercompany Revenues | $ | 43 | $ | 49 | ||||||||
Segment Operating Income (Loss) and Reconciliation to Net Earnings (Loss) | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Segment Operating Income (Loss): | ||||||||||||
Entertainment | $ | 346 | $ | 420 | ||||||||
Cable Networks | 251 | 254 | ||||||||||
Publishing | 12 | 11 | ||||||||||
Local Broadcasting | 161 | 179 | ||||||||||
Corporate | (68 | ) | (73 | ) | ||||||||
Operating income | 702 | 791 | ||||||||||
Interest expense | (93 | ) | (93 | ) | ||||||||
Interest income | 5 | 3 | ||||||||||
Other items, net | (4 | ) | 5 | |||||||||
Earnings from continuing operations before income taxes | 610 | 706 | ||||||||||
and equity in loss of investee companies | ||||||||||||
Provision for income taxes | (203 | ) | (234 | ) | ||||||||
Equity in loss of investee companies, net of tax | (13 | ) | (10 | ) | ||||||||
Net earnings from continuing operations | 394 | 462 | ||||||||||
Net earnings from discontinued operations, net of tax | — | 6 | ||||||||||
Net earnings | $ | 394 | $ | 468 | ||||||||
Depreciation and Amortization by Segment | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Depreciation and Amortization: | ||||||||||||
Entertainment | $ | 32 | $ | 37 | ||||||||
Cable Networks | 6 | 5 | ||||||||||
Publishing | 1 | 2 | ||||||||||
Local Broadcasting | 21 | 21 | ||||||||||
Corporate | 8 | 6 | ||||||||||
Total Depreciation and Amortization | $ | 68 | $ | 71 | ||||||||
Stock-based Compensation by Segment | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Stock-based Compensation: | ||||||||||||
Entertainment | $ | 16 | $ | 14 | ||||||||
Cable Networks | 3 | 2 | ||||||||||
Publishing | 1 | 1 | ||||||||||
Local Broadcasting | 7 | 7 | ||||||||||
Corporate | 19 | 16 | ||||||||||
Total Stock-based Compensation | $ | 46 | $ | 40 | ||||||||
Capital Expenditures by Segment | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Capital Expenditures: | ||||||||||||
Entertainment | $ | 8 | $ | 17 | ||||||||
Cable Networks | 1 | 2 | ||||||||||
Publishing | — | — | ||||||||||
Local Broadcasting | 7 | 8 | ||||||||||
Corporate | 1 | 1 | ||||||||||
Total Capital Expenditures | $ | 17 | $ | 28 | ||||||||
Assets by Segment | ||||||||||||
At | At | |||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||
Assets: | ||||||||||||
Entertainment | $ | 10,414 | $ | 10,469 | ||||||||
Cable Networks | 2,136 | 2,113 | ||||||||||
Publishing | 889 | 990 | ||||||||||
Local Broadcasting | 9,495 | 9,585 | ||||||||||
Corporate | 822 | 876 | ||||||||||
Discontinued operations | 30 | 39 | ||||||||||
Total Assets | $ | 23,786 | $ | 24,072 | ||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Revenues | $ | 31 | $ | 3 | $ | 3,466 | $ | — | $ | 3,500 | ||||||||||
Expenses: | ||||||||||||||||||||
Operating | 16 | 1 | 2,125 | — | 2,142 | |||||||||||||||
Selling, general and administrative | 12 | 61 | 515 | — | 588 | |||||||||||||||
Depreciation and amortization | 1 | 5 | 62 | — | 68 | |||||||||||||||
Total expenses | 29 | 67 | 2,702 | — | 2,798 | |||||||||||||||
Operating income (loss) | 2 | (64 | ) | 764 | — | 702 | ||||||||||||||
Interest (expense) income, net | (115 | ) | (98 | ) | 125 | — | (88 | ) | ||||||||||||
Other items, net | (1 | ) | 11 | (14 | ) | — | (4 | ) | ||||||||||||
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies | (114 | ) | (151 | ) | 875 | — | 610 | |||||||||||||
Benefit (provision) for income taxes | 37 | 49 | (289 | ) | — | (203 | ) | |||||||||||||
Equity in earnings (loss) of investee companies, | 471 | 315 | (13 | ) | (786 | ) | (13 | ) | ||||||||||||
net of tax | ||||||||||||||||||||
Net earnings | $ | 394 | $ | 213 | $ | 573 | $ | (786 | ) | $ | 394 | |||||||||
Total comprehensive income | $ | 400 | $ | 220 | $ | 580 | $ | (800 | ) | $ | 400 | |||||||||
Statement of Operations | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Revenues | $ | 33 | $ | 3 | $ | 3,534 | $ | — | $ | 3,570 | ||||||||||
Expenses: | ||||||||||||||||||||
Operating | 16 | 1 | 2,104 | — | 2,121 | |||||||||||||||
Selling, general and administrative | 15 | 64 | 508 | — | 587 | |||||||||||||||
Depreciation and amortization | 1 | 4 | 66 | — | 71 | |||||||||||||||
Total expenses | 32 | 69 | 2,678 | — | 2,779 | |||||||||||||||
Operating income (loss) | 1 | (66 | ) | 856 | — | 791 | ||||||||||||||
Interest (expense) income, net | (114 | ) | (93 | ) | 117 | — | (90 | ) | ||||||||||||
Other items, net | — | — | 5 | — | 5 | |||||||||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | (113 | ) | (159 | ) | 978 | — | 706 | |||||||||||||
Benefit (provision) for income taxes | 38 | 54 | (326 | ) | — | (234 | ) | |||||||||||||
Equity in earnings (loss) of investee companies, | 543 | 372 | (10 | ) | (915 | ) | (10 | ) | ||||||||||||
net of tax | ||||||||||||||||||||
Net earnings from continuing operations | 468 | 267 | 642 | (915 | ) | 462 | ||||||||||||||
Net earnings (loss) from discontinued operations, net of tax | — | (1 | ) | 7 | — | 6 | ||||||||||||||
Net earnings | $ | 468 | $ | 266 | $ | 649 | $ | (915 | ) | $ | 468 | |||||||||
Total comprehensive income | $ | 470 | $ | 265 | $ | 646 | $ | (911 | ) | $ | 470 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||
At March 31, 2015 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 163 | $ | 1 | $ | 167 | $ | — | $ | 331 | ||||||||||
Receivables, net | 22 | 2 | 3,271 | — | 3,295 | |||||||||||||||
Programming and other inventory | 4 | 2 | 758 | — | 764 | |||||||||||||||
Prepaid expenses and other current assets | 223 | 37 | 599 | (29 | ) | 830 | ||||||||||||||
Total current assets | 412 | 42 | 4,795 | (29 | ) | 5,220 | ||||||||||||||
Property and equipment | 49 | 163 | 2,954 | — | 3,166 | |||||||||||||||
Less accumulated depreciation and amortization | 24 | 103 | 1,645 | — | 1,772 | |||||||||||||||
Net property and equipment | 25 | 60 | 1,309 | — | 1,394 | |||||||||||||||
Programming and other inventory | 6 | 8 | 1,840 | — | 1,854 | |||||||||||||||
Goodwill | 98 | 62 | 6,504 | — | 6,664 | |||||||||||||||
Intangible assets | — | — | 6,002 | — | 6,002 | |||||||||||||||
Investments in consolidated subsidiaries | 41,629 | 12,000 | — | (53,629 | ) | — | ||||||||||||||
Other assets | 222 | 12 | 2,418 | — | 2,652 | |||||||||||||||
Intercompany | — | 2,540 | 22,525 | (25,065 | ) | — | ||||||||||||||
Total Assets | $ | 42,392 | $ | 14,724 | $ | 45,393 | $ | (78,723 | ) | $ | 23,786 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Accounts payable | $ | 24 | $ | 6 | $ | 145 | $ | — | $ | 175 | ||||||||||
Participants’ share and royalties payable | — | — | 929 | — | 929 | |||||||||||||||
Program rights | 5 | 3 | 441 | — | 449 | |||||||||||||||
Current portion of long-term debt | 4 | — | 17 | — | 21 | |||||||||||||||
Accrued expenses and other current liabilities | 333 | 197 | 1,017 | (29 | ) | 1,518 | ||||||||||||||
Total current liabilities | 366 | 206 | 2,549 | (29 | ) | 3,092 | ||||||||||||||
Long-term debt | 7,569 | — | 124 | — | 7,693 | |||||||||||||||
Other liabilities | 2,995 | 249 | 3,360 | — | 6,604 | |||||||||||||||
Intercompany | 25,065 | — | — | (25,065 | ) | — | ||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||
Preferred stock | — | — | 126 | (126 | ) | — | ||||||||||||||
Common stock | 1 | 123 | 590 | (713 | ) | 1 | ||||||||||||||
Additional paid-in capital | 44,068 | — | 60,894 | (60,894 | ) | 44,068 | ||||||||||||||
Retained earnings (deficit) | (21,537 | ) | 14,473 | (17,538 | ) | 3,065 | (21,537 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (729 | ) | 4 | 88 | (92 | ) | (729 | ) | ||||||||||||
21,803 | 14,600 | 44,160 | (58,760 | ) | 21,803 | |||||||||||||||
Less treasury stock, at cost | 15,406 | 331 | 4,800 | (5,131 | ) | 15,406 | ||||||||||||||
Total Stockholders’ Equity | 6,397 | 14,269 | 39,360 | (53,629 | ) | 6,397 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 42,392 | $ | 14,724 | $ | 45,393 | $ | (78,723 | ) | $ | 23,786 | |||||||||
Balance Sheet | ||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 63 | $ | 1 | $ | 364 | $ | — | $ | 428 | ||||||||||
Receivables, net | 29 | 2 | 3,428 | — | 3,459 | |||||||||||||||
Programming and other inventory | 4 | 3 | 915 | — | 922 | |||||||||||||||
Prepaid expenses and other current assets | 306 | 27 | 477 | (30 | ) | 780 | ||||||||||||||
Total current assets | 402 | 33 | 5,184 | (30 | ) | 5,589 | ||||||||||||||
Property and equipment | 41 | 162 | 2,961 | — | 3,164 | |||||||||||||||
Less accumulated depreciation and amortization | 15 | 98 | 1,618 | — | 1,731 | |||||||||||||||
Net property and equipment | 26 | 64 | 1,343 | — | 1,433 | |||||||||||||||
Programming and other inventory | 7 | 8 | 1,802 | — | 1,817 | |||||||||||||||
Goodwill | 98 | 62 | 6,538 | — | 6,698 | |||||||||||||||
Intangible assets | — | — | 6,008 | — | 6,008 | |||||||||||||||
Investments in consolidated subsidiaries | 41,144 | 11,685 | — | (52,829 | ) | — | ||||||||||||||
Other assets | 219 | 17 | 2,291 | — | 2,527 | |||||||||||||||
Intercompany | — | 2,726 | 21,772 | (24,498 | ) | — | ||||||||||||||
Total Assets | $ | 41,896 | $ | 14,595 | $ | 44,938 | $ | (77,357 | ) | $ | 24,072 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Accounts payable | $ | 3 | $ | 24 | $ | 275 | $ | — | $ | 302 | ||||||||||
Participants’ share and royalties payable | — | — | 999 | — | 999 | |||||||||||||||
Program rights | 5 | 3 | 396 | — | 404 | |||||||||||||||
Commercial paper | 616 | — | — | — | 616 | |||||||||||||||
Current portion of long-term debt | 4 | — | 16 | — | 20 | |||||||||||||||
Accrued expenses and other current liabilities | 388 | 270 | 1,064 | (30 | ) | 1,692 | ||||||||||||||
Total current liabilities | 1,016 | 297 | 2,750 | (30 | ) | 4,033 | ||||||||||||||
Long-term debt | 6,383 | — | 127 | — | 6,510 | |||||||||||||||
Other liabilities | 3,029 | 249 | 3,281 | — | 6,559 | |||||||||||||||
Intercompany | 24,498 | — | — | (24,498 | ) | — | ||||||||||||||
Stockholders’ Equity: | ||||||||||||||||||||
Preferred stock | — | — | 126 | (126 | ) | — | ||||||||||||||
Common stock | 1 | 123 | 590 | (713 | ) | 1 | ||||||||||||||
Additional paid-in capital | 44,041 | — | 60,894 | (60,894 | ) | 44,041 | ||||||||||||||
Retained earnings (deficit) | (21,931 | ) | 14,260 | (18,111 | ) | 3,851 | (21,931 | ) | ||||||||||||
Accumulated other comprehensive income (loss) | (735 | ) | (3 | ) | 81 | (78 | ) | (735 | ) | |||||||||||
21,376 | 14,380 | 43,580 | (57,960 | ) | 21,376 | |||||||||||||||
Less treasury stock, at cost | 14,406 | 331 | 4,800 | (5,131 | ) | 14,406 | ||||||||||||||
Total Stockholders’ Equity | 6,970 | 14,049 | 38,780 | (52,829 | ) | 6,970 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 41,896 | $ | 14,595 | $ | 44,938 | $ | (77,357 | ) | $ | 24,072 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Net cash flow (used for) provided by operating activities | $ | (117 | ) | $ | (137 | ) | $ | 671 | $ | — | $ | 417 | ||||||||
Investing Activities: | ||||||||||||||||||||
Capital expenditures | — | (1 | ) | (16 | ) | — | (17 | ) | ||||||||||||
Investments in and advances to investee companies | — | — | (39 | ) | — | (39 | ) | |||||||||||||
Proceeds from dispositions | — | — | 59 | — | 59 | |||||||||||||||
Other investing activities | 3 | — | (1 | ) | — | 2 | ||||||||||||||
Net cash flow provided by (used for) investing activities from continuing operations | 3 | (1 | ) | 3 | — | 5 | ||||||||||||||
Net cash flow used for investing activities from discontinued operations | (3 | ) | — | — | — | (3 | ) | |||||||||||||
Net cash flow provided by (used for) investing activities | — | (1 | ) | 3 | — | 2 | ||||||||||||||
Financing Activities: | ||||||||||||||||||||
Repayments of short-term debt borrowings, net | (616 | ) | — | — | — | (616 | ) | |||||||||||||
Proceeds from issuance of notes, net | 1,178 | — | — | — | 1,178 | |||||||||||||||
Payment of capital lease obligations | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Dividends | (80 | ) | — | — | — | (80 | ) | |||||||||||||
Purchase of Company common stock | (1,049 | ) | — | — | — | (1,049 | ) | |||||||||||||
Payment of payroll taxes in lieu of issuing | (82 | ) | — | — | — | (82 | ) | |||||||||||||
shares for stock-based compensation | ||||||||||||||||||||
Proceeds from exercise of stock options | 80 | — | — | — | 80 | |||||||||||||||
Excess tax benefit from stock-based compensation | 57 | — | — | — | 57 | |||||||||||||||
Increase (decrease) in intercompany payables | 729 | 138 | (867 | ) | — | — | ||||||||||||||
Net cash flow provided by (used for) financing activities | 217 | 138 | (871 | ) | — | (516 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 100 | — | (197 | ) | — | (97 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 63 | 1 | 364 | — | 428 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 163 | $ | 1 | $ | 167 | $ | — | $ | 331 | ||||||||||
Statement of Cash Flows | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
CBS Corp. | CBS | Non- | Eliminations | CBS Corp. | ||||||||||||||||
Operations | Guarantor | Consolidated | ||||||||||||||||||
Inc. | Affiliates | |||||||||||||||||||
Net cash flow (used for) provided by operating activities | $ | (81 | ) | $ | (147 | ) | $ | 729 | $ | — | $ | 501 | ||||||||
Investing Activities: | ||||||||||||||||||||
Capital expenditures | — | (1 | ) | (27 | ) | — | (28 | ) | ||||||||||||
Investments in and advances to investee companies | — | — | (39 | ) | — | (39 | ) | |||||||||||||
Proceeds from dispositions | — | — | 6 | — | 6 | |||||||||||||||
Other investing activities | 5 | 1 | (1 | ) | — | 5 | ||||||||||||||
Net cash flow provided by (used for) investing activities from continuing operations | 5 | — | (61 | ) | — | (56 | ) | |||||||||||||
Net cash flow used for investing activities from discontinued operations | — | — | (9 | ) | — | (9 | ) | |||||||||||||
Net cash flow provided by (used for) investing activities | 5 | — | (70 | ) | — | (65 | ) | |||||||||||||
Financing Activities: | ||||||||||||||||||||
Repayments of short-term debt borrowings, net | (35 | ) | — | — | — | (35 | ) | |||||||||||||
Payment of capital lease obligations | — | — | (4 | ) | — | (4 | ) | |||||||||||||
Dividends | (75 | ) | — | — | — | (75 | ) | |||||||||||||
Purchase of Company common stock | (2,032 | ) | — | — | — | (2,032 | ) | |||||||||||||
Payment of payroll taxes in lieu of issuing shares | (125 | ) | — | — | — | (125 | ) | |||||||||||||
for stock-based compensation | ||||||||||||||||||||
Proceeds from exercise of stock options | 76 | — | — | — | 76 | |||||||||||||||
Excess tax benefit from stock-based compensation | 103 | — | — | — | 103 | |||||||||||||||
Increase (decrease) in intercompany payables | 2,144 | 147 | (2,291 | ) | — | — | ||||||||||||||
Net cash flow provided by (used for) financing activities from continuing operations | 56 | 147 | (2,295 | ) | — | (2,092 | ) | |||||||||||||
Net cash flow provided by financing activities from discontinued operations | — | — | 1,570 | — | 1,570 | |||||||||||||||
Net cash flow provided by (used for) financing activities | 56 | 147 | (725 | ) | — | (522 | ) | |||||||||||||
Net decrease in cash and cash equivalents | (20 | ) | — | (66 | ) | — | (86 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 80 | 1 | 316 | — | 397 | |||||||||||||||
(includes $29 of discontinued operations cash) | ||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 60 | $ | 1 | $ | 250 | $ | — | $ | 311 | ||||||||||
(includes $114 of discontinued operations cash) | ||||||||||||||||||||
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Weighted average shares for basic EPS | 498 | 585 |
Dilutive effect of shares issuable under stock-based compensation plans | 8 | 15 |
Weighted average shares for diluted EPS | 506 | 600 |
Dividends recorded on common stock | $75 | $70 |
Stock Options and Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 5 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 2 |
Stockbased_Compensation_Detail
Stock-based Compensation (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation [Abstract] | ||
RSUs and PSUs | $38 | $34 |
Stock options and equivalents | 8 | 6 |
Stock-based compensation expense, before income taxes | 46 | 40 |
Related tax benefit | -18 | -16 |
Stock-based compensation expense, net of tax | 28 | 24 |
Number of RSUs granted during the period | 2 | |
Weighted average grant date fair value - RSUs | $59.07 | |
Number of stock options granted during the period | 2 | |
Weighted average per unit exercise price - options | $59.54 | |
Unrecognized future expense of RSUs | 280 | |
Unrecognized future expense of stock options | $74 | |
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 | 3 years | |
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 9 months 18 days | |
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_Detail
Discontinued Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 02, 2014 | Apr. 02, 2014 | Mar. 31, 2014 | Jul. 16, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Jan. 31, 2014 | |
Number of Shares of CBS Outdoor Americas Inc. common stock offered in IPO | 23,000,000 | ||||||
Percentage of CBS Outdoor Americas offered in IPO | 19.00% | 19.00% | |||||
Percentage of CBS Outdoor Americas Inc owned by CBS | 81.00% | 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 | ||||||
Shares of CBS Class B common stock received in split-off transaction | 44,700,000 | ||||||
Shares of CBS Outdoor Americas Inc common stock owned by CBS | 97,000,000 | 97,000,000 | 0 | ||||
Discontinued operations income statement disclosures [Abstract] | |||||||
Revenues from discontinued operations | 288,000,000 | ||||||
Earnings (loss) from discontinued operations | 14,000,000 | ||||||
Income tax benefit (provision), discontinued operations | -8,000,000 | ||||||
Net earnings (loss) from discontinued operations, net of tax | 6,000,000 | ||||||
Discontinued operations balance sheet disclosures [Abstract] | |||||||
Other liabilities, discontinued operations | 118,000,000 | 94,000,000 | |||||
Discontinued Operations [Member] | |||||||
Carrying value of guarantee liability | 28,000,000 | 28,000,000 | |||||
Face value of debt | $1,600,000,000 |
Programming_and_Other_Inventor2
Programming and Other Inventory (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Program rights | $1,304 | $1,471 |
Television programming: | ||
Released (including acquired libraries) | 1,082 | 983 |
In process and other | 113 | 179 |
Theatrical programming: | ||
Released | 28 | 23 |
In process and other | 41 | 36 |
Publishing, primarily finished goods | 50 | 47 |
Total programming and other inventory | 2,618 | 2,739 |
Less current portion | 764 | 922 |
Total noncurrent programming and other inventory | $1,854 | $1,817 |
Related_Parties_Details
Related Parties (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
National Amusements Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
NAI ownership of CBS Corp. Class A Common Stock (percentage) | 79.60% | ||
NAI ownership of CBS Corp. Class A and Class B Common Stock on a combined basis (percentage) | 7.90% | ||
Viacom Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from transactions with related party | $46 | $35 | |
Expenses from transactions with related party | 6 | 5 | |
Receivables from Viacom Inc., current | 107 | 107 | |
Other assets (Receivables, noncurrent) from Viacom Inc. | 77 | 76 | |
Total amounts due from Viacom Inc. | 184 | 183 | |
Domestic and International Television Joint Ventures [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from transactions with related party | $48 | $37 |
Bank_Financing_and_Debt_Detail
Bank Financing and Debt (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | ||
Commercial paper | 0 | $616,000,000 |
Senior debt (1.95% - 7.875% due 2016 - 2045) (a) | 7,619,000,000 | 6,433,000,000 |
Obligations under capital leases | 95,000,000 | 97,000,000 |
Current portion of long-term debt | 21,000,000 | 20,000,000 |
Total long-term debt, net of current portion | 7,693,000,000 | 6,510,000,000 |
Total debt | 7,714,000,000 | 7,146,000,000 |
Net unamortized discount on senior debt | 34,000,000 | 21,000,000 |
Increase in carrying value of debt relating to previously settled fair value hedges | 6,000,000 | 14,000,000 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity line under credit facility | 2,500,000,000 | |
Availability under credit facility | 2,490,000,000 | |
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 | 2.3x | |
Commercial Paper [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity line under credit facility | 2,500,000,000 | |
Weighted average interest rate | 0.46% | |
Amount borrowed under credit facility | 0 |
Bank_Financing_and_Debt_Additi
Bank Financing and Debt Additional Disclosures (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2015 |
Debt Instruments [Line Items] | |||
Increase in carrying value of debt relating to outstanding fair value hedges | $7 | ||
Short-term debt classified as long-term debt reflecting Company's intent and ability to refinance | 200 | ||
Senior Notes [Member] | |||
Debt Instruments [Line Items] | |||
Minimum stated interest rate of senior debt | 1.95% | ||
Maximum stated interest rate of senior debt | 7.88% | ||
Face value of debt | 7,640 | 6,440 | |
Senior Notes [Member] | Senior Notes Due 2025 [Member] | |||
Debt Instruments [Line Items] | |||
Stated interest rate | 3.50% | ||
Face value of debt | 600 | ||
Senior Notes [Member] | Senior Notes Due 2045 [Member] | |||
Debt Instruments [Line Items] | |||
Stated interest rate | 4.60% | ||
Face value of debt | $600 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Benefits [Member] | ||
Components Of Net Periodic Cost Details [Abstract] | ||
Service cost | $8 | $8 |
Interest cost | 52 | 59 |
Expected return on plan assets | -65 | -66 |
Amortization of actuarial loss (gain) | 20 | 16 |
Net periodic cost | 15 | 17 |
Postretirement Benefit [Member] | ||
Components Of Net Periodic Cost Details [Abstract] | ||
Service cost | 0 | 0 |
Interest cost | 5 | 6 |
Expected return on plan assets | 0 | 0 |
Amortization of actuarial loss (gain) | -5 | -5 |
Net periodic cost | $0 | $1 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | |||
Share data in Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders' Equity Note [Abstract] | ||||
Class B common stock repurchased under repurchase program (shares) | 17.2 | |||
Value of shares repurchased | $1,000,000,000 | |||
Average per share price repurchased (in dollars per share) | $58.07 | |||
Remaining authorization under share repurchase program | 3,800,000,000 | |||
Dividends [Abstract] | ||||
Dividends per common share (in dollars per share) | $0.15 | $0.12 | ||
Dividends recorded on common stock | 75,000,000 | 70,000,000 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | -729,000,000 | -543,000,000 | -735,000,000 | -545,000,000 |
Other comprehensive income (loss) before reclassifications | -3,000,000 | -5,000,000 | ||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 9,000,000 | 7,000,000 | ||
Net other comprehensive income (loss) | 6,000,000 | 2,000,000 | ||
Tax provision on net actuarial gain (loss) and prior service costs related to pension and other postretirement benefit plans | 6,000,000 | 4,000,000 | ||
Cumulative Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | 154,000,000 | 158,000,000 | ||
Other comprehensive income (loss) before reclassifications | -4,000,000 | |||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 0 | |||
Net other comprehensive income (loss) | -4,000,000 | |||
Net Actuarial Gains (Losses) and Prior Service Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | -883,000,000 | -892,000,000 | ||
Other comprehensive income (loss) before reclassifications | 0 | |||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 9,000,000 | |||
Net other comprehensive income (loss) | 9,000,000 | |||
Change in Fair Value of Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | 0 | -1,000,000 | ||
Other comprehensive income (loss) before reclassifications | 1,000,000 | |||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 0 | |||
Net other comprehensive income (loss) | 1,000,000 | |||
Continuing Operations [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net other comprehensive income (loss) | 6,000,000 | 1,000,000 | ||
Continuing Operations [Member] | Cumulative Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | 160,000,000 | 166,000,000 | ||
Other comprehensive income (loss) before reclassifications | -6,000,000 | |||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 0 | |||
Net other comprehensive income (loss) | -6,000,000 | |||
Continuing Operations [Member] | Net Actuarial Gains (Losses) and Prior Service Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | -722,000,000 | -729,000,000 | ||
Other comprehensive income (loss) before reclassifications | 0 | |||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 7,000,000 | |||
Net other comprehensive income (loss) | 7,000,000 | |||
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 | ||
Other comprehensive income (loss) before reclassifications | 0 | |||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 0 | |||
Net other comprehensive income (loss) | 0 | |||
Discontinued Operations [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income (loss) | 16,000,000 | 15,000,000 | ||
Other comprehensive income (loss) before reclassifications | 0 | 1,000,000 | ||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 0 | |||
Net other comprehensive income (loss) | $1,000,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $203 | $234 |
Effective tax rate | 33.30% | 33.10% |
Expected decrease to reserve for uncertain tax position | $20 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 |
claims | claims | |||
Loss Contingencies [Line Items] | ||||
Outstanding letters of credit and surety bonds | 240 | |||
Costs for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits | 11 | 29 | ||
Discontinued Operations [Member] | ||||
Loss Contingencies [Line Items] | ||||
Exposure under guarantee | 149 | |||
Carrying value of guarantee liability | $28 | 28 | ||
Asbestos Claims [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of pending asbestos claims | 41,100 | 40,090 | 45,270 | |
Number of new asbestos claims | 860 | |||
Number of asbestos claims closed or moved to inactive docket | 1,870 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Senior Debt [Line Items] | ||
Carrying value of senior debt | $7,619,000,000 | $6,433,000,000 |
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 82,000,000 | 80,000,000 |
Interest rate swaps | 7,000,000 | |
Foreign exchange contracts | 16,000,000 | 6,000,000 |
Total Assets | 105,000,000 | 86,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation | 318,000,000 | 307,000,000 |
Foreign exchange contracts | 1,000,000 | 2,000,000 |
Total Liabilities | 319,000,000 | 309,000,000 |
Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 82,000,000 | 80,000,000 |
Interest rate swaps | 0 | |
Foreign exchange contracts | 0 | 0 |
Total Assets | 82,000,000 | 80,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation | 0 | 0 |
Foreign exchange contracts | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 0 |
Interest rate swaps | 7,000,000 | |
Foreign exchange contracts | 16,000,000 | 6,000,000 |
Total Assets | 23,000,000 | 6,000,000 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation | 318,000,000 | 307,000,000 |
Foreign exchange contracts | 1,000,000 | 2,000,000 |
Total Liabilities | 319,000,000 | 309,000,000 |
Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments | 0 | 0 |
Interest rate swaps | 0 | |
Foreign exchange contracts | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation | 0 | 0 |
Foreign exchange contracts | 0 | 0 |
Total Liabilities | 0 | 0 |
Senior Notes [Member] | ||
Senior Debt [Line Items] | ||
Fair value of senior debt | $8,500,000,000 | $7,150,000,000 |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements Additional Disclosures (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Interest rate swaps [Member] | |||
Derivatives [Line Items] | |||
Notional amount of derivative | $600 | ||
Gain (loss) on designated interest rate swaps | 2 | 0 | |
Foreign exchange contract [Member] | |||
Derivatives [Line Items] | |||
Notional amount of derivative | 231 | 152 | |
Gain (loss) on designated foreign exchange contract | -2 | -1 | |
Gain (loss) on non-designated foreign exchange contract | 13 | 0 | |
Senior Notes Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.30% | ||
Face value of debt | $600 |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting [Abstract] | |||
Interest expense | ($93) | ($93) | |
Interest income | 5 | 3 | |
Other items, net | -4 | 5 | |
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | 610 | 706 | |
Provision for income taxes | -203 | -234 | |
Equity in loss of investee companies, net of tax | -13 | -10 | |
Net earnings from continuing operations | 394 | 462 | |
Net earnings (loss) from discontinued operations, net of tax | 0 | 6 | |
Net earnings (loss) | 394 | 468 | |
Reportable Segments [Line Items] | |||
Revenues | 3,500 | 3,570 | |
Operating income (loss) | 702 | 791 | |
Depreciation and amortization | 68 | 71 | |
Stock-based compensation | 46 | 40 | |
Capital expenditures | 17 | 28 | |
Assets | 23,786 | 24,072 | |
Operating Segments [Member] | Entertainment Segment [Member] | |||
Reportable Segments [Line Items] | |||
Revenues | 2,261 | 2,303 | |
Operating income (loss) | 346 | 420 | |
Depreciation and amortization | 32 | 37 | |
Stock-based compensation | 16 | 14 | |
Capital expenditures | 8 | 17 | |
Assets | 10,414 | 10,469 | |
Operating Segments [Member] | Cable Networks Segment [Member] | |||
Reportable Segments [Line Items] | |||
Revenues | 539 | 537 | |
Operating income (loss) | 251 | 254 | |
Depreciation and amortization | 6 | 5 | |
Stock-based compensation | 3 | 2 | |
Capital expenditures | 1 | 2 | |
Assets | 2,136 | 2,113 | |
Operating Segments [Member] | Publishing Segment [Member] | |||
Reportable Segments [Line Items] | |||
Revenues | 145 | 153 | |
Operating income (loss) | 12 | 11 | |
Depreciation and amortization | 1 | 2 | |
Stock-based compensation | 1 | 1 | |
Capital expenditures | 0 | 0 | |
Assets | 889 | 990 | |
Operating Segments [Member] | Local Broadcasting Segment [Member] | |||
Reportable Segments [Line Items] | |||
Revenues | 596 | 626 | |
Operating income (loss) | 161 | 179 | |
Depreciation and amortization | 21 | 21 | |
Stock-based compensation | 7 | 7 | |
Capital expenditures | 7 | 8 | |
Assets | 9,495 | 9,585 | |
Corporate [Member] | |||
Reportable Segments [Line Items] | |||
Operating income (loss) | -68 | -73 | |
Depreciation and amortization | 8 | 6 | |
Stock-based compensation | 19 | 16 | |
Capital expenditures | 1 | 1 | |
Assets | 822 | 876 | |
Corporate and Eliminations [Member] | |||
Reportable Segments [Line Items] | |||
Revenues | -41 | -49 | |
Intersegment Eliminations [Member] | |||
Reportable Segments [Line Items] | |||
Revenues | -43 | -49 | |
Intersegment Eliminations [Member] | Entertainment Segment [Member] | |||
Reportable Segments [Line Items] | |||
Revenues | -40 | -46 | |
Intersegment Eliminations [Member] | Local Broadcasting Segment [Member] | |||
Reportable Segments [Line Items] | |||
Revenues | -3 | -3 | |
Discontinued Operations [Member] | |||
Reportable Segments [Line Items] | |||
Assets | $30 | $39 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Consolidating Statement Of Operations [Abstract] | ||||
Revenues | $3,500,000,000 | $3,570,000,000 | ||
Expenses: | ||||
Operating | 2,142,000,000 | 2,121,000,000 | ||
Selling, general and administrative | 588,000,000 | 587,000,000 | ||
Depreciation and amortization | 68,000,000 | 71,000,000 | ||
Total expenses | 2,798,000,000 | 2,779,000,000 | ||
Operating income (loss) | 702,000,000 | 791,000,000 | ||
Interest (expense) income, net | -88,000,000 | -90,000,000 | ||
Other items, net | -4,000,000 | 5,000,000 | ||
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | 610,000,000 | 706,000,000 | ||
Benefit (provision) for income taxes | -203,000,000 | -234,000,000 | ||
Equity in earnings (loss) of investee companies, net of tax | -13,000,000 | -10,000,000 | ||
Net earnings from continuing operations | 394,000,000 | 462,000,000 | ||
Net earnings (loss) from discontinued operations, net of tax | 0 | 6,000,000 | ||
Net earnings (loss) | 394,000,000 | 468,000,000 | ||
Total comprehensive income | 400,000,000 | 470,000,000 | ||
Assets [Abstract] | ||||
Cash and cash equivalents | 331,000,000 | 428,000,000 | ||
Receivables, net | 3,295,000,000 | 3,459,000,000 | ||
Programming and other inventory (Note 4) | 764,000,000 | 922,000,000 | ||
Prepaid expenses and other current assets | 830,000,000 | 780,000,000 | ||
Total current assets | 5,220,000,000 | 5,589,000,000 | ||
Property and equipment | 3,166,000,000 | 3,164,000,000 | ||
Less accumulated depreciation and amortization | 1,772,000,000 | 1,731,000,000 | ||
Net property and equipment | 1,394,000,000 | 1,433,000,000 | ||
Programming and other inventory (Note 4) | 1,854,000,000 | 1,817,000,000 | ||
Goodwill | 6,664,000,000 | 6,698,000,000 | ||
Intangible assets | 6,002,000,000 | 6,008,000,000 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets | 2,652,000,000 | 2,527,000,000 | ||
Intercompany | 0 | 0 | ||
Total Assets | 23,786,000,000 | 24,072,000,000 | ||
Liabilities and Equity [Abstract] | ||||
Accounts payable | 175,000,000 | 302,000,000 | ||
Participants' share and royalties payable | 929,000,000 | 999,000,000 | ||
Program rights | 449,000,000 | 404,000,000 | ||
Commercial paper | 0 | 616,000,000 | ||
Current portion of long-term debt (Note 6) | 21,000,000 | 20,000,000 | ||
Accrued expenses and other current liabilities | 1,518,000,000 | 1,692,000,000 | ||
Total current liabilities | 3,092,000,000 | 4,033,000,000 | ||
Long-term debt (Note 6) | 7,693,000,000 | 6,510,000,000 | ||
Other liabilities | 6,604,000,000 | 6,559,000,000 | ||
Intercompany | 0 | 0 | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Preferred stock | 0 | 0 | ||
Common stock | 1,000,000 | 1,000,000 | ||
Additional paid-in capital | 44,068,000,000 | 44,041,000,000 | ||
Retained earnings (deficit) | -21,537,000,000 | -21,931,000,000 | ||
Accumulated other comprehensive loss (Note 8) | -729,000,000 | -543,000,000 | -735,000,000 | -545,000,000 |
Stockholders' equity including treasury stock | 21,803,000,000 | 21,376,000,000 | ||
Less treasury stock, at cost | 15,406,000,000 | 14,406,000,000 | ||
Total Stockholders' Equity | 6,397,000,000 | 6,970,000,000 | ||
Total Liabilities and Stockholders' Equity | 23,786,000,000 | 24,072,000,000 | ||
Condensed Consolidating Statement Of Cash Flows [Abstract] | ||||
Net cash flow provided by (used for) operating activities | 417,000,000 | 501,000,000 | ||
Investing Activities | ||||
Capital expenditures | -17,000,000 | -28,000,000 | ||
Investments in and advances to investee companies | -39,000,000 | -39,000,000 | ||
Proceeds from dispositions | 59,000,000 | 6,000,000 | ||
Other investing activities | 2,000,000 | 5,000,000 | ||
Net cash flow provided by (used for) investing activities from continuing operations | 5,000,000 | -56,000,000 | ||
Net cash flow provided by (used for) investing activities from discontinued operations | -3,000,000 | -9,000,000 | ||
Net cash flow provided by (used for) investing activities | 2,000,000 | -65,000,000 | ||
Financing Activities | ||||
(Repayments of) proceeds from short-term debt borrowings, net | -616,000,000 | -35,000,000 | ||
Proceeds from issuance of notes, net | 1,178,000,000 | 0 | ||
Payment of capital lease obligations | -4,000,000 | -4,000,000 | ||
Dividends | -80,000,000 | -75,000,000 | ||
Purchase of Company common stock | -1,049,000,000 | -2,032,000,000 | ||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | -82,000,000 | -125,000,000 | ||
Proceeds from exercise of stock options | 80,000,000 | 76,000,000 | ||
Excess tax benefit from stock-based compensation | 57,000,000 | 103,000,000 | ||
Increase (decrease) in intercompany payables | 0 | 0 | ||
Net cash flow provided by (used for) financing activities from continuing operations | -516,000,000 | -2,092,000,000 | ||
Net cash flow provided by (used for) financing activities from discontinued operations | 0 | 1,570,000,000 | ||
Net cash flow provided by (used for) financing activities | -516,000,000 | -522,000,000 | ||
Net increase (decrease) in cash and cash equivalents | -97,000,000 | -86,000,000 | ||
Cash and cash equivalents, including discontinued operations, at beginning of period | 428,000,000 | 397,000,000 | ||
Cash and cash equivalents, including discontinued operations, at end of period | 331,000,000 | 311,000,000 | ||
Cash and cash equivalents of discontinued operations | 114,000,000 | 29,000,000 | ||
Eliminations [Member] | ||||
Condensed Consolidating Statement Of Operations [Abstract] | ||||
Revenues | 0 | 0 | ||
Expenses: | ||||
Operating | 0 | 0 | ||
Selling, general and administrative | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Total expenses | 0 | 0 | ||
Operating income (loss) | 0 | 0 | ||
Interest (expense) income, net | 0 | 0 | ||
Other items, net | 0 | 0 | ||
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | 0 | 0 | ||
Benefit (provision) for income taxes | 0 | 0 | ||
Equity in earnings (loss) of investee companies, net of tax | -786,000,000 | -915,000,000 | ||
Net earnings from continuing operations | -915,000,000 | |||
Net earnings (loss) from discontinued operations, net of tax | 0 | |||
Net earnings (loss) | -786,000,000 | -915,000,000 | ||
Total comprehensive income | -800,000,000 | -911,000,000 | ||
Assets [Abstract] | ||||
Cash and cash equivalents | 0 | 0 | ||
Receivables, net | 0 | 0 | ||
Programming and other inventory (Note 4) | 0 | 0 | ||
Prepaid expenses and other current assets | -29,000,000 | -30,000,000 | ||
Total current assets | -29,000,000 | -30,000,000 | ||
Property and equipment | 0 | 0 | ||
Less accumulated depreciation and amortization | 0 | 0 | ||
Net property and equipment | 0 | 0 | ||
Programming and other inventory (Note 4) | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets | 0 | 0 | ||
Investments in consolidated subsidiaries | -53,629,000,000 | -52,829,000,000 | ||
Other assets | 0 | 0 | ||
Intercompany | -25,065,000,000 | -24,498,000,000 | ||
Total Assets | -78,723,000,000 | -77,357,000,000 | ||
Liabilities and Equity [Abstract] | ||||
Accounts payable | 0 | 0 | ||
Participants' share and royalties payable | 0 | 0 | ||
Program rights | 0 | 0 | ||
Commercial paper | 0 | |||
Current portion of long-term debt (Note 6) | 0 | 0 | ||
Accrued expenses and other current liabilities | -29,000,000 | -30,000,000 | ||
Total current liabilities | -29,000,000 | -30,000,000 | ||
Long-term debt (Note 6) | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Intercompany | -25,065,000,000 | -24,498,000,000 | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Preferred stock | -126,000,000 | -126,000,000 | ||
Common stock | -713,000,000 | -713,000,000 | ||
Additional paid-in capital | -60,894,000,000 | -60,894,000,000 | ||
Retained earnings (deficit) | 3,065,000,000 | 3,851,000,000 | ||
Accumulated other comprehensive loss (Note 8) | -92,000,000 | -78,000,000 | ||
Stockholders' equity including treasury stock | -58,760,000,000 | -57,960,000,000 | ||
Less treasury stock, at cost | -5,131,000,000 | -5,131,000,000 | ||
Total Stockholders' Equity | -53,629,000,000 | -52,829,000,000 | ||
Total Liabilities and Stockholders' Equity | -78,723,000,000 | -77,357,000,000 | ||
Condensed Consolidating Statement Of Cash Flows [Abstract] | ||||
Net cash flow provided by (used for) operating activities | 0 | 0 | ||
Investing Activities | ||||
Capital expenditures | 0 | 0 | ||
Investments in and advances to investee companies | 0 | 0 | ||
Proceeds from dispositions | 0 | 0 | ||
Other investing activities | 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, net | 0 | |||
Payment of capital lease obligations | 0 | 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 | ||
Increase (decrease) in intercompany payables | 0 | 0 | ||
Net cash flow provided by (used for) financing activities from continuing operations | 0 | |||
Net cash flow provided by (used for) financing activities from discontinued operations | 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 | ||
Cash and cash equivalents, including discontinued operations, at end of period | 0 | 0 | ||
CBS Corp. [Member] | ||||
Condensed Consolidating Statement Of Operations [Abstract] | ||||
Revenues | 31,000,000 | 33,000,000 | ||
Expenses: | ||||
Operating | 16,000,000 | 16,000,000 | ||
Selling, general and administrative | 12,000,000 | 15,000,000 | ||
Depreciation and amortization | 1,000,000 | 1,000,000 | ||
Total expenses | 29,000,000 | 32,000,000 | ||
Operating income (loss) | 2,000,000 | 1,000,000 | ||
Interest (expense) income, net | -115,000,000 | -114,000,000 | ||
Other items, net | -1,000,000 | 0 | ||
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | -114,000,000 | -113,000,000 | ||
Benefit (provision) for income taxes | 37,000,000 | 38,000,000 | ||
Equity in earnings (loss) of investee companies, net of tax | 471,000,000 | 543,000,000 | ||
Net earnings from continuing operations | 468,000,000 | |||
Net earnings (loss) from discontinued operations, net of tax | 0 | |||
Net earnings (loss) | 394,000,000 | 468,000,000 | ||
Total comprehensive income | 400,000,000 | 470,000,000 | ||
Assets [Abstract] | ||||
Cash and cash equivalents | 163,000,000 | 63,000,000 | ||
Receivables, net | 22,000,000 | 29,000,000 | ||
Programming and other inventory (Note 4) | 4,000,000 | 4,000,000 | ||
Prepaid expenses and other current assets | 223,000,000 | 306,000,000 | ||
Total current assets | 412,000,000 | 402,000,000 | ||
Property and equipment | 49,000,000 | 41,000,000 | ||
Less accumulated depreciation and amortization | 24,000,000 | 15,000,000 | ||
Net property and equipment | 25,000,000 | 26,000,000 | ||
Programming and other inventory (Note 4) | 6,000,000 | 7,000,000 | ||
Goodwill | 98,000,000 | 98,000,000 | ||
Intangible assets | 0 | 0 | ||
Investments in consolidated subsidiaries | 41,629,000,000 | 41,144,000,000 | ||
Other assets | 222,000,000 | 219,000,000 | ||
Intercompany | 0 | 0 | ||
Total Assets | 42,392,000,000 | 41,896,000,000 | ||
Liabilities and Equity [Abstract] | ||||
Accounts payable | 24,000,000 | 3,000,000 | ||
Participants' share and royalties payable | 0 | 0 | ||
Program rights | 5,000,000 | 5,000,000 | ||
Commercial paper | 616,000,000 | |||
Current portion of long-term debt (Note 6) | 4,000,000 | 4,000,000 | ||
Accrued expenses and other current liabilities | 333,000,000 | 388,000,000 | ||
Total current liabilities | 366,000,000 | 1,016,000,000 | ||
Long-term debt (Note 6) | 7,569,000,000 | 6,383,000,000 | ||
Other liabilities | 2,995,000,000 | 3,029,000,000 | ||
Intercompany | 25,065,000,000 | 24,498,000,000 | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Preferred stock | 0 | 0 | ||
Common stock | 1,000,000 | 1,000,000 | ||
Additional paid-in capital | 44,068,000,000 | 44,041,000,000 | ||
Retained earnings (deficit) | -21,537,000,000 | -21,931,000,000 | ||
Accumulated other comprehensive loss (Note 8) | -729,000,000 | -735,000,000 | ||
Stockholders' equity including treasury stock | 21,803,000,000 | 21,376,000,000 | ||
Less treasury stock, at cost | 15,406,000,000 | 14,406,000,000 | ||
Total Stockholders' Equity | 6,397,000,000 | 6,970,000,000 | ||
Total Liabilities and Stockholders' Equity | 42,392,000,000 | 41,896,000,000 | ||
Condensed Consolidating Statement Of Cash Flows [Abstract] | ||||
Net cash flow provided by (used for) operating activities | -117,000,000 | -81,000,000 | ||
Investing Activities | ||||
Capital expenditures | 0 | 0 | ||
Investments in and advances to investee companies | 0 | 0 | ||
Proceeds from dispositions | 0 | 0 | ||
Other investing activities | 3,000,000 | 5,000,000 | ||
Net cash flow provided by (used for) investing activities from continuing operations | 3,000,000 | 5,000,000 | ||
Net cash flow provided by (used for) investing activities from discontinued operations | -3,000,000 | 0 | ||
Net cash flow provided by (used for) investing activities | 0 | 5,000,000 | ||
Financing Activities | ||||
(Repayments of) proceeds from short-term debt borrowings, net | -616,000,000 | -35,000,000 | ||
Proceeds from issuance of notes, net | 1,178,000,000 | |||
Payment of capital lease obligations | 0 | 0 | ||
Dividends | -80,000,000 | -75,000,000 | ||
Purchase of Company common stock | -1,049,000,000 | -2,032,000,000 | ||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | -82,000,000 | -125,000,000 | ||
Proceeds from exercise of stock options | 80,000,000 | 76,000,000 | ||
Excess tax benefit from stock-based compensation | 57,000,000 | 103,000,000 | ||
Increase (decrease) in intercompany payables | 729,000,000 | 2,144,000,000 | ||
Net cash flow provided by (used for) financing activities from continuing operations | 56,000,000 | |||
Net cash flow provided by (used for) financing activities from discontinued operations | 0 | |||
Net cash flow provided by (used for) financing activities | 217,000,000 | 56,000,000 | ||
Net increase (decrease) in cash and cash equivalents | 100,000,000 | -20,000,000 | ||
Cash and cash equivalents, including discontinued operations, at beginning of period | 63,000,000 | 80,000,000 | ||
Cash and cash equivalents, including discontinued operations, at end of period | 163,000,000 | 60,000,000 | ||
CBS Operations Inc. [Member] | ||||
Condensed Consolidating Statement Of Operations [Abstract] | ||||
Revenues | 3,000,000 | 3,000,000 | ||
Expenses: | ||||
Operating | 1,000,000 | 1,000,000 | ||
Selling, general and administrative | 61,000,000 | 64,000,000 | ||
Depreciation and amortization | 5,000,000 | 4,000,000 | ||
Total expenses | 67,000,000 | 69,000,000 | ||
Operating income (loss) | -64,000,000 | -66,000,000 | ||
Interest (expense) income, net | -98,000,000 | -93,000,000 | ||
Other items, net | 11,000,000 | 0 | ||
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | -151,000,000 | -159,000,000 | ||
Benefit (provision) for income taxes | 49,000,000 | 54,000,000 | ||
Equity in earnings (loss) of investee companies, net of tax | 315,000,000 | 372,000,000 | ||
Net earnings from continuing operations | 267,000,000 | |||
Net earnings (loss) from discontinued operations, net of tax | -1,000,000 | |||
Net earnings (loss) | 213,000,000 | 266,000,000 | ||
Total comprehensive income | 220,000,000 | 265,000,000 | ||
Assets [Abstract] | ||||
Cash and cash equivalents | 1,000,000 | 1,000,000 | ||
Receivables, net | 2,000,000 | 2,000,000 | ||
Programming and other inventory (Note 4) | 2,000,000 | 3,000,000 | ||
Prepaid expenses and other current assets | 37,000,000 | 27,000,000 | ||
Total current assets | 42,000,000 | 33,000,000 | ||
Property and equipment | 163,000,000 | 162,000,000 | ||
Less accumulated depreciation and amortization | 103,000,000 | 98,000,000 | ||
Net property and equipment | 60,000,000 | 64,000,000 | ||
Programming and other inventory (Note 4) | 8,000,000 | 8,000,000 | ||
Goodwill | 62,000,000 | 62,000,000 | ||
Intangible assets | 0 | 0 | ||
Investments in consolidated subsidiaries | 12,000,000,000 | 11,685,000,000 | ||
Other assets | 12,000,000 | 17,000,000 | ||
Intercompany | 2,540,000,000 | 2,726,000,000 | ||
Total Assets | 14,724,000,000 | 14,595,000,000 | ||
Liabilities and Equity [Abstract] | ||||
Accounts payable | 6,000,000 | 24,000,000 | ||
Participants' share and royalties payable | 0 | 0 | ||
Program rights | 3,000,000 | 3,000,000 | ||
Commercial paper | 0 | |||
Current portion of long-term debt (Note 6) | 0 | 0 | ||
Accrued expenses and other current liabilities | 197,000,000 | 270,000,000 | ||
Total current liabilities | 206,000,000 | 297,000,000 | ||
Long-term debt (Note 6) | 0 | 0 | ||
Other liabilities | 249,000,000 | 249,000,000 | ||
Intercompany | 0 | 0 | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Preferred stock | 0 | 0 | ||
Common stock | 123,000,000 | 123,000,000 | ||
Additional paid-in capital | 0 | 0 | ||
Retained earnings (deficit) | 14,473,000,000 | 14,260,000,000 | ||
Accumulated other comprehensive loss (Note 8) | 4,000,000 | -3,000,000 | ||
Stockholders' equity including treasury stock | 14,600,000,000 | 14,380,000,000 | ||
Less treasury stock, at cost | 331,000,000 | 331,000,000 | ||
Total Stockholders' Equity | 14,269,000,000 | 14,049,000,000 | ||
Total Liabilities and Stockholders' Equity | 14,724,000,000 | 14,595,000,000 | ||
Condensed Consolidating Statement Of Cash Flows [Abstract] | ||||
Net cash flow provided by (used for) operating activities | -137,000,000 | -147,000,000 | ||
Investing Activities | ||||
Capital expenditures | -1,000,000 | -1,000,000 | ||
Investments in and advances to investee companies | 0 | 0 | ||
Proceeds from dispositions | 0 | 0 | ||
Other investing activities | 0 | 1,000,000 | ||
Net cash flow provided by (used for) investing activities from continuing operations | -1,000,000 | 0 | ||
Net cash flow provided by (used for) investing activities from discontinued operations | 0 | 0 | ||
Net cash flow provided by (used for) investing activities | -1,000,000 | 0 | ||
Financing Activities | ||||
(Repayments of) proceeds from short-term debt borrowings, net | 0 | 0 | ||
Proceeds from issuance of notes, net | 0 | |||
Payment of capital lease obligations | 0 | 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 | ||
Increase (decrease) in intercompany payables | 138,000,000 | 147,000,000 | ||
Net cash flow provided by (used for) financing activities from continuing operations | 147,000,000 | |||
Net cash flow provided by (used for) financing activities from discontinued operations | 0 | |||
Net cash flow provided by (used for) financing activities | 138,000,000 | 147,000,000 | ||
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 | ||
Cash and cash equivalents, including discontinued operations, at end of period | 1,000,000 | 1,000,000 | ||
Non-Guarantor Affiliates [Member] | ||||
Condensed Consolidating Statement Of Operations [Abstract] | ||||
Revenues | 3,466,000,000 | 3,534,000,000 | ||
Expenses: | ||||
Operating | 2,125,000,000 | 2,104,000,000 | ||
Selling, general and administrative | 515,000,000 | 508,000,000 | ||
Depreciation and amortization | 62,000,000 | 66,000,000 | ||
Total expenses | 2,702,000,000 | 2,678,000,000 | ||
Operating income (loss) | 764,000,000 | 856,000,000 | ||
Interest (expense) income, net | 125,000,000 | 117,000,000 | ||
Other items, net | -14,000,000 | 5,000,000 | ||
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | 875,000,000 | 978,000,000 | ||
Benefit (provision) for income taxes | -289,000,000 | -326,000,000 | ||
Equity in earnings (loss) of investee companies, net of tax | -13,000,000 | -10,000,000 | ||
Net earnings from continuing operations | 642,000,000 | |||
Net earnings (loss) from discontinued operations, net of tax | 7,000,000 | |||
Net earnings (loss) | 573,000,000 | 649,000,000 | ||
Total comprehensive income | 580,000,000 | 646,000,000 | ||
Assets [Abstract] | ||||
Cash and cash equivalents | 167,000,000 | 364,000,000 | ||
Receivables, net | 3,271,000,000 | 3,428,000,000 | ||
Programming and other inventory (Note 4) | 758,000,000 | 915,000,000 | ||
Prepaid expenses and other current assets | 599,000,000 | 477,000,000 | ||
Total current assets | 4,795,000,000 | 5,184,000,000 | ||
Property and equipment | 2,954,000,000 | 2,961,000,000 | ||
Less accumulated depreciation and amortization | 1,645,000,000 | 1,618,000,000 | ||
Net property and equipment | 1,309,000,000 | 1,343,000,000 | ||
Programming and other inventory (Note 4) | 1,840,000,000 | 1,802,000,000 | ||
Goodwill | 6,504,000,000 | 6,538,000,000 | ||
Intangible assets | 6,002,000,000 | 6,008,000,000 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets | 2,418,000,000 | 2,291,000,000 | ||
Intercompany | 22,525,000,000 | 21,772,000,000 | ||
Total Assets | 45,393,000,000 | 44,938,000,000 | ||
Liabilities and Equity [Abstract] | ||||
Accounts payable | 145,000,000 | 275,000,000 | ||
Participants' share and royalties payable | 929,000,000 | 999,000,000 | ||
Program rights | 441,000,000 | 396,000,000 | ||
Commercial paper | 0 | |||
Current portion of long-term debt (Note 6) | 17,000,000 | 16,000,000 | ||
Accrued expenses and other current liabilities | 1,017,000,000 | 1,064,000,000 | ||
Total current liabilities | 2,549,000,000 | 2,750,000,000 | ||
Long-term debt (Note 6) | 124,000,000 | 127,000,000 | ||
Other liabilities | 3,360,000,000 | 3,281,000,000 | ||
Intercompany | 0 | 0 | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Preferred stock | 126,000,000 | 126,000,000 | ||
Common stock | 590,000,000 | 590,000,000 | ||
Additional paid-in capital | 60,894,000,000 | 60,894,000,000 | ||
Retained earnings (deficit) | -17,538,000,000 | -18,111,000,000 | ||
Accumulated other comprehensive loss (Note 8) | 88,000,000 | 81,000,000 | ||
Stockholders' equity including treasury stock | 44,160,000,000 | 43,580,000,000 | ||
Less treasury stock, at cost | 4,800,000,000 | 4,800,000,000 | ||
Total Stockholders' Equity | 39,360,000,000 | 38,780,000,000 | ||
Total Liabilities and Stockholders' Equity | 45,393,000,000 | 44,938,000,000 | ||
Condensed Consolidating Statement Of Cash Flows [Abstract] | ||||
Net cash flow provided by (used for) operating activities | 671,000,000 | 729,000,000 | ||
Investing Activities | ||||
Capital expenditures | -16,000,000 | -27,000,000 | ||
Investments in and advances to investee companies | -39,000,000 | -39,000,000 | ||
Proceeds from dispositions | 59,000,000 | 6,000,000 | ||
Other investing activities | -1,000,000 | -1,000,000 | ||
Net cash flow provided by (used for) investing activities from continuing operations | 3,000,000 | -61,000,000 | ||
Net cash flow provided by (used for) investing activities from discontinued operations | 0 | -9,000,000 | ||
Net cash flow provided by (used for) investing activities | 3,000,000 | -70,000,000 | ||
Financing Activities | ||||
(Repayments of) proceeds from short-term debt borrowings, net | 0 | 0 | ||
Proceeds from issuance of notes, net | 0 | |||
Payment of capital lease obligations | -4,000,000 | -4,000,000 | ||
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 | ||
Increase (decrease) in intercompany payables | -867,000,000 | -2,291,000,000 | ||
Net cash flow provided by (used for) financing activities from continuing operations | -2,295,000,000 | |||
Net cash flow provided by (used for) financing activities from discontinued operations | 1,570,000,000 | |||
Net cash flow provided by (used for) financing activities | -871,000,000 | -725,000,000 | ||
Net increase (decrease) in cash and cash equivalents | -197,000,000 | -66,000,000 | ||
Cash and cash equivalents, including discontinued operations, at beginning of period | 364,000,000 | 316,000,000 | ||
Cash and cash equivalents, including discontinued operations, at end of period | $167,000,000 | $250,000,000 |