Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 14, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | CBS Corporation | ||
Entity Central Index Key | 813,828 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Class of Stock [Line Items] | |||
Entity Public Float | $ 21,984,467,954 | ||
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Common Stock Outstanding | 37,598,604 | ||
Entity Public Float | 448,914,844 | ||
Common Class B [Member] | |||
Class of Stock [Line Items] | |||
Common Stock Outstanding | 371,936,529 | ||
Entity Public Float | $ 21,535,553,110 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Revenues | $ 13,166,000,000 | $ 12,671,000,000 | $ 12,519,000,000 |
Costs and Expenses [Abstract] | |||
Operating | 7,956,000,000 | 7,911,000,000 | 7,689,000,000 |
Selling, general and administrative | 2,124,000,000 | 1,961,000,000 | 1,971,000,000 |
Depreciation and amortization | 225,000,000 | 235,000,000 | 250,000,000 |
Pension settlement charge (Note 15) | 211,000,000 | 0 | 0 |
Restructuring and merger and acquisition-related costs (Note 5) | 38,000,000 | 45,000,000 | 19,000,000 |
Other operating items, net | (9,000,000) | (139,000,000) | 0 |
Total costs and expenses | 10,545,000,000 | 10,013,000,000 | 9,929,000,000 |
Operating income | 2,621,000,000 | 2,658,000,000 | 2,590,000,000 |
Interest expense | (411,000,000) | (392,000,000) | (363,000,000) |
Interest income | 32,000,000 | 24,000,000 | 13,000,000 |
Loss on early extinguishment of debt | 0 | 0 | (352,000,000) |
Other items, net | (12,000,000) | (26,000,000) | (30,000,000) |
Earnings from continuing operations before income taxes and equity in loss of investee companies | 2,230,000,000 | 2,264,000,000 | 1,858,000,000 |
Provision for income taxes | (628,000,000) | (676,000,000) | (659,000,000) |
Equity in loss of investee companies, net of tax | (50,000,000) | (34,000,000) | (48,000,000) |
Net earnings from continuing operations | 1,552,000,000 | 1,554,000,000 | 1,151,000,000 |
Net earnings (loss) from discontinued operations, net of tax (Note 4) | (291,000,000) | (141,000,000) | 1,808,000,000 |
Net earnings | $ 1,261,000,000 | $ 1,413,000,000 | $ 2,959,000,000 |
Basic net earnings (loss) per common share: | |||
Basic net earnings from continuing operation (in dollars per share) | $ 3.50 | $ 3.21 | $ 2.09 |
Basic net earnings (loss) from discontinued operations (in dollars per share) | (0.66) | (0.29) | 3.29 |
Basic net earnings (in dollars per share) | 2.84 | 2.92 | 5.38 |
Diluted net earnings (loss) per common share: | |||
Diluted net earnings from continuing operations (in dollars per share) | 3.46 | 3.18 | 2.05 |
Diluted net earnings (loss) from discontinued operations (in dollars per share) | (0.65) | (0.29) | 3.22 |
Diluted net earnings (in dollars per share) | $ 2.81 | $ 2.89 | $ 5.27 |
Weighted average number of shares outstanding [Abstract] | |||
Basic weighted average number of common shares outstanding | 444 | 484 | 550 |
Diluted weighted average number of common shares outstanding | 448 | 489 | 561 |
Dividends per common share (in dollars per share) | $ 0.66 | $ 0.6 | $ 0.54 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net earnings | $ (113) | $ 478 | $ 423 | $ 473 | $ 261 | $ 426 | $ 332 | $ 394 | $ 1,261 | $ 1,413 | $ 2,959 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Total other comprehensive income (loss), net of tax | 3 | (35) | (190) | ||||||||
Other comprehensive income (loss), before reclassifications, net of tax | (166) | (71) | (183) | ||||||||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 169 | 36 | (7) | ||||||||
Total comprehensive income (loss) | 1,264 | 1,378 | 2,769 | ||||||||
Continuing Operations [Member] | |||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Cumulative translation adjustment | (1) | (5) | (9) | ||||||||
Net actuarial gain (loss) and prior service costs (Note 15) | 4 | (30) | (163) | ||||||||
Unrealized gain (loss) on securities | 0 | 0 | (3) | ||||||||
Total other comprehensive income (loss), net of tax | 3 | (35) | (175) | ||||||||
Discontinued Operations [Member] | |||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||
Total other comprehensive income (loss), net of tax | 0 | 0 | (15) | ||||||||
Other comprehensive income (loss), before reclassifications, net of tax | 0 | 0 | 15 | ||||||||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | $ 0 | $ 0 | $ (30) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 598 | $ 317 |
Receivables, less allowances of $60 (2016) and $59 (2015) | 3,314 | 3,375 |
Programming and other inventory (Note 6) | 1,427 | 1,270 |
Prepaid income taxes | 30 | 101 |
Prepaid expenses | 185 | 133 |
Other current assets | 204 | 228 |
Current assets of discontinued operations (Note 4) | 305 | 323 |
Total current assets | 6,063 | 5,747 |
Property and equipment | 2,935 | 2,880 |
Less accumulated depreciation and amortization | 1,694 | 1,627 |
Net property and equipment (Note 2) | 1,241 | 1,253 |
Programming and other inventory (Note 6) | 2,439 | 1,957 |
Goodwill (Note 3) | 4,864 | 4,789 |
Intangible assets (Note 3) | 2,633 | 2,639 |
Other assets (Note 1) | 2,707 | 2,633 |
Assets of discontinued operations (Note 4) | 4,291 | 4,747 |
Total Assets | 24,238 | 23,765 |
Current Liabilities | ||
Accounts payable | 148 | 159 |
Accrued expenses | 632 | 561 |
Accrued compensation | 369 | 306 |
Participants' share and royalties payable | 1,024 | 1,013 |
Program rights | 290 | 372 |
Deferred revenues | 152 | 294 |
Commercial paper (Note 9) | 450 | 0 |
Current portion of long-term debt (Note 9) | 23 | 222 |
Other current liabilities | 465 | 490 |
Current liabilities of discontinued operations (Note 4) | 155 | 143 |
Total current liabilities | 3,708 | 3,560 |
Long-term debt (Note 9) | 8,902 | 8,226 |
Participants' share and royalties payable | 1,322 | 1,318 |
Pension and postretirement benefit obligations (Note 15) | 1,769 | 1,575 |
Deferred income tax liabilities, net (Note 14) | 590 | 495 |
Other liabilities | 1,807 | 1,889 |
Liabilities of discontinued operations (Note 4) | 2,451 | 1,139 |
Commitments and contingencies (Note 16) | ||
Stockholders' Equity | ||
Common stock | 1 | 1 |
Additional paid-in capital | 43,913 | 44,055 |
Accumulated deficit | (19,257) | (20,518) |
Accumulated other comprehensive loss (Note 12) | (767) | (770) |
Stockholder' equity including treasury stock | 23,890 | 22,768 |
Less treasury stock, at cost; 455 (2016) and 401 (2015) Class B Shares | 20,201 | 17,205 |
Total Stockholders' Equity | 3,689 | 5,563 |
Total Liabilities and Stockholders' Equity | 24,238 | 23,765 |
Common Class A [Member] | ||
Stockholders' Equity | ||
Common stock | 0 | 0 |
Common Class B [Member] | ||
Stockholders' Equity | ||
Common stock | $ 1 | $ 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Balance Sheet Parentheticals [Abstract] | ||
Allowances for receivables | $ 60 | $ 59 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 375,000,000 | 375,000,000 |
Common Stock, shares issued | 38,000,000 | 38,000,000 |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 5,000,000,000 | 5,000,000,000 |
Common Stock, shares issued | 829,000,000 | 826,000,000 |
Treasury Stock, at cost, Class B Shares | 455,000,000 | 401,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities: | |||
Net earnings (loss) | $ 1,261,000,000 | $ 1,413,000,000 | $ 2,959,000,000 |
Less: Net earnings (loss) from discontinued operations | (291,000,000) | (141,000,000) | 1,808,000,000 |
Net earnings from continuing operations | 1,552,000,000 | 1,554,000,000 | 1,151,000,000 |
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations: | |||
Depreciation and amortization | 225,000,000 | 235,000,000 | 250,000,000 |
Deferred tax provision | 144,000,000 | 445,000,000 | 592,000,000 |
Stock-based compensation | 165,000,000 | 157,000,000 | 137,000,000 |
Net gain on disposition and write-down of assets | (18,000,000) | (139,000,000) | (11,000,000) |
Equity in loss of investee companies, net of tax and distributions | 53,000,000 | 37,000,000 | 57,000,000 |
Change in assets and liabilities, net of investing and financing activities | |||
Decrease (increase) in receivables | 36,000,000 | (376,000,000) | (599,000,000) |
Increase in inventory and related program and participation liabilities, net | (804,000,000) | (498,000,000) | (214,000,000) |
(Increase) decrease in other assets | (85,000,000) | 23,000,000 | 53,000,000 |
Increase (decrease) in accounts payable and accrued expenses | 23,000,000 | (220,000,000) | (152,000,000) |
Increase (decrease) in pension and postretirement benefit obligations | 205,000,000 | (46,000,000) | (34,000,000) |
Increase (decrease) in income taxes | 94,000,000 | (56,000,000) | (298,000,000) |
(Decrease) increase in deferred revenue | (137,000,000) | 66,000,000 | (47,000,000) |
Other, net | 1,000,000 | 7,000,000 | 31,000,000 |
Net cash flow provided by (used for) operating activities from continuing operations | 1,454,000,000 | 1,189,000,000 | 916,000,000 |
Net cash flow provided by (used for) operating activities from discontinued operations | 231,000,000 | 205,000,000 | 359,000,000 |
Net cash flow provided by (used for) operating activities | 1,685,000,000 | 1,394,000,000 | 1,275,000,000 |
Investing Activities: | |||
Acquisitions | (92,000,000) | (12,000,000) | (2,000,000) |
Capital expenditures | (196,000,000) | (171,000,000) | (178,000,000) |
Investments in and advances to investee companies | (81,000,000) | (98,000,000) | (98,000,000) |
Proceeds from sale of investments | 0 | 80,000,000 | 12,000,000 |
Proceeds from dispositions | 20,000,000 | 383,000,000 | 4,000,000 |
Other investing activities | 15,000,000 | (3,000,000) | (4,000,000) |
Net cash flow provided by (used for) investing activities from continuing operations | (334,000,000) | 179,000,000 | (266,000,000) |
Net cash flow provided by (used for) investing activities from discontinued operations | (6,000,000) | (25,000,000) | (335,000,000) |
Net cash flow provided by (used for) investing activities | (340,000,000) | 154,000,000 | (601,000,000) |
Financing Activities: | |||
Proceeds from (repayments of) short-term debt borrowings, net | 450,000,000 | (616,000,000) | 141,000,000 |
Proceeds from issuance of senior notes | 684,000,000 | 1,959,000,000 | 1,728,000,000 |
Repayment of notes and debentures | (199,000,000) | 0 | (1,152,000,000) |
Proceeds from debt borrowings of CBS Radio (2016) and Outdoor Americas (2014) | 1,452,000,000 | 0 | 1,569,000,000 |
Repayment of debt borrowings of CBS Radio | (110,000,000) | 0 | 0 |
Proceeds from IPO of Outdoor Americas | 0 | 0 | 613,000,000 |
Payment of capital lease obligations | (18,000,000) | (17,000,000) | (17,000,000) |
Dividends | (288,000,000) | (300,000,000) | (292,000,000) |
Purchase of Company common stock | (2,997,000,000) | (2,813,000,000) | (3,595,000,000) |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (58,000,000) | (96,000,000) | (146,000,000) |
Proceeds from exercise of stock options | 21,000,000 | 142,000,000 | 283,000,000 |
Excess tax benefit from stock-based compensation | 17,000,000 | 88,000,000 | 243,000,000 |
Other financing activities | 0 | 0 | (18,000,000) |
Net cash flow provided by (used for) financing activities | (1,046,000,000) | (1,653,000,000) | (643,000,000) |
Net increase (decrease) in cash and cash equivalents | 299,000,000 | (105,000,000) | 31,000,000 |
Cash and cash equivalents, including discontinued operations, at beginning of year | 323,000,000 | 428,000,000 | 397,000,000 |
Cash and cash equivalents, including discontinued operations, at end of year | $ 622,000,000 | $ 323,000,000 | $ 428,000,000 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Cash Flows [Abstract] | ||||
Cash and cash equivalents of discontinued operations | $ 24 | $ 6 | $ 6 | $ 33 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance, beginning of year, shares at Dec. 31, 2013 | 39,000,000 | 801,000,000 | 244,000,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of A into B shares, shares | 1,300,000 | (1,000,000) | 1,000,000 | ||||
Restricted stock unit vests, shares | 5,000,000 | ||||||
Exercise of stock options, shares | 14,000,000 | ||||||
Class B Common Stock purchased, shares | 60,000,000 | ||||||
Shares paid for tax withholding for stock-based compensation, shares | 3,000,000 | ||||||
Issuance of stock for deferred compensation, shares | 0 | ||||||
Retirement of treasury stock, shares | (3,000,000) | (3,000,000) | |||||
Balance, end of year, shares at Dec. 31, 2014 | 38,000,000 | 818,000,000 | 349,000,000 | ||||
Balance, beginning of year at Dec. 31, 2013 | $ 0 | $ 1,000,000 | $ 43,474,000,000 | $ (24,890,000,000) | $ (545,000,000) | $ (8,074,000,000) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of A shares into B shares | 0 | 0 | |||||
Stock-based compensation | 168,000,000 | ||||||
Tax benefit related to employee stock-based transactions | 246,000,000 | ||||||
Restricted stock unit vests | 0 | ||||||
Exercise of stock options | 0 | 282,000,000 | |||||
Retirement of treasury stock | 0 | (146,000,000) | 146,000,000 | ||||
Dividends | $ (296,000,000) | (296,000,000) | |||||
Gain on Outdoor Americas IPO | 313,000,000 | ||||||
Net earnings (loss) | 2,959,000,000 | 2,959,000,000 | |||||
Other comprehensive income (loss) | (190,000,000) | (190,000,000) | |||||
Class B Common Stock purchased, value | (3,612,000,000) | ||||||
Outdoor Americas Split-Off | (2,721,000,000) | (2,721,000,000) | |||||
Shares paid for tax withholding for stock-based compensation | (146,000,000) | ||||||
Issuance of stock for deferred compensation | 1,000,000 | ||||||
Balance, end of year at Dec. 31, 2014 | $ 6,970,000,000 | $ 0 | $ 1,000,000 | 44,041,000,000 | (21,931,000,000) | (735,000,000) | $ (14,406,000,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Outdoor Americas Split-Off, shares | 45,000,000 | ||||||
Conversion of A into B shares, shares | 100,000 | 0 | 0 | ||||
Restricted stock unit vests, shares | 4,000,000 | ||||||
Exercise of stock options, shares | 6,000,000 | ||||||
Class B Common Stock purchased, shares | 52,000,000 | ||||||
Shares paid for tax withholding for stock-based compensation, shares | 2,000,000 | ||||||
Issuance of stock for deferred compensation, shares | 0 | ||||||
Retirement of treasury stock, shares | (2,000,000) | (2,000,000) | |||||
Balance, end of year, shares at Dec. 31, 2015 | 38,000,000 | 826,000,000 | 401,000,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of A shares into B shares | $ 0 | $ 0 | |||||
Stock-based compensation | 174,000,000 | ||||||
Tax benefit related to employee stock-based transactions | 87,000,000 | ||||||
Restricted stock unit vests | 0 | ||||||
Exercise of stock options | 0 | 142,000,000 | |||||
Retirement of treasury stock | 0 | (96,000,000) | $ 96,000,000 | ||||
Dividends | $ (293,000,000) | (293,000,000) | |||||
Gain on Outdoor Americas IPO | 0 | ||||||
Net earnings (loss) | 1,413,000,000 | 1,413,000,000 | |||||
Other comprehensive income (loss) | (35,000,000) | (35,000,000) | |||||
Class B Common Stock purchased, value | (2,800,000,000) | ||||||
Outdoor Americas Split-Off | 0 | 0 | |||||
Shares paid for tax withholding for stock-based compensation | (96,000,000) | ||||||
Issuance of stock for deferred compensation | 1,000,000 | ||||||
Balance, end of year at Dec. 31, 2015 | $ 5,563,000,000 | $ 0 | $ 1,000,000 | 44,055,000,000 | (20,518,000,000) | (770,000,000) | $ (17,205,000,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Outdoor Americas Split-Off, shares | 0 | ||||||
Conversion of A into B shares, shares | 100,000 | 0 | 0 | ||||
Restricted stock unit vests, shares | 3,000,000 | ||||||
Exercise of stock options, shares | 1,042,839 | 1,000,000 | |||||
Class B Common Stock purchased, shares | 54,300,000 | 54,000,000 | |||||
Shares paid for tax withholding for stock-based compensation, shares | 1,000,000 | ||||||
Issuance of stock for deferred compensation, shares | 0 | ||||||
Retirement of treasury stock, shares | (1,000,000) | (1,000,000) | |||||
Balance, end of year, shares at Dec. 31, 2016 | 38,000,000 | 829,000,000 | 455,000,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of A shares into B shares | $ 0 | $ 0 | |||||
Stock-based compensation | 177,000,000 | ||||||
Tax benefit related to employee stock-based transactions | 12,000,000 | ||||||
Restricted stock unit vests | 0 | ||||||
Exercise of stock options | 0 | 21,000,000 | |||||
Retirement of treasury stock | 0 | (58,000,000) | $ 58,000,000 | ||||
Dividends | $ (294,000,000) | (294,000,000) | |||||
Gain on Outdoor Americas IPO | 0 | ||||||
Net earnings (loss) | 1,261,000,000 | 1,261,000,000 | |||||
Other comprehensive income (loss) | 3,000,000 | 3,000,000 | |||||
Class B Common Stock purchased, value | (3,000,000,000) | (2,997,000,000) | |||||
Outdoor Americas Split-Off | 0 | 0 | |||||
Shares paid for tax withholding for stock-based compensation | (58,000,000) | ||||||
Issuance of stock for deferred compensation | 1,000,000 | ||||||
Balance, end of year at Dec. 31, 2016 | $ 3,689,000,000 | $ 0 | $ 1,000,000 | $ 43,913,000,000 | $ (19,257,000,000) | $ (767,000,000) | $ (20,201,000,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Outdoor Americas Split-Off, shares | 0 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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, CBS Studios International, and CBS Television Distribution; CBS Interactive; and CBS Films), Cable Networks (Showtime Networks, CBS Sports Network and Smithsonian Networks), Publishing (Simon & Schuster) and Local Media (CBS Television Stations and CBS Local Digital Media). Discontinued Operations— On February 2, 2017, the Company entered into an agreement with Entercom Communications Corp. to combine the Company’s radio business, CBS Radio, with Entercom in a merger to be effected through a Reverse Morris Trust transaction, which is expected to be tax-free to CBS Corp. and its stockholders. In connection with this transaction, the Company intends to split-off CBS Radio through an exchange offer, in which the Company’s stockholders may elect to exchange shares of the Company’s Class B Common Stock for shares of CBS Radio, which will then be immediately converted into shares of Entercom common stock at the time of the merger. Beginning in the fourth quarter of 2016, CBS Radio was classified as held for sale and has been presented as a discontinued operation in the Company’s consolidated financial statements for all periods presented (See Note 4 ). During 2014, the Company completed the disposition of CBS Outdoor Americas Inc., which was previously a subsidiary of the Company and has been renamed OUTFRONT Media, Inc. (“Outdoor Americas”). Outdoor Americas has been presented as a discontinued operation in the Company’s consolidated financial statements. In addition, certain businesses that were previously disposed of by the Company prior to January 1, 2002, were accounted for as discontinued operations in accordance with accounting rules in effect prior to 2002. Principles of Consolidation— The consolidated financial statements include the accounts of CBS Corp. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third party participating rights. Investments over which the Company has a significant influence or ownership of more than 20% but less than or equal to 50%, without a controlling interest, are accounted for under the equity method. Investments of 20% or less, over which the Company has no significant influence, are accounted for under the cost method if the fair value is not readily determinable and are accounted for as available for sale securities if the fair value is readily determinable. All significant intercompany transactions have been eliminated. Reclassifications— Certain amounts reported for prior years have been reclassified to conform to the current year’s 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. Cash and Cash Equivalents— Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments, including money market funds, commercial paper and bank time deposits. Programming Inventory— The Company acquires rights to programming and produces programming to exhibit on its broadcast and cable networks, broadcast television stations, direct to consumers through its digital streaming services and the internet, and in theaters. The costs incurred in acquiring and producing programs are capitalized and amortized over the license period or projected useful life of the programming. Program rights and the related liabilities are recorded at the gross amount of the liabilities when the license period has begun, the cost of the program is determinable, and the program is accepted and available for airing. Television production costs (which include direct production costs, production overhead and acquisition costs) are stated at the lower of unamortized cost or net realizable value. The Company then estimates total revenues to be earned and costs to be incurred throughout the life of each television program. For television programming, estimates for remaining total lifetime revenues are limited to the amount of revenue contracted for each episode in the initial market. Accordingly, television programming costs and participation costs incurred in excess of the amount of revenue contracted for each episode in the initial market are expensed as incurred on an episode by episode basis. Estimates for all secondary market revenues such as domestic and foreign syndication, basic cable, digital streaming, home entertainment and merchandising are included in the estimated lifetime revenues of such television programming once it can be demonstrated that a program can be successfully licensed in such secondary market. Television programming costs incurred subsequent to the establishment of the secondary market are initially capitalized and amortized, and estimated liabilities for participations are accrued, based on the proportion that current period revenues bear to the estimated remaining total lifetime revenues. The costs incurred in acquiring television series and feature film programming are capitalized when the program is accepted and available for airing. These costs are amortized over the period in which an economic benefit is expected to be derived based on the timing of the Company’s usage of and benefit from such programming. The costs of programming rights licensed under multi-year sports programming agreements are capitalized if the rights payments are made before the related economic benefit has been received. These costs are expensed over the period in which an economic benefit is expected to be derived based on the relative value of the events broadcast by the Company during a period. The relative value for an event is determined based on the revenues generated for that event in relation to the estimated total revenues over the remaining term of the sports programming agreement. Lifetime revenue estimates for internally produced television programming, and the estimated economic benefit for the acquired programming, including revenue projections for multi-year sports programming, are periodically reviewed. Adjustments, if any, will result in changes to amortization rates, future net realizable value adjustments and/or estimated accruals for participation expense. Property and Equipment— Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives as follows: Buildings and building improvements 10 to 40 years Leasehold Improvements Shorter of lease term or useful life Equipment and other (including capital leases) 3 to 20 years Impairment of Long-Lived Assets— The Company assesses long-lived assets and intangible assets, other than goodwill and intangible assets with indefinite lives, for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows expected to be generated by these assets, which is the estimated fair value, to their net carrying value. The amount of impairment loss, if any, will generally be measured by the difference between the net carrying value and the estimated fair value of the asset. Impairment of Investments— Investments are reviewed for impairment on a quarterly basis by comparing their fair value to their respective carrying amounts. The Company determines the fair value of its public company investments by reference to their publicly traded stock price. With respect to private company investments, the Company makes its estimate of fair value by considering recent investee equity transactions, discounted cash flow analyses, recent operating results, estimates based on comparable public company operating cash flow multiples and, in certain situations, balance sheet liquidation values. If the fair value of the investment has dropped below the carrying amount, management considers several factors when determining whether an other-than-temporary decline has occurred. These factors include the length of time and the extent to which the estimated fair value or market value has been below the carrying value, the financial condition and the near-term prospects of the investee, the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in market value, and other factors influencing the fair market value, such as general market conditions. Goodwill and Intangible Assets— Goodwill is allocated to various reporting units, which are generally one level below the Company’s operating segments. Intangible assets with finite lives, which primarily consist of trade names, are generally amortized using the straight-line method over their estimated useful lives, which range from 4 to 40 years. Goodwill and other intangible assets with indefinite lives, which consist of FCC licenses, are not amortized but are tested for impairment on an annual basis and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill or the intangible asset exceeds its fair value, an impairment loss is recognized as a noncash charge (See Note 3 ). Other Assets— Other assets include noncurrent receivables of $2.11 billion at December 31, 2016 and $2.09 billion at December 31, 2015 , which are primarily related to revenues recognized under long-term television licensing arrangements. Television license fee revenues are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is collected over the term of the license period. Other Liabilities— Other liabilities consist primarily of the noncurrent portion of residual liabilities of previously disposed businesses, program rights obligations, deferred compensation and other employee benefit accruals. Revenue Recognition— Advertising revenues, net of agency commissions, are recognized in the period during which advertising spots are aired or displayed. If there is a guarantee to deliver a targeted audience rating, revenues are recognized for the actual audience rating delivered, based on the ratings data published by independent audience ratings measurement companies. Revenues are deferred for any shortfall in the audience rating with respect to an advertising spot until such time as the required audience rating is delivered. Revenues from the licensing of television programming are recognized in the period that the television series is made available to the licensee, which may cause fluctuations in operating results. Television series initially produced for networks and first-run syndication are generally licensed to domestic and international markets concurrently (“initial market”). Network series are also licensed to digital streaming providers, television stations, and cable networks (“secondary market”). Licensing in the secondary market typically occurs at a later date but can also be concurrent with sales in the initial market. The length of the revenue cycle for television series will vary depending on the number of seasons a series remains in active production. Affiliate and subscription fees for cable and broadcast networks, television stations and online content, including digital streaming services, are recognized in the period the service is provided. Costs for advertising and marketing services provided to the Company by cable, satellite and other distributors are recorded in selling, general and administrative expenses. Publishing revenues are recognized when merchandise is shipped or electronically delivered to the consumer. The Company records a provision for sales returns and allowances at the time of sale based upon historical trends which allow for a percentage of revenue recognized. Deferred revenues primarily consist of revenues related to advertising arrangements and the licensing of television programming for which the revenues have not yet been earned. The amounts classified as current are expected to be earned within the next twelve months. Sales of Multiple Products or Services— Revenues derived from a single sales contract that contains multiple products and services are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. Collaborative Arrangements— Collaborative arrangements primarily consist of joint efforts with third parties to produce and distribute programming such as television series and live sporting events, including the agreement between the Company and Turner Broadcasting System, Inc. to telecast the NCAA Division I Men’s Basketball Championship (“NCAA Tournament”), which runs through 2032. In connection with this agreement for the NCAA Tournament, advertisements aired on the CBS Television Network are recorded as revenues and the Company’s share of the program rights fees and other operating costs are recorded as operating expenses. For episodic television programming, co-production costs are initially capitalized as programming inventory and amortized over the television series’ estimated economic life. In such arrangements where the Company has distribution rights, all proceeds generated from such distribution are recorded as revenues and any participation profits due to third party collaborators are recorded as operating expenses. In co-production arrangements where third party collaborators have distribution rights, the Company’s net participating profits are recorded as revenues. Amounts attributable to transactions arising from collaborative arrangements between participants were not material to the Company’s consolidated financial statements for all periods presented. Advertising— Advertising costs are expensed as incurred. The Company incurred total advertising expenses of $373 million in 2016 , $338 million in 2015 and $377 million in 2014 . Other Operating Items, Net— Other operating items, net for 2016 and 2015 includes gains from the sales of businesses, and for 2016, also includes a multiyear, retroactive impact of a new operating tax. Interest— Costs associated with the refinancing or issuance of debt, as well as debt discounts or premiums, are recorded as interest over the term of its related debt. The Company may enter into interest rate exchange agreements; the amount to be paid or received under such agreements is accrued and recognized over the life of the agreements as an adjustment to interest expense. Income Taxes— The provision for income taxes includes federal, state, local, and foreign taxes. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. The Company evaluates the realizability of deferred tax assets and establishes a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. For tax positions taken in a previously filed tax return or expected to be taken in a future tax return, the Company evaluates each position to determine whether it is more likely than not that the tax position will be sustained upon examination, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to be recognized in the Consolidated Statement of Operations and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold a tax reserve is established and no benefit is recognized. A number of years may elapse before a tax return containing tax matters for which a reserve has been established is audited and finally resolved. Foreign Currency Translation and Transactions— The Company’s assets and liabilities denominated in foreign currencies are translated at foreign exchange rates in effect at the balance sheet date, while results of operations are translated at average foreign exchange rates for the respective periods. The resulting translation gains or losses are included as a separate component of stockholders’ equity in accumulated other comprehensive income (loss). Foreign currency transaction gains and losses have been included in “Other items, net” in the Consolidated Statements of Operations. Other Items, net— For all periods presented, “Other items, net” primarily consists of foreign exchange gains and losses. Provision for Doubtful Accounts— The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. The provision for doubtful accounts charged to expense was $12 million in 2016 and $9 million in each of the years 2015 and 2014 . Net Earnings (Loss) per Common Share —Basic earnings (loss) per share (“EPS”) is based upon net earnings (loss) 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”) 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 4 million stock options for each of the years ended December 31, 2016 and 2015 and 2 million stock options for the year ended December 31, 2014 . The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. Year Ended December 31, 2016 2015 2014 (in millions) Weighted average shares for basic EPS 444 484 550 Dilutive effect of shares issuable under stock-based compensation plans 4 5 11 Weighted average shares for diluted EPS 448 489 561 Stock-based Compensation— The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. Adoption of New Accounting Standards Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern During the fourth quarter of 2016, the Company adopted Financial Accounting Standards Board (“FASB”) 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. The adoption of this guidance did not have an effect on the Company’s consolidated financial statements. Simplifying the Accounting for Measurement Period Adjustments During the first quarter of 2016, the Company adopted amended FASB guidance which eliminates the requirement to retrospectively account for adjustments to provisional amounts recognized in a business combination when new information is obtained during the measurement period about facts and circumstances that existed as of the acquisition date. Under the amended guidance, the acquirer is required to recognize such adjustments in the reporting period in which the adjustment amounts are identified. Such adjustments also include the effect on earnings from any changes in depreciation, amortization, or other income effects resulting from the change to provisional amounts, as if the change occurred at the acquisition date. The amendment also requires disclosure or separate presentation on the face of the income statement of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of this guidance did not have an effect on the Company’s consolidated financial statements. Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items During the first quarter of 2016, the Company adopted amended FASB 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 are required to be presented as a separate component of income from continuing operations or disclosed in the notes to the financial statements. The adoption of this guidance did not have an effect 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 During the first quarter of 2016, the Company adopted FASB 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. The Company should begin recognizing compensation cost in the period in which it becomes probable that the performance target will be achieved, for the cumulative amount of compensation cost attributable to the period(s) for which the requisite service has already been rendered. The adoption of this guidance did not have an effect on the Company’s consolidated financial statements. Disclosures for Investments in Certain Entities That Calculate Net Asset Value Per Share (or Its Equivalent) During the first quarter of 2016, the Company adopted amended FASB guidance which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value (“NAV”) per share practical expedient. The amended guidance also limits disclosures about investments that are eligible to be measured at fair value using the NAV per share practical expedient to those investments for which the entity has elected to measure the fair value using this practical expedient. The Company applied this guidance retrospectively to all comparative periods presented (See Note 15 ). Recent Pronouncements Simplifying the Accounting for Goodwill Impairment In January 2017, the FASB issued amended guidance to simplify the accounting for goodwill impairment. This guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Under the amended guidance, a goodwill impairment charge will now be recognized for the amount by which the carrying value of a reporting unit exceeds its fair value, not to exceed the carrying amount of goodwill. This guidance is effective for interim and annual period beginning after December 15, 2019, with early adoption permitted for any impairment tests performed after January 1, 2017. Clarifying the Definition of a Business In January 2017, the FASB issued amended guidance on the accounting for business combinations which clarifies the definition of a business and assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under this guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or group of similar assets), the assets acquired would not represent a business. In addition, in order to be considered a business, an acquisition would have to include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The amended guidance also narrows the definition of outputs by more closely aligning it with how outputs are described in FASB guidance for revenue recognition. This guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. Intra-Entity Transfers of Assets Other than Inventory In October 2016, the FASB issued amended guidance on the accounting for income taxes, which eliminates the exception in existing guidance which defers the recognition of the tax effects of intra-entity asset transfers other than inventory until the transferred asset is sold to a third party. Rather, the amended guidance requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted as of the beginning of an annual reporting period. The Company is currently assessing the impact of this guidance on its consolidated financial statements. Statement of Cash Flows: Classification of Cash Receipts and Cash Payments In August 2016, the FASB issued amended guidance which clarifies how certain cash receipts and cash payments should be presented and classified in the statement of cash flows. The new guidance is intended to reduce the existing diversity in practice in how certain transactions are classified in the statement of cash flows. This guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued amended guidance which simplifies several aspects of the accounting for employee share-based payment transactions. Under this amended guidance, all excess tax benefits and tax deficiencies will be recognized as income tax expense or benefit in the income statement in the period in which the awards vest or are exercised. In the statement of cash flows, excess tax benefits will be classified with other income tax cash flows in operating activities. The amended guidance also gives the option to make a policy election to account for forfeitures as they occur and increases the threshold for awards that are partially settled in cash to qualify for equity classification. The Company expects that the adoption of this guidance will introduce volatility into the Company’s income tax provision, which will be impacted by the timing of employee exercises and changes in the Company’s stock price. This guidance is effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. Leases In February 2016, the FASB issued new guidance on the accounting for leases, which supersedes previous lease guidance. Under this guidance, for all leases with terms in excess of one year, including operating leases, the Company will be required to recognize on its balance sheet a lease liability and a right-of-use asset representing its right to use the underlying asset for the lease term. The new guidance retains a distinction between finance leases and operating leases and the classification criteria is substantially similar to previous guidance. Additionally, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed. The Company is currently evaluating the impact of this guidance on its consolidated balance sheets. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. 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 has identified the predominant changes to its accounting policies resulting from the application of this guidance and is in the process of quantifying the impact on its consolidated financial statements. The cumulative effect of the initial adoption will be reflected as an adjustment to the opening balance of retained earnings as of the date of application of the guidance; however, the Company does not expect this guidance to have a significant impact on the Company’s consolidated financial statements on an annual basis. This guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2016. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 2 ) PROPERTY AND EQUIPMENT At December 31, 2016 2015 Land $ 195 $ 195 Buildings 733 696 Capital leases (a) 164 162 Equipment and other 1,843 1,827 2,935 2,880 Less accumulated depreciation and amortization 1,694 1,627 Net property and equipment $ 1,241 $ 1,253 (a) Accumulated amortization of capital leases was $98 million and $89 million at December 31, 2016 and 2015 , respectively. Year Ended December 31, 2016 2015 2014 Depreciation expense, including capitalized lease amortization (a) $ 205 $ 212 $ 218 (a) Amortization expense related to capital leases was $17 million in 2016 and $16 million in each of the years 2015 and 2014 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 3 ) GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and Intangible Assets Impairment Test The Company performs a fair value-based impairment test of goodwill and intangible assets with indefinite lives, comprised of FCC licenses, annually during the fourth quarter and also between annual tests if an event occurs or if circumstances change that would more likely than not reduce the fair value of a reporting unit or an indefinite-lived intangible asset below its carrying value. Goodwill is tested for impairment at the reporting unit level. The Company’s reporting units are one level below its operating segments, except for the Publishing reporting unit, which is the same as its operating segment because this operating segment has only one component. FCC licenses are tested for impairment at the geographic market level. The Company considers each geographic market, which is comprised of all of the Company’s radio or television stations within that geographic market, to be a single unit of accounting because the FCC licenses at this level represent their highest and best use. At December 31, 2016 , the Company had 11 reporting units, and FCC license book values for stations in 14 television markets and 25 radio markets. In preparation for the planned separation of its radio business, the Company changed the manner in which it manages its television and radio operations during the third quarter of 2016 . Accordingly, the Company’s previously reported operating segment, Local Broadcasting, which had been comprised of two reporting units, was separated into two operating segments, Local Media and Radio, each with three reporting units. The Company allocated goodwill to each of the new reporting units based on their relative fair values. Beginning in the fourth quarter of 2016 , the former Radio operating segment has been presented as a discontinued operation. See Note 4 for discussion of impairment tests for the three reporting units and FCC licenses under the former Radio operating segment. For its annual impairment test, the Company performs qualitative assessments for each reporting unit and market with FCC licenses that management estimates have fair values that significantly exceed their respective carrying values. In selecting markets and reporting units for a qualitative assessment, the Company also considers the duration of time since a quantitative test was performed. For the 2016 annual impairment test, the Company performed qualitative assessments for seven reporting units and three television markets. For each reporting unit, the Company weighed the relative impact of factors that are specific to the reporting unit as well as industry and macroeconomic factors. For each television market, the Company weighed the relative impact of market-specific and macroeconomic factors. Based on the qualitative assessments, considering the aggregation of the relevant factors, the Company concluded that it is not more likely than not that the fair values of these reporting units and the fair value of FCC licenses within each market are less than their respective carrying values. Therefore, performing the quantitative impairment test was unnecessary. For FCC licenses in the remaining television markets, the Company performed the quantitative impairment test that compares the estimated fair value of the FCC licenses by geographic market with their respective carrying values. The estimated fair value of each FCC license is computed using the Greenfield Discounted Cash Flow Method (‘‘Greenfield Method’’), which attempts to isolate the income that is attributable to the license alone. The Greenfield Method is based upon modeling a hypothetical start-up station and building it up to a normalized operation that, by design, lacks inherent goodwill and whose other assets have essentially been added as part of the build-up process. The Greenfield Method adds the present value of the estimated annual cash flows of the start-up station over a projection period to the residual value at the end of the projection period. The annual cash flows over the projection period include assumptions for overall advertising revenues in the relevant geographic market, the start-up station’s operating costs and capital expenditures, and a three-year build-up period for the start-up station to reach a normalized state of operations, which reflects the point at which it achieves an average market share. The overall market advertising revenue in the subject market is estimated based on recent industry projections. Operating costs and capital expenditures are estimated based on both industry and internal data. The residual value is calculated using a perpetual nominal growth rate, which is based on projected long-range inflation in the U.S. and long-term industry projections. The discount rate is determined based on the average of the weighted average cost of capital of comparable entities in the broadcast industry. For each television station, the discount rate used for 2016 was 8.0% and the perpetual nominal growth rate was 2.5% . For the 2016 quantitative impairment test, the Company concluded that the estimated fair values of FCC licenses in each of the 11 television markets for which the quantitative test was performed exceeded their respective carrying values. For 2016 , the Company performed the quantitative goodwill impairment test for the CBS Sports Network reporting unit. The first step of the goodwill impairment test examines whether the carrying value of a reporting unit exceeds its fair value. If the carrying value exceeds the fair value, the second step of the test compares the implied fair value of a reporting unit’s goodwill with the carrying value of its goodwill to determine the amount of impairment charge, if any. The estimated fair value of each reporting unit is computed based upon the present value of future cash flows (“Discounted Cash Flow Method”) and the traded or transaction values of comparable businesses (“Market Comparable Method”). The Discounted Cash Flow Method and Market Comparable Method resulted in similar estimated fair values. The Discounted Cash Flow Method includes the Company’s assumptions for growth rates, operating margins and capital expenditures for the projection period plus the residual value of the business at the end of the projection period. The estimated growth rates, operating margins and capital expenditures for the projection period are based on the Company’s internal forecasts of future performance as well as historical trends. The residual value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections and for 2016 was 2.0% . The discount rate is determined based on the average of the weighted average cost of capital of comparable entities and for 2016 was 9.0% For the 2016 annual impairment test, the Company concluded that the estimated fair value of the CBS Sports Network reporting unit exceeded its carrying value and therefore the second step of the impairment test was unnecessary. Transactions In 2015, the Company disposed of internet businesses in China for $383 million , which resulted in gains of $139 million . The assets associated with the disposed businesses primarily consisted of goodwill of $217 million. For the years ended December 31, 2016 and 2015 , the changes in the book value of goodwill by segment were as follows: Balance at Balance at December 31, 2015 Acquisitions Dispositions December 31, 2016 Entertainment: Goodwill $ 9,250 $ 52 (a) $ (2 ) (b) $ 9,300 Accumulated impairment losses (6,294 ) — — (6,294 ) Goodwill, net of impairment 2,956 52 (2 ) 3,006 Cable Networks: Goodwill 480 — — 480 Accumulated impairment losses — — — — Goodwill, net of impairment 480 — — 480 Publishing: Goodwill 406 25 (c) — 431 Accumulated impairment losses — — — — Goodwill, net of impairment 406 25 — 431 Local Media: Goodwill 8,007 — — 8,007 Accumulated impairment losses (7,060 ) — — (7,060 ) Goodwill, net of impairment 947 — — 947 Total: Goodwill 18,143 77 (2 ) 18,218 Accumulated impairment losses (13,354 ) — — (13,354 ) Goodwill, net of impairment $ 4,789 $ 77 $ (2 ) $ 4,864 Balance at Balance at December 31, 2014 Dispositions December 31, 2015 Entertainment: Goodwill $ 9,467 $ (217 ) (b) $ 9,250 Accumulated impairment losses (6,294 ) — (6,294 ) Goodwill, net of impairment 3,173 (217 ) 2,956 Cable Networks: Goodwill 480 — 480 Accumulated impairment losses — — — Goodwill, net of impairment 480 — 480 Publishing: Goodwill 406 — 406 Accumulated impairment losses — — — Goodwill, net of impairment 406 — 406 Local Media: Goodwill 8,007 — 8,007 Accumulated impairment losses (7,060 ) — (7,060 ) Goodwill, net of impairment 947 — 947 Total: Goodwill 18,360 (217 ) 18,143 Accumulated impairment losses (13,354 ) — (13,354 ) Goodwill, net of impairment $ 5,006 $ (217 ) $ 4,789 (a) Amount reflects the acquisition of a sports-focused digital media business. (b) Amount reflects the disposition of internet businesses in China. (c) Amount reflects the acquisition of a publishing business. The Company’s intangible assets were as follows: Accumulated At December 31, 2016 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 188 $ (41 ) $ 147 Other intangible assets 147 (107 ) 40 Total intangible assets subject to amortization 335 (148 ) 187 FCC licenses 2,446 — 2,446 Total intangible assets $ 2,781 $ (148 ) $ 2,633 Accumulated At December 31, 2015 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 211 $ (59 ) $ 152 Other intangible assets 161 (120 ) 41 Total intangible assets subject to amortization 372 (179 ) 193 FCC licenses 2,446 — 2,446 Total intangible assets $ 2,818 $ (179 ) $ 2,639 Amortization expense was as follows: Year Ended December 31, 2016 2015 2014 Amortization expense $ 20 $ 23 $ 32 The Company expects its aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2017 through 2021 , to be as follows: 2017 2018 2019 2020 2021 Future amortization expense $ 19 $ 18 $ 18 $ 15 $ 13 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 4 ) DISCONTINUED OPERATIONS On February 2, 2017, the Company entered into an agreement with Entercom Communications Corp. to combine the Company’s radio business, CBS Radio, with Entercom in a merger to be effected through a Reverse Morris Trust transaction, which is expected to be tax-free to CBS Corp. and its stockholders. In connection with this transaction, the Company intends to split-off CBS Radio through an exchange offer, in which the Company’s stockholders may elect to exchange shares of the Company’s Class B Common Stock for shares of CBS Radio, which will then be immediately converted into shares of Entercom common stock at the time of the merger. This transaction is subject to customary approvals and closing conditions. The Company expects to complete the transaction during the second half of 2017. CBS Radio has been presented as a discontinued operation in the Company’s consolidated financial statements for all periods presented. 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. On April 2, 2014, Outdoor Americas completed an initial public offering (“Outdoor IPO”) through which it sold approximately 19% of its common stock. On July 16, 2014, the Company completed the disposition of its 81% ownership of Outdoor Americas common stock through a tax-free split-off (the “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 of Outdoor Americas common stock that it owned. In aggregate, the Company received $4.76 billion from the disposition of Outdoor Americas, including cash from the Outdoor IPO and proceeds from Outdoor Americas’ debt issuance, which totaled $2.04 billion , and the fair value of the shares of CBS. Corp. Class B Common Stock that were accepted in the Split-Off of $2.72 billion. The Split-Off resulted in a gain of $1.56 billion for the year ended December 31, 2014 which is included in net earnings from discontinued operations and is calculated as follows: Fair value of CBS Corp. Class B Common Stock accepted $ 2,721 (44,723,131 shares at $60.85 per share on July 16, 2014) Carrying value of Outdoor Americas (1,162 ) Accumulated other comprehensive income 30 Transaction costs (32 ) Net gain on Split-Off of Outdoor Americas $ 1,557 The Split-Off was a tax-free transaction and therefore, there is no tax impact on the gain. The following tables set forth details of net earnings (loss) from discontinued operations for the years ended December 31, 2016, 2015 and 2014 . Net earnings (loss) from discontinued operations included the operating results of CBS Radio for all periods presented. For 2016 , net loss from discontinued operations also included a charge of $36 million from the resolution of a tax matter in a foreign jurisdiction relating to a previously disposed business that was accounted for as a discontinued operation. For 2015 and 2014 , net earnings (loss) from discontinued operations also included decreases to the guarantee liability associated with the 2013 disposition of the Company’s outdoor advertising business in Europe (“Outdoor Europe”) as a result of a reduction to the risk associated with the guarantee. For 2014, net earnings from discontinued operations also included the operating results and the gain on the Split-Off of Outdoor Americas. Year Ended December 31, 2016 CBS Radio Other Total Revenues from discontinued operations $ 1,220 $ — $ 1,220 Costs and expenses: Operating 397 — 397 Selling, general and administrative 497 — 497 Depreciation and amortization 26 — 26 Restructuring charges 8 — 8 Impairment charge 444 — 444 Total costs and expenses 1,372 — 1,372 Operating loss (152 ) — (152 ) Interest expense (17 ) — (17 ) Other income 2 — 2 Loss from discontinued operations (167 ) — (167 ) Income tax provision (88 ) (36 ) (124 ) Net loss from discontinued operations, net of tax $ (255 ) $ (36 ) $ (291 ) Year Ended December 31, 2015 CBS Radio Other Total Revenues from discontinued operations $ 1,223 $ — $ 1,223 Costs and expenses: Operating 415 — 415 Selling, general and administrative 500 (17 ) 483 Depreciation and amortization 29 — 29 Restructuring charges 36 — 36 Impairment charge 484 — 484 Total costs and expenses 1,464 (17 ) 1,447 Operating income (loss) (241 ) 17 (224 ) Other income 1 — 1 Earnings (loss) from discontinued operations (240 ) 17 (223 ) Income tax benefit (provision) 89 (7 ) 82 Net earnings (loss) from discontinued operations, net of tax $ (151 ) $ 10 $ (141 ) Year Ended December 31, 2014 CBS Radio Outdoor Americas Other Total Revenues from discontinued operations $ 1,295 $ 677 $ — $ 1,972 Cost and expenses: Operating 401 366 — 767 Selling, general and administrative 498 131 (21 ) 608 Depreciation and amortization 31 88 — 119 Restructuring charges 7 — — 7 Impairment charge 52 — — 52 Total costs and expenses 989 585 (21 ) 1,553 Operating income 306 92 21 419 Interest expense — (34 ) — (34 ) Earnings from discontinued operations 306 58 21 385 Income tax provision (103 ) (18 ) (8 ) (129 ) Net earnings from discontinued operations, net of tax 203 40 13 256 Gain on disposal — 1,557 — 1,557 Less: Net earnings from discontinued operations attributable to noncontrolling interest, net of tax — 5 — 5 Net earnings from discontinued operations attributable to CBS Corp. $ 203 $ 1,592 $ 13 $ 1,808 During the year ended December 31, 2016 , the Company recorded a pretax noncash impairment charge of $444 million ( $427 million , net of tax) to reduce the carrying value of CBS Radio’s goodwill by $408 million ( $405 million , net of tax) and FCC licenses in 11 radio markets by $36 million ( $22 million , net of tax). The estimated fair value of FCC licenses was determined in connection with the Company’s annual impairment test, using the Greenfield Method (See Note 3 ). The goodwill impairment charge was determined based on the Company’s annual impairment test, which was performed at the reporting unit level (See Note 3 ). The carrying value of CBS Radio after the impairment charge of approximately $1.9 billion reflects the Company’s estimate of the value of the planned merger with Entercom. This estimated transaction value was derived by multiplying the historical trading multiples of Entercom and other similar companies by the total estimated earnings of the combined entity. The Company believes that this estimated transaction value is currently a better indicator of the transaction value than Entercom’s current stock price. However, the ultimate transaction value will be dependent on Entercom’s trading price at the time of the closing of the transaction. Entercom’s opening stock price on the day the transaction was announced indicates an estimated fair value of CBS Radio’s equity of approximately $1.7 billion . A 10% increase or decrease in the stock price would result in a change in the fair value of approximately $175 million. During the year ended December 31, 2015 , the Company recorded a pretax noncash impairment charge of $484 million ( $297 million , net of tax) to reduce the carrying value of radio FCC licenses in 18 markets to their fair value. In December 31, 2014 , the Company completed a radio station swap with Beasley Broadcast Group, Inc. through which the Company exchanged 13 of its radio stations in Tampa and Charlotte as well as one radio station in Philadelphia, for two radio stations in Philadelphia and three radio stations in Miami. In connection with the radio station swap, the Company recorded a pretax noncash impairment charge of $52 million ( $74 million , including a tax provision) to reduce the carrying value of the allocated goodwill. During the years ended December 31, 2016 , 2015 and 2014 , in a continued effort to reduce the cost structure of its radio business, the Company initiated restructuring plans at CBS Radio, primarily for the reorganization of certain business operations. As a result, the Company recorded restructuring charges of $8 million , $36 million and $7 million in 2016 , 2015 and 2014 , respectively, reflecting severance costs and costs associated with exiting contractual obligations. The following table presents the major classes of assets and liabilities of the Company’s discontinued operations. At December 31, 2016 2015 Receivables, net $ 244 $ 253 Other current assets 61 70 Goodwill 1,285 1,692 Intangible assets 2,832 2,875 Net property and equipment 145 152 Other assets 29 28 Total Assets $ 4,596 $ 5,070 Current portion of long-term debt $ 10 $ — Other current liabilities 145 143 Long-term debt 1,335 — Deferred income tax liabilities 998 1,014 Other liabilities 118 125 Total Liabilities $ 2,606 $ 1,282 CBS Radio Indebtedness In connection with the Company’s previously announced plans to separate its radio business, in October 2016, CBS Radio borrowed $1.46 billion through a $1.06 billion senior secured term loan due 2023 (“Term Loan”) and the issuance of $400 million of 7.25% senior unsecured notes due 2024 through a private placement. The Term Loan bears interest at a rate equal to 3.50% plus the greater of the London Interbank Offered Rate (“LIBOR”) and 1.00%. During the fourth quarter of 2016, CBS Radio prepaid $100 million of the Term Loan, leaving $960 million outstanding at December 31, 2016 . The Term Loan is part of a credit agreement which also includes a $250 million senior secured revolving credit facility (the “Radio Revolving Credit Facility”) which expires in 2021. Interest on the Radio Revolving Credit Facility is based on either LIBOR or a base rate plus a margin based on CBS Radio’s Consolidated Net Secured Leverage Ratio. The Consolidated Net Secured Leverage Ratio reflects the ratio of CBS Radio’s secured debt (less up to $150 million of cash and cash equivalents) to CBS Radio’s consolidated EBITDA (as defined in the credit agreement). The Radio Revolving Credit Facility requires CBS Radio to maintain a maximum Consolidated Net Secured Leverage Ratio of 4.00 to 1.00. At December 31, 2016 , the total outstanding borrowing under the Radio Revolving Credit Facility was $10 million . This debt is guaranteed by certain subsidiaries of CBS Radio. The Company does not guarantee, or otherwise provide credit support for, the senior notes, Term Loan, or Radio Revolving Credit Facility. |
Restructuring and Merger and Ac
Restructuring and Merger and Acquisition-Related Costs | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring charges | 5 ) RESTRUCTURING AND MERGER AND ACQUISITION-RELATED COSTS During the year ended December 31, 2016 , in a continued effort to reduce its cost structure, the Company initiated restructuring plans across several of its businesses, primarily for the reorganization of certain business operations. As a result, the Company recorded restructuring charges of $30 million , reflecting $19 million of severance costs and $11 million of costs associated with exiting contractual obligations and other related costs. During the year ended December 31, 2015 , the Company recorded restructuring charges of $45 million , reflecting $24 million of severance costs and $21 million of costs associated with exiting contractual obligations and other related costs. During the year ended December 31, 2014 , the Company recorded restructuring charges of $19 million , reflecting $11 million of severance costs and $8 million of costs associated with exiting contractual obligations. As of December 31, 2016 , the cumulative settlements for the 2016, 2015, and 2014 restructuring charges were $55 million , of which $33 million was for the severance costs and $22 million related to costs associated with exiting contractual obligations. The Company expects to substantially utilize its restructuring reserves by the end of 2018. Balance at 2016 2016 Balance at December 31, 2015 Charges Settlements December 31, 2016 Entertainment $ 19 $ 16 $ (15 ) $ 20 Cable Networks — 4 — 4 Publishing — 1 — 1 Local Media 11 6 (5 ) 12 Corporate 1 3 (2 ) 2 Total $ 31 $ 30 $ (22 ) $ 39 Balance at 2015 2015 Balance at December 31, 2014 Charges Settlements December 31, 2015 Entertainment $ 6 $ 26 $ (13 ) $ 19 Local Media 5 19 (13 ) 11 Corporate 2 — (1 ) 1 Total $ 13 $ 45 $ (27 ) $ 31 In 2016 , the Company incurred professional fees of $8 million associated with merger and acquisition-related activities. |
Programming and Other Inventory
Programming and Other Inventory | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Programming and Other Inventory | 6 ) PROGRAMMING AND OTHER INVENTORY At December 31, 2016 2015 Acquired program rights $ 1,773 $ 1,532 Internally produced programming: Released 1,746 1,261 In process and other 298 392 Publishing, primarily finished goods 49 42 Total programming and other inventory 3,866 3,227 Less current portion 1,427 1,270 Total noncurrent programming and other inventory $ 2,439 $ 1,957 The Company expects to amortize approximately $775 million of its released internally produced programming during the year ended December 31, 2017 . In addition, while it is difficult to determine the precise timing of the amortization of the remaining released internally produced programming, the Company estimates that substantially all of the December 31, 2016 balance will be amortized over the next three years. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | 7 ) 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 Chairman Emeritus of CBS Corp. and the Chairman Emeritus of 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 each of CBS Corp. and Viacom Inc. Mr. David R. Andelman is a director of CBS Corp. and serves as a director of NAI. At December 31, 2016 , NAI directly or indirectly owned approximately 79.5% of CBS Corp.’s voting Class A Common Stock and owned approximately 9.5% of CBS Corp.’s Class A Common Stock and non-voting Class B Common Stock on a combined basis. NAI is controlled by Mr. Redstone through the Sumner M. Redstone National Amusements Trust (the “SMR Trust”), which owns 80% of the voting interest of NAI, and such voting interest of NAI held by the SMR Trust is voted solely by Mr. Redstone until his incapacity or death. The SMR Trust provides that in the event of Mr. Redstone’s death or incapacity, voting control of the NAI voting interest held by the SMR Trust will pass to seven trustees, who will include CBS Corporation directors Ms. Shari Redstone and Mr. David R. Andelman. No member of the Company’s management is a trustee of the SMR Trust. In December 2016, the Company’s Board of Directors received a letter from NAI withdrawing NAI’s September 2016 request that the Company consider a potential combination of the Company and Viacom Inc. The Company has discontinued evaluating such potential transaction. 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 $120 million , $176 million and $180 million for the years ended December 31, 2016, 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 $24 million , $25 million and $19 million for the years ended December 31, 2016, 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 December 31, 2016 and 2015 . At December 31, 2016 2015 Receivables $ 113 $ 114 Other assets (Receivables, noncurrent) 35 38 Total amounts due from Viacom Inc. $ 148 $ 152 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 $112 million , $160 million and $122 million for the years ended December 31, 2016, 2015 and 2014 , respectively. Total amounts due from these joint ventures were $47 million and $48 million at December 31, 2016 and 2015 , 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. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Investments | 8 ) INVESTMENTS The Company accounts for investments over which it has significant influence or ownership of more than 20% but less than or equal to 50%, without a controlling interest, under the equity method. Such investments include the Company’s 50% interests in the broadcast network, The CW, and the entertainment cable network, Pop. In addition, the Company has interests in several international television joint ventures including a 49% interest in a joint venture with a subsidiary of AMC Networks Inc., which owns and operates six channels in the United Kingdom and Ireland, including CBS branded channels; a 30% interest in a joint venture with another subsidiary of AMC Networks Inc., which owns and operates six cable and satellite channels in Europe, the Middle East and Africa; a 33% interest in a joint venture with a subsidiary of Ten Network Holdings Limited to provide content to ELEVEN, a digital television channel service in Australia; and a 30% interest in a joint venture with RTL Group which owns and operates two cable channels in Southeast Asia. At December 31, 2016 and 2015 , respectively, the Company had $227 million and $224 million of equity investments that are included in “Other assets” on the Consolidated Balance Sheets. Investments of 20% or less, over which the Company has no significant influence, that do not have a readily determinable fair value are accounted for under the cost method. At December 31, 2016 and 2015 , respectively, the Company had $34 million and $32 million of cost investments that are included in “Other assets” on the Consolidated Balance Sheets. The Company invested $81 million during the year ended December 31, 2016 and $98 million during each of the years ended December 31, 2015 and 2014 into its equity and cost investments. For 2016 , equity in loss of investee companies, net of tax on the statement of operations included $10 million for the write-down of an international television joint venture to its fair value. |
Bank Financing and Debt
Bank Financing and Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Bank Financing and Debt | 9 ) BANK FINANCING AND DEBT The Company ’ s debt consists of the following (a) : At December 31, 2016 2015 Commercial paper $ 450 $ — 7.625% Senior Debentures due 2016 — 200 1.95% Senior Notes due 2017 399 398 4.625% Senior Notes due 2018 305 309 2.30% Senior Notes due 2019 606 609 5.75% Senior Notes due 2020 499 498 4.30% Senior Notes due 2021 299 299 3.375% Senior Notes due 2022 695 694 7.875% Debentures due 2023 187 186 7.125% Senior Notes due 2023 (b) 46 46 3.70% Senior Notes due 2024 596 596 3.50% Senior Notes due 2025 587 585 4.00% Senior Notes due 2026 783 781 2.90% Senior Notes due 2027 683 — 7.875% Senior Debentures due 2030 833 833 5.50% Senior Debentures due 2033 425 425 5.90% Senior Notes due 2040 297 297 4.85% Senior Notes due 2042 485 484 4.90% Senior Notes due 2044 538 538 4.60% Senior Notes due 2045 587 587 Obligations under capital leases 75 83 Total debt (c) 9,375 8,448 Less commercial paper 450 — Less current portion 23 222 Total long-term debt, net of current portion $ 8,902 $ 8,226 (a) Unless otherwise noted, the long-term debt instruments are issuances of CBS Corp. and are guaranteed by CBS Operations Inc. (b) Debt instrument is an issuance of CBS Broadcasting Inc., a wholly owned subsidiary of CBS Corp., and has no guarantor. (c) At December 31, 2016 and 2015 , the senior debt balances included (i) a net unamortized discount of $52 million and $45 million , respectively, (ii) unamortized deferred financing costs of $43 million and $44 million , respectively, and (iii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $5 million and $14 million , respectively. The face value of the Company’s total debt was $9.47 billion at December 31, 2016 and $8.52 billion at December 31, 2015 . Long-term debt of $1.35 billion at December 31, 2016 is included in discontinued operations on the Consolidated Balance Sheets (See Note 4 ). During July 2016, the Company issued $700 million of 2.90% senior notes due 2027 . During January 2016, the Company repaid its $200 million of outstanding 7.625% senior debentures upon maturity. For the year ended December 31, 2015 , debt issuances were as follows: January 2015 , $600 million 3.50% senior notes due 2025 January 2015 , $600 million 4.60% senior notes due 2045 July 2015 , $800 million 4.00% senior notes due 2026 The Company used the net proceeds from the 2016 and 2015 issuances for general corporate purposes, including the repurchase of CBS Corp. Class B Common Stock and repayment of short-term borrowings, including commercial paper. At December 31, 2016 , the Company classified $399 million of debt maturing in July 2017 as long-term debt on the Consolidated Balance Sheet, reflecting its intent and ability to refinance this debt on a long-term basis. At December 31, 2016 , the Company’s scheduled maturities of long-term debt at face value, excluding capital leases, were as follows: 2022 and 2017 2018 2019 2020 2021 Thereafter Long-term debt $ 400 $ 300 $ 600 $ 500 $ 300 $ 6,840 Commercial Paper At December 31, 2016 the Company had $450 million of outstanding commercial paper borrowings under its $2.5 billion commercial paper program, at a weighted average interest rate of 0.98% and with remaining maturities of less than 45 days. There were no outstanding commercial paper borrowings at December 31, 2015 . Credit Facility During June 2016, the Company amended and restated its $2.5 billion revolving credit facility (the “Credit Facility”). The amended Credit Facility expires in June 2021 and contains provisions that are substantially similar to the previous credit facility, which was due to expire in December 2019. The Company, at its option, may also borrow in certain foreign currencies up to specified limits under the Credit Facility. Borrowing rates under the Credit Facility are determined at the Company’s option at the time of each borrowing and are based generally on the prime rate in the U.S. or LIBOR plus a margin based on the Company’s senior unsecured debt rating. The Company pays a facility fee based on the total amount of the commitments. 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 December 31, 2016 , the Company’s Consolidated Leverage Ratio was approximately 2.9x . The Consolidated Leverage Ratio reflects 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 December 31, 2016 , 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 . |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | 10 ) FINANCIAL INSTRUMENTS The carrying value of financial instruments approximates fair value, except for notes and debentures, which are not recorded at fair value. At December 31, 2016 and 2015 , the carrying value of the Company’s senior debt was $8.85 billion and $8.37 billion , respectively, and the fair value, which is estimated based on quoted market prices for similar liabilities (Level 2) and includes accrued interest, was $9.51 billion and $8.78 billion , respectively. The Company uses derivative financial instruments primarily to modify its exposure to market risks from fluctuations in 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, in currencies such as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar, generally for periods up to 24 months. The Company designates foreign exchange forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Gains or losses on the effective portion of designated cash flow hedges are initially recorded in other comprehensive income (loss) 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. At December 31, 2016 and 2015 , the notional amount of all foreign currency contracts was $433 million and $291 million , respectively. Interest Rate Swaps All of the Company’s long-term debt has been issued under fixed interest rate agreements. During 2014, in connection with the issuance of its $600 million of 2.30% senior notes due 2019, the Company entered into $600 million notional amount of fixed-to-floating rate swap agreements to hedge this debt. During 2015, prior to maturity, the Company settled these interest rate swaps and received $12 million in cash, plus accrued interest. The resulting increase in the carrying value of the previously hedged debt is being amortized as a reduction to interest expense over the remaining term of the debt. The Company did not have any interest rate swaps outstanding at December 31, 2016 or December 31, 2015 . Gains recognized on derivative financial instruments were as follows: Year Ended December 31, 2016 2015 Financial Statement Account Non-designated foreign exchange contracts $ 33 $ 22 Other items, net Designated interest rate swaps $ — $ 7 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 Company continually monitors its positions with, and credit quality of, the financial institutions that are counterparties to its financial instruments. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the agreements. However, the Company does not anticipate nonperformance by the counterparties. The Company’s receivables do not represent significant concentrations of credit risk at December 31, 2016 and 2015 , due to the wide variety of customers, markets and geographic areas to which the Company’s products and services are sold. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11 ) FAIR VALUE MEASUREMENTS The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2016 and 2015 . 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 December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Foreign currency hedges $ — $ 34 $ — $ 34 Total Assets $ — $ 34 $ — $ 34 Liabilities: $ — Deferred compensation $ — $ 347 $ — $ 347 Foreign currency hedges — 1 — $ 1 Total Liabilities $ — $ 348 $ — $ 348 At December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Foreign currency hedges $ — $ 13 $ — $ 13 Total Assets $ — $ 13 $ — $ 13 Liabilities: $ — Deferred compensation $ — $ 312 $ — $ 312 Total Liabilities $ — $ 312 $ — $ 312 The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 12 ) STOCKHOLDERS’ EQUITY In general, CBS Corp. Class A Common Stock and CBS Corp. Class B Common Stock have the same economic rights; however, holders of CBS Corp. Class B Common Stock do not have any voting rights, except as required by law. Holders of CBS Corp. Class A Common Stock are entitled to one vote per share with respect to all matters on which the holders of CBS Corp. Common Stock are entitled to vote. Dividends —On July 28, 2016, the Company announced that its Board of Directors approved a 20% increase to the quarterly cash dividend on its Class A and Class B Common Stock to $.18 from $.15 per share. The Company declared a quarterly cash dividend on its Class A and Class B Common Stock during each of the four quarters of 2016, 2015, and 2014 . For the years ended December 31, 2016, 2015 and 2014 , the Company declared total per share dividends of $.66 , $.60 , and $.54 , respectively, resulting in total annual dividends of $294 million , $293 million and $296 million , respectively. Dividends have been recorded as a reduction to additional paid-in capital as the Company has an accumulated deficit balance. Purchase of Company Stock —On July 28, 2016, the Company announced that its Board of Directors approved an increase to the Company’s share repurchase program to a total availability of $6.0 billion . During 2016 , the Company repurchased 54.3 million shares of CBS Corp. Class B Common Stock under its share repurchase program for $3.0 billion , at an average cost of $55.15 per share. At December 31, 2016 , $4.11 billion of authorization remained under the share repurchase program. Conversion Rights —Holders of Class A Common Stock have the right to convert their shares to Class B Common Stock as long as there are at least 5,000 shares of Class A Common Stock outstanding. Conversions of CBS Corp. Class A Common Stock into Class B Common Stock were 0.1 million for both 2016 and 2015 and 1.3 million for 2014 . Accumulated Other Comprehensive Income — The following table presents the changes in the components of accumulated other comprehensive income (loss). Continuing Operations Discontinued Operations Net Actuarial Accumulated Cumulative Gain (Loss) Unrealized Other Other Translation and Prior Gain on Comprehensive Comprehensive Adjustments Service Cost Securities Income (Loss) (a) Loss At December 31, 2013 $ 166 $ (729 ) $ 3 $ 15 $ (545 ) Other comprehensive income (loss) before reclassifications (9 ) (189 ) — 15 (183 ) Reclassifications to net earnings — 26 (b) (3 ) (30 ) (c) (7 ) Other comprehensive loss (9 ) (163 ) (3 ) (15 ) (190 ) At December 31, 2014 157 (892 ) — — (735 ) Other comprehensive income (loss) before reclassifications (5 ) (66 ) — — (71 ) Reclassifications to net earnings — 36 (b) — — 36 Other comprehensive loss (5 ) (30 ) — — (35 ) At December 31, 2015 152 (922 ) — — (770 ) Other comprehensive income (loss) before reclassifications (1 ) (165 ) — — (166 ) Reclassifications to net earnings — 169 (b) — — 169 Other comprehensive income (loss) (1 ) 4 — — 3 At December 31, 2016 $ 151 $ (918 ) $ — $ — $ (767 ) (a) Primarily reflects cumulative translation adjustments. (b) Reflects amortization of net actuarial losses (See Note 15 ). (c) Reclassified in connection with the disposal of Outdoor Americas in 2014 and Outdoor Europe in 2013 (See Note 4 ). 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) benefit for the years ended December 31, 2016, 2015 and 2014 of $(3) million , $19 million and $105 million , respectively. The tax provision related to the other comprehensive loss from discontinued operations and the tax provision related to the unrealized gain on securities were minimal for all periods presented. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 13 ) STOCK-BASED COMPENSATION The Company has equity incentive plans (the “Plans”) under which stock options, RSUs and market-based performance share units (“PSUs”) were issued. The purpose of the Plans is to benefit and advance the interests of the Company by attracting, retaining and motivating participants and to compensate participants for their contributions to the financial success of the Company. The Plans provide for awards of stock options, stock appreciation rights, restricted and unrestricted shares, RSUs, dividend equivalents, performance awards and other equity-related awards. Upon exercise of stock options or vesting of RSUs and PSUs, the Company issues new shares from its existing authorization. At December 31, 2016 , there were 48 million shares available for future grant under the Plans. The following table summarizes the Company’s stock-based compensation expense for the years ended December 31, 2016, 2015 and 2014 . Year Ended December 31, 2016 2015 2014 RSUs and PSUs $ 137 $ 129 $ 116 Stock options 28 28 21 Stock-based compensation expense, before income taxes 165 157 137 Related tax benefit (63 ) (61 ) (55 ) Stock-based compensation expense, net of tax benefit $ 102 $ 96 $ 82 Included in net earnings (loss) from discontinued operations was stock-based compensation expense of $12 million for 2016 and $17 million for each of the years 2015 and 2014 . RSUs and PSUs Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a one - to four -year service period. Certain RSU awards are also subject to satisfying performance conditions. Compensation expense is recorded based on the probable outcome of the performance conditions. Forfeitures for RSUs are estimated on the date of grant based on historical forfeiture rates. On an annual basis, the Company adjusts the compensation expense based on actual forfeitures and revises the forfeiture rate as necessary. During 2016 , the Company also granted a PSU award. The number of shares that will be issued upon vesting of the PSU is based on the Company’s stock price performance over a designated measurement period, as well as the achievement of established operating goals. The fair value of the PSU award is determined using a Monte Carlo simulation model. Compensation expense for the PSU is expensed over the required employee service period. The weighted average grant date fair value of RSUs was $47.30 , $59.11 and $62.70 in 2016, 2015, and 2014 , respectively. The total market value of RSUs that vested during 2016, 2015, and 2014 was $129 million , $212 million and $319 million , respectively. Total unrecognized compensation cost related to non-vested RSUs at December 31, 2016 was $181 million which is expected to be recognized over a weighted average period of 2.3 years . The following table summarizes the Company’s RSU activity. Weighted Average RSUs Grant Date Fair Value Non-vested at December 31, 2015 5,745,080 $ 54.88 Granted 3,702,313 $ 47.30 Vested (2,731,513 ) $ 50.04 Forfeited (258,260 ) $ 55.19 Non-vested at December 31, 2016 6,457,620 $ 52.57 Stock Options 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. Stock options generally vest over a three - to four -year service period and expire eight years from the date of grant. Forfeitures are estimated on the date of grant based on historical forfeiture rates. On an annual basis, the Company adjusts the compensation expense based on actual forfeitures and revises the forfeiture rate as necessary. The weighted average fair value of stock options as of the grant date was $12.30 , $15.73 and $18.23 in 2016, 2015, and 2014 , respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2016 2015 2014 Expected dividend yield 1.31 % 1.25 % 1.25 % Expected stock price volatility 32.55 % 31.45 % 33.06 % Risk-free interest rate 1.35 % 1.63 % 1.60 % Expected term of options (years) 5.00 5.00 5.00 The expected stock price volatility is determined using a weighted average of historical volatility for CBS Corp. Class B Common Stock and implied volatility of publicly traded options to purchase CBS Corp. Class B Common Stock. Given the existence of an actively traded market for CBS Corp. options, the Company was able to derive implied volatility using publicly traded options to purchase CBS Corp. Class B Common Stock that were trading near the grant date of the employee stock options at a similar exercise price and a remaining term of greater than one year. The risk-free interest rate is based on a U.S. Treasury rate in effect on the date of grant with a term equal to the expected term. The expected term is determined based on historical employee exercise and post-vesting termination behavior. The expected dividend yield represents the Company’s future expectation of the dividend yield based on current rates and historical patterns of dividend changes. Total unrecognized compensation cost related to non-vested stock option awards at December 31, 2016 was $42 million , which is expected to be recognized over a weighted average period of 2.2 years . The following table summarizes the Company’s stock option activity under the Plans. Weighted Average Stock Options Exercise Price Outstanding at December 31, 2015 11,305,035 $ 41.75 Granted 1,750,577 $ 46.12 Exercised (1,042,839 ) $ 20.16 Forfeited or expired (101,126 ) $ 57.52 Outstanding at December 31, 2016 11,911,647 $ 44.14 Exercisable at December 31, 2016 7,352,349 $ 38.16 The following table summarizes other information relating to stock option exercises during the years ended December 31, 2016, 2015 and 2014 . Year Ended December 31, 2016 2015 2014 Cash received from stock option exercises $ 21 $ 142 $ 283 Tax benefit of stock option exercises $ 14 $ 74 $ 200 Intrinsic value of stock option exercises $ 37 $ 192 $ 517 The following table summarizes information concerning outstanding and exercisable stock options to purchase CBS Corp. Class B Common Stock under the Plans at December 31, 2016 . Outstanding Exercisable Remaining Weighted Weighted Range of Number Contractual Average Number Average Exercise Price of Options Life (Years) Exercise Price of Options Exercise Price $5 to 9.99 301,305 0.35 $ 5.28 301,305 $ 5.28 $10 to 19.99 320,447 1.66 $ 14.12 320,447 $ 14.12 $20 to 29.99 2,415,271 2.85 $ 27.72 2,415,271 $ 27.72 $30 to 39.99 1,314,623 3.75 $ 34.13 1,314,623 $ 34.13 $40 to 49.99 3,767,119 5.54 $ 45.01 1,487,149 $ 44.41 $50 to 59.99 1,785,593 6.03 $ 59.54 490,242 $ 59.54 $60 to 69.99 2,007,289 5.14 $ 65.77 1,023,312 $ 65.89 11,911,647 7,352,349 At December 31, 2016 stock options outstanding have a weighted average remaining contractual life of 4.57 years and the total intrinsic value for “in-the-money” options, based on the Company’s closing stock price of $63.62 , was $236 million . At December 31, 2016 stock options exercisable have a weighted average remaining contractual life of 3.64 years and the total intrinsic value for “in-the-money” exercisable options was $189 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14 ) INCOME TAXES The U.S. and foreign components of earnings from continuing operations before income taxes and equity in loss of investee companies were as follows: Year Ended December 31, 2016 2015 2014 United States $ 1,803 $ 1,840 $ 1,484 Foreign 427 424 374 Total $ 2,230 $ 2,264 $ 1,858 The components of the provision for income taxes were as follows: Year Ended December 31, 2016 2015 2014 Current: Federal $ 359 $ 110 $ (17 ) State and local 64 30 15 Foreign 61 91 69 484 231 67 Deferred 144 445 592 Provision for income taxes $ 628 $ 676 $ 659 In addition, included in net earnings (loss) from discontinued operations was an income tax (provision) benefit of $(124) million , $82 million and $(129) million in 2016 , 2015 , and 2014 , respectively. The equity in loss of investee companies is shown net of tax on the Company’s Consolidated Statements of Operations. The tax benefits relating to losses from equity investments in 2016, 2015, and 2014 were $25 million , $22 million , and $31 million , respectively, which represented an effective tax rate of 33.5% for 2016 and 38.7% for each of the years 2015 and 2014 . In 2016 and 2015 , the Company realized tax benefits from the exercise of stock options and vesting of RSUs of $57 million and $148 million , respectively. The difference between income taxes expected at the U.S. federal statutory income tax rate of 35% and the provision for income taxes is summarized as follows: Year Ended December 31, 2016 2015 2014 Taxes on income at U.S. federal statutory rate $ 780 $ 792 $ 650 State and local taxes, net of federal tax benefit 59 55 104 Effect of foreign operations (112 ) (100 ) (90 ) Domestic production deduction (42 ) (25 ) — Sales of businesses — (42 ) — Audit settlements, net — (9 ) (4 ) Other, net (a) (57 ) 5 (1 ) Provision for income taxes $ 628 $ 676 $ 659 (a) 2016 includes a one-time tax benefit of $47 million associated with a multiyear adjustment to a tax deduction, which was approved by the IRS during the third quarter of 2016. The following table summarizes the components of deferred income tax assets and liabilities. At December 31, 2016 2015 Deferred income tax assets: Reserves and other accrued liabilities $ 671 $ 682 Pension, postretirement and other employee benefits 843 791 Tax credit and loss carryforwards 966 934 Other 113 102 Total deferred income tax assets 2,593 2,509 Valuation allowance (928 ) (914 ) Deferred income tax assets, net 1,665 1,595 Deferred income tax liabilities: Intangible assets (1,469 ) (1,333 ) Unbilled licensing receivables (636 ) (599 ) Property, equipment and other assets (140 ) (155 ) Total deferred income tax liabilities (2,245 ) (2,087 ) Deferred income tax liabilities, net $ (580 ) $ (492 ) In addition to the deferred income taxes reflected in the table above, included in the liabilities of discontinued operations on the Consolidated Balance Sheets are net deferred income tax liabilities of $975 million and $990 million at December 31, 2016 and 2015 , respectively. At December 31, 2016 , the Company had net operating loss carryforwards for federal, state and local, and foreign jurisdictions of approximately $980 million , the majority of which expire in various years from 2017 through 2036 . The 2016 and 2015 deferred income tax assets were reduced by a valuation allowance of $928 million and $914 million , respectively, principally relating to income tax benefits from capital losses and net operating losses in foreign jurisdictions which are not expected to be realized. The Company’s share of the undistributed earnings of certain foreign subsidiaries not included in its consolidated federal income tax return that could be subject to additional income taxes if remitted was approximately $4.55 billion at December 31, 2016 and $4.15 billion at December 31, 2015 . For certain foreign subsidiaries, no provision has been recorded for the U.S. or foreign taxes that could result from the remittance of such undistributed earnings since the Company intends to distribute only the portion of such earnings which would be offset by U.S. foreign tax credits or remitted in tax-free transactions, and intends to reinvest the remainder outside the U.S. indefinitely. The determination of the unrecognized U.S. federal deferred income tax liability for such undistributed earnings is not practicable. The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. At January 1, 2014 $ 139 Additions for current year tax positions 14 Additions for prior year tax positions 31 Reductions for prior year tax positions (26 ) Cash settlements (16 ) Statute of limitations lapses (2 ) At December 31, 2014 140 Additions for current year tax positions 14 Additions for prior year tax positions 6 Reductions for prior year tax positions (32 ) Cash settlements (23 ) Statute of limitations lapses (1 ) At December 31, 2015 104 Additions for current year tax positions 9 Additions for prior year tax positions 4 Reductions for prior year tax positions (8 ) Cash settlements (6 ) Statute of limitations lapses (1 ) At December 31, 2016 $ 102 At December 31, 2016 and 2015 , $20 million and $25 million , respectively, of the reserve for uncertain tax positions were included in “Liabilities of discontinued operations” on the Consolidated Balance Sheets. The reserve for uncertain tax positions of $102 million at December 31, 2016 includes $76 million which would affect the Company’s effective income tax rate, including discontinued operations, if and when recognized in future years. The Company recognizes interest and penalty charges related to the reserve for uncertain tax positions as income tax expense. The Company recognized interest and penalties of $7 million for each of the years ended December 31, 2016 and 2015 , and $14 million for the year ended December 31, 2014 , in the Consolidated Statements of Operations. As of December 31, 2016 and 2015 , the Company has recorded liabilities for accrued interest and penalties of $35 million and $33 million , respectively, on the Consolidated Balance Sheets. During 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, 2014 and 2015 during 2017. 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 does not currently believe that it is reasonably possible that the reserve for uncertain tax positions will significantly change within the next twelve months; however, it is difficult to predict the final outcome or timing of resolution of any particular tax matter and accordingly, unforeseen events could cause the Company’s expectation to change in the future. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
Pension and Other Postretirement Benefits | 15 ) PENSION AND OTHER POSTRETIREMENT BENEFITS The Company and certain of its subsidiaries sponsor qualified and non-qualified defined benefit pension plans, principally non-contributory, covering eligible employees. The majority of participants in these plans are retired employees or former employees of previously divested businesses. Most of the Company’s pension plans are closed to new entrants. The benefits for some plans are based primarily on an employee’s years of service and average pay near retirement. Benefits under other plans are based primarily on an employee’s pay for each year that the employee participated in the plan. Participating employees are vested in the plans after five years of service. The Company funds its pension plans in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”), the Pension Protection Act of 2006, the Internal Revenue Code of 1986 and the applicable rules and regulations. Plan assets consist principally of corporate bonds, equity securities and U.S. government securities. The Company’s common stock represents approximately 2.8% and 1.8% of the plan assets’ fair values at December 31, 2016 and 2015 , respectively. In September 2016, the Company offered eligible former employees who had not yet initiated pension benefit payments the option to make a one-time election to receive the present value of their pension benefits as a lump-sum distribution or to commence an immediate monthly annuity benefit. As a result, the Company paid a total of $518 million of lump-sum distributions in 2016 using its pension plan assets, representing 12% of the total obligations of its qualified pension plans. Accordingly, the Company recorded a one-time settlement charge of $211 million , reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan. In addition, the Company sponsors health and welfare plans that provide postretirement health care and life insurance benefits to eligible retired employees and their covered dependents. Eligibility is based in part on certain age and service requirements at the time of their retirement. Most of the plans are contributory and contain cost-sharing features such as deductibles and coinsurance which are adjusted annually. Claims are paid primarily with the Company’s funds. The Company uses a December 31 measurement date for all pension and other postretirement benefit plans. The following table sets forth the change in benefit obligation for the Company’s pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation, beginning of year $ 4,911 $ 5,323 $ 486 $ 562 Service cost 29 31 — — Interest cost 215 209 20 20 Actuarial loss (gain) 353 (210 ) (5 ) (45 ) Benefits paid (328 ) (416 ) (69 ) (66 ) Participants’ contributions — — 11 11 Retiree Medicare drug subsidy — — 4 4 Settlements (518 ) — — — Cumulative translation adjustments (2 ) (26 ) — — Benefit obligation, end of year $ 4,660 $ 4,911 $ 447 $ 486 The following table sets forth the change in plan assets for the Company’s pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2016 2015 2016 2015 Change in plan assets: Fair value of plan assets, beginning of year $ 3,734 $ 4,224 $ 4 $ 5 Actual return (loss) on plan assets 305 (99 ) — — Employer contributions 52 52 54 50 Benefits paid (328 ) (416 ) (69 ) (66 ) Participants’ contributions — — 11 11 Retiree Medicare drug subsidy — — 4 4 Settlements (518 ) — — — Cumulative translation adjustments (1 ) (27 ) — — Fair value of plan assets, end of year $ 3,244 $ 3,734 $ 4 $ 4 The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Company’s Consolidated Balance Sheets were as follows: Pension Benefits Postretirement Benefits At December 31, 2016 2015 2016 2015 Funded status at end of year $ (1,416 ) $ (1,177 ) $ (443 ) $ (482 ) Amounts recognized on the Consolidated Balance Sheets: Other assets $ 13 $ 17 $ — $ — Current liabilities (53 ) (51 ) (50 ) (50 ) Noncurrent liabilities (1,376 ) (1,143 ) (393 ) (432 ) Net amounts recognized $ (1,416 ) $ (1,177 ) $ (443 ) $ (482 ) The Company’s qualified pension plans were underfunded by $742 million and $533 million at December 31, 2016 and 2015 , respectively. The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. Pension Benefits Postretirement Benefits At December 31, 2016 2015 2016 2015 Net actuarial (loss) gain $ (1,827 ) $ (1,848 ) $ 230 $ 246 Net prior service cost (7 ) (9 ) — — Share of equity investee (1 ) (1 ) — — (1,835 ) (1,858 ) 230 246 Deferred income taxes 725 734 (38 ) (44 ) Net amount recognized in accumulated other comprehensive income (loss) $ (1,110 ) $ (1,124 ) $ 192 $ 202 The accumulated benefit obligation for all defined benefit pension plans was $4.59 billion and $4.83 billion at December 31, 2016 and 2015 , respectively. Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. At December 31, 2016 2015 Projected benefit obligation $ 4,558 $ 4,795 Accumulated benefit obligation $ 4,485 $ 4,717 Fair value of plan assets $ 3,129 $ 3,602 The following tables present the components of net periodic benefit cost and amounts recognized in other comprehensive income (loss). Pension Benefits Postretirement Benefits Year Ended December 31, 2016 2015 2014 2016 2015 2014 Components of net periodic cost: Service cost $ 29 $ 31 $ 31 $ — $ — $ — Interest cost 215 209 237 20 20 25 Expected return on plan assets (227 ) (261 ) (262 ) — — — Amortization of actuarial losses (gains) 84 79 63 (21 ) (21 ) (21 ) Amortization of prior service cost (credit) 1 1 1 — — (1 ) Settlements 211 — — — — — Net periodic cost $ 313 $ 59 $ 70 $ (1 ) $ (1 ) $ 3 Pension Postretirement Year Ended December 31, 2016 Benefits Benefits Other comprehensive income (loss): 45 Actuarial (loss) gain $ (275 ) $ 5 Amortization of actuarial losses (gains) (a) 84 (21 ) Amortization of prior service cost (a) 1 — Settlements (a) 211 — Cumulative translation adjustments 2 — 23 (16 ) Deferred income taxes (9 ) 6 Recognized in other comprehensive income (loss), net of tax $ 14 $ (10 ) (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings. Estimated net actuarial losses and prior service costs related to the defined benefit pension plans of approximately $101 million and $1 million , respectively, will be amortized from accumulated other comprehensive income (loss) into net periodic benefit costs in 2017 . Estimated net actuarial gains related to the other postretirement benefit plans of approximately $22 million will be amortized from accumulated other comprehensive income (loss) into net periodic benefit costs in 2017 . Pension Postretirement Benefits Benefits 2016 2015 2016 2015 Weighted average assumptions used to determine benefit obligations at December 31: Discount rate 4.3 % 4.6 % 4.1 % 4.2 % Rate of compensation increase 3.0 % 3.0 % N/A N/A Weighted average assumptions used to determine net periodic costs for the year ended December 31: Discount rate 4.6 % 4.1 % 4.2 % 3.8 % Expected long-term return on plan assets 6.4 % 6.5 % 2.0 % 2.0 % Rate of compensation increase 3.0 % 3.0 % N/A N/A N/A - not applicable The discount rates are determined primarily based on the yield on a portfolio of high quality bonds, constructed to provide cash flows necessary to meet the Company’s pension plans’ expected future benefit payments, as determined for the projected benefit obligations. The expected return on plan assets assumption is derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected returns on various classes of plan assets. The following additional assumptions were used in accounting for postretirement benefits. 2016 2015 Projected health care cost trend rate 6.6 % 7.0 % Ultimate trend rate 5.0 % 5.0 % Year ultimate trend rate is achieved 2021 2021 A one percentage point change in assumed health care cost trend rates would have the following effects: One Percentage One Percentage Point Increase Point Decrease Effect on total service and interest cost components $ — $ — Effect on the accumulated postretirement benefit obligation $ 5 $ (5 ) Plan Assets The asset allocations for the Company’s U.S. qualified defined benefit pension plan trust and international pension plan trusts are based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. The target asset allocation for the Company’s U.S. pension plan trust, which accounted for 95% of total plan assets at December 31, 2016 , is to invest between 70% - 80% in long duration fixed income investments, 16% - 28% in equity securities and the remainder in cash and other investments. At December 31, 2016 , this trust was invested approximately 74% in long duration fixed income portfolios, 24% in equity investments, and the remainder in cash, cash equivalents and other investments. Other trusts, which fund the Company’s international pension plans, accounted for 5% of total plan assets at December 31, 2016 and are invested approximately 70% in fixed income investments, 21% in equity investments, and the remainder in cash, cash equivalents and other investments. Long duration fixed income investments primarily consist of a diversified portfolio of investment grade fixed income instruments with a duration that approximates the duration of the liabilities covered by the trust. All equity portfolios are diversified between U.S. and non-U.S. equities and include large and small capitalization equities. The asset allocations are reviewed regularly. The following tables set forth the Company’s pension plan assets measured at fair value on a recurring basis at December 31, 2016 and 2015 . These assets 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 quoted prices for the asset 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 in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset. At December 31, 2016 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 11 $ 53 $ — $ 64 Fixed income securities: U.S. treasury securities 132 — — 132 Government-related securities 18 207 — 225 Corporate bonds (b) — 1,895 — 1,895 Mortgage-backed and asset-backed securities — 135 2 137 Equity securities: U.S. large capitalization 187 3 — 190 U.S. small capitalization 64 — — 64 International equity — 3 — 3 Other — (18 ) — (18 ) Total assets in fair value hierarchy $ 412 $ 2,278 $ 2 $ 2,692 Common collective funds measured at net asset value (c) (d) 521 Limited partnerships measured at net asset value (c) 31 Investments, at fair value $ 3,244 At December 31, 2015 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 3 $ 72 $ — $ 75 Fixed income securities: U.S. treasury securities 118 — — 118 Government-related securities 29 260 — 289 Corporate bonds (b) — 2,196 — 2,196 Mortgage-backed and asset-backed securities — 114 2 116 Equity securities: U.S. large capitalization 233 3 — 236 U.S. small capitalization 70 — — 70 International equity — 4 — 4 Other — 22 — 22 Total assets in fair value hierarchy $ 453 $ 2,671 $ 2 $ 3,126 Common collective funds measured at net asset value (c) (d) 565 Limited partnerships measured at net asset value (c) 43 Investments, at fair value $ 3,734 (a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse sectors and industries, substantially all investment grade. (c) In accordance with FASB guidance investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. (d) Underlying investments consist mainly of U.S. large capitalization and international equity securities. Money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in equity securities are reported at fair value based on quoted market prices on national security exchanges. The fair value of investments in common collective funds are determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The fair value of U.S. treasury securities is determined based on quoted market prices in active markets. The fair value of government related securities and corporate bonds is determined based on quoted market prices on national security exchanges, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker quoted prices. The fair value of mortgage-backed and asset-backed securities is based upon valuation models which incorporate available dealer quotes, projected cash flows and market information. The fair value of limited partnerships has been estimated using the NAV of the ownership interest. The NAV is determined using quarterly financial statements issued by the partnership which determine the value based on the fair value of the underlying investments. The table below sets forth a summary of changes in the fair value of investments reflected as Level 3 at December 31, 2016 . Mortgage-backed Securities At January 1, 2015 $ 3 Contributions and distributions, net (1 ) At December 31, 2015 2 Contributions and distributions, net — At December 31, 2016 $ 2 The Company’s other postretirement benefits plan assets of $4 million at both December 31, 2016 and 2015 , were invested in U.S. fixed income index funds, which are categorized as Level 1 assets. Future Benefit Payments Estimated future benefit payments are as follows: 2017 2018 2019 2020 2021 2022-2026 Pension $ 419 $ 356 $ 347 $ 336 $ 328 $ 1,491 Postretirement $ 58 $ 56 $ 53 $ 51 $ 47 $ 192 Retiree Medicare drug subsidy $ (8 ) $ (8 ) $ (7 ) $ (7 ) $ (7 ) $ (32 ) In January 2017 , the Company made discretionary contributions of $100 million to pre-fund its qualified pension plans. In 2017 , the Company expects to make contributions of approximately $54 million to its non-qualified pension plans to satisfy the benefit payments due under these plans. Also in 2017 , the Company expects to contribute approximately $50 million to its other postretirement benefit plans to satisfy the Company’s portion of benefit payments due under these plans. Multiemployer Pension and Postretirement Benefit Plans The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective bargaining agreements that cover its union-represented employees including talent, writers, directors, producers and other employees, primarily in the entertainment industry. The other employers participating in these multiemployer plans are primarily in the entertainment and other related industries. The risks of participating in multiemployer plans are different from single-employer plans as assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers and if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. In addition, if the Company chooses to stop participating in some of its multiemployer plans it may be required to pay those plans a withdrawal liability based on the underfunded status of the plan. The financial health of a multiemployer plan is indicated by the zone status, as defined by the Pension Protection Act of 2006, which represents the funded status of the plan as certified by the plan’s actuary. Plans in the red zone are less than 65% funded, the yellow zone are between 65% and 80% funded, and green zone are at least 80% funded. The table below presents information concerning the Company’s participation in multiemployer defined benefit pension plans. Employer Identification Pension Protection Act Expiration Date of Collective Number/Pension Zone Status (a) Company Contributions Bargaining Pension Plan Plan Number 2016 2015 2016 2015 2014 Agreement AFTRA Retirement Plan (b) 13-6414972-001 Green Green $ 6 $ 5 $ 5 (c) Directors Guild of America - Producer 95-2892780-001 Green Green 6 6 5 6/30/2020 Producer-Writers Guild of America 95-2216351-001 Green Green 12 11 10 5/1/2017 Screen Actors Guild - Producers 95-2110997-001 Green Green 11 9 7 6/30/2017 Motion Picture Industry 95-1810805-001 Green Green 11 10 8 (d) Other Plans 14 9 10 Total contributions $ 60 $ 50 $ 45 (a) The Zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2016 and 2015 . The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan which has a plan year ending November 30. (b) The Company was listed in AFTRA Retirement Plan’s Form 5500 as providing more than 5% of total contributions for the plan year ended November 30, 2014. (c) The expiration dates range from June 30, 2017 through August 31, 2018 . (d) The expiration dates range from July 31, 2018 through September 30, 2018 . As a result of the above noted zone status there were no funding improvements or rehabilitation plans implemented, as defined by ERISA, nor any surcharges imposed for any of the individual plans listed. The Company also contributes to multiemployer plans that provide postretirement healthcare, defined contribution and other benefits to certain employees under collective bargaining agreements. The contributions to these plans were $28 million , $26 million and $20 million for the years ended December 31, 2016, 2015 and 2014 , respectively. The Company recognizes the net periodic cost for multiemployer pension and postretirement benefit plans based on the required contributions to the plans. Defined Contribution Plans The Company sponsors defined contribution plans for the benefit of substantially all employees meeting eligibility requirements. Employer contributions to such plans were $35 million , $39 million and $38 million for the years ended December 31, 2016, 2015 and 2014 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16 ) COMMITMENTS AND CONTINGENCIES The Company’s commitments not recorded on the balance sheet primarily consist of programming and talent commitments, operating lease arrangements and purchase obligations for goods and services resulting from the Company’s normal course of business. Programming and talent commitments of the Company, estimated to aggregate $11.08 billion as of December 31, 2016 , primarily include $8.06 billion for sports programming rights, $2.26 billion relating to the production and licensing of television and film programming, and $758 million for talent contracts. The Company also has committed purchase obligations which include agreements to purchase goods or services in the future that totaled $835 million as of December 31, 2016 . Other long-term contractual obligations recorded on the Company’s Consolidated Balance Sheet include program liabilities, participations due to producers and residuals. At December 31, 2016 , commitments for programming and talent and purchase obligations not recorded on the balance sheet, and other long-term contractual obligations recorded on the balance sheet were payable as follows: Programming and Talent Purchase Obligations Other Long-Term Contractual Obligations 2017 $ 1,987 $ 222 $ — 2018 2,036 216 635 2019 1,758 163 393 2020 1,485 156 196 2021 1,515 20 86 2022 and thereafter 2,297 58 63 Total $ 11,078 $ 835 $ 1,373 The Company has long-term noncancellable operating lease commitments for office space, equipment, transponders and studio facilities. The Company also enters into capital leases for satellite transponders. At December 31, 2016 , future minimum rental payments under noncancellable operating leases with terms in excess of one year and payments under capital leases are as follows: Leases Capital Operating 2017 $ 19 $ 134 2018 18 113 2019 15 98 2020 14 74 2021 12 68 2022 and thereafter 5 276 Total minimum payments $ 83 $ 763 Less amounts representing interest 8 Present value of minimum payments $ 75 Future minimum operating lease payments have been reduced by future minimum sublease income of $64 million . Rent expense was $167 million in 2016 , $174 million in 2015 and $170 million in 2014 . Included in net earnings (loss) from discontinued operations was rent expense of $36 million in 2016 , $37 million in 2015 and $194 million in 2014 . Guarantees The Company 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 December 31, 2016 , the outstanding letters of credit and surety bonds approximated $103 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, is inherently uncertain and always difficult to predict. However, based on its understanding and evaluation of the relevant facts and circumstances, the Company believes that the 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 December 31, 2016 , the Company had pending approximately 33,610 asbestos claims, as compared with approximately 36,030 as of December 31, 2015 and 41,100 as of December 31, 2014 . During 2016 , the Company received approximately 4,160 new claims and closed or moved to an inactive docket approximately 6,580 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. In 2016 , the Company’s costs for settlement and defense of asbestos claims after insurance and taxes were approximately $48 million . In 2015, as the result of an insurance settlement, insurance recoveries exceeded the Company’s after tax costs for settlement and defense of asbestos claims by approximately $5 million . 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 remained generally 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. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Reportable Segments | 17 ) 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. In preparation for the planned separation of its radio business, the Company changed the manner in which it manages its television and radio operations during the third quarter of 2016. Accordingly, the Company began presenting Local Media, which was previously combined with CBS Radio in the Local Broadcasting segment, as a separate operating segment. In connection with this segment presentation, the presentation of intercompany revenues was revised, including station affiliation fees paid by Local Media to the CBS Television Network. In addition, CBS Radio has been presented as a discontinued operation of the Company. Results for all periods presented have been reclassified to conform to this presentation. Year Ended December 31, 2016 2015 2014 Revenues: Entertainment $ 8,877 $ 8,438 $ 8,309 Cable Networks 2,160 2,242 2,176 Publishing 767 780 778 Local Media 1,779 1,592 1,624 Corporate/Eliminations (417 ) (381 ) (368 ) Total Revenues $ 13,166 $ 12,671 $ 12,519 Revenues generated between segments primarily reflect advertising sales, television and feature film license fees and station affiliation fees. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. Year Ended December 31, 2016 2015 2014 Intercompany Revenues: Entertainment $ 434 $ 384 $ 368 Cable Networks 1 — 1 Local Media 8 9 11 Total Intercompany Revenues $ 443 $ 393 $ 380 The Company presents operating income (loss) excluding a pension settlement charge, restructuring and merger and acquisition-related costs, and other operating items, net, each where applicable, (“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 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. Year Ended December 31, 2016 2015 2014 Segment Operating Income (Loss): Entertainment $ 1,519 $ 1,294 $ 1,316 Cable Networks 959 945 974 Publishing 119 114 101 Local Media 618 487 515 Corporate (354 ) (276 ) (297 ) Total Segment Operating Income 2,861 2,564 2,609 Pension settlement charge (211 ) — — Restructuring and merger and acquisition-related costs (38 ) (45 ) (19 ) Other operating items, net 9 139 — Operating income 2,621 2,658 2,590 Interest expense (411 ) (392 ) (363 ) Interest income 32 24 13 Loss on early extinguishment of debt — — (352 ) Other items, net (12 ) (26 ) (30 ) Earnings from continuing operations before income taxes and equity in loss of investee companies 2,230 2,264 1,858 Provision for income taxes (628 ) (676 ) (659 ) Equity in loss of investee companies, net of tax (50 ) (34 ) (48 ) Net earnings from continuing operations 1,552 1,554 1,151 Net earnings (loss) from discontinued operations, net of tax (291 ) (141 ) 1,808 Net earnings $ 1,261 $ 1,413 $ 2,959 Year Ended December 31, 2016 2015 2014 Depreciation and Amortization: Entertainment $ 117 $ 126 $ 139 Cable Networks 23 23 23 Publishing 6 6 6 Local Media 44 48 54 Corporate 35 32 28 Total Depreciation and Amortization $ 225 $ 235 $ 250 Year Ended December 31, 2016 2015 2014 Stock-based Compensation: Entertainment $ 61 $ 61 $ 56 Cable Networks 12 11 9 Publishing 4 4 4 Local Media 12 11 11 Corporate 76 70 57 Total Stock-based Compensation $ 165 $ 157 $ 137 Year Ended December 31, 2016 2015 2014 Capital Expenditures: Entertainment $ 98 $ 99 $ 94 Cable Networks 19 18 16 Publishing 9 10 4 Local Media 37 28 37 Corporate 33 16 27 Total Capital Expenditures $ 196 $ 171 $ 178 At December 31, 2016 2015 Assets: Entertainment $ 11,262 $ 10,910 Cable Networks 2,618 2,369 Publishing 880 880 Local Media 4,065 4,051 Corporate/Eliminations 817 485 Discontinued operations 4,596 5,070 Total Assets $ 24,238 $ 23,765 Year Ended December 31, 2016 2015 2014 Revenues by Type: Advertising $ 6,288 $ 5,824 $ 5,934 Content licensing and distribution 3,673 3,903 3,990 Affiliate and subscription fees 2,978 2,724 2,362 Other 227 220 233 Total Revenues $ 13,166 $ 12,671 $ 12,519 Year Ended December 31, 2016 2015 2014 Revenues: (a) United States $ 11,317 $ 10,667 $ 10,726 International 1,849 2,004 1,793 Total Revenues $ 13,166 $ 12,671 $ 12,519 (a) Revenue classifications are based on customers’ locations. At December 31, 2016 2015 Long-lived Assets: (a) United States $ 17,476 $ 17,378 International 407 357 Total Long-lived Assets $ 17,883 $ 17,735 (a) Reflects total assets from both continuing and discontinued operations less current assets, investments and noncurrent deferred tax assets. Transactions within the Company between the United States and international regions were not significant. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 18 ) SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December 31, 2016 2015 2014 Cash paid for interest: Continuing operations (a) $ 407 $ 349 $ 707 Discontinued operations 8 — — Total $ 415 $ 349 $ 707 (a) Included in 2014 are payments of $360 million associated with the early extinguishment of debt, mainly for early redemption premiums. Year Ended December 31, 2016 2015 2014 Cash paid for income taxes: Continuing operations $ 373 $ 199 $ 122 Discontinued operations 119 84 137 Total $ 492 $ 283 $ 259 Year Ended December 31, 2016 2015 2014 Noncash investing and financing activities: Shares received in Split-Off (Note 4) $ — $ — $ 2,721 Equipment acquired under capitalized leases $ 10 $ 3 $ 1 Radio station swap (Note 4) $ — $ — $ 262 |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 19 ) QUARTERLY FINANCIAL DATA (unaudited): First Second Third Fourth 2016 (a) Quarter Quarter Quarter Quarter (b) (c) Total Year Revenues: Entertainment $ 2,587 $ 1,947 $ 1,949 $ 2,394 $ 8,877 Cable Networks 525 536 598 501 2,160 Publishing 145 187 226 209 767 Local Media 448 396 409 526 1,779 Corporate/Eliminations (117 ) (90 ) (98 ) (112 ) (417 ) Total Revenues $ 3,588 $ 2,976 $ 3,084 $ 3,518 $ 13,166 Segment Operating Income (Loss): Entertainment $ 449 $ 351 $ 348 $ 371 $ 1,519 Cable Networks 228 227 285 219 959 Publishing 13 26 44 36 119 Local Media 150 130 122 216 618 Corporate (84 ) (83 ) (78 ) (109 ) (354 ) Total Segment Operating Income 756 651 721 733 2,861 Pension settlement charge — — — (211 ) (211 ) Restructuring and merger and acquisition-related costs — — — (38 ) (38 ) Other operating items, net 9 — — — 9 Total Operating Income $ 765 $ 651 $ 721 $ 484 $ 2,621 Net earnings from continuing operations $ 442 $ 373 $ 466 $ 271 $ 1,552 Net earnings (loss) $ 473 $ 423 $ 478 $ (113 ) $ 1,261 Basic net earnings per common share: Net earnings from continuing operations $ .96 $ .83 $ 1.05 $ .64 $ 3.50 Net earnings (loss) $ 1.03 $ .94 $ 1.08 $ (.27 ) $ 2.84 Diluted net earnings per common share: Net earnings from continuing operations $ .95 $ .82 $ 1.04 $ .63 $ 3.46 Net earnings (loss) $ 1.02 $ .93 $ 1.07 $ (.26 ) $ 2.81 Weighted average number of common shares outstanding: Basic 459 451 442 424 444 Diluted 464 455 446 429 448 Dividends per common share $ .15 $ .15 $ .18 $ .18 $ .66 (a) CBS Radio has been presented as a discontinued operation for all periods presented. (b) In the fourth quarter of 2016, the Company recorded a noncash impairment charge of $444 million to reduce the carrying value of CBS Radio’s goodwill and FCC licenses to their fair value. This charge has been presented in discontinued operations (See Note 4 ). (c) In the fourth quarter of 2016 , the Company recorded a one-time pension settlement charge of $211 million for the settlement of pension obligations resulting from the completion of the Company’s offer to eligible former employees to receive lump-sum distributions of their pension benefits (See Note 15 ). First Second Third Fourth 2015 (a) Quarter Quarter Quarter Quarter (b) (c) Total Year Revenues: Entertainment $ 2,261 $ 1,785 $ 1,932 $ 2,460 $ 8,438 Cable Networks 539 615 526 562 2,242 Publishing 145 199 203 233 780 Local Media 375 387 376 454 1,592 Corporate/Eliminations (87 ) (82 ) (94 ) (118 ) (381 ) Total Revenues $ 3,233 $ 2,904 $ 2,943 $ 3,591 $ 12,671 Segment Operating Income (Loss): Entertainment $ 346 $ 262 $ 339 $ 347 $ 1,294 Cable Networks 251 220 246 228 945 Publishing 12 25 43 34 114 Local Media 109 128 101 149 487 Corporate (68 ) (65 ) (49 ) (94 ) (276 ) Total Segment Operating Income 650 570 680 664 2,564 Restructuring charges — (31 ) — (14 ) (45 ) Other operating items, net 19 — — 120 139 Total Operating Income $ 669 $ 539 $ 680 $ 770 $ 2,658 Net earnings from continuing operations $ 364 $ 306 $ 377 $ 507 $ 1,554 Net earnings $ 394 $ 332 $ 426 $ 261 $ 1,413 Basic net earnings per common share: Net earnings from continuing operations $ .73 $ .62 $ .79 $ 1.08 $ 3.21 Net earnings $ .79 $ .68 $ .89 $ .56 $ 2.92 Diluted net earnings per common share: Net earnings from continuing operations $ .72 $ .62 $ .78 $ 1.07 $ 3.18 Net earnings $ .78 $ .67 $ .88 $ .55 $ 2.89 Weighted average number of common shares outstanding: Basic 498 490 480 469 484 Diluted 506 495 484 474 489 Dividends per common share $ .15 $ .15 $ .15 $ .15 $ .60 (a) CBS Radio has been presented as a discontinued operation for all periods presented. (b) In the fourth quarter of 2015, the Company recorded a noncash impairment charge of $484 million to reduce the carrying value of radio FCC licenses to their fair value. This charge has been presented in discontinued operations (See Note 4 ). (c) During 2015 , the Company recorded gains on the sales of internet businesses in China (See Note 3 ). |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Statements | 20 ) 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 (See Note 9 ). 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 Year Ended December 31, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 181 $ 12 $ 12,973 $ — $ 13,166 Costs and expenses: Operating 67 6 7,883 — 7,956 Selling, general and administrative 80 297 1,747 — 2,124 Depreciation and amortization 5 23 197 — 225 Pension settlement charge 211 — — — 211 Restructuring and merger and acquisition-related costs — 2 36 — 38 Other operating items, net — — (9 ) — (9 ) Total costs and expenses 363 328 9,854 — 10,545 Operating income (loss) (182 ) (316 ) 3,119 — 2,621 Interest (expense) income, net (502 ) (433 ) 556 — (379 ) Other items, net (3 ) 19 (28 ) — (12 ) Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies (687 ) (730 ) 3,647 — 2,230 Benefit (provision) for income taxes 212 224 (1,064 ) — (628 ) Equity in earnings (loss) of investee companies, net of tax 1,736 1,077 (50 ) (2,813 ) (50 ) Net earnings from continuing operations 1,261 571 2,533 (2,813 ) 1,552 Net loss from discontinued operations, net of tax — (1 ) (290 ) — (291 ) Net earnings $ 1,261 $ 570 $ 2,243 $ (2,813 ) $ 1,261 Total comprehensive income $ 1,264 $ 595 $ 2,212 $ (2,807 ) $ 1,264 Statement of Operations For the Year Ended December 31, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 148 $ 11 $ 12,512 $ — $ 12,671 Costs and expenses: Operating 65 5 7,841 — 7,911 Selling, general and administrative 46 243 1,672 — 1,961 Depreciation and amortization 6 20 209 — 235 Restructuring charges — — 45 — 45 Other operating items, net (117 ) — (22 ) — (139 ) Total costs and expenses — 268 9,745 — 10,013 Operating income (loss) 148 (257 ) 2,767 — 2,658 Interest (expense) income, net (486 ) (403 ) 521 — (368 ) Other items, net (3 ) 9 (32 ) — (26 ) Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies (341 ) (651 ) 3,256 — 2,264 Benefit (provision) for income taxes 160 215 (1,051 ) — (676 ) Equity in earnings (loss) of investee companies, net of tax 1,593 1,090 (34 ) (2,683 ) (34 ) Net earnings from continuing operations 1,412 654 2,171 (2,683 ) 1,554 Net earnings (loss) from discontinued operations, net of tax 1 (1 ) (141 ) — (141 ) Net earnings $ 1,413 $ 653 $ 2,030 $ (2,683 ) $ 1,413 Total comprehensive income $ 1,378 $ 660 $ 2,030 $ (2,690 ) $ 1,378 Statement of Operations For the Year Ended December 31, 2014 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 159 $ 11 $ 12,349 $ — $ 12,519 Costs and expenses: Operating 68 6 7,615 — 7,689 Selling, general and administrative 61 254 1,656 — 1,971 Depreciation and amortization 6 16 228 — 250 Restructuring charges — 3 16 — 19 Total costs and expenses 135 279 9,515 — 9,929 Operating income (loss) 24 (268 ) 2,834 — 2,590 Interest (expense) income, net (443 ) (383 ) 476 — (350 ) Loss on early extinguishment of debt (351 ) — (1 ) — (352 ) Other items, net (1 ) 4 (33 ) — (30 ) Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies (771 ) (647 ) 3,276 — 1,858 Benefit (provision) for income taxes 280 229 (1,168 ) — (659 ) Equity in earnings (loss) of investee companies, net of tax 3,444 1,270 (48 ) (4,714 ) (48 ) Net earnings from continuing operations 2,953 852 2,060 (4,714 ) 1,151 Net earnings (loss) from discontinued operations, net of tax 6 (2 ) 1,804 — 1,808 Net earnings $ 2,959 $ 850 $ 3,864 $ (4,714 ) $ 2,959 Total comprehensive income $ 2,769 $ 857 $ 3,819 $ (4,676 ) $ 2,769 Balance Sheet At December 31, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Assets Cash and cash equivalents $ 321 $ — $ 277 $ — $ 598 Receivables, net 27 2 3,285 — 3,314 Programming and other inventory 3 3 1,421 — 1,427 Prepaid expenses and other current assets 102 55 297 (35 ) 419 Current assets of discontinued operations — — 305 — 305 Total current assets 453 60 5,585 (35 ) 6,063 Property and equipment 47 201 2,687 — 2,935 Less accumulated depreciation and amortization 25 140 1,529 — 1,694 Net property and equipment 22 61 1,158 — 1,241 Programming and other inventory 5 7 2,427 — 2,439 Goodwill 98 62 4,704 — 4,864 Intangible assets — — 2,633 — 2,633 Investments in consolidated subsidiaries 44,473 13,853 — (58,326 ) — Other assets 150 8 2,549 — 2,707 Intercompany — 1,785 26,976 (28,761 ) — Assets of discontinued operations — 3 4,288 — 4,291 Total Assets $ 45,201 $ 15,839 $ 50,320 $ (87,122 ) $ 24,238 Liabilities and Stockholders ’ Equity Accounts payable $ 1 $ 3 $ 144 $ — $ 148 Participants ’ share and royalties payable — — 1,024 — 1,024 Program rights 4 4 282 — 290 Commercial paper 450 — — — 450 Current portion of long-term debt 6 — 17 — 23 Accrued expenses and other current liabilities 421 284 948 (35 ) 1,618 Current liabilities of discontinued operations — — 155 — 155 Total current liabilities 882 291 2,570 (35 ) 3,708 Long-term debt 8,798 — 104 — 8,902 Other liabilities 3,071 244 2,173 — 5,488 Liabilities of discontinued operations — — 2,451 — 2,451 Intercompany 28,761 — — (28,761 ) — Stockholders’ Equity: Preferred stock — — 126 (126 ) — Common stock 1 123 590 (713 ) 1 Additional paid-in capital 43,913 — 60,894 (60,894 ) 43,913 Retained earnings (deficit) (19,257 ) 15,483 (13,838 ) (1,645 ) (19,257 ) Accumulated other comprehensive income (loss) (767 ) 29 50 (79 ) (767 ) 23,890 15,635 47,822 (63,457 ) 23,890 Less treasury stock, at cost 20,201 331 4,800 (5,131 ) 20,201 Total Stockholders ’ Equity 3,689 15,304 43,022 (58,326 ) 3,689 Total Liabilities and Stockholders ’ Equity $ 45,201 $ 15,839 $ 50,320 $ (87,122 ) $ 24,238 Balance Sheet At December 31, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Assets Cash and cash equivalents $ 267 $ 1 $ 49 $ — $ 317 Receivables, net 28 2 3,345 — 3,375 Programming and other inventory 3 3 1,264 — 1,270 Prepaid expenses and other current assets 192 26 274 (30 ) 462 Current assets of discontinued operations — — 323 — 323 Total current assets 490 32 5,255 (30 ) 5,747 Property and equipment 46 180 2,654 — 2,880 Less accumulated depreciation and amortization 20 118 1,489 — 1,627 Net property and equipment 26 62 1,165 — 1,253 Programming and other inventory 6 9 1,942 — 1,957 Goodwill 98 62 4,629 — 4,789 Intangible assets — — 2,639 — 2,639 Investments in consolidated subsidiaries 42,744 12,775 — (55,519 ) — Other assets 163 11 2,459 — 2,633 Intercompany — 2,248 23,988 (26,236 ) — Assets of discontinued operations — — 4,747 — 4,747 Total Assets $ 43,527 $ 15,199 $ 46,824 $ (81,785 ) $ 23,765 Liabilities and Stockholders ’ Equity Accounts payable $ 1 $ 4 $ 154 $ — $ 159 Participants’ share and royalties payable — — 1,013 — 1,013 Program rights 4 4 364 — 372 Current portion of long-term debt 206 — 16 — 222 Accrued expenses and other current liabilities 418 229 1,034 (30 ) 1,651 Current liabilities of discontinued operations — 1 142 — 143 Total current liabilities 629 238 2,723 (30 ) 3,560 Long-term debt 8,113 — 113 — 8,226 Other liabilities 2,961 252 2,064 — 5,277 Liabilities of discontinued operations 25 — 1,114 — 1,139 Intercompany 26,236 — — (26,236 ) — Stockholders ’ Equity: Preferred stock — — 126 (126 ) — Common stock 1 123 590 (713 ) 1 Additional paid-in capital 44,055 — 60,894 (60,894 ) 44,055 Retained earnings (deficit) (20,518 ) 14,913 (16,081 ) 1,168 (20,518 ) Accumulated other comprehensive income (loss) (770 ) 4 81 (85 ) (770 ) 22,768 15,040 45,610 (60,650 ) 22,768 Less treasury stock, at cost 17,205 331 4,800 (5,131 ) 17,205 Total Stockholders’ Equity 5,563 14,709 40,810 (55,519 ) 5,563 Total Liabilities and Stockholders ’ Equity $ 43,527 $ 15,199 $ 46,824 $ (81,785 ) $ 23,765 Statement of Cash Flows For the Year Ended December 31, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Net cash flow (used for) provided by operating activities $ (846 ) $ (157 ) $ 2,688 $ — $ 1,685 Investing Activities: Acquisitions — — (92 ) — (92 ) Capital expenditures — (33 ) (163 ) — (196 ) Investments in and advances to investee companies — — (81 ) — (81 ) Proceeds from dispositions (4 ) — 24 — 20 Other investing activities 15 — — — 15 Net cash flow provided by (used for) investing activities from continuing operations 11 (33 ) (312 ) — (334 ) Net cash flow used for investing activities from discontinued operations — (1 ) (5 ) — (6 ) Net cash flow provided by (used for) investing activities 11 (34 ) (317 ) — (340 ) Financing Activities: Proceeds from short-term debt borrowings, net 450 — — — 450 Proceeds from issuance of senior notes 684 — — — 684 Repayment of senior debentures (199 ) — — — (199 ) Proceeds from debt borrowings of CBS Radio — — 1,452 — 1,452 Repayment of debt borrowings of CBS Radio — — (110 ) — (110 ) Payment of capital lease obligations — — (18 ) — (18 ) Dividends (288 ) — — — (288 ) Purchase of Company common stock (2,997 ) — — — (2,997 ) Payment of payroll taxes in lieu of issuing shares for stock-based compensation (58 ) — — — (58 ) Proceeds from exercise of stock options 21 — — — 21 Excess tax benefit from stock-based compensation 17 — — — 17 Increase (decrease) in intercompany payables 3,259 190 (3,449 ) — — Net cash flow provided by (used for) financing activities 889 190 (2,125 ) — (1,046 ) Net increase (decrease) in cash and cash equivalents 54 (1 ) 246 — 299 Cash and cash equivalents at beginning of year 267 1 55 — 323 Cash and cash equivalents at end of year $ 321 $ — $ 301 $ — $ 622 Statement of Cash Flows For the Year Ended December 31, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Net cash flow (used for) provided by operating activities $ (634 ) $ (201 ) $ 2,229 $ — $ 1,394 Investing Activities: Acquisitions — — (12 ) — (12 ) Capital expenditures — (16 ) (155 ) — (171 ) Investments in and advances to investee companies — — (98 ) — (98 ) Proceeds from sale of investments 79 — 1 — 80 Proceeds from dispositions 318 — 65 — 383 Other investing activities (3 ) — — — (3 ) Net cash flow provided by (used for) investing activities from continuing operations 394 (16 ) (199 ) — 179 Net cash flow used for investing activities from discontinued operations (3 ) — (22 ) — (25 ) Net cash flow provided by (used for) investing activities 391 (16 ) (221 ) — 154 Financing Activities: Repayments of short-term debt borrowings, net (616 ) — — — (616 ) Proceeds from issuance of senior notes 1,959 — — — 1,959 Payment of capital lease obligations — — (17 ) — (17 ) Dividends (300 ) — — — (300 ) Purchase of Company common stock (2,813 ) — — — (2,813 ) Payment of payroll taxes in lieu of issuing shares for stock-based compensation (96 ) — — — (96 ) Proceeds from exercise of stock options 142 — — — 142 Excess tax benefit from stock-based compensation 88 — — — 88 Increase (decrease) in intercompany payables 2,083 217 (2,300 ) — — Net cash flow provided by (used for) financing activities 447 217 (2,317 ) — (1,653 ) Net increase (decrease) in cash and cash equivalents 204 — (309 ) — (105 ) Cash and cash equivalents at beginning of year 63 1 364 — 428 Cash and cash equivalents at end of year $ 267 $ 1 $ 55 $ — $ 323 Statement of Cash Flows For the Year Ended December 31, 2014 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Net cash flow (used for) provided by operating activities $ (1,107 ) $ (194 ) $ 2,576 $ — $ 1,275 Investing Activities: Acquisitions — — (2 ) — (2 ) Capital expenditures — (27 ) (151 ) — (178 ) Investments in and advances to investee companies — — (98 ) — (98 ) Proceeds from sale of investments — — 12 — 12 Proceeds from dispositions — — 4 — 4 Other investing activities (4 ) — — — (4 ) Net cash flow used for investing activities from continuing operations (4 ) (27 ) (235 ) — (266 ) Net cash flow used for investing activities from discontinued operations (29 ) — (306 ) — (335 ) Net cash flow used for investing activities (33 ) (27 ) (541 ) — (601 ) Financing Activities: Proceeds from short-term debt borrowings, net 141 — — — 141 Proceeds from issuance of senior notes 1,728 — — — 1,728 Repayment of notes and debentures (1,146 ) — (6 ) — (1,152 ) Proceeds from debt borrowings of Outdoor Americas (5 ) — 1,574 — 1,569 Proceeds from IPO of Outdoor Americas — — 613 — 613 Payment of capital lease obligations — — (17 ) — (17 ) Dividends (292 ) — — — (292 ) Purchase of Company common stock (3,595 ) — — — (3,595 ) Payment of payroll taxes in lieu of issuing shares for stock-based compensation (146 ) — — — (146 ) Proceeds from exercise of stock options 283 — — — 283 Excess tax benefit from stock-based compensation 243 — — — 243 Other financing activities (9 ) — (9 ) — (18 ) Increase (decrease) in intercompany payables 3,921 221 (4,142 ) — — Net cash flow provided by (used for) financing activities 1,123 221 (1,987 ) — (643 ) Net (decrease) increase in cash and cash equivalents (17 ) — 48 — 31 Cash and cash equivalents at beginning of year (includes $33 of discontinued operations cash) 80 1 316 — 397 Cash and cash equivalents at end of year (includes $6 of discontinued operations cash) $ 63 $ 1 $ 364 $ — $ 428 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Col. A Col. B Col. C Col. D Col. E Description Balance at Beginning of Period Balance Acquired through Acquisitions Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Allowance for doubtful accounts: Year ended December 31, 2016 $ 59 $ 1 $ 12 $ — $ 12 $ 60 Year ended December 31, 2015 $ 47 $ — $ 9 $ 15 (a) $ 12 $ 59 Year ended December 31, 2014 $ 51 $ — $ 9 $ — $ 13 $ 47 Valuation allowance on deferred tax assets: Year ended December 31, 2016 $ 914 $ — $ 41 $ — $ 27 $ 928 Year ended December 31, 2015 $ 574 $ — $ 394 (b) $ — $ 54 $ 914 Year ended December 31, 2014 $ 634 $ — $ 36 $ — $ 96 $ 574 Reserves for inventory obsolescence: Year ended December 31, 2016 $ 23 $ 1 $ 2 $ — $ 7 $ 19 Year ended December 31, 2015 $ 30 $ — $ 10 $ — $ 17 $ 23 Year ended December 31, 2014 $ 35 $ — $ 8 $ — $ 13 $ 30 (a) Reclassification from long-term to current. (b) Primarily relates to a valuation allowance for a U.S. capital loss carryforward deferred tax asset that arose from the sale of internet businesses in China. |
Basis of Presentation and Sum30
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation— The consolidated financial statements include the accounts of CBS Corp. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third party participating rights. Investments over which the Company has a significant influence or ownership of more than 20% but less than or equal to 50%, without a controlling interest, are accounted for under the equity method. Investments of 20% or less, over which the Company has no significant influence, are accounted for under the cost method if the fair value is not readily determinable and are accounted for as available for sale securities if the fair value is readily determinable. All significant intercompany transactions have been eliminated. |
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. |
Cash and Cash Equivalents | Cash and Cash Equivalents— Cash and cash equivalents consist of cash on hand and short-term (maturities of three months or less at the date of purchase) highly liquid investments, including money market funds, commercial paper and bank time deposits. |
Programming Inventory | Programming Inventory— The Company acquires rights to programming and produces programming to exhibit on its broadcast and cable networks, broadcast television stations, direct to consumers through its digital streaming services and the internet, and in theaters. The costs incurred in acquiring and producing programs are capitalized and amortized over the license period or projected useful life of the programming. Program rights and the related liabilities are recorded at the gross amount of the liabilities when the license period has begun, the cost of the program is determinable, and the program is accepted and available for airing. Television production costs (which include direct production costs, production overhead and acquisition costs) are stated at the lower of unamortized cost or net realizable value. The Company then estimates total revenues to be earned and costs to be incurred throughout the life of each television program. For television programming, estimates for remaining total lifetime revenues are limited to the amount of revenue contracted for each episode in the initial market. Accordingly, television programming costs and participation costs incurred in excess of the amount of revenue contracted for each episode in the initial market are expensed as incurred on an episode by episode basis. Estimates for all secondary market revenues such as domestic and foreign syndication, basic cable, digital streaming, home entertainment and merchandising are included in the estimated lifetime revenues of such television programming once it can be demonstrated that a program can be successfully licensed in such secondary market. Television programming costs incurred subsequent to the establishment of the secondary market are initially capitalized and amortized, and estimated liabilities for participations are accrued, based on the proportion that current period revenues bear to the estimated remaining total lifetime revenues. The costs incurred in acquiring television series and feature film programming are capitalized when the program is accepted and available for airing. These costs are amortized over the period in which an economic benefit is expected to be derived based on the timing of the Company’s usage of and benefit from such programming. The costs of programming rights licensed under multi-year sports programming agreements are capitalized if the rights payments are made before the related economic benefit has been received. These costs are expensed over the period in which an economic benefit is expected to be derived based on the relative value of the events broadcast by the Company during a period. The relative value for an event is determined based on the revenues generated for that event in relation to the estimated total revenues over the remaining term of the sports programming agreement. Lifetime revenue estimates for internally produced television programming, and the estimated economic benefit for the acquired programming, including revenue projections for multi-year sports programming, are periodically reviewed. Adjustments, if any, will result in changes to amortization rates, future net realizable value adjustments and/or estimated accruals for participation expense. |
Property and Equipment | Property and Equipment— Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives as follows: Buildings and building improvements 10 to 40 years Leasehold Improvements Shorter of lease term or useful life Equipment and other (including capital leases) 3 to 20 years |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets— The Company assesses long-lived assets and intangible assets, other than goodwill and intangible assets with indefinite lives, for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows expected to be generated by these assets, which is the estimated fair value, to their net carrying value. The amount of impairment loss, if any, will generally be measured by the difference between the net carrying value and the estimated fair value of the asset. |
Impairment of Investments | Impairment of Investments— Investments are reviewed for impairment on a quarterly basis by comparing their fair value to their respective carrying amounts. The Company determines the fair value of its public company investments by reference to their publicly traded stock price. With respect to private company investments, the Company makes its estimate of fair value by considering recent investee equity transactions, discounted cash flow analyses, recent operating results, estimates based on comparable public company operating cash flow multiples and, in certain situations, balance sheet liquidation values. If the fair value of the investment has dropped below the carrying amount, management considers several factors when determining whether an other-than-temporary decline has occurred. These factors include the length of time and the extent to which the estimated fair value or market value has been below the carrying value, the financial condition and the near-term prospects of the investee, the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in market value, and other factors influencing the fair market value, such as general market conditions. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets— Goodwill is allocated to various reporting units, which are generally one level below the Company’s operating segments. Intangible assets with finite lives, which primarily consist of trade names, are generally amortized using the straight-line method over their estimated useful lives, which range from 4 to 40 years. Goodwill and other intangible assets with indefinite lives, which consist of FCC licenses, are not amortized but are tested for impairment on an annual basis and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill or the intangible asset exceeds its fair value, an impairment loss is recognized as a noncash charge |
Revenue Recognition | Revenue Recognition— Advertising revenues, net of agency commissions, are recognized in the period during which advertising spots are aired or displayed. If there is a guarantee to deliver a targeted audience rating, revenues are recognized for the actual audience rating delivered, based on the ratings data published by independent audience ratings measurement companies. Revenues are deferred for any shortfall in the audience rating with respect to an advertising spot until such time as the required audience rating is delivered. Revenues from the licensing of television programming are recognized in the period that the television series is made available to the licensee, which may cause fluctuations in operating results. Television series initially produced for networks and first-run syndication are generally licensed to domestic and international markets concurrently (“initial market”). Network series are also licensed to digital streaming providers, television stations, and cable networks (“secondary market”). Licensing in the secondary market typically occurs at a later date but can also be concurrent with sales in the initial market. The length of the revenue cycle for television series will vary depending on the number of seasons a series remains in active production. Affiliate and subscription fees for cable and broadcast networks, television stations and online content, including digital streaming services, are recognized in the period the service is provided. Costs for advertising and marketing services provided to the Company by cable, satellite and other distributors are recorded in selling, general and administrative expenses. Publishing revenues are recognized when merchandise is shipped or electronically delivered to the consumer. The Company records a provision for sales returns and allowances at the time of sale based upon historical trends which allow for a percentage of revenue recognized. Deferred revenues primarily consist of revenues related to advertising arrangements and the licensing of television programming for which the revenues have not yet been earned. The amounts classified as current are expected to be earned within the next twelve months. Sales of Multiple Products or Services— Revenues derived from a single sales contract that contains multiple products and services are allocated based on the relative fair value of each delivered item and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. |
Collaborative Arrangements | Collaborative Arrangements— Collaborative arrangements primarily consist of joint efforts with third parties to produce and distribute programming such as television series and live sporting events, including the agreement between the Company and Turner Broadcasting System, Inc. to telecast the NCAA Division I Men’s Basketball Championship (“NCAA Tournament”), which runs through 2032. In connection with this agreement for the NCAA Tournament, advertisements aired on the CBS Television Network are recorded as revenues and the Company’s share of the program rights fees and other operating costs are recorded as operating expenses. For episodic television programming, co-production costs are initially capitalized as programming inventory and amortized over the television series’ estimated economic life. In such arrangements where the Company has distribution rights, all proceeds generated from such distribution are recorded as revenues and any participation profits due to third party collaborators are recorded as operating expenses. In co-production arrangements where third party collaborators have distribution rights, the Company’s net participating profits are recorded as revenues. |
Advertising | Advertising— Advertising costs are expensed as incurred. |
Interest | Interest— Costs associated with the refinancing or issuance of debt, as well as debt discounts or premiums, are recorded as interest over the term of its related debt. The Company may enter into interest rate exchange agreements; the amount to be paid or received under such agreements is accrued and recognized over the life of the agreements as an adjustment to interest expense. |
Income Taxes | Income Taxes— The provision for income taxes includes federal, state, local, and foreign taxes. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. The Company evaluates the realizability of deferred tax assets and establishes a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. For tax positions taken in a previously filed tax return or expected to be taken in a future tax return, the Company evaluates each position to determine whether it is more likely than not that the tax position will be sustained upon examination, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to be recognized in the Consolidated Statement of Operations and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold a tax reserve is established and no benefit is recognized. A number of years may elapse before a tax return containing tax matters for which a reserve has been established is audited and finally resolved. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions— The Company’s assets and liabilities denominated in foreign currencies are translated at foreign exchange rates in effect at the balance sheet date, while results of operations are translated at average foreign exchange rates for the respective periods. The resulting translation gains or losses are included as a separate component of stockholders’ equity in accumulated other comprehensive income (loss). Foreign currency transaction gains and losses have been included in “Other items, net” in the Consolidated Statements of Operations. |
Provision for Doubtful Accounts | Provision for Doubtful Accounts— The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. |
Net Earnings (Loss) per Common Share | Net Earnings (Loss) per Common Share —Basic earnings (loss) per share (“EPS”) is based upon net earnings (loss) 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”) only in the periods in which such effect would have been dilutive. |
Stock-based Compensation | Stock-based Compensation— The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. |
Basis of Presentation and Sum31
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property and Equipment | Property and Equipment— Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives as follows: Buildings and building improvements 10 to 40 years Leasehold Improvements Shorter of lease term or useful life Equipment and other (including capital leases) 3 to 20 years At December 31, 2016 2015 Land $ 195 $ 195 Buildings 733 696 Capital leases (a) 164 162 Equipment and other 1,843 1,827 2,935 2,880 Less accumulated depreciation and amortization 1,694 1,627 Net property and equipment $ 1,241 $ 1,253 (a) Accumulated amortization of capital leases was $98 million and $89 million at December 31, 2016 and 2015 , respectively. Year Ended December 31, 2016 2015 2014 Depreciation expense, including capitalized lease amortization (a) $ 205 $ 212 $ 218 (a) Amortization expense related to capital leases was $17 million in 2016 and $16 million in each of the years 2015 and 2014 . |
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. Year Ended December 31, 2016 2015 2014 (in millions) Weighted average shares for basic EPS 444 484 550 Dilutive effect of shares issuable under stock-based compensation plans 4 5 11 Weighted average shares for diluted EPS 448 489 561 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment— Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives as follows: Buildings and building improvements 10 to 40 years Leasehold Improvements Shorter of lease term or useful life Equipment and other (including capital leases) 3 to 20 years At December 31, 2016 2015 Land $ 195 $ 195 Buildings 733 696 Capital leases (a) 164 162 Equipment and other 1,843 1,827 2,935 2,880 Less accumulated depreciation and amortization 1,694 1,627 Net property and equipment $ 1,241 $ 1,253 (a) Accumulated amortization of capital leases was $98 million and $89 million at December 31, 2016 and 2015 , respectively. Year Ended December 31, 2016 2015 2014 Depreciation expense, including capitalized lease amortization (a) $ 205 $ 212 $ 218 (a) Amortization expense related to capital leases was $17 million in 2016 and $16 million in each of the years 2015 and 2014 . |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Book Value of Goodwill by Segment | For the years ended December 31, 2016 and 2015 , the changes in the book value of goodwill by segment were as follows: Balance at Balance at December 31, 2015 Acquisitions Dispositions December 31, 2016 Entertainment: Goodwill $ 9,250 $ 52 (a) $ (2 ) (b) $ 9,300 Accumulated impairment losses (6,294 ) — — (6,294 ) Goodwill, net of impairment 2,956 52 (2 ) 3,006 Cable Networks: Goodwill 480 — — 480 Accumulated impairment losses — — — — Goodwill, net of impairment 480 — — 480 Publishing: Goodwill 406 25 (c) — 431 Accumulated impairment losses — — — — Goodwill, net of impairment 406 25 — 431 Local Media: Goodwill 8,007 — — 8,007 Accumulated impairment losses (7,060 ) — — (7,060 ) Goodwill, net of impairment 947 — — 947 Total: Goodwill 18,143 77 (2 ) 18,218 Accumulated impairment losses (13,354 ) — — (13,354 ) Goodwill, net of impairment $ 4,789 $ 77 $ (2 ) $ 4,864 Balance at Balance at December 31, 2014 Dispositions December 31, 2015 Entertainment: Goodwill $ 9,467 $ (217 ) (b) $ 9,250 Accumulated impairment losses (6,294 ) — (6,294 ) Goodwill, net of impairment 3,173 (217 ) 2,956 Cable Networks: Goodwill 480 — 480 Accumulated impairment losses — — — Goodwill, net of impairment 480 — 480 Publishing: Goodwill 406 — 406 Accumulated impairment losses — — — Goodwill, net of impairment 406 — 406 Local Media: Goodwill 8,007 — 8,007 Accumulated impairment losses (7,060 ) — (7,060 ) Goodwill, net of impairment 947 — 947 Total: Goodwill 18,360 (217 ) 18,143 Accumulated impairment losses (13,354 ) — (13,354 ) Goodwill, net of impairment $ 5,006 $ (217 ) $ 4,789 (a) Amount reflects the acquisition of a sports-focused digital media business. (b) Amount reflects the disposition of internet businesses in China. (c) Amount reflects the acquisition of a publishing business. |
Schedule of Indefinite-lived Intangible Assets | The Company’s intangible assets were as follows: Accumulated At December 31, 2016 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 188 $ (41 ) $ 147 Other intangible assets 147 (107 ) 40 Total intangible assets subject to amortization 335 (148 ) 187 FCC licenses 2,446 — 2,446 Total intangible assets $ 2,781 $ (148 ) $ 2,633 Accumulated At December 31, 2015 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 211 $ (59 ) $ 152 Other intangible assets 161 (120 ) 41 Total intangible assets subject to amortization 372 (179 ) 193 FCC licenses 2,446 — 2,446 Total intangible assets $ 2,818 $ (179 ) $ 2,639 |
Schedule of Finite-lived Intangible Assets | The Company’s intangible assets were as follows: Accumulated At December 31, 2016 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 188 $ (41 ) $ 147 Other intangible assets 147 (107 ) 40 Total intangible assets subject to amortization 335 (148 ) 187 FCC licenses 2,446 — 2,446 Total intangible assets $ 2,781 $ (148 ) $ 2,633 Accumulated At December 31, 2015 Gross Amortization Net Intangible assets subject to amortization: Trade names $ 211 $ (59 ) $ 152 Other intangible assets 161 (120 ) 41 Total intangible assets subject to amortization 372 (179 ) 193 FCC licenses 2,446 — 2,446 Total intangible assets $ 2,818 $ (179 ) $ 2,639 |
Finite-lived Intangible Assets Amortization Expense | Amortization expense was as follows: Year Ended December 31, 2016 2015 2014 Amortization expense $ 20 $ 23 $ 32 |
Schedule of Expected Amortization Expense | The Company expects its aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2017 through 2021 , to be as follows: 2017 2018 2019 2020 2021 Future amortization expense $ 19 $ 18 $ 18 $ 15 $ 13 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | The Split-Off resulted in a gain of $1.56 billion for the year ended December 31, 2014 which is included in net earnings from discontinued operations and is calculated as follows: Fair value of CBS Corp. Class B Common Stock accepted $ 2,721 (44,723,131 shares at $60.85 per share on July 16, 2014) Carrying value of Outdoor Americas (1,162 ) Accumulated other comprehensive income 30 Transaction costs (32 ) Net gain on Split-Off of Outdoor Americas $ 1,557 The following table presents the major classes of assets and liabilities of the Company’s discontinued operations. At December 31, 2016 2015 Receivables, net $ 244 $ 253 Other current assets 61 70 Goodwill 1,285 1,692 Intangible assets 2,832 2,875 Net property and equipment 145 152 Other assets 29 28 Total Assets $ 4,596 $ 5,070 Current portion of long-term debt $ 10 $ — Other current liabilities 145 143 Long-term debt 1,335 — Deferred income tax liabilities 998 1,014 Other liabilities 118 125 Total Liabilities $ 2,606 $ 1,282 Year Ended December 31, 2016 CBS Radio Other Total Revenues from discontinued operations $ 1,220 $ — $ 1,220 Costs and expenses: Operating 397 — 397 Selling, general and administrative 497 — 497 Depreciation and amortization 26 — 26 Restructuring charges 8 — 8 Impairment charge 444 — 444 Total costs and expenses 1,372 — 1,372 Operating loss (152 ) — (152 ) Interest expense (17 ) — (17 ) Other income 2 — 2 Loss from discontinued operations (167 ) — (167 ) Income tax provision (88 ) (36 ) (124 ) Net loss from discontinued operations, net of tax $ (255 ) $ (36 ) $ (291 ) Year Ended December 31, 2015 CBS Radio Other Total Revenues from discontinued operations $ 1,223 $ — $ 1,223 Costs and expenses: Operating 415 — 415 Selling, general and administrative 500 (17 ) 483 Depreciation and amortization 29 — 29 Restructuring charges 36 — 36 Impairment charge 484 — 484 Total costs and expenses 1,464 (17 ) 1,447 Operating income (loss) (241 ) 17 (224 ) Other income 1 — 1 Earnings (loss) from discontinued operations (240 ) 17 (223 ) Income tax benefit (provision) 89 (7 ) 82 Net earnings (loss) from discontinued operations, net of tax $ (151 ) $ 10 $ (141 ) Year Ended December 31, 2014 CBS Radio Outdoor Americas Other Total Revenues from discontinued operations $ 1,295 $ 677 $ — $ 1,972 Cost and expenses: Operating 401 366 — 767 Selling, general and administrative 498 131 (21 ) 608 Depreciation and amortization 31 88 — 119 Restructuring charges 7 — — 7 Impairment charge 52 — — 52 Total costs and expenses 989 585 (21 ) 1,553 Operating income 306 92 21 419 Interest expense — (34 ) — (34 ) Earnings from discontinued operations 306 58 21 385 Income tax provision (103 ) (18 ) (8 ) (129 ) Net earnings from discontinued operations, net of tax 203 40 13 256 Gain on disposal — 1,557 — 1,557 Less: Net earnings from discontinued operations attributable to noncontrolling interest, net of tax — 5 — 5 Net earnings from discontinued operations attributable to CBS Corp. $ 203 $ 1,592 $ 13 $ 1,808 |
Restructuring and Merger and 35
Restructuring and Merger and Acquisition-Related Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring Reserve Rollforward | Balance at 2016 2016 Balance at December 31, 2015 Charges Settlements December 31, 2016 Entertainment $ 19 $ 16 $ (15 ) $ 20 Cable Networks — 4 — 4 Publishing — 1 — 1 Local Media 11 6 (5 ) 12 Corporate 1 3 (2 ) 2 Total $ 31 $ 30 $ (22 ) $ 39 Balance at 2015 2015 Balance at December 31, 2014 Charges Settlements December 31, 2015 Entertainment $ 6 $ 26 $ (13 ) $ 19 Local Media 5 19 (13 ) 11 Corporate 2 — (1 ) 1 Total $ 13 $ 45 $ (27 ) $ 31 |
Programming and Other Invento36
Programming and Other Inventory (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Current Programming and Other Inventory | At December 31, 2016 2015 Acquired program rights $ 1,773 $ 1,532 Internally produced programming: Released 1,746 1,261 In process and other 298 392 Publishing, primarily finished goods 49 42 Total programming and other inventory 3,866 3,227 Less current portion 1,427 1,270 Total noncurrent programming and other inventory $ 2,439 $ 1,957 |
Noncurrent Programming and Other Inventory | At December 31, 2016 2015 Acquired program rights $ 1,773 $ 1,532 Internally produced programming: Released 1,746 1,261 In process and other 298 392 Publishing, primarily finished goods 49 42 Total programming and other inventory 3,866 3,227 Less current portion 1,427 1,270 Total noncurrent programming and other inventory $ 2,439 $ 1,957 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016 and 2015 . At December 31, 2016 2015 Receivables $ 113 $ 114 Other assets (Receivables, noncurrent) 35 38 Total amounts due from Viacom Inc. $ 148 $ 152 |
Bank Financing and Debt (Tables
Bank Financing and Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company ’ s debt consists of the following (a) : At December 31, 2016 2015 Commercial paper $ 450 $ — 7.625% Senior Debentures due 2016 — 200 1.95% Senior Notes due 2017 399 398 4.625% Senior Notes due 2018 305 309 2.30% Senior Notes due 2019 606 609 5.75% Senior Notes due 2020 499 498 4.30% Senior Notes due 2021 299 299 3.375% Senior Notes due 2022 695 694 7.875% Debentures due 2023 187 186 7.125% Senior Notes due 2023 (b) 46 46 3.70% Senior Notes due 2024 596 596 3.50% Senior Notes due 2025 587 585 4.00% Senior Notes due 2026 783 781 2.90% Senior Notes due 2027 683 — 7.875% Senior Debentures due 2030 833 833 5.50% Senior Debentures due 2033 425 425 5.90% Senior Notes due 2040 297 297 4.85% Senior Notes due 2042 485 484 4.90% Senior Notes due 2044 538 538 4.60% Senior Notes due 2045 587 587 Obligations under capital leases 75 83 Total debt (c) 9,375 8,448 Less commercial paper 450 — Less current portion 23 222 Total long-term debt, net of current portion $ 8,902 $ 8,226 (a) Unless otherwise noted, the long-term debt instruments are issuances of CBS Corp. and are guaranteed by CBS Operations Inc. (b) Debt instrument is an issuance of CBS Broadcasting Inc., a wholly owned subsidiary of CBS Corp., and has no guarantor. (c) At December 31, 2016 and 2015 , the senior debt balances included (i) a net unamortized discount of $52 million and $45 million , respectively, (ii) unamortized deferred financing costs of $43 million and $44 million , respectively, and (iii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $5 million and $14 million , respectively. The face value of the Company’s total debt was $9.47 billion at December 31, 2016 and $8.52 billion at December 31, 2015 . |
Scheduled Maturities of Long-term Debt at Face Value | At December 31, 2016 , the Company’s scheduled maturities of long-term debt at face value, excluding capital leases, were as follows: 2022 and 2017 2018 2019 2020 2021 Thereafter Long-term debt $ 400 $ 300 $ 600 $ 500 $ 300 $ 6,840 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Gains recognized on derivative financial instruments were as follows: Year Ended December 31, 2016 2015 Financial Statement Account Non-designated foreign exchange contracts $ 33 $ 22 Other items, net Designated interest rate swaps $ — $ 7 Interest expense |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | At December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Foreign currency hedges $ — $ 34 $ — $ 34 Total Assets $ — $ 34 $ — $ 34 Liabilities: $ — Deferred compensation $ — $ 347 $ — $ 347 Foreign currency hedges — 1 — $ 1 Total Liabilities $ — $ 348 $ — $ 348 At December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Foreign currency hedges $ — $ 13 $ — $ 13 Total Assets $ — $ 13 $ — $ 13 Liabilities: $ — Deferred compensation $ — $ 312 $ — $ 312 Total Liabilities $ — $ 312 $ — $ 312 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income — The following table presents the changes in the components of accumulated other comprehensive income (loss). Continuing Operations Discontinued Operations Net Actuarial Accumulated Cumulative Gain (Loss) Unrealized Other Other Translation and Prior Gain on Comprehensive Comprehensive Adjustments Service Cost Securities Income (Loss) (a) Loss At December 31, 2013 $ 166 $ (729 ) $ 3 $ 15 $ (545 ) Other comprehensive income (loss) before reclassifications (9 ) (189 ) — 15 (183 ) Reclassifications to net earnings — 26 (b) (3 ) (30 ) (c) (7 ) Other comprehensive loss (9 ) (163 ) (3 ) (15 ) (190 ) At December 31, 2014 157 (892 ) — — (735 ) Other comprehensive income (loss) before reclassifications (5 ) (66 ) — — (71 ) Reclassifications to net earnings — 36 (b) — — 36 Other comprehensive loss (5 ) (30 ) — — (35 ) At December 31, 2015 152 (922 ) — — (770 ) Other comprehensive income (loss) before reclassifications (1 ) (165 ) — — (166 ) Reclassifications to net earnings — 169 (b) — — 169 Other comprehensive income (loss) (1 ) 4 — — 3 At December 31, 2016 $ 151 $ (918 ) $ — $ — $ (767 ) (a) Primarily reflects cumulative translation adjustments. (b) Reflects amortization of net actuarial losses (See Note 15 ). (c) Reclassified in connection with the disposal of Outdoor Americas in 2014 and Outdoor Europe in 2013 (See Note 4 ). |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 years ended December 31, 2016, 2015 and 2014 . Year Ended December 31, 2016 2015 2014 RSUs and PSUs $ 137 $ 129 $ 116 Stock options 28 28 21 Stock-based compensation expense, before income taxes 165 157 137 Related tax benefit (63 ) (61 ) (55 ) Stock-based compensation expense, net of tax benefit $ 102 $ 96 $ 82 |
Rollforward of RSU Activity | The following table summarizes the Company’s RSU activity. Weighted Average RSUs Grant Date Fair Value Non-vested at December 31, 2015 5,745,080 $ 54.88 Granted 3,702,313 $ 47.30 Vested (2,731,513 ) $ 50.04 Forfeited (258,260 ) $ 55.19 Non-vested at December 31, 2016 6,457,620 $ 52.57 |
Weighted Average Assumptions for Black-Scholes Option Pricing Model | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2016 2015 2014 Expected dividend yield 1.31 % 1.25 % 1.25 % Expected stock price volatility 32.55 % 31.45 % 33.06 % Risk-free interest rate 1.35 % 1.63 % 1.60 % Expected term of options (years) 5.00 5.00 5.00 |
Rollforward of Stock Option Activity | The following table summarizes the Company’s stock option activity under the Plans. Weighted Average Stock Options Exercise Price Outstanding at December 31, 2015 11,305,035 $ 41.75 Granted 1,750,577 $ 46.12 Exercised (1,042,839 ) $ 20.16 Forfeited or expired (101,126 ) $ 57.52 Outstanding at December 31, 2016 11,911,647 $ 44.14 Exercisable at December 31, 2016 7,352,349 $ 38.16 |
Stock Option Exercise Information | The following table summarizes other information relating to stock option exercises during the years ended December 31, 2016, 2015 and 2014 . Year Ended December 31, 2016 2015 2014 Cash received from stock option exercises $ 21 $ 142 $ 283 Tax benefit of stock option exercises $ 14 $ 74 $ 200 Intrinsic value of stock option exercises $ 37 $ 192 $ 517 |
Stock Options Outstanding and Exercisable by Price | The following table summarizes information concerning outstanding and exercisable stock options to purchase CBS Corp. Class B Common Stock under the Plans at December 31, 2016 . Outstanding Exercisable Remaining Weighted Weighted Range of Number Contractual Average Number Average Exercise Price of Options Life (Years) Exercise Price of Options Exercise Price $5 to 9.99 301,305 0.35 $ 5.28 301,305 $ 5.28 $10 to 19.99 320,447 1.66 $ 14.12 320,447 $ 14.12 $20 to 29.99 2,415,271 2.85 $ 27.72 2,415,271 $ 27.72 $30 to 39.99 1,314,623 3.75 $ 34.13 1,314,623 $ 34.13 $40 to 49.99 3,767,119 5.54 $ 45.01 1,487,149 $ 44.41 $50 to 59.99 1,785,593 6.03 $ 59.54 490,242 $ 59.54 $60 to 69.99 2,007,289 5.14 $ 65.77 1,023,312 $ 65.89 11,911,647 7,352,349 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
U.S. and Foreign Components of Earnings From Continuing Operations Before Income Taxes and Equity in Loss of Investee Companies | The U.S. and foreign components of earnings from continuing operations before income taxes and equity in loss of investee companies were as follows: Year Ended December 31, 2016 2015 2014 United States $ 1,803 $ 1,840 $ 1,484 Foreign 427 424 374 Total $ 2,230 $ 2,264 $ 1,858 |
Income Tax Provision Components | Year Ended December 31, 2016 2015 2014 United States $ 1,803 $ 1,840 $ 1,484 Foreign 427 424 374 Total $ 2,230 $ 2,264 $ 1,858 The components of the provision for income taxes were as follows: |
Reconciliation of U.S. Federal Statutory Income Tax Rate | The difference between income taxes expected at the U.S. federal statutory income tax rate of 35% and the provision for income taxes is summarized as follows: Year Ended December 31, 2016 2015 2014 Taxes on income at U.S. federal statutory rate $ 780 $ 792 $ 650 State and local taxes, net of federal tax benefit 59 55 104 Effect of foreign operations (112 ) (100 ) (90 ) Domestic production deduction (42 ) (25 ) — Sales of businesses — (42 ) — Audit settlements, net — (9 ) (4 ) Other, net (a) (57 ) 5 (1 ) Provision for income taxes $ 628 $ 676 $ 659 (a) 2016 includes a one-time tax benefit of $47 million associated with a multiyear adjustment to a tax deduction, which was approved by the IRS during the third quarter of 2016. |
Components of Deferred Income Tax Assets and Liabilities | The following table summarizes the components of deferred income tax assets and liabilities. At December 31, 2016 2015 Deferred income tax assets: Reserves and other accrued liabilities $ 671 $ 682 Pension, postretirement and other employee benefits 843 791 Tax credit and loss carryforwards 966 934 Other 113 102 Total deferred income tax assets 2,593 2,509 Valuation allowance (928 ) (914 ) Deferred income tax assets, net 1,665 1,595 Deferred income tax liabilities: Intangible assets (1,469 ) (1,333 ) Unbilled licensing receivables (636 ) (599 ) Property, equipment and other assets (140 ) (155 ) Total deferred income tax liabilities (2,245 ) (2,087 ) Deferred income tax liabilities, net $ (580 ) $ (492 ) |
Change in Reserve for Uncertain Tax Positions | The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. At January 1, 2014 $ 139 Additions for current year tax positions 14 Additions for prior year tax positions 31 Reductions for prior year tax positions (26 ) Cash settlements (16 ) Statute of limitations lapses (2 ) At December 31, 2014 140 Additions for current year tax positions 14 Additions for prior year tax positions 6 Reductions for prior year tax positions (32 ) Cash settlements (23 ) Statute of limitations lapses (1 ) At December 31, 2015 104 Additions for current year tax positions 9 Additions for prior year tax positions 4 Reductions for prior year tax positions (8 ) Cash settlements (6 ) Statute of limitations lapses (1 ) At December 31, 2016 $ 102 |
Pension and Other Postretirem44
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |
Change in Benefit Obligations | The following table sets forth the change in benefit obligation for the Company’s pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation, beginning of year $ 4,911 $ 5,323 $ 486 $ 562 Service cost 29 31 — — Interest cost 215 209 20 20 Actuarial loss (gain) 353 (210 ) (5 ) (45 ) Benefits paid (328 ) (416 ) (69 ) (66 ) Participants’ contributions — — 11 11 Retiree Medicare drug subsidy — — 4 4 Settlements (518 ) — — — Cumulative translation adjustments (2 ) (26 ) — — Benefit obligation, end of year $ 4,660 $ 4,911 $ 447 $ 486 |
Change in Plan Assets | The following table sets forth the change in plan assets for the Company’s pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2016 2015 2016 2015 Change in plan assets: Fair value of plan assets, beginning of year $ 3,734 $ 4,224 $ 4 $ 5 Actual return (loss) on plan assets 305 (99 ) — — Employer contributions 52 52 54 50 Benefits paid (328 ) (416 ) (69 ) (66 ) Participants’ contributions — — 11 11 Retiree Medicare drug subsidy — — 4 4 Settlements (518 ) — — — Cumulative translation adjustments (1 ) (27 ) — — Fair value of plan assets, end of year $ 3,244 $ 3,734 $ 4 $ 4 |
Funded Status and Amounts Recognized on Consolidated Balance Sheets | The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Company’s Consolidated Balance Sheets were as follows: Pension Benefits Postretirement Benefits At December 31, 2016 2015 2016 2015 Funded status at end of year $ (1,416 ) $ (1,177 ) $ (443 ) $ (482 ) Amounts recognized on the Consolidated Balance Sheets: Other assets $ 13 $ 17 $ — $ — Current liabilities (53 ) (51 ) (50 ) (50 ) Noncurrent liabilities (1,376 ) (1,143 ) (393 ) (432 ) Net amounts recognized $ (1,416 ) $ (1,177 ) $ (443 ) $ (482 ) |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. Pension Benefits Postretirement Benefits At December 31, 2016 2015 2016 2015 Net actuarial (loss) gain $ (1,827 ) $ (1,848 ) $ 230 $ 246 Net prior service cost (7 ) (9 ) — — Share of equity investee (1 ) (1 ) — — (1,835 ) (1,858 ) 230 246 Deferred income taxes 725 734 (38 ) (44 ) Net amount recognized in accumulated other comprehensive income (loss) $ (1,110 ) $ (1,124 ) $ 192 $ 202 |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. At December 31, 2016 2015 Projected benefit obligation $ 4,558 $ 4,795 Accumulated benefit obligation $ 4,485 $ 4,717 Fair value of plan assets $ 3,129 $ 3,602 |
Components of Net Periodic Benefit Cost | The following tables present the components of net periodic benefit cost and amounts recognized in other comprehensive income (loss). Pension Benefits Postretirement Benefits Year Ended December 31, 2016 2015 2014 2016 2015 2014 Components of net periodic cost: Service cost $ 29 $ 31 $ 31 $ — $ — $ — Interest cost 215 209 237 20 20 25 Expected return on plan assets (227 ) (261 ) (262 ) — — — Amortization of actuarial losses (gains) 84 79 63 (21 ) (21 ) (21 ) Amortization of prior service cost (credit) 1 1 1 — — (1 ) Settlements 211 — — — — — Net periodic cost $ 313 $ 59 $ 70 $ (1 ) $ (1 ) $ 3 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Pension Postretirement Year Ended December 31, 2016 Benefits Benefits Other comprehensive income (loss): 45 Actuarial (loss) gain $ (275 ) $ 5 Amortization of actuarial losses (gains) (a) 84 (21 ) Amortization of prior service cost (a) 1 — Settlements (a) 211 — Cumulative translation adjustments 2 — 23 (16 ) Deferred income taxes (9 ) 6 Recognized in other comprehensive income (loss), net of tax $ 14 $ (10 ) (a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings. |
Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Costs | Pension Postretirement Benefits Benefits 2016 2015 2016 2015 Weighted average assumptions used to determine benefit obligations at December 31: Discount rate 4.3 % 4.6 % 4.1 % 4.2 % Rate of compensation increase 3.0 % 3.0 % N/A N/A Weighted average assumptions used to determine net periodic costs for the year ended December 31: Discount rate 4.6 % 4.1 % 4.2 % 3.8 % Expected long-term return on plan assets 6.4 % 6.5 % 2.0 % 2.0 % Rate of compensation increase 3.0 % 3.0 % N/A N/A N/A - not applicable |
Assumptions Regarding Heath Care Cost Trend Rates for Postretirement Benefits | The following additional assumptions were used in accounting for postretirement benefits. 2016 2015 Projected health care cost trend rate 6.6 % 7.0 % Ultimate trend rate 5.0 % 5.0 % Year ultimate trend rate is achieved 2021 2021 |
Impact of One Percentage Point Change in Assumed Health Care Trend Rates | A one percentage point change in assumed health care cost trend rates would have the following effects: One Percentage One Percentage Point Increase Point Decrease Effect on total service and interest cost components $ — $ — Effect on the accumulated postretirement benefit obligation $ 5 $ (5 ) |
Fair Value of Pension Pan Assets | At December 31, 2016 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 11 $ 53 $ — $ 64 Fixed income securities: U.S. treasury securities 132 — — 132 Government-related securities 18 207 — 225 Corporate bonds (b) — 1,895 — 1,895 Mortgage-backed and asset-backed securities — 135 2 137 Equity securities: U.S. large capitalization 187 3 — 190 U.S. small capitalization 64 — — 64 International equity — 3 — 3 Other — (18 ) — (18 ) Total assets in fair value hierarchy $ 412 $ 2,278 $ 2 $ 2,692 Common collective funds measured at net asset value (c) (d) 521 Limited partnerships measured at net asset value (c) 31 Investments, at fair value $ 3,244 At December 31, 2015 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 3 $ 72 $ — $ 75 Fixed income securities: U.S. treasury securities 118 — — 118 Government-related securities 29 260 — 289 Corporate bonds (b) — 2,196 — 2,196 Mortgage-backed and asset-backed securities — 114 2 116 Equity securities: U.S. large capitalization 233 3 — 236 U.S. small capitalization 70 — — 70 International equity — 4 — 4 Other — 22 — 22 Total assets in fair value hierarchy $ 453 $ 2,671 $ 2 $ 3,126 Common collective funds measured at net asset value (c) (d) 565 Limited partnerships measured at net asset value (c) 43 Investments, at fair value $ 3,734 (a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse sectors and industries, substantially all investment grade. (c) In accordance with FASB guidance investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. (d) Underlying investments consist mainly of U.S. large capitalization and international equity securities. |
Changes in Fair Value of Level 3 Assets | The table below sets forth a summary of changes in the fair value of investments reflected as Level 3 at December 31, 2016 . Mortgage-backed Securities At January 1, 2015 $ 3 Contributions and distributions, net (1 ) At December 31, 2015 2 Contributions and distributions, net — At December 31, 2016 $ 2 |
Estimated Future Benefit Payments | Estimated future benefit payments are as follows: 2017 2018 2019 2020 2021 2022-2026 Pension $ 419 $ 356 $ 347 $ 336 $ 328 $ 1,491 Postretirement $ 58 $ 56 $ 53 $ 51 $ 47 $ 192 Retiree Medicare drug subsidy $ (8 ) $ (8 ) $ (7 ) $ (7 ) $ (7 ) $ (32 ) |
Participation in Multi-employer Defined Benefit Pension Plan | The table below presents information concerning the Company’s participation in multiemployer defined benefit pension plans. Employer Identification Pension Protection Act Expiration Date of Collective Number/Pension Zone Status (a) Company Contributions Bargaining Pension Plan Plan Number 2016 2015 2016 2015 2014 Agreement AFTRA Retirement Plan (b) 13-6414972-001 Green Green $ 6 $ 5 $ 5 (c) Directors Guild of America - Producer 95-2892780-001 Green Green 6 6 5 6/30/2020 Producer-Writers Guild of America 95-2216351-001 Green Green 12 11 10 5/1/2017 Screen Actors Guild - Producers 95-2110997-001 Green Green 11 9 7 6/30/2017 Motion Picture Industry 95-1810805-001 Green Green 11 10 8 (d) Other Plans 14 9 10 Total contributions $ 60 $ 50 $ 45 (a) The Zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2016 and 2015 . The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan which has a plan year ending November 30. (b) The Company was listed in AFTRA Retirement Plan’s Form 5500 as providing more than 5% of total contributions for the plan year ended November 30, 2014. (c) The expiration dates range from June 30, 2017 through August 31, 2018 . (d) The expiration dates range from July 31, 2018 through September 30, 2018 . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | At December 31, 2016 , future minimum rental payments under noncancellable operating leases with terms in excess of one year and payments under capital leases are as follows: Leases Capital Operating 2017 $ 19 $ 134 2018 18 113 2019 15 98 2020 14 74 2021 12 68 2022 and thereafter 5 276 Total minimum payments $ 83 $ 763 Less amounts representing interest 8 Present value of minimum payments $ 75 At December 31, 2016 , commitments for programming and talent and purchase obligations not recorded on the balance sheet, and other long-term contractual obligations recorded on the balance sheet were payable as follows: Programming and Talent Purchase Obligations Other Long-Term Contractual Obligations 2017 $ 1,987 $ 222 $ — 2018 2,036 216 635 2019 1,758 163 393 2020 1,485 156 196 2021 1,515 20 86 2022 and thereafter 2,297 58 63 Total $ 11,078 $ 835 $ 1,373 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Revenues by Segment | 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. In preparation for the planned separation of its radio business, the Company changed the manner in which it manages its television and radio operations during the third quarter of 2016. Accordingly, the Company began presenting Local Media, which was previously combined with CBS Radio in the Local Broadcasting segment, as a separate operating segment. In connection with this segment presentation, the presentation of intercompany revenues was revised, including station affiliation fees paid by Local Media to the CBS Television Network. In addition, CBS Radio has been presented as a discontinued operation of the Company. Results for all periods presented have been reclassified to conform to this presentation. Year Ended December 31, 2016 2015 2014 Revenues: Entertainment $ 8,877 $ 8,438 $ 8,309 Cable Networks 2,160 2,242 2,176 Publishing 767 780 778 Local Media 1,779 1,592 1,624 Corporate/Eliminations (417 ) (381 ) (368 ) Total Revenues $ 13,166 $ 12,671 $ 12,519 |
Intercompany Revenues by Segment | Year Ended December 31, 2016 2015 2014 Intercompany Revenues: Entertainment $ 434 $ 384 $ 368 Cable Networks 1 — 1 Local Media 8 9 11 Total Intercompany Revenues $ 443 $ 393 $ 380 |
Operating Income (Loss) by Segment | Year Ended December 31, 2016 2015 2014 Segment Operating Income (Loss): Entertainment $ 1,519 $ 1,294 $ 1,316 Cable Networks 959 945 974 Publishing 119 114 101 Local Media 618 487 515 Corporate (354 ) (276 ) (297 ) Total Segment Operating Income 2,861 2,564 2,609 Pension settlement charge (211 ) — — Restructuring and merger and acquisition-related costs (38 ) (45 ) (19 ) Other operating items, net 9 139 — Operating income 2,621 2,658 2,590 Interest expense (411 ) (392 ) (363 ) Interest income 32 24 13 Loss on early extinguishment of debt — — (352 ) Other items, net (12 ) (26 ) (30 ) Earnings from continuing operations before income taxes and equity in loss of investee companies 2,230 2,264 1,858 Provision for income taxes (628 ) (676 ) (659 ) Equity in loss of investee companies, net of tax (50 ) (34 ) (48 ) Net earnings from continuing operations 1,552 1,554 1,151 Net earnings (loss) from discontinued operations, net of tax (291 ) (141 ) 1,808 Net earnings $ 1,261 $ 1,413 $ 2,959 |
Depreciation and Amortization by Segment | Year Ended December 31, 2016 2015 2014 Depreciation and Amortization: Entertainment $ 117 $ 126 $ 139 Cable Networks 23 23 23 Publishing 6 6 6 Local Media 44 48 54 Corporate 35 32 28 Total Depreciation and Amortization $ 225 $ 235 $ 250 |
Stock-based Compensation by Segment | Year Ended December 31, 2016 2015 2014 Stock-based Compensation: Entertainment $ 61 $ 61 $ 56 Cable Networks 12 11 9 Publishing 4 4 4 Local Media 12 11 11 Corporate 76 70 57 Total Stock-based Compensation $ 165 $ 157 $ 137 |
Capital Expenditures by Segment | Year Ended December 31, 2016 2015 2014 Capital Expenditures: Entertainment $ 98 $ 99 $ 94 Cable Networks 19 18 16 Publishing 9 10 4 Local Media 37 28 37 Corporate 33 16 27 Total Capital Expenditures $ 196 $ 171 $ 178 |
Assets by Segment | At December 31, 2016 2015 Assets: Entertainment $ 11,262 $ 10,910 Cable Networks 2,618 2,369 Publishing 880 880 Local Media 4,065 4,051 Corporate/Eliminations 817 485 Discontinued operations 4,596 5,070 Total Assets $ 24,238 $ 23,765 |
Revenues by Type | Year Ended December 31, 2016 2015 2014 Revenues by Type: Advertising $ 6,288 $ 5,824 $ 5,934 Content licensing and distribution 3,673 3,903 3,990 Affiliate and subscription fees 2,978 2,724 2,362 Other 227 220 233 Total Revenues $ 13,166 $ 12,671 $ 12,519 |
Revenues by Customer Location | Year Ended December 31, 2016 2015 2014 Revenues: (a) United States $ 11,317 $ 10,667 $ 10,726 International 1,849 2,004 1,793 Total Revenues $ 13,166 $ 12,671 $ 12,519 (a) Revenue classifications are based on customers’ locations. |
Long-lived Assets by Geographic Area | At December 31, 2016 2015 Long-lived Assets: (a) United States $ 17,476 $ 17,378 International 407 357 Total Long-lived Assets $ 17,883 $ 17,735 (a) Reflects total assets from both continuing and discontinued operations less current assets, investments and noncurrent deferred tax assets. |
Supplemental Cash Flow Inform47
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Year Ended December 31, 2016 2015 2014 Cash paid for interest: Continuing operations (a) $ 407 $ 349 $ 707 Discontinued operations 8 — — Total $ 415 $ 349 $ 707 (a) Included in 2014 are payments of $360 million associated with the early extinguishment of debt, mainly for early redemption premiums. Year Ended December 31, 2016 2015 2014 Cash paid for income taxes: Continuing operations $ 373 $ 199 $ 122 Discontinued operations 119 84 137 Total $ 492 $ 283 $ 259 Year Ended December 31, 2016 2015 2014 Noncash investing and financing activities: Shares received in Split-Off (Note 4) $ — $ — $ 2,721 Equipment acquired under capitalized leases $ 10 $ 3 $ 1 Radio station swap (Note 4) $ — $ — $ 262 |
Quarterly Financial Data (una48
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | First Second Third Fourth 2016 (a) Quarter Quarter Quarter Quarter (b) (c) Total Year Revenues: Entertainment $ 2,587 $ 1,947 $ 1,949 $ 2,394 $ 8,877 Cable Networks 525 536 598 501 2,160 Publishing 145 187 226 209 767 Local Media 448 396 409 526 1,779 Corporate/Eliminations (117 ) (90 ) (98 ) (112 ) (417 ) Total Revenues $ 3,588 $ 2,976 $ 3,084 $ 3,518 $ 13,166 Segment Operating Income (Loss): Entertainment $ 449 $ 351 $ 348 $ 371 $ 1,519 Cable Networks 228 227 285 219 959 Publishing 13 26 44 36 119 Local Media 150 130 122 216 618 Corporate (84 ) (83 ) (78 ) (109 ) (354 ) Total Segment Operating Income 756 651 721 733 2,861 Pension settlement charge — — — (211 ) (211 ) Restructuring and merger and acquisition-related costs — — — (38 ) (38 ) Other operating items, net 9 — — — 9 Total Operating Income $ 765 $ 651 $ 721 $ 484 $ 2,621 Net earnings from continuing operations $ 442 $ 373 $ 466 $ 271 $ 1,552 Net earnings (loss) $ 473 $ 423 $ 478 $ (113 ) $ 1,261 Basic net earnings per common share: Net earnings from continuing operations $ .96 $ .83 $ 1.05 $ .64 $ 3.50 Net earnings (loss) $ 1.03 $ .94 $ 1.08 $ (.27 ) $ 2.84 Diluted net earnings per common share: Net earnings from continuing operations $ .95 $ .82 $ 1.04 $ .63 $ 3.46 Net earnings (loss) $ 1.02 $ .93 $ 1.07 $ (.26 ) $ 2.81 Weighted average number of common shares outstanding: Basic 459 451 442 424 444 Diluted 464 455 446 429 448 Dividends per common share $ .15 $ .15 $ .18 $ .18 $ .66 (a) CBS Radio has been presented as a discontinued operation for all periods presented. (b) In the fourth quarter of 2016, the Company recorded a noncash impairment charge of $444 million to reduce the carrying value of CBS Radio’s goodwill and FCC licenses to their fair value. This charge has been presented in discontinued operations (See Note 4 ). (c) In the fourth quarter of 2016 , the Company recorded a one-time pension settlement charge of $211 million for the settlement of pension obligations resulting from the completion of the Company’s offer to eligible former employees to receive lump-sum distributions of their pension benefits (See Note 15 ). First Second Third Fourth 2015 (a) Quarter Quarter Quarter Quarter (b) (c) Total Year Revenues: Entertainment $ 2,261 $ 1,785 $ 1,932 $ 2,460 $ 8,438 Cable Networks 539 615 526 562 2,242 Publishing 145 199 203 233 780 Local Media 375 387 376 454 1,592 Corporate/Eliminations (87 ) (82 ) (94 ) (118 ) (381 ) Total Revenues $ 3,233 $ 2,904 $ 2,943 $ 3,591 $ 12,671 Segment Operating Income (Loss): Entertainment $ 346 $ 262 $ 339 $ 347 $ 1,294 Cable Networks 251 220 246 228 945 Publishing 12 25 43 34 114 Local Media 109 128 101 149 487 Corporate (68 ) (65 ) (49 ) (94 ) (276 ) Total Segment Operating Income 650 570 680 664 2,564 Restructuring charges — (31 ) — (14 ) (45 ) Other operating items, net 19 — — 120 139 Total Operating Income $ 669 $ 539 $ 680 $ 770 $ 2,658 Net earnings from continuing operations $ 364 $ 306 $ 377 $ 507 $ 1,554 Net earnings $ 394 $ 332 $ 426 $ 261 $ 1,413 Basic net earnings per common share: Net earnings from continuing operations $ .73 $ .62 $ .79 $ 1.08 $ 3.21 Net earnings $ .79 $ .68 $ .89 $ .56 $ 2.92 Diluted net earnings per common share: Net earnings from continuing operations $ .72 $ .62 $ .78 $ 1.07 $ 3.18 Net earnings $ .78 $ .67 $ .88 $ .55 $ 2.89 Weighted average number of common shares outstanding: Basic 498 490 480 469 484 Diluted 506 495 484 474 489 Dividends per common share $ .15 $ .15 $ .15 $ .15 $ .60 (a) CBS Radio has been presented as a discontinued operation for all periods presented. (b) In the fourth quarter of 2015, the Company recorded a noncash impairment charge of $484 million to reduce the carrying value of radio FCC licenses to their fair value. This charge has been presented in discontinued operations (See Note 4 ). (c) During 2015 , the Company recorded gains on the sales of internet businesses in China (See Note 3 ). |
Condensed Consolidating Finan49
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Statements of Operations | Statement of Operations For the Year Ended December 31, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 181 $ 12 $ 12,973 $ — $ 13,166 Costs and expenses: Operating 67 6 7,883 — 7,956 Selling, general and administrative 80 297 1,747 — 2,124 Depreciation and amortization 5 23 197 — 225 Pension settlement charge 211 — — — 211 Restructuring and merger and acquisition-related costs — 2 36 — 38 Other operating items, net — — (9 ) — (9 ) Total costs and expenses 363 328 9,854 — 10,545 Operating income (loss) (182 ) (316 ) 3,119 — 2,621 Interest (expense) income, net (502 ) (433 ) 556 — (379 ) Other items, net (3 ) 19 (28 ) — (12 ) Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies (687 ) (730 ) 3,647 — 2,230 Benefit (provision) for income taxes 212 224 (1,064 ) — (628 ) Equity in earnings (loss) of investee companies, net of tax 1,736 1,077 (50 ) (2,813 ) (50 ) Net earnings from continuing operations 1,261 571 2,533 (2,813 ) 1,552 Net loss from discontinued operations, net of tax — (1 ) (290 ) — (291 ) Net earnings $ 1,261 $ 570 $ 2,243 $ (2,813 ) $ 1,261 Total comprehensive income $ 1,264 $ 595 $ 2,212 $ (2,807 ) $ 1,264 Statement of Operations For the Year Ended December 31, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 148 $ 11 $ 12,512 $ — $ 12,671 Costs and expenses: Operating 65 5 7,841 — 7,911 Selling, general and administrative 46 243 1,672 — 1,961 Depreciation and amortization 6 20 209 — 235 Restructuring charges — — 45 — 45 Other operating items, net (117 ) — (22 ) — (139 ) Total costs and expenses — 268 9,745 — 10,013 Operating income (loss) 148 (257 ) 2,767 — 2,658 Interest (expense) income, net (486 ) (403 ) 521 — (368 ) Other items, net (3 ) 9 (32 ) — (26 ) Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies (341 ) (651 ) 3,256 — 2,264 Benefit (provision) for income taxes 160 215 (1,051 ) — (676 ) Equity in earnings (loss) of investee companies, net of tax 1,593 1,090 (34 ) (2,683 ) (34 ) Net earnings from continuing operations 1,412 654 2,171 (2,683 ) 1,554 Net earnings (loss) from discontinued operations, net of tax 1 (1 ) (141 ) — (141 ) Net earnings $ 1,413 $ 653 $ 2,030 $ (2,683 ) $ 1,413 Total comprehensive income $ 1,378 $ 660 $ 2,030 $ (2,690 ) $ 1,378 Statement of Operations For the Year Ended December 31, 2014 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 159 $ 11 $ 12,349 $ — $ 12,519 Costs and expenses: Operating 68 6 7,615 — 7,689 Selling, general and administrative 61 254 1,656 — 1,971 Depreciation and amortization 6 16 228 — 250 Restructuring charges — 3 16 — 19 Total costs and expenses 135 279 9,515 — 9,929 Operating income (loss) 24 (268 ) 2,834 — 2,590 Interest (expense) income, net (443 ) (383 ) 476 — (350 ) Loss on early extinguishment of debt (351 ) — (1 ) — (352 ) Other items, net (1 ) 4 (33 ) — (30 ) Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies (771 ) (647 ) 3,276 — 1,858 Benefit (provision) for income taxes 280 229 (1,168 ) — (659 ) Equity in earnings (loss) of investee companies, net of tax 3,444 1,270 (48 ) (4,714 ) (48 ) Net earnings from continuing operations 2,953 852 2,060 (4,714 ) 1,151 Net earnings (loss) from discontinued operations, net of tax 6 (2 ) 1,804 — 1,808 Net earnings $ 2,959 $ 850 $ 3,864 $ (4,714 ) $ 2,959 Total comprehensive income $ 2,769 $ 857 $ 3,819 $ (4,676 ) $ 2,769 |
Condensed Consolidating Balance Sheets | Balance Sheet At December 31, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Assets Cash and cash equivalents $ 321 $ — $ 277 $ — $ 598 Receivables, net 27 2 3,285 — 3,314 Programming and other inventory 3 3 1,421 — 1,427 Prepaid expenses and other current assets 102 55 297 (35 ) 419 Current assets of discontinued operations — — 305 — 305 Total current assets 453 60 5,585 (35 ) 6,063 Property and equipment 47 201 2,687 — 2,935 Less accumulated depreciation and amortization 25 140 1,529 — 1,694 Net property and equipment 22 61 1,158 — 1,241 Programming and other inventory 5 7 2,427 — 2,439 Goodwill 98 62 4,704 — 4,864 Intangible assets — — 2,633 — 2,633 Investments in consolidated subsidiaries 44,473 13,853 — (58,326 ) — Other assets 150 8 2,549 — 2,707 Intercompany — 1,785 26,976 (28,761 ) — Assets of discontinued operations — 3 4,288 — 4,291 Total Assets $ 45,201 $ 15,839 $ 50,320 $ (87,122 ) $ 24,238 Liabilities and Stockholders ’ Equity Accounts payable $ 1 $ 3 $ 144 $ — $ 148 Participants ’ share and royalties payable — — 1,024 — 1,024 Program rights 4 4 282 — 290 Commercial paper 450 — — — 450 Current portion of long-term debt 6 — 17 — 23 Accrued expenses and other current liabilities 421 284 948 (35 ) 1,618 Current liabilities of discontinued operations — — 155 — 155 Total current liabilities 882 291 2,570 (35 ) 3,708 Long-term debt 8,798 — 104 — 8,902 Other liabilities 3,071 244 2,173 — 5,488 Liabilities of discontinued operations — — 2,451 — 2,451 Intercompany 28,761 — — (28,761 ) — Stockholders’ Equity: Preferred stock — — 126 (126 ) — Common stock 1 123 590 (713 ) 1 Additional paid-in capital 43,913 — 60,894 (60,894 ) 43,913 Retained earnings (deficit) (19,257 ) 15,483 (13,838 ) (1,645 ) (19,257 ) Accumulated other comprehensive income (loss) (767 ) 29 50 (79 ) (767 ) 23,890 15,635 47,822 (63,457 ) 23,890 Less treasury stock, at cost 20,201 331 4,800 (5,131 ) 20,201 Total Stockholders ’ Equity 3,689 15,304 43,022 (58,326 ) 3,689 Total Liabilities and Stockholders ’ Equity $ 45,201 $ 15,839 $ 50,320 $ (87,122 ) $ 24,238 Balance Sheet At December 31, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Assets Cash and cash equivalents $ 267 $ 1 $ 49 $ — $ 317 Receivables, net 28 2 3,345 — 3,375 Programming and other inventory 3 3 1,264 — 1,270 Prepaid expenses and other current assets 192 26 274 (30 ) 462 Current assets of discontinued operations — — 323 — 323 Total current assets 490 32 5,255 (30 ) 5,747 Property and equipment 46 180 2,654 — 2,880 Less accumulated depreciation and amortization 20 118 1,489 — 1,627 Net property and equipment 26 62 1,165 — 1,253 Programming and other inventory 6 9 1,942 — 1,957 Goodwill 98 62 4,629 — 4,789 Intangible assets — — 2,639 — 2,639 Investments in consolidated subsidiaries 42,744 12,775 — (55,519 ) — Other assets 163 11 2,459 — 2,633 Intercompany — 2,248 23,988 (26,236 ) — Assets of discontinued operations — — 4,747 — 4,747 Total Assets $ 43,527 $ 15,199 $ 46,824 $ (81,785 ) $ 23,765 Liabilities and Stockholders ’ Equity Accounts payable $ 1 $ 4 $ 154 $ — $ 159 Participants’ share and royalties payable — — 1,013 — 1,013 Program rights 4 4 364 — 372 Current portion of long-term debt 206 — 16 — 222 Accrued expenses and other current liabilities 418 229 1,034 (30 ) 1,651 Current liabilities of discontinued operations — 1 142 — 143 Total current liabilities 629 238 2,723 (30 ) 3,560 Long-term debt 8,113 — 113 — 8,226 Other liabilities 2,961 252 2,064 — 5,277 Liabilities of discontinued operations 25 — 1,114 — 1,139 Intercompany 26,236 — — (26,236 ) — Stockholders ’ Equity: Preferred stock — — 126 (126 ) — Common stock 1 123 590 (713 ) 1 Additional paid-in capital 44,055 — 60,894 (60,894 ) 44,055 Retained earnings (deficit) (20,518 ) 14,913 (16,081 ) 1,168 (20,518 ) Accumulated other comprehensive income (loss) (770 ) 4 81 (85 ) (770 ) 22,768 15,040 45,610 (60,650 ) 22,768 Less treasury stock, at cost 17,205 331 4,800 (5,131 ) 17,205 Total Stockholders’ Equity 5,563 14,709 40,810 (55,519 ) 5,563 Total Liabilities and Stockholders ’ Equity $ 43,527 $ 15,199 $ 46,824 $ (81,785 ) $ 23,765 |
Condensed Consolidating Statement of Cash Flows | Statement of Cash Flows For the Year Ended December 31, 2016 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Net cash flow (used for) provided by operating activities $ (846 ) $ (157 ) $ 2,688 $ — $ 1,685 Investing Activities: Acquisitions — — (92 ) — (92 ) Capital expenditures — (33 ) (163 ) — (196 ) Investments in and advances to investee companies — — (81 ) — (81 ) Proceeds from dispositions (4 ) — 24 — 20 Other investing activities 15 — — — 15 Net cash flow provided by (used for) investing activities from continuing operations 11 (33 ) (312 ) — (334 ) Net cash flow used for investing activities from discontinued operations — (1 ) (5 ) — (6 ) Net cash flow provided by (used for) investing activities 11 (34 ) (317 ) — (340 ) Financing Activities: Proceeds from short-term debt borrowings, net 450 — — — 450 Proceeds from issuance of senior notes 684 — — — 684 Repayment of senior debentures (199 ) — — — (199 ) Proceeds from debt borrowings of CBS Radio — — 1,452 — 1,452 Repayment of debt borrowings of CBS Radio — — (110 ) — (110 ) Payment of capital lease obligations — — (18 ) — (18 ) Dividends (288 ) — — — (288 ) Purchase of Company common stock (2,997 ) — — — (2,997 ) Payment of payroll taxes in lieu of issuing shares for stock-based compensation (58 ) — — — (58 ) Proceeds from exercise of stock options 21 — — — 21 Excess tax benefit from stock-based compensation 17 — — — 17 Increase (decrease) in intercompany payables 3,259 190 (3,449 ) — — Net cash flow provided by (used for) financing activities 889 190 (2,125 ) — (1,046 ) Net increase (decrease) in cash and cash equivalents 54 (1 ) 246 — 299 Cash and cash equivalents at beginning of year 267 1 55 — 323 Cash and cash equivalents at end of year $ 321 $ — $ 301 $ — $ 622 Statement of Cash Flows For the Year Ended December 31, 2015 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Net cash flow (used for) provided by operating activities $ (634 ) $ (201 ) $ 2,229 $ — $ 1,394 Investing Activities: Acquisitions — — (12 ) — (12 ) Capital expenditures — (16 ) (155 ) — (171 ) Investments in and advances to investee companies — — (98 ) — (98 ) Proceeds from sale of investments 79 — 1 — 80 Proceeds from dispositions 318 — 65 — 383 Other investing activities (3 ) — — — (3 ) Net cash flow provided by (used for) investing activities from continuing operations 394 (16 ) (199 ) — 179 Net cash flow used for investing activities from discontinued operations (3 ) — (22 ) — (25 ) Net cash flow provided by (used for) investing activities 391 (16 ) (221 ) — 154 Financing Activities: Repayments of short-term debt borrowings, net (616 ) — — — (616 ) Proceeds from issuance of senior notes 1,959 — — — 1,959 Payment of capital lease obligations — — (17 ) — (17 ) Dividends (300 ) — — — (300 ) Purchase of Company common stock (2,813 ) — — — (2,813 ) Payment of payroll taxes in lieu of issuing shares for stock-based compensation (96 ) — — — (96 ) Proceeds from exercise of stock options 142 — — — 142 Excess tax benefit from stock-based compensation 88 — — — 88 Increase (decrease) in intercompany payables 2,083 217 (2,300 ) — — Net cash flow provided by (used for) financing activities 447 217 (2,317 ) — (1,653 ) Net increase (decrease) in cash and cash equivalents 204 — (309 ) — (105 ) Cash and cash equivalents at beginning of year 63 1 364 — 428 Cash and cash equivalents at end of year $ 267 $ 1 $ 55 $ — $ 323 Statement of Cash Flows For the Year Ended December 31, 2014 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Net cash flow (used for) provided by operating activities $ (1,107 ) $ (194 ) $ 2,576 $ — $ 1,275 Investing Activities: Acquisitions — — (2 ) — (2 ) Capital expenditures — (27 ) (151 ) — (178 ) Investments in and advances to investee companies — — (98 ) — (98 ) Proceeds from sale of investments — — 12 — 12 Proceeds from dispositions — — 4 — 4 Other investing activities (4 ) — — — (4 ) Net cash flow used for investing activities from continuing operations (4 ) (27 ) (235 ) — (266 ) Net cash flow used for investing activities from discontinued operations (29 ) — (306 ) — (335 ) Net cash flow used for investing activities (33 ) (27 ) (541 ) — (601 ) Financing Activities: Proceeds from short-term debt borrowings, net 141 — — — 141 Proceeds from issuance of senior notes 1,728 — — — 1,728 Repayment of notes and debentures (1,146 ) — (6 ) — (1,152 ) Proceeds from debt borrowings of Outdoor Americas (5 ) — 1,574 — 1,569 Proceeds from IPO of Outdoor Americas — — 613 — 613 Payment of capital lease obligations — — (17 ) — (17 ) Dividends (292 ) — — — (292 ) Purchase of Company common stock (3,595 ) — — — (3,595 ) Payment of payroll taxes in lieu of issuing shares for stock-based compensation (146 ) — — — (146 ) Proceeds from exercise of stock options 283 — — — 283 Excess tax benefit from stock-based compensation 243 — — — 243 Other financing activities (9 ) — (9 ) — (18 ) Increase (decrease) in intercompany payables 3,921 221 (4,142 ) — — Net cash flow provided by (used for) financing activities 1,123 221 (1,987 ) — (643 ) Net (decrease) increase in cash and cash equivalents (17 ) — 48 — 31 Cash and cash equivalents at beginning of year (includes $33 of discontinued operations cash) 80 1 316 — 397 Cash and cash equivalents at end of year (includes $6 of discontinued operations cash) $ 63 $ 1 $ 364 $ — $ 428 |
Basis of Presentation and Sum50
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
Noncurrent receivables | $ 2,110 | $ 2,090 | $ 2,110 | $ 2,090 | |||||||
Advertising expense | 373 | 338 | $ 377 | ||||||||
Provision for doubtful accounts charged to expense | $ 12 | $ 9 | $ 9 | ||||||||
Earnings Per Share [Abstract] | |||||||||||
Weighted average shares for basic EPS | 424 | 442 | 451 | 459 | 469 | 480 | 490 | 498 | 444 | 484 | 550 |
Dilutive effect of shares issuable under stock-based compensation plans | 4 | 5 | 11 | ||||||||
Weighted average shares for diluted EPS | 429 | 446 | 455 | 464 | 474 | 484 | 495 | 506 | 448 | 489 | 561 |
Maximum [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Finite-lived intangible asset useful life | 40 years | ||||||||||
Minimum [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Finite-lived intangible asset useful life | 4 years | ||||||||||
Building [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment estimated useful life | 40 years | ||||||||||
Building [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment estimated useful life | 10 years | ||||||||||
Leasehold Improvements [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Leasehold improvement estimated useful life | Shorter of lease term or useful life | ||||||||||
Equipment and other (including capital leases) [Member] | Maximum [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment estimated useful life | 20 years | ||||||||||
Equipment and other (including capital leases) [Member] | Minimum [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment estimated useful life | 3 years | ||||||||||
Stock Options [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Antidilutive securities excluded from computation of earnings per share | 4 | 4 | 2 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Land | $ 195 | $ 195 | |
Buildings | 733 | 696 | |
Capital leases | 164 | 162 | |
Equipment and other | 1,843 | 1,827 | |
Property and equipment, gross | 2,935 | 2,880 | |
Less accumulated depreciation and amortization | 1,694 | 1,627 | |
Net property and equipment | 1,241 | 1,253 | |
Accumulated amortization of capital leases | 98 | 89 | |
Depreciation expense, including capitalized lease amortization | 205 | 212 | $ 218 |
Amortization expense related to capital leases | $ 17 | $ 16 | $ 16 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | |||
Goodwill, gross | $ 18,218 | $ 18,143 | $ 18,360 |
Accumulated impairment losses | (13,354) | (13,354) | (13,354) |
Goodwill, net of impairment | 4,864 | 4,789 | 5,006 |
Dispositions | (2) | (217) | |
Acquisitions | 77 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangibles assets, gross | 335 | 372 | |
Accumulated amortization | (148) | (179) | |
Finite-lived intangible assets, net | 187 | 193 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Total intangible assets, gross | 2,781 | 2,818 | |
Total intangible assets, net | 2,633 | 2,639 | |
Amortization expense | 20 | 23 | 32 |
Future amortization expense [Abstract] | |||
2,017 | 19 | ||
2,018 | 18 | ||
2,019 | 18 | ||
2,020 | 15 | ||
2,021 | 13 | ||
Goodwill Gross [Member] | |||
Goodwill [Roll Forward] | |||
Dispositions | (2) | (217) | |
Acquisitions | 77 | ||
Accumulated Impairment Losses [Member] | |||
Goodwill [Roll Forward] | |||
Dispositions | 0 | 0 | |
Acquisitions | 0 | ||
FCC licenses [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 2,446 | 2,446 | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangibles assets, gross | 188 | 211 | |
Accumulated amortization | (41) | (59) | |
Finite-lived intangible assets, net | 147 | 152 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangibles assets, gross | 147 | 161 | |
Accumulated amortization | (107) | (120) | |
Finite-lived intangible assets, net | 40 | 41 | |
Operating segments [Member] | Entertainment Segment [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, net of impairment | 3,006 | 2,956 | 3,173 |
Dispositions | (2) | (217) | |
Acquisitions | 52 | ||
Operating segments [Member] | Entertainment Segment [Member] | Goodwill Gross [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, gross | 9,300 | 9,250 | 9,467 |
Dispositions | (2) | (217) | |
Acquisitions | 52 | ||
Operating segments [Member] | Entertainment Segment [Member] | Accumulated Impairment Losses [Member] | |||
Goodwill [Roll Forward] | |||
Accumulated impairment losses | (6,294) | (6,294) | (6,294) |
Dispositions | 0 | 0 | |
Acquisitions | 0 | ||
Operating segments [Member] | Cable Networks Segment [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, net of impairment | 480 | 480 | 480 |
Dispositions | 0 | 0 | |
Acquisitions | 0 | ||
Operating segments [Member] | Cable Networks Segment [Member] | Goodwill Gross [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, gross | 480 | 480 | 480 |
Dispositions | 0 | 0 | |
Acquisitions | 0 | ||
Operating segments [Member] | Cable Networks Segment [Member] | Accumulated Impairment Losses [Member] | |||
Goodwill [Roll Forward] | |||
Accumulated impairment losses | 0 | 0 | 0 |
Dispositions | 0 | 0 | |
Acquisitions | 0 | ||
Operating segments [Member] | Publishing Segment [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, net of impairment | 431 | 406 | 406 |
Dispositions | 0 | 0 | |
Acquisitions | 25 | ||
Operating segments [Member] | Publishing Segment [Member] | Goodwill Gross [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, gross | 431 | 406 | 406 |
Dispositions | 0 | 0 | |
Acquisitions | 25 | ||
Operating segments [Member] | Publishing Segment [Member] | Accumulated Impairment Losses [Member] | |||
Goodwill [Roll Forward] | |||
Accumulated impairment losses | 0 | 0 | 0 |
Dispositions | 0 | 0 | |
Acquisitions | 0 | ||
Operating segments [Member] | Local Media Segment [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, net of impairment | 947 | 947 | 947 |
Dispositions | 0 | 0 | |
Acquisitions | 0 | ||
Operating segments [Member] | Local Media Segment [Member] | Goodwill Gross [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, gross | 8,007 | 8,007 | 8,007 |
Dispositions | 0 | 0 | |
Acquisitions | 0 | ||
Operating segments [Member] | Local Media Segment [Member] | Accumulated Impairment Losses [Member] | |||
Goodwill [Roll Forward] | |||
Accumulated impairment losses | (7,060) | (7,060) | $ (7,060) |
Dispositions | 0 | $ 0 | |
Acquisitions | $ 0 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets Testing (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016reportingunitmarket | Dec. 31, 2015USD ($) | |
Impairment Testing Assumptions [Line Items] | ||
Gain on sales of businesses | $ | $ 139 | |
Number of Reporting Units | reportingunit | 11 | |
Number of reporting units for which the qualitative assessment was performed | reportingunit | 7 | |
CBS Radio [Member] | ||
Impairment Testing Assumptions [Line Items] | ||
Number of Reporting Units | reportingunit | 3 | |
Local Media Segment [Member] | ||
Impairment Testing Assumptions [Line Items] | ||
Number of Reporting Units | reportingunit | 3 | |
FCC Licenses Impairment Test Television Stations [Member] | ||
Impairment Testing Assumptions [Line Items] | ||
Number of markets with book value of FCC licenses | market | 14 | |
Number of markets for which the qualitative assessment was performed | market | 3 | |
Discount rate | 8.00% | |
Perpetual nominal growth rate | 2.50% | |
Number of markets fair value exceeds carrying value | market | 11 | |
F C C Licences Impairment Test Radio Stations [Member] | ||
Impairment Testing Assumptions [Line Items] | ||
Number of markets with book value of FCC licenses | market | 25 | |
Goodwill Impairment Test [Member] | CBS Sports Network Reporting Unit [Member] | ||
Impairment Testing Assumptions [Line Items] | ||
Discount rate | 9.00% | |
Perpetual nominal growth rate | 2.00% |
Goodwill and Other Intangible54
Goodwill and Other Intangible Assets Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Gain on sales of businesses | $ 139 | ||
Proceeds from dispositions | $ 20 | $ 383 | $ 4 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Restructuring charges | $ 30 | $ 45 | |||
Impairment charges | $ 444 | $ 484 | |||
Total costs and expenses | 10,545 | 10,013 | $ 9,929 | ||
Other income | (12) | (26) | (30) | ||
Net earnings (loss) from discontinued operations, net of tax | (291) | (141) | 1,808 | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | |||||
Total assets, discontinued operations | 4,596 | 5,070 | 4,596 | 5,070 | |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||||
Current portion of long-term debt | 23 | 222 | 23 | 222 | |
Long-term debt | 8,902 | 8,226 | 8,902 | 8,226 | |
Other Discontinued Operations [Member] | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Revenues, discontinued operations | 0 | 0 | 0 | ||
Operating expenses, discontinued operations | 0 | 0 | 0 | ||
Selling, general and administrative expenses, discontinued operations | 0 | (17) | (21) | ||
Depreciation and amortization, discontinued operations | 0 | 0 | 0 | ||
Restructuring charges | 0 | 0 | 0 | ||
Impairment charges | 0 | 0 | 0 | ||
Total costs and expenses | 0 | (17) | (21) | ||
Operating income (loss), discontinued operations | 0 | 17 | 21 | ||
Interest expense, discontinued operations | 0 | 0 | |||
Other income | 0 | 0 | |||
Earnings (loss) from discontinued operations | 0 | 17 | 21 | ||
Income tax provision, discontinued operations | (36) | (7) | (8) | ||
Net earnings from discontinued operations, net of tax | 13 | ||||
Gain on disposal, net of tax | 0 | ||||
Less: Net earnings from discontinued operations attributable to noncontrolling interest, net of tax | 0 | ||||
Net earnings (loss) from discontinued operations, net of tax | (36) | 10 | 13 | ||
Held for Sale [Member] | CBS Radio [Member] | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Revenues, discontinued operations | 1,220 | 1,223 | 1,295 | ||
Operating expenses, discontinued operations | 397 | 415 | 401 | ||
Selling, general and administrative expenses, discontinued operations | 497 | 500 | 498 | ||
Depreciation and amortization, discontinued operations | 26 | 29 | 31 | ||
Restructuring charges | 8 | 36 | 7 | ||
Impairment charges | 444 | 484 | 52 | ||
Total costs and expenses | 1,372 | 1,464 | 989 | ||
Operating income (loss), discontinued operations | (152) | (241) | 306 | ||
Interest expense, discontinued operations | (17) | 0 | |||
Other income | 2 | 1 | |||
Earnings (loss) from discontinued operations | (167) | (240) | 306 | ||
Income tax provision, discontinued operations | (88) | 89 | (103) | ||
Net earnings from discontinued operations, net of tax | 203 | ||||
Gain on disposal, net of tax | 0 | ||||
Less: Net earnings from discontinued operations attributable to noncontrolling interest, net of tax | 0 | ||||
Net earnings (loss) from discontinued operations, net of tax | (255) | (151) | 203 | ||
Disposed of by Other Means than Sale [Member] | Outdoor Americas [Member] | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Revenues, discontinued operations | 677 | ||||
Operating expenses, discontinued operations | 366 | ||||
Selling, general and administrative expenses, discontinued operations | 131 | ||||
Depreciation and amortization, discontinued operations | 88 | ||||
Restructuring charges | 0 | ||||
Impairment charges | 0 | ||||
Total costs and expenses | 585 | ||||
Operating income (loss), discontinued operations | 92 | ||||
Interest expense, discontinued operations | (34) | ||||
Earnings (loss) from discontinued operations | 58 | ||||
Income tax provision, discontinued operations | (18) | ||||
Net earnings from discontinued operations, net of tax | 40 | ||||
Gain on disposal, net of tax | 1,557 | ||||
Less: Net earnings from discontinued operations attributable to noncontrolling interest, net of tax | 5 | ||||
Net earnings (loss) from discontinued operations, net of tax | 1,592 | ||||
Discontinued Operations [Member] | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Revenues, discontinued operations | 1,220 | 1,223 | 1,972 | ||
Operating expenses, discontinued operations | 397 | 415 | 767 | ||
Selling, general and administrative expenses, discontinued operations | 497 | 483 | 608 | ||
Depreciation and amortization, discontinued operations | 26 | 29 | 119 | ||
Restructuring charges | 8 | 36 | 7 | ||
Impairment charges | 444 | 484 | 52 | ||
Total costs and expenses | 1,372 | 1,447 | 1,553 | ||
Operating income (loss), discontinued operations | (152) | (224) | 419 | ||
Interest expense, discontinued operations | (17) | (34) | |||
Other income | 2 | 1 | |||
Earnings (loss) from discontinued operations | (167) | (223) | 385 | ||
Income tax provision, discontinued operations | (124) | 82 | (129) | ||
Net earnings from discontinued operations, net of tax | 256 | ||||
Gain on disposal, net of tax | 1,557 | ||||
Less: Net earnings from discontinued operations attributable to noncontrolling interest, net of tax | 5 | ||||
Net earnings (loss) from discontinued operations, net of tax | (291) | (141) | $ 1,808 | ||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | |||||
Net receivables, discontinued operations | 244 | 253 | 244 | 253 | |
Other current assets, discontinued operations | 61 | 70 | 61 | 70 | |
Goodwill, discontinued operations | 1,285 | 1,692 | 1,285 | 1,692 | |
Intangible assets, discontinued operations | 2,832 | 2,875 | 2,832 | 2,875 | |
Net property and equipment, discontinued operations | 145 | 152 | 145 | 152 | |
Other assets, discontinued operations | 29 | 28 | 29 | 28 | |
Total assets, discontinued operations | 4,596 | 5,070 | 4,596 | 5,070 | |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||||
Current portion of long-term debt | 10 | 0 | 10 | 0 | |
Other current liabilities, discontinued operations | 145 | 143 | 145 | 143 | |
Long-term debt | 1,335 | 0 | 1,335 | 0 | |
Deferred income tax liabilities, discontinued operations | 998 | 1,014 | 998 | 1,014 | |
Other liabilities, discontinued operations | 118 | 125 | 118 | 125 | |
Total liabilities, discontinued operations | $ 2,606 | $ 1,282 | $ 2,606 | $ 1,282 |
Discontinued Operations Additio
Discontinued Operations Additional Disclosures (Details) - USD ($) | Jul. 16, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2016 | Apr. 02, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | ||||||
Total cash received from disposition of Outdoor Americas | $ 2,040,000,000 | |||||
Percentage of CBS Outdoor Americas offered in IPO | 19.00% | |||||
Shares of CBS Outdoor Americas common stock owned by CBS | 97,000,000 | |||||
Percentage of CBS Outdoor Americas owned by CBS | 81.00% | |||||
Shares of CBS Class B Common Stock received in Split-Off transaction | 44,723,131 | |||||
Share price | $ 60.85 | $ 63.62 | ||||
Value of all consideration received from significant disposal | 4,760,000,000 | |||||
Fair value of CBS Corp Class B common stock accepted | $ 0 | $ 0 | 2,721,000,000 | |||
Carrying value of Outdoor Americas | (1,162,000,000) | |||||
Transaction costs | (32,000,000) | |||||
Discontinued Operations Additional Disclosures [Line Items] | ||||||
Face value of debt | 9,470,000,000 | 8,520,000,000 | ||||
Accumulated other comprehensive income | (169,000,000) | (36,000,000) | 7,000,000 | |||
Discontinued Operations [Member] | ||||||
Discontinued Operations Additional Disclosures [Line Items] | ||||||
Face value of debt | $ 1,460,000,000 | |||||
Accumulated other comprehensive income | $ 0 | $ 0 | $ 30,000,000 |
Discontinued Operations Impairm
Discontinued Operations Impairment Test (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)market | Dec. 31, 2015USD ($)market | Dec. 31, 2014USD ($)Stations | |
Impairment Testing Assumptions [Line Items] | |||
Number of radio markets impairment | market | 11 | 18 | |
Tampa and Charlotte [Member] | |||
Impairment Testing Assumptions [Line Items] | |||
Number of radio stations swapped | Stations | 13 | ||
Philadelphia [Member] | |||
Impairment Testing Assumptions [Line Items] | |||
Number of radio stations swapped | Stations | 1 | ||
Number of radio stations received in swap | Stations | 2 | ||
Miami [Member] | |||
Impairment Testing Assumptions [Line Items] | |||
Number of radio stations received in swap | Stations | 3 | ||
CBS Radio [Member] | Held for Sale [Member] | |||
Impairment Testing Assumptions [Line Items] | |||
FCC licenses impairment, net of tax | $ 22 | $ 297 | |
Goodwill, impairment loss, net of tax | 405 | $ 74 | |
Noncash impairment charge to reduce carrying value of goodwill | 408 | ||
Noncash impairment charge to reduce carrying value of FCC licenses | 36 | ||
Goodwill and FCC licenses impairment, net of tax | 427 | ||
Carrying value of CBS Radio after impairment | 1,900 | ||
Indicated fair value based on Entercom stock price on day transaction was announced | $ 1,700 | ||
Sensitivity analysis of change in Entercom's stock price, impact on fair value of CBS Radio | A 10% increase or decrease in the stock price would result in a change in the fair value of approximately $175 million |
Discontinued Operations Debt (D
Discontinued Operations Debt (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Oct. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Total debt | $ 9,375,000,000 | $ 9,375,000,000 | $ 8,448,000,000 | |
Face value of debt | 9,470,000,000 | $ 9,470,000,000 | $ 8,520,000,000 | |
Term loan interest rate description | The Term Loan bears interest at a rate equal to 3.50% plus the greater of the London Interbank Offered Rate (“LIBOR”) and 1.00%. | |||
Debt covenant description | The Radio Revolving Credit Facility requires CBS Radio to maintain a maximum Consolidated Net Secured Leverage Ratio of 4.00 to 1.00. | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity under the credit facility | 2,500,000,000 | $ 2,500,000,000 | ||
Borrowings outstanding | 0 | 0 | ||
Discontinued Operations [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 1,350,000,000 | 1,350,000,000 | ||
Face value of debt | $ 1,460,000,000 | |||
Discontinued Operations [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity under the credit facility | 250,000,000 | 250,000,000 | ||
Borrowings outstanding | 10,000,000 | 10,000,000 | ||
Senior Unsecured Notes Due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.25% | |||
Senior Unsecured Notes Due 2024 [Member] | Discontinued Operations [Member] | ||||
Debt Instrument [Line Items] | ||||
Face value of debt | $ 400,000,000 | |||
Term Loan [Member] | Discontinued Operations [Member] | ||||
Debt Instrument [Line Items] | ||||
Face value of debt | 960,000,000 | $ 960,000,000 | $ 1,060,000,000 | |
Prepayment of term loan | $ 100,000,000 |
Restructuring and Merger and 59
Restructuring and Merger and Acquisition-Related Costs (Details) - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 30 | $ 45 | ||
Restructuring and merger and acquisition-related costs (Note 5) | 38 | 45 | $ 19 | |
Payments for restructuring | 22 | 27 | $ 55 | |
Professional fees associated with merger and acquisition activities | 8 | |||
Severance costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 19 | 24 | 11 | |
Payments for restructuring | 33 | |||
Contract termination costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 11 | $ 21 | $ 8 | |
Payments for restructuring | $ 22 |
Restructuring and Merger and 60
Restructuring and Merger and Acquisition-Related Costs (Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | $ 31 | $ 13 | |
Restructuring charges | 30 | 45 | |
Payments for restructuring | (22) | (27) | $ (55) |
Restructuring reserve, ending balance | 39 | 31 | 39 |
Operating segments [Member] | Entertainment Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 19 | 6 | |
Restructuring charges | 16 | 26 | |
Payments for restructuring | (15) | (13) | |
Restructuring reserve, ending balance | 20 | 19 | 20 |
Operating segments [Member] | Cable Networks Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 0 | ||
Restructuring charges | 4 | ||
Payments for restructuring | 0 | ||
Restructuring reserve, ending balance | 4 | 0 | 4 |
Operating segments [Member] | Publishing Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 0 | ||
Restructuring charges | 1 | ||
Payments for restructuring | 0 | ||
Restructuring reserve, ending balance | 1 | 0 | 1 |
Operating segments [Member] | Local Media Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 11 | 5 | |
Restructuring charges | 6 | 19 | |
Payments for restructuring | (5) | (13) | |
Restructuring reserve, ending balance | 12 | 11 | 12 |
Corporate [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, beginning balance | 1 | 2 | |
Restructuring charges | 3 | 0 | |
Payments for restructuring | (2) | (1) | |
Restructuring reserve, ending balance | $ 2 | $ 1 | $ 2 |
Programming and Other Invento61
Programming and Other Inventory (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | ||
Acquired program rights | $ 1,773 | $ 1,532 |
Internally produced programming, released | 1,746 | 1,261 |
Internally produced programming, in process and other | 298 | 392 |
Publishing, primarily finished goods | 49 | 42 |
Total programming and other inventory | 3,866 | 3,227 |
Less current portion | 1,427 | 1,270 |
Total noncurrent programming and other inventory | 2,439 | $ 1,957 |
Internally produced programming to be amortized in next fiscal year | $ 775 | |
Timing of amortization of released programming | In addition, while it is difficult to determine the precise timing of the amortization of the remaining released internally produced programming, the Company estimates that substantially all of the December 31, 2016 balance will be amortized over the next three years. |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
SMR trust ownership in NAI | 80.00% | ||
National Amusements Inc [Member] | |||
Related Party Transaction [Line Items] | |||
NAI ownership of CBS Corp. Class A common stock (percentage) | 79.50% | ||
NAI ownership of CBS Corp. Class A and Class B common stock on a combined basis (percentage) | 9.50% | ||
Viacom Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from transactions with related parties | $ 120 | $ 176 | $ 180 |
Expenses from transactions with related parties | 24 | 25 | 19 |
Receivables from Viacom, current | 113 | 114 | |
Receivables from Viacom, noncurrent | 35 | 38 | |
Total amounts due from related party | 148 | 152 | |
Equity Method Investees [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from transactions with related parties | 112 | 160 | $ 122 |
Total amounts due from related party | $ 47 | $ 48 |
Investments (Details)
Investments (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)channel | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 227 | $ 224 | |
Cost method investments | 34 | 32 | |
Investments in and advances to investee companies | 81 | $ 98 | $ 98 |
Write-down of equity investment | $ 10 | ||
The C W [Member] | Equity Method Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 50.00% | ||
Pop [Member] | Equity Method Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 50.00% | ||
AMC Networks Inc JV [Member] | Equity Method Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 49.00% | ||
Number of channels owned and operated by joint venture | channel | 6 | ||
AMC Networks Inc Other JV [Member] | Equity Method Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 30.00% | ||
Number of channels owned and operated by joint venture | channel | 6 | ||
Ten Network Holdings Limited JV [Member] | Equity Method Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 33.00% | ||
RTL Group JV [Member] | Equity Method Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 30.00% | ||
Number of channels owned and operated by joint venture | channel | 2 |
Bank Financing and Debt (Detail
Bank Financing and Debt (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2016 | Oct. 31, 2016 | Jul. 31, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | ||||||||
Net unamortized discount on senior debt | $ 52,000,000 | $ 45,000,000 | ||||||
Unamortized deferred financing costs | 43,000,000 | 44,000,000 | ||||||
Increase in the carrying value of debt relating to previously settled fair value hedges | 5,000,000 | 14,000,000 | ||||||
Short-term debt classified as long-term debt reflecting Company's intent and ability to refinance | 399,000,000 | |||||||
Debt Instrument [Line Items] | ||||||||
Commercial paper | 450,000,000 | 0 | ||||||
Carrying value of senior debt | 8,850,000,000 | 8,370,000,000 | ||||||
Capital lease obligations | 75,000,000 | 83,000,000 | ||||||
Face value of debt | 9,470,000,000 | 8,520,000,000 | ||||||
Total debt | 9,375,000,000 | 8,448,000,000 | ||||||
Less current portion | 23,000,000 | 222,000,000 | ||||||
Total long-term debt, net of current portion | 8,902,000,000 | 8,226,000,000 | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||
2,017 | 400,000,000 | |||||||
2,018 | 300,000,000 | |||||||
2,019 | 600,000,000 | |||||||
2,020 | 500,000,000 | |||||||
2,021 | 300,000,000 | |||||||
2022 and Thereafter | 6,840,000,000 | |||||||
Discontinued Operations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face value of debt | $ 1,460,000,000 | |||||||
Total debt | 1,350,000,000 | |||||||
Less current portion | 10,000,000 | 0 | ||||||
Total long-term debt, net of current portion | 1,335,000,000 | 0 | ||||||
Senior Debentures due 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | 0 | $ 200,000,000 | ||||||
Stated interest rate | 7.625% | 7.625% | ||||||
Face amount of debt repurchased | $ 200,000,000 | |||||||
Senior Notes due 2017 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 399,000,000 | $ 398,000,000 | ||||||
Stated interest rate | 1.95% | |||||||
Senior Notes due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 305,000,000 | 309,000,000 | ||||||
Stated interest rate | 4.625% | |||||||
Senior Notes due 2019 B [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 606,000,000 | 609,000,000 | ||||||
Stated interest rate | 2.30% | 2.30% | ||||||
Face value of debt | $ 600,000,000 | |||||||
Senior Notes due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 499,000,000 | 498,000,000 | ||||||
Stated interest rate | 5.75% | |||||||
Senior Notes due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 299,000,000 | 299,000,000 | ||||||
Stated interest rate | 4.30% | |||||||
Senior Notes due 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 695,000,000 | 694,000,000 | ||||||
Stated interest rate | 3.375% | |||||||
Debentures due 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 187,000,000 | 186,000,000 | ||||||
Stated interest rate | 7.875% | |||||||
Senior Notes due 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 46,000,000 | 46,000,000 | ||||||
Stated interest rate | 7.125% | |||||||
Senior Notes due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 596,000,000 | 596,000,000 | ||||||
Stated interest rate | 3.70% | |||||||
Senior Notes Due 2025 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 587,000,000 | 585,000,000 | ||||||
Stated interest rate | 3.50% | 3.50% | ||||||
Face value of debt | $ 600,000,000 | |||||||
Senior Notes Due 2026 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 783,000,000 | 781,000,000 | ||||||
Stated interest rate | 4.00% | 4.00% | ||||||
Face value of debt | $ 800,000,000 | |||||||
Senior Notes Due 2027 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 683,000,000 | 0 | ||||||
Stated interest rate | 2.90% | 2.90% | ||||||
Face value of debt | $ 700,000,000 | |||||||
Senior Debentures due 2030 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 833,000,000 | 833,000,000 | ||||||
Stated interest rate | 7.875% | |||||||
Senior Debentures due 2033 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 425,000,000 | 425,000,000 | ||||||
Stated interest rate | 5.50% | |||||||
Senior Notes due 2040 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 297,000,000 | 297,000,000 | ||||||
Stated interest rate | 5.90% | |||||||
Senior Notes due 2042 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 485,000,000 | 484,000,000 | ||||||
Stated interest rate | 4.85% | |||||||
Senior Notes due 2044 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 538,000,000 | 538,000,000 | ||||||
Stated interest rate | 4.90% | |||||||
Senior Notes Due 2045 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying value of senior debt | $ 587,000,000 | $ 587,000,000 | ||||||
Stated interest rate | 4.60% | 4.60% | ||||||
Face value of debt | $ 600,000,000 |
Bank Financing and Debt Additio
Bank Financing and Debt Additional Disclosures (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | |
Credit facility covenant description | The Radio Revolving Credit Facility requires CBS Radio to maintain a maximum Consolidated Net Secured Leverage Ratio of 4.00 to 1.00. |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Borrowings outstanding | $ 0 |
Availability under the credit facility | 2,490,000,000 |
Maximum borrowing capacity under the credit facility | 2,500,000,000 |
Commercial Paper [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity under the credit facility | $ 2,500,000,000 |
Weighted average interest rate | 0.98% |
Consolidated Leverage Ratio [Member] | Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Credit facility covenant description | 4.5x |
Credit facility covenant compliance | 2.9x |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Carrying value of senior debt | $ 8,850 | $ 8,370 | |
Fair value of senior debt | 9,510 | 8,780 | |
Debt Instrument [Line Items] | |||
Face value of debt | 9,470 | 8,520 | |
Derivative [Line Items] | |||
Deferred gain on settlement of interest rate swap prior to maturity | 12 | ||
Interest rate swap [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivative | $ 600 | ||
Gain on designated interest rate swaps | 0 | 7 | |
Foreign exchange contract [Member] | |||
Derivative [Line Items] | |||
Gain on non-designated foreign exchange contracts | 33 | 22 | |
Cash flow hedging [Member] | Foreign exchange contract [Member] | |||
Derivative [Line Items] | |||
Notional amount of derivative | 433 | 291 | |
Senior Notes due 2019 B [Member] | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Carrying value of senior debt | $ 606 | $ 609 | |
Debt Instrument [Line Items] | |||
Face value of debt | $ 600 | ||
Stated interest rate | 2.30% | 2.30% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Foreign currency hedges | $ 34 | $ 13 |
Total Assets | 34 | 13 |
Liabilities: | ||
Deferred compensation | 347 | 312 |
Foreign currency hedges | 1 | |
Total Liabilities | 348 | 312 |
Level 1 [Member] | ||
Assets: | ||
Foreign currency hedges | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities: | ||
Deferred compensation | 0 | 0 |
Foreign currency hedges | 0 | |
Total Liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Foreign currency hedges | 34 | 13 |
Total Assets | 34 | 13 |
Liabilities: | ||
Deferred compensation | 347 | 312 |
Foreign currency hedges | 1 | |
Total Liabilities | 348 | 312 |
Level 3 [Member] | ||
Assets: | ||
Foreign currency hedges | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities: | ||
Deferred compensation | 0 | 0 |
Foreign currency hedges | 0 | |
Total Liabilities | $ 0 | $ 0 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 28, 2016 | |
Stockholders' Equity Note [Abstract] | ||||||||||||
Increase in dividend per share (percentage) | 20.00% | |||||||||||
Dividends per common share (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.66 | $ 0.6 | $ 0.54 | |
Dividends | $ 294,000,000 | $ 293,000,000 | $ 296,000,000 | |||||||||
Authorized availability under stock repurchase program | $ 6,000,000,000 | |||||||||||
Class B Common Stock purchased, value | $ 3,000,000,000 | |||||||||||
Average price per share repurchased (in dollars per share) | $ 55.15 | |||||||||||
Shares of Class B Common Stock repurchased | 54,300,000 | |||||||||||
Remaining authorization under repurchase program | $ 4,110,000,000 | $ 4,110,000,000 | ||||||||||
Minimum Class A shares needed for conversion | 5,000 | 5,000 | ||||||||||
Conversion of A shares into B shares | 100,000 | 100,000 | 1,300,000 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Tax (provision) benefit on net actuarial gain (loss) and prior service costs related to pension and other postretirement plans | $ (3) | $ 19 | $ 105 | |
Total other comprehensive income (loss), net of tax | 3 | (35) | (190) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated other comprehensive income (loss), net of tax | (767) | (770) | (735) | $ (545) |
Other comprehensive income (loss), before reclassifications, net of tax | (166) | (71) | (183) | |
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 169 | 36 | (7) | |
Continuing Operations [Member] | ||||
Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Cumulative translation adjustment | (1) | (5) | (9) | |
Net actuarial gain (loss) and prior service cost | 4 | (30) | (163) | |
Unrealized gain (loss) on securities | 0 | 0 | (3) | |
Total other comprehensive income (loss), net of tax | 3 | (35) | (175) | |
Continuing Operations [Member] | Cumulative translation adjustments [Member] | ||||
Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Cumulative translation adjustment | (1) | (5) | (9) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Cumulative translation adjustments, accumulated other comprehensive income | 151 | 152 | 157 | 166 |
Other comprehensive income (loss), before reclassifications, net of tax | (1) | (5) | (9) | |
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 0 | 0 | 0 | |
Continuing Operations [Member] | Net actuarial gain (loss) and prior service cost [Member] | ||||
Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Net actuarial gain (loss) and prior service cost | 4 | (30) | (163) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Net actuarial gain (loss) and prior service costs, accumulated other comprehensive income | (918) | (922) | (892) | (729) |
Other comprehensive income (loss), before reclassifications, net of tax | (165) | (66) | (189) | |
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 169 | 36 | 26 | |
Continuing Operations [Member] | Unrealized gain on securities [Member] | ||||
Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Unrealized gain (loss) on securities | 0 | 0 | (3) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Unrealized gain (loss) on securities, accumulated other comprehensive income | 0 | 0 | 0 | 3 |
Other comprehensive income (loss), before reclassifications, net of tax | 0 | 0 | 0 | |
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 0 | 0 | (3) | |
Discontinued Operations [Member] | ||||
Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Total other comprehensive income (loss), net of tax | 0 | 0 | (15) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated other comprehensive income (loss), net of tax | 0 | 0 | 0 | $ 15 |
Other comprehensive income (loss), before reclassifications, net of tax | 0 | 0 | 15 | |
Reclassifications from accumulated other comprehensive income (loss) to net earnings | $ 0 | $ 0 | $ (30) |
Stock-Based Compensation (Expen
Stock-Based Compensation (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Based Compensation Expense Details [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 165 | $ 157 | $ 137 |
Continuing Operations [Member] | |||
Stock Based Compensation Expense Details [Line Items] | |||
RSUs and PSUs | 137 | 129 | 116 |
Stock options | 28 | 28 | 21 |
Stock-based compensation expense, before income taxes | 165 | 157 | 137 |
Related tax benefit | (63) | (61) | (55) |
Stock-based compensation expense, net of tax benefit | 102 | 96 | 82 |
Discontinued Operations [Member] | |||
Stock Based Compensation Expense Details [Line Items] | |||
Stock-based compensation expense, net of tax benefit | $ 12 | $ 17 | $ 17 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Number of shares available for future grant under equity incentive plans | 48 | ||
Stock Option Exercises Information [Abstract] | |||
Cash received from stock option exercises | $ 21 | $ 142 | $ 283 |
Tax benefit of stock option exercises | 14 | 74 | 200 |
Intrinsic value of stock option exercises | $ 37 | $ 192 | $ 517 |
Stock-Based Compensation (Rollf
Stock-Based Compensation (Rollforward of RSUs) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
RSU activity, shares [Roll Forward] | |||
Non-vested (shares), beginning balance | 5,745,080 | ||
Granted (shares) | 3,702,313 | ||
Vested (shares) | (2,731,513) | ||
Forfeited (shares) | (258,260) | ||
Non-vested (shares), ending balance | 6,457,620 | 5,745,080 | |
Weighted average grant date fair value of RSUs and [Abstract] | |||
Non-vested, beginning balance | $ 54.88 | ||
Granted | 47.30 | $ 59.11 | $ 62.70 |
Vested | 50.04 | ||
Forfeited | 55.19 | ||
Non-vested, ending balance | $ 52.57 | $ 54.88 |
Stock-Based Compensation (Black
Stock-Based Compensation (Black-Scholes Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted average grant date fair value of stock options | $ 12.30 | $ 15.73 | $ 18.23 |
Expected dividend yield | 1.31% | 1.25% | 1.25% |
Expected stock price volatility | 32.55% | 31.45% | 33.06% |
Risk-free interest rate | 1.35% | 1.63% | 1.60% |
Expected term of options (years) | 5 years | 5 years | 5 years |
Stock-Based Compensation (Sto74
Stock-Based Compensation (Stock-Option Rollforward) (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Options activity, Shares [Roll Forward] | |
Outstanding (shares), beginning balance | shares | 11,305,035 |
Granted (shares) | shares | 1,750,577 |
Exercised (shares) | shares | (1,042,839) |
Forfeited or expired (shares) | shares | (101,126) |
Outstanding (shares), ending balance | shares | 11,911,647 |
Stock options exercisable (shares) | shares | 7,352,349 |
Weighted average exercise price of options outstanding [Abstract] | |
Outstanding, beginning balance | $ / shares | $ 41.75 |
Granted | $ / shares | 46.12 |
Exercised | $ / shares | 20.16 |
Forfeited or expired | $ / shares | 57.52 |
Outstanding, ending balance | $ / shares | 44.14 |
Stock options exercisable | $ / shares | $ 38.16 |
Stock-Based Compensation (Other
Stock-Based Compensation (Other Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock-based compensation by award type [Line Items] | |||
Stock option term until expiration | 8 years | ||
Aggregate fair value of RSUs vested during the period | $ 129 | $ 212 | $ 319 |
Restricted Stock Units (RSUs) [Member] | |||
Unrecognized Stock-based Compensation [Abstract] | |||
Unrecognized future expense of unvested RSUs | $ 181 | ||
Weighted average period over which future expense of unrecognized stock-based compensation will be recognized (years) | 2 years 3 months 18 days | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Stock-based compensation by award type [Line Items] | |||
Service period over which grants vest | 4 years | ||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Stock-based compensation by award type [Line Items] | |||
Service period over which grants vest | 1 year | ||
Stock Options [Member] | |||
Unrecognized Stock-based Compensation [Abstract] | |||
Unrecognized future expense of unvested stock options | $ 42 | ||
Weighted average period over which future expense of unrecognized stock-based compensation will be recognized (years) | 2 years 2 months 12 days | ||
Stock Options [Member] | Maximum [Member] | |||
Stock-based compensation by award type [Line Items] | |||
Service period over which grants vest | 4 years | ||
Stock Options [Member] | Minimum [Member] | |||
Stock-based compensation by award type [Line Items] | |||
Service period over which grants vest | 3 years |
Stock-Based Compensation (Sto76
Stock-Based Compensation (Stock Options Outstanding and Exercisable by Exercise Price) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Jul. 16, 2014 | |
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | ||
Number of stock options outstanding | 11,911,647 | |
Number of stock options exercisable | 7,352,349 | |
Weighted average remaining contractual life of outstanding stock options (years) | 4 years 6 months 26 days | |
Intrinsic value of stock options outstanding | $ 236 | |
Weighted average remaining contractual life of exercisable stock options (years) | 3 years 7 months 21 days | |
Intrinsic value of stock options exercisable | $ 189 | |
Share price | $ 63.62 | $ 60.85 |
$5 to $9.99 [Member] | ||
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit | 5 | |
Exercise price range, upper range limit | $ 9.99 | |
Number of stock options outstanding | 301,305 | |
Number of stock options exercisable | 301,305 | |
Stock options outstanding, weighted average exercise price | $ 5.28 | |
Stock options exercisable, weighted average exercise price | $ 5.28 | |
Weighted average remaining contractual life of outstanding stock options (years) | 4 months 6 days | |
$10 to $19.99 [Member] | ||
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit | $ 10 | |
Exercise price range, upper range limit | $ 19.99 | |
Number of stock options outstanding | 320,447 | |
Number of stock options exercisable | 320,447 | |
Stock options outstanding, weighted average exercise price | $ 14.12 | |
Stock options exercisable, weighted average exercise price | $ 14.12 | |
Weighted average remaining contractual life of outstanding stock options (years) | 1 year 7 months 28 days | |
$20 to $29.99 [Member] | ||
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit | $ 20 | |
Exercise price range, upper range limit | $ 29.99 | |
Number of stock options outstanding | 2,415,271 | |
Number of stock options exercisable | 2,415,271 | |
Stock options outstanding, weighted average exercise price | $ 27.72 | |
Stock options exercisable, weighted average exercise price | $ 27.72 | |
Weighted average remaining contractual life of outstanding stock options (years) | 2 years 10 months 6 days | |
$30 to $39.99 [Member] | ||
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit | $ 30 | |
Exercise price range, upper range limit | $ 39.99 | |
Number of stock options outstanding | 1,314,623 | |
Number of stock options exercisable | 1,314,623 | |
Stock options outstanding, weighted average exercise price | $ 34.13 | |
Stock options exercisable, weighted average exercise price | $ 34.13 | |
Weighted average remaining contractual life of outstanding stock options (years) | 3 years 9 months | |
$40 to $49.99 [Member] | ||
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit | $ 40 | |
Exercise price range, upper range limit | $ 49.99 | |
Number of stock options outstanding | 3,767,119 | |
Number of stock options exercisable | 1,487,149 | |
Stock options outstanding, weighted average exercise price | $ 45.01 | |
Stock options exercisable, weighted average exercise price | $ 44.41 | |
Weighted average remaining contractual life of outstanding stock options (years) | 5 years 6 months 15 days | |
$50 to $59.99 [Member] | ||
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit | $ 50 | |
Exercise price range, upper range limit | $ 59.99 | |
Number of stock options outstanding | 1,785,593 | |
Number of stock options exercisable | 490,242 | |
Stock options outstanding, weighted average exercise price | $ 59.54 | |
Stock options exercisable, weighted average exercise price | $ 59.54 | |
Weighted average remaining contractual life of outstanding stock options (years) | 6 years 11 days | |
$60 to $69.99 [Member] | ||
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit | $ 60 | |
Exercise price range, upper range limit | $ 69.99 | |
Number of stock options outstanding | 2,007,289 | |
Number of stock options exercisable | 1,023,312 | |
Stock options outstanding, weighted average exercise price | $ 65.77 | |
Stock options exercisable, weighted average exercise price | $ 65.89 | |
Weighted average remaining contractual life of outstanding stock options (years) | 5 years 1 month 21 days |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies [Abstract] | |||
United States | $ 1,803 | $ 1,840 | $ 1,484 |
Foreign | 427 | 424 | 374 |
Earnings from continuing operations before income taxes and equity in loss of investee companies | 2,230 | 2,264 | 1,858 |
Components of provision (benefit) for income taxes [Abstract] | |||
Current federal income tax provision (benefit) | 359 | 110 | (17) |
Current state and local income tax provision | 64 | 30 | 15 |
Current foreign income tax provision | 61 | 91 | 69 |
Total current income tax expense provision | 484 | 231 | 67 |
Deferred tax provision | 144 | 445 | 592 |
(Provision) benefit for income taxes for discontinued operations | (124) | 82 | (129) |
Income tax benefit realized from stock option exercises and RSU vests | 57 | 148 | |
Related Party Transaction [Line Items] | |||
Provision (benefit) for income taxes | 628 | 676 | 659 |
Equity Method Investees [Member] | |||
Related Party Transaction [Line Items] | |||
Provision (benefit) for income taxes | $ (25) | $ (22) | $ (31) |
Effective income tax rate | 33.50% | 38.70% | 38.70% |
Income Taxes Additional Detail
Income Taxes Additional Detail (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation to US federal statutory rate | |||
Taxes on income at US federal statutory rate | $ 780 | $ 792 | $ 650 |
State and local taxes, net of federal tax benefit | 59 | 55 | 104 |
Effect of foreign operations | (112) | (100) | (90) |
Domestic production deduction | (42) | (25) | 0 |
Sales of businesses | 0 | (42) | 0 |
Audit settlement, net | 0 | (9) | (4) |
Other, net | (57) | 5 | (1) |
Provision for income taxes | 628 | 676 | 659 |
Multiyear adjustment to tax deduction | 47 | ||
Deferred income tax assets: | |||
Reserves and other accrued liabilities | 671 | 682 | |
Pension, postretirement and other employee benefits | 843 | 791 | |
Tax credit and loss carryforwards | 966 | 934 | |
Other deferred income tax assets | 113 | 102 | |
Total deferred income tax assets | 2,593 | 2,509 | |
Deferred tax assets valuation allowance | (928) | (914) | |
Deferred income tax assets, net | 1,665 | 1,595 | |
Deferred income tax liabilities: | |||
Intangible assets | (1,469) | (1,333) | |
Unbilled licensing receivables | (636) | (599) | |
Property, equipment and other assets | (140) | (155) | |
Total deferred income tax liabilities | (2,245) | (2,087) | |
Deferred income tax liabilities, net | (580) | (492) | |
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 980 | ||
Change in reserve for uncertain tax positions, excluding related accrued interest and penalties | |||
Unrecognized tax benefits, beginning of year | 104 | 140 | 139 |
Additions for current year tax positions | 9 | 14 | 14 |
Additions for prior year tax positions | 4 | 6 | 31 |
Reductions for prior year tax positions | (8) | (32) | (26) |
Cash settlements | (6) | (23) | (16) |
Statute of limitation lapses | (1) | (1) | (2) |
Unrecognized tax benefits, end of year | 102 | 104 | 140 |
Net deferred tax liabilities of discontinued operations | 975 | 990 | |
Company's share of undistributed earnings of foreign subsidiaries not included in its consolidated federal income tax return | 4,550 | 4,150 | |
Amount included in reserve for uncertain tax positions that would affect Company's effective income tax rate (including discontinued operations) if recognized | 76 | ||
Interest and penalty charges related to the reserve for uncertain tax positions | 7 | 7 | $ 14 |
Liabilities for accrued interest and penalty charges related to the reserve for uncertain tax positions | 35 | 33 | |
Discontinued Operations [Member] | |||
Change in reserve for uncertain tax positions, excluding related accrued interest and penalties | |||
Unrecognized tax benefits, beginning of year | 25 | ||
Unrecognized tax benefits, end of year | $ 20 | $ 25 | |
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforward expiration date | Dec. 31, 2036 | ||
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforward expiration date | Jan. 1, 2017 |
Pension and Other Postretirem79
Pension and Other Postretirement Benefits (Change in Benefit Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |||
Service period over which benefits vest | 5 years | ||
Percent of plan assets' fair value invested in Company common stock | 2.80% | 1.80% | |
Percent of pension obligations settled | 12.00% | ||
Pension benefits [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $ 4,911 | $ 5,323 | |
Service cost | 29 | 31 | $ 31 |
Interest cost | 215 | 209 | 237 |
Actuarial loss (gain) | 353 | (210) | |
Benefits paid | (328) | (416) | |
Participants' contributions | 0 | 0 | |
Retiree Medicare drug subsidy | 0 | 0 | |
Settlements | (518) | 0 | |
Cumulative translation adjustments | (2) | (26) | |
Benefit obligation, end of year | 4,660 | 4,911 | 5,323 |
Postretirement benefits [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | 486 | 562 | |
Service cost | 0 | 0 | 0 |
Interest cost | 20 | 20 | 25 |
Actuarial loss (gain) | (5) | (45) | |
Benefits paid | (69) | (66) | |
Participants' contributions | 11 | 11 | |
Retiree Medicare drug subsidy | 4 | 4 | |
Settlements | 0 | 0 | |
Cumulative translation adjustments | 0 | 0 | |
Benefit obligation, end of year | $ 447 | $ 486 | $ 562 |
Pension and Other Postretirem80
Pension and Other Postretirement Benefits (Change In Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Pension benefits [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | $ 3,734 | $ 4,224 |
Actual return on plan assets | 305 | (99) |
Employer contributions | 52 | 52 |
Benefits paid | (328) | (416) |
Participants' contributions | 0 | 0 |
Retiree Medicare drug subsidy | 0 | 0 |
Settlements | (518) | 0 |
Cumulative translation adjustments | (1) | (27) |
Fair value of plan assets, end of year | 3,244 | 3,734 |
Postretirement benefits [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 4 | 5 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 54 | 50 |
Benefits paid | (69) | (66) |
Participants' contributions | 11 | 11 |
Retiree Medicare drug subsidy | 4 | 4 |
Settlements | 0 | 0 |
Cumulative translation adjustments | 0 | 0 |
Fair value of plan assets, end of year | $ 4 | $ 4 |
Pension and Other Postretirem81
Pension and Other Postretirement Benefits (Funded Status and Amounts Recognized on the Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 4,558 | $ 4,795 |
Accumulated benefit obligation | 4,485 | 4,717 |
Fair value of plan assets | 3,129 | 3,602 |
Accumulated benefit obligation for all defined benefit pension plans | 4,590 | 4,830 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Noncurrent liabilities | (1,769) | (1,575) |
Pension benefits [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Funded status at end of year | (1,416) | (1,177) |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Other assets | 13 | 17 |
Current liabilities | (53) | (51) |
Noncurrent liabilities | (1,376) | (1,143) |
Net amounts recognized | (1,416) | (1,177) |
Amounts recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets | ||
Net actuarial (loss) gain | (1,827) | (1,848) |
Net prior service (cost) credit | (7) | (9) |
Share of equity investee | (1) | (1) |
Net amount recognized in accumulated other comprehensive income (loss) before tax | (1,835) | (1,858) |
Deferred income taxes | 725 | 734 |
Net amount recognized in accumulated other comprehensive income (loss) | (1,110) | (1,124) |
Postretirement benefits [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Funded status at end of year | (443) | (482) |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Other assets | 0 | 0 |
Current liabilities | (50) | (50) |
Noncurrent liabilities | (393) | (432) |
Net amounts recognized | (443) | (482) |
Amounts recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets | ||
Net actuarial (loss) gain | 230 | 246 |
Net prior service (cost) credit | 0 | 0 |
Share of equity investee | 0 | 0 |
Net amount recognized in accumulated other comprehensive income (loss) before tax | 230 | 246 |
Deferred income taxes | (38) | (44) |
Net amount recognized in accumulated other comprehensive income (loss) | 192 | 202 |
Qualified Pension Plans [Member] | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Funded status at end of year | $ (742) | $ (533) |
Pension and Other Postretirem82
Pension and Other Postretirement Benefits (Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Settlements | $ 211,000,000 | $ 0 | $ 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract] | |||
Deferred income taxes | (3,000,000) | 19,000,000 | 105,000,000 |
Pension benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 29,000,000 | 31,000,000 | 31,000,000 |
Interest cost | 215,000,000 | 209,000,000 | 237,000,000 |
Expected return on plan assets | (227,000,000) | (261,000,000) | (262,000,000) |
Amortization of actuarial losses (gains) | 84,000,000 | 79,000,000 | 63,000,000 |
Amortization of prior service cost (credit) | 1,000,000 | 1,000,000 | 1,000,000 |
Settlements | 211,000,000 | 0 | 0 |
Net periodic cost | 313,000,000 | 59,000,000 | 70,000,000 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |||
Estimated net actuarial (gain) loss that will be amortized into net periodic benefit cost over next fiscal year | 101,000,000 | ||
Estimated net prior service cost (credit) that will be amortized into net periodic benefit cost over the next fiscal year | 1,000,000 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract] | |||
Actuarial (losses) gains | (275,000,000) | ||
Amortization of actuarial losses (gains) | 84,000,000 | ||
Amortization of prior service (credit) cost | 1,000,000 | ||
Settlements | 211,000,000 | ||
Cumulative translation adjustments | 2,000,000 | ||
Recognized in other comprehensive income, before tax | 23,000,000 | ||
Deferred income taxes | (9,000,000) | ||
Recognized in other comprehensive income, net of tax | 14,000,000 | ||
Postretirement benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 20,000,000 | 20,000,000 | 25,000,000 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial losses (gains) | (21,000,000) | (21,000,000) | (21,000,000) |
Amortization of prior service cost (credit) | 0 | 0 | (1,000,000) |
Settlements | 0 | 0 | 0 |
Net periodic cost | (1,000,000) | $ (1,000,000) | $ 3,000,000 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |||
Estimated net actuarial (gain) loss that will be amortized into net periodic benefit cost over next fiscal year | (22,000,000) | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract] | |||
Actuarial (losses) gains | 5,000,000 | ||
Amortization of actuarial losses (gains) | (21,000,000) | ||
Amortization of prior service (credit) cost | 0 | ||
Settlements | 0 | ||
Cumulative translation adjustments | 0 | ||
Recognized in other comprehensive income, before tax | (16,000,000) | ||
Deferred income taxes | 6,000,000 | ||
Recognized in other comprehensive income, net of tax | $ (10,000,000) |
Pension and Other Postretirem83
Pension and Other Postretirement Benefits (Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Projected health care cost trend rate for participants | 6.60% | 7.00% |
Ultimate trend rate | 5.00% | 5.00% |
Year ultimate trend rate is achieved for participants | 2,021 | 2,021 |
Pension benefits [Member] | ||
Weighted average assumptions used to determine benefit obligations at December 31: | ||
Discount rate | 4.30% | 4.60% |
Rate of compensation increase | 3.00% | 3.00% |
Weighted average assumptions used to determine net periodic costs for the year ended December 31: | ||
Discount rate | 4.60% | 4.10% |
Expected long-term return on plan assets | 6.40% | 6.50% |
Rate of compensation increase | 3.00% | 3.00% |
Postretirement benefits [Member] | ||
Weighted average assumptions used to determine benefit obligations at December 31: | ||
Discount rate | 4.10% | 4.20% |
Weighted average assumptions used to determine net periodic costs for the year ended December 31: | ||
Discount rate | 4.20% | 3.80% |
Expected long-term return on plan assets | 2.00% | 2.00% |
Pension and Other Postretirem84
Pension and Other Postretirement Benefits (Sensitivity) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |
Effect of one percentage point increase on total service and interest cost components | $ 0 |
Effect of one percentage point decrease on total service and interest cost components | 0 |
Effect of one percentage point increase in accumulated postretirement benefit obligation | 5 |
Effect of one percentage point decrease on the accumulated postretirement benefit obligation | $ (5) |
Pension and Other Postretirem85
Pension and Other Postretirement Benefits (Plan Asset Allocations) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
US Pension Plan Trust [Member] | |
Target plan asset allocation [Abstract] | |
Defined benefit plan, actual plan asset allocation | 95.00% |
International Pension Plan [Member] | |
Target plan asset allocation [Abstract] | |
Defined benefit plan, actual plan asset allocation | 5.00% |
Fixed Income Instrument [Member] | US Pension Plan Trust [Member] | |
Target plan asset allocation [Abstract] | |
Defined benefit plan, target plan asset allocations range minimum | 70.00% |
Defined benefit plan, target plan asset allocations range maximum | 80.00% |
Defined benefit plan, actual plan asset allocation | 74.00% |
Fixed Income Instrument [Member] | International Pension Plan [Member] | |
Target plan asset allocation [Abstract] | |
Defined benefit plan, actual plan asset allocation | 70.00% |
Equity securities [Member] | US Pension Plan Trust [Member] | |
Target plan asset allocation [Abstract] | |
Defined benefit plan, target plan asset allocations range minimum | 16.00% |
Defined benefit plan, target plan asset allocations range maximum | 28.00% |
Defined benefit plan, actual plan asset allocation | 24.00% |
Equity securities [Member] | International Pension Plan [Member] | |
Target plan asset allocation [Abstract] | |
Defined benefit plan, actual plan asset allocation | 21.00% |
Pension and Other Postretirem86
Pension and Other Postretirement Benefits (Fair Value Measurements) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 3,244 | $ 3,734 | $ 4,224 |
Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,692 | 3,126 | |
Postretirement benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 4 | $ 5 |
Cash and cash equivalents [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 64 | 75 | |
US treasury securities [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 132 | 118 | |
Government-related securities [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 225 | 289 | |
Corporate bonds [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,895 | 2,196 | |
Mortgage-backed and asset-backed securities [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 137 | 116 | |
US large capitalization [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 190 | 236 | |
US small capitalization [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 64 | 70 | |
International equity [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 4 | |
Other investments [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (18) | 22 | |
Common collective funds [Member] | Pension benefits [Member] | Measured At Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 521 | 565 | |
Limited partnerships [Member] | Pension benefits [Member] | Measured At Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31 | 43 | |
Fixed Income Funds [Member] | Postretirement benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 4 | |
Level 1 [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 412 | 453 | |
Level 1 [Member] | Cash and cash equivalents [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11 | 3 | |
Level 1 [Member] | US treasury securities [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 132 | 118 | |
Level 1 [Member] | Government-related securities [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18 | 29 | |
Level 1 [Member] | Corporate bonds [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Mortgage-backed and asset-backed securities [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | US large capitalization [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 187 | 233 | |
Level 1 [Member] | US small capitalization [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 64 | 70 | |
Level 1 [Member] | International equity [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Other investments [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,278 | 2,671 | |
Level 2 [Member] | Cash and cash equivalents [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 53 | 72 | |
Level 2 [Member] | US treasury securities [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Government-related securities [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 207 | 260 | |
Level 2 [Member] | Corporate bonds [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,895 | 2,196 | |
Level 2 [Member] | Mortgage-backed and asset-backed securities [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 135 | 114 | |
Level 2 [Member] | US large capitalization [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 3 | |
Level 2 [Member] | US small capitalization [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | International equity [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 4 | |
Level 2 [Member] | Other investments [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (18) | 22 | |
Level 3 [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 2 | |
Level 3 [Member] | Cash and cash equivalents [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | US treasury securities [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Government-related securities [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Corporate bonds [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Mortgage-backed and asset-backed securities [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 2 | |
Level 3 [Member] | US large capitalization [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | US small capitalization [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | International equity [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Other investments [Member] | Pension benefits [Member] | Measured At Fair Value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Pension and Other Postretirem87
Pension and Other Postretirement Benefits (Fair Value Measurements Level 3 Rollforward) (Details) - Pension benefits [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets, beginning of year | $ 3,734 | $ 4,224 |
Fair value of plan assets, end of year | 3,244 | 3,734 |
Mortgage-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets, beginning of year | 2 | 3 |
Contributions and distributions, net | 0 | (1) |
Fair value of plan assets, end of year | $ 2 | $ 2 |
Pension and Other Postretirem88
Pension and Other Postretirement Benefits (Future Benefit Payments and Contributions) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | |||||
Contributions to defined contribution plans | $ 35 | $ 39 | $ 38 | ||
Retiree Medicare drug subsidy future benefit payment by year [Abstract] | |||||
2,017 | (8) | ||||
2,018 | (8) | ||||
2,019 | (7) | ||||
2,020 | (7) | ||||
2,021 | (7) | ||||
2022-2026 | (32) | ||||
Multiemployer Plans [Line Items] | |||||
Contributions to multiemployer plans | $ 60 | $ 50 | 45 | ||
AFTRA Retirement Plan [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Entity tax identification number | 136,414,972 | ||||
Pension plan number | 1 | ||||
Pension protection act zone status | Green | Green | |||
Contributions to multiemployer plans | $ 6 | $ 5 | 5 | ||
Multiemployer Plan for which the company contributed more than 5% of total contributions | true | ||||
AFTRA Retirement Plan [Member] | Minimum [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Expiration date of collective bargaining agreement | Jun. 30, 2017 | ||||
AFTRA Retirement Plan [Member] | Maximum [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Expiration date of collective bargaining agreement | Aug. 31, 2018 | ||||
Directors Guild Of America Producer [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Entity tax identification number | 952,892,780 | ||||
Pension plan number | 1 | ||||
Pension protection act zone status | Green | Green | |||
Contributions to multiemployer plans | $ 6 | $ 6 | 5 | ||
Expiration date of collective bargaining agreement | Jun. 30, 2020 | ||||
Producer Writers Guild Of America [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Entity tax identification number | 952,216,351 | ||||
Pension plan number | 1 | ||||
Pension protection act zone status | Green | Green | |||
Contributions to multiemployer plans | $ 12 | $ 11 | 10 | ||
Expiration date of collective bargaining agreement | May 1, 2017 | ||||
Screen Actors Guild Producers [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Entity tax identification number | 952,110,997 | ||||
Pension plan number | 1 | ||||
Pension protection act zone status | Green | Green | |||
Contributions to multiemployer plans | $ 11 | $ 9 | 7 | ||
Expiration date of collective bargaining agreement | Jun. 30, 2017 | ||||
Motion Picture Industry [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Entity tax identification number | 951,810,805 | ||||
Pension plan number | 1 | ||||
Pension protection act zone status | Green | ||||
Contributions to multiemployer plans | $ 11 | 10 | 8 | ||
Motion Picture Industry [Member] | Minimum [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Expiration date of collective bargaining agreement | Jul. 31, 2018 | ||||
Motion Picture Industry [Member] | Maximum [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Expiration date of collective bargaining agreement | Sep. 30, 2018 | ||||
Multiemployer Plan, Individually Insignificant Multiemployer Plans [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Contributions to multiemployer plans | $ 14 | 9 | 10 | ||
Health And Welfare Multiemployer Plans [Member] | |||||
Multiemployer Plans [Line Items] | |||||
Contributions to multiemployer plans | 28 | $ 26 | $ 20 | ||
Pension benefits [Member] | |||||
Expected future benefit payments, by year [Abstract] | |||||
2,017 | 419 | ||||
2,018 | 356 | ||||
2,019 | 347 | ||||
2,020 | 336 | ||||
2,021 | 328 | ||||
2022-2026 | 1,491 | ||||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |||||
Expected contribution in the next fiscal year | 54 | ||||
Postretirement benefits [Member] | |||||
Expected future benefit payments, by year [Abstract] | |||||
2,017 | 58 | ||||
2,018 | 56 | ||||
2,019 | 53 | ||||
2,020 | 51 | ||||
2,021 | 47 | ||||
2022-2026 | 192 | ||||
Defined Benefit Plan, Estimated Future Employer Contributions [Abstract] | |||||
Expected contribution in the next fiscal year | $ 50 | ||||
Qualified Pension Plans [Member] | Subsequent Event [Member] | |||||
Subsequent Events [Abstract] | |||||
Defined Benefit Plan Discretionary Employer Contribution | $ 100 |
Commitments and Contingencies89
Commitments and Contingencies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)claims | Dec. 31, 2015USD ($)claims | Dec. 31, 2014USD ($)claims | |
Other Commitments [Line Items] | |||
Programming and talent commitments, payments due 2017 | $ 1,987 | ||
Programming and talent commitments, payments due 2018 | 2,036 | ||
Programming and talent commitments, payments due 2019 | 1,758 | ||
Programming and talent commitments, payments due 2020 | 1,485 | ||
Programming and talent commitments, payments due 2021 | 1,515 | ||
Programming and talent commitments, payments due 2022 and thereafter | 2,297 | ||
Programming and talent commitments, total future minimum payments | 11,078 | ||
Unrecorded purchase obligations paydown by year [Abstract] | |||
Purchase obligations, payments due 2017 | 222 | ||
Purchase obligations, payments due 2018 | 216 | ||
Purchase obligations, payments due 2019 | 163 | ||
Purchase obligations, payments due 2020 | 156 | ||
Purchase obligations, payments due 2021 | 20 | ||
Purchase obligations, payments due 2022 and thereafter | 58 | ||
Purchase obligations, total future minimum payments | 835 | ||
Recorded purchase obligations paydown by year [Abstract] | |||
Other long-term contractual obligations, payments due 2017 | 0 | ||
Other long-term contractual obligations, payments due 2018 | 635 | ||
Other long-term contractual obligations, payments due 2019 | 393 | ||
Other long-term contractual obligations, payments due 2020 | 196 | ||
Other long-term contractual obligations, payments due 2021 | 86 | ||
Other long-term contractual obligations, payments due 2022 and thereafter | 63 | ||
Other long-term contractual obligations, total future minimum payments | 1,373 | ||
Capital lease obligations paydown by year [Abstract] | |||
Capital leases, payments due 2017 | 19 | ||
Capital leases, payments due 2018 | 18 | ||
Capital leases, payments due 2019 | 15 | ||
Capital leases, payments due 2020 | 14 | ||
Capital leases, payments due 2021 | 12 | ||
Capital leases, payments due 2022 and thereafter | 5 | ||
Capital leases, total future minimum payments | 83 | ||
Capital leases, less amounts representing interest | 8 | ||
Capital Leases, present value of net minimum payments | 75 | ||
Operating lease obligation paydown by year [Abstract] | |||
Operating leases, payments due 2017 | 134 | ||
Operating leases, payments due 2018 | 113 | ||
Operating leases, payments due 2019 | 98 | ||
Operating leases, payments due 2020 | 74 | ||
Operating leases, payments due 2021 | 68 | ||
Operating leases, payments due 2022 and thereafter | 276 | ||
Operating leases, total future minimum payments | 763 | ||
Future minimum sublease income | 64 | ||
Outstanding letters of credit and surety bonds | 103 | ||
Loss Contingencies [Line Items] | |||
Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits | 48 | $ (5) | |
Continuing Operations [Member] | |||
Other Commitments [Line Items] | |||
Rent expense | 167 | 174 | $ 170 |
Discontinued Operations [Member] | |||
Other Commitments [Line Items] | |||
Rent expense | 36 | $ 37 | $ 194 |
Sports programming rights commitments [Member] | |||
Other Commitments [Line Items] | |||
Programming and talent commitments, total future minimum payments | 8,060 | ||
Production and licensing of television and film programming [Member] | |||
Other Commitments [Line Items] | |||
Programming and talent commitments, total future minimum payments | 2,260 | ||
Talent contracts [Member] | |||
Other Commitments [Line Items] | |||
Programming and talent commitments, total future minimum payments | $ 758 | ||
Asbestos Claims [Member] | |||
Loss Contingencies [Line Items] | |||
Number of pending asbestos claims | claims | 33,610 | 36,030 | 41,100 |
Number of new asbestos claims | claims | 4,160 | ||
Number of asbestos claims closed or moved to inactive docket | claims | 6,580 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||||||||||
Interest expense | $ (411,000,000) | $ (392,000,000) | $ (363,000,000) | ||||||||
Interest income | 32,000,000 | 24,000,000 | 13,000,000 | ||||||||
Loss on early extinguishment of debt | 0 | 0 | (352,000,000) | ||||||||
Other items, net | (12,000,000) | (26,000,000) | (30,000,000) | ||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | 2,230,000,000 | 2,264,000,000 | 1,858,000,000 | ||||||||
(Provision) benefit for income taxes | (628,000,000) | (676,000,000) | (659,000,000) | ||||||||
Equity in loss of investee companies, net of tax | (50,000,000) | (34,000,000) | (48,000,000) | ||||||||
Net earnings from continuing operations | $ 271,000,000 | $ 466,000,000 | $ 373,000,000 | $ 442,000,000 | $ 507,000,000 | $ 377,000,000 | $ 306,000,000 | $ 364,000,000 | 1,552,000,000 | 1,554,000,000 | 1,151,000,000 |
Net earnings (loss) from discontinued operations, net of tax (Note 4) | (291,000,000) | (141,000,000) | 1,808,000,000 | ||||||||
Net earnings (loss) | (113,000,000) | 478,000,000 | 423,000,000 | 473,000,000 | 261,000,000 | 426,000,000 | 332,000,000 | 394,000,000 | 1,261,000,000 | 1,413,000,000 | 2,959,000,000 |
Discontinued operations assets | 4,596,000,000 | 5,070,000,000 | 4,596,000,000 | 5,070,000,000 | |||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (3,518,000,000) | (3,084,000,000) | (2,976,000,000) | (3,588,000,000) | (3,591,000,000) | (2,943,000,000) | (2,904,000,000) | (3,233,000,000) | (13,166,000,000) | (12,671,000,000) | (12,519,000,000) |
Operating income (loss) | 484,000,000 | 721,000,000 | 651,000,000 | 765,000,000 | 770,000,000 | 680,000,000 | 539,000,000 | 669,000,000 | 2,621,000,000 | 2,658,000,000 | 2,590,000,000 |
Pension settlement charge | (211,000,000) | 0 | 0 | ||||||||
Restructuring and merger and acquisition-related costs | (38,000,000) | (45,000,000) | (19,000,000) | ||||||||
Other operating items, net | 9,000,000 | 139,000,000 | 0 | ||||||||
Depreciation and amortization | 225,000,000 | 235,000,000 | 250,000,000 | ||||||||
Stock-based compensation | 165,000,000 | 157,000,000 | 137,000,000 | ||||||||
Capital expenditures | 196,000,000 | 171,000,000 | 178,000,000 | ||||||||
Total assets | 24,238,000,000 | 23,765,000,000 | 24,238,000,000 | 23,765,000,000 | |||||||
Long-Lived Assets | 17,883,000,000 | 17,735,000,000 | 17,883,000,000 | 17,735,000,000 | |||||||
Revenues by Type [Abstract] | |||||||||||
Advertising | 6,288,000,000 | 5,824,000,000 | 5,934,000,000 | ||||||||
Content licensing and distribution | 3,673,000,000 | 3,903,000,000 | 3,990,000,000 | ||||||||
Affiliate and subscription fees | 2,978,000,000 | 2,724,000,000 | 2,362,000,000 | ||||||||
Other revenues | 227,000,000 | 220,000,000 | 233,000,000 | ||||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (11,317,000,000) | (10,667,000,000) | (10,726,000,000) | ||||||||
Long-Lived Assets | 17,476,000,000 | 17,378,000,000 | 17,476,000,000 | 17,378,000,000 | |||||||
International [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (1,849,000,000) | (2,004,000,000) | (1,793,000,000) | ||||||||
Long-Lived Assets | 407,000,000 | 357,000,000 | 407,000,000 | 357,000,000 | |||||||
Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | 733,000,000 | 721,000,000 | 651,000,000 | 756,000,000 | 664,000,000 | 680,000,000 | 570,000,000 | 650,000,000 | 2,861,000,000 | 2,564,000,000 | 2,609,000,000 |
Operating segments [Member] | Entertainment Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (2,394,000,000) | (1,949,000,000) | (1,947,000,000) | (2,587,000,000) | (2,460,000,000) | (1,932,000,000) | (1,785,000,000) | (2,261,000,000) | (8,877,000,000) | (8,438,000,000) | (8,309,000,000) |
Operating income (loss) | 371,000,000 | 348,000,000 | 351,000,000 | 449,000,000 | 347,000,000 | 339,000,000 | 262,000,000 | 346,000,000 | 1,519,000,000 | 1,294,000,000 | 1,316,000,000 |
Depreciation and amortization | 117,000,000 | 126,000,000 | 139,000,000 | ||||||||
Stock-based compensation | 61,000,000 | 61,000,000 | 56,000,000 | ||||||||
Capital expenditures | 98,000,000 | 99,000,000 | 94,000,000 | ||||||||
Total assets | 11,262,000,000 | 10,910,000,000 | 11,262,000,000 | 10,910,000,000 | |||||||
Operating segments [Member] | Cable Networks Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (501,000,000) | (598,000,000) | (536,000,000) | (525,000,000) | (562,000,000) | (526,000,000) | (615,000,000) | (539,000,000) | (2,160,000,000) | (2,242,000,000) | (2,176,000,000) |
Operating income (loss) | 219,000,000 | 285,000,000 | 227,000,000 | 228,000,000 | 228,000,000 | 246,000,000 | 220,000,000 | 251,000,000 | 959,000,000 | 945,000,000 | 974,000,000 |
Depreciation and amortization | 23,000,000 | 23,000,000 | 23,000,000 | ||||||||
Stock-based compensation | 12,000,000 | 11,000,000 | 9,000,000 | ||||||||
Capital expenditures | 19,000,000 | 18,000,000 | 16,000,000 | ||||||||
Total assets | 2,618,000,000 | 2,369,000,000 | 2,618,000,000 | 2,369,000,000 | |||||||
Operating segments [Member] | Publishing Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (209,000,000) | (226,000,000) | (187,000,000) | (145,000,000) | (233,000,000) | (203,000,000) | (199,000,000) | (145,000,000) | (767,000,000) | (780,000,000) | (778,000,000) |
Operating income (loss) | 36,000,000 | 44,000,000 | 26,000,000 | 13,000,000 | 34,000,000 | 43,000,000 | 25,000,000 | 12,000,000 | 119,000,000 | 114,000,000 | 101,000,000 |
Depreciation and amortization | 6,000,000 | 6,000,000 | 6,000,000 | ||||||||
Stock-based compensation | 4,000,000 | 4,000,000 | 4,000,000 | ||||||||
Capital expenditures | 9,000,000 | 10,000,000 | 4,000,000 | ||||||||
Total assets | 880,000,000 | 880,000,000 | 880,000,000 | 880,000,000 | |||||||
Operating segments [Member] | Local Media Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (526,000,000) | (409,000,000) | (396,000,000) | (448,000,000) | (454,000,000) | (376,000,000) | (387,000,000) | (375,000,000) | (1,779,000,000) | (1,592,000,000) | (1,624,000,000) |
Operating income (loss) | 216,000,000 | 122,000,000 | 130,000,000 | 150,000,000 | 149,000,000 | 101,000,000 | 128,000,000 | 109,000,000 | 618,000,000 | 487,000,000 | 515,000,000 |
Depreciation and amortization | 44,000,000 | 48,000,000 | 54,000,000 | ||||||||
Stock-based compensation | 12,000,000 | 11,000,000 | 11,000,000 | ||||||||
Capital expenditures | 37,000,000 | 28,000,000 | 37,000,000 | ||||||||
Total assets | 4,065,000,000 | 4,051,000,000 | 4,065,000,000 | 4,051,000,000 | |||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (109,000,000) | (78,000,000) | (83,000,000) | (84,000,000) | (94,000,000) | (49,000,000) | (65,000,000) | (68,000,000) | (354,000,000) | (276,000,000) | (297,000,000) |
Depreciation and amortization | 35,000,000 | 32,000,000 | 28,000,000 | ||||||||
Stock-based compensation | 76,000,000 | 70,000,000 | 57,000,000 | ||||||||
Capital expenditures | 33,000,000 | 16,000,000 | 27,000,000 | ||||||||
Corporate and Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 112,000,000 | 98,000,000 | 90,000,000 | 117,000,000 | 118,000,000 | 94,000,000 | 82,000,000 | 87,000,000 | 417,000,000 | 381,000,000 | 368,000,000 |
Total assets | 817,000,000 | 485,000,000 | 817,000,000 | 485,000,000 | |||||||
Intersegment eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 443,000,000 | 393,000,000 | 380,000,000 | ||||||||
Intersegment eliminations [Member] | Entertainment Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 434,000,000 | 384,000,000 | 368,000,000 | ||||||||
Intersegment eliminations [Member] | Cable Networks Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,000,000 | 0 | 1,000,000 | ||||||||
Intersegment eliminations [Member] | Local Media Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 8,000,000 | 9,000,000 | 11,000,000 | ||||||||
Segment reconciling items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pension settlement charge | (211,000,000) | 0 | 0 | 0 | (211,000,000) | 0 | 0 | ||||
Restructuring and merger and acquisition-related costs | (38,000,000) | 0 | 0 | 0 | (14,000,000) | 0 | (31,000,000) | 0 | (38,000,000) | (45,000,000) | (19,000,000) |
Other operating items, net | $ 0 | $ 0 | $ 0 | $ 9,000,000 | $ 120,000,000 | $ 0 | $ 0 | $ 19,000,000 | $ 9,000,000 | $ 139,000,000 | $ 0 |
Supplemental Cash Flow Inform91
Supplemental Cash Flow Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Information [Line Items] | |||
Interest Paid | $ 415,000,000 | $ 349,000,000 | $ 707,000,000 |
Cash paid for income taxes | 492,000,000 | 283,000,000 | 259,000,000 |
Payment associated with early extinguishment of debt mainly for early redemption premiums | 360,000,000 | ||
Non-cash investing and financing activities: | |||
Shares received in Split-Off (Note 4) | 0 | 0 | 2,721,000,000 |
Equipment acquired under capitalized leases | 10,000,000 | 3,000,000 | 1,000,000 |
Radio station swap (Note 4) | 0 | 0 | 262,000,000 |
Continuing Operations [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Interest Paid | 407,000,000 | 349,000,000 | 707,000,000 |
Cash paid for income taxes | 373,000,000 | 199,000,000 | 122,000,000 |
Discontinued Operations [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Interest Paid | 8,000,000 | 0 | 0 |
Cash paid for income taxes | $ 119,000,000 | $ 84,000,000 | $ 137,000,000 |
Quarterly Financial Data (una92
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 3,518,000,000 | $ 3,084,000,000 | $ 2,976,000,000 | $ 3,588,000,000 | $ 3,591,000,000 | $ 2,943,000,000 | $ 2,904,000,000 | $ 3,233,000,000 | $ 13,166,000,000 | $ 12,671,000,000 | $ 12,519,000,000 |
Operating income (loss) | 484,000,000 | 721,000,000 | 651,000,000 | 765,000,000 | 770,000,000 | 680,000,000 | 539,000,000 | 669,000,000 | 2,621,000,000 | 2,658,000,000 | 2,590,000,000 |
Pension settlement charge | (211,000,000) | 0 | 0 | ||||||||
Restructuring and merger and acquisition-related costs | (38,000,000) | (45,000,000) | (19,000,000) | ||||||||
Other operating items, net | 9,000,000 | 139,000,000 | 0 | ||||||||
Net earnings from continuing operations | 271,000,000 | 466,000,000 | 373,000,000 | 442,000,000 | 507,000,000 | 377,000,000 | 306,000,000 | 364,000,000 | 1,552,000,000 | 1,554,000,000 | 1,151,000,000 |
Net earnings (loss) | $ (113,000,000) | $ 478,000,000 | $ 423,000,000 | $ 473,000,000 | $ 261,000,000 | $ 426,000,000 | $ 332,000,000 | $ 394,000,000 | $ 1,261,000,000 | $ 1,413,000,000 | $ 2,959,000,000 |
Basic net earnings (loss) per common share: | |||||||||||
Basic net earnings from continuing operation (in dollars per share) | $ 0.64 | $ 1.05 | $ 0.83 | $ 0.96 | $ 1.08 | $ 0.79 | $ 0.62 | $ 0.73 | $ 3.50 | $ 3.21 | $ 2.09 |
Basic net earnings (in dollars per share) | (0.27) | 1.08 | 0.94 | 1.03 | 0.56 | 0.89 | 0.68 | 0.79 | 2.84 | 2.92 | 5.38 |
Diluted net earnings (loss) per common share: | |||||||||||
Diluted net earnings from continuing operations (in dollars per share) | 0.63 | 1.04 | 0.82 | 0.95 | 1.07 | 0.78 | 0.62 | 0.72 | 3.46 | 3.18 | 2.05 |
Diluted net earnings (in dollars per share) | $ (0.26) | $ 1.07 | $ 0.93 | $ 1.02 | $ 0.55 | $ 0.88 | $ 0.67 | $ 0.78 | $ 2.81 | $ 2.89 | $ 5.27 |
Weighted average number of shares outstanding [Abstract] | |||||||||||
Basic weighted average number of common shares outstanding | 424 | 442 | 451 | 459 | 469 | 480 | 490 | 498 | 444 | 484 | 550 |
Diluted weighted average number of common shares outstanding | 429 | 446 | 455 | 464 | 474 | 484 | 495 | 506 | 448 | 489 | 561 |
Dividends per common share (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.66 | $ 0.6 | $ 0.54 |
Goodwill and FCC licenses Impairment charges | $ 444,000,000 | $ 484,000,000 | |||||||||
Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | 733,000,000 | $ 721,000,000 | $ 651,000,000 | $ 756,000,000 | 664,000,000 | $ 680,000,000 | $ 570,000,000 | $ 650,000,000 | $ 2,861,000,000 | $ 2,564,000,000 | $ 2,609,000,000 |
Operating segments [Member] | Entertainment Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,394,000,000 | 1,949,000,000 | 1,947,000,000 | 2,587,000,000 | 2,460,000,000 | 1,932,000,000 | 1,785,000,000 | 2,261,000,000 | 8,877,000,000 | 8,438,000,000 | 8,309,000,000 |
Operating income (loss) | 371,000,000 | 348,000,000 | 351,000,000 | 449,000,000 | 347,000,000 | 339,000,000 | 262,000,000 | 346,000,000 | 1,519,000,000 | 1,294,000,000 | 1,316,000,000 |
Operating segments [Member] | Cable Networks Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 501,000,000 | 598,000,000 | 536,000,000 | 525,000,000 | 562,000,000 | 526,000,000 | 615,000,000 | 539,000,000 | 2,160,000,000 | 2,242,000,000 | 2,176,000,000 |
Operating income (loss) | 219,000,000 | 285,000,000 | 227,000,000 | 228,000,000 | 228,000,000 | 246,000,000 | 220,000,000 | 251,000,000 | 959,000,000 | 945,000,000 | 974,000,000 |
Operating segments [Member] | Publishing Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 209,000,000 | 226,000,000 | 187,000,000 | 145,000,000 | 233,000,000 | 203,000,000 | 199,000,000 | 145,000,000 | 767,000,000 | 780,000,000 | 778,000,000 |
Operating income (loss) | 36,000,000 | 44,000,000 | 26,000,000 | 13,000,000 | 34,000,000 | 43,000,000 | 25,000,000 | 12,000,000 | 119,000,000 | 114,000,000 | 101,000,000 |
Operating segments [Member] | Local Media Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 526,000,000 | 409,000,000 | 396,000,000 | 448,000,000 | 454,000,000 | 376,000,000 | 387,000,000 | 375,000,000 | 1,779,000,000 | 1,592,000,000 | 1,624,000,000 |
Operating income (loss) | 216,000,000 | 122,000,000 | 130,000,000 | 150,000,000 | 149,000,000 | 101,000,000 | 128,000,000 | 109,000,000 | 618,000,000 | 487,000,000 | 515,000,000 |
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (109,000,000) | (78,000,000) | (83,000,000) | (84,000,000) | (94,000,000) | (49,000,000) | (65,000,000) | (68,000,000) | (354,000,000) | (276,000,000) | (297,000,000) |
Corporate and Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (112,000,000) | (98,000,000) | (90,000,000) | (117,000,000) | (118,000,000) | (94,000,000) | (82,000,000) | (87,000,000) | (417,000,000) | (381,000,000) | (368,000,000) |
Segment reconciling items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pension settlement charge | (211,000,000) | 0 | 0 | 0 | (211,000,000) | 0 | 0 | ||||
Restructuring and merger and acquisition-related costs | (38,000,000) | 0 | 0 | 0 | (14,000,000) | 0 | (31,000,000) | 0 | (38,000,000) | (45,000,000) | (19,000,000) |
Other operating items, net | $ 0 | $ 0 | $ 0 | $ 9,000,000 | $ 120,000,000 | $ 0 | $ 0 | $ 19,000,000 | $ 9,000,000 | $ 139,000,000 | $ 0 |
Condensed Consolidating Finan93
Condensed Consolidating Financials (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Consolidating Statement of Operations [Abstract] | ||||||||||||
Revenues | $ 3,518,000,000 | $ 3,084,000,000 | $ 2,976,000,000 | $ 3,588,000,000 | $ 3,591,000,000 | $ 2,943,000,000 | $ 2,904,000,000 | $ 3,233,000,000 | $ 13,166,000,000 | $ 12,671,000,000 | $ 12,519,000,000 | |
Costs and Expenses [Abstract] | ||||||||||||
Operating | 7,956,000,000 | 7,911,000,000 | 7,689,000,000 | |||||||||
Selling, general and administrative | 2,124,000,000 | 1,961,000,000 | 1,971,000,000 | |||||||||
Depreciation and amortization | 225,000,000 | 235,000,000 | 250,000,000 | |||||||||
Pension settlement charge (Note 15) | 211,000,000 | 0 | 0 | |||||||||
Restructuring and merger and acquisition-related costs | 38,000,000 | 45,000,000 | 19,000,000 | |||||||||
Impairment charges | 444,000,000 | 484,000,000 | ||||||||||
Other operating items, net | (9,000,000) | (139,000,000) | 0 | |||||||||
Total costs and expenses | 10,545,000,000 | 10,013,000,000 | 9,929,000,000 | |||||||||
Operating income (loss) | 484,000,000 | 721,000,000 | 651,000,000 | 765,000,000 | 770,000,000 | 680,000,000 | 539,000,000 | 669,000,000 | 2,621,000,000 | 2,658,000,000 | 2,590,000,000 | |
Interest (expense) income, net | (379,000,000) | (368,000,000) | (350,000,000) | |||||||||
Loss on early extinguishment of debt | 0 | 0 | (352,000,000) | |||||||||
Other items, net | (12,000,000) | (26,000,000) | (30,000,000) | |||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | 2,230,000,000 | 2,264,000,000 | 1,858,000,000 | |||||||||
(Provision) benefit for income taxes | (628,000,000) | (676,000,000) | (659,000,000) | |||||||||
Equity in earnings (loss) of investee companies, net of tax | (50,000,000) | (34,000,000) | (48,000,000) | |||||||||
Net earnings from continuing operations | 271,000,000 | 466,000,000 | 373,000,000 | 442,000,000 | 507,000,000 | 377,000,000 | 306,000,000 | 364,000,000 | 1,552,000,000 | 1,554,000,000 | 1,151,000,000 | |
Net earnings (loss) from discontinued operations, net of tax (Note 4) | (291,000,000) | (141,000,000) | 1,808,000,000 | |||||||||
Net earnings (loss) | (113,000,000) | $ 478,000,000 | $ 423,000,000 | 473,000,000 | 261,000,000 | $ 426,000,000 | $ 332,000,000 | 394,000,000 | 1,261,000,000 | 1,413,000,000 | 2,959,000,000 | |
Total comprehensive income | 1,264,000,000 | 1,378,000,000 | 2,769,000,000 | |||||||||
Assets [Abstract] | ||||||||||||
Cash and cash equivalents | 598,000,000 | 317,000,000 | 598,000,000 | 317,000,000 | ||||||||
Receivables, net | 3,314,000,000 | 3,375,000,000 | 3,314,000,000 | 3,375,000,000 | ||||||||
Programming and other inventory (Note 6) | 1,427,000,000 | 1,270,000,000 | 1,427,000,000 | 1,270,000,000 | ||||||||
Prepaid expense and other current assets | 419,000,000 | 462,000,000 | 419,000,000 | 462,000,000 | ||||||||
Current assets of discontinued operations | 305,000,000 | 323,000,000 | 305,000,000 | 323,000,000 | ||||||||
Total current assets | 6,063,000,000 | 5,747,000,000 | 6,063,000,000 | 5,747,000,000 | ||||||||
Property and equipment | 2,935,000,000 | 2,880,000,000 | 2,935,000,000 | 2,880,000,000 | ||||||||
Less accumulated depreciation and amortization | 1,694,000,000 | 1,627,000,000 | 1,694,000,000 | 1,627,000,000 | ||||||||
Net property and equipment (Note 2) | 1,241,000,000 | 1,253,000,000 | 1,241,000,000 | 1,253,000,000 | ||||||||
Programming and other inventory (Note 6) | 2,439,000,000 | 1,957,000,000 | 2,439,000,000 | 1,957,000,000 | ||||||||
Goodwill (Note 3) | 4,864,000,000 | 4,789,000,000 | 4,864,000,000 | 4,789,000,000 | 5,006,000,000 | |||||||
Intangible assets (Note 3) | 2,633,000,000 | 2,639,000,000 | 2,633,000,000 | 2,639,000,000 | ||||||||
Investments in subsidiaries | 0 | 0 | 0 | 0 | ||||||||
Other assets | 2,707,000,000 | 2,633,000,000 | 2,707,000,000 | 2,633,000,000 | ||||||||
Intercompany | 0 | 0 | 0 | 0 | ||||||||
Assets of discontinued operations (Note 4) | 4,291,000,000 | 4,747,000,000 | 4,291,000,000 | 4,747,000,000 | ||||||||
Total assets | 24,238,000,000 | 23,765,000,000 | 24,238,000,000 | 23,765,000,000 | ||||||||
Liabilities and Equity [Abstract] | ||||||||||||
Accounts payable | 148,000,000 | 159,000,000 | 148,000,000 | 159,000,000 | ||||||||
Participants' share and royalties payable | 1,024,000,000 | 1,013,000,000 | 1,024,000,000 | 1,013,000,000 | ||||||||
Program rights | 290,000,000 | 372,000,000 | 290,000,000 | 372,000,000 | ||||||||
Commercial paper (Note 9) | 450,000,000 | 0 | 450,000,000 | 0 | ||||||||
Current portion of long-term debt (Note 9) | 23,000,000 | 222,000,000 | 23,000,000 | 222,000,000 | ||||||||
Accrued expenses and other current liabilities | 1,618,000,000 | 1,651,000,000 | 1,618,000,000 | 1,651,000,000 | ||||||||
Current liabilities of discontinued operations (Note 4) | 155,000,000 | 143,000,000 | 155,000,000 | 143,000,000 | ||||||||
Total current liabilities | 3,708,000,000 | 3,560,000,000 | 3,708,000,000 | 3,560,000,000 | ||||||||
Long-term debt (Note 9) | 8,902,000,000 | 8,226,000,000 | 8,902,000,000 | 8,226,000,000 | ||||||||
Other liabilities | 5,488,000,000 | 5,277,000,000 | 5,488,000,000 | 5,277,000,000 | ||||||||
Liabilities of discontinued operations | 2,451,000,000 | 1,139,000,000 | 2,451,000,000 | 1,139,000,000 | ||||||||
Intercompany | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity | ||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | ||||||||
Common stock | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||
Additional paid-in capital | 43,913,000,000 | 44,055,000,000 | 43,913,000,000 | 44,055,000,000 | ||||||||
Retained earnings (deficit) | (19,257,000,000) | (20,518,000,000) | (19,257,000,000) | (20,518,000,000) | ||||||||
Accumulated other comprehensive loss (Note 12) | (767,000,000) | (770,000,000) | (767,000,000) | (770,000,000) | (735,000,000) | $ (545,000,000) | ||||||
Stockholder' equity including treasury stock | 23,890,000,000 | 22,768,000,000 | 23,890,000,000 | 22,768,000,000 | ||||||||
Less treasury stock, at cost | 20,201,000,000 | 17,205,000,000 | 20,201,000,000 | 17,205,000,000 | ||||||||
Total Stockholders' Equity | 3,689,000,000 | 5,563,000,000 | 3,689,000,000 | 5,563,000,000 | 6,970,000,000 | |||||||
Total Liabilities and Stockholders' Equity | 24,238,000,000 | 23,765,000,000 | 24,238,000,000 | 23,765,000,000 | ||||||||
Condensed Consolidating Statement of Cash Flows [Abstract] | ||||||||||||
Net cash flow provided by (used for) operating activities | 1,685,000,000 | 1,394,000,000 | 1,275,000,000 | |||||||||
Investing Activities: | ||||||||||||
Acquisitions | (92,000,000) | (12,000,000) | (2,000,000) | |||||||||
Capital expenditures | (196,000,000) | (171,000,000) | (178,000,000) | |||||||||
Investments in and advances to investee companies | (81,000,000) | (98,000,000) | (98,000,000) | |||||||||
Proceeds from sale of investments | 0 | 80,000,000 | 12,000,000 | |||||||||
Proceeds from dispositions | 20,000,000 | 383,000,000 | 4,000,000 | |||||||||
Other investing activities | 15,000,000 | (3,000,000) | (4,000,000) | |||||||||
Net cash flow provided by (used for) investing activities from continuing operations | (334,000,000) | 179,000,000 | (266,000,000) | |||||||||
Net cash flow provided by (used for) investing activities from discontinued operations | (6,000,000) | (25,000,000) | (335,000,000) | |||||||||
Net cash flow provided by (used for) investing activities | (340,000,000) | 154,000,000 | (601,000,000) | |||||||||
Financing Activities: | ||||||||||||
Proceeds from (repayments of) short-term debt borrowings, net | 450,000,000 | (616,000,000) | 141,000,000 | |||||||||
Proceeds from issuance of senior notes | 684,000,000 | 1,959,000,000 | 1,728,000,000 | |||||||||
Repayment of notes and debentures | (199,000,000) | 0 | (1,152,000,000) | |||||||||
Proceeds from debt borrowings of discontinued operations | 1,452,000,000 | 0 | 1,569,000,000 | |||||||||
Repayment of debt borrowings of CBS Radio | (110,000,000) | 0 | 0 | |||||||||
Proceeds from IPO of Outdoor Americas | 0 | 0 | 613,000,000 | |||||||||
Payment of capital lease obligations | (18,000,000) | (17,000,000) | (17,000,000) | |||||||||
Dividends | (288,000,000) | (300,000,000) | (292,000,000) | |||||||||
Purchase of Company common stock | (2,997,000,000) | (2,813,000,000) | (3,595,000,000) | |||||||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (58,000,000) | (96,000,000) | (146,000,000) | |||||||||
Proceeds from exercise of stock options | 21,000,000 | 142,000,000 | 283,000,000 | |||||||||
Excess tax benefit from stock-based compensation | 17,000,000 | 88,000,000 | 243,000,000 | |||||||||
Other financing activities | 0 | 0 | (18,000,000) | |||||||||
Increase (decrease) in intercompany payables | 0 | 0 | 0 | |||||||||
Net cash flow provided by (used for) financing activities | (1,046,000,000) | (1,653,000,000) | (643,000,000) | |||||||||
Net increase (decrease) in cash and cash equivalents | 299,000,000 | (105,000,000) | 31,000,000 | |||||||||
Cash and cash equivalents, including discontinued operations, at beginning of year | 323,000,000 | 428,000,000 | 323,000,000 | 428,000,000 | 397,000,000 | |||||||
Cash and cash equivalents, including discontinued operations, at end of year | 622,000,000 | 323,000,000 | 622,000,000 | 323,000,000 | 428,000,000 | |||||||
Cash and cash equivalents of discontinued operations | 24,000,000 | 6,000,000 | 24,000,000 | 6,000,000 | 6,000,000 | $ 33,000,000 | ||||||
Eliminations [Member] | ||||||||||||
Condensed Consolidating Statement of Operations [Abstract] | ||||||||||||
Revenues | 0 | 0 | 0 | |||||||||
Costs and Expenses [Abstract] | ||||||||||||
Operating | 0 | 0 | 0 | |||||||||
Selling, general and administrative | 0 | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||
Pension settlement charge (Note 15) | 0 | |||||||||||
Restructuring and merger and acquisition-related costs | 0 | 0 | 0 | |||||||||
Other operating items, net | 0 | 0 | ||||||||||
Total costs and expenses | 0 | 0 | 0 | |||||||||
Operating income (loss) | 0 | 0 | 0 | |||||||||
Interest (expense) income, net | 0 | 0 | 0 | |||||||||
Loss on early extinguishment of debt | 0 | |||||||||||
Other items, net | 0 | 0 | 0 | |||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | 0 | 0 | 0 | |||||||||
(Provision) benefit for income taxes | 0 | 0 | 0 | |||||||||
Equity in earnings (loss) of investee companies, net of tax | (2,813,000,000) | (2,683,000,000) | (4,714,000,000) | |||||||||
Net earnings from continuing operations | (2,813,000,000) | (2,683,000,000) | (4,714,000,000) | |||||||||
Net earnings (loss) from discontinued operations, net of tax (Note 4) | 0 | 0 | 0 | |||||||||
Net earnings (loss) | (2,813,000,000) | (2,683,000,000) | (4,714,000,000) | |||||||||
Total comprehensive income | (2,807,000,000) | (2,690,000,000) | (4,676,000,000) | |||||||||
Assets [Abstract] | ||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||||||||
Receivables, net | 0 | 0 | 0 | 0 | ||||||||
Programming and other inventory (Note 6) | 0 | 0 | 0 | 0 | ||||||||
Prepaid expense and other current assets | (35,000,000) | (30,000,000) | (35,000,000) | (30,000,000) | ||||||||
Current assets of discontinued operations | 0 | 0 | 0 | 0 | ||||||||
Total current assets | (35,000,000) | (30,000,000) | (35,000,000) | (30,000,000) | ||||||||
Property and equipment | 0 | 0 | 0 | 0 | ||||||||
Less accumulated depreciation and amortization | 0 | 0 | 0 | 0 | ||||||||
Net property and equipment (Note 2) | 0 | 0 | 0 | 0 | ||||||||
Programming and other inventory (Note 6) | 0 | 0 | 0 | 0 | ||||||||
Goodwill (Note 3) | 0 | 0 | 0 | 0 | ||||||||
Intangible assets (Note 3) | 0 | 0 | 0 | 0 | ||||||||
Investments in subsidiaries | (58,326,000,000) | (55,519,000,000) | (58,326,000,000) | (55,519,000,000) | ||||||||
Other assets | 0 | 0 | 0 | 0 | ||||||||
Intercompany | (28,761,000,000) | (26,236,000,000) | (28,761,000,000) | (26,236,000,000) | ||||||||
Assets of discontinued operations (Note 4) | 0 | 0 | 0 | 0 | ||||||||
Total assets | (87,122,000,000) | (81,785,000,000) | (87,122,000,000) | (81,785,000,000) | ||||||||
Liabilities and Equity [Abstract] | ||||||||||||
Accounts payable | 0 | 0 | 0 | 0 | ||||||||
Participants' share and royalties payable | 0 | 0 | 0 | 0 | ||||||||
Program rights | 0 | 0 | 0 | 0 | ||||||||
Commercial paper (Note 9) | 0 | 0 | ||||||||||
Current portion of long-term debt (Note 9) | 0 | 0 | 0 | 0 | ||||||||
Accrued expenses and other current liabilities | (35,000,000) | (30,000,000) | (35,000,000) | (30,000,000) | ||||||||
Current liabilities of discontinued operations (Note 4) | 0 | 0 | 0 | 0 | ||||||||
Total current liabilities | (35,000,000) | (30,000,000) | (35,000,000) | (30,000,000) | ||||||||
Long-term debt (Note 9) | 0 | 0 | 0 | 0 | ||||||||
Other liabilities | 0 | 0 | 0 | 0 | ||||||||
Liabilities of discontinued operations | 0 | 0 | ||||||||||
Intercompany | (28,761,000,000) | (26,236,000,000) | (28,761,000,000) | (26,236,000,000) | ||||||||
Stockholders' Equity | ||||||||||||
Preferred stock | (126,000,000) | (126,000,000) | (126,000,000) | (126,000,000) | ||||||||
Common stock | (713,000,000) | (713,000,000) | (713,000,000) | (713,000,000) | ||||||||
Additional paid-in capital | (60,894,000,000) | (60,894,000,000) | (60,894,000,000) | (60,894,000,000) | ||||||||
Retained earnings (deficit) | (1,645,000,000) | 1,168,000,000 | (1,645,000,000) | 1,168,000,000 | ||||||||
Accumulated other comprehensive loss (Note 12) | (79,000,000) | (85,000,000) | (79,000,000) | (85,000,000) | ||||||||
Stockholder' equity including treasury stock | (63,457,000,000) | (60,650,000,000) | (63,457,000,000) | (60,650,000,000) | ||||||||
Less treasury stock, at cost | (5,131,000,000) | (5,131,000,000) | (5,131,000,000) | (5,131,000,000) | ||||||||
Total Stockholders' Equity | (58,326,000,000) | (55,519,000,000) | (58,326,000,000) | (55,519,000,000) | ||||||||
Total Liabilities and Stockholders' Equity | (87,122,000,000) | (81,785,000,000) | (87,122,000,000) | (81,785,000,000) | ||||||||
Condensed Consolidating Statement of Cash Flows [Abstract] | ||||||||||||
Net cash flow provided by (used for) operating activities | 0 | 0 | 0 | |||||||||
Investing Activities: | ||||||||||||
Acquisitions | 0 | 0 | 0 | |||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||
Investments in and advances to investee companies | 0 | 0 | 0 | |||||||||
Proceeds from sale of investments | 0 | 0 | ||||||||||
Proceeds from dispositions | 0 | 0 | 0 | |||||||||
Other investing activities | 0 | 0 | 0 | |||||||||
Net cash flow provided by (used for) investing activities from continuing operations | 0 | 0 | 0 | |||||||||
Net cash flow provided by (used for) investing activities from discontinued operations | 0 | 0 | 0 | |||||||||
Net cash flow provided by (used for) investing activities | 0 | 0 | 0 | |||||||||
Financing Activities: | ||||||||||||
Proceeds from (repayments of) short-term debt borrowings, net | 0 | 0 | 0 | |||||||||
Proceeds from issuance of senior notes | 0 | 0 | 0 | |||||||||
Repayment of notes and debentures | 0 | 0 | ||||||||||
Proceeds from debt borrowings of discontinued operations | 0 | 0 | ||||||||||
Repayment of debt borrowings of CBS Radio | 0 | |||||||||||
Proceeds from IPO of Outdoor Americas | 0 | |||||||||||
Payment of capital lease obligations | 0 | 0 | 0 | |||||||||
Dividends | 0 | 0 | 0 | |||||||||
Purchase of Company common stock | 0 | 0 | 0 | |||||||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | 0 | 0 | 0 | |||||||||
Proceeds from exercise of stock options | 0 | 0 | 0 | |||||||||
Excess tax benefit from stock-based compensation | 0 | 0 | 0 | |||||||||
Other financing activities | 0 | |||||||||||
Increase (decrease) in intercompany payables | 0 | 0 | 0 | |||||||||
Net cash flow provided by (used for) financing activities | 0 | 0 | 0 | |||||||||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |||||||||
Cash and cash equivalents, including discontinued operations, at beginning of year | 0 | 0 | 0 | 0 | 0 | |||||||
Cash and cash equivalents, including discontinued operations, at end of year | 0 | 0 | 0 | 0 | 0 | |||||||
CBS Corp [Member] | ||||||||||||
Condensed Consolidating Statement of Operations [Abstract] | ||||||||||||
Revenues | 181,000,000 | 148,000,000 | 159,000,000 | |||||||||
Costs and Expenses [Abstract] | ||||||||||||
Operating | 67,000,000 | 65,000,000 | 68,000,000 | |||||||||
Selling, general and administrative | 80,000,000 | 46,000,000 | 61,000,000 | |||||||||
Depreciation and amortization | 5,000,000 | 6,000,000 | 6,000,000 | |||||||||
Pension settlement charge (Note 15) | 211,000,000 | |||||||||||
Restructuring and merger and acquisition-related costs | 0 | 0 | 0 | |||||||||
Other operating items, net | 0 | (117,000,000) | ||||||||||
Total costs and expenses | 363,000,000 | 0 | 135,000,000 | |||||||||
Operating income (loss) | (182,000,000) | 148,000,000 | 24,000,000 | |||||||||
Interest (expense) income, net | (502,000,000) | (486,000,000) | (443,000,000) | |||||||||
Loss on early extinguishment of debt | (351,000,000) | |||||||||||
Other items, net | (3,000,000) | (3,000,000) | (1,000,000) | |||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | (687,000,000) | (341,000,000) | (771,000,000) | |||||||||
(Provision) benefit for income taxes | 212,000,000 | 160,000,000 | 280,000,000 | |||||||||
Equity in earnings (loss) of investee companies, net of tax | 1,736,000,000 | 1,593,000,000 | 3,444,000,000 | |||||||||
Net earnings from continuing operations | 1,261,000,000 | 1,412,000,000 | 2,953,000,000 | |||||||||
Net earnings (loss) from discontinued operations, net of tax (Note 4) | 0 | 1,000,000 | 6,000,000 | |||||||||
Net earnings (loss) | 1,261,000,000 | 1,413,000,000 | 2,959,000,000 | |||||||||
Total comprehensive income | 1,264,000,000 | 1,378,000,000 | 2,769,000,000 | |||||||||
Assets [Abstract] | ||||||||||||
Cash and cash equivalents | 321,000,000 | 267,000,000 | 321,000,000 | 267,000,000 | ||||||||
Receivables, net | 27,000,000 | 28,000,000 | 27,000,000 | 28,000,000 | ||||||||
Programming and other inventory (Note 6) | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||
Prepaid expense and other current assets | 102,000,000 | 192,000,000 | 102,000,000 | 192,000,000 | ||||||||
Current assets of discontinued operations | 0 | 0 | 0 | 0 | ||||||||
Total current assets | 453,000,000 | 490,000,000 | 453,000,000 | 490,000,000 | ||||||||
Property and equipment | 47,000,000 | 46,000,000 | 47,000,000 | 46,000,000 | ||||||||
Less accumulated depreciation and amortization | 25,000,000 | 20,000,000 | 25,000,000 | 20,000,000 | ||||||||
Net property and equipment (Note 2) | 22,000,000 | 26,000,000 | 22,000,000 | 26,000,000 | ||||||||
Programming and other inventory (Note 6) | 5,000,000 | 6,000,000 | 5,000,000 | 6,000,000 | ||||||||
Goodwill (Note 3) | 98,000,000 | 98,000,000 | 98,000,000 | 98,000,000 | ||||||||
Intangible assets (Note 3) | 0 | 0 | 0 | 0 | ||||||||
Investments in subsidiaries | 44,473,000,000 | 42,744,000,000 | 44,473,000,000 | 42,744,000,000 | ||||||||
Other assets | 150,000,000 | 163,000,000 | 150,000,000 | 163,000,000 | ||||||||
Intercompany | 0 | 0 | 0 | 0 | ||||||||
Assets of discontinued operations (Note 4) | 0 | 0 | 0 | 0 | ||||||||
Total assets | 45,201,000,000 | 43,527,000,000 | 45,201,000,000 | 43,527,000,000 | ||||||||
Liabilities and Equity [Abstract] | ||||||||||||
Accounts payable | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||
Participants' share and royalties payable | 0 | 0 | 0 | 0 | ||||||||
Program rights | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | ||||||||
Commercial paper (Note 9) | 450,000,000 | 450,000,000 | ||||||||||
Current portion of long-term debt (Note 9) | 6,000,000 | 206,000,000 | 6,000,000 | 206,000,000 | ||||||||
Accrued expenses and other current liabilities | 421,000,000 | 418,000,000 | 421,000,000 | 418,000,000 | ||||||||
Current liabilities of discontinued operations (Note 4) | 0 | 0 | 0 | 0 | ||||||||
Total current liabilities | 882,000,000 | 629,000,000 | 882,000,000 | 629,000,000 | ||||||||
Long-term debt (Note 9) | 8,798,000,000 | 8,113,000,000 | 8,798,000,000 | 8,113,000,000 | ||||||||
Other liabilities | 3,071,000,000 | 2,961,000,000 | 3,071,000,000 | 2,961,000,000 | ||||||||
Liabilities of discontinued operations | 0 | 25,000,000 | 0 | 25,000,000 | ||||||||
Intercompany | 28,761,000,000 | 26,236,000,000 | 28,761,000,000 | 26,236,000,000 | ||||||||
Stockholders' Equity | ||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | ||||||||
Common stock | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||
Additional paid-in capital | 43,913,000,000 | 44,055,000,000 | 43,913,000,000 | 44,055,000,000 | ||||||||
Retained earnings (deficit) | (19,257,000,000) | (20,518,000,000) | (19,257,000,000) | (20,518,000,000) | ||||||||
Accumulated other comprehensive loss (Note 12) | (767,000,000) | (770,000,000) | (767,000,000) | (770,000,000) | ||||||||
Stockholder' equity including treasury stock | 23,890,000,000 | 22,768,000,000 | 23,890,000,000 | 22,768,000,000 | ||||||||
Less treasury stock, at cost | 20,201,000,000 | 17,205,000,000 | 20,201,000,000 | 17,205,000,000 | ||||||||
Total Stockholders' Equity | 3,689,000,000 | 5,563,000,000 | 3,689,000,000 | 5,563,000,000 | ||||||||
Total Liabilities and Stockholders' Equity | 45,201,000,000 | 43,527,000,000 | 45,201,000,000 | 43,527,000,000 | ||||||||
Condensed Consolidating Statement of Cash Flows [Abstract] | ||||||||||||
Net cash flow provided by (used for) operating activities | (846,000,000) | (634,000,000) | (1,107,000,000) | |||||||||
Investing Activities: | ||||||||||||
Acquisitions | 0 | 0 | 0 | |||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||
Investments in and advances to investee companies | 0 | 0 | 0 | |||||||||
Proceeds from sale of investments | 79,000,000 | 0 | ||||||||||
Proceeds from dispositions | (4,000,000) | 318,000,000 | 0 | |||||||||
Other investing activities | 15,000,000 | (3,000,000) | (4,000,000) | |||||||||
Net cash flow provided by (used for) investing activities from continuing operations | 11,000,000 | 394,000,000 | (4,000,000) | |||||||||
Net cash flow provided by (used for) investing activities from discontinued operations | 0 | (3,000,000) | (29,000,000) | |||||||||
Net cash flow provided by (used for) investing activities | 11,000,000 | 391,000,000 | (33,000,000) | |||||||||
Financing Activities: | ||||||||||||
Proceeds from (repayments of) short-term debt borrowings, net | 450,000,000 | (616,000,000) | 141,000,000 | |||||||||
Proceeds from issuance of senior notes | 684,000,000 | 1,959,000,000 | 1,728,000,000 | |||||||||
Repayment of notes and debentures | (199,000,000) | (1,146,000,000) | ||||||||||
Proceeds from debt borrowings of discontinued operations | 0 | (5,000,000) | ||||||||||
Repayment of debt borrowings of CBS Radio | 0 | |||||||||||
Proceeds from IPO of Outdoor Americas | 0 | |||||||||||
Payment of capital lease obligations | 0 | 0 | 0 | |||||||||
Dividends | (288,000,000) | (300,000,000) | (292,000,000) | |||||||||
Purchase of Company common stock | (2,997,000,000) | (2,813,000,000) | (3,595,000,000) | |||||||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (58,000,000) | (96,000,000) | (146,000,000) | |||||||||
Proceeds from exercise of stock options | 21,000,000 | 142,000,000 | 283,000,000 | |||||||||
Excess tax benefit from stock-based compensation | 17,000,000 | 88,000,000 | 243,000,000 | |||||||||
Other financing activities | (9,000,000) | |||||||||||
Increase (decrease) in intercompany payables | 3,259,000,000 | 2,083,000,000 | 3,921,000,000 | |||||||||
Net cash flow provided by (used for) financing activities | 889,000,000 | 447,000,000 | 1,123,000,000 | |||||||||
Net increase (decrease) in cash and cash equivalents | 54,000,000 | 204,000,000 | (17,000,000) | |||||||||
Cash and cash equivalents, including discontinued operations, at beginning of year | 267,000,000 | 63,000,000 | 267,000,000 | 63,000,000 | 80,000,000 | |||||||
Cash and cash equivalents, including discontinued operations, at end of year | 321,000,000 | 267,000,000 | 321,000,000 | 267,000,000 | 63,000,000 | |||||||
CBS Operations Inc [Member] | ||||||||||||
Condensed Consolidating Statement of Operations [Abstract] | ||||||||||||
Revenues | 12,000,000 | 11,000,000 | 11,000,000 | |||||||||
Costs and Expenses [Abstract] | ||||||||||||
Operating | 6,000,000 | 5,000,000 | 6,000,000 | |||||||||
Selling, general and administrative | 297,000,000 | 243,000,000 | 254,000,000 | |||||||||
Depreciation and amortization | 23,000,000 | 20,000,000 | 16,000,000 | |||||||||
Pension settlement charge (Note 15) | 0 | |||||||||||
Restructuring and merger and acquisition-related costs | 2,000,000 | 0 | 3,000,000 | |||||||||
Other operating items, net | 0 | 0 | ||||||||||
Total costs and expenses | 328,000,000 | 268,000,000 | 279,000,000 | |||||||||
Operating income (loss) | (316,000,000) | (257,000,000) | (268,000,000) | |||||||||
Interest (expense) income, net | (433,000,000) | (403,000,000) | (383,000,000) | |||||||||
Loss on early extinguishment of debt | 0 | |||||||||||
Other items, net | 19,000,000 | 9,000,000 | 4,000,000 | |||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | (730,000,000) | (651,000,000) | (647,000,000) | |||||||||
(Provision) benefit for income taxes | 224,000,000 | 215,000,000 | 229,000,000 | |||||||||
Equity in earnings (loss) of investee companies, net of tax | 1,077,000,000 | 1,090,000,000 | 1,270,000,000 | |||||||||
Net earnings from continuing operations | 571,000,000 | 654,000,000 | 852,000,000 | |||||||||
Net earnings (loss) from discontinued operations, net of tax (Note 4) | (1,000,000) | (1,000,000) | (2,000,000) | |||||||||
Net earnings (loss) | 570,000,000 | 653,000,000 | 850,000,000 | |||||||||
Total comprehensive income | 595,000,000 | 660,000,000 | 857,000,000 | |||||||||
Assets [Abstract] | ||||||||||||
Cash and cash equivalents | 0 | 1,000,000 | 0 | 1,000,000 | ||||||||
Receivables, net | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||
Programming and other inventory (Note 6) | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||
Prepaid expense and other current assets | 55,000,000 | 26,000,000 | 55,000,000 | 26,000,000 | ||||||||
Current assets of discontinued operations | 0 | 0 | 0 | 0 | ||||||||
Total current assets | 60,000,000 | 32,000,000 | 60,000,000 | 32,000,000 | ||||||||
Property and equipment | 201,000,000 | 180,000,000 | 201,000,000 | 180,000,000 | ||||||||
Less accumulated depreciation and amortization | 140,000,000 | 118,000,000 | 140,000,000 | 118,000,000 | ||||||||
Net property and equipment (Note 2) | 61,000,000 | 62,000,000 | 61,000,000 | 62,000,000 | ||||||||
Programming and other inventory (Note 6) | 7,000,000 | 9,000,000 | 7,000,000 | 9,000,000 | ||||||||
Goodwill (Note 3) | 62,000,000 | 62,000,000 | 62,000,000 | 62,000,000 | ||||||||
Intangible assets (Note 3) | 0 | 0 | 0 | 0 | ||||||||
Investments in subsidiaries | 13,853,000,000 | 12,775,000,000 | 13,853,000,000 | 12,775,000,000 | ||||||||
Other assets | 8,000,000 | 11,000,000 | 8,000,000 | 11,000,000 | ||||||||
Intercompany | 1,785,000,000 | 2,248,000,000 | 1,785,000,000 | 2,248,000,000 | ||||||||
Assets of discontinued operations (Note 4) | 3,000,000 | 0 | 3,000,000 | 0 | ||||||||
Total assets | 15,839,000,000 | 15,199,000,000 | 15,839,000,000 | 15,199,000,000 | ||||||||
Liabilities and Equity [Abstract] | ||||||||||||
Accounts payable | 3,000,000 | 4,000,000 | 3,000,000 | 4,000,000 | ||||||||
Participants' share and royalties payable | 0 | 0 | 0 | 0 | ||||||||
Program rights | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | ||||||||
Commercial paper (Note 9) | 0 | 0 | ||||||||||
Current portion of long-term debt (Note 9) | 0 | 0 | 0 | 0 | ||||||||
Accrued expenses and other current liabilities | 284,000,000 | 229,000,000 | 284,000,000 | 229,000,000 | ||||||||
Current liabilities of discontinued operations (Note 4) | 0 | 1,000,000 | 0 | 1,000,000 | ||||||||
Total current liabilities | 291,000,000 | 238,000,000 | 291,000,000 | 238,000,000 | ||||||||
Long-term debt (Note 9) | 0 | 0 | 0 | 0 | ||||||||
Other liabilities | 244,000,000 | 252,000,000 | 244,000,000 | 252,000,000 | ||||||||
Liabilities of discontinued operations | 0 | 0 | 0 | 0 | ||||||||
Intercompany | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity | ||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | ||||||||
Common stock | 123,000,000 | 123,000,000 | 123,000,000 | 123,000,000 | ||||||||
Additional paid-in capital | 0 | 0 | 0 | 0 | ||||||||
Retained earnings (deficit) | 15,483,000,000 | 14,913,000,000 | 15,483,000,000 | 14,913,000,000 | ||||||||
Accumulated other comprehensive loss (Note 12) | 29,000,000 | 4,000,000 | 29,000,000 | 4,000,000 | ||||||||
Stockholder' equity including treasury stock | 15,635,000,000 | 15,040,000,000 | 15,635,000,000 | 15,040,000,000 | ||||||||
Less treasury stock, at cost | 331,000,000 | 331,000,000 | 331,000,000 | 331,000,000 | ||||||||
Total Stockholders' Equity | 15,304,000,000 | 14,709,000,000 | 15,304,000,000 | 14,709,000,000 | ||||||||
Total Liabilities and Stockholders' Equity | 15,839,000,000 | 15,199,000,000 | 15,839,000,000 | 15,199,000,000 | ||||||||
Condensed Consolidating Statement of Cash Flows [Abstract] | ||||||||||||
Net cash flow provided by (used for) operating activities | (157,000,000) | (201,000,000) | (194,000,000) | |||||||||
Investing Activities: | ||||||||||||
Acquisitions | 0 | 0 | 0 | |||||||||
Capital expenditures | (33,000,000) | (16,000,000) | (27,000,000) | |||||||||
Investments in and advances to investee companies | 0 | 0 | 0 | |||||||||
Proceeds from sale of investments | 0 | 0 | ||||||||||
Proceeds from dispositions | 0 | 0 | 0 | |||||||||
Other investing activities | 0 | 0 | 0 | |||||||||
Net cash flow provided by (used for) investing activities from continuing operations | (33,000,000) | (16,000,000) | (27,000,000) | |||||||||
Net cash flow provided by (used for) investing activities from discontinued operations | (1,000,000) | 0 | 0 | |||||||||
Net cash flow provided by (used for) investing activities | (34,000,000) | (16,000,000) | (27,000,000) | |||||||||
Financing Activities: | ||||||||||||
Proceeds from (repayments of) short-term debt borrowings, net | 0 | 0 | 0 | |||||||||
Proceeds from issuance of senior notes | 0 | 0 | 0 | |||||||||
Repayment of notes and debentures | 0 | 0 | ||||||||||
Proceeds from debt borrowings of discontinued operations | 0 | 0 | ||||||||||
Repayment of debt borrowings of CBS Radio | 0 | |||||||||||
Proceeds from IPO of Outdoor Americas | 0 | |||||||||||
Payment of capital lease obligations | 0 | 0 | 0 | |||||||||
Dividends | 0 | 0 | 0 | |||||||||
Purchase of Company common stock | 0 | 0 | 0 | |||||||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | 0 | 0 | 0 | |||||||||
Proceeds from exercise of stock options | 0 | 0 | 0 | |||||||||
Excess tax benefit from stock-based compensation | 0 | 0 | 0 | |||||||||
Other financing activities | 0 | |||||||||||
Increase (decrease) in intercompany payables | 190,000,000 | 217,000,000 | 221,000,000 | |||||||||
Net cash flow provided by (used for) financing activities | 190,000,000 | 217,000,000 | 221,000,000 | |||||||||
Net increase (decrease) in cash and cash equivalents | (1,000,000) | 0 | 0 | |||||||||
Cash and cash equivalents, including discontinued operations, at beginning of year | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||||||
Cash and cash equivalents, including discontinued operations, at end of year | 0 | 1,000,000 | 0 | 1,000,000 | 1,000,000 | |||||||
Non-Guarantor Affiliates [Member] | ||||||||||||
Condensed Consolidating Statement of Operations [Abstract] | ||||||||||||
Revenues | 12,973,000,000 | 12,512,000,000 | 12,349,000,000 | |||||||||
Costs and Expenses [Abstract] | ||||||||||||
Operating | 7,883,000,000 | 7,841,000,000 | 7,615,000,000 | |||||||||
Selling, general and administrative | 1,747,000,000 | 1,672,000,000 | 1,656,000,000 | |||||||||
Depreciation and amortization | 197,000,000 | 209,000,000 | 228,000,000 | |||||||||
Pension settlement charge (Note 15) | 0 | |||||||||||
Restructuring and merger and acquisition-related costs | 36,000,000 | 45,000,000 | 16,000,000 | |||||||||
Other operating items, net | (9,000,000) | (22,000,000) | ||||||||||
Total costs and expenses | 9,854,000,000 | 9,745,000,000 | 9,515,000,000 | |||||||||
Operating income (loss) | 3,119,000,000 | 2,767,000,000 | 2,834,000,000 | |||||||||
Interest (expense) income, net | 556,000,000 | 521,000,000 | 476,000,000 | |||||||||
Loss on early extinguishment of debt | (1,000,000) | |||||||||||
Other items, net | (28,000,000) | (32,000,000) | (33,000,000) | |||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | 3,647,000,000 | 3,256,000,000 | 3,276,000,000 | |||||||||
(Provision) benefit for income taxes | (1,064,000,000) | (1,051,000,000) | (1,168,000,000) | |||||||||
Equity in earnings (loss) of investee companies, net of tax | (50,000,000) | (34,000,000) | (48,000,000) | |||||||||
Net earnings from continuing operations | 2,533,000,000 | 2,171,000,000 | 2,060,000,000 | |||||||||
Net earnings (loss) from discontinued operations, net of tax (Note 4) | (290,000,000) | (141,000,000) | 1,804,000,000 | |||||||||
Net earnings (loss) | 2,243,000,000 | 2,030,000,000 | 3,864,000,000 | |||||||||
Total comprehensive income | 2,212,000,000 | 2,030,000,000 | 3,819,000,000 | |||||||||
Assets [Abstract] | ||||||||||||
Cash and cash equivalents | 277,000,000 | 49,000,000 | 277,000,000 | 49,000,000 | ||||||||
Receivables, net | 3,285,000,000 | 3,345,000,000 | 3,285,000,000 | 3,345,000,000 | ||||||||
Programming and other inventory (Note 6) | 1,421,000,000 | 1,264,000,000 | 1,421,000,000 | 1,264,000,000 | ||||||||
Prepaid expense and other current assets | 297,000,000 | 274,000,000 | 297,000,000 | 274,000,000 | ||||||||
Current assets of discontinued operations | 305,000,000 | 323,000,000 | 305,000,000 | 323,000,000 | ||||||||
Total current assets | 5,585,000,000 | 5,255,000,000 | 5,585,000,000 | 5,255,000,000 | ||||||||
Property and equipment | 2,687,000,000 | 2,654,000,000 | 2,687,000,000 | 2,654,000,000 | ||||||||
Less accumulated depreciation and amortization | 1,529,000,000 | 1,489,000,000 | 1,529,000,000 | 1,489,000,000 | ||||||||
Net property and equipment (Note 2) | 1,158,000,000 | 1,165,000,000 | 1,158,000,000 | 1,165,000,000 | ||||||||
Programming and other inventory (Note 6) | 2,427,000,000 | 1,942,000,000 | 2,427,000,000 | 1,942,000,000 | ||||||||
Goodwill (Note 3) | 4,704,000,000 | 4,629,000,000 | 4,704,000,000 | 4,629,000,000 | ||||||||
Intangible assets (Note 3) | 2,633,000,000 | 2,639,000,000 | 2,633,000,000 | 2,639,000,000 | ||||||||
Investments in subsidiaries | 0 | 0 | 0 | 0 | ||||||||
Other assets | 2,549,000,000 | 2,459,000,000 | 2,549,000,000 | 2,459,000,000 | ||||||||
Intercompany | 26,976,000,000 | 23,988,000,000 | 26,976,000,000 | 23,988,000,000 | ||||||||
Assets of discontinued operations (Note 4) | 4,288,000,000 | 4,747,000,000 | 4,288,000,000 | 4,747,000,000 | ||||||||
Total assets | 50,320,000,000 | 46,824,000,000 | 50,320,000,000 | 46,824,000,000 | ||||||||
Liabilities and Equity [Abstract] | ||||||||||||
Accounts payable | 144,000,000 | 154,000,000 | 144,000,000 | 154,000,000 | ||||||||
Participants' share and royalties payable | 1,024,000,000 | 1,013,000,000 | 1,024,000,000 | 1,013,000,000 | ||||||||
Program rights | 282,000,000 | 364,000,000 | 282,000,000 | 364,000,000 | ||||||||
Commercial paper (Note 9) | 0 | 0 | ||||||||||
Current portion of long-term debt (Note 9) | 17,000,000 | 16,000,000 | 17,000,000 | 16,000,000 | ||||||||
Accrued expenses and other current liabilities | 948,000,000 | 1,034,000,000 | 948,000,000 | 1,034,000,000 | ||||||||
Current liabilities of discontinued operations (Note 4) | 155,000,000 | 142,000,000 | 155,000,000 | 142,000,000 | ||||||||
Total current liabilities | 2,570,000,000 | 2,723,000,000 | 2,570,000,000 | 2,723,000,000 | ||||||||
Long-term debt (Note 9) | 104,000,000 | 113,000,000 | 104,000,000 | 113,000,000 | ||||||||
Other liabilities | 2,173,000,000 | 2,064,000,000 | 2,173,000,000 | 2,064,000,000 | ||||||||
Liabilities of discontinued operations | 2,451,000,000 | 1,114,000,000 | 2,451,000,000 | 1,114,000,000 | ||||||||
Intercompany | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity | ||||||||||||
Preferred stock | 126,000,000 | 126,000,000 | 126,000,000 | 126,000,000 | ||||||||
Common stock | 590,000,000 | 590,000,000 | 590,000,000 | 590,000,000 | ||||||||
Additional paid-in capital | 60,894,000,000 | 60,894,000,000 | 60,894,000,000 | 60,894,000,000 | ||||||||
Retained earnings (deficit) | (13,838,000,000) | (16,081,000,000) | (13,838,000,000) | (16,081,000,000) | ||||||||
Accumulated other comprehensive loss (Note 12) | 50,000,000 | 81,000,000 | 50,000,000 | 81,000,000 | ||||||||
Stockholder' equity including treasury stock | 47,822,000,000 | 45,610,000,000 | 47,822,000,000 | 45,610,000,000 | ||||||||
Less treasury stock, at cost | 4,800,000,000 | 4,800,000,000 | 4,800,000,000 | 4,800,000,000 | ||||||||
Total Stockholders' Equity | 43,022,000,000 | 40,810,000,000 | 43,022,000,000 | 40,810,000,000 | ||||||||
Total Liabilities and Stockholders' Equity | 50,320,000,000 | 46,824,000,000 | 50,320,000,000 | 46,824,000,000 | ||||||||
Condensed Consolidating Statement of Cash Flows [Abstract] | ||||||||||||
Net cash flow provided by (used for) operating activities | 2,688,000,000 | 2,229,000,000 | 2,576,000,000 | |||||||||
Investing Activities: | ||||||||||||
Acquisitions | (92,000,000) | (12,000,000) | (2,000,000) | |||||||||
Capital expenditures | (163,000,000) | (155,000,000) | (151,000,000) | |||||||||
Investments in and advances to investee companies | (81,000,000) | (98,000,000) | (98,000,000) | |||||||||
Proceeds from sale of investments | 1,000,000 | 12,000,000 | ||||||||||
Proceeds from dispositions | 24,000,000 | 65,000,000 | 4,000,000 | |||||||||
Other investing activities | 0 | 0 | 0 | |||||||||
Net cash flow provided by (used for) investing activities from continuing operations | (312,000,000) | (199,000,000) | (235,000,000) | |||||||||
Net cash flow provided by (used for) investing activities from discontinued operations | (5,000,000) | (22,000,000) | (306,000,000) | |||||||||
Net cash flow provided by (used for) investing activities | (317,000,000) | (221,000,000) | (541,000,000) | |||||||||
Financing Activities: | ||||||||||||
Proceeds from (repayments of) short-term debt borrowings, net | 0 | 0 | 0 | |||||||||
Proceeds from issuance of senior notes | 0 | 0 | 0 | |||||||||
Repayment of notes and debentures | 0 | (6,000,000) | ||||||||||
Proceeds from debt borrowings of discontinued operations | 1,452,000,000 | 1,574,000,000 | ||||||||||
Repayment of debt borrowings of CBS Radio | (110,000,000) | |||||||||||
Proceeds from IPO of Outdoor Americas | 613,000,000 | |||||||||||
Payment of capital lease obligations | (18,000,000) | (17,000,000) | (17,000,000) | |||||||||
Dividends | 0 | 0 | 0 | |||||||||
Purchase of Company common stock | 0 | 0 | 0 | |||||||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | 0 | 0 | 0 | |||||||||
Proceeds from exercise of stock options | 0 | 0 | 0 | |||||||||
Excess tax benefit from stock-based compensation | 0 | 0 | 0 | |||||||||
Other financing activities | (9,000,000) | |||||||||||
Increase (decrease) in intercompany payables | (3,449,000,000) | (2,300,000,000) | (4,142,000,000) | |||||||||
Net cash flow provided by (used for) financing activities | (2,125,000,000) | (2,317,000,000) | (1,987,000,000) | |||||||||
Net increase (decrease) in cash and cash equivalents | 246,000,000 | (309,000,000) | 48,000,000 | |||||||||
Cash and cash equivalents, including discontinued operations, at beginning of year | $ 55,000,000 | $ 364,000,000 | 55,000,000 | 364,000,000 | 316,000,000 | |||||||
Cash and cash equivalents, including discontinued operations, at end of year | $ 301,000,000 | $ 55,000,000 | $ 301,000,000 | $ 55,000,000 | $ 364,000,000 |
Schedule II - Valuation and Q94
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Allowance for doubtful accounts [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | $ 59 | $ 47 | $ 51 | |
Balance acquired through acquisitions | 1 | 0 | 0 | |
Charged to cost and expenses | 12 | 9 | 9 | |
Charged to other accounts | 0 | 15 | [1] | 0 |
Deductions | 12 | 12 | 13 | |
Balance at end of period | 60 | 59 | 47 | |
Valuation allowance on deferred tax assets [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | 914 | 574 | 634 | |
Balance acquired through acquisitions | 0 | 0 | 0 | |
Charged to cost and expenses | 41 | 394 | [2] | 36 |
Charged to other accounts | 0 | 0 | 0 | |
Deductions | 27 | 54 | 96 | |
Balance at end of period | 928 | 914 | 574 | |
Reserve for inventory obsolescence [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | 23 | 30 | 35 | |
Balance acquired through acquisitions | 1 | 0 | 0 | |
Charged to cost and expenses | 2 | 10 | 8 | |
Charged to other accounts | 0 | 0 | 0 | |
Deductions | 7 | 17 | 13 | |
Balance at end of period | $ 19 | $ 23 | $ 30 | |
[1] | Reclassification from long-term to current. | |||
[2] | Primarily relates to a valuation allowance for a U.S. capital loss carryforward deferred tax asset that arose from the sale of internet businesses in China. |