Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 12, 2018 | Jun. 30, 2017 | |
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 | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Class of Stock [Line Items] | |||
Entity Public Float | $ 22,932,497,124 | ||
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Common Stock Outstanding | 37,572,434 | ||
Common Class B [Member] | |||
Class of Stock [Line Items] | |||
Common Stock Outstanding | 345,147,497 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Revenues | $ 13,692 | $ 13,166 | $ 12,671 |
Costs and expenses: | |||
Operating | 8,438 | 7,956 | 7,911 |
Selling, general and administrative | 2,212 | 2,124 | 1,961 |
Depreciation and amortization | 223 | 225 | 235 |
Pension settlement charges | 352 | 211 | 0 |
Restructuring and merger and acquisition-related costs | 63 | 38 | 45 |
Other operating items, net | (19) | (9) | (139) |
Total costs and expenses | 11,269 | 10,545 | 10,013 |
Operating income (loss) | 2,423 | 2,621 | 2,658 |
Interest expense | (457) | (411) | (392) |
Interest income | 64 | 32 | 24 |
Loss on early extinguishment of debt | (49) | 0 | 0 |
Other items, net | (2) | (12) | (26) |
Earnings from continuing operations before income taxes and equity in loss of investee companies | 1,979 | 2,230 | 2,264 |
Provision for income taxes | (633) | (628) | (676) |
Equity in loss of investee companies, net of tax | (37) | (50) | (34) |
Net earnings from continuing operations | 1,309 | 1,552 | 1,554 |
Net loss from discontinued operations, net of tax | (952) | (291) | (141) |
Net earnings | $ 357 | $ 1,261 | $ 1,413 |
Basic net earnings (loss) per common share: | |||
Net earnings from continuing operations (in dollars per share) | $ 3.26 | $ 3.50 | $ 3.21 |
Net loss from discontinued operations (in dollars per share) | (2.37) | (0.66) | (0.29) |
Net earnings (in dollars per share) | 0.89 | 2.84 | 2.92 |
Diluted net earnings (loss) per common share: | |||
Net earnings from continuing operations (in dollars per share) | 3.22 | 3.46 | 3.18 |
Net loss from discontinued operations (in dollars per share) | (2.34) | (0.65) | (0.29) |
Net earnings (in dollars per share) | $ 0.88 | $ 2.81 | $ 2.89 |
Weighted average number of common shares outstanding: | |||
Basic weighted average number of common shares outstanding (in shares) | 401 | 444 | 484 |
Diluted weighted average number of common shares outstanding (in shares) | 407 | 448 | 489 |
Dividends per common share (in dollars per share) | $ 0.72 | $ 0.66 | $ 0.60 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 357 | $ 1,261 | $ 1,413 |
Other comprehensive income (loss) from continuing operations, net of tax: | |||
Cumulative translation adjustments | 8 | (1) | (5) |
Net actuarial gain (loss) and prior service costs | 97 | 4 | (30) |
Total other comprehensive income (loss), net of tax | 105 | 3 | (35) |
Total comprehensive income | $ 462 | $ 1,264 | $ 1,378 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 285 | $ 598 |
Receivables, less allowances of $49 (2017) and $60 (2016) | 3,697 | 3,314 |
Programming and other inventory | 1,828 | 1,427 |
Prepaid income taxes | 78 | 30 |
Prepaid expenses | 194 | 185 |
Other current assets | 190 | 204 |
Current assets of discontinued operations | 1 | 305 |
Total current assets | 6,273 | 6,063 |
Property and equipment | 3,051 | 2,935 |
Less accumulated depreciation and amortization | 1,771 | 1,694 |
Net property and equipment | 1,280 | 1,241 |
Programming and other inventory | 2,881 | 2,439 |
Goodwill | 4,891 | 4,864 |
Intangible assets | 2,666 | 2,633 |
Other assets | 2,840 | 2,707 |
Assets of discontinued operations | 12 | 4,291 |
Total Assets | 20,843 | 24,238 |
Current Liabilities: | ||
Accounts payable | 231 | 148 |
Accrued expenses | 578 | 632 |
Accrued compensation | 343 | 369 |
Participants’ share and royalties payable | 986 | 1,024 |
Program rights | 373 | 290 |
Deferred revenues | 219 | 152 |
Commercial paper | 679 | 450 |
Current portion of long-term debt | 19 | 23 |
Other current liabilities | 512 | 465 |
Current liabilities of discontinued operations | 32 | 155 |
Total current liabilities | 3,972 | 3,708 |
Long-term debt | 9,464 | 8,902 |
Participants’ share and royalties payable | 1,424 | 1,322 |
Pension and postretirement benefit obligations | 1,328 | 1,769 |
Deferred income tax liabilities, net | 480 | 590 |
Other liabilities | 2,155 | 1,807 |
Liabilities of discontinued operations | 42 | 2,451 |
Commitments and contingencies | ||
Stockholders’ Equity: | ||
Common stock | 1 | 1 |
Additional paid-in capital | 43,797 | 43,913 |
Accumulated deficit | (18,900) | (19,257) |
Accumulated other comprehensive loss | (662) | (767) |
Stockholder' equity including treasury stock | 24,236 | 23,890 |
Less treasury stock, at cost; 489 (2017) and 455 (2016) Class B Shares | 22,258 | 20,201 |
Total Stockholders’ Equity | 1,978 | 3,689 |
Total Liabilities and Stockholders’ Equity | 20,843 | 24,238 |
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, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowances for receivables | $ 49 | $ 60 |
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 (in shares) | 375,000,000 | 375,000,000 |
Common Stock, shares issued (in shares) | 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 (in shares) | 5,000,000,000 | 5,000,000,000 |
Common Stock, shares issued (in shares) | 834,000,000 | 829,000,000 |
Treasury Stock, at cost, Class B Shares (in shares) | 489,000,000 | 455,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities: | |||
Net earnings | $ 357 | $ 1,261 | $ 1,413 |
Less: Net loss from discontinued operations | (952) | (291) | (141) |
Net earnings from continuing operations | 1,309 | 1,552 | 1,554 |
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations: | |||
Depreciation and amortization | 223 | 225 | 235 |
Deferred tax (benefit) provision | (188) | 144 | 445 |
Stock-based compensation | 179 | 165 | 157 |
Redemption of debt | 42 | 0 | 0 |
Net gain on disposition and write-down of assets | (9) | (18) | (139) |
Equity in loss of investee companies, net of tax and distributions | 38 | 53 | 37 |
Change in assets and liabilities, net of investing and financing activities | |||
(Increase) decrease in receivables | (268) | 36 | (376) |
Increase in inventory and related program and participation liabilities, net | (723) | (804) | (498) |
(Increase) decrease in other assets | (52) | (85) | 23 |
(Decrease) increase in accounts payable and accrued expenses | (35) | 23 | (220) |
(Decrease) increase in pension and postretirement benefit obligations | (238) | 205 | (46) |
Increase (decrease) in income taxes | 456 | 94 | (56) |
Increase (decrease) in deferred revenue | 54 | (137) | 66 |
Other, net | 5 | 1 | 7 |
Net cash flow provided by operating activities from continuing operations | 793 | 1,454 | 1,189 |
Net cash flow provided by operating activities from discontinued operations | 94 | 231 | 205 |
Net cash flow provided by operating activities | 887 | 1,685 | 1,394 |
Investing Activities: | |||
Acquisitions (including acquired television library), net of cash acquired | (270) | (92) | (12) |
Capital expenditures | (185) | (196) | (171) |
Investments in and advances to investee companies | (110) | (81) | (98) |
Proceeds from sale of investments | 10 | 0 | 80 |
Proceeds from dispositions | 11 | 20 | 383 |
Other investing activities | 21 | 15 | (3) |
Net cash flow (used for) provided by investing activities from continuing operations | (523) | (334) | 179 |
Net cash flow used for investing activities from discontinued operations | (24) | (6) | (25) |
Net cash flow (used for) provided by investing activities | (547) | (340) | 154 |
Financing Activities: | |||
Proceeds from (repayments of) short-term debt borrowings, net | 229 | 450 | (616) |
Proceeds from issuance of senior notes | 1,773 | 684 | 1,959 |
Repayment of senior notes and debentures | (1,244) | (199) | 0 |
Proceeds from debt borrowings of CBS Radio | 40 | 1,452 | 0 |
Repayment of debt borrowings of CBS Radio | (43) | (110) | 0 |
Payment of capital lease obligations | (18) | (18) | (17) |
Dividends | (296) | (288) | (300) |
Purchase of Company common stock | (1,111) | (2,997) | (2,813) |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (89) | (58) | (96) |
Proceeds from exercise of stock options | 91 | 21 | 142 |
Excess tax benefit from stock-based compensation | 0 | 17 | 88 |
Other financing activities | (9) | 0 | 0 |
Net cash flow used for financing activities | (677) | (1,046) | (1,653) |
Net (decrease) increase in cash and cash equivalents | (337) | 299 | (105) |
Cash and cash equivalents at beginning of year (includes $24 (2017) and $6 (2016 and 2015) of discontinued operations cash) | 622 | 323 | 428 |
Cash and cash equivalents at end of year (includes $24 (2016) and $6 (2015) of discontinued operations cash) | $ 285 | $ 622 | $ 323 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents of discontinued operations | $ 24 | $ 6 | $ 6 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | 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 Loss [Member] | Treasury Stock [Member] |
Balance, beginning of year (shares) at Dec. 31, 2014 | 38,000,000 | 818,000,000 | 349,000,000 | ||||
Balance, beginning of year at Dec. 31, 2014 | $ 0 | $ 1 | $ 44,041 | $ (21,931) | $ (735) | $ (14,406) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of A shares into B shares (shares) | 100,000 | 0 | 0 | ||||
Conversion of A shares into B shares | $ 0 | $ 0 | |||||
Restricted stock unit vests (shares) | 4,000,000 | ||||||
Restricted stock unit vests | $ 0 | ||||||
Exercise of stock options (shares) | 6,000,000 | ||||||
Exercise of stock options | $ 0 | 142 | |||||
Retirement of treasury stock (shares) | (2,000,000) | (2,000,000) | |||||
Retirement of treasury stock | $ 0 | (96) | $ 96 | ||||
Stock-based compensation | 174 | ||||||
Tax benefit related to employee stock-based transactions | 87 | ||||||
Dividends | $ (293) | (293) | |||||
Decrease in noncontrolling interest | 0 | ||||||
Net earnings | 1,413 | 1,413 | |||||
Other comprehensive income (loss) | (35) | (35) | |||||
Class B Common Stock purchased (shares) | 52,000,000 | ||||||
Class B Common Stock purchased | $ (2,800) | ||||||
CBS Radio Split-Off (shares) | 0 | ||||||
CBS Radio Split-Off | $ 0 | ||||||
Shares paid for tax withholding for stock-based compensation (shares) | 2,000,000 | ||||||
Shares paid for tax withholding for stock-based compensation | $ (96) | ||||||
Issuance of stock for deferred compensation (shares) | 0 | ||||||
Issuance of stock for deferred compensation | $ 1 | ||||||
Balance, end of year at Dec. 31, 2015 | $ 5,563 | $ 0 | $ 1 | 44,055 | (20,518) | (770) | $ (17,205) |
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 (shares) | 100,000 | 0 | 0 | ||||
Conversion of A shares into B shares | $ 0 | $ 0 | |||||
Restricted stock unit vests (shares) | 3,000,000 | ||||||
Restricted stock unit vests | $ 0 | ||||||
Exercise of stock options (shares) | 1,000,000 | ||||||
Exercise of stock options | $ 0 | 21 | |||||
Retirement of treasury stock (shares) | (1,000,000) | (1,000,000) | |||||
Retirement of treasury stock | $ 0 | (58) | $ 58 | ||||
Stock-based compensation | 177 | ||||||
Tax benefit related to employee stock-based transactions | 12 | ||||||
Dividends | $ (294) | (294) | |||||
Decrease in noncontrolling interest | 0 | ||||||
Net earnings | 1,261 | 1,261 | |||||
Other comprehensive income (loss) | 3 | 3 | |||||
Class B Common Stock purchased (shares) | 54,000,000 | ||||||
Class B Common Stock purchased | $ (2,997) | ||||||
CBS Radio Split-Off (shares) | 0 | ||||||
CBS Radio Split-Off | $ 0 | ||||||
Shares paid for tax withholding for stock-based compensation (shares) | 1,000,000 | ||||||
Shares paid for tax withholding for stock-based compensation | $ (58) | ||||||
Issuance of stock for deferred compensation (shares) | 0 | ||||||
Issuance of stock for deferred compensation | $ 1 | ||||||
Balance, end of year at Dec. 31, 2016 | $ 3,689 | $ 0 | $ 1 | 43,913 | (19,257) | (767) | $ (20,201) |
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 (shares) | 0 | 0 | |||||
Conversion of A shares into B shares | $ 0 | $ 0 | |||||
Restricted stock unit vests (shares) | 3,000,000 | ||||||
Restricted stock unit vests | $ 0 | ||||||
Exercise of stock options (shares) | 2,940,667 | 3,000,000 | |||||
Exercise of stock options | $ 0 | 92 | |||||
Retirement of treasury stock (shares) | (1,000,000) | (1,000,000) | |||||
Retirement of treasury stock | $ 0 | (89) | $ 89 | ||||
Stock-based compensation | 181 | ||||||
Tax benefit related to employee stock-based transactions | 0 | ||||||
Dividends | $ (289) | (289) | |||||
Decrease in noncontrolling interest | (11) | ||||||
Net earnings | 357 | 357 | |||||
Other comprehensive income (loss) | $ 105 | 105 | |||||
Class B Common Stock purchased (shares) | 16,200,000 | 16,000,000 | |||||
Class B Common Stock purchased | $ (1,050) | $ (1,050) | |||||
CBS Radio Split-Off (shares) | 18,000,000 | ||||||
CBS Radio Split-Off | $ (1,007) | ||||||
Shares paid for tax withholding for stock-based compensation (shares) | 1,000,000 | ||||||
Shares paid for tax withholding for stock-based compensation | $ (89) | ||||||
Issuance of stock for deferred compensation (shares) | 0 | ||||||
Issuance of stock for deferred compensation | $ 0 | ||||||
Balance, end of year at Dec. 31, 2017 | $ 1,978 | $ 0 | $ 1 | $ 43,797 | $ (18,900) | $ (662) | $ (22,258) |
Balance, end of year (shares) at Dec. 31, 2017 | 38,000,000 | 834,000,000 | 489,000,000 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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; Network Ten; 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 November 16, 2017, the Company completed the split-off of CBS Radio Inc. (“CBS Radio”) through an exchange offer, in which the Company accepted 17.9 million shares of CBS Corp. Class B Common Stock from its stockholders in exchange for the 101.4 million shares of CBS Radio common stock that it owned. Immediately following the exchange offer, each share of CBS Radio common stock was converted into one share of Entercom Communications Corp. (“Entercom”) Class A common stock upon completion of the merger of CBS Radio with Entercom. CBS Radio has been presented as a discontinued operation in the consolidated financial statements for all periods presented (See Note 4 ). 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. Amounts attributable to noncontrolling interests are immaterial for all periods presented 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 initially 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 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 primarily 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 accounts receivables of $2.12 billion at December 31, 2017 and $2.11 billion at December 31, 2016 , 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, long-term income tax liabilities, 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 cash received or receivable 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 $426 million in 2017 , $373 million in 2016 and $338 million in 2015 . Other Operating Items, Net— Other operating items, net for 2017 reflects a net gain relating to the disposal of property and equipment. For 2016 and 2015 , other operating items, net 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. For 2017 , other items, net also includes write-downs of cost investments to their fair value. 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 $5 million , $12 million and $9 million in 2017 , 2016 and 2015 , respectively. 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, 2017, 2016 and 2015 . The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. Year Ended December 31, 2017 2016 2015 (in millions) Weighted average shares for basic EPS 401 444 484 Dilutive effect of shares issuable under stock-based compensation plans 6 4 5 Weighted average shares for diluted EPS 407 448 489 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. Recently Adopted Accounting Pronouncements Statement of Cash Flows: Classification of Cash Receipts and Cash Payments During 2017, the Company early adopted Financial Accounting Standards Board (“FASB”) 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. As a result of the adoption of this guidance, the Company now classifies debt prepayment costs within financing activities on the statement of cash flows. Previously, such costs were classified within operating activities. For 2017, debt prepayment costs of $52 million have been classified within financing activities. This guidance was applied retrospectively; however, the Company did not have debt prepayment costs in any prior year for which cash flow information is presented. Improvements to Employee Share-Based Payment Accounting During the first quarter of 2017 , the Company adopted amended FASB 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 are 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 are classified with other income tax cash flows in operating activities. As a result of the adoption of this guidance, the Company’s excess tax benefits associated with the exercise of stock options and vesting of RSUs for the year ended December 31, 2017 were recorded in the provision for income taxes on the Consolidated Statements of Operations. The guidance requires the income statement classification to be applied prospectively, and therefore, excess tax benefits for prior periods remain classified in stockholders’ equity on the balance sheet. The Company elected to apply the cash flow classification provision of this guidance prospectively and therefore, excess tax benefits for prior periods remain classified as financing activities on the statements of cash flows. The amended guidance also gives the option to make a policy election to account for forfeitures as they occur. The Company, however, has elected to continue its existing practice of estimating forfeitures. Simplifying the Accounting for Goodwill Impairment During the first quarter of 2017, the Company early adopted amended FASB guidance which simplifies 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 is 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. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements. Accounting Pronouncements Not Yet Adopted Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued amended guidance for hedge accounting, which expands the eligibility of hedging strategies that qualify for hedge accounting, modifies the recognition and presentation of hedges in the financial statements, and changes how companies assess hedge effectiveness. In addition, this guidance amends and expands disclosure requirements. This guidance, which is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted, is not expected to have a material impact on the Company’s consolidated financial statements. Stock Compensation: Scope of Modification Accounting In May 2017, the FASB issued amended guidance on the accounting for stock-based compensation which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under this guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award as equity or liability changes as a result of the change in the terms or conditions of a share-based payment award. This guidance, which is effective for the Company in the first quarter of 2018, is not expected to have an impact on the Company’s consolidated financial statements. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued amended guidance on the presentation of net periodic pension and postretirement benefit cost (“net benefit cost”). This guidance requires an employer to present on the statement of operations the service cost component of net benefit cost in the same line item(s) as other compensation costs of the related employees. The other components of net benefit cost will be presented in the statement of operations separately from the service cost component and below the subtotal of operating income. This guidance is required to be applied retrospectively and is effective for the Company in the first quarter of 2018. Upon adoption, the Company’s operating income for 2017 and 2016 will increase by $441 million and $283 million , respectively, representing the components of net benefit cost other than service cost (See Note 15 ). 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 the Company in the first quarter of 2018. 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, which is effective for the Company in the first quarter of 2018, is not expected to have a material impact on the Company’s consolidated financial statements. 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 reviewing its lease portfolio, evaluating the impact of this guidance on its consolidated balance sheet and assessing system requirements. 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. This guidance is effective for the Company beginning in the first quarter of 2018. The Company has identified the changes to its accounting policies and is in the process of preparing the expanded disclosures required under the new standard, including the disaggregation of revenue from contracts with customers into categories that depict how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The adoption of this guidance is not expected to have a significant impact on the Company’s total revenues. The Company has identified changes to its revenue recognition policies primarily relating to two areas of its content licensing and distribution operations. First, revenues from certain distribution arrangements of third-party content will be recognized based on the gross amount of consideration received by the Company, with participation expense recognized for the fees paid to the third party. Under current accounting guidance, such revenues are recognized at the net amount retained by the Company after the payment of fees to the third party. This accounting change if adopted in 2017 would have increased 2017 revenues and participation expense by approximately $275 million , with no impact on the Company’s operating income. Second, revenues associated with the extension of an existing licensing arrangement, which are currently recognized upon the execution of such extension, will be recognized at a later date once the extension period begins. The Company will apply the modified retrospective method of adoption with the cumulative effect of the initial adoption, currently estimated at $263 million , reflected as an adjustment to the opening balance of accumulated deficit as of January 1, 2018. This change is not expected to have a material impact on the Company’s operating income on an annual basis, since revenues from extensions executed each year approximate revenues from extensions for which the license period has begun. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 2 ) PROPERTY AND EQUIPMENT At December 31, 2017 2016 Land $ 193 $ 195 Buildings 769 733 Capital leases (a) 162 164 Equipment and other 1,927 1,843 3,051 2,935 Less accumulated depreciation and amortization 1,771 1,694 Net property and equipment $ 1,280 $ 1,241 (a) Accumulated amortization of capital leases was $112 million and $98 million at December 31, 2017 and 2016 , respectively. Year Ended December 31, 2017 2016 2015 Depreciation expense, including capitalized lease amortization (a) $ 203 $ 205 $ 212 (a) Amortization expense related to capital leases was $16 million , $17 million and $16 million in 2017, 2016, and 2015 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other 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 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, 2017 , the Company had eight reporting units with goodwill balances, and 14 television markets with FCC license book values. 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 2017 annual impairment test, the Company performed qualitative assessments for seven reporting units and 11 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 a 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 five -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 2017 was 7.5% and the perpetual nominal growth rate was 2.0% . For the 2017 quantitative impairment test, the Company concluded that the estimated fair value of FCC licenses in each of the three television markets for which the quantitative test was performed exceeded their respective carrying values. For 2017 , the Company performed a quantitative goodwill impairment test for the CBS Sports Network reporting unit. The quantitative goodwill impairment test examines whether the carrying value of a reporting unit exceeds its estimated fair value, which 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”). If the carrying value exceeds the estimated fair value, an impairment charge is recognized as the amount by which the carrying value exceeds the fair value. For 2017 , the Discounted Cash Flow Method and Market Comparable Method for CBS Sports Network 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 2017 was 2.0% . The discount rate was determined based on the average of the weighted average cost of capital of comparable entities and for 2017 was 8.5% For the 2017 annual impairment test, the Company concluded that the estimated fair value of the CBS Sports Network reporting unit exceeded its carrying value and therefore no impairment charge was required. Transactions During the fourth quarter of 2017, the Company completed the acquisition of Ten Network Holdings Limited (“Network Ten”), one of three major commercial broadcast networks in Australia, for approximately $124 million , which is net of cash acquired. The assets acquired primarily consist of broadcast licenses, net operating loss carryforwards and working capital. 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, 2017 and 2016 , the changes in the book value of goodwill by segment were as follows: Balance at Balance at December 31, 2016 Acquisitions Dispositions December 31, 2017 Entertainment: Goodwill $ 9,300 $ 23 (a) $ — $ 9,323 Accumulated impairment losses (6,294 ) — — (6,294 ) Goodwill, net of impairment 3,006 23 — 3,029 Cable Networks: Goodwill 480 — — 480 Accumulated impairment losses — — — — Goodwill, net of impairment 480 — — 480 Publishing: Goodwill 431 4 (b) — 435 Accumulated impairment losses — — — — Goodwill, net of impairment 431 4 — 435 Local Media: Goodwill 8,007 — — 8,007 Accumulated impairment losses (7,060 ) — — (7,060 ) Goodwill, net of impairment 947 — — 947 Total: Goodwill 18,218 27 — 18,245 Accumulated impairment losses (13,354 ) — — (13,354 ) Goodwill, net of impairment $ 4,864 $ 27 $ — $ 4,891 Balance at Balance at December 31, 2015 Acquisitions Dispositions December 31, 2016 Entertainment: Goodwill $ 9,250 $ 52 (c) $ (2 ) (d) $ 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 (b) — 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 (a) Amount reflects the acquisitions of a television production business and a digital sports publishing business. (b) Amounts relate to the acquisition of a publishing business in the fourth quarter of 2016. (c) Amount reflects the acquisition of a sports-focused digital media business. (d) Amount reflects the disposition of internet businesses in China. The Company’s intangible assets were as follows: Accumulated At December 31, 2017 Gross Amortization Net Intangible assets subject to amortization: 190 Trade names $ 190 $ (51 ) $ 139 Other intangible assets 134 (101 ) 33 Total intangible assets subject to amortization 324 (152 ) 172 FCC licenses 2,441 — 2,441 International broadcast licenses (a) 53 — 53 Total intangible assets $ 2,818 $ (152 ) $ 2,666 (a) Reflects broadcast licenses of Network Ten, which was acquired during the fourth quarter of 2017. 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 Amortization expense was as follows: Year Ended December 31, 2017 2016 2015 Amortization expense $ 20 $ 20 $ 23 The Company expects its aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2018 through 2022 , to be as follows: 2018 2019 2020 2021 2022 Future amortization expense $ 19 $ 18 $ 15 $ 13 $ 12 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 4 ) DISCONTINUED OPERATIONS On February 2, 2017, the Company entered into an agreement with Entercom to combine the Company’s radio business, CBS Radio, with Entercom in a merger effected through a Reverse Morris Trust transaction, which was tax-free to CBS Corp. and its stockholders. Beginning in the fourth quarter of 2016, CBS Radio has been presented as a discontinued operation in the consolidated financial statements for all periods presented. On November 16, 2017, the Company completed the split-off of CBS Radio through an exchange offer, in which the Company accepted 17.9 million shares of CBS Corp. Class B Common Stock from its stockholders in exchange for the 101.4 million shares of CBS Radio common stock that it owned. Immediately following the exchange offer, each share of CBS Radio common stock was converted into one share of Entercom Class A common stock upon completion of the merger. During the fourth quarter of 2017, upon closing of the transaction, the Company recorded a net loss of $105 million calculated as follows: Fair value of CBS Corp. Class B Common Stock accepted (17,854,689 shares at $56.40 per share on November 16, 2017) $ 1,007 Carrying value of CBS Radio (a) (1,112 ) Net loss on split-off of CBS Radio $ (105 ) (a) Net of a market value adjustment of $980 million recorded prior to the split-off. The split-off was a tax-free transaction and therefore, there is no tax impact on the loss. In connection with the Company’s plan to dispose of CBS Radio, in October 2016, CBS Radio borrowed $1.46 billion through a $1.06 billion senior secured term loan due 2023 and the issuance of $400 million of 7.25% senior unsecured notes due 2024 through a private placement. The following tables set forth details of net earnings (loss) from discontinued operations for the years ended December 31, 2017, 2016 and 2015 . Year Ended December 31, 2017 CBS Radio Other Total Revenues $ 1,018 $ — $ 1,018 Costs and expenses: Operating 364 — 364 Selling, general and administrative 446 (1 ) 445 Market value adjustment 980 (a) — 980 Restructuring charges 7 (b) — 7 Total costs and expenses 1,797 (1 ) 1,796 Operating income (loss) (779 ) 1 (778 ) Interest expense (70 ) — (70 ) Earnings (loss) from discontinued operations (849 ) 1 (848 ) Income tax benefit (provision) (55 ) 45 (c) (10 ) Earnings (loss) from discontinued operations, net of tax (904 ) 46 (858 ) Net gain (loss) on disposal (109 ) 13 (96 ) Income tax benefit (provision) 4 (2 ) 2 Net gain (loss) on disposal, net of tax (105 ) 11 (d) (94 ) Net earnings (loss) from discontinued operations, net of tax $ (1,009 ) $ 57 $ (952 ) (a) During 2017, prior to the split-off, CBS Radio was measured each reporting period, beginning with the first quarter of 2017, at the lower of its carrying amount or fair value less cost to sell. The value of the transaction with Entercom was determined based on Entercom’s stock price at the closing of the transaction and therefore, the carrying value of CBS Radio was measured at the value indicated by the stock valuation of Entercom. As a result, the Company recorded a market value adjustment of $980 million during the nine months ended September 30, 2017 to adjust the carrying value of CBS Radio as follows: First Quarter 2017 $ (715 ) Second Quarter 2017 (365 ) Third Quarter 2017 100 $ (980 ) (b) Reflects restructuring charges associated with the reorganization of certain business operations, including severance costs and costs associated with exiting contractual obligations. (c) Reflects a tax benefit 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. (d) Reflects adjustments to the loss on disposal of the Company’s outdoor advertising businesses, primarily from a decrease to the guarantee liability associated with the 2013 disposal of the Company’s outdoor advertising business in Europe (“Outdoor Europe”). Year Ended December 31, 2016 CBS Radio Other (b) Total Revenues $ 1,220 $ — $ 1,220 Costs and expenses: Operating 397 — 397 Selling, general and administrative 497 — 497 Depreciation and amortization 26 — 26 Restructuring charges 8 (a) — 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 ) (a) Reflects restructuring charges associated with the reorganization of certain business operations, including severance costs and costs associated with exiting contractual obligations. (b) Reflects a charge 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. Year Ended December 31, 2015 CBS Radio Other (b) Total Revenues $ 1,223 $ — $ 1,223 Costs and expenses: Operating 415 — 415 Selling, general and administrative 500 — 500 Depreciation and amortization 29 — 29 Restructuring charges 36 (a) — 36 Impairment charge 484 — 484 Total costs and expenses 1,464 — 1,464 Operating loss (241 ) — (241 ) Other income 1 — 1 Loss from discontinued operations (240 ) — (240 ) Income tax benefit 89 — 89 Loss from discontinued operations, net of tax (151 ) — (151 ) Net gain on disposal — 17 17 Income tax provision — (7 ) (7 ) Net gain on disposal, net of tax — 10 10 Net earnings (loss) from discontinued operations, net of tax $ (151 ) $ 10 $ (141 ) (a) Reflects restructuring charges associated with the reorganization of certain business operations, including severance costs and costs associated with exiting contractual obligations. (b) Reflects a decrease to the guarantee liability associated with the 2013 disposal of Outdoor Europe. 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). 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. The following table presents the major classes of assets and liabilities of the Company’s discontinued operations. At December 31, 2017 (a) 2016 Receivables, net $ — $ 244 Other current assets 1 61 Goodwill — 1,285 Intangible assets — 2,832 Net property and equipment — 145 Other assets 12 29 Total Assets $ 13 $ 4,596 Current portion of long-term debt $ — $ 10 Other current liabilities 32 145 Long-term debt — 1,335 Deferred income tax liabilities — 998 Other liabilities 42 118 Total Liabilities $ 74 $ 2,606 (a) Assets and liabilities of discontinued operations at December 31, 2017 primarily reflect deferred income taxes, accruals for transaction costs and other liabilities related to previously disposed businesses. The following table presents CBS Radio’s long-term debt at December 31, 2016 . Term Loan due October 2023, net of discount $ 955 7.250% Senior Notes due November 2024 400 Revolving Credit Facility 10 Deferred financing costs (20 ) Total long-term debt, including current portion $ 1,345 |
Restructuring and Merger and Ac
Restructuring and Merger and Acquisition-Related Costs | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring Charges [Abstract] | |
Restructuring and Merger and Acquisition-Related Costs | 5 ) RESTRUCTURING AND MERGER AND ACQUISITION-RELATED COSTS During the year ended December 31, 2017 , 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 $63 million , reflecting $54 million of severance costs and $9 million of costs associated with exiting contractual obligations and other related costs. During the year ended December 31, 2016 , 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. As of December 31, 2017 , the cumulative settlements for the 2017, 2016, and 2015 restructuring charges were $68 million , of which $45 million was for severance costs and $23 million related to costs associated with exiting contractual obligations and other related costs. The Company expects to substantially utilize its restructuring reserves by the end of 2018. Balance at 2017 2017 Balance at December 31, 2016 Charges Settlements December 31, 2017 Entertainment $ 20 $ 44 $ (18 ) $ 46 Cable Networks 4 — (3 ) 1 Publishing 1 5 (3 ) 3 Local Media 12 12 (7 ) 17 Corporate 2 2 (1 ) 3 Total $ 39 $ 63 $ (32 ) $ 70 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 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, 2017 | |
Inventory Disclosure [Abstract] | |
Programming and Other Inventory | 6 ) PROGRAMMING AND OTHER INVENTORY At December 31, 2017 2016 Acquired program rights $ 2,234 $ 1,773 Acquired television library 99 — Internally produced programming: Released 1,780 1,746 In process and other 543 298 Publishing, primarily finished goods 53 49 Total programming and other inventory 4,709 3,866 Less current portion 1,828 1,427 Total noncurrent programming and other inventory $ 2,881 $ 2,439 The Company expects to amortize approximately $725 million of its released internally produced programming during the year ended December 31, 2018 . 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, 2017 balance will be amortized over the next three years. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , NAI directly or indirectly owned approximately 79.5% of CBS Corp.’s voting Class A Common Stock and owned approximately 10.2% 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. Viacom Inc. On February 1, 2018, the Company announced that its Board of Directors established a special committee of independent directors to evaluate a potential combination with Viacom Inc. There can be no assurance that this process will result in a transaction or on what terms any transaction may occur. 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 $145 million , $120 million and $176 million for the years ended December 31, 2017, 2016 and 2015 , respectively. The Company leases production facilities, licenses feature films and purchases advertising spots from various subsidiaries of Viacom Inc. The total amounts for these transactions were $21 million , $24 million and $25 million for the years ended December 31, 2017, 2016 and 2015 , 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, 2017 and 2016 . At December 31, 2017 2016 Receivables $ 93 $ 113 Other assets (Receivables, noncurrent) 11 35 Total amounts due from Viacom Inc. $ 104 $ 148 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 $99 million , $112 million and $160 million for the years ended December 31, 2017, 2016 and 2015 , respectively. Total amounts due from these joint ventures were $27 million and $47 million at December 31, 2017 and 2016 , 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, 2017 | |
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 channels in the United Kingdom and Ireland, including CBS branded channels; and a 30% interest in a joint venture with another subsidiary of AMC Networks Inc., which owns and operates cable and satellite channels in Europe, the Middle East and Africa. At December 31, 2017 and 2016 , respectively, the Company had $283 million and $227 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, 2017 and 2016 , respectively, the Company had $24 million and $34 million of cost investments that are included in “Other assets” on the Consolidated Balance Sheets. The Company invested $110 million , $81 million and $98 million into its equity and cost investments during the years ended December 31, 2017, 2016 and 2015 , respectively. For 2017 , other items, net on the statement of operations included $13 million for the write-down of cost investments to their fair value. 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, 2017 | |
Debt Disclosure [Abstract] | |
Bank Financing and Debt | 9 ) BANK FINANCING AND DEBT The Company ’ s debt consists of the following (a) : At December 31, 2017 2016 Commercial paper $ 679 $ 450 1.95% Senior Notes due 2017 — 399 4.625% Senior Notes due 2018 — 305 2.30% Senior Notes due 2019 604 606 5.75% Senior Notes due 2020 — 499 4.30% Senior Notes due 2021 299 299 3.375% Senior Notes due 2022 696 695 2.50% Senior Notes due 2023 396 — 2.90% Senior Notes due 2023 395 — 7.875% Debentures due 2023 187 187 7.125% Senior Notes due 2023 (b) 46 46 3.70% Senior Notes due 2024 597 596 3.50% Senior Notes due 2025 589 587 4.00% Senior Notes due 2026 785 783 2.90% Senior Notes due 2027 684 683 3.375% Senior Notes due 2028 493 — 3.70% Senior Notes due 2028 489 — 7.875% Senior Debentures due 2030 832 833 5.50% Senior Debentures due 2033 425 425 5.90% Senior Notes due 2040 297 297 4.85% Senior Notes due 2042 485 485 4.90% Senior Notes due 2044 539 538 4.60% Senior Notes due 2045 588 587 Obligations under capital leases 57 75 Total debt (c) 10,162 9,375 Less commercial paper 679 450 Less current portion 19 23 Total long-term debt, net of current portion $ 9,464 $ 8,902 (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, 2017 and 2016 , the senior debt balances included (i) a net unamortized discount of $65 million and $52 million , respectively, (ii) unamortized deferred financing costs of $47 million and $43 million , respectively, and (iii) a $3 million decrease and a $5 million increase, respectively, in the carrying value of the debt relating to previously settled fair value hedges. The face value of the Company’s total debt was $10.28 billion at December 31, 2017 and $9.47 billion at December 31, 2016 . For the year ended December 31, 2017 , debt issuances, redemptions and repayments were as follows: Debt Issuances November 2017, $400 million 2.90% senior notes due 2023 November 2017, $500 million 3.70% senior notes due 2028 July 2017, $400 million 2.50% senior notes due 2023 July 2017, $500 million 3.375% senior notes due 2028 Debt Redemptions November 2017, $500 million 5.750% senior notes due 2020 July 2017, $300 million 4.625% senior notes due 2018 Debt Repayments July 2017, $400 million 1.950% senior notes due 2017 , upon maturity The Company used the net proceeds from the 2017 issuances for the redemption and repayment of $1.20 billion of senior notes and for general corporate purposes, including discretionary contributions to the Company’s qualified pension plans and the repayment of short-term borrowings, including commercial paper. The early redemption of the $500 million 5.750% senior notes due April 2020 and the $300 million 4.625% senior notes due May 2018 resulted in a pre-tax loss on early extinguishment of debt of $49 million ( $31 million , net of tax) for the year ended December 31, 2017 . During July 2016 , the Company issued $700 million of 2.90% senior notes due 2027 and used the net proceeds for general corporate purposes, including the repurchase of CBS Corp. Class B Common Stock and the repayment of short-term borrowings, including commercial paper. During January 2016 , the Company repaid its $200 million of outstanding 7.625% senior debentures upon maturity. At December 31, 2017 , the Company’s scheduled maturities of long-term debt at face value, excluding capital leases, were as follows: 2023 and 2018 2019 2020 2021 2022 Thereafter Long-term debt $ — $ 600 $ — $ 300 $ 700 $ 7,940 Commercial Paper The Company had outstanding commercial paper borrowings under its $2.50 billion commercial paper program of $679 million and $450 million at December 31, 2017 and 2016 , respectively, each with maturities of less than 90 days. The weighted average interest rate for these borrowings was 1.88% and 0.98% at December 31, 2017 and 2016 , respectively. Credit Facility At December 31, 2017 , the Company had a $2.5 billion revolving credit facility (the “Credit Facility”) which expires in June 2021. 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, 2017 , the Company’s Consolidated Leverage Ratio was approximately 3.1x . 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, 2017 , 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, 2017 | |
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, 2017 and 2016 , the carrying value of the Company’s senior debt was $9.43 billion and $8.85 billion , respectively, and the fair value, which is estimated based on quoted market prices for similar liabilities (Level 2) and includes accrued interest, was $10.16 billion and $9.51 billion , respectively. The Company uses derivative financial instruments primarily to manage 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 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, 2017 and 2016 , the notional amount of all foreign currency contracts was $410 million and $433 million , respectively. Gains (losses) recognized on derivative financial instruments were as follows: Year Ended December 31, 2017 2016 Financial Statement Account Non-designated foreign exchange contracts $ (27 ) $ 33 Other items, net 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, 2017 and 2016 , 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, 2017 | |
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, 2017 and 2016 . 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, 2017 Level 1 Level 2 Level 3 Total Assets: Foreign currency hedges $ — $ 5 $ — $ 5 Total Assets $ — $ 5 $ — $ 5 Liabilities: $ — Deferred compensation $ — $ 363 $ — $ 363 Foreign currency hedges — 10 — 10 Total Liabilities $ — $ 373 $ — $ 373 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 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, 2017 | |
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 —The Company declared a quarterly cash dividend on its Class A and Class B Common Stock during each of the four quarters of 2017, 2016, and 2015 . For the years ended December 31, 2017, 2016 and 2015 , the Company declared total per share dividends of $.72 , $.66 , and $.60 , respectively, resulting in total annual dividends of $289 million , $294 million and $293 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 —During 2017 , the Company repurchased 16.2 million shares of CBS Corp. Class B Common Stock under its share repurchase program for $1.05 billion , at an average cost of $64.70 per share. At December 31, 2017 , $3.06 billion of authorization remained under the share repurchase program. Also during 2017 , the Company completed the split-off of CBS Radio through an exchange offer, in which the Company accepted 17.9 million shares of CBS Corp. Class B Common Stock from its stockholders in exchange for the 101.4 million shares of CBS Radio common stock that it owned (See Note 4 ). 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 each of the years 2016 and 2015 . Accumulated Other Comprehensive Income — The following table presents the changes in the components of accumulated other comprehensive income (loss). Net Actuarial Accumulated Cumulative Loss and Other Translation Prior Comprehensive Adjustments Service Cost Loss At December 31, 2014 $ 157 $ (892 ) $ (735 ) Other comprehensive loss before reclassifications (5 ) (66 ) (71 ) Reclassifications to net earnings — 36 (a) 36 Other comprehensive loss (5 ) (30 ) (35 ) At December 31, 2015 152 (922 ) (770 ) Other comprehensive loss before reclassifications (1 ) (165 ) (166 ) Reclassifications to net earnings — 169 (a) 169 Other comprehensive income (loss) (1 ) 4 3 At December 31, 2016 151 (918 ) (767 ) Other comprehensive income (loss) before reclassifications 6 (173 ) (167 ) Reclassifications to net earnings 2 270 (a) 272 Other comprehensive income 8 97 105 At December 31, 2017 $ 159 $ (821 ) $ (662 ) (a) Reflects amortization of net actuarial losseswhich includes the accelerated recognition of a portion of the unamortized actuarial losses as a result of pension settlements for the years ended December 31, 2017 and 2016 (See Note 15 ). The net actuarial 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, 2017, 2016 and 2015 of $(106) million , $(3) million and $19 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, 2017 | |
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, 2017 , there were 45 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, 2017, 2016 and 2015 . Year Ended December 31, 2017 2016 2015 RSUs and PSUs $ 152 $ 137 $ 129 Stock options 27 28 28 Stock-based compensation expense, before income taxes 179 165 157 Related tax benefit (69 ) (63 ) (61 ) Stock-based compensation expense, net of tax benefit $ 110 $ 102 $ 96 Included in net loss from discontinued operations was stock-based compensation expense of $2 million , $12 million and $17 million for the years 2017, 2016, and 2015 , respectively. 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 2017 and 2016 , the Company also granted PSU awards. The number of shares that will be issued upon vesting of the PSUs 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 PSU awards is determined using a Monte Carlo simulation model. Compensation expense for PSUs is expensed over the required employee service period. The fair value of the PSU awards granted during the years ended December 31, 2017 and 2016 was $23 million and $4 million , respectively. The weighted average grant date fair value of RSUs was $66.59 , $47.30 and $59.11 in 2017, 2016, and 2015 , respectively. The total market value of RSUs that vested during 2017, 2016, and 2015 was $193 million , $129 million and $212 million , respectively. Total unrecognized compensation cost related to non-vested RSUs at December 31, 2017 was $192 million which is expected to be recognized over a weighted average period of 2.2 years . The following table summarizes the Company’s RSU activity. Weighted Average RSUs Grant Date Fair Value Non-vested at December 31, 2016 6,457,620 $ 52.57 Granted 2,506,607 $ 66.59 Vested (2,892,533 ) $ 52.69 Forfeited (747,707 ) $ 59.04 Non-vested at December 31, 2017 5,323,987 $ 58.19 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 $17.50 , $12.30 and $15.73 in 2017, 2016, and 2015 , 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: 2017 2016 2015 Expected dividend yield 1.09 % 1.31 % 1.25 % Expected stock price volatility 29.89 % 32.55 % 31.45 % Risk-free interest rate 2.00 % 1.35 % 1.63 % 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, 2017 was $37 million , which is expected to be recognized over a weighted average period of 2.3 years . The following table summarizes the Company’s stock option activity under the Plans. Weighted Average Stock Options Exercise Price Outstanding at December 31, 2016 11,911,647 $ 44.14 Granted 1,361,464 $ 66.31 Exercised (2,940,667 ) $ 31.12 Forfeited or expired (218,608 ) $ 59.04 Outstanding at December 31, 2017 10,113,836 $ 50.59 Exercisable at December 31, 2017 6,376,286 $ 46.30 The following table summarizes other information relating to stock option exercises during the years ended December 31, 2017, 2016 and 2015 . Year Ended December 31, 2017 2016 2015 Cash received from stock option exercises $ 91 $ 21 $ 142 Tax benefit of stock option exercises $ 36 $ 14 $ 74 Intrinsic value of stock option exercises $ 96 $ 37 $ 192 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, 2017 . 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 25,465 1.08 $ 5.72 25,465 $ 5.72 $10 to 19.99 174,668 0.95 $ 14.46 174,668 $ 14.46 $20 to 29.99 1,086,770 1.70 $ 26.62 1,086,770 $ 26.62 $30 to 39.99 791,703 2.82 $ 34.27 791,703 $ 34.27 $40 to 49.99 3,213,930 4.61 $ 45.17 1,977,910 $ 44.77 $50 to 59.99 1,635,410 5.13 $ 59.54 772,552 $ 59.54 $60 to 69.99 3,185,890 5.38 $ 66.04 1,547,218 $ 65.89 10,113,836 6,376,286 At December 31, 2017 stock options outstanding have a weighted average remaining contractual life of 4.41 years and the total intrinsic value for “in-the-money” options, based on the Company’s closing stock price of $59.00 , was $108 million . At December 31, 2017 stock options exercisable have a weighted average remaining contractual life of 3.44 years and the total intrinsic value for “in-the-money” exercisable options was $92 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 United States $ 1,441 $ 1,803 $ 1,840 Foreign 538 427 424 Total $ 1,979 $ 2,230 $ 2,264 The components of the provision for income taxes were as follows: Year Ended December 31, 2017 2016 2015 Current: Federal $ 720 $ 359 $ 110 State and local 38 64 30 Foreign 63 61 91 821 484 231 Deferred (188 ) 144 445 Provision for income taxes $ 633 $ 628 $ 676 In addition, included in net loss from discontinued operations was an income tax (provision) benefit of $(8) million , $(124) million and $82 million in 2017 , 2016 , and 2015 , 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 2017, 2016, and 2015 were $22 million , $25 million , and $22 million , respectively, which represented an effective tax rate of 37.9% , 33.5% and 38.7% for 2017, 2016, and 2015 , respectively. In 2017 and 2016 , the Company realized tax benefits from the exercise of stock options and vesting of RSUs of $104 million and $57 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, 2017 2016 2015 Taxes on income at U.S. federal statutory rate $ 693 $ 780 $ 792 State and local taxes, net of federal tax benefit 47 59 55 Effect of foreign operations (162 ) (112 ) (100 ) Impact of federal tax legislation 129 — — Excess tax benefits from stock-based compensation (44 ) — — Domestic production deduction (31 ) (42 ) (25 ) Sales of businesses — — (42 ) Audit settlements, net — — (9 ) Other, net (a) 1 (57 ) 5 Provision for income taxes $ 633 $ 628 $ 676 (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, 2017 2016 Deferred income tax assets: Reserves and other accrued liabilities $ 391 $ 671 Pension, postretirement and other employee benefits 478 843 Tax credit and loss carryforwards 835 966 Other 70 113 Total deferred income tax assets 1,774 2,593 Valuation allowance (974 ) (928 ) Deferred income tax assets, net 800 1,665 Deferred income tax liabilities: Intangible assets (847 ) (1,469 ) Unbilled licensing receivables (291 ) (636 ) Property, equipment and other assets (86 ) (140 ) Total deferred income tax liabilities (1,224 ) (2,245 ) Deferred income tax liabilities, net $ (424 ) $ (580 ) 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 assets (liabilities) of $12 million and $(975) million at December 31, 2017 and 2016 , respectively. At December 31, 2017 , the Company had net operating loss carryforwards for federal, state and local, and foreign jurisdictions of approximately $1.74 billion , the majority of which expire in various years from 2018 through 2037 . The 2017 and 2016 deferred income tax assets were reduced by a valuation allowance of $974 million and $928 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. On December 22, 2017, the U.S. government enacted tax legislation containing significant changes to U.S. federal tax law (the “Tax Reform Act“), including a reduction in the federal corporate tax rate from 35% to 21% and a one-time transition tax on cumulative foreign earnings and profits. The Company recorded a net provisional charge of $129 million for the year ended December 31, 2017 , reflecting an estimated tax impact of $407 million on the Company’s historical accumulated foreign earnings and profits, partially offset by an estimated benefit of $278 million to adjust the Company’s deferred income tax balances as a result of the reduced corporate income tax rate. Generally, the future remittance of foreign undistributed earnings will not be subject to U.S. federal income taxes under the provisions of the Tax Reform Act and as a result, for substantially all of its foreign subsidiaries, the Company no longer intends to assert indefinite reinvestment of both cash held outside of the U.S. and future cash earnings. However, a future repatriation of cash could be subject to state and local income taxes, foreign income taxes, and withholding taxes. Accordingly, the Company recorded an estimated deferred income tax liability which was not material to the Company’s consolidated financial statements. Additional income taxes have not been provided for outside basis differences inherent in these entities as these amounts continue to be indefinitely invested in foreign operations. The determination of the U.S. federal deferred income tax liability for such outside basis difference is not practicable. The final impacts of the Tax Reform Act may differ materially from the current estimates since all of the necessary information was not available, prepared or analyzed in sufficient detail to complete the assessment of the Tax Reform Act. In addition, future interpretive guidance issued by federal and state tax authorities may impact the provisional amount. The Company will complete its analysis of this provisional amount and finalize and record any adjustments to its estimates within one year from the enactment of the Tax Reform Act. The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties. At January 1, 2015 $ 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 Additions for current year tax positions 50 Additions for prior year tax positions 39 Reductions for prior year tax positions (41 ) Cash settlements (5 ) Statute of limitations lapses (7 ) At December 31, 2017 $ 138 At December 31, 2017 and 2016 , $3 million and $20 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 $138 million at December 31, 2017 includes $127 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 $6 million for the year ended December 31, 2017 , and $7 million for each of the years ended December 31, 2016 and 2015 , in the Consolidated Statements of Operations. As of December 31, 2017 and 2016 , the Company has recorded liabilities for accrued interest and penalties of $14 million and $35 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 statute of limitations for the 2013 tax year expired in September 2017. The IRS is expected to commence its examination of the years 2014, 2015, and 2016 during 2018. In addition, various tax years are currently under examination by state and local and 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, 2017 | |
Retirement Benefits [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% of the plan assets’ fair values at both December 31, 2017 and 2016 , respectively. During the fourth quarter of 2017 , the Company purchased a group annuity contract under which an insurance company has permanently assumed the Company’s obligation to pay and administer pension benefits to certain of the Company’s pension plan participants, or their designated beneficiaries, who had been receiving pension benefits. The purchase of this group annuity contract was funded with pension plan assets. As a result, the Company’s outstanding pension benefit obligation was reduced by approximately $800 million , representing approximately 20% of the total obligations of the Company’s qualified pension plans. In connection with this transaction, the Company recorded a settlement charge of $352 million in the fourth quarter of 2017 , reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan. Additionally, during 2017 , the Company made discretionary contributions totaling $600 million to prefund its qualified pension plans. During 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 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, as well as caps on the annual dollar amount the Company will contribute toward the cost of coverage. 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 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation, beginning of year $ 4,660 $ 4,911 $ 447 $ 486 Service cost 29 29 — — Interest cost 191 215 18 20 Actuarial loss (gain) 337 353 19 (5 ) Benefits paid (326 ) (328 ) (73 ) (69 ) Participants’ contributions — — 10 11 Retiree Medicare drug subsidy — — 3 4 Settlements (862 ) (518 ) — — Cumulative translation adjustments 11 (2 ) — — Benefit obligation, end of year $ 4,040 $ 4,660 $ 424 $ 447 The following table sets forth the change in plan assets for the Company’s pension and postretirement benefit plans. Pension Benefits Postretirement Benefits 2017 2016 2017 2016 Change in plan assets: Fair value of plan assets, beginning of year $ 3,244 $ 3,734 $ 4 $ 4 Actual return on plan assets 328 305 — — Employer contributions 650 52 56 54 Benefits paid (326 ) (328 ) (73 ) (69 ) Participants’ contributions — — 10 11 Retiree Medicare drug subsidy — — 3 4 Settlements (862 ) (518 ) — — Cumulative translation adjustments 12 (1 ) — — Fair value of plan assets, end of year $ 3,046 $ 3,244 $ — $ 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, 2017 2016 2017 2016 Funded status at end of year $ (994 ) $ (1,416 ) $ (424 ) $ (443 ) Amounts recognized on the Consolidated Balance Sheets: Other assets $ 12 $ 13 $ — $ — Current liabilities (53 ) (53 ) (49 ) (50 ) Noncurrent liabilities (953 ) (1,376 ) (375 ) (393 ) Net amounts recognized $ (994 ) $ (1,416 ) $ (424 ) $ (443 ) The Company’s qualified pension plans were underfunded by $309 million and $742 million at December 31, 2017 and 2016 , respectively. The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. Pension Benefits Postretirement Benefits At December 31, 2017 2016 2017 2016 Net actuarial (loss) gain $ (1,583 ) $ (1,827 ) $ 189 $ 230 Net prior service cost (6 ) (7 ) — — Share of equity investee (2 ) (1 ) — — (1,591 ) (1,835 ) 189 230 Deferred income taxes 606 725 (25 ) (38 ) Net amount recognized in accumulated other comprehensive income (loss) $ (985 ) $ (1,110 ) $ 164 $ 192 The accumulated benefit obligation for all defined benefit pension plans was $3.96 billion and $4.59 billion at December 31, 2017 and 2016 , respectively. Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below. At December 31, 2017 2016 Projected benefit obligation $ 3,933 $ 4,558 Accumulated benefit obligation $ 3,852 $ 4,485 Fair value of plan assets $ 2,928 $ 3,129 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, 2017 2016 2015 2017 2016 2015 Components of net periodic cost: Service cost $ 29 $ 29 $ 31 $ — $ — $ — Interest cost 191 215 209 18 20 20 Expected return on plan assets (201 ) (227 ) (261 ) — — — Amortization of actuarial losses (gains) 101 84 79 (22 ) (21 ) (21 ) Amortization of prior service cost 2 1 1 — — — Settlements 352 211 — — — — Net periodic cost $ 474 $ 313 $ 59 $ (4 ) $ (1 ) $ (1 ) Pension Postretirement Year Ended December 31, 2017 Benefits Benefits Other comprehensive income (loss): 45 Actuarial loss $ (210 ) $ (19 ) Amortization of actuarial losses (gains) (a) 101 (22 ) Amortization of prior service cost (a) 2 — Settlements (a) 352 — Cumulative translation adjustments (1 ) — 244 (41 ) Deferred income taxes (119 ) 13 Recognized in other comprehensive income (loss), net of tax $ 125 $ (28 ) (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 $81 million and $1 million , respectively, will be amortized from accumulated other comprehensive income (loss) into net periodic benefit costs in 2018 . Estimated net actuarial gains related to the other postretirement benefit plans of approximately $18 million will be amortized from accumulated other comprehensive income (loss) into net periodic benefit costs in 2018 . Pension Postretirement Benefits Benefits 2017 2016 2017 2016 Weighted average assumptions used to determine benefit obligations at December 31: Discount rate 3.9 % 4.3 % 3.9 % 4.1 % 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 4.3 % 4.6 % 4.1 % 4.2 % Expected long-term return on plan assets 6.4 % 6.4 % 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. 2017 2016 Projected health care cost trend rate 7.0 % 6.6 % Ultimate trend rate 5.0 % 5.0 % Year ultimate trend rate is achieved 2023 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 $ 6 $ (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 94% of total plan assets at December 31, 2017 , 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, 2017 , this trust was invested approximately 71% 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 6% of total plan assets at December 31, 2017 and are invested approximately 69% in fixed income investments, 17% 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, 2017 and 2016 . 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, 2017 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 8 $ 80 $ — $ 88 Fixed income securities: U.S. treasury securities 135 — — 135 Government-related securities 12 238 — 250 Corporate bonds (b) — 1,657 — 1,657 Mortgage-backed and asset-backed securities — 97 1 98 Equity securities: U.S. large capitalization 175 3 — 178 U.S. small capitalization 43 — — 43 International equity — 3 — 3 Other — 43 — 43 Total assets in fair value hierarchy $ 373 $ 2,121 $ 1 $ 2,495 Common collective funds measured at net asset value (c) (d) 519 Limited partnerships measured at net asset value (c) 32 Investments, at fair value $ 3,046 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 (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, 2017 . Mortgage-backed Securities At January 1, 2016 $ 2 Contributions and distributions, net — At December 31, 2016 2 Contributions and distributions, net (1 ) At December 31, 2017 $ 1 The Company’s other postretirement benefits plan assets of $4 million at December 31, 2016 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: 2018 2019 2020 2021 2022 2023-2027 Pension $ 448 $ 266 $ 263 $ 261 $ 258 $ 1,229 Postretirement $ 54 $ 52 $ 49 $ 46 $ 43 $ 172 Retiree Medicare drug subsidy $ (5 ) $ (5 ) $ (5 ) $ (5 ) $ (5 ) $ (22 ) In 2018 , the Company expects to make contributions of approximately $53 million to its non-qualified pension plans to satisfy the benefit payments due under these plans. Also in 2018 , the Company expects to contribute approximately $49 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. Plans in the red zone are in critical status; those in the yellow zone are in endangered status; and those in the green zone are neither critical nor endangered. The table below presents information concerning the Company’s participation in multiemployer defined benefit pension plans. Employer Identification Number/Pension Plan Number Pension Protection Act Company Contributions Expiration Date of Collective Bargaining Agreement Zone Status (a) Pension Plan 2017 2016 2017 2016 2015 AFTRA Retirement Plan (b) 13-6414972-001 Green Green $ 6 $ 6 $ 5 (c) Directors Guild of America - Producer 95-2892780-001 Green Green 8 6 6 6/30/2020 Producer-Writers Guild of America 95-2216351-001 Green Green 15 12 11 5/1/2020 Screen Actors Guild - Producers 95-2110997-001 Green Green 22 11 9 6/30/2020 Motion Picture Industry 95-1810805-001 Green Green 14 11 10 (d) I.A.T.S.E. Local No. 33 Pension Trust Fund (e) 95-6377503-001 Green Green 10 9 8 12/31/2019 Other Plans 5 5 1 Total contributions $ 80 $ 60 $ 50 (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 2017 and 2016 . 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, 2016. (c) The expiration dates range from June 30, 2018 through December 31, 2020 . (d) The expiration dates range from May 15, 2018 through June 30, 2020 . (e) The Company was listed in I.A.T.S.E. Local No. 33 Pension Trust Fund’s Form 5500 as providing more than 5% of total contributions for the plan year ended December 31, 2016. 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 $30 million , $28 million and $26 million for the years ended December 31, 2017, 2016 and 2015 , 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 $42 million , $35 million and $39 million for the years ended December 31, 2017, 2016 and 2015 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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 $10.41 billion as of December 31, 2017 , primarily include $7.30 billion for sports programming rights, $2.44 billion relating to the production and licensing of television and film programming, and $672 million for talent contracts. The Company also has committed purchase obligations which include agreements to purchase goods or services in the future that totaled $790 million as of December 31, 2017 . Other long-term contractual obligations recorded on the Company’s Consolidated Balance Sheet include program liabilities; participations due to producers; residuals; and a tax liability resulting from the enactment of the Tax Reform Act in December 2017. This tax liability reflects the estimated tax on the Company’s historical accumulated foreign earnings and profits, which is payable to the IRS over eight years. At December 31, 2017 , 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 2018 $ 2,281 $ 218 $ — 2019 2,310 226 661 2020 1,753 197 420 2021 1,692 56 256 2022 1,584 22 169 2023 and thereafter 794 71 328 Total $ 10,414 $ 790 $ 1,834 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, 2017 , 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 2018 $ 19 $ 155 2019 14 129 2020 13 111 2021 11 104 2022 5 96 2023 and thereafter — 527 Total minimum payments $ 62 $ 1,122 Less amounts representing interest 5 Present value of minimum payments $ 57 Future minimum operating lease payments have been reduced by future minimum sublease income of $47 million . Rent expense was $181 million in 2017 , $167 million in 2016 and $174 million in 2015 . Included in net earnings (loss) from discontinued operations was rent expense of $32 million in 2017 , $36 million in 2016 and $37 million in 2015 . 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, 2017 , the outstanding letters of credit and surety bonds approximated $99 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 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, 2017, the Company had pending approximately 31,660 asbestos claims, as compared with approximately 33,610 as of December 31, 2016 and 36,030 as of December 31, 2015. During 2017, the Company received approximately 3,530 new claims and closed or moved to an inactive docket approximately 5,480 claims. The Company reports claims as closed when it becomes aware that a dismissal order has been entered by a court or when the Company has reached agreement with the claimants on the material terms of a settlement. Settlement costs depend on the seriousness of the injuries that form the basis of the claims, the quality of evidence supporting the claims and other factors. The Company’s total costs for the years 2017 and 2016 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $ 57 million and $ 48 million , respectively. The Company’s costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses. The Company believes that its reserves and insurance are adequate to cover its asbestos liabilities. This belief is based upon many factors and assumptions, including the number of outstanding claims, estimated average cost per claim, the breakdown of claims by disease type, historic claim filings, costs per claim of resolution and the filing of new claims. While the number of asbestos claims filed against the Company has 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, 2017 | |
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. Year Ended December 31, 2017 2016 2015 Revenues: Entertainment $ 9,164 $ 8,877 $ 8,438 Cable Networks 2,501 2,160 2,242 Publishing 830 767 780 Local Media 1,668 1,779 1,592 Corporate/Eliminations (471 ) (417 ) (381 ) Total Revenues $ 13,692 $ 13,166 $ 12,671 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, 2017 2016 2015 Intercompany Revenues: Entertainment $ 480 $ 434 $ 384 Cable Networks 1 1 — Local Media 13 8 9 Total Intercompany Revenues $ 494 $ 443 $ 393 The Company presents operating income (loss) excluding pension settlement charges, restructuring charges, 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, 2017 2016 2015 Segment Operating Income (Loss): Entertainment $ 1,554 $ 1,519 $ 1,294 Cable Networks 996 959 945 Publishing 132 119 114 Local Media 492 618 487 Corporate (355 ) (354 ) (276 ) Total Segment Operating Income 2,819 2,861 2,564 Pension settlement charges (352 ) (211 ) — Restructuring and merger and acquisition-related costs (63 ) (38 ) (45 ) Other operating items, net 19 9 139 Operating income 2,423 2,621 2,658 Interest expense (457 ) (411 ) (392 ) Interest income 64 32 24 Loss on early extinguishment of debt (49 ) — — Other items, net (2 ) (12 ) (26 ) Earnings from continuing operations before income taxes and equity in loss of investee companies 1,979 2,230 2,264 Provision for income taxes (633 ) (628 ) (676 ) Equity in loss of investee companies, net of tax (37 ) (50 ) (34 ) Net earnings from continuing operations 1,309 1,552 1,554 Net loss from discontinued operations, net of tax (952 ) (291 ) (141 ) Net earnings $ 357 $ 1,261 $ 1,413 Year Ended December 31, 2017 2016 2015 Depreciation and Amortization: Entertainment $ 115 $ 117 $ 126 Cable Networks 23 23 23 Publishing 6 6 6 Local Media 45 44 48 Corporate 34 35 32 Total Depreciation and Amortization $ 223 $ 225 $ 235 Year Ended December 31, 2017 2016 2015 Stock-based Compensation: Entertainment $ 66 $ 61 $ 61 Cable Networks 12 12 11 Publishing 5 4 4 Local Media 12 12 11 Corporate 84 76 70 Total Stock-based Compensation $ 179 $ 165 $ 157 Year Ended December 31, 2017 2016 2015 Capital Expenditures: Entertainment $ 98 $ 98 $ 99 Cable Networks 20 19 18 Publishing 5 9 10 Local Media 32 37 28 Corporate 30 33 16 Total Capital Expenditures $ 185 $ 196 $ 171 At December 31, 2017 2016 Assets: Entertainment $ 12,626 $ 11,262 Cable Networks 2,878 2,618 Publishing 906 880 Local Media 4,042 4,065 Corporate/Eliminations 378 817 Discontinued operations 13 4,596 Total Assets $ 20,843 $ 24,238 Year Ended December 31, 2017 2016 2015 Revenues by Type: Advertising $ 5,753 $ 6,288 $ 5,824 Content licensing and distribution 3,952 3,673 3,903 Affiliate and subscription fees 3,758 2,978 2,724 Other 229 227 220 Total Revenues $ 13,692 $ 13,166 $ 12,671 Year Ended December 31, 2017 2016 2015 Revenues: (a) United States $ 11,675 $ 11,317 $ 10,667 International 2,017 1,849 2,004 Total Revenues $ 13,692 $ 13,166 $ 12,671 (a) Revenue classifications are based on customers’ locations. At December 31, 2017 2016 Long-lived Assets: (a) United States $ 13,699 $ 17,476 International 495 407 Total Long-lived Assets $ 14,194 $ 17,883 (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, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 18 ) SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December 31, 2017 2016 2015 Cash paid for interest: Continuing operations $ 448 $ 407 $ 349 Discontinued operations 70 8 — Total $ 518 $ 415 $ 349 Year Ended December 31, 2017 2016 2015 Cash paid for income taxes: Continuing operations $ 365 $ 373 $ 199 Discontinued operations 26 119 84 Total $ 391 $ 492 $ 283 Year Ended December 31, 2017 2016 2015 Noncash investing and financing activities: Shares received in split-off of CBS Radio (Note 4) $ 1,007 $ — $ — Noncash additions to property and equipment $ 31 $ — $ — Equipment acquired under capitalized leases $ 5 $ 10 $ 3 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 19 ) QUARTERLY FINANCIAL DATA (unaudited): First Second Third Fourth 2017 Quarter Quarter Quarter Quarter (b) (c) Total Year Revenues: Entertainment $ 2,347 $ 2,184 $ 1,815 $ 2,818 $ 9,164 Cable Networks 543 571 840 547 2,501 Publishing 161 206 228 235 830 Local Media 409 412 397 450 1,668 Corporate/Eliminations (117 ) (116 ) (109 ) (129 ) (471 ) Total Revenues $ 3,343 $ 3,257 $ 3,171 $ 3,921 $ 13,692 Segment Operating Income (Loss): Entertainment $ 398 $ 346 $ 345 $ 465 $ 1,554 Cable Networks 248 253 294 201 996 Publishing 14 28 46 44 132 Local Media 123 127 105 137 492 Corporate (79 ) (85 ) (83 ) (108 ) (355 ) Total Segment Operating Income 704 669 707 739 2,819 Pension settlement charge — — — (352 ) (352 ) Restructuring charges — — — (63 ) (63 ) Other operating items, net — — — 19 19 Total Operating Income $ 704 $ 669 $ 707 $ 343 $ 2,423 Net earnings from continuing operations $ 454 $ 397 $ 418 $ 40 $ 1,309 Net earnings (loss) (a) $ (252 ) $ 58 $ 592 $ (41 ) $ 357 Basic net earnings per common share: Net earnings from continuing operations $ 1.11 $ .98 $ 1.04 $ .10 $ 3.26 Net earnings (loss) $ (.61 ) $ .14 $ 1.48 $ (.10 ) $ .89 Diluted net earnings per common share: Net earnings from continuing operations $ 1.09 $ .97 $ 1.03 $ .10 $ 3.22 Net earnings (loss) $ (.61 ) $ .14 $ 1.46 $ (.10 ) $ .88 Weighted average number of common shares outstanding: Basic 410 405 401 391 401 Diluted 416 410 406 395 407 Dividends per common share $ .18 $ .18 $ .18 $ .18 $ .72 (a) CBS Radio has been presented as a discontinued operation for all periods presented. In the fourth quarter of 2017 , the Company recorded a loss on the split-off of CBS Radio of $105 million . During 2017, prior to the split-off, the Company recorded a market value adjustment of $980 million , including a charge of $715 million , a charge of $365 million and a gain of $100 million in the first, second and third quarter, respectively, to reduce the carrying value of CBS Radio to the value indicated by the stock valuation of Entercom (See Note 4 ). (b) In the fourth quarter of 2017 , the Company recorded a pension settlement charge of $352 million for the settlement of pension obligations resulting from the transfer of pension obligations to an insurance company through the purchase of a group annuity contract (See Note 15 ). (c) In the fourth quarter of 2017, the Company recorded a provisional charge of $129 million , or $.32 per diluted share, resulting from the enactment of the Tax Reform Act. 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 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 ). |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 172 $ 10 $ 13,510 $ — $ 13,692 Costs and expenses: Operating 95 6 8,337 — 8,438 Selling, general and administrative 87 286 1,839 — 2,212 Depreciation and amortization 5 23 195 — 223 Pension settlement charge 352 — — — 352 Restructuring charges — 2 61 — 63 Other operating items, net — — (19 ) — (19 ) Total costs and expenses 539 317 10,413 — 11,269 Operating income (loss) (367 ) (307 ) 3,097 — 2,423 Interest (expense) income, net (509 ) (486 ) 602 — (393 ) Loss on early extinguishment of debt (49 ) — — — (49 ) Other items, net 1 (42 ) 39 — (2 ) Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies (924 ) (835 ) 3,738 — 1,979 Benefit (provision) for income taxes 266 240 (1,139 ) — (633 ) Equity in earnings (loss) of investee companies, net of tax 1,014 1,374 (37 ) (2,388 ) (37 ) Net earnings from continuing operations 356 779 2,562 (2,388 ) 1,309 Net earnings (loss) from discontinued operations, net of tax 1 (5 ) (948 ) — (952 ) Net earnings $ 357 $ 774 $ 1,614 $ (2,388 ) $ 357 Total comprehensive income $ 462 $ 763 $ 1,640 $ (2,403 ) $ 462 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 Balance Sheet At December 31, 2017 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Assets Cash and cash equivalents $ 173 $ — $ 112 $ — $ 285 Receivables, net 29 2 3,666 — 3,697 Programming and other inventory 3 3 1,822 — 1,828 Prepaid expenses and other current assets 130 28 340 (36 ) 462 Current assets of discontinued operations — — 1 — 1 Total current assets 335 33 5,941 (36 ) 6,273 Property and equipment 49 217 2,785 — 3,051 Less accumulated depreciation and amortization 27 163 1,581 — 1,771 Net property and equipment 22 54 1,204 — 1,280 Programming and other inventory 3 4 2,874 — 2,881 Goodwill 98 62 4,731 — 4,891 Intangible assets — — 2,666 — 2,666 Investments in consolidated subsidiaries 45,504 15,225 — (60,729 ) — Other assets 162 5 2,673 — 2,840 Intercompany — 1,221 29,562 (30,783 ) — Assets of discontinued operations — — 12 — 12 Total Assets $ 46,124 $ 16,604 $ 49,663 $ (91,548 ) $ 20,843 Liabilities and Stockholders ’ Equity Accounts payable $ 1 $ 30 $ 200 $ — $ 231 Participants ’ share and royalties payable — — 986 — 986 Program rights 4 4 365 — 373 Commercial paper 679 — — — 679 Current portion of long-term debt 2 — 17 — 19 Accrued expenses and other current liabilities 352 264 1,072 (36 ) 1,652 Current liabilities of discontinued operations — 5 27 — 32 Total current liabilities 1,038 303 2,667 (36 ) 3,972 Long-term debt 9,378 — 86 — 9,464 Other liabilities 2,947 234 2,206 — 5,387 Liabilities of discontinued operations — — 42 — 42 Intercompany 30,783 — — (30,783 ) — Stockholders’ Equity: Preferred stock — — 126 (126 ) — Common stock 1 123 590 (713 ) 1 Additional paid-in capital 43,797 — 60,894 (60,894 ) 43,797 Retained earnings (deficit) (18,900 ) 16,257 (12,224 ) (4,033 ) (18,900 ) Accumulated other comprehensive income (loss) (662 ) 18 76 (94 ) (662 ) 24,236 16,398 49,462 (65,860 ) 24,236 Less treasury stock, at cost 22,258 331 4,800 (5,131 ) 22,258 Total Stockholders ’ Equity 1,978 16,067 44,662 (60,729 ) 1,978 Total Liabilities and Stockholders ’ Equity $ 46,124 $ 16,604 $ 49,663 $ (91,548 ) $ 20,843 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 Statement of Cash Flows For the Year Ended December 31, 2017 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Net cash flow (used for) provided by operating activities $ (1,491 ) $ (203 ) $ 2,581 $ — $ 887 Investing Activities: Acquisitions (including acquired television library), net of cash acquired — — (270 ) — (270 ) Capital expenditures — (30 ) (155 ) — (185 ) Investments in and advances to investee companies — — (110 ) — (110 ) Proceeds from sale of investments — — 10 — 10 Proceeds from dispositions — — 11 — 11 Other investing activities 22 (1 ) — — 21 Net cash flow provided by (used for) investing activities from continuing operations 22 (31 ) (514 ) — (523 ) Net cash flow provided by (used for) investing activities from discontinued operations 1 (5 ) (20 ) — (24 ) Net cash flow provided by (used for) investing activities 23 (36 ) (534 ) — (547 ) Financing Activities: Proceeds from short-term debt borrowings, net 229 — — — 229 Proceeds from issuance of senior notes 1,773 — — — 1,773 Repayment of senior notes (1,244 ) — — — (1,244 ) Proceeds from debt borrowings of CBS Radio — — 40 — 40 Repayment of debt borrowings of CBS Radio — — (43 ) — (43 ) Payment of capital lease obligations — — (18 ) — (18 ) Dividends (296 ) — — — (296 ) Purchase of Company common stock (1,111 ) — — — (1,111 ) Payment of payroll taxes in lieu of issuing shares for stock-based compensation (89 ) — — — (89 ) Proceeds from exercise of stock options 91 — — — 91 Other financing activities (1 ) — (8 ) — (9 ) Increase (decrease) in intercompany payables 1,968 239 (2,207 ) — — Net cash flow provided by (used for) financing activities 1,320 239 (2,236 ) — (677 ) Net decrease in cash and cash equivalents (148 ) — (189 ) — (337 ) Cash and cash equivalents at beginning of year 321 — 301 — 622 Cash and cash equivalents at end of year $ 173 $ — $ 112 $ — $ 285 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 (includes $6 of discontinued operations cash) 63 1 364 — 428 Cash and cash equivalents at end of year (includes $6 of discontinued operations cash) $ 267 $ 1 $ 55 $ — $ 323 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (Tabular dollars in millions) 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, 2017 $ 60 $ 1 $ 5 $ — $ 17 $ 49 Year ended December 31, 2016 $ 59 $ 1 $ 12 $ — $ 12 $ 60 Year ended December 31, 2015 $ 47 $ — $ 9 $ 15 (a) $ 12 $ 59 Valuation allowance on deferred tax assets: Year ended December 31, 2017 $ 928 $ 218 $ 143 $ — $ 315 $ 974 Year ended December 31, 2016 $ 914 $ — $ 41 $ — $ 27 $ 928 Year ended December 31, 2015 $ 574 $ — $ 394 (b) $ — $ 54 $ 914 Reserves for inventory obsolescence: Year ended December 31, 2017 $ 19 $ 1 $ 6 $ — $ 7 $ 19 Year ended December 31, 2016 $ 23 $ 1 $ 2 $ — $ 7 $ 19 Year ended December 31, 2015 $ 30 $ — $ 10 $ — $ 17 $ 23 (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, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [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. |
Reclassifications | Reclassifications— Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation. |
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 initially 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 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 primarily 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 cash received or receivable 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. |
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements Statement of Cash Flows: Classification of Cash Receipts and Cash Payments During 2017, the Company early adopted Financial Accounting Standards Board (“FASB”) 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. As a result of the adoption of this guidance, the Company now classifies debt prepayment costs within financing activities on the statement of cash flows. Previously, such costs were classified within operating activities. For 2017, debt prepayment costs of $52 million have been classified within financing activities. This guidance was applied retrospectively; however, the Company did not have debt prepayment costs in any prior year for which cash flow information is presented. Improvements to Employee Share-Based Payment Accounting During the first quarter of 2017 , the Company adopted amended FASB 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 are 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 are classified with other income tax cash flows in operating activities. As a result of the adoption of this guidance, the Company’s excess tax benefits associated with the exercise of stock options and vesting of RSUs for the year ended December 31, 2017 were recorded in the provision for income taxes on the Consolidated Statements of Operations. The guidance requires the income statement classification to be applied prospectively, and therefore, excess tax benefits for prior periods remain classified in stockholders’ equity on the balance sheet. The Company elected to apply the cash flow classification provision of this guidance prospectively and therefore, excess tax benefits for prior periods remain classified as financing activities on the statements of cash flows. The amended guidance also gives the option to make a policy election to account for forfeitures as they occur. The Company, however, has elected to continue its existing practice of estimating forfeitures. Simplifying the Accounting for Goodwill Impairment During the first quarter of 2017, the Company early adopted amended FASB guidance which simplifies 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 is 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. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements. Accounting Pronouncements Not Yet Adopted Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued amended guidance for hedge accounting, which expands the eligibility of hedging strategies that qualify for hedge accounting, modifies the recognition and presentation of hedges in the financial statements, and changes how companies assess hedge effectiveness. In addition, this guidance amends and expands disclosure requirements. This guidance, which is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted, is not expected to have a material impact on the Company’s consolidated financial statements. Stock Compensation: Scope of Modification Accounting In May 2017, the FASB issued amended guidance on the accounting for stock-based compensation which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under this guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award as equity or liability changes as a result of the change in the terms or conditions of a share-based payment award. This guidance, which is effective for the Company in the first quarter of 2018, is not expected to have an impact on the Company’s consolidated financial statements. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued amended guidance on the presentation of net periodic pension and postretirement benefit cost (“net benefit cost”). This guidance requires an employer to present on the statement of operations the service cost component of net benefit cost in the same line item(s) as other compensation costs of the related employees. The other components of net benefit cost will be presented in the statement of operations separately from the service cost component and below the subtotal of operating income. This guidance is required to be applied retrospectively and is effective for the Company in the first quarter of 2018. Upon adoption, the Company’s operating income for 2017 and 2016 will increase by $441 million and $283 million , respectively, representing the components of net benefit cost other than service cost (See Note 15 ). 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 the Company in the first quarter of 2018. 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, which is effective for the Company in the first quarter of 2018, is not expected to have a material impact on the Company’s consolidated financial statements. 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 reviewing its lease portfolio, evaluating the impact of this guidance on its consolidated balance sheet and assessing system requirements. 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. This guidance is effective for the Company beginning in the first quarter of 2018. The Company has identified the changes to its accounting policies and is in the process of preparing the expanded disclosures required under the new standard, including the disaggregation of revenue from contracts with customers into categories that depict how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The adoption of this guidance is not expected to have a significant impact on the Company’s total revenues. The Company has identified changes to its revenue recognition policies primarily relating to two areas of its content licensing and distribution operations. First, revenues from certain distribution arrangements of third-party content will be recognized based on the gross amount of consideration received by the Company, with participation expense recognized for the fees paid to the third party. Under current accounting guidance, such revenues are recognized at the net amount retained by the Company after the payment of fees to the third party. This accounting change if adopted in 2017 would have increased 2017 revenues and participation expense by approximately $275 million , with no impact on the Company’s operating income. Second, revenues associated with the extension of an existing licensing arrangement, which are currently recognized upon the execution of such extension, will be recognized at a later date once the extension period begins. The Company will apply the modified retrospective method of adoption with the cumulative effect of the initial adoption, currently estimated at $263 million , reflected as an adjustment to the opening balance of accumulated deficit as of January 1, 2018. This change is not expected to have a material impact on the Company’s operating income on an annual basis, since revenues from extensions executed each year approximate revenues from extensions for which the license period has begun. |
Basis of Presentation and Sum31
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Land $ 193 $ 195 Buildings 769 733 Capital leases (a) 162 164 Equipment and other 1,927 1,843 3,051 2,935 Less accumulated depreciation and amortization 1,771 1,694 Net property and equipment $ 1,280 $ 1,241 (a) Accumulated amortization of capital leases was $112 million and $98 million at December 31, 2017 and 2016 , respectively. Year Ended December 31, 2017 2016 2015 Depreciation expense, including capitalized lease amortization (a) $ 203 $ 205 $ 212 (a) Amortization expense related to capital leases was $16 million , $17 million and $16 million in 2017, 2016, and 2015 , respectively. |
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, 2017 2016 2015 (in millions) Weighted average shares for basic EPS 401 444 484 Dilutive effect of shares issuable under stock-based compensation plans 6 4 5 Weighted average shares for diluted EPS 407 448 489 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Land $ 193 $ 195 Buildings 769 733 Capital leases (a) 162 164 Equipment and other 1,927 1,843 3,051 2,935 Less accumulated depreciation and amortization 1,771 1,694 Net property and equipment $ 1,280 $ 1,241 (a) Accumulated amortization of capital leases was $112 million and $98 million at December 31, 2017 and 2016 , respectively. Year Ended December 31, 2017 2016 2015 Depreciation expense, including capitalized lease amortization (a) $ 203 $ 205 $ 212 (a) Amortization expense related to capital leases was $16 million , $17 million and $16 million in 2017, 2016, and 2015 , respectively. |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Book Value of Goodwill by Segment | For the years ended December 31, 2017 and 2016 , the changes in the book value of goodwill by segment were as follows: Balance at Balance at December 31, 2016 Acquisitions Dispositions December 31, 2017 Entertainment: Goodwill $ 9,300 $ 23 (a) $ — $ 9,323 Accumulated impairment losses (6,294 ) — — (6,294 ) Goodwill, net of impairment 3,006 23 — 3,029 Cable Networks: Goodwill 480 — — 480 Accumulated impairment losses — — — — Goodwill, net of impairment 480 — — 480 Publishing: Goodwill 431 4 (b) — 435 Accumulated impairment losses — — — — Goodwill, net of impairment 431 4 — 435 Local Media: Goodwill 8,007 — — 8,007 Accumulated impairment losses (7,060 ) — — (7,060 ) Goodwill, net of impairment 947 — — 947 Total: Goodwill 18,218 27 — 18,245 Accumulated impairment losses (13,354 ) — — (13,354 ) Goodwill, net of impairment $ 4,864 $ 27 $ — $ 4,891 Balance at Balance at December 31, 2015 Acquisitions Dispositions December 31, 2016 Entertainment: Goodwill $ 9,250 $ 52 (c) $ (2 ) (d) $ 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 (b) — 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 (a) Amount reflects the acquisitions of a television production business and a digital sports publishing business. (b) Amounts relate to the acquisition of a publishing business in the fourth quarter of 2016. (c) Amount reflects the acquisition of a sports-focused digital media business. (d) Amount reflects the disposition of internet businesses in China. |
Schedule of Indefinite-lived Intangible Assets | The Company’s intangible assets were as follows: Accumulated At December 31, 2017 Gross Amortization Net Intangible assets subject to amortization: 190 Trade names $ 190 $ (51 ) $ 139 Other intangible assets 134 (101 ) 33 Total intangible assets subject to amortization 324 (152 ) 172 FCC licenses 2,441 — 2,441 International broadcast licenses (a) 53 — 53 Total intangible assets $ 2,818 $ (152 ) $ 2,666 (a) Reflects broadcast licenses of Network Ten, which was acquired during the fourth quarter of 2017. 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 |
Schedule of Finite-lived Intangible Assets | The Company’s intangible assets were as follows: Accumulated At December 31, 2017 Gross Amortization Net Intangible assets subject to amortization: 190 Trade names $ 190 $ (51 ) $ 139 Other intangible assets 134 (101 ) 33 Total intangible assets subject to amortization 324 (152 ) 172 FCC licenses 2,441 — 2,441 International broadcast licenses (a) 53 — 53 Total intangible assets $ 2,818 $ (152 ) $ 2,666 (a) Reflects broadcast licenses of Network Ten, which was acquired during the fourth quarter of 2017. 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 |
Finite-lived Intangible Assets Amortization Expense | Amortization expense was as follows: Year Ended December 31, 2017 2016 2015 Amortization expense $ 20 $ 20 $ 23 |
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, 2018 through 2022 , to be as follows: 2018 2019 2020 2021 2022 Future amortization expense $ 19 $ 18 $ 15 $ 13 $ 12 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | During the fourth quarter of 2017, upon closing of the transaction, the Company recorded a net loss of $105 million calculated as follows: Fair value of CBS Corp. Class B Common Stock accepted (17,854,689 shares at $56.40 per share on November 16, 2017) $ 1,007 Carrying value of CBS Radio (a) (1,112 ) Net loss on split-off of CBS Radio $ (105 ) (a) Net of a market value adjustment of $980 million recorded prior to the split-off. The following tables set forth details of net earnings (loss) from discontinued operations for the years ended December 31, 2017, 2016 and 2015 . Year Ended December 31, 2017 CBS Radio Other Total Revenues $ 1,018 $ — $ 1,018 Costs and expenses: Operating 364 — 364 Selling, general and administrative 446 (1 ) 445 Market value adjustment 980 (a) — 980 Restructuring charges 7 (b) — 7 Total costs and expenses 1,797 (1 ) 1,796 Operating income (loss) (779 ) 1 (778 ) Interest expense (70 ) — (70 ) Earnings (loss) from discontinued operations (849 ) 1 (848 ) Income tax benefit (provision) (55 ) 45 (c) (10 ) Earnings (loss) from discontinued operations, net of tax (904 ) 46 (858 ) Net gain (loss) on disposal (109 ) 13 (96 ) Income tax benefit (provision) 4 (2 ) 2 Net gain (loss) on disposal, net of tax (105 ) 11 (d) (94 ) Net earnings (loss) from discontinued operations, net of tax $ (1,009 ) $ 57 $ (952 ) (a) During 2017, prior to the split-off, CBS Radio was measured each reporting period, beginning with the first quarter of 2017, at the lower of its carrying amount or fair value less cost to sell. The value of the transaction with Entercom was determined based on Entercom’s stock price at the closing of the transaction and therefore, the carrying value of CBS Radio was measured at the value indicated by the stock valuation of Entercom. As a result, the Company recorded a market value adjustment of $980 million during the nine months ended September 30, 2017 to adjust the carrying value of CBS Radio as follows: First Quarter 2017 $ (715 ) Second Quarter 2017 (365 ) Third Quarter 2017 100 $ (980 ) (b) Reflects restructuring charges associated with the reorganization of certain business operations, including severance costs and costs associated with exiting contractual obligations. (c) Reflects a tax benefit 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. (d) Reflects adjustments to the loss on disposal of the Company’s outdoor advertising businesses, primarily from a decrease to the guarantee liability associated with the 2013 disposal of the Company’s outdoor advertising business in Europe (“Outdoor Europe”). Year Ended December 31, 2016 CBS Radio Other (b) Total Revenues $ 1,220 $ — $ 1,220 Costs and expenses: Operating 397 — 397 Selling, general and administrative 497 — 497 Depreciation and amortization 26 — 26 Restructuring charges 8 (a) — 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 ) (a) Reflects restructuring charges associated with the reorganization of certain business operations, including severance costs and costs associated with exiting contractual obligations. (b) Reflects a charge 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. Year Ended December 31, 2015 CBS Radio Other (b) Total Revenues $ 1,223 $ — $ 1,223 Costs and expenses: Operating 415 — 415 Selling, general and administrative 500 — 500 Depreciation and amortization 29 — 29 Restructuring charges 36 (a) — 36 Impairment charge 484 — 484 Total costs and expenses 1,464 — 1,464 Operating loss (241 ) — (241 ) Other income 1 — 1 Loss from discontinued operations (240 ) — (240 ) Income tax benefit 89 — 89 Loss from discontinued operations, net of tax (151 ) — (151 ) Net gain on disposal — 17 17 Income tax provision — (7 ) (7 ) Net gain on disposal, net of tax — 10 10 Net earnings (loss) from discontinued operations, net of tax $ (151 ) $ 10 $ (141 ) (a) Reflects restructuring charges associated with the reorganization of certain business operations, including severance costs and costs associated with exiting contractual obligations. (b) Reflects a decrease to the guarantee liability associated with the 2013 disposal of Outdoor Europe. The following table presents the major classes of assets and liabilities of the Company’s discontinued operations. At December 31, 2017 (a) 2016 Receivables, net $ — $ 244 Other current assets 1 61 Goodwill — 1,285 Intangible assets — 2,832 Net property and equipment — 145 Other assets 12 29 Total Assets $ 13 $ 4,596 Current portion of long-term debt $ — $ 10 Other current liabilities 32 145 Long-term debt — 1,335 Deferred income tax liabilities — 998 Other liabilities 42 118 Total Liabilities $ 74 $ 2,606 (a) Assets and liabilities of discontinued operations at December 31, 2017 primarily reflect deferred income taxes, accruals for transaction costs and other liabilities related to previously disposed businesses. The following table presents CBS Radio’s long-term debt at December 31, 2016 . Term Loan due October 2023, net of discount $ 955 7.250% Senior Notes due November 2024 400 Revolving Credit Facility 10 Deferred financing costs (20 ) Total long-term debt, including current portion $ 1,345 |
Restructuring and Merger and 35
Restructuring and Merger and Acquisition-Related Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring Charges [Abstract] | |
Restructuring Reserve Rollforward | Balance at 2017 2017 Balance at December 31, 2016 Charges Settlements December 31, 2017 Entertainment $ 20 $ 44 $ (18 ) $ 46 Cable Networks 4 — (3 ) 1 Publishing 1 5 (3 ) 3 Local Media 12 12 (7 ) 17 Corporate 2 2 (1 ) 3 Total $ 39 $ 63 $ (32 ) $ 70 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 |
Programming and Other Invento36
Programming and Other Inventory (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Current Programming and Other Inventory | At December 31, 2017 2016 Acquired program rights $ 2,234 $ 1,773 Acquired television library 99 — Internally produced programming: Released 1,780 1,746 In process and other 543 298 Publishing, primarily finished goods 53 49 Total programming and other inventory 4,709 3,866 Less current portion 1,828 1,427 Total noncurrent programming and other inventory $ 2,881 $ 2,439 |
Noncurrent Programming and Other Inventory | At December 31, 2017 2016 Acquired program rights $ 2,234 $ 1,773 Acquired television library 99 — Internally produced programming: Released 1,780 1,746 In process and other 543 298 Publishing, primarily finished goods 53 49 Total programming and other inventory 4,709 3,866 Less current portion 1,828 1,427 Total noncurrent programming and other inventory $ 2,881 $ 2,439 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 . At December 31, 2017 2016 Receivables $ 93 $ 113 Other assets (Receivables, noncurrent) 11 35 Total amounts due from Viacom Inc. $ 104 $ 148 |
Bank Financing and Debt (Tables
Bank Financing and Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company ’ s debt consists of the following (a) : At December 31, 2017 2016 Commercial paper $ 679 $ 450 1.95% Senior Notes due 2017 — 399 4.625% Senior Notes due 2018 — 305 2.30% Senior Notes due 2019 604 606 5.75% Senior Notes due 2020 — 499 4.30% Senior Notes due 2021 299 299 3.375% Senior Notes due 2022 696 695 2.50% Senior Notes due 2023 396 — 2.90% Senior Notes due 2023 395 — 7.875% Debentures due 2023 187 187 7.125% Senior Notes due 2023 (b) 46 46 3.70% Senior Notes due 2024 597 596 3.50% Senior Notes due 2025 589 587 4.00% Senior Notes due 2026 785 783 2.90% Senior Notes due 2027 684 683 3.375% Senior Notes due 2028 493 — 3.70% Senior Notes due 2028 489 — 7.875% Senior Debentures due 2030 832 833 5.50% Senior Debentures due 2033 425 425 5.90% Senior Notes due 2040 297 297 4.85% Senior Notes due 2042 485 485 4.90% Senior Notes due 2044 539 538 4.60% Senior Notes due 2045 588 587 Obligations under capital leases 57 75 Total debt (c) 10,162 9,375 Less commercial paper 679 450 Less current portion 19 23 Total long-term debt, net of current portion $ 9,464 $ 8,902 (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, 2017 and 2016 , the senior debt balances included (i) a net unamortized discount of $65 million and $52 million , respectively, (ii) unamortized deferred financing costs of $47 million and $43 million , respectively, and (iii) a $3 million decrease and a $5 million increase, respectively, in the carrying value of the debt relating to previously settled fair value hedges. The face value of the Company’s total debt was $10.28 billion at December 31, 2017 and $9.47 billion at December 31, 2016 . |
Scheduled Maturities of Long-term Debt at Face Value | At December 31, 2017 , the Company’s scheduled maturities of long-term debt at face value, excluding capital leases, were as follows: 2023 and 2018 2019 2020 2021 2022 Thereafter Long-term debt $ — $ 600 $ — $ 300 $ 700 $ 7,940 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Gains (losses) recognized on derivative financial instruments were as follows: Year Ended December 31, 2017 2016 Financial Statement Account Non-designated foreign exchange contracts $ (27 ) $ 33 Other items, net |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
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, 2017 and 2016 . 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, 2017 Level 1 Level 2 Level 3 Total Assets: Foreign currency hedges $ — $ 5 $ — $ 5 Total Assets $ — $ 5 $ — $ 5 Liabilities: $ — Deferred compensation $ — $ 363 $ — $ 363 Foreign currency hedges — 10 — 10 Total Liabilities $ — $ 373 $ — $ 373 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 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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). Net Actuarial Accumulated Cumulative Loss and Other Translation Prior Comprehensive Adjustments Service Cost Loss At December 31, 2014 $ 157 $ (892 ) $ (735 ) Other comprehensive loss before reclassifications (5 ) (66 ) (71 ) Reclassifications to net earnings — 36 (a) 36 Other comprehensive loss (5 ) (30 ) (35 ) At December 31, 2015 152 (922 ) (770 ) Other comprehensive loss before reclassifications (1 ) (165 ) (166 ) Reclassifications to net earnings — 169 (a) 169 Other comprehensive income (loss) (1 ) 4 3 At December 31, 2016 151 (918 ) (767 ) Other comprehensive income (loss) before reclassifications 6 (173 ) (167 ) Reclassifications to net earnings 2 270 (a) 272 Other comprehensive income 8 97 105 At December 31, 2017 $ 159 $ (821 ) $ (662 ) (a) Reflects amortization of net actuarial losseswhich includes the accelerated recognition of a portion of the unamortized actuarial losses as a result of pension settlements for the years ended December 31, 2017 and 2016 (See Note 15 ). |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016 and 2015 . Year Ended December 31, 2017 2016 2015 RSUs and PSUs $ 152 $ 137 $ 129 Stock options 27 28 28 Stock-based compensation expense, before income taxes 179 165 157 Related tax benefit (69 ) (63 ) (61 ) Stock-based compensation expense, net of tax benefit $ 110 $ 102 $ 96 |
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, 2016 6,457,620 $ 52.57 Granted 2,506,607 $ 66.59 Vested (2,892,533 ) $ 52.69 Forfeited (747,707 ) $ 59.04 Non-vested at December 31, 2017 5,323,987 $ 58.19 |
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: 2017 2016 2015 Expected dividend yield 1.09 % 1.31 % 1.25 % Expected stock price volatility 29.89 % 32.55 % 31.45 % Risk-free interest rate 2.00 % 1.35 % 1.63 % 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, 2016 11,911,647 $ 44.14 Granted 1,361,464 $ 66.31 Exercised (2,940,667 ) $ 31.12 Forfeited or expired (218,608 ) $ 59.04 Outstanding at December 31, 2017 10,113,836 $ 50.59 Exercisable at December 31, 2017 6,376,286 $ 46.30 |
Stock Option Exercise Information | The following table summarizes other information relating to stock option exercises during the years ended December 31, 2017, 2016 and 2015 . Year Ended December 31, 2017 2016 2015 Cash received from stock option exercises $ 91 $ 21 $ 142 Tax benefit of stock option exercises $ 36 $ 14 $ 74 Intrinsic value of stock option exercises $ 96 $ 37 $ 192 |
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, 2017 . 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 25,465 1.08 $ 5.72 25,465 $ 5.72 $10 to 19.99 174,668 0.95 $ 14.46 174,668 $ 14.46 $20 to 29.99 1,086,770 1.70 $ 26.62 1,086,770 $ 26.62 $30 to 39.99 791,703 2.82 $ 34.27 791,703 $ 34.27 $40 to 49.99 3,213,930 4.61 $ 45.17 1,977,910 $ 44.77 $50 to 59.99 1,635,410 5.13 $ 59.54 772,552 $ 59.54 $60 to 69.99 3,185,890 5.38 $ 66.04 1,547,218 $ 65.89 10,113,836 6,376,286 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 United States $ 1,441 $ 1,803 $ 1,840 Foreign 538 427 424 Total $ 1,979 $ 2,230 $ 2,264 |
Income Tax Provision Components | The components of the provision for income taxes were as follows: Year Ended December 31, 2017 2016 2015 Current: Federal $ 720 $ 359 $ 110 State and local 38 64 30 Foreign 63 61 91 821 484 231 Deferred (188 ) 144 445 Provision for income taxes $ 633 $ 628 $ 676 |
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, 2017 2016 2015 Taxes on income at U.S. federal statutory rate $ 693 $ 780 $ 792 State and local taxes, net of federal tax benefit 47 59 55 Effect of foreign operations (162 ) (112 ) (100 ) Impact of federal tax legislation 129 — — Excess tax benefits from stock-based compensation (44 ) — — Domestic production deduction (31 ) (42 ) (25 ) Sales of businesses — — (42 ) Audit settlements, net — — (9 ) Other, net (a) 1 (57 ) 5 Provision for income taxes $ 633 $ 628 $ 676 (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, 2017 2016 Deferred income tax assets: Reserves and other accrued liabilities $ 391 $ 671 Pension, postretirement and other employee benefits 478 843 Tax credit and loss carryforwards 835 966 Other 70 113 Total deferred income tax assets 1,774 2,593 Valuation allowance (974 ) (928 ) Deferred income tax assets, net 800 1,665 Deferred income tax liabilities: Intangible assets (847 ) (1,469 ) Unbilled licensing receivables (291 ) (636 ) Property, equipment and other assets (86 ) (140 ) Total deferred income tax liabilities (1,224 ) (2,245 ) Deferred income tax liabilities, net $ (424 ) $ (580 ) |
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, 2015 $ 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 Additions for current year tax positions 50 Additions for prior year tax positions 39 Reductions for prior year tax positions (41 ) Cash settlements (5 ) Statute of limitations lapses (7 ) At December 31, 2017 $ 138 |
Pension and Other Postretirem44
Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [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 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation, beginning of year $ 4,660 $ 4,911 $ 447 $ 486 Service cost 29 29 — — Interest cost 191 215 18 20 Actuarial loss (gain) 337 353 19 (5 ) Benefits paid (326 ) (328 ) (73 ) (69 ) Participants’ contributions — — 10 11 Retiree Medicare drug subsidy — — 3 4 Settlements (862 ) (518 ) — — Cumulative translation adjustments 11 (2 ) — — Benefit obligation, end of year $ 4,040 $ 4,660 $ 424 $ 447 |
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 2017 2016 2017 2016 Change in plan assets: Fair value of plan assets, beginning of year $ 3,244 $ 3,734 $ 4 $ 4 Actual return on plan assets 328 305 — — Employer contributions 650 52 56 54 Benefits paid (326 ) (328 ) (73 ) (69 ) Participants’ contributions — — 10 11 Retiree Medicare drug subsidy — — 3 4 Settlements (862 ) (518 ) — — Cumulative translation adjustments 12 (1 ) — — Fair value of plan assets, end of year $ 3,046 $ 3,244 $ — $ 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, 2017 2016 2017 2016 Funded status at end of year $ (994 ) $ (1,416 ) $ (424 ) $ (443 ) Amounts recognized on the Consolidated Balance Sheets: Other assets $ 12 $ 13 $ — $ — Current liabilities (53 ) (53 ) (49 ) (50 ) Noncurrent liabilities (953 ) (1,376 ) (375 ) (393 ) Net amounts recognized $ (994 ) $ (1,416 ) $ (424 ) $ (443 ) |
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, 2017 2016 2017 2016 Net actuarial (loss) gain $ (1,583 ) $ (1,827 ) $ 189 $ 230 Net prior service cost (6 ) (7 ) — — Share of equity investee (2 ) (1 ) — — (1,591 ) (1,835 ) 189 230 Deferred income taxes 606 725 (25 ) (38 ) Net amount recognized in accumulated other comprehensive income (loss) $ (985 ) $ (1,110 ) $ 164 $ 192 |
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, 2017 2016 Projected benefit obligation $ 3,933 $ 4,558 Accumulated benefit obligation $ 3,852 $ 4,485 Fair value of plan assets $ 2,928 $ 3,129 |
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, 2017 2016 2015 2017 2016 2015 Components of net periodic cost: Service cost $ 29 $ 29 $ 31 $ — $ — $ — Interest cost 191 215 209 18 20 20 Expected return on plan assets (201 ) (227 ) (261 ) — — — Amortization of actuarial losses (gains) 101 84 79 (22 ) (21 ) (21 ) Amortization of prior service cost 2 1 1 — — — Settlements 352 211 — — — — Net periodic cost $ 474 $ 313 $ 59 $ (4 ) $ (1 ) $ (1 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Pension Postretirement Year Ended December 31, 2017 Benefits Benefits Other comprehensive income (loss): 45 Actuarial loss $ (210 ) $ (19 ) Amortization of actuarial losses (gains) (a) 101 (22 ) Amortization of prior service cost (a) 2 — Settlements (a) 352 — Cumulative translation adjustments (1 ) — 244 (41 ) Deferred income taxes (119 ) 13 Recognized in other comprehensive income (loss), net of tax $ 125 $ (28 ) (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 2017 2016 2017 2016 Weighted average assumptions used to determine benefit obligations at December 31: Discount rate 3.9 % 4.3 % 3.9 % 4.1 % 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 4.3 % 4.6 % 4.1 % 4.2 % Expected long-term return on plan assets 6.4 % 6.4 % 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. 2017 2016 Projected health care cost trend rate 7.0 % 6.6 % Ultimate trend rate 5.0 % 5.0 % Year ultimate trend rate is achieved 2023 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 $ 6 $ (5 ) |
Fair Value of Pension Pan Assets | The following tables set forth the Company’s pension plan assets measured at fair value on a recurring basis at December 31, 2017 and 2016 . 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, 2017 Level 1 Level 2 Level 3 Total Cash and cash equivalents (a) $ 8 $ 80 $ — $ 88 Fixed income securities: U.S. treasury securities 135 — — 135 Government-related securities 12 238 — 250 Corporate bonds (b) — 1,657 — 1,657 Mortgage-backed and asset-backed securities — 97 1 98 Equity securities: U.S. large capitalization 175 3 — 178 U.S. small capitalization 43 — — 43 International equity — 3 — 3 Other — 43 — 43 Total assets in fair value hierarchy $ 373 $ 2,121 $ 1 $ 2,495 Common collective funds measured at net asset value (c) (d) 519 Limited partnerships measured at net asset value (c) 32 Investments, at fair value $ 3,046 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 (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, 2017 . Mortgage-backed Securities At January 1, 2016 $ 2 Contributions and distributions, net — At December 31, 2016 2 Contributions and distributions, net (1 ) At December 31, 2017 $ 1 |
Estimated Future Benefit Payments | Estimated future benefit payments are as follows: 2018 2019 2020 2021 2022 2023-2027 Pension $ 448 $ 266 $ 263 $ 261 $ 258 $ 1,229 Postretirement $ 54 $ 52 $ 49 $ 46 $ 43 $ 172 Retiree Medicare drug subsidy $ (5 ) $ (5 ) $ (5 ) $ (5 ) $ (5 ) $ (22 ) |
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 Number/Pension Plan Number Pension Protection Act Company Contributions Expiration Date of Collective Bargaining Agreement Zone Status (a) Pension Plan 2017 2016 2017 2016 2015 AFTRA Retirement Plan (b) 13-6414972-001 Green Green $ 6 $ 6 $ 5 (c) Directors Guild of America - Producer 95-2892780-001 Green Green 8 6 6 6/30/2020 Producer-Writers Guild of America 95-2216351-001 Green Green 15 12 11 5/1/2020 Screen Actors Guild - Producers 95-2110997-001 Green Green 22 11 9 6/30/2020 Motion Picture Industry 95-1810805-001 Green Green 14 11 10 (d) I.A.T.S.E. Local No. 33 Pension Trust Fund (e) 95-6377503-001 Green Green 10 9 8 12/31/2019 Other Plans 5 5 1 Total contributions $ 80 $ 60 $ 50 (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 2017 and 2016 . 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, 2016. (c) The expiration dates range from June 30, 2018 through December 31, 2020 . (d) The expiration dates range from May 15, 2018 through June 30, 2020 . (e) The Company was listed in I.A.T.S.E. Local No. 33 Pension Trust Fund’s Form 5500 as providing more than 5% of total contributions for the plan year ended December 31, 2016. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | At December 31, 2017 , 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 2018 $ 2,281 $ 218 $ — 2019 2,310 226 661 2020 1,753 197 420 2021 1,692 56 256 2022 1,584 22 169 2023 and thereafter 794 71 328 Total $ 10,414 $ 790 $ 1,834 At December 31, 2017 , 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 2018 $ 19 $ 155 2019 14 129 2020 13 111 2021 11 104 2022 5 96 2023 and thereafter — 527 Total minimum payments $ 62 $ 1,122 Less amounts representing interest 5 Present value of minimum payments $ 57 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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. Year Ended December 31, 2017 2016 2015 Revenues: Entertainment $ 9,164 $ 8,877 $ 8,438 Cable Networks 2,501 2,160 2,242 Publishing 830 767 780 Local Media 1,668 1,779 1,592 Corporate/Eliminations (471 ) (417 ) (381 ) Total Revenues $ 13,692 $ 13,166 $ 12,671 |
Intercompany Revenues by Segment | Year Ended December 31, 2017 2016 2015 Intercompany Revenues: Entertainment $ 480 $ 434 $ 384 Cable Networks 1 1 — Local Media 13 8 9 Total Intercompany Revenues $ 494 $ 443 $ 393 |
Operating Income (Loss) by Segment | Year Ended December 31, 2017 2016 2015 Segment Operating Income (Loss): Entertainment $ 1,554 $ 1,519 $ 1,294 Cable Networks 996 959 945 Publishing 132 119 114 Local Media 492 618 487 Corporate (355 ) (354 ) (276 ) Total Segment Operating Income 2,819 2,861 2,564 Pension settlement charges (352 ) (211 ) — Restructuring and merger and acquisition-related costs (63 ) (38 ) (45 ) Other operating items, net 19 9 139 Operating income 2,423 2,621 2,658 Interest expense (457 ) (411 ) (392 ) Interest income 64 32 24 Loss on early extinguishment of debt (49 ) — — Other items, net (2 ) (12 ) (26 ) Earnings from continuing operations before income taxes and equity in loss of investee companies 1,979 2,230 2,264 Provision for income taxes (633 ) (628 ) (676 ) Equity in loss of investee companies, net of tax (37 ) (50 ) (34 ) Net earnings from continuing operations 1,309 1,552 1,554 Net loss from discontinued operations, net of tax (952 ) (291 ) (141 ) Net earnings $ 357 $ 1,261 $ 1,413 |
Depreciation and Amortization, Stock-based Compensation and Capital Expenditures | Year Ended December 31, 2017 2016 2015 Depreciation and Amortization: Entertainment $ 115 $ 117 $ 126 Cable Networks 23 23 23 Publishing 6 6 6 Local Media 45 44 48 Corporate 34 35 32 Total Depreciation and Amortization $ 223 $ 225 $ 235 Year Ended December 31, 2017 2016 2015 Stock-based Compensation: Entertainment $ 66 $ 61 $ 61 Cable Networks 12 12 11 Publishing 5 4 4 Local Media 12 12 11 Corporate 84 76 70 Total Stock-based Compensation $ 179 $ 165 $ 157 Year Ended December 31, 2017 2016 2015 Capital Expenditures: Entertainment $ 98 $ 98 $ 99 Cable Networks 20 19 18 Publishing 5 9 10 Local Media 32 37 28 Corporate 30 33 16 Total Capital Expenditures $ 185 $ 196 $ 171 |
Assets by Segment | At December 31, 2017 2016 Assets: Entertainment $ 12,626 $ 11,262 Cable Networks 2,878 2,618 Publishing 906 880 Local Media 4,042 4,065 Corporate/Eliminations 378 817 Discontinued operations 13 4,596 Total Assets $ 20,843 $ 24,238 |
Revenues by Type | Year Ended December 31, 2017 2016 2015 Revenues by Type: Advertising $ 5,753 $ 6,288 $ 5,824 Content licensing and distribution 3,952 3,673 3,903 Affiliate and subscription fees 3,758 2,978 2,724 Other 229 227 220 Total Revenues $ 13,692 $ 13,166 $ 12,671 |
Revenues by Customer Location | Year Ended December 31, 2017 2016 2015 Revenues: (a) United States $ 11,675 $ 11,317 $ 10,667 International 2,017 1,849 2,004 Total Revenues $ 13,692 $ 13,166 $ 12,671 (a) Revenue classifications are based on customers’ locations. |
Long-lived Assets by Geographic Area | At December 31, 2017 2016 Long-lived Assets: (a) United States $ 13,699 $ 17,476 International 495 407 Total Long-lived Assets $ 14,194 $ 17,883 (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, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Year Ended December 31, 2017 2016 2015 Cash paid for interest: Continuing operations $ 448 $ 407 $ 349 Discontinued operations 70 8 — Total $ 518 $ 415 $ 349 Year Ended December 31, 2017 2016 2015 Cash paid for income taxes: Continuing operations $ 365 $ 373 $ 199 Discontinued operations 26 119 84 Total $ 391 $ 492 $ 283 Year Ended December 31, 2017 2016 2015 Noncash investing and financing activities: Shares received in split-off of CBS Radio (Note 4) $ 1,007 $ — $ — Noncash additions to property and equipment $ 31 $ — $ — Equipment acquired under capitalized leases $ 5 $ 10 $ 3 |
Quarterly Financial Data (Una48
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | First Second Third Fourth 2017 Quarter Quarter Quarter Quarter (b) (c) Total Year Revenues: Entertainment $ 2,347 $ 2,184 $ 1,815 $ 2,818 $ 9,164 Cable Networks 543 571 840 547 2,501 Publishing 161 206 228 235 830 Local Media 409 412 397 450 1,668 Corporate/Eliminations (117 ) (116 ) (109 ) (129 ) (471 ) Total Revenues $ 3,343 $ 3,257 $ 3,171 $ 3,921 $ 13,692 Segment Operating Income (Loss): Entertainment $ 398 $ 346 $ 345 $ 465 $ 1,554 Cable Networks 248 253 294 201 996 Publishing 14 28 46 44 132 Local Media 123 127 105 137 492 Corporate (79 ) (85 ) (83 ) (108 ) (355 ) Total Segment Operating Income 704 669 707 739 2,819 Pension settlement charge — — — (352 ) (352 ) Restructuring charges — — — (63 ) (63 ) Other operating items, net — — — 19 19 Total Operating Income $ 704 $ 669 $ 707 $ 343 $ 2,423 Net earnings from continuing operations $ 454 $ 397 $ 418 $ 40 $ 1,309 Net earnings (loss) (a) $ (252 ) $ 58 $ 592 $ (41 ) $ 357 Basic net earnings per common share: Net earnings from continuing operations $ 1.11 $ .98 $ 1.04 $ .10 $ 3.26 Net earnings (loss) $ (.61 ) $ .14 $ 1.48 $ (.10 ) $ .89 Diluted net earnings per common share: Net earnings from continuing operations $ 1.09 $ .97 $ 1.03 $ .10 $ 3.22 Net earnings (loss) $ (.61 ) $ .14 $ 1.46 $ (.10 ) $ .88 Weighted average number of common shares outstanding: Basic 410 405 401 391 401 Diluted 416 410 406 395 407 Dividends per common share $ .18 $ .18 $ .18 $ .18 $ .72 (a) CBS Radio has been presented as a discontinued operation for all periods presented. In the fourth quarter of 2017 , the Company recorded a loss on the split-off of CBS Radio of $105 million . During 2017, prior to the split-off, the Company recorded a market value adjustment of $980 million , including a charge of $715 million , a charge of $365 million and a gain of $100 million in the first, second and third quarter, respectively, to reduce the carrying value of CBS Radio to the value indicated by the stock valuation of Entercom (See Note 4 ). (b) In the fourth quarter of 2017 , the Company recorded a pension settlement charge of $352 million for the settlement of pension obligations resulting from the transfer of pension obligations to an insurance company through the purchase of a group annuity contract (See Note 15 ). (c) In the fourth quarter of 2017, the Company recorded a provisional charge of $129 million , or $.32 per diluted share, resulting from the enactment of the Tax Reform Act. 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 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 ). |
Condensed Consolidating Finan49
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Statements of Operations | Statement of Operations For the Year Ended December 31, 2017 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 172 $ 10 $ 13,510 $ — $ 13,692 Costs and expenses: Operating 95 6 8,337 — 8,438 Selling, general and administrative 87 286 1,839 — 2,212 Depreciation and amortization 5 23 195 — 223 Pension settlement charge 352 — — — 352 Restructuring charges — 2 61 — 63 Other operating items, net — — (19 ) — (19 ) Total costs and expenses 539 317 10,413 — 11,269 Operating income (loss) (367 ) (307 ) 3,097 — 2,423 Interest (expense) income, net (509 ) (486 ) 602 — (393 ) Loss on early extinguishment of debt (49 ) — — — (49 ) Other items, net 1 (42 ) 39 — (2 ) Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies (924 ) (835 ) 3,738 — 1,979 Benefit (provision) for income taxes 266 240 (1,139 ) — (633 ) Equity in earnings (loss) of investee companies, net of tax 1,014 1,374 (37 ) (2,388 ) (37 ) Net earnings from continuing operations 356 779 2,562 (2,388 ) 1,309 Net earnings (loss) from discontinued operations, net of tax 1 (5 ) (948 ) — (952 ) Net earnings $ 357 $ 774 $ 1,614 $ (2,388 ) $ 357 Total comprehensive income $ 462 $ 763 $ 1,640 $ (2,403 ) $ 462 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 |
Condensed Consolidating Balance Sheets | Balance Sheet At December 31, 2017 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Assets Cash and cash equivalents $ 173 $ — $ 112 $ — $ 285 Receivables, net 29 2 3,666 — 3,697 Programming and other inventory 3 3 1,822 — 1,828 Prepaid expenses and other current assets 130 28 340 (36 ) 462 Current assets of discontinued operations — — 1 — 1 Total current assets 335 33 5,941 (36 ) 6,273 Property and equipment 49 217 2,785 — 3,051 Less accumulated depreciation and amortization 27 163 1,581 — 1,771 Net property and equipment 22 54 1,204 — 1,280 Programming and other inventory 3 4 2,874 — 2,881 Goodwill 98 62 4,731 — 4,891 Intangible assets — — 2,666 — 2,666 Investments in consolidated subsidiaries 45,504 15,225 — (60,729 ) — Other assets 162 5 2,673 — 2,840 Intercompany — 1,221 29,562 (30,783 ) — Assets of discontinued operations — — 12 — 12 Total Assets $ 46,124 $ 16,604 $ 49,663 $ (91,548 ) $ 20,843 Liabilities and Stockholders ’ Equity Accounts payable $ 1 $ 30 $ 200 $ — $ 231 Participants ’ share and royalties payable — — 986 — 986 Program rights 4 4 365 — 373 Commercial paper 679 — — — 679 Current portion of long-term debt 2 — 17 — 19 Accrued expenses and other current liabilities 352 264 1,072 (36 ) 1,652 Current liabilities of discontinued operations — 5 27 — 32 Total current liabilities 1,038 303 2,667 (36 ) 3,972 Long-term debt 9,378 — 86 — 9,464 Other liabilities 2,947 234 2,206 — 5,387 Liabilities of discontinued operations — — 42 — 42 Intercompany 30,783 — — (30,783 ) — Stockholders’ Equity: Preferred stock — — 126 (126 ) — Common stock 1 123 590 (713 ) 1 Additional paid-in capital 43,797 — 60,894 (60,894 ) 43,797 Retained earnings (deficit) (18,900 ) 16,257 (12,224 ) (4,033 ) (18,900 ) Accumulated other comprehensive income (loss) (662 ) 18 76 (94 ) (662 ) 24,236 16,398 49,462 (65,860 ) 24,236 Less treasury stock, at cost 22,258 331 4,800 (5,131 ) 22,258 Total Stockholders ’ Equity 1,978 16,067 44,662 (60,729 ) 1,978 Total Liabilities and Stockholders ’ Equity $ 46,124 $ 16,604 $ 49,663 $ (91,548 ) $ 20,843 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 |
Condensed Consolidating Statement of Cash Flows | Statement of Cash Flows For the Year Ended December 31, 2017 CBS Corp. CBS Operations Inc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Net cash flow (used for) provided by operating activities $ (1,491 ) $ (203 ) $ 2,581 $ — $ 887 Investing Activities: Acquisitions (including acquired television library), net of cash acquired — — (270 ) — (270 ) Capital expenditures — (30 ) (155 ) — (185 ) Investments in and advances to investee companies — — (110 ) — (110 ) Proceeds from sale of investments — — 10 — 10 Proceeds from dispositions — — 11 — 11 Other investing activities 22 (1 ) — — 21 Net cash flow provided by (used for) investing activities from continuing operations 22 (31 ) (514 ) — (523 ) Net cash flow provided by (used for) investing activities from discontinued operations 1 (5 ) (20 ) — (24 ) Net cash flow provided by (used for) investing activities 23 (36 ) (534 ) — (547 ) Financing Activities: Proceeds from short-term debt borrowings, net 229 — — — 229 Proceeds from issuance of senior notes 1,773 — — — 1,773 Repayment of senior notes (1,244 ) — — — (1,244 ) Proceeds from debt borrowings of CBS Radio — — 40 — 40 Repayment of debt borrowings of CBS Radio — — (43 ) — (43 ) Payment of capital lease obligations — — (18 ) — (18 ) Dividends (296 ) — — — (296 ) Purchase of Company common stock (1,111 ) — — — (1,111 ) Payment of payroll taxes in lieu of issuing shares for stock-based compensation (89 ) — — — (89 ) Proceeds from exercise of stock options 91 — — — 91 Other financing activities (1 ) — (8 ) — (9 ) Increase (decrease) in intercompany payables 1,968 239 (2,207 ) — — Net cash flow provided by (used for) financing activities 1,320 239 (2,236 ) — (677 ) Net decrease in cash and cash equivalents (148 ) — (189 ) — (337 ) Cash and cash equivalents at beginning of year 321 — 301 — 622 Cash and cash equivalents at end of year $ 173 $ — $ 112 $ — $ 285 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 (includes $6 of discontinued operations cash) 63 1 364 — 428 Cash and cash equivalents at end of year (includes $6 of discontinued operations cash) $ 267 $ 1 $ 55 $ — $ 323 |
Basis of Presentation and Sum50
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 16, 2017 | |
Business Acquisition [Line Items] | ||||
Payments to acquire businesses | $ 270 | $ 92 | $ 12 | |
Other Assets | ||||
Noncurrent receivables | 2,120 | 2,110 | ||
Advertising | ||||
Advertising expense | 426 | 373 | 338 | |
Provision For Doubtful Accounts | ||||
Provision for doubtful accounts charged to expense | $ 5 | $ 12 | $ 9 | |
Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset useful life | 4 years | |||
Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset useful life | 40 years | |||
Discontinued Operations [Member] | CBS Radio [Member] | Common Class B [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares received in exchange offer (in shares) | 17,854,689 | |||
Discontinued Operations [Member] | CBS Radio [Member] | Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares exchanged in exchange offer (in shares) | 101,400,000 | |||
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,000,000 | 4,000,000 | 4,000,000 |
Basis of Presentation and Sum51
Basis of Presentation and Summary of Significant Accounting Policies (Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Buildings and building improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 10 years |
Buildings and building improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 40 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] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 3 years |
Equipment and other (including capital leases) [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 20 years |
Basis of Presentation and Sum52
Basis of Presentation and Summary of Significant Accounting Policies (Net Earnings (Loss) per Common Share) (Details) - shares shares in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
Weighted average shares for basic EPS | 391 | 401 | 405 | 410 | 424 | 442 | 451 | 459 | 401 | 444 | 484 |
Dilutive effect of shares issuable under stock-based compensation plans | 6 | 4 | 5 | ||||||||
Weighted average shares for diluted EPS | 395 | 406 | 410 | 416 | 429 | 446 | 455 | 464 | 407 | 448 | 489 |
Basis of Presentation and Sum53
Basis of Presentation and Summary of Significant Accounting Policies (Accounting Pronouncements) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Increase in operating income | $ 343 | $ 707 | $ 669 | $ 704 | $ 484 | $ 721 | $ 651 | $ 765 | $ 2,423 | $ 2,621 | $ 2,658 | |
Accumulated deficit | (18,900) | (19,257) | (18,900) | (19,257) | ||||||||
Increase in revenues | $ 3,921 | $ 3,171 | $ 3,257 | $ 3,343 | $ 3,518 | $ 3,084 | $ 2,976 | $ 3,588 | 13,692 | 13,166 | $ 12,671 | |
New Accounting Pronouncement, Early Adoption [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Debt prepayment costs | 52 | |||||||||||
Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Increase in operating income | 441 | $ 283 | ||||||||||
Revenue from Contracts with Customers [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Increase in revenues | $ 275 | |||||||||||
Scenario, Forecast [Member] | Revenue from Contracts with Customers [Member] | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Accumulated deficit | $ 263 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment | $ 3,051 | $ 2,935 | |
Less accumulated depreciation and amortization | 1,771 | 1,694 | |
Net property and equipment | 1,280 | 1,241 | |
Accumulated amortization of capital leases | 112 | 98 | |
Depreciation expense, including capitalized lease amortization | 203 | 205 | $ 212 |
Amortization expense related to capital leases | 16 | 17 | $ 16 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 193 | 195 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 769 | 733 | |
Capital leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 162 | 164 | |
Equipment and other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | $ 1,927 | $ 1,843 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($)market | Dec. 31, 2017USD ($)reportingunitmarket | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Impairment Testing Assumptions [Line Items] | ||||
Number of reporting units | reportingunit | 8 | |||
Proceeds from dispositions | $ 11 | $ 20 | $ 383 | |
Gain on sales of businesses | 139 | |||
Goodwill disposed | $ 217 | |||
Network Ten [Member] | ||||
Impairment Testing Assumptions [Line Items] | ||||
Purchase price | $ 124 | |||
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 | 11 | 11 | ||
Build-up period | 5 years | |||
Discount rate | 7.50% | |||
Perpetual nominal growth rate | 2.00% | 2.00% | ||
Number of markets fair value exceeds carrying value | market | 3 | 3 | ||
Qualitative Assessments [Member] | ||||
Impairment Testing Assumptions [Line Items] | ||||
Number of reporting units | reportingunit | 7 | |||
Goodwill Impairment Test [Member] | CBS Sports Network Reporting Unit [Member] | ||||
Impairment Testing Assumptions [Line Items] | ||||
Discount rate | 8.50% | |||
Perpetual nominal growth rate | 2.00% | 2.00% |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets (Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill | ||
Goodwill, beginning balance | $ 18,218 | $ 18,143 |
Accumulated impairment losses, beginning balance | (13,354) | (13,354) |
Goodwill, net of impairment, beginning balance | 4,864 | 4,789 |
Acquisitions | 27 | 77 |
Accumulated impairment losses, Acquisitions | 0 | 0 |
Dispositions | 0 | (2) |
Accumulated impairment losses, Dispositions | 0 | 0 |
Goodwill, ending balance | 18,245 | 18,218 |
Accumulated impairment losses, ending balance | (13,354) | (13,354) |
Goodwill, net of impairment, ending balance | 4,891 | 4,864 |
Operating Segments [Member] | Entertainment [Member] | ||
Goodwill | ||
Goodwill, beginning balance | 9,300 | 9,250 |
Accumulated impairment losses, beginning balance | (6,294) | (6,294) |
Goodwill, net of impairment, beginning balance | 3,006 | 2,956 |
Acquisitions | 23 | 52 |
Accumulated impairment losses, Acquisitions | 0 | 0 |
Dispositions | 0 | (2) |
Accumulated impairment losses, Dispositions | 0 | 0 |
Goodwill, ending balance | 9,323 | 9,300 |
Accumulated impairment losses, ending balance | (6,294) | (6,294) |
Goodwill, net of impairment, ending balance | 3,029 | 3,006 |
Operating Segments [Member] | Cable Networks [Member] | ||
Goodwill | ||
Goodwill, beginning balance | 480 | 480 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net of impairment, beginning balance | 480 | 480 |
Acquisitions | 0 | 0 |
Accumulated impairment losses, Acquisitions | 0 | 0 |
Dispositions | 0 | 0 |
Accumulated impairment losses, Dispositions | 0 | 0 |
Goodwill, ending balance | 480 | 480 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net of impairment, ending balance | 480 | 480 |
Operating Segments [Member] | Publishing [Member] | ||
Goodwill | ||
Goodwill, beginning balance | 431 | 406 |
Accumulated impairment losses, beginning balance | 0 | 0 |
Goodwill, net of impairment, beginning balance | 431 | 406 |
Acquisitions | 4 | 25 |
Accumulated impairment losses, Acquisitions | 0 | 0 |
Dispositions | 0 | 0 |
Accumulated impairment losses, Dispositions | 0 | 0 |
Goodwill, ending balance | 435 | 431 |
Accumulated impairment losses, ending balance | 0 | 0 |
Goodwill, net of impairment, ending balance | 435 | 431 |
Operating Segments [Member] | Local Media [Member] | ||
Goodwill | ||
Goodwill, beginning balance | 8,007 | 8,007 |
Accumulated impairment losses, beginning balance | (7,060) | (7,060) |
Goodwill, net of impairment, beginning balance | 947 | 947 |
Acquisitions | 0 | 0 |
Accumulated impairment losses, Acquisitions | 0 | 0 |
Dispositions | 0 | 0 |
Accumulated impairment losses, Dispositions | 0 | 0 |
Goodwill, ending balance | 8,007 | 8,007 |
Accumulated impairment losses, ending balance | (7,060) | (7,060) |
Goodwill, net of impairment, ending balance | $ 947 | $ 947 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 324 | $ 335 |
Accumulated amortization | (152) | (148) |
Net | 172 | 187 |
Total intangible assets, gross | 2,818 | 2,781 |
Total intangible assets | 2,666 | 2,633 |
FCC licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 2,441 | 2,446 |
International broadcast licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 53 | |
Trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 190 | 188 |
Accumulated amortization | (51) | (41) |
Net | 139 | 147 |
Other intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 134 | 147 |
Accumulated amortization | (101) | (107) |
Net | $ 33 | $ 40 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 20 | $ 20 | $ 23 |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 19 |
2,019 | 18 |
2,020 | 15 |
2,021 | 13 |
2,022 | $ 12 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)market | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)market | Dec. 31, 2015USD ($)market | Nov. 16, 2017shares | Oct. 31, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net loss from discontinued operations, net of tax | $ (952,000,000) | $ (291,000,000) | $ (141,000,000) | ||||
Face value of debt | $ 10,280,000,000 | $ 9,470,000,000 | 10,280,000,000 | 9,470,000,000 | |||
Impairment charges | $ 444,000,000 | ||||||
Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net loss on disposal | 94,000,000 | (10,000,000) | |||||
Net loss from discontinued operations, net of tax | (952,000,000) | (291,000,000) | (141,000,000) | ||||
CBS Radio [Member] | Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net loss on disposal | $ 105,000,000 | 105,000,000 | 0 | ||||
Net loss from discontinued operations, net of tax | $ (1,009,000,000) | (255,000,000) | (151,000,000) | ||||
Face value of debt | $ 1,460,000,000 | ||||||
Impairment charges | 444,000,000 | ||||||
Impairment charges, net of tax | 427,000,000 | ||||||
Goodwill, impairment loss | 408,000,000 | ||||||
Goodwill, impairment loss, net of tax | 405,000,000 | ||||||
CBS Radio [Member] | Discontinued Operations [Member] | Common Class B [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Shares received in exchange offer (in shares) | shares | 17,854,689 | ||||||
CBS Radio [Member] | Discontinued Operations [Member] | Common Stock [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Shares exchanged in exchange offer (in shares) | shares | 101,400,000 | ||||||
CBS Radio [Member] | Discontinued Operations [Member] | Senior Secured Term Loan Due 2023 [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Face value of debt | 1,060,000,000 | ||||||
CBS Radio [Member] | Discontinued Operations [Member] | 7.250% Senior Notes due November 2024 [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Face value of debt | $ 400,000,000 | ||||||
Stated interest rate | 7.25% | 7.25% | 7.25% | ||||
FCC License [Member] | Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment charges | 36,000,000 | 484,000,000 | |||||
Impairment charges, net of tax | $ 22,000,000 | $ 297,000,000 | |||||
Number of radio markets impairment | market | 11 | 11 | 18 |
Discontinued Operations (Split-
Discontinued Operations (Split-off of CBS Radio) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 16, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Share price (USD per share) | $ 59 | $ 59 | |||||||
Discontinued Operations [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net loss on split-off of CBS Radio | $ (94) | $ 10 | |||||||
Market value adjustment | (980) | ||||||||
CBS Radio [Member] | Discontinued Operations [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Fair value of CBS Corp. Class B Common Stock accepted | $ 1,007 | $ 0 | 0 | ||||||
Carrying value of CBS Radio | (1,112) | (1,112) | |||||||
Net loss on split-off of CBS Radio | $ (105) | (105) | $ 0 | ||||||
Market value adjustment | $ 100 | $ (365) | $ (715) | $ (980) | $ (980) | ||||
CBS Radio [Member] | Discontinued Operations [Member] | Common Class B [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
CBS Split-Off (shares) | 17,854,689 | ||||||||
Share price (USD per share) | $ 56.40 |
Discontinued Operations (Net Ea
Discontinued Operations (Net Earnings (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Costs and expenses: | ||||||||
Net earnings (loss) from discontinued operations, net of tax | $ (952) | $ (291) | $ (141) | |||||
Discontinued Operations [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Revenues | 1,018 | 1,220 | 1,223 | |||||
Costs and expenses: | ||||||||
Operating | 364 | 397 | 415 | |||||
Selling, general and administrative | 445 | 497 | 500 | |||||
Market value adjustment | 980 | |||||||
Depreciation and amortization | 26 | 29 | ||||||
Restructuring charges | 7 | 8 | 36 | |||||
Impairment charge | 444 | 484 | ||||||
Total costs and expenses | 1,796 | 1,372 | 1,464 | |||||
Operating loss | (778) | (152) | (241) | |||||
Interest expense | (70) | (17) | ||||||
Other income | 2 | 1 | ||||||
Earnings (loss) from discontinued operations | (848) | (167) | (240) | |||||
Income tax benefit (provision) | (10) | (124) | 89 | |||||
Earnings (loss) from discontinued operations, net of tax | (858) | (151) | ||||||
Net gain (loss) on disposal | (96) | 17 | ||||||
Income tax benefit (provision) | 2 | (7) | ||||||
Net gain (loss) on disposal, net of tax | (94) | 10 | ||||||
Net earnings (loss) from discontinued operations, net of tax | (952) | (291) | (141) | |||||
Discontinued Operations [Member] | CBS Radio [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Revenues | 1,018 | 1,220 | 1,223 | |||||
Costs and expenses: | ||||||||
Operating | 364 | 397 | 415 | |||||
Selling, general and administrative | 446 | 497 | 500 | |||||
Market value adjustment | $ (100) | $ 365 | $ 715 | $ 980 | 980 | |||
Depreciation and amortization | 26 | 29 | ||||||
Restructuring charges | 7 | 8 | 36 | |||||
Impairment charge | 444 | 484 | ||||||
Total costs and expenses | 1,797 | 1,372 | 1,464 | |||||
Operating loss | (779) | (152) | (241) | |||||
Interest expense | (70) | (17) | ||||||
Other income | 2 | 1 | ||||||
Earnings (loss) from discontinued operations | (849) | (167) | (240) | |||||
Income tax benefit (provision) | (55) | (88) | 89 | |||||
Earnings (loss) from discontinued operations, net of tax | (904) | (151) | ||||||
Net gain (loss) on disposal | (109) | 0 | ||||||
Income tax benefit (provision) | 4 | 0 | ||||||
Net gain (loss) on disposal, net of tax | $ (105) | (105) | 0 | |||||
Net earnings (loss) from discontinued operations, net of tax | (1,009) | (255) | (151) | |||||
Discontinued Operations [Member] | Other [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | |||||
Costs and expenses: | ||||||||
Operating | 0 | 0 | 0 | |||||
Selling, general and administrative | (1) | 0 | 0 | |||||
Market value adjustment | 0 | |||||||
Depreciation and amortization | 0 | 0 | ||||||
Restructuring charges | 0 | 0 | 0 | |||||
Impairment charge | 0 | 0 | ||||||
Total costs and expenses | (1) | 0 | 0 | |||||
Operating loss | 1 | 0 | 0 | |||||
Interest expense | 0 | 0 | ||||||
Other income | 0 | 0 | ||||||
Earnings (loss) from discontinued operations | 1 | 0 | 0 | |||||
Income tax benefit (provision) | 45 | (36) | 0 | |||||
Earnings (loss) from discontinued operations, net of tax | 46 | 0 | ||||||
Net gain (loss) on disposal | 13 | 17 | ||||||
Income tax benefit (provision) | (2) | (7) | ||||||
Net gain (loss) on disposal, net of tax | 11 | 10 | ||||||
Net earnings (loss) from discontinued operations, net of tax | $ 57 | $ (36) | $ 10 |
Discontinued Operations (Assets
Discontinued Operations (Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total Assets | $ 13 | $ 4,596 |
Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Receivables, net | 0 | 244 |
Other current assets | 1 | 61 |
Goodwill | 0 | 1,285 |
Intangible assets | 0 | 2,832 |
Net property and equipment | 0 | 145 |
Other assets | 12 | 29 |
Total Assets | 13 | 4,596 |
Current portion of long-term debt | 0 | 10 |
Other current liabilities | 32 | 145 |
Long-term debt | 0 | 1,335 |
Deferred income tax liabilities | 0 | 998 |
Other liabilities | 42 | 118 |
Total Liabilities | $ 74 | $ 2,606 |
Discontinued Operations (Long-T
Discontinued Operations (Long-Term Debt) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 31, 2016 |
Debt Instrument [Line Items] | |||
Carrying value of senior debt | $ 9,430,000,000 | $ 8,850,000,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving Credit Facility | $ 0 | ||
CBS Radio [Member] | Discontinued Operations [Member] | |||
Debt Instrument [Line Items] | |||
Term Loan due October 2023, net of discount | 955,000,000 | ||
Deferred financing costs | (20,000,000) | ||
Total long-term debt, including current portion | 1,345,000,000 | ||
CBS Radio [Member] | Discontinued Operations [Member] | 7.250% Senior Notes due November 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Carrying value of senior debt | 400,000,000 | ||
Stated interest rate | 7.25% | 7.25% | |
CBS Radio [Member] | Discontinued Operations [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving Credit Facility | $ 10,000,000 |
Restructuring and Merger and 65
Restructuring and Merger and Acquisition-Related Costs (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 63 | $ 30 | ||
Payments for restructuring | 32 | 22 | $ 68 | |
Professional fees associated with merger and acquisition activities | 8 | |||
Severance costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 54 | 19 | $ 24 | |
Payments for restructuring | 45 | |||
Contract termination and other related costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 9 | $ 11 | $ 21 | |
Payments for restructuring | $ 23 |
Restructuring and Merger and 66
Restructuring and Merger and Acquisition-Related Costs (Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $ 39 | $ 31 | |
Charges | 63 | 30 | |
Settlements | (32) | (22) | $ (68) |
Restructuring reserve, ending balance | 70 | 39 | 70 |
Operating Segments [Member] | Entertainment [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 20 | 19 | |
Charges | 44 | 16 | |
Settlements | (18) | (15) | |
Restructuring reserve, ending balance | 46 | 20 | 46 |
Operating Segments [Member] | Cable Networks [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 4 | 0 | |
Charges | 0 | 4 | |
Settlements | (3) | 0 | |
Restructuring reserve, ending balance | 1 | 4 | 1 |
Operating Segments [Member] | Publishing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 1 | 0 | |
Charges | 5 | 1 | |
Settlements | (3) | 0 | |
Restructuring reserve, ending balance | 3 | 1 | 3 |
Operating Segments [Member] | Local Media [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 12 | 11 | |
Charges | 12 | 6 | |
Settlements | (7) | (5) | |
Restructuring reserve, ending balance | 17 | 12 | 17 |
Corporate [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 2 | 1 | |
Charges | 2 | 3 | |
Settlements | (1) | (2) | |
Restructuring reserve, ending balance | $ 3 | $ 2 | $ 3 |
Programming and Other Invento67
Programming and Other Inventory (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | ||
Acquired program rights | $ 2,234 | $ 1,773 |
Acquired television library | 99 | 0 |
Internally produced programming, released | 1,780 | 1,746 |
Internally produced programming, in process and other | 543 | 298 |
Publishing, primarily finished goods | 53 | 49 |
Total programming and other inventory | 4,709 | 3,866 |
Less current portion | 1,828 | 1,427 |
Net property and equipment | 2,881 | $ 2,439 |
Internally produced programming to be amortized in next fiscal year | $ 725 | |
Amortization period | 3 years |
Related Parties (Details)
Related Parties (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)interesttrustee | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
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) | 10.20% | ||
Number of trustees | trustee | 7 | ||
Viacom Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from transactions with related parties | $ 145 | $ 120 | $ 176 |
Expenses from transactions with related parties | 21 | 24 | 25 |
Amounts due from Related Party | |||
Receivables | 93 | 113 | |
Other assets (Receivables, noncurrent) | 11 | 35 | |
Amounts due from related party | 104 | 148 | |
Equity Method Investees [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues from transactions with related parties | 99 | 112 | $ 160 |
Amounts due from Related Party | |||
Amounts due from related party | $ 27 | $ 47 | |
Number of equity interests | interest | 2 |
Investments (Details)
Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 283 | $ 227 | |
Cost method investments | 24 | 34 | |
Investments in and advances to investee companies | 110 | 81 | $ 98 |
Write-down of cost investments | $ 13 | ||
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% | ||
AMC Networks Inc Other JV [Member] | Equity Method Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment ownership percentage | 30.00% |
Bank Financing and Debt (Schedu
Bank Financing and Debt (Schedule of Debt) (Details) - USD ($) | Dec. 31, 2017 | Nov. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2016 |
Debt Instrument [Line Items] | |||||
Commercial paper | $ 679,000,000 | $ 450,000,000 | |||
Carrying value of senior debt | 9,430,000,000 | 8,850,000,000 | |||
Obligations under capital leases | 57,000,000 | 75,000,000 | |||
Total debt | 10,162,000,000 | 9,375,000,000 | |||
Current portion of long-term debt | 19,000,000 | 23,000,000 | |||
Total long-term debt, net of current portion | 9,464,000,000 | 8,902,000,000 | |||
Net unamortized discount on senior debt | 65,000,000 | 52,000,000 | |||
Unamortized deferred financing costs | 47,000,000 | 43,000,000 | |||
Decrease (increase) in the carrying value of debt relating to previously settled fair value hedges | 3,000,000 | (5,000,000) | |||
Face value of debt | 10,280,000,000 | 9,470,000,000 | |||
Senior Notes due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 0 | 399,000,000 | |||
Stated interest rate | 1.95% | 1.95% | |||
Senior Notes due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 0 | 305,000,000 | |||
Stated interest rate | 4.625% | 4.625% | |||
Senior Notes due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 604,000,000 | 606,000,000 | |||
Stated interest rate | 2.30% | ||||
Senior Notes due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 0 | 499,000,000 | |||
Stated interest rate | 5.75% | 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 | $ 696,000,000 | 695,000,000 | |||
Stated interest rate | 3.375% | ||||
Senior Notes due 2023 2.50% [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 396,000,000 | 0 | |||
Stated interest rate | 2.50% | ||||
Face value of debt | $ 400,000,000 | ||||
Senior Notes due 2023 2.90% [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 395,000,000 | 0 | |||
Stated interest rate | 2.90% | ||||
Face value of debt | $ 400,000,000 | ||||
Debentures due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 187,000,000 | 187,000,000 | |||
Stated interest rate | 7.875% | ||||
Senior Notes due 2023 7.125% [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 | $ 597,000,000 | 596,000,000 | |||
Stated interest rate | 3.70% | ||||
Senior Notes due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 589,000,000 | 587,000,000 | |||
Stated interest rate | 3.50% | ||||
Senior Notes due 2026 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 785,000,000 | 783,000,000 | |||
Stated interest rate | 4.00% | ||||
Senior Notes due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 684,000,000 | 683,000,000 | |||
Stated interest rate | 2.90% | 2.90% | |||
Face value of debt | $ 700,000,000 | ||||
Senior Notes due 2028 3.375% [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 493,000,000 | 0 | |||
Stated interest rate | 3.375% | ||||
Face value of debt | $ 500,000,000 | ||||
Senior Notes due 2028 3.70% [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 489,000,000 | 0 | |||
Stated interest rate | 3.70% | ||||
Face value of debt | $ 500,000,000 | ||||
Senior Debentures due 2030 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 832,000,000 | 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 | 485,000,000 | |||
Stated interest rate | 4.85% | ||||
Senior Notes due 2044 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 539,000,000 | 538,000,000 | |||
Stated interest rate | 4.90% | ||||
Senior Notes due 2045 [Member] | |||||
Debt Instrument [Line Items] | |||||
Carrying value of senior debt | $ 588,000,000 | $ 587,000,000 | |||
Stated interest rate | 4.60% |
Bank Financing and Debt (Narrat
Bank Financing and Debt (Narrative) (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2017 | Jul. 31, 2017 | Jul. 31, 2016 | Jan. 31, 2016 | |
Line of Credit Facility [Line Items] | |||||||
Face value of debt | $ 10,280,000,000 | $ 9,470,000,000 | |||||
Repayment of senior notes | 1,244,000,000 | 199,000,000 | $ 0 | ||||
Loss on early extinguishment of debt | (49,000,000) | $ 0 | $ 0 | ||||
Senior Notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Repayment of senior notes | $ 1,200,000,000 | ||||||
Senior Notes due 2023 2.90% [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Face value of debt | $ 400,000,000 | ||||||
Stated interest rate | 2.90% | ||||||
Senior Notes due 2028 3.70% [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Face value of debt | $ 500,000,000 | ||||||
Stated interest rate | 3.70% | ||||||
Senior Notes due 2023 2.50% [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Face value of debt | $ 400,000,000 | ||||||
Stated interest rate | 2.50% | ||||||
Senior Notes due 2028 3.375% [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Face value of debt | $ 500,000,000 | ||||||
Stated interest rate | 3.375% | ||||||
Senior Notes due 2020 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 5.75% | 5.75% | |||||
Debt redemptions | $ 500,000,000 | ||||||
Senior Notes due 2018 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 4.625% | 4.625% | |||||
Debt redemptions | $ 300,000,000 | ||||||
Loss on early extinguishment of debt | $ 49,000,000 | ||||||
Loss on early extinguishment of debt. net of tax | $ 31,000,000 | ||||||
Senior Notes due 2017 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 1.95% | 1.95% | |||||
Debt redemptions | $ 400,000,000 | ||||||
Senior Notes due 2027 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Face value of debt | $ 700,000,000 | ||||||
Stated interest rate | 2.90% | 2.90% | |||||
Senior Debentures due 2016 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Stated interest rate | 7.625% | ||||||
Debt redemptions | $ 200,000,000 |
Bank Financing and Debt (Maturi
Bank Financing and Debt (Maturities of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 0 |
2,019 | 600 |
2,020 | 0 |
2,021 | 300 |
2,022 | 700 |
2023 and Thereafter | $ 7,940 |
Bank Financing and Debt (Commer
Bank Financing and Debt (Commercial Paper Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | ||
Commercial paper | $ 679,000,000 | $ 450,000,000 |
Commercial Paper [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity under credit facility | $ 2,500,000,000 | |
Debt term | 90 days | 90 days |
Weighted average interest rate | 1.88% | 0.98% |
Bank Financing and Debt (Credit
Bank Financing and Debt (Credit Facility Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | |
Period for consolidated EBITDA | 12 months |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity under credit facility | $ 2,500,000,000 |
Maximum Consolidated Leverage Ratio | 4.5 |
Consolidated Leverage Ratio | 3.1 |
Borrowings outstanding | $ 0 |
Availability under the credit facility, net of outstanding letters of credit | $ 2,490,000,000 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Carrying value of senior debt | $ 9,430 | $ 8,850 |
Fair value of senior debt | 10,160 | 9,510 |
Foreign exchange contract [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on non-designated foreign exchange contracts | (27) | 33 |
Cash flow hedging [Member] | Foreign exchange contract [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivative | $ 410 | $ 433 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Foreign currency hedges | $ 5 | $ 34 |
Total Assets | 5 | 34 |
Liabilities: | ||
Deferred compensation | 363 | 347 |
Foreign currency hedges | 10 | 1 |
Total Liabilities | 373 | 348 |
Level 1 [Member] | ||
Assets: | ||
Foreign currency hedges | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities: | ||
Deferred compensation | 0 | 0 |
Foreign currency hedges | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Foreign currency hedges | 5 | 34 |
Total Assets | 5 | 34 |
Liabilities: | ||
Deferred compensation | 363 | 347 |
Foreign currency hedges | 10 | 1 |
Total Liabilities | 373 | 348 |
Level 3 [Member] | ||
Assets: | ||
Foreign currency hedges | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities: | ||
Deferred compensation | 0 | 0 |
Foreign currency hedges | 0 | 0 |
Total Liabilities | $ 0 | $ 0 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 16, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Dividends per common share (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.15 | $ 0.15 | $ 0.72 | $ 0.66 | $ 0.60 | |
Dividends | $ 289 | $ 294 | $ 293 | |||||||||
Class B Common Stock purchased (shares) | 16,200,000 | |||||||||||
Class B Common Stock purchased | $ 1,050 | |||||||||||
Average price per share repurchased (in dollars per share) | $ 64.70 | |||||||||||
Remaining authorization under repurchase program | $ 3,060 | $ 3,060 | ||||||||||
Minimum Class A shares needed for conversion (in shares) | 5,000 | 5,000 | ||||||||||
Conversion of A shares into B shares (shares) | 100,000 | 100,000 | ||||||||||
Discontinued Operations [Member] | CBS Radio [Member] | Common Class B [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Shares received in exchange offer (in shares) | 17,854,689 | |||||||||||
Discontinued Operations [Member] | CBS Radio [Member] | Common Stock [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Shares exchanged in exchange offer (in shares) | 101,400,000 |
Stockholders' Equity (Accumulat
Stockholders' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | $ 3,689 | $ 5,563 | |
Other comprehensive income (loss) before reclassifications | (167) | (166) | $ (71) |
Reclassifications to net earnings | 272 | 169 | 36 |
Total other comprehensive income (loss), net of tax | 105 | 3 | (35) |
Balance, end of year | 1,978 | 3,689 | 5,563 |
Tax (provision) benefit on net actuarial gain (loss) and prior service costs related to pension and other postretirement plans | (106) | (3) | 19 |
Cumulative translation adjustments [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | 151 | 152 | 157 |
Other comprehensive income (loss) before reclassifications | 6 | (1) | (5) |
Reclassifications to net earnings | 2 | 0 | 0 |
Total other comprehensive income (loss), net of tax | 8 | (1) | (5) |
Balance, end of year | 159 | 151 | 152 |
Net actuarial gain (loss) and prior service cost [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | (918) | (922) | (892) |
Other comprehensive income (loss) before reclassifications | (173) | (165) | (66) |
Reclassifications to net earnings | 270 | 169 | 36 |
Total other comprehensive income (loss), net of tax | 97 | 4 | (30) |
Balance, end of year | (821) | (918) | (922) |
Accumulated other comprehensive loss [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of year | (767) | (770) | (735) |
Total other comprehensive income (loss), net of tax | 105 | 3 | (35) |
Balance, end of year | $ (662) | $ (767) | $ (770) |
Stock-Based Compensation (Expen
Stock-Based Compensation (Expense) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for future grant under equity incentive plans (in shares) | 45 | ||
Stock-based compensation expense, before income taxes | $ 179 | $ 165 | $ 157 |
Continuing Operations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs and PSUs | 152 | 137 | 129 |
Stock options | 27 | 28 | 28 |
Stock-based compensation expense, before income taxes | 179 | 165 | 157 |
Related tax benefit | (69) | (63) | (61) |
Stock-based compensation expense, net of tax benefit | 110 | 102 | 96 |
Discontinued Operations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 2 | $ 12 | $ 17 |
Stock-Based Compensation (RSUs
Stock-Based Compensation (RSUs and PSUs) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate fair value of RSUs vested during the period | $ 193 | $ 129 | $ 212 |
Unrecognized future expense of unvested RSUs | $ 192 | ||
Weighted average period over which future expense of unrecognized stock-based compensation will be recognized (years) | 2 years 2 months 12 days | ||
RSUs | |||
Non-vested (shares), beginning balance | 6,457,620 | ||
Granted (shares) | 2,506,607 | ||
Vested (shares) | (2,892,533) | ||
Forfeited (shares) | (747,707) | ||
Non-vested (shares), ending balance | 5,323,987 | 6,457,620 | |
Weighted Average Grant Date Fair Value | |||
Non-vested, beginning balance (USD per share) | $ 52.57 | ||
Granted (USD per share) | 66.59 | $ 47.30 | $ 59.11 |
Vested (USD per share) | 52.69 | ||
Forfeited (USD per share) | 59.04 | ||
Non-vested, ending balance (USD per share) | $ 58.19 | $ 52.57 | |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service period over which grants vest | 1 year | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service period over which grants vest | 4 years | ||
Performance Share Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value | $ 23 | $ 4 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options, Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option term until expiration | 8 years | ||
Weighted average grant date fair value of stock options (USD per share) | $ 17.50 | $ 12.30 | $ 15.73 |
Weighted average remaining contractual life of outstanding stock options (years) | 4 years 4 months 28 days | ||
Share price (USD per share) | $ 59 | ||
Intrinsic value of stock options outstanding | $ 108 | ||
Weighted average remaining contractual life of exercisable stock options (years) | 3 years 5 months 9 days | ||
Intrinsic value of stock options exercisable | $ 92 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized future expense of unvested stock options | $ 37 | ||
Weighted average period over which future expense of unrecognized stock-based compensation will be recognized (years) | 2 years 3 months 18 days | ||
Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service period over which grants vest | 3 years | ||
Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service period over which grants vest | 4 years |
Stock-Based Compensation (Sto82
Stock-Based Compensation (Stock Options, Black-Scholes Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected dividend yield | 1.09% | 1.31% | 1.25% |
Expected stock price volatility | 29.89% | 32.55% | 31.45% |
Risk-free interest rate | 2.00% | 1.35% | 1.63% |
Expected term of options | 5 years | 5 years | 5 years |
Minimum term of publicly traded options used to derive implied volatility of options grants | 1 year |
Stock-Based Compensation (Sto83
Stock-Based Compensation (Stock-Options, Rollforward) (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Stock Options | |
Outstanding (shares), beginning balance | shares | 11,911,647 |
Granted (shares) | shares | 1,361,464 |
Exercised (shares) | shares | (2,940,667) |
Forfeited or expired (shares) | shares | (218,608) |
Outstanding (shares), ending balance | shares | 10,113,836 |
Exercisable (shares) | shares | 6,376,286 |
Weighted Average Exercise Price | |
Outstanding, beginning balance (USD per share) | $ / shares | $ 44.14 |
Granted (USD per share) | $ / shares | 66.31 |
Exercised (USD per share) | $ / shares | 31.12 |
Forfeited or expired (USD per share) | $ / shares | 59.04 |
Outstanding, ending balance (USD per share) | $ / shares | 50.59 |
Exercisable (USD per share) | $ / shares | $ 46.30 |
Stock-Based Compensation (Sto84
Stock-Based Compensation (Stock Options, Other Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Cash received from stock option exercises | $ 91 | $ 21 | $ 142 |
Tax benefit of stock option exercises | 36 | 14 | 74 |
Intrinsic value of stock option exercises | $ 96 | $ 37 | $ 192 |
Stock-Based Compensation (Sto85
Stock-Based Compensation (Stock Options Outstanding and Exercisable by Exercise Price) (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | |
Number of stock options outstanding (shares) | shares | 10,113,836 |
Weighted average remaining contractual life of outstanding stock options (years) | 4 years 4 months 28 days |
Number of stock options exercisable (shares) | shares | 6,376,286 |
$5 to $9.99 [Member] | |
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (USD per share) | $ 5 |
Exercise price range, upper range limit (USD per share) | $ 9.99 |
Number of stock options outstanding (shares) | shares | 25,465 |
Weighted average remaining contractual life of outstanding stock options (years) | 1 year 29 days |
Stock options outstanding, weighted average exercise (USD per share) | $ 5.72 |
Number of stock options exercisable (shares) | shares | 25,465 |
Stock options exercisable, weighted average exercise price (USD per share) | $ 5.72 |
$10 to $19.99 [Member] | |
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (USD per share) | 10 |
Exercise price range, upper range limit (USD per share) | $ 19.99 |
Number of stock options outstanding (shares) | shares | 174,668 |
Weighted average remaining contractual life of outstanding stock options (years) | 11 months 12 days |
Stock options outstanding, weighted average exercise (USD per share) | $ 14.46 |
Number of stock options exercisable (shares) | shares | 174,668 |
Stock options exercisable, weighted average exercise price (USD per share) | $ 14.46 |
$20 to $29.99 [Member] | |
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (USD per share) | 20 |
Exercise price range, upper range limit (USD per share) | $ 29.99 |
Number of stock options outstanding (shares) | shares | 1,086,770 |
Weighted average remaining contractual life of outstanding stock options (years) | 1 year 8 months 12 days |
Stock options outstanding, weighted average exercise (USD per share) | $ 26.62 |
Number of stock options exercisable (shares) | shares | 1,086,770 |
Stock options exercisable, weighted average exercise price (USD per share) | $ 26.62 |
$30 to $39.99 [Member] | |
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (USD per share) | 30 |
Exercise price range, upper range limit (USD per share) | $ 39.99 |
Number of stock options outstanding (shares) | shares | 791,703 |
Weighted average remaining contractual life of outstanding stock options (years) | 2 years 9 months 26 days |
Stock options outstanding, weighted average exercise (USD per share) | $ 34.27 |
Number of stock options exercisable (shares) | shares | 791,703 |
Stock options exercisable, weighted average exercise price (USD per share) | $ 34.27 |
$40 to $49.99 [Member] | |
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (USD per share) | 40 |
Exercise price range, upper range limit (USD per share) | $ 49.99 |
Number of stock options outstanding (shares) | shares | 3,213,930 |
Weighted average remaining contractual life of outstanding stock options (years) | 4 years 7 months 10 days |
Stock options outstanding, weighted average exercise (USD per share) | $ 45.17 |
Number of stock options exercisable (shares) | shares | 1,977,910 |
Stock options exercisable, weighted average exercise price (USD per share) | $ 44.77 |
$50 to $59.99 [Member] | |
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (USD per share) | 50 |
Exercise price range, upper range limit (USD per share) | $ 59.99 |
Number of stock options outstanding (shares) | shares | 1,635,410 |
Weighted average remaining contractual life of outstanding stock options (years) | 5 years 1 month 17 days |
Stock options outstanding, weighted average exercise (USD per share) | $ 59.54 |
Number of stock options exercisable (shares) | shares | 772,552 |
Stock options exercisable, weighted average exercise price (USD per share) | $ 59.54 |
$60 to $69.99 [Member] | |
Stock Options Outstanding And Exercisable By Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (USD per share) | 60 |
Exercise price range, upper range limit (USD per share) | $ 69.99 |
Number of stock options outstanding (shares) | shares | 3,185,890 |
Weighted average remaining contractual life of outstanding stock options (years) | 5 years 4 months 17 days |
Stock options outstanding, weighted average exercise (USD per share) | $ 66.04 |
Number of stock options exercisable (shares) | shares | 1,547,218 |
Stock options exercisable, weighted average exercise price (USD per share) | $ 65.89 |
Income Taxes (Income (Loss) fro
Income Taxes (Income (Loss) from Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 1,441 | $ 1,803 | $ 1,840 |
Foreign | 538 | 427 | 424 |
Earnings from continuing operations before income taxes and equity in loss of investee companies | $ 1,979 | $ 2,230 | $ 2,264 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 720 | $ 359 | $ 110 |
State and local | 38 | 64 | 30 |
Foreign | 63 | 61 | 91 |
Total current income tax expense provision | 821 | 484 | 231 |
Deferred | (188) | 144 | 445 |
Provision for income taxes | $ 633 | $ 628 | $ 676 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
(Provision) benefit for income taxes for discontinued operations | $ (8) | $ (124) | $ 82 | ||
Provision (benefit) for income taxes | 633 | 628 | 676 | ||
Realized tax benefits from exercise of stock options and vesting of RSUs | 104 | 57 | |||
Net deferred tax assets of discontinued operations | $ 12 | 12 | |||
Net deferred tax liabilities of discontinued operations | (975) | ||||
Net operating loss carryforwards | 1,740 | 1,740 | |||
Valuation allowance | 974 | 974 | 928 | ||
Provisional income tax charge | 129 | 129 | |||
Estimated tax on repatriation of foreign earnings | 407 | ||||
Estimated tax on remeasurement of deferred income tax | 278 | ||||
Unrecognized tax benefits | 138 | 138 | 102 | 104 | $ 140 |
Amount included in reserve for uncertain tax positions that would affect Company's effective income tax rate (including discontinued operations) if recognized | 127 | 127 | |||
Interest and penalty charges related to the reserve for uncertain tax positions | 6 | 7 | 7 | ||
Liabilities for accrued interest and penalty charges related to the reserve for uncertain tax positions | 14 | $ 14 | 35 | ||
Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Net operating loss carryforward expiration date | Jan. 1, 2018 | ||||
Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Net operating loss carryforward expiration date | Dec. 31, 2037 | ||||
Discontinued Operations [Member] | |||||
Related Party Transaction [Line Items] | |||||
Unrecognized tax benefits | $ 3 | $ 3 | 20 | ||
Equity Method Investees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Provision (benefit) for income taxes | $ (22) | $ (25) | $ (22) | ||
Effective income tax rate | 37.90% | 33.50% | 38.70% |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Taxes on income at U.S. federal statutory rate | $ 693 | $ 780 | $ 792 | |
State and local taxes, net of federal tax benefit | 47 | 59 | 55 | |
Effect of foreign operations | (162) | (112) | (100) | |
Impact of federal tax legislation | 129 | 0 | 0 | |
Excess tax benefits from stock-based compensation | (44) | 0 | 0 | |
Domestic production deduction | (31) | (42) | (25) | |
Sales of businesses | 0 | 0 | (42) | |
Audit settlements, net | 0 | 0 | (9) | |
Other, net | 1 | (57) | 5 | |
Provision for income taxes | $ 633 | $ 628 | $ 676 | |
Multiyear adjustment to tax deduction | $ (47) |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred income tax assets: | ||
Reserves and other accrued liabilities | $ 391 | $ 671 |
Pension, postretirement and other employee benefits | 478 | 843 |
Tax credit and loss carryforwards | 835 | 966 |
Other | 70 | 113 |
Total deferred income tax assets | 1,774 | 2,593 |
Valuation allowance | (974) | (928) |
Deferred income tax assets, net | 800 | 1,665 |
Deferred income tax liabilities: | ||
Intangible assets | (847) | (1,469) |
Unbilled licensing receivables | (291) | (636) |
Property, equipment and other assets | (86) | (140) |
Total deferred income tax liabilities | (1,224) | (2,245) |
Deferred income tax liabilities, net | $ (424) | $ (580) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in reserve for uncertain tax positions, excluding related accrued interest and penalties | |||
Unrecognized tax benefits, beginning of year | $ 102 | $ 104 | $ 140 |
Additions for current year tax positions | 50 | 9 | 14 |
Additions for prior year tax positions | 39 | 4 | 6 |
Reductions for prior year tax positions | (41) | (8) | (32) |
Cash settlements | (5) | (6) | (23) |
Statute of limitations lapses | (7) | (1) | (1) |
Unrecognized tax benefits, end of year | $ 138 | $ 102 | $ 104 |
Pension and Other Postretirem92
Pension and Other Postretirement Benefits (Change in Benefit Obligation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service period over which benefits vest | 5 years | |||
Percent of plan assets' fair value invested in Company common stock | 2.80% | 2.80% | 2.80% | |
Pension settlement charges | $ 352 | $ 211 | $ 0 | |
Pension benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlements | (862) | (518) | ||
Pension settlement charges | 352 | 211 | 0 | |
Change in benefit obligation: | ||||
Benefit obligation, beginning of year | 4,660 | 4,911 | ||
Service cost | 29 | 29 | 31 | |
Interest cost | 191 | 215 | 209 | |
Actuarial loss (gain) | 337 | 353 | ||
Benefits paid | (326) | (328) | ||
Participants’ contributions | 0 | 0 | ||
Retiree Medicare drug subsidy | 0 | 0 | ||
Settlements | (862) | (518) | ||
Cumulative translation adjustments | 11 | (2) | ||
Benefit obligation, end of year | $ 4,040 | 4,040 | 4,660 | 4,911 |
Pension benefits [Member] | Group Annuity Purchase [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlements | (800) | |||
Change in benefit obligation: | ||||
Settlements | (800) | |||
Postretirement benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlements | 0 | 0 | ||
Pension settlement charges | 0 | 0 | 0 | |
Change in benefit obligation: | ||||
Benefit obligation, beginning of year | 447 | 486 | ||
Service cost | 0 | 0 | 0 | |
Interest cost | 18 | 20 | 20 | |
Actuarial loss (gain) | 19 | (5) | ||
Benefits paid | (73) | (69) | ||
Participants’ contributions | 10 | 11 | ||
Retiree Medicare drug subsidy | 3 | 4 | ||
Settlements | 0 | 0 | ||
Cumulative translation adjustments | 0 | 0 | ||
Benefit obligation, end of year | $ 424 | 424 | $ 447 | $ 486 |
Qualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution amount | $ 600 | |||
Qualified Plan [Member] | Pension benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percent of pension obligations settled | 20.00% | 12.00% | ||
Pension settlement charges | $ 352 |
Pension and Other Postretirem93
Pension and Other Postretirement Benefits (Change In Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Pension benefits [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | $ 3,244 | $ 3,734 |
Actual return on plan assets | 328 | 305 |
Employer contributions | 650 | 52 |
Benefits paid | (326) | (328) |
Participants’ contributions | 0 | 0 |
Retiree Medicare drug subsidy | 0 | 0 |
Settlements | (862) | (518) |
Cumulative translation adjustments | 12 | (1) |
Fair value of plan assets, end of year | 3,046 | 3,244 |
Postretirement benefits [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | 4 | 4 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 56 | 54 |
Benefits paid | (73) | (69) |
Participants’ contributions | 10 | 11 |
Retiree Medicare drug subsidy | 3 | 4 |
Settlements | 0 | 0 |
Cumulative translation adjustments | 0 | 0 |
Fair value of plan assets, end of year | $ 0 | $ 4 |
Pension and Other Postretirem94
Pension and Other Postretirement Benefits (Funded Status of Pension and Postretirement Benefit Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ (1,328) | $ (1,769) |
Pension benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (994) | (1,416) |
Other assets | 12 | 13 |
Current liabilities | (53) | (53) |
Noncurrent liabilities | (953) | (1,376) |
Net amounts recognized | (994) | (1,416) |
Pension benefits [Member] | Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (309) | (742) |
Postretirement benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (424) | (443) |
Other assets | 0 | 0 |
Current liabilities | (49) | (50) |
Noncurrent liabilities | (375) | (393) |
Net amounts recognized | $ (424) | $ (443) |
Pension and Other Postretirem95
Pension and Other Postretirement Benefits (Funded Status and Amounts Recognized in Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Pension benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | $ (1,583) | $ (1,827) |
Net prior service cost | (6) | (7) |
Share of equity investee | (2) | (1) |
Net amount recognized in accumulated other comprehensive income (loss) before tax | (1,591) | (1,835) |
Deferred income taxes | 606 | 725 |
Net amount recognized in accumulated other comprehensive income (loss) | (985) | (1,110) |
Accumulated benefit obligation for all defined benefit pension plans | 3,960 | 4,590 |
Postretirement benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | 189 | 230 |
Net prior service cost | 0 | 0 |
Share of equity investee | 0 | 0 |
Net amount recognized in accumulated other comprehensive income (loss) before tax | 189 | 230 |
Deferred income taxes | (25) | (38) |
Net amount recognized in accumulated other comprehensive income (loss) | $ 164 | $ 192 |
Pension and Other Postretirem96
Pension and Other Postretirement Benefits (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 3,933 | $ 4,558 |
Accumulated benefit obligation | 3,852 | 4,485 |
Fair value of plan assets | $ 2,928 | $ 3,129 |
Pension and Other Postretirem97
Pension and Other Postretirement Benefits (Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of net periodic cost: | |||
Settlements | $ 352 | $ 211 | $ 0 |
Other comprehensive income (loss): | |||
Deferred income taxes | (106) | (3) | 19 |
Pension benefits [Member] | |||
Components of net periodic cost: | |||
Service cost | 29 | 29 | 31 |
Interest cost | 191 | 215 | 209 |
Expected return on plan assets | (201) | (227) | (261) |
Amortization of actuarial losses (gains) | 101 | 84 | 79 |
Amortization of prior service cost | 2 | 1 | 1 |
Settlements | 352 | 211 | 0 |
Net periodic cost | 474 | 313 | 59 |
Other comprehensive income (loss): | |||
Actuarial loss | (210) | ||
Amortization of actuarial losses (gains) | 101 | ||
Amortization of prior service cost | 2 | ||
Settlements | 352 | ||
Cumulative translation adjustments | (1) | ||
Recognized in other comprehensive income, before tax | 244 | ||
Deferred income taxes | (119) | ||
Recognized in other comprehensive income (loss), net of tax | 125 | ||
Expected Amortization | |||
Estimated net actuarial gain (loss) that will be amortized into net periodic benefit cost over next fiscal year | (81) | ||
Estimated net prior service cost (credit) that will be amortized into net periodic benefit cost over the next fiscal year | 1 | ||
Postretirement benefits [Member] | |||
Components of net periodic cost: | |||
Service cost | 0 | 0 | 0 |
Interest cost | 18 | 20 | 20 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial losses (gains) | (22) | (21) | (21) |
Amortization of prior service cost | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Net periodic cost | (4) | $ (1) | $ (1) |
Other comprehensive income (loss): | |||
Actuarial loss | (19) | ||
Amortization of actuarial losses (gains) | (22) | ||
Amortization of prior service cost | 0 | ||
Settlements | 0 | ||
Cumulative translation adjustments | 0 | ||
Recognized in other comprehensive income, before tax | (41) | ||
Deferred income taxes | 13 | ||
Recognized in other comprehensive income (loss), net of tax | (28) | ||
Expected Amortization | |||
Estimated net actuarial gain (loss) that will be amortized into net periodic benefit cost over next fiscal year | $ 18 |
Pension and Other Postretirem98
Pension and Other Postretirement Benefits (Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Pension benefits [Member] | ||
Weighted average assumptions used to determine benefit obligations at December 31: | ||
Discount rate | 3.90% | 4.30% |
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 | 4.30% | 4.60% |
Expected long-term return on plan assets | 6.40% | 6.40% |
Rate of compensation increase | 3.00% | 3.00% |
Postretirement benefits [Member] | ||
Weighted average assumptions used to determine benefit obligations at December 31: | ||
Discount rate | 3.90% | 4.10% |
Weighted average assumptions used to determine net periodic costs for the year ended December 31: | ||
Discount rate | 4.10% | 4.20% |
Expected long-term return on plan assets | 2.00% | 2.00% |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates | ||
Projected health care cost trend rate | 7.00% | 6.60% |
Ultimate trend rate | 5.00% | 5.00% |
Year ultimate trend rate is achieved | 2,023 | 2,021 |
Pension and Other Postretirem99
Pension and Other Postretirement Benefits (Sensitivity) (Details) - Postretirement benefits [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [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 | 6 |
Effect of one percentage point decrease on the accumulated postretirement benefit obligation | $ (5) |
Pension and Other Postretire100
Pension and Other Postretirement Benefits (Plan Asset Allocations) (Details) | Dec. 31, 2017 |
United States [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, actual plan asset allocation | 94.00% |
United States [Member] | Fixed Income Instrument [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, actual plan asset allocation | 71.00% |
United States [Member] | Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, actual plan asset allocation | 24.00% |
United States [Member] | Minimum [Member] | Fixed Income Instrument [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 70.00% |
United States [Member] | Minimum [Member] | Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 16.00% |
United States [Member] | Maximum [Member] | Fixed Income Instrument [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 80.00% |
United States [Member] | Maximum [Member] | Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, target plan asset allocations | 28.00% |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, actual plan asset allocation | 6.00% |
Foreign Plan [Member] | Fixed Income Instrument [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, actual plan asset allocation | 69.00% |
Foreign Plan [Member] | Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, actual plan asset allocation | 17.00% |
Pension and Other Postretire101
Pension and Other Postretirement Benefits (Fair Value Measurements) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | $ 3,046 | $ 3,244 | $ 3,734 |
Postretirement benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 4 | $ 4 |
Fair Value, Measurements, Recurring [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 2,495 | 2,692 | |
Fair Value, Measurements, Recurring [Member] | Cash and cash equivalents [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 88 | 64 | |
Fair Value, Measurements, Recurring [Member] | US treasury securities [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 135 | 132 | |
Fair Value, Measurements, Recurring [Member] | Government-related securities [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 250 | 225 | |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1,657 | 1,895 | |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed and asset-backed securities [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 98 | 137 | |
Fair Value, Measurements, Recurring [Member] | US large capitalization [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 178 | 190 | |
Fair Value, Measurements, Recurring [Member] | US small capitalization [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 43 | 64 | |
Fair Value, Measurements, Recurring [Member] | International equity [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 3 | 3 | |
Fair Value, Measurements, Recurring [Member] | Other investments [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 43 | (18) | |
Fair Value, Measurements, Recurring [Member] | Common collective funds [Member] | Pension benefits [Member] | Fair Value Measured at net asset value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 519 | 521 | |
Fair Value, Measurements, Recurring [Member] | Limited partnerships [Member] | Pension benefits [Member] | Fair Value Measured at net asset value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 32 | 31 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 373 | 412 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Cash and cash equivalents [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 8 | 11 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | US treasury securities [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 135 | 132 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Government-related securities [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 12 | 18 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Corporate bonds [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Mortgage-backed and asset-backed securities [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | US large capitalization [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 175 | 187 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | US small capitalization [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 43 | 64 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | International equity [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other investments [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Fixed Income Funds [Member] | Postretirement benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 4 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 2,121 | 2,278 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Cash and cash equivalents [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 80 | 53 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | US treasury securities [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Government-related securities [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 238 | 207 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate bonds [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1,657 | 1,895 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Mortgage-backed and asset-backed securities [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 97 | 135 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | US large capitalization [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 3 | 3 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | US small capitalization [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | International equity [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 3 | 3 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other investments [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 43 | (18) | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1 | 2 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Cash and cash equivalents [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | US treasury securities [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Government-related securities [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Corporate bonds [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Mortgage-backed and asset-backed securities [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 1 | 2 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | US large capitalization [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | US small capitalization [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | International equity [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Other investments [Member] | Pension benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments, at fair value | $ 0 | $ 0 |
Pension and Other Postretire102
Pension and Other Postretirement Benefits (Fair Value Measurements Level 3 Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Pension benefits [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets, beginning of year | $ 3,244 | $ 3,734 |
Fair value of plan assets, end of year | 3,046 | 3,244 |
Postretirement benefits [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets, beginning of year | 4 | 4 |
Fair value of plan assets, end of year | 0 | 4 |
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 | 2 |
Contributions and distributions, net | (1) | 0 |
Fair value of plan assets, end of year | $ 1 | $ 2 |
Pension and Other Postretire103
Pension and Other Postretirement Benefits (Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Retiree Medicare drug subsidy | |
2,018 | $ (5) |
2,019 | (5) |
2,020 | (5) |
2,021 | (5) |
2,022 | (5) |
2023-2027 | (22) |
Pension benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 448 |
2,019 | 266 |
2,020 | 263 |
2,021 | 261 |
2,022 | 258 |
2023-2027 | 1,229 |
Expected contribution in the next fiscal year | 53 |
Postretirement benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 54 |
2,019 | 52 |
2,020 | 49 |
2,021 | 46 |
2,022 | 43 |
2023-2027 | 172 |
Expected contribution in the next fiscal year | $ 49 |
Pension and Other Postretire104
Pension and Other Postretirement Benefits (Multiemployer Pension and Postretirement Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2016 | Dec. 31, 2015 | |
Pension Plan [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Company Contributions | $ 80 | $ 60 | $ 50 | |
Pension Plan [Member] | AFTRA Retirement Plan [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity tax identification number | 136,414,972 | |||
Pension plan number | 1 | |||
Pension Protection Act | Green | Green | ||
Company Contributions | $ 6 | $ 6 | 5 | |
Multiemployer Plan for which the company contributed more than 5% of total contributions | true | |||
Pension Plan [Member] | AFTRA Retirement Plan [Member] | Minimum [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Expiration date of collective bargaining agreement | Jun. 30, 2018 | |||
Pension Plan [Member] | AFTRA Retirement Plan [Member] | Maximum [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Expiration date of collective bargaining agreement | Dec. 31, 2020 | |||
Pension Plan [Member] | Directors Guild Of America Producer [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity tax identification number | 952,892,780 | |||
Pension plan number | 1 | |||
Pension Protection Act | Green | Green | ||
Company Contributions | $ 8 | $ 6 | 6 | |
Expiration date of collective bargaining agreement | Jun. 30, 2020 | |||
Pension Plan [Member] | Producer Writers Guild Of America [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity tax identification number | 952,216,351 | |||
Pension plan number | 1 | |||
Pension Protection Act | Green | Green | ||
Company Contributions | $ 15 | $ 12 | 11 | |
Expiration date of collective bargaining agreement | May 1, 2020 | |||
Pension Plan [Member] | Screen Actors Guild Producers [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity tax identification number | 952,110,997 | |||
Pension plan number | 1 | |||
Pension Protection Act | Green | Green | ||
Company Contributions | $ 22 | $ 11 | 9 | |
Expiration date of collective bargaining agreement | Jun. 30, 2020 | |||
Pension Plan [Member] | Motion Picture Industry [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity tax identification number | 951,810,805 | |||
Pension plan number | 1 | |||
Pension Protection Act | Green | Green | ||
Company Contributions | $ 14 | $ 11 | 10 | |
Pension Plan [Member] | Motion Picture Industry [Member] | Minimum [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Expiration date of collective bargaining agreement | May 15, 2018 | |||
Pension Plan [Member] | Motion Picture Industry [Member] | Maximum [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Expiration date of collective bargaining agreement | Jun. 30, 2020 | |||
Pension Plan [Member] | I.A.T.S.E. Local No. 33 Pension Trust Fund [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Entity tax identification number | 956,377,503 | |||
Pension plan number | 1 | |||
Pension Protection Act | Green | Green | ||
Company Contributions | $ 10 | $ 9 | 8 | |
Expiration date of collective bargaining agreement | Dec. 31, 2019 | |||
Multiemployer Plan for which the company contributed more than 5% of total contributions | true | |||
Pension Plan [Member] | Multiemployer Plan, Individually Insignificant Multiemployer Plans [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Company Contributions | $ 5 | $ 5 | 1 | |
Postretirement Benefit Healthcare [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Company Contributions | $ 30 | $ 28 | $ 26 |
Pension and Other Postretire105
Pension and Other Postretirement Benefits (Defined Contribution Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Contributions to defined contribution plans | $ 42 | $ 35 | $ 39 |
Commitments and Contingencie106
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Commitments [Line Items] | |||
Programming and talent commitments | $ 10,414 | ||
Purchase obligations | 790 | ||
Future minimum sublease income | 47 | ||
Outstanding letters of credit and surety bonds | 99 | ||
Continuing Operations [Member] | |||
Other Commitments [Line Items] | |||
Rent expense | 181 | $ 167 | $ 174 |
Discontinued Operations [Member] | |||
Other Commitments [Line Items] | |||
Rent expense | 32 | $ 36 | $ 37 |
Sports programming rights commitments [Member] | |||
Other Commitments [Line Items] | |||
Programming and talent commitments | 7,300 | ||
Production and licensing of television and film programming [Member] | |||
Other Commitments [Line Items] | |||
Programming and talent commitments | 2,440 | ||
Talent contracts [Member] | |||
Other Commitments [Line Items] | |||
Programming and talent commitments | $ 672 |
Commitments and Contingencie107
Commitments and Contingencies (Commitments) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Programming and Talent | |
2,018 | $ 2,281 |
2,019 | 2,310 |
2,020 | 1,753 |
2,021 | 1,692 |
2,022 | 1,584 |
2023 and thereafter | 794 |
Total | 10,414 |
Purchase Obligations | |
2,018 | 218 |
2,019 | 226 |
2,020 | 197 |
2,021 | 56 |
2,022 | 22 |
2023 and thereafter | 71 |
Total | 790 |
Other Long-Term Contractual Obligations | |
2,018 | 0 |
2,019 | 661 |
2,020 | 420 |
2,021 | 256 |
2,022 | 169 |
2023 and thereafter | 328 |
Total | $ 1,834 |
Commitments and Contingencie108
Commitments and Contingencies (Future Minimum Rental Payments) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Capital | |
2,018 | $ 19 |
2,019 | 14 |
2,020 | 13 |
2,021 | 11 |
2,022 | 5 |
2023 and thereafter | 0 |
Total minimum payments | 62 |
Less amounts representing interest | 5 |
Present value of minimum payments | 57 |
Operating | |
2,018 | 155 |
2,019 | 129 |
2,020 | 111 |
2,021 | 104 |
2,022 | 96 |
2023 and thereafter | 527 |
Total minimum payments | $ 1,122 |
Commitments and Contingencie109
Commitments and Contingencies (Legal Matters Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)claim | Dec. 31, 2016USD ($)claim | Dec. 31, 2015claim | |
Loss Contingencies [Line Items] | |||
Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits | $ | $ 57 | $ 48 | |
Asbestos Claims [Member] | |||
Loss Contingencies [Line Items] | |||
Number of pending asbestos claims | 31,660 | 33,610 | 36,030 |
Number of new asbestos claims | 3,530 | ||
Number of asbestos claims closed or moved to inactive docket | 5,480 |
Reportable Segments (Revenues)
Reportable Segments (Revenues) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 3,921 | $ 3,171 | $ 3,257 | $ 3,343 | $ 3,518 | $ 3,084 | $ 2,976 | $ 3,588 | $ 13,692 | $ 13,166 | $ 12,671 |
Advertising | 5,753 | 6,288 | 5,824 | ||||||||
Content licensing and distribution | 3,952 | 3,673 | 3,903 | ||||||||
Affiliate and subscription fees | 3,758 | 2,978 | 2,724 | ||||||||
Other | 229 | 227 | 220 | ||||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 11,675 | 11,317 | 10,667 | ||||||||
International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,017 | 1,849 | 2,004 | ||||||||
Operating Segments [Member] | Entertainment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,818 | 1,815 | 2,184 | 2,347 | 2,394 | 1,949 | 1,947 | 2,587 | 9,164 | 8,877 | 8,438 |
Operating Segments [Member] | Cable Networks [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 547 | 840 | 571 | 543 | 501 | 598 | 536 | 525 | 2,501 | 2,160 | 2,242 |
Operating Segments [Member] | Publishing [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 235 | 228 | 206 | 161 | 209 | 226 | 187 | 145 | 830 | 767 | 780 |
Operating Segments [Member] | Local Media [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 450 | 397 | 412 | 409 | 526 | 409 | 396 | 448 | 1,668 | 1,779 | 1,592 |
Corporate/Eliminations [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ (129) | $ (109) | $ (116) | $ (117) | $ (112) | $ (98) | $ (90) | $ (117) | (471) | (417) | (381) |
Intersegment Eliminations [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | (494) | (443) | (393) | ||||||||
Intersegment Eliminations [Member] | Entertainment [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | (480) | (434) | (384) | ||||||||
Intersegment Eliminations [Member] | Cable Networks [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | (1) | (1) | 0 | ||||||||
Intersegment Eliminations [Member] | Local Media [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ (13) | $ (8) | $ (9) |
Reportable Segments (Operating
Reportable Segments (Operating Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | $ 343 | $ 707 | $ 669 | $ 704 | $ 484 | $ 721 | $ 651 | $ 765 | $ 2,423 | $ 2,621 | $ 2,658 |
Pension settlement charges | (352) | (211) | 0 | ||||||||
Restructuring and merger and acquisition-related costs | (63) | (38) | (45) | ||||||||
Other operating items, net | 19 | 9 | 139 | ||||||||
Interest expense | (457) | (411) | (392) | ||||||||
Interest income | 64 | 32 | 24 | ||||||||
Loss on early extinguishment of debt | (49) | 0 | 0 | ||||||||
Other items, net | (2) | (12) | (26) | ||||||||
Earnings from continuing operations before income taxes and equity in loss of investee companies | 1,979 | 2,230 | 2,264 | ||||||||
Provision for income taxes | (633) | (628) | (676) | ||||||||
Equity in loss of investee companies, net of tax | (37) | (50) | (34) | ||||||||
Net earnings from continuing operations | 40 | 418 | 397 | 454 | 271 | 466 | 373 | 442 | 1,309 | 1,552 | 1,554 |
Net loss from discontinued operations, net of tax | (952) | (291) | (141) | ||||||||
Net earnings | (41) | 592 | 58 | (252) | (113) | 478 | 423 | 473 | 357 | 1,261 | 1,413 |
Operating Segments And Corporate Non Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | 739 | 707 | 669 | 704 | 2,819 | 2,861 | 2,564 | ||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | 733 | 721 | 651 | 756 | 2,861 | ||||||
Operating Segments [Member] | Entertainment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | 465 | 345 | 346 | 398 | 371 | 348 | 351 | 449 | 1,554 | 1,519 | 1,294 |
Operating Segments [Member] | Cable Networks [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | 201 | 294 | 253 | 248 | 219 | 285 | 227 | 228 | 996 | 959 | 945 |
Operating Segments [Member] | Publishing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | 44 | 46 | 28 | 14 | 36 | 44 | 26 | 13 | 132 | 119 | 114 |
Operating Segments [Member] | Local Media [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | 137 | 105 | 127 | 123 | 216 | 122 | 130 | 150 | 492 | 618 | 487 |
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (108) | (83) | (85) | (79) | (109) | (78) | (83) | (84) | (355) | (354) | (276) |
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pension settlement charges | (352) | 0 | 0 | 0 | (211) | 0 | 0 | 0 | (352) | (211) | 0 |
Restructuring and merger and acquisition-related costs | (63) | 0 | 0 | 0 | (38) | 0 | 0 | 0 | (63) | (38) | (45) |
Other operating items, net | $ 19 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 9 | $ 19 | $ 9 | $ 139 |
Reportable Segments (Depreciati
Reportable Segments (Depreciation and Amortization) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 223 | $ 225 | $ 235 |
Operating Segments [Member] | Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 115 | 117 | 126 |
Operating Segments [Member] | Cable Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 23 | 23 | 23 |
Operating Segments [Member] | Publishing [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 6 | 6 | 6 |
Operating Segments [Member] | Local Media [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 45 | 44 | 48 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 34 | $ 35 | $ 32 |
Reportable Segments (Stock-base
Reportable Segments (Stock-based Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Stock-based compensation | $ 179 | $ 165 | $ 157 |
Operating Segments [Member] | Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Stock-based compensation | 66 | 61 | 61 |
Operating Segments [Member] | Cable Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Stock-based compensation | 12 | 12 | 11 |
Operating Segments [Member] | Publishing [Member] | |||
Segment Reporting Information [Line Items] | |||
Stock-based compensation | 5 | 4 | 4 |
Operating Segments [Member] | Local Media [Member] | |||
Segment Reporting Information [Line Items] | |||
Stock-based compensation | 12 | 12 | 11 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Stock-based compensation | $ 84 | $ 76 | $ 70 |
Reportable Segments (Capital Ex
Reportable Segments (Capital Expenditures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 185 | $ 196 | $ 171 |
Operating Segments [Member] | Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 98 | 98 | 99 |
Operating Segments [Member] | Cable Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 20 | 19 | 18 |
Operating Segments [Member] | Publishing [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 5 | 9 | 10 |
Operating Segments [Member] | Local Media [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 32 | 37 | 28 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 30 | $ 33 | $ 16 |
Reportable Segments (Assets) (D
Reportable Segments (Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Assets | $ 20,843 | $ 24,238 |
Assets of discontinued operations | 13 | 4,596 |
Long-Lived Assets | 14,194 | 17,883 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-Lived Assets | 13,699 | 17,476 |
International [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-Lived Assets | 495 | 407 |
Operating Segments [Member] | Entertainment [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 12,626 | 11,262 |
Operating Segments [Member] | Cable Networks [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,878 | 2,618 |
Operating Segments [Member] | Publishing [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 906 | 880 |
Operating Segments [Member] | Local Media [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 4,042 | 4,065 |
Corporate/Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 378 | $ 817 |
Supplemental Cash Flow Infor116
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash and Cash Equivalents [Line Items] | ||||
Cash paid for interest | $ 518 | $ 415 | $ 349 | |
Cash paid for income taxes | 391 | 492 | 283 | |
Non-cash investing and financing activities: | ||||
Noncash additions to property and equipment | 31 | 0 | 0 | |
Equipment acquired under capitalized leases | 5 | 10 | 3 | |
Discontinued Operations [Member] | CBS Radio [Member] | ||||
Non-cash investing and financing activities: | ||||
Shares received in split-off of CBS Radio | $ 1,007 | 0 | 0 | |
Continuing Operations [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash paid for interest | 448 | 407 | 349 | |
Cash paid for income taxes | 365 | 373 | 199 | |
Discontinued Operations [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash paid for interest | 70 | 8 | 0 | |
Cash paid for income taxes | $ 26 | $ 119 | $ 84 |
Quarterly Financial Data (Un117
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 3,921 | $ 3,171 | $ 3,257 | $ 3,343 | $ 3,518 | $ 3,084 | $ 2,976 | $ 3,588 | $ 13,692 | $ 13,166 | $ 12,671 | |
Operating income (loss) | 343 | 707 | 669 | 704 | 484 | 721 | 651 | 765 | 2,423 | 2,621 | 2,658 | |
Pension settlement charges | (352) | (211) | 0 | |||||||||
Restructuring and merger and acquisition-related costs | (63) | (38) | (45) | |||||||||
Other operating items, net | 19 | 9 | 139 | |||||||||
Net earnings from continuing operations | 40 | 418 | 397 | 454 | 271 | 466 | 373 | 442 | 1,309 | 1,552 | 1,554 | |
Net earnings (loss) | $ (41) | $ 592 | $ 58 | $ (252) | $ (113) | $ 478 | $ 423 | $ 473 | $ 357 | $ 1,261 | $ 1,413 | |
Basic net earnings (loss) per common share: | ||||||||||||
Net earnings from continuing operations (in dollars per share) | $ 0.10 | $ 1.04 | $ 0.98 | $ 1.11 | $ 0.64 | $ 1.05 | $ 0.83 | $ 0.96 | $ 3.26 | $ 3.50 | $ 3.21 | |
Net earnings (loss) (in dollars per share) | (0.10) | 1.48 | 0.14 | (0.61) | (0.27) | 1.08 | 0.94 | 1.03 | 0.89 | 2.84 | 2.92 | |
Diluted net earnings (loss) per common share: | ||||||||||||
Net earnings from continuing operations (in dollars per share) | 0.10 | 1.03 | 0.97 | 1.09 | 0.63 | 1.04 | 0.82 | 0.95 | 3.22 | 3.46 | 3.18 | |
Net earnings (loss) (in dollars per share) | $ (0.10) | $ 1.46 | $ 0.14 | $ (0.61) | $ (0.26) | $ 1.07 | $ 0.93 | $ 1.02 | $ 0.88 | $ 2.81 | $ 2.89 | |
Weighted average number of common shares outstanding: | ||||||||||||
Basic weighted average number of common shares outstanding (in shares) | 391 | 401 | 405 | 410 | 424 | 442 | 451 | 459 | 401 | 444 | 484 | |
Diluted weighted average number of common shares outstanding (in shares) | 395 | 406 | 410 | 416 | 429 | 446 | 455 | 464 | 407 | 448 | 489 | |
Dividends per common share (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.15 | $ 0.15 | $ 0.72 | $ 0.66 | $ 0.60 | |
Net loss from discontinued operations, net of tax | $ 952 | $ 291 | $ 141 | |||||||||
Provisional income tax charge | $ 129 | 129 | ||||||||||
Provisional income tax charge diluted (in dollars per share) | $ 0.32 | |||||||||||
Impairment charges | $ 444 | |||||||||||
Discontinued Operations [Member] | ||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||
Net loss on disposal | 94 | (10) | ||||||||||
Net loss from discontinued operations, net of tax | 952 | 291 | 141 | |||||||||
Market value adjustment | 980 | |||||||||||
Discontinued Operations [Member] | CBS Radio [Member] | ||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||
Net loss on disposal | $ 105 | 105 | 0 | |||||||||
Net loss from discontinued operations, net of tax | 1,009 | 255 | 151 | |||||||||
Market value adjustment | $ (100) | $ 365 | $ 715 | $ 980 | 980 | |||||||
Impairment charges | 444 | |||||||||||
Operating Segments And Corporate Non Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income (loss) | 739 | 707 | 669 | 704 | 2,819 | 2,861 | 2,564 | |||||
Operating Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income (loss) | 733 | $ 721 | $ 651 | $ 756 | 2,861 | |||||||
Operating Segments [Member] | Entertainment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2,818 | 1,815 | 2,184 | 2,347 | 2,394 | 1,949 | 1,947 | 2,587 | 9,164 | 8,877 | 8,438 | |
Operating income (loss) | 465 | 345 | 346 | 398 | 371 | 348 | 351 | 449 | 1,554 | 1,519 | 1,294 | |
Operating Segments [Member] | Cable Networks [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 547 | 840 | 571 | 543 | 501 | 598 | 536 | 525 | 2,501 | 2,160 | 2,242 | |
Operating income (loss) | 201 | 294 | 253 | 248 | 219 | 285 | 227 | 228 | 996 | 959 | 945 | |
Operating Segments [Member] | Publishing [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 235 | 228 | 206 | 161 | 209 | 226 | 187 | 145 | 830 | 767 | 780 | |
Operating income (loss) | 44 | 46 | 28 | 14 | 36 | 44 | 26 | 13 | 132 | 119 | 114 | |
Operating Segments [Member] | Local Media [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 450 | 397 | 412 | 409 | 526 | 409 | 396 | 448 | 1,668 | 1,779 | 1,592 | |
Operating income (loss) | 137 | 105 | 127 | 123 | 216 | 122 | 130 | 150 | 492 | 618 | 487 | |
Corporate [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income (loss) | (108) | (83) | (85) | (79) | (109) | (78) | (83) | (84) | (355) | (354) | (276) | |
Corporate and Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (129) | (109) | (116) | (117) | (112) | (98) | (90) | (117) | (471) | (417) | (381) | |
Segment Reconciling Items [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Pension settlement charges | (352) | 0 | 0 | 0 | (211) | 0 | 0 | 0 | (352) | (211) | 0 | |
Restructuring and merger and acquisition-related costs | (63) | 0 | 0 | 0 | (38) | 0 | 0 | 0 | (63) | (38) | (45) | |
Other operating items, net | $ 19 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 9 | $ 19 | $ 9 | $ 139 |
Condensed Consolidating Fina118
Condensed Consolidating Financial Statements (Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | $ 3,921 | $ 3,171 | $ 3,257 | $ 3,343 | $ 3,518 | $ 3,084 | $ 2,976 | $ 3,588 | $ 13,692 | $ 13,166 | $ 12,671 |
Costs and expenses: | |||||||||||
Operating | 8,438 | 7,956 | 7,911 | ||||||||
Selling, general and administrative | 2,212 | 2,124 | 1,961 | ||||||||
Depreciation and amortization | 223 | 225 | 235 | ||||||||
Pension settlement charges | 352 | 211 | 0 | ||||||||
Restructuring and merger and acquisition-related costs | 63 | 38 | 45 | ||||||||
Other operating items, net | (19) | (9) | (139) | ||||||||
Total costs and expenses | 11,269 | 10,545 | 10,013 | ||||||||
Operating income (loss) | 343 | 707 | 669 | 704 | 484 | 721 | 651 | 765 | 2,423 | 2,621 | 2,658 |
Interest (expense) income, net | (393) | (379) | (368) | ||||||||
Loss on early extinguishment of debt | (49) | 0 | 0 | ||||||||
Other items, net | (2) | (12) | (26) | ||||||||
Earnings from continuing operations before income taxes and equity in loss of investee companies | 1,979 | 2,230 | 2,264 | ||||||||
Benefit (provision) for income taxes | (633) | (628) | (676) | ||||||||
Equity in earnings (loss) of investee companies, net of tax | (37) | (50) | (34) | ||||||||
Net earnings from continuing operations | 40 | 418 | 397 | 454 | 271 | 466 | 373 | 442 | 1,309 | 1,552 | 1,554 |
Net loss from discontinued operations, net of tax | (952) | (291) | (141) | ||||||||
Net earnings | $ (41) | $ 592 | $ 58 | $ (252) | $ (113) | $ 478 | $ 423 | $ 473 | 357 | 1,261 | 1,413 |
Total comprehensive income | 462 | 1,264 | 1,378 | ||||||||
Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Costs and expenses: | |||||||||||
Operating | 0 | 0 | 0 | ||||||||
Selling, general and administrative | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Pension settlement charges | 0 | 0 | |||||||||
Restructuring and merger and acquisition-related costs | 0 | 0 | 0 | ||||||||
Other operating items, net | 0 | 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 from continuing operations before income taxes and equity in loss of investee companies | 0 | 0 | 0 | ||||||||
Benefit (provision) for income taxes | 0 | 0 | 0 | ||||||||
Equity in earnings (loss) of investee companies, net of tax | (2,388) | (2,813) | (2,683) | ||||||||
Net earnings from continuing operations | (2,388) | (2,813) | (2,683) | ||||||||
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net earnings | (2,388) | (2,813) | (2,683) | ||||||||
Total comprehensive income | (2,403) | (2,807) | (2,690) | ||||||||
CBS Corp. [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | 172 | 181 | 148 | ||||||||
Costs and expenses: | |||||||||||
Operating | 95 | 67 | 65 | ||||||||
Selling, general and administrative | 87 | 80 | 46 | ||||||||
Depreciation and amortization | 5 | 5 | 6 | ||||||||
Pension settlement charges | 352 | 211 | |||||||||
Restructuring and merger and acquisition-related costs | 0 | 0 | 0 | ||||||||
Other operating items, net | 0 | 0 | (117) | ||||||||
Total costs and expenses | 539 | 363 | 0 | ||||||||
Operating income (loss) | (367) | (182) | 148 | ||||||||
Interest (expense) income, net | (509) | (502) | (486) | ||||||||
Loss on early extinguishment of debt | (49) | ||||||||||
Other items, net | 1 | (3) | (3) | ||||||||
Earnings from continuing operations before income taxes and equity in loss of investee companies | (924) | (687) | (341) | ||||||||
Benefit (provision) for income taxes | 266 | 212 | 160 | ||||||||
Equity in earnings (loss) of investee companies, net of tax | 1,014 | 1,736 | 1,593 | ||||||||
Net earnings from continuing operations | 356 | 1,261 | 1,412 | ||||||||
Net loss from discontinued operations, net of tax | 1 | 0 | 1 | ||||||||
Net earnings | 357 | 1,261 | 1,413 | ||||||||
Total comprehensive income | 462 | 1,264 | 1,378 | ||||||||
CBS Operations Inc. [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | 10 | 12 | 11 | ||||||||
Costs and expenses: | |||||||||||
Operating | 6 | 6 | 5 | ||||||||
Selling, general and administrative | 286 | 297 | 243 | ||||||||
Depreciation and amortization | 23 | 23 | 20 | ||||||||
Pension settlement charges | 0 | 0 | |||||||||
Restructuring and merger and acquisition-related costs | 2 | 2 | 0 | ||||||||
Other operating items, net | 0 | 0 | 0 | ||||||||
Total costs and expenses | 317 | 328 | 268 | ||||||||
Operating income (loss) | (307) | (316) | (257) | ||||||||
Interest (expense) income, net | (486) | (433) | (403) | ||||||||
Loss on early extinguishment of debt | 0 | ||||||||||
Other items, net | (42) | 19 | 9 | ||||||||
Earnings from continuing operations before income taxes and equity in loss of investee companies | (835) | (730) | (651) | ||||||||
Benefit (provision) for income taxes | 240 | 224 | 215 | ||||||||
Equity in earnings (loss) of investee companies, net of tax | 1,374 | 1,077 | 1,090 | ||||||||
Net earnings from continuing operations | 779 | 571 | 654 | ||||||||
Net loss from discontinued operations, net of tax | (5) | (1) | (1) | ||||||||
Net earnings | 774 | 570 | 653 | ||||||||
Total comprehensive income | 763 | 595 | 660 | ||||||||
Non-Guarantor Affiliates [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | 13,510 | 12,973 | 12,512 | ||||||||
Costs and expenses: | |||||||||||
Operating | 8,337 | 7,883 | 7,841 | ||||||||
Selling, general and administrative | 1,839 | 1,747 | 1,672 | ||||||||
Depreciation and amortization | 195 | 197 | 209 | ||||||||
Pension settlement charges | 0 | 0 | |||||||||
Restructuring and merger and acquisition-related costs | 61 | 36 | 45 | ||||||||
Other operating items, net | (19) | (9) | (22) | ||||||||
Total costs and expenses | 10,413 | 9,854 | 9,745 | ||||||||
Operating income (loss) | 3,097 | 3,119 | 2,767 | ||||||||
Interest (expense) income, net | 602 | 556 | 521 | ||||||||
Loss on early extinguishment of debt | 0 | ||||||||||
Other items, net | 39 | (28) | (32) | ||||||||
Earnings from continuing operations before income taxes and equity in loss of investee companies | 3,738 | 3,647 | 3,256 | ||||||||
Benefit (provision) for income taxes | (1,139) | (1,064) | (1,051) | ||||||||
Equity in earnings (loss) of investee companies, net of tax | (37) | (50) | (34) | ||||||||
Net earnings from continuing operations | 2,562 | 2,533 | 2,171 | ||||||||
Net loss from discontinued operations, net of tax | (948) | (290) | (141) | ||||||||
Net earnings | 1,614 | 2,243 | 2,030 | ||||||||
Total comprehensive income | $ 1,640 | $ 2,212 | $ 2,030 |
Condensed Consolidating Fina119
Condensed Consolidating Financial Statements (Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | |||
Cash and cash equivalents | $ 285 | $ 598 | |
Receivables, net | 3,697 | 3,314 | |
Programming and other inventory | 1,828 | 1,427 | |
Prepaid expenses and other current assets | 462 | 419 | |
Current assets of discontinued operations | 1 | 305 | |
Total current assets | 6,273 | 6,063 | |
Property and equipment | 3,051 | 2,935 | |
Less accumulated depreciation and amortization | 1,771 | 1,694 | |
Net property and equipment | 1,280 | 1,241 | |
Programming and other inventory | 2,881 | 2,439 | |
Goodwill | 4,891 | 4,864 | $ 4,789 |
Total intangible assets | 2,666 | 2,633 | |
Investments in consolidated subsidiaries | 0 | 0 | |
Other assets | 2,840 | 2,707 | |
Intercompany | 0 | 0 | |
Assets of discontinued operations | 12 | 4,291 | |
Total Assets | 20,843 | 24,238 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Accounts payable | 231 | 148 | |
Participants’ share and royalties payable | 986 | 1,024 | |
Program rights | 373 | 290 | |
Commercial paper | 679 | 450 | |
Current portion of long-term debt | 19 | 23 | |
Accrued expenses and other current liabilities | 1,652 | 1,618 | |
Current liabilities of discontinued operations | 32 | 155 | |
Total current liabilities | 3,972 | 3,708 | |
Long-term debt | 9,464 | 8,902 | |
Other liabilities | 5,387 | 5,488 | |
Liabilities of discontinued operations | 42 | 2,451 | |
Intercompany | 0 | 0 | |
Stockholders’ Equity: | |||
Preferred stock | 0 | 0 | |
Common stock | 1 | 1 | |
Additional paid-in capital | 43,797 | 43,913 | |
Retained earnings (deficit) | (18,900) | (19,257) | |
Accumulated other comprehensive income (loss) | (662) | (767) | |
Stockholders' equity including treasury stock | 24,236 | 23,890 | |
Less treasury stock, at cost | 22,258 | 20,201 | |
Total Stockholders’ Equity | 1,978 | 3,689 | $ 5,563 |
Total Liabilities and Stockholders’ Equity | 20,843 | 24,238 | |
Eliminations [Member] | |||
ASSETS | |||
Cash and cash equivalents | 0 | 0 | |
Receivables, net | 0 | 0 | |
Programming and other inventory | 0 | 0 | |
Prepaid expenses and other current assets | (36) | (35) | |
Current assets of discontinued operations | 0 | 0 | |
Total current assets | (36) | (35) | |
Property and equipment | 0 | 0 | |
Less accumulated depreciation and amortization | 0 | 0 | |
Net property and equipment | 0 | 0 | |
Programming and other inventory | 0 | 0 | |
Goodwill | 0 | 0 | |
Total intangible assets | 0 | 0 | |
Investments in consolidated subsidiaries | (60,729) | (58,326) | |
Other assets | 0 | 0 | |
Intercompany | (30,783) | (28,761) | |
Assets of discontinued operations | 0 | 0 | |
Total Assets | (91,548) | (87,122) | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Accounts payable | 0 | 0 | |
Participants’ share and royalties payable | 0 | 0 | |
Program rights | 0 | 0 | |
Commercial paper | 0 | 0 | |
Current portion of long-term debt | 0 | 0 | |
Accrued expenses and other current liabilities | (36) | (35) | |
Current liabilities of discontinued operations | 0 | 0 | |
Total current liabilities | (36) | (35) | |
Long-term debt | 0 | 0 | |
Other liabilities | 0 | 0 | |
Liabilities of discontinued operations | 0 | 0 | |
Intercompany | (30,783) | (28,761) | |
Stockholders’ Equity: | |||
Preferred stock | (126) | (126) | |
Common stock | (713) | (713) | |
Additional paid-in capital | (60,894) | (60,894) | |
Retained earnings (deficit) | (4,033) | (1,645) | |
Accumulated other comprehensive income (loss) | (94) | (79) | |
Stockholders' equity including treasury stock | (65,860) | (63,457) | |
Less treasury stock, at cost | (5,131) | (5,131) | |
Total Stockholders’ Equity | (60,729) | (58,326) | |
Total Liabilities and Stockholders’ Equity | (91,548) | (87,122) | |
CBS Corp. [Member] | |||
ASSETS | |||
Cash and cash equivalents | 173 | 321 | |
Receivables, net | 29 | 27 | |
Programming and other inventory | 3 | 3 | |
Prepaid expenses and other current assets | 130 | 102 | |
Current assets of discontinued operations | 0 | 0 | |
Total current assets | 335 | 453 | |
Property and equipment | 49 | 47 | |
Less accumulated depreciation and amortization | 27 | 25 | |
Net property and equipment | 22 | 22 | |
Programming and other inventory | 3 | 5 | |
Goodwill | 98 | 98 | |
Total intangible assets | 0 | 0 | |
Investments in consolidated subsidiaries | 45,504 | 44,473 | |
Other assets | 162 | 150 | |
Intercompany | 0 | 0 | |
Assets of discontinued operations | 0 | 0 | |
Total Assets | 46,124 | 45,201 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Accounts payable | 1 | 1 | |
Participants’ share and royalties payable | 0 | 0 | |
Program rights | 4 | 4 | |
Commercial paper | 679 | 450 | |
Current portion of long-term debt | 2 | 6 | |
Accrued expenses and other current liabilities | 352 | 421 | |
Current liabilities of discontinued operations | 0 | 0 | |
Total current liabilities | 1,038 | 882 | |
Long-term debt | 9,378 | 8,798 | |
Other liabilities | 2,947 | 3,071 | |
Liabilities of discontinued operations | 0 | 0 | |
Intercompany | 30,783 | 28,761 | |
Stockholders’ Equity: | |||
Preferred stock | 0 | 0 | |
Common stock | 1 | 1 | |
Additional paid-in capital | 43,797 | 43,913 | |
Retained earnings (deficit) | (18,900) | (19,257) | |
Accumulated other comprehensive income (loss) | (662) | (767) | |
Stockholders' equity including treasury stock | 24,236 | 23,890 | |
Less treasury stock, at cost | 22,258 | 20,201 | |
Total Stockholders’ Equity | 1,978 | 3,689 | |
Total Liabilities and Stockholders’ Equity | 46,124 | 45,201 | |
CBS Operations Inc. [Member] | |||
ASSETS | |||
Cash and cash equivalents | 0 | 0 | |
Receivables, net | 2 | 2 | |
Programming and other inventory | 3 | 3 | |
Prepaid expenses and other current assets | 28 | 55 | |
Current assets of discontinued operations | 0 | 0 | |
Total current assets | 33 | 60 | |
Property and equipment | 217 | 201 | |
Less accumulated depreciation and amortization | 163 | 140 | |
Net property and equipment | 54 | 61 | |
Programming and other inventory | 4 | 7 | |
Goodwill | 62 | 62 | |
Total intangible assets | 0 | 0 | |
Investments in consolidated subsidiaries | 15,225 | 13,853 | |
Other assets | 5 | 8 | |
Intercompany | 1,221 | 1,785 | |
Assets of discontinued operations | 0 | 3 | |
Total Assets | 16,604 | 15,839 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Accounts payable | 30 | 3 | |
Participants’ share and royalties payable | 0 | 0 | |
Program rights | 4 | 4 | |
Commercial paper | 0 | 0 | |
Current portion of long-term debt | 0 | 0 | |
Accrued expenses and other current liabilities | 264 | 284 | |
Current liabilities of discontinued operations | 5 | 0 | |
Total current liabilities | 303 | 291 | |
Long-term debt | 0 | 0 | |
Other liabilities | 234 | 244 | |
Liabilities of discontinued operations | 0 | 0 | |
Intercompany | 0 | 0 | |
Stockholders’ Equity: | |||
Preferred stock | 0 | 0 | |
Common stock | 123 | 123 | |
Additional paid-in capital | 0 | 0 | |
Retained earnings (deficit) | 16,257 | 15,483 | |
Accumulated other comprehensive income (loss) | 18 | 29 | |
Stockholders' equity including treasury stock | 16,398 | 15,635 | |
Less treasury stock, at cost | 331 | 331 | |
Total Stockholders’ Equity | 16,067 | 15,304 | |
Total Liabilities and Stockholders’ Equity | 16,604 | 15,839 | |
Non-Guarantor Affiliates [Member] | |||
ASSETS | |||
Cash and cash equivalents | 112 | 277 | |
Receivables, net | 3,666 | 3,285 | |
Programming and other inventory | 1,822 | 1,421 | |
Prepaid expenses and other current assets | 340 | 297 | |
Current assets of discontinued operations | 1 | 305 | |
Total current assets | 5,941 | 5,585 | |
Property and equipment | 2,785 | 2,687 | |
Less accumulated depreciation and amortization | 1,581 | 1,529 | |
Net property and equipment | 1,204 | 1,158 | |
Programming and other inventory | 2,874 | 2,427 | |
Goodwill | 4,731 | 4,704 | |
Total intangible assets | 2,666 | 2,633 | |
Investments in consolidated subsidiaries | 0 | 0 | |
Other assets | 2,673 | 2,549 | |
Intercompany | 29,562 | 26,976 | |
Assets of discontinued operations | 12 | 4,288 | |
Total Assets | 49,663 | 50,320 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
Accounts payable | 200 | 144 | |
Participants’ share and royalties payable | 986 | 1,024 | |
Program rights | 365 | 282 | |
Commercial paper | 0 | 0 | |
Current portion of long-term debt | 17 | 17 | |
Accrued expenses and other current liabilities | 1,072 | 948 | |
Current liabilities of discontinued operations | 27 | 155 | |
Total current liabilities | 2,667 | 2,570 | |
Long-term debt | 86 | 104 | |
Other liabilities | 2,206 | 2,173 | |
Liabilities of discontinued operations | 42 | 2,451 | |
Intercompany | 0 | 0 | |
Stockholders’ Equity: | |||
Preferred stock | 126 | 126 | |
Common stock | 590 | 590 | |
Additional paid-in capital | 60,894 | 60,894 | |
Retained earnings (deficit) | (12,224) | (13,838) | |
Accumulated other comprehensive income (loss) | 76 | 50 | |
Stockholders' equity including treasury stock | 49,462 | 47,822 | |
Less treasury stock, at cost | 4,800 | 4,800 | |
Total Stockholders’ Equity | 44,662 | 43,022 | |
Total Liabilities and Stockholders’ Equity | $ 49,663 | $ 50,320 |
Condensed Consolidating Fina120
Condensed Consolidating Financial Statements (Statement of Cash Flow) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash flow (used for) provided by operating activities | $ 887 | $ 1,685 | $ 1,394 | |
Investing Activities: | ||||
Acquisitions (including acquired television library), net of cash acquired | (270) | (92) | (12) | |
Capital expenditures | (185) | (196) | (171) | |
Investments in and advances to investee companies | (110) | (81) | (98) | |
Proceeds from sale of investments | 10 | 0 | 80 | |
Proceeds from dispositions | 11 | 20 | 383 | |
Other investing activities | 21 | 15 | (3) | |
Net cash flow (used for) provided by investing activities from continuing operations | (523) | (334) | 179 | |
Net cash flow provided by (used for) investing activities from discontinued operations | (24) | (6) | (25) | |
Net cash flow (used for) provided by investing activities | (547) | (340) | 154 | |
Financing Activities: | ||||
Proceeds from short-term debt borrowings, net | 229 | 450 | ||
Repayments of short-term debt borrowings, net | 229 | 450 | (616) | |
Proceeds from issuance of senior notes | 1,773 | 684 | 1,959 | |
Repayment of senior notes | (1,244) | (199) | ||
Proceeds from debt borrowings of CBS Radio | 40 | 1,452 | 0 | |
Repayment of debt borrowings of CBS Radio | (43) | (110) | 0 | |
Payment of capital lease obligations | (18) | (18) | (17) | |
Dividends | (296) | (288) | (300) | |
Purchase of Company common stock | (1,111) | (2,997) | (2,813) | |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (89) | (58) | (96) | |
Proceeds from exercise of stock options | 91 | 21 | 142 | |
Excess tax benefit from stock-based compensation | 0 | 17 | 88 | |
Other financing activities | (9) | 0 | 0 | |
Increase (decrease) in intercompany payables | 0 | 0 | 0 | |
Net cash flow used for financing activities | (677) | (1,046) | (1,653) | |
Net (decrease) increase in cash and cash equivalents | (337) | 299 | (105) | |
Cash and cash equivalents at beginning of year (includes $24 (2017) and $6 (2016 and 2015) of discontinued operations cash) | 622 | 323 | 428 | |
Cash and cash equivalents at end of year (includes $24 (2016) and $6 (2015) of discontinued operations cash) | 285 | 622 | 323 | |
Cash and cash equivalents of discontinued operations | 24 | 6 | $ 6 | |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash flow (used for) provided by operating activities | 0 | 0 | 0 | |
Investing Activities: | ||||
Acquisitions (including acquired television library), net of cash acquired | 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 (used for) provided by 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 (used for) provided by investing activities | 0 | 0 | 0 | |
Financing Activities: | ||||
Proceeds from short-term debt borrowings, net | 0 | 0 | ||
Repayments of short-term debt borrowings, net | 0 | |||
Proceeds from issuance of senior notes | 0 | 0 | 0 | |
Repayment of senior notes | 0 | 0 | ||
Proceeds from debt borrowings of CBS Radio | 0 | 0 | ||
Repayment of debt borrowings of CBS Radio | 0 | 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 | ||
Other financing activities | 0 | |||
Increase (decrease) in intercompany payables | 0 | 0 | 0 | |
Net cash flow used for financing activities | 0 | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents at beginning of year (includes $24 (2017) and $6 (2016 and 2015) of discontinued operations cash) | 0 | 0 | 0 | |
Cash and cash equivalents at end of year (includes $24 (2016) and $6 (2015) of discontinued operations cash) | 0 | 0 | 0 | |
CBS Corp. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash flow (used for) provided by operating activities | (1,491) | (846) | (634) | |
Investing Activities: | ||||
Acquisitions (including acquired television library), net of cash acquired | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 | |
Investments in and advances to investee companies | 0 | 0 | 0 | |
Proceeds from sale of investments | 0 | 79 | ||
Proceeds from dispositions | 0 | (4) | 318 | |
Other investing activities | 22 | 15 | (3) | |
Net cash flow (used for) provided by investing activities from continuing operations | 22 | 11 | 394 | |
Net cash flow provided by (used for) investing activities from discontinued operations | 1 | 0 | (3) | |
Net cash flow (used for) provided by investing activities | 23 | 11 | 391 | |
Financing Activities: | ||||
Proceeds from short-term debt borrowings, net | 229 | 450 | ||
Repayments of short-term debt borrowings, net | (616) | |||
Proceeds from issuance of senior notes | 1,773 | 684 | 1,959 | |
Repayment of senior notes | (1,244) | (199) | ||
Proceeds from debt borrowings of CBS Radio | 0 | 0 | ||
Repayment of debt borrowings of CBS Radio | 0 | 0 | ||
Payment of capital lease obligations | 0 | 0 | 0 | |
Dividends | (296) | (288) | (300) | |
Purchase of Company common stock | (1,111) | (2,997) | (2,813) | |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (89) | (58) | (96) | |
Proceeds from exercise of stock options | 91 | 21 | 142 | |
Excess tax benefit from stock-based compensation | 17 | 88 | ||
Other financing activities | (1) | |||
Increase (decrease) in intercompany payables | 1,968 | 3,259 | 2,083 | |
Net cash flow used for financing activities | 1,320 | 889 | 447 | |
Net (decrease) increase in cash and cash equivalents | (148) | 54 | 204 | |
Cash and cash equivalents at beginning of year (includes $24 (2017) and $6 (2016 and 2015) of discontinued operations cash) | 321 | 267 | 63 | |
Cash and cash equivalents at end of year (includes $24 (2016) and $6 (2015) of discontinued operations cash) | 173 | 321 | 267 | |
CBS Operations Inc. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash flow (used for) provided by operating activities | (203) | (157) | (201) | |
Investing Activities: | ||||
Acquisitions (including acquired television library), net of cash acquired | 0 | 0 | 0 | |
Capital expenditures | (30) | (33) | (16) | |
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 | (1) | 0 | 0 | |
Net cash flow (used for) provided by investing activities from continuing operations | (31) | (33) | (16) | |
Net cash flow provided by (used for) investing activities from discontinued operations | (5) | (1) | 0 | |
Net cash flow (used for) provided by investing activities | (36) | (34) | (16) | |
Financing Activities: | ||||
Proceeds from short-term debt borrowings, net | 0 | 0 | ||
Repayments of short-term debt borrowings, net | 0 | |||
Proceeds from issuance of senior notes | 0 | 0 | 0 | |
Repayment of senior notes | 0 | 0 | ||
Proceeds from debt borrowings of CBS Radio | 0 | 0 | ||
Repayment of debt borrowings of CBS Radio | 0 | 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 | ||
Other financing activities | 0 | |||
Increase (decrease) in intercompany payables | 239 | 190 | 217 | |
Net cash flow used for financing activities | 239 | 190 | 217 | |
Net (decrease) increase in cash and cash equivalents | 0 | (1) | 0 | |
Cash and cash equivalents at beginning of year (includes $24 (2017) and $6 (2016 and 2015) of discontinued operations cash) | 0 | 1 | 1 | |
Cash and cash equivalents at end of year (includes $24 (2016) and $6 (2015) of discontinued operations cash) | 0 | 0 | 1 | |
Non-Guarantor Affiliates [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net cash flow (used for) provided by operating activities | 2,581 | 2,688 | 2,229 | |
Investing Activities: | ||||
Acquisitions (including acquired television library), net of cash acquired | (270) | (92) | (12) | |
Capital expenditures | (155) | (163) | (155) | |
Investments in and advances to investee companies | (110) | (81) | (98) | |
Proceeds from sale of investments | 10 | 1 | ||
Proceeds from dispositions | 11 | 24 | 65 | |
Other investing activities | 0 | 0 | 0 | |
Net cash flow (used for) provided by investing activities from continuing operations | (514) | (312) | (199) | |
Net cash flow provided by (used for) investing activities from discontinued operations | (20) | (5) | (22) | |
Net cash flow (used for) provided by investing activities | (534) | (317) | (221) | |
Financing Activities: | ||||
Proceeds from short-term debt borrowings, net | 0 | 0 | ||
Repayments of short-term debt borrowings, net | 0 | |||
Proceeds from issuance of senior notes | 0 | 0 | 0 | |
Repayment of senior notes | 0 | 0 | ||
Proceeds from debt borrowings of CBS Radio | 40 | 1,452 | ||
Repayment of debt borrowings of CBS Radio | (43) | (110) | ||
Payment of capital lease obligations | (18) | (18) | (17) | |
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 | ||
Other financing activities | (8) | |||
Increase (decrease) in intercompany payables | (2,207) | (3,449) | (2,300) | |
Net cash flow used for financing activities | (2,236) | (2,125) | (2,317) | |
Net (decrease) increase in cash and cash equivalents | (189) | 246 | (309) | |
Cash and cash equivalents at beginning of year (includes $24 (2017) and $6 (2016 and 2015) of discontinued operations cash) | 301 | 55 | 364 | |
Cash and cash equivalents at end of year (includes $24 (2016) and $6 (2015) of discontinued operations cash) | $ 112 | $ 301 | $ 55 |
Schedule II - Valuation and 121
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for doubtful accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 60 | $ 59 | $ 47 |
Balance Acquired through Acquisitions | 1 | 1 | 0 |
Charged to Costs and Expenses | 5 | 12 | 9 |
Charged to Other Accounts | 0 | 0 | 15 |
Deductions | 17 | 12 | 12 |
Balance at End of Period | 49 | 60 | 59 |
Valuation allowance on deferred tax assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 928 | 914 | 574 |
Balance Acquired through Acquisitions | 218 | 0 | 0 |
Charged to Costs and Expenses | 143 | 41 | 394 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 315 | 27 | 54 |
Balance at End of Period | 974 | 928 | 914 |
Reserve for inventory obsolescence [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 19 | 23 | 30 |
Balance Acquired through Acquisitions | 1 | 1 | 0 |
Charged to Costs and Expenses | 6 | 2 | 10 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 7 | 7 | 17 |
Balance at End of Period | $ 19 | $ 19 | $ 23 |