Paramount Global (PARA) 10-K 25 Feb 10 2009 FY Annual report Financial data

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Millions, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	13014.6	13950.4	14072.9
Expenses:
Operating	8699.7	8650.7	8329.3
Selling, general and administrative	2488.4	2608.7	2666.1
Restructuring charges (Note 4)	22.8	136.7
Impairment charges (Note 3)	210	14181.4
Depreciation and amortization	582.3	531.6	455.7
Total expenses	12003.2	26109.1	11451.1
Operating income (loss)	1011.4	-12158.7	2621.8
Interest expense	(542)	-546.6	-570.9
Interest income	6	42.2	116.1
Gain (loss) on early extinguishment of debt	-29.8	8.4
Other items, net	-2.6	79.6	(34)
Earnings (loss) from continuing operations before income taxes and equity in loss of investee companies	443	-12575.1	2,133
(Provision) benefit for income taxes	-182.8	919.3	-821.5
Equity in loss of investee companies, net of tax	-33.7	-17.6	-80.7
Net earnings (loss) from continuing operations	226.5	-11673.4	1230.8
Discontinued operations:
Loss from discontinued operations before income taxes			(17)
Benefit for income taxes			33.2
Net earnings from discontinued operations			16.2
Net earnings (loss)	226.5	-11673.4	$1,247
Basic earnings (loss) per common share:
Net earnings (loss) from continuing operations (in dollars per share)	0.34	-17.43	1.72
Net earnings from discontinued operations (in dollars per share)			0.02
Net earnings (loss) (in dollars per share)	0.34	-17.43	1.75
Diluted earnings (loss) per common share:
Net earnings (loss) from continuing operations (in dollars per share)	0.33	-17.43	1.7
Net earnings from discontinued operations (in dollars per share)			0.02
Net earnings (loss) (in dollars per share)	0.33	-17.43	1.73
Weighted average number of common shares outstanding:
Basic (in shares)	673.6	669.8	713.8
Diluted (in shares)	682.9	669.8	721.9
Dividends per common share (in dollars per share)	0.2	1.06	0.94

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Current Assets:
Cash and cash equivalents	716.7	419.5
Receivables, less allowances of $142.6 (2009) and $143.9 (2008)	2900.2	2749.9
Programming and other inventory (Note 5)	1,085	1027.3
Deferred income tax assets, net (Note 11)	303.4	318.7
Prepaid expenses	174.5	181.1
Other current assets	455.9	511.3
Current assets of discontinued operations	1.2	8.1
Total current assets	5636.9	5215.9
Property and Equipment:
Land	329.3	337.1
Buildings	706.6	702.3
Capital leases	196.3	196.8
Advertising structures	2039.8	1885.5
Equipment and other	1,726	1777.8
Property and equipment, gross	4,998	4899.5
Less accumulated depreciation and amortization	2139.3	1891.2
Net property and equipment	2858.7	3008.3
Programming and other inventory (Note 5)	1464.2	1578.1
Goodwill (Note 3)	8667.5	8647.8
Intangible assets (Note 3)	6753.7	7104.2
Other assets	1489.9	1429.4
Assets of discontinued operations	91.1	97.2
Total Assets	26,962	27080.9
Current Liabilities:
Accounts payable	436.4	462.8
Accrued expenses	681.5	791.7
Accrued compensation	320.7	370.7
Participants' share and royalties payable	955	962.3
Program rights	729.2	840.1
Deferred revenues	461.5	392
Income taxes payable	4	42.9
Current portion of long-term debt (Note 8)	443.6	21.3
Other current liabilities	695.4	899.8
Current liabilities of discontinued operations	19.2	17.3
Total current liabilities	4746.5	4800.9
Long-term debt (Note 8)	6553.3	6974.8
Participants' share and royalties payable	967.2	902.6
Pension and postretirement benefit obligations (Note 12)	2117.4	2273.7
Deferred income tax liabilities, net (Note 11)	631.9	345.1
Other liabilities	2669.4	2906.3
Liabilities of discontinued operations	256.9	280.2
Stockholders' Equity:
Additional paid-in capital	43479.2	43,495
Accumulated deficit	-30371.7	-30598.2
Accumulated other comprehensive loss (Note 1)	-395.5	-606.9
Stockholders' equity including treasury stock	12712.8	12290.7
Less treasury stock, at cost; 120.4 (2009 and 2008) Class B Shares	3693.4	3693.4
Total Stockholders' Equity	9019.4	8597.3
Total Liabilities and Stockholders' Equity	26,962	27080.9
Class A Common Stock
Stockholders' Equity:
Common Stock	0.1	0.1
Class B Common Stock
Stockholders' Equity:
Common Stock	0.7	0.7

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Receivables, allowances (in dollars)	142.6	143.9
Treasury Stock, at cost, Class B shares	120.4	120.4
Class A Common Stock
Common Stock, par value (in dollars per share)	0.001	0.001
Common Stock, shares authorized	375	375
Common Stock, shares issued	51.8	57.7
Class B Common Stock
Common Stock, par value (in dollars per share)	0.001	0.001
Common Stock, shares authorized	5,000	5,000
Common Stock, shares issued	743.4	733.5

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating Activities:
Net earnings (loss)	226.5	-11673.4	$1,247
Less: Net earnings from discontinued operations			16.2
Net earnings (loss) from continuing operations	226.5	-11673.4	1230.8
Adjustments to reconcile net earnings (loss) from continuing operations to net cash flow provided by operating activities:
Depreciation and amortization	582.3	531.6	455.7
Impairment charges	210	14181.4
Deferred tax provision (benefit)	216.4	-1221.7	232.3
Write-down of investments	7.7	71.1	24.8
Loss (gain) on early extinguishment of debt	29.8	-8.4
Net gain on dispositions	-21.4	-133.3	-12.9
Stock-based compensation	135.6	137.9	106.6
Equity in loss of investee companies, net of tax and distributions	36	23.4	88.4
Decrease to accounts receivable securitization program	(150)
Amortization of deferred financing costs	7.8	4.9	5
Change in operating assets and liabilities:
(Increase) decrease in receivables	-53.8	-126.8	282.9
(Increase) decrease in inventory and related program and participation liabilities, net	-109.7	243.9	(75)
Decrease (increase) in other assets	54.3	67.5	-19.4
Decrease in accounts payable and accrued expenses	-242.4	-142.4	-278.9
(Decrease) increase in income taxes	-88.5	55.6	44.8
Increase in deferred revenue	85.3	49.2	99.3
Other, net	13.5	86	(4)
Net cash flow provided by operating activities from continuing operations	939.4	2146.5	2180.4
Net cash flow provided by operating activities from discontinued operations			4.8
Net cash flow provided by operating activities	939.4	2146.5	2185.2
Investing Activities:
Acquisitions, net of cash acquired	-26.1	-2035.3	(410)
Capital expenditures	-261.6	-474.1	-469.1
Investments in and advances to investee companies	-55.6	-40.2	-42.3
Purchases of marketable securities	-35.6
Proceeds from dispositions	128.8	198.2	562.2
Proceeds from sales of investments	1.4	212.7	49
Net (payments to) receipts from Viacom Inc. related to the Separation		-7.7	172.5
Other investing activities	-0.5	-7.7	2.6
Net cash flow used for investing activities	-249.2	-2154.1	-135.1
Financing Activities:
(Repayments to) borrowings from banks, including commercial paper, net	-1.5	-5.3	1.7
Repayment of senior notes	-1007.5	-183.2	(660)
Proceeds from issuance of senior notes	974.4		678
Payment of capital lease obligations	-15.6	-17.2	-16.8
Dividends	-297.3	-705.4	-640.3
Purchase of Company common stock	-18.7	-46.4	-3351.3
Proceeds from exercise of stock options		31.2	201.7
Other financing activities	-26.8	6.5	9.2
Net cash flow used for financing activities	(393)	-919.8	-3777.8
Net increase (decrease) in cash and cash equivalents	297.2	-927.4	-1727.7
Cash and cash equivalents at beginning of year	419.5	1346.9	3074.6
Cash and cash equivalents at end of year	716.7	419.5	1346.9

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)
In Millions	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock, at cost	Total
Balance, end of year, shares at Dec. 31, 2006	61.5	715.5				8.6
Balance, end of year at Dec. 31, 2006	0.1	0.7	44259.3	-20175.9	-246.3	-315.4
Conversion of A shares into B shares, shares	(2)	2
Issuance of stock for RSU and restricted share vests, shares		1.3
Exercise of stock options, shares		8.8
Retirement of Treasury Stock, shares		-0.5				-0.5
Class B Common Stock purchased, shares						106.9
Issuance of stock for deferred compensation, shares						-0.3
Stock-based compensation			105.2
Tax benefits related to employee stock-based transactions			31.5
Exercise of stock options			203.8
Retirement of Treasury Stock			-16.3			16.3
Dividends			-667.1
Spin-off of Viacom Inc.			173.2
Net earnings (loss)				1,247			1,247
Adoption of accounting for uncertainty in income taxes				4.1
Other comprehensive income (loss)					256.4		256.4
Class A Common Stock purchased						-0.8
Class B Common Stock purchased						-3414.5
Issuance of stock for deferred compensation						11.1
Balance, end of year, shares at Dec. 31, 2007	59.5	727.1				114.7
Balance, end of year at Dec. 31, 2007	0.1	0.7	44089.6	-18924.8	10.1	-3703.3	21472.4
Conversion of A shares into B shares, shares	-1.8	1.8
Issuance of stock for RSU and restricted share vests, shares		5.3
Exercise of stock options, shares		1.4
Retirement of Treasury Stock, shares		-2.1				-2.1
Class B Common Stock purchased, shares						8.1
Issuance of stock for deferred compensation, shares						-0.3
Stock-based compensation			139.1
Tax benefits related to employee stock-based transactions			24.4
Exercise of stock options			29
Retirement of Treasury Stock			-46.4			46.4
Dividends			-725.9
Spin-off of Viacom Inc.			-16.7
Issuance of stock options for CNET acquisition			1.9
Net earnings (loss)				-11673.4			-11673.4
Other comprehensive income (loss)					(617)		(617)
Class B Common Stock purchased						-46.4
Issuance of stock for deferred compensation						9.9
Balance, end of year, shares at Dec. 31, 2008	57.7	733.5				120.4
Balance, end of year at Dec. 31, 2008	0.1	0.7	43,495	-30598.2	-606.9	-3693.4	8597.3
Conversion of A shares into B shares, shares	-5.9	5.9
Issuance of stock for RSU and restricted share vests, shares		6.6
Retirement of Treasury Stock, shares		-2.6				-2.6
Class B Common Stock purchased, shares						2.6
Stock-based compensation			131.4
Tax benefits related to employee stock-based transactions			7.3
Retirement of Treasury Stock			-18.7			18.7
Dividends			-135.8
Net earnings (loss)				226.5			226.5
Other comprehensive income (loss)					211.4		211.4
Class B Common Stock purchased						-18.7
Balance, end of year, shares at Dec. 31, 2009	51.8	743.4				120.4
Balance, end of year at Dec. 31, 2009	0.1	0.7	43479.2	-30371.7	-395.5	-3693.4	9019.4

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net earnings (loss)	226.5	-11673.4	$1,247
Other Comprehensive Income (Loss), net of tax:
Cumulative translation adjustments	73.3	-216.3	154
Net actuarial gain (loss) and prior service costs (Note 12)	136.8	-397.3	102.7
Unrealized gain (loss) on securities	1.4	-23.5	-14.7
Reclassification adjustment for net realized loss on securities		20.1	14.2
Change in fair value of cash flow hedges	-0.1		0.2
Total Other Comprehensive Income (Loss), net of tax	211.4	(617)	256.4
Total Comprehensive Income (Loss)	437.9	-12290.4	1503.4

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of BusinessCBS 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 Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Films and CBS Interactive), Cable Networks (Showtime Networks and CBS College Sports Network), Publishing (Simon Schuster), Local Broadcasting (CBS Television Stations and CBS Radio) and Outdoor (CBS Outdoor). Principles of ConsolidationThe 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. ReclassificationsCertain amounts reported for prior years have been reclassified to conform to the current year's presentation. Use of EstimatesThe preparation of the Company's financial statements in conformity with accounting principles generally accepted in the United States ("U.S.") 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 EquivalentsCash 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 InventoryThe Company acquires rights to programming and produces programming to exhibit on its broadcast and cable networks, broadcast television and radio stations and in theaters. The costs incurred in acquiring and producing programs and theatrical films 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

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
ACQUISITIONS AND DISPOSITIONS	2) ACQUISITIONS AND DISPOSITIONS Acquisitions During June 2008, the Company completed the acquisition of CNET Networks, Inc. ("CNET") for $1.8billion. The results of CNET, subsequent to its acquisition, have been included in the Entertainment segment. On April23, 2008, the Company acquired International Outdoor Advertising Group ("IOA"), the leading out-of-home advertising company in South America, for $110.8million. IOA has been included as part of the Outdoor segment since the date of acquisition. On October5, 2007, the Company acquired SignStorey,Inc., a distributor of video programming and advertising content to retail stores, for $71.5million. SignStorey,Inc. has been renamed CBS Outernet and has been included as part of the Outdoor segment since the date of acquisition. Dispositions On September30, 2009, the Company completed the sale of four of its owned radio stations in Portland, Oregon to Alpha Broadcasting for $40.0million. In connection with the sale, the Company recorded a pre-tax non-cash impairment charge of $31.7million to reduce the carrying value of intangible assets and the allocated goodwill. On April1, 2009, the Company completed a transaction with Clear Channel Communications,Inc. for the swap of five of its mid-size market stations in Baltimore, Portland, Sacramento and Seattle, for two radio stations in Houston, a top 10 radio market. On March6, 2009, the Company completed the sale of three of its owned radio stations in Denver to Wilks Broadcasting for $19.5million. During 2008, in connection with these two transactions, the Company recorded a pre-tax non-cash impairment charge of $62.0million to reduce the carrying value of intangible assets and the allocated goodwill. During June 2008, the Company sold its 37% investment in Sundance Channel for $170.0million resulting in a pre-tax gain of $129.8million included in "Other Items, net" in the Consolidated Statement of Operations for the year ended December31, 2008. On January10, 2008, the Company completed the sale of seven of its owned television stations in Austin, Salt Lake City, Providence and West Palm Beach to Cerberus Capital Management,L.P. for $185.0million. On April16, 2007, the Company completed an exchange agreement with Liberty Media Corporation under which the stock of a subsidiary of the Company which held CBS Corp.'s Green Bay television station and its satellite television station, valued at $64.0million, and $169.8million in cash was exchanged for the 7.6million shares of CBS Corp. ClassB Common Stock held by Liberty Media Corporation. During 2007, the Company completed the sales of 34 of its owned radio stations in nine of its smaller markets for $543.4million.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
GOODWILL AND INTANGIBLE ASSETS	3) GOODWILL AND INTANGIBLE ASSETS The Company performs an annual fair value-based impairment test of goodwill and intangible assets with indefinite lives, primarily comprised of FCC licenses, 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 book value. Based on the 2009 annual impairment test, the estimated fair value of each of the Company's reporting units is greater than its carrying value. The estimated fair value of each reporting unit is computed principally based upon the present value of future cash flows (Discounted Cash Flow Method) and both the traded and transaction values of comparable businesses (Market Comparable Method). The Discounted Cash Flow Method and Market Comparable Method resulted in substantially equal fair values. The Discounted Cash Flow Method is based on the Company's estimated long-range growth rates for the projection period plus the residual value of the business at the end of the projection period. The residual value is estimated based on a perpetual nominal growth rate between 2.0% and 3.5%. The present value of the future cash flows during the projection period and the estimated residual value is discounted using the average of the weighted average cost of capital of comparable entities. These discount rates range from 8.5% to 11%. As a result of the Company's annual impairment test of FCC licenses, the Company recorded a pre-tax non-cash impairment charge of $178.3million at the Local Broadcasting segment to reduce the carrying value of FCC licenses in certain radio markets. This impairment resulted from reductions in projections for advertising revenues due to a weakened radio advertising marketplace. FCC licenses are tested for impairment at the geographic market level by comparing the fair value of the intangible asset by market with its book value. The estimated fair value of FCC licenses 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 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. In order to estimate the revenues of a start-up operation, the total market advertising revenue trend in the subject market is estimated based on recent industry projections. Also in 2009, in connection with the sale of certain of its radio stations, the Company recorded a pre-tax non-cash impairment charge of $31.7million to reduce the carrying value of FCC licenses by $20.7million and the allocated goodwill by $11.0million. (See Note2.) During the third quarter of 2008, the Company performed an interim impairment test as a result of its assessment of factors, including the continuation of adverse market conditions, which affected the Company's market value and trading multiples for entities within the Company's industry, as well

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
RESTRUCTURING CHARGES	4) RESTRUCTURING CHARGES During the year ended December31, 2009, in a continued effort to reduce its cost structure, the Company recorded restructuring charges of $22.8million, reflecting $20.8million of severance costs associated with the elimination of positions and $6.7million of contract termination and other associated costs, partially offset by the reversal of $4.7million as a result of changes in estimates of previously established restructuring accruals. During the year ended December31, 2008, the Company recorded restructuring charges of $136.7million, which reflected $127.5million of severance costs and $9.2million of contract termination and other associated costs. As of December31, 2009, the Company paid $115.2million of the severance costs and $4.5million of the contract termination and other associated costs. The Company expects to substantially utilize these reserves by the end of 2010. The following tables set forth the 2009 and 2008 activity for the restructuring charges by segment. Balance at December31, 2008 2009 Charges 2009 Adjustments 2009 Payments Balance at December31, 2009 Entertainment $ 17.3 $ $ (.6 ) $ (14.5 ) $ 2.2 Cable Networks 1.5 .1 (1.5 ) .1 Publishing 3.9 3.8 (5.3 ) 2.4 Local Broadcasting 58.7 4.7 (2.4 ) (32.4 ) 28.6 Outdoor 7.8 18.9 (1.7 ) (18.8 ) 6.2 Corporate 1.5 (1.2 ) .3 Total $ 90.7 $ 27.5 $ (4.7 ) $ (73.7 ) $ 39.8 2008 Charges 2008 Payments Balance at December31, 2008 Entertainment $ 22.9 $ (5.6 ) $ 17.3 Cable Networks 2.9 (1.4 ) 1.5 Publishing 4.2 (.3 ) 3.9 Local Broadcasting 92.0 (33.3 ) 58.7 Outdoor 13.2 (5.4 ) 7.8 Corporate 1.5 1.5 Total $ 136.7 $ (46.0 ) $ 90.7

PROGRAMMING AND OTHER INVENTORY

PROGRAMMING AND OTHER INVENTORY
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
PROGRAMMING AND OTHER INVENTORY	5) PROGRAMMING AND OTHER INVENTORY At December31, 2009 2008 Program rights $ 1,737.5 $ 1,915.7 Television programming: Released (including acquired libraries) 547.9 551.4 In process and other 134.8 53.6 Theatrical programming, in process and other 58.5 Publishing, primarily finished goods 69.6 83.7 Other .9 1.0 Total programming and other inventory 2,549.2 2,605.4 Less current portion 1,085.0 1,027.3 Total noncurrent programming and other inventory $ 1,464.2 $ 1,578.1

RELATED PARTIES

RELATED PARTIES
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
RELATED PARTIES	6) RELATED PARTIES National Amusements,Inc.National Amusements,Inc. ("NAI") is the controlling stockholder of CBS Corp. Mr.Sumner M. Redstone, the controlling stockholder, chairman of the board of directors and chief executive officer of NAI, is the Executive Chairman of the Board of Directors and founder of both CBS Corp. and ViacomInc. In addition, Ms.Shari Redstone, Mr.Sumner M. Redstone's daughter, is the president and a director of NAI and the vice chair of the board of directors of both CBS Corp. and Viacom Inc. Mr.David R. Andelman is a director of CBS Corp. and serves as a director of NAI. Mr.Frederic V. Salerno is a director of CBS Corp. and serves as a director of Viacom Inc. At December31, 2009, NAI beneficially owned CBS Corp. ClassA Common Stock representing approximately 79% of the voting power of all classes of CBS Corp.'s Common Stock, and owned approximately 6% of CBS Corp.'s ClassA Common Stock and ClassB Common Stock on a combined basis. ViacomInc.For purposes of governing certain ongoing relationships between CBS Corp. and ViacomInc. after the separation of former ViacomInc. into CBS Corp. and ViacomInc. on December31, 2005, the Company and ViacomInc. entered into various agreements including a separation agreement (the "Separation Agreement"), tax matters agreement and transition services agreement. In accordance with the terms of the Separation Agreement, ViacomInc. paid to the Company an estimated special dividend of $5.40billion in December 2005, subject to adjustment. During 2007, ViacomInc. paid to the Company net adjustments to the special dividend of $170million resulting in an aggregate adjustment to the special dividend of $342million. During July 2007, the Company purchased 869,145 shares of CBS Corp. ClassA and ClassB Common Stock from the ViacomInc. 401(k) Plan for $29.8million and ViacomInc. purchased 2,823,178 shares of ViacomInc. classA and classB common stock from the 401(k) plans sponsored by the Company for $120.0million. CBS Corp., as part of its normal course of business, enters into transactions with ViacomInc. and its subsidiaries. CBS Corp., through its Entertainment segment, licenses its television products to ViacomInc., primarily MTV Networks and BET Networks. In addition, CBS Corp. recognizes advertising revenues for media spending placed by various subsidiaries of ViacomInc., primarily Paramount Pictures. Paramount Pictures also distributes certain of the Company's television products in the home entertainment market. CBS Corp.'s total revenues from these transactions were $243.3million, $448.8million and $292.0million for the years ended December31, 2009, 2008 and 2007, respectively. Showtime Networks pays license fees to Paramount Pictures for motion picture programming under an exclusive output agreement which covers feature films initially theatrically released in the U.S. through 2007. Showtime Networks has exhibition rights to each film licensed under this agreement during three pay television exhibition windows over the course of several years after each such film's initial theatrical release. This agreement has not been renewed for new feature films initially theat

INVESTMENTS

INVESTMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
INVESTMENTS	7) INVESTMENTS The Company accounts for its 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 but are not limited to the Company's interest in The CW. During 2009, the Company formed a 50/50 joint venture with ChelloZone to own and operate six television channels, including CBS branded channels, in the United Kingdom and Ireland. This joint venture has been accounted for as an equity investment. At December31, 2009 and 2008, respectively, the Company had $73.4million and $77.0million of equity investments that are included in "Other assets" on the Consolidated Balance Sheets. During June 2008, the Company sold its 37% investment in Sundance Channel for $170.0million resulting in a pre-tax gain of $129.8million included in "Other items, net" in the Consolidated Statement of Operations for the year ended December31, 2008. 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 December31, 2009 and 2008, respectively, the Company had $13.4million and $21.6million of cost investments that are included in "Other assets" on the Consolidated Balance Sheets. In 2009 and 2008, the Company recorded pre-tax non-cash charges of $7.7million and $68.1million, respectively, in "Other items, net" in the Consolidated Statements of Operations to reflect other-than-temporary declines in the market value of the Company's cost investments. At December31, 2009 and 2008, the aggregate market value of the Company's available for sale investments was $11.2million and $8.7million, respectively. The market value of each individual investment was not below its carrying value on the Consolidated Balance Sheets. At December31, 2009 and 2008, the mark-to-market adjustments in fair value for the available for sale investments which were recorded in accumulated other comprehensive income (loss) were $.3million ($.2million, net of tax) and $(2.1) million ($(1.2) million, net of tax), respectively.

BANK FINANCING AND DEBT

BANK FINANCING AND DEBT
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
BANK FINANCING AND DEBT	8) BANK FINANCING AND DEBT Long-term debt consists of the following (a): At December31, 2009 2008 Notes payable to banks $ 2.0 $ 4.3 7.70% Senior Notes due 2010 416.2 1,397.8 6.625% Senior Notes due 2011 949.1 948.4 8.625% Debentures due 2012 252.3 249.2 5.625% Senior Notes due 2012 593.9 590.2 8.20% Senior Notes due 2014 395.8 8.875% Notes due 2014 101.6 98.6 7.625% Senior Debentures due 2016 199.6 199.5 4.625% Senior Notes due 2018 333.1 337.0 8.875% Senior Notes due 2019 586.3 7.875% Debentures due 2023 224.1 224.1 7.125% Senior Notes due 2023 (b) 52.2 52.2 7.875% Senior Debentures due 2030 1,274.6 1,275.7 5.50% Senior Debentures due 2033 447.2 447.1 7.25% Senior Notes due 2051 335.0 335.0 6.750% Senior Notes due 2056 748.5 749.5 Other notes .7 .2 Obligations under capital leases 105.2 120.8 Total debt (c) 7,017.4 7,029.6 Less discontinued operations debt (d) 20.5 33.5 Total debt from continuing operations 6,996.9 6,996.1 Less current portion 443.6 21.3 Total long-term debt from continuing operations, net of current portion $ 6,553.3 $ 6,974.8 (a) Unless otherwise noted, the long-term debt instruments are issuances of CBS Corp. and are guaranteed by CBS OperationsInc. (b) Issue of CBS BroadcastingInc., a wholly owned subsidiary of CBS Corp., which is not guaranteed. (c) At December31, 2009 and December31, 2008, the senior debt balances included (i)a net unamortized premium of $2.2million and $23.3million, respectively, and (ii)an increase in the carrying value of the debt relating to previously settled fair value hedges of $92.4million and $88.0million, respectively. The face value of the Company's total debt was $6.92billion at December31, 2009 and 2008. (d) Included in "Liabilities of discontinued operations" on the Consolidated Balance Sheets. In November 2009, prior to maturity, the Company settled $350.0million notional amount of interest rate swaps outstanding and received $9.9million in cash. In December 2008, prior to maturity, the Company settled $1.0billion notional amount of interest rate swaps outstanding and received $88.4million in cash. The increase in the carrying value of the debt attributable to the risk hedged by these interest rate swaps is being amortized as a reduction to interest expense over the term of the debt. The Company did not have any interest rate swaps outstanding at December31, 2009 and 2008. For the years ended December31, 2009 and 2008, the following debt issuances and repurchases occurred: Debt Issuances June2, 2009, $250.0million 8.875% senior notes due 2019 May13, 2009, $350.0million 8.875% senior notes due 2019 May13, 2009, $400.0million 8.200% senior notes due 2014 Interest on the above debt instruments is paid semi-annually. Debt Repurchases During 2009, the Company repurchased $978.3million of its 7.70% senior notes due 2010, $825.5million of which was purchased through th

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
FINANCIAL INSTRUMENTS	9) FINANCIAL INSTRUMENTS The Company's carrying value of financial instruments approximates fair value, except for differences with respect to the notes and debentures. At December31, 2009 and 2008, the carrying value of the senior debt was $6.91billion and $6.90billion, respectively, and the fair value, which is estimated based on quoted market prices and includes accrued interest, was $7.25billion and $5.47billion, respectively. The Company uses derivative financial instruments to modify its exposure to market risks from changes in foreign currency exchange rates and interest 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 forward contracts have principally been used to hedge projected cash flows, generally within the next twelve months, in such currencies as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar. The Company designates forward contracts used to hedge projected future television and film production costs as cash flow hedges. Gains or losses on the effective portion of designated cash flow hedges are initially recorded in other comprehensive income ("OCI") and reclassified to the statement of operations when the hedged item is recognized. Additionally, the Company enters into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows. The change in fair value of the non-designated contracts is included in "Other items, net" in the Consolidated Statements of Operations. At December31, 2009, the notional amount of all foreign currency contracts was $97.1million, of which $2.1million relates to the hedging of future production costs and $95.0million represents hedges of expected foreign currency cash flows. At December31, 2008, the notional amount of all foreign currency contracts was $95.2million, which represents hedges of expected foreign currency cash flows. All of the Company's long-term debt has been issued under fixed interest rate agreements. The Company had entered into fixed-to-floating rate swap agreements for a portion of this debt, which were designated as fair value hedges. In November 2009, prior to maturity, the Company settled $350.0million notional amount of interest rate swaps outstanding and received $9.9million in cash. In December 2008, prior to maturity, the Company settled $1.0billion notional amount of interest rate swaps outstanding and received $88.4million in cash. The Company did not have any interest rate swaps outstanding at December31, 2009 and 2008. 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 December31, 2009 and 2008, due to the wide variety of customers, markets

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
STOCKHOLDERS' EQUITY	10) STOCKHOLDERS' EQUITY In general, CBS Corp. ClassA Common Stock and CBS Corp. ClassB Common Stock have the same economic rights, except voting rights. Holders of CBS Corp. ClassA 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. Holders of CBS Corp. ClassB Common Stock do not have any voting rights, except as required by law. DividendsThe Company declared a quarterly cash dividend on its ClassA and ClassB Common Stock during each of the four quarters of 2009, 2008, and 2007, resulting in total annual dividends of $135.8million, $725.9million and $667.1million, respectively. Dividends have been recorded as a reduction to additional paid-in capital as the Company has an accumulated deficit balance. Purchase of Company StockThe Company purchased 2.6million shares (2009), 2.1million shares (2008) and .5million shares (2007) of its ClassB Common Stock that were surrendered by employees to the Company to satisfy their tax withholding obligations from the payment of shares related to the vesting of restricted stock units ("RSUs"). In January 2008, the Company received 6.0million shares of CBS Corp. ClassB Common Stock upon settlement of a 2007 ASR transaction. During 2007, the Company also repurchased 106.4million shares of CBS Corp. Common Stock for $3.40billion, including $64.0million of non-cash purchases related to a television station exchange (See Note 2), primarily through two ASR transactions. Conversion RightsHolders of ClassA Common Stock have the right to convert their shares to ClassB Common Stock as long as there are at least 5,000 shares of ClassA Common Stock outstanding. Conversions of CBS Corp. ClassA Common Stock into ClassB Common Stock were 5.9million, 1.8million and 2.0million for the years ended December31, 2009, 2008 and 2007, respectively. Equity Incentive PlansThe Company has equity incentive plans (the "Plans") under which stock options, stock option equivalents, 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, phantom shares, dividend equivalents, performance awards and other equity-related awards. The Company has reserved a total of 66,297,470 shares of CBS Corp. ClassB Common Stock for future exercise of stock options, and vesting of RSUs and PSUs outstanding as of December31, 2009. Upon exercise of stock options or vesting of RSUs and PSUs, the Company issues new shares from its existing authorization. During 2009, the Company adopted the CBS Corporation 2009 Long-Term Incentive Plan under which 71.575million shares of CBS Corp. ClassB Common Stock may be issued. In addition, during 2009 certain other Plans expired. Shares available for future grant under the Plans were as follows: At December31, 2009 65,644,889 At Decembe

INCOME TAXES

INCOME TAXES
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
INCOME TAXES	11) INCOME TAXES The U.S. and foreign components of earnings (loss) from continuing operations before income taxes and equity in loss of investee companies were as follows: Year Ended December31, 2009 2008 2007 United States $ 381.2 $ (12,411.4 ) $ 1,830.7 Foreign 61.8 (163.7 ) 302.3 Total $ 443.0 $ (12,575.1 ) $ 2,133.0 The components of the provision (benefit) for income taxes were as follows: Year Ended December31, 2009 2008 2007 Current: Federal $ (80.6 ) $ 164.5 $ 453.3 State and local 14.2 83.5 65.7 Foreign 32.8 54.4 70.2 (33.6 ) 302.4 589.2 Deferred(a) 216.4 (1,221.7 ) 232.3 Provision (benefit) for income taxes $ 182.8 $ (919.3 ) $ 821.5 (a) Includes tax benefit of $78.8million in 2009 and $1.45billion in 2008 associated with the non-cash impairment charges of $210.0million and $14.18billion, 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 2009, 2008, and 2007 were $21.9million, $11.8million, and $52.8million, respectively, which represented an effective tax rate of 39.4%, 40.0%, and 39.6%, respectively. In 2009 and 2008, income tax benefits of $17.7million and $64.8million, respectively, were realized as a result of stock options exercised and RSUs and restricted shares vested. The difference between income taxes expected at the U.S. federal statutory income tax rate of 35% and the provision (benefit) for income taxes is summarized as follows: Year Ended December31, 2009 2008 2007 Taxes on income at U.S. federal statutory rate $ 155.1 $ (4,401.3 ) $ 746.5 State and local taxes, net of federal tax benefit 35.6 (73.6 ) 113.2 Effect of foreign operations (18.7 ) 82.0 (37.3 ) Impairment charges 3.4 3,502.0 Audit settlements, net (47.0 ) (39.6 ) (8.0 ) Stock-based compensation 42.6 7.2 Other, net 11.8 4.0 7.1 Provision (benefit) for income taxes $ 182.8 $ (919.3 ) $ 821.5 The following table is a summary of the components of deferred income tax assets and liabilities. At December31, 2009 2008 Deferred income tax assets: Provision for expense and losses $ 787.7 $ 833.7 Postretirement and other employee benefits 859.8 961.8 Tax credit and loss carryforwards 388.5 352.3 Other 126.5 138.9 Total deferred income tax assets 2,162.5 2,286.7 Valuation allowance (224.8 ) (191.2 ) Net deferred income tax assets 1,937.7 2,095.5 Deferred income tax liabilities: Property, equipment and intangible assets (2,266.2 ) (2,121.9 ) Total deferred income tax liabilities (2,266.2 ) (2,121.9 ) Deferred income tax liabilities, net $ (328.5 ) $ (26.4 ) In addition to the deferred income taxes reflected i

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFITS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
PENSION AND OTHER POSTRETIREMENT BENEFITS	12) 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 benefits for certain 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 participates 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, the Pension Protection Act of 2006, the Internal Revenue Code of 1986 and the applicable rules and regulations. During 2009 and 2008, the Company made discretionary contributions of $20.0million and $120.0million, respectively, to pre-fund its qualified pension plans. Plan assets consist principally of marketable bonds, equity securities and U.S. government securities. The Company's Common Stock represents approximately .6% and .4% of the plan assets' fair values at December31, 2009 and 2008, respectively. In addition, the Company sponsors health and welfare plans that provide certain postretirement health care and life insurance benefits to eligible retired employees and their covered dependents. Eligibility is based in part on certain age and service requirements at the time of their retirement. Most of the plans are contributory and contain cost-sharing features such as deductibles and coinsurance which are adjusted annually. Claims are paid primarily by the Company's own funds. The Company uses a December31 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 At December31, 2009 2008 2009 2008 Change in benefit obligation: Benefit obligation, beginning of year $ 4,905.8 $ 5,109.7 $ 832.9 $ 917.4 Service cost 31.5 33.9 .8 1.1 Interest cost 290.4 299.9 49.4 50.9 Actuarial loss (gain) 86.8 (56.9 ) 11.8 (71.5 ) Benefits paid (427.1 ) (448.2 ) (89.8 ) (94.5 ) Participants' contributions .1 .1 12.1 12.3 Business combinations 12.0 Amendments 3.8 Settlements (18.0 ) Retiree Medicare drug subsidy 11.8 17.2 Cumulative translation adjustments 27.7 (48.5 ) Benefit obligation, end of year $ 4,897.2 $ 4,905.8 $ 829.0 $ 832.9 The following table sets forth the change in plan assets for the Company's pension and postretirement benefit plans. Pension Benefits Postretirement Benefits At December31, 2009 2008 2009 2008 Change in plan assets: Fair value of plan assets, beginning of year $ 3,354.4 $ 4,222.5 $ 4.8 $ 4.7 Actual return on plan assets 476.6

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
COMMITMENTS AND CONTINGENCIES	13) COMMITMENTS AND CONTINGENCIES The Company's commitments not recorded on the balance sheet primarily consist of programming and talent commitments, operating lease arrangements, purchase obligations for goods and services, and guaranteed minimum franchise payments. These arrangements result from the Company's normal course of business and represent obligations that are payable over several years. Programming and talent commitments of the Company, estimated to aggregate $10.28billion as of December31, 2009, primarily include $6.63billion for sports programming rights, $2.74billion relating to television, radio, and film production and licensing and $906.3million for talent contracts. A majority of such commitments is payable over several years, as part of the normal course of business. The Company has long-term operating lease commitments for office space, billboards, equipment, transponders and studio facilities. The Company also enters into capital leases for satellite transponders. At December31, 2009, future minimum operating lease payments are estimated to aggregate $2.32billion, of which $937.0million relates to Outdoor billboards. The Company also has purchase obligations which include agreements to purchase goods or services in the future that totaled $891.8million as of December31, 2009. CBS Corp.'s outdoor advertising business has franchise rights entitling it to display advertising on media including transit shelters, buses, rail systems (in-car, station platforms and terminals), mall kiosks, stadium signage and in retail stores. Under most of these franchise agreements, the franchisor is entitled to receive the greater of a percentage of the relevant advertising revenues, net of advertising agency fees, or a specified guaranteed minimum annual payment. At December31, 2009, minimum rental payments under leases and minimum franchise payments are as follows: Guaranteed Minimum Franchise Payments Leases Capital Operating 2010 $ 22.5 $ 334.9 $ 388.9 2011 22.1 278.9 370.0 2012 19.4 248.7 359.7 2013 12.2 225.5 314.8 2014 8.8 196.7 285.1 2015 and thereafter 48.6 1,034.0 279.6 Total minimum payments $ 133.6 $ 2,318.7 $ 1,998.1 Less amounts representing interest (28.4 ) Present value of net minimum payments $ 105.2 Future minimum operating lease payments have been reduced by future minimum sublease income of $91.2million. Rent expense was $617.1million (2009), $647.5million (2008) and $580.2million (2007). 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 December31, 2009, the outstanding letters of credit and surety bonds approximated $375.4million and were not recorded on the Consolidated Balance Sheet. Prior to the separation of former ViacomInc. into CBS Corp. and ViacomInc. on December31, 2005, former Viacom had entered into guarantees with respect to obligations relate

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
FAIR VALUE MEASUREMENTS	14) FAIR VALUE MEASUREMENTS The following tables set forth the Company's assets and liabilities measured at fair value on a recurring basis at December31, 2009 and 2008. 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. At December31, 2009 Level1(a) Level2(b) Level3(c) Total Assets: Investments $ 57.2 $ $ $ 57.2 Total Assets $ 57.2 $ $ $ 57.2 Liabilities: Deferred compensation $ $ 138.6 $ $ 138.6 Foreign currency hedges 5.8 5.8 Total Liabilities $ $ 144.4 $ $ 144.4 At December31, 2008 Level1(a) Level2(b) Level3(c) Total Assets: Investments $ 44.8 $ 100.5 $ $ 145.3 Foreign currency hedges 10.9 10.9 Total Assets $ 44.8 $ 111.4 $ $ 156.2 Liabilities: Deferred compensation $ $ 105.7 $ $ 105.7 Total Liabilities $ $ 105.7 $ $ 105.7 (a) Level1 valuation is based on quoted prices for the asset in active markets. (b) Level2 valuation is based on inputs that are observable other than quoted market prices in Level1, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. (c) Level3 valuation is based on unobservable inputs reflecting the Company's own assumptions about the assumptions that market participants would use in pricing the asset. The fair value of Level1 investments is determined based on publicly quoted market prices in active markets. The fair value of Level2 investments is determined by reference to market prices for similar securities. 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 is determined based on the fair value of the investments elected by employees. The Company's assets recorded at fair value on a non-recurring basis during 2009 consist of goodwill and intangible assets for which non-cash impairment charges were recorded to reduce the book value of the asset to its fair value as determined using other non-observable inputs (Level3). In connection with its 2009 annual impairment test, the Company recorded a non-cash impairment charge of $178.3million to reduce the carrying value of FCC licenses in certain radio markets to their respective fair value. The estimated fair value is determined principally based on the present value of future cash flows. (See Note3.) Also in 2009, in connection with the sale of certain of its radio stations, the Company recorded a pre-tax non-cash impairment charge of $31.7million to reduce the carrying value of FCC licenses by $20.7million and the allocated goodwill by $11.0million to their respective fair value, which was determined based on

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
REPORTABLE SEGMENTS	15) REPORTABLE SEGMENTS The following tables set forth the Company's financial performance by operating segment. The Company's operating segments have been determined in accordance with the Company's internal management structure, which is organized based upon products and services. In the fourth quarter of 2009, the Company realigned its management structure to more effectively pursue its long-term strategy of investing in content businesses and capitalizing on its strong local presence. As a result, the Company realigned its operating segments. Prior period results have been reclassified to conform to this presentation. The accounting policies of the segments are the same as those described in Note1Summary of Significant Accounting Policies. Year Ended December31, 2009 2008 2007 Revenues: Entertainment $ 6,976.7 $ 6,878.8 $ 6,566.3 Cable Networks 1,347.2 1,264.5 1,161.8 Publishing 793.5 857.7 886.1 Local Broadcasting 2,359.7 2,950.4 3,445.5 Outdoor 1,722.6 2,170.6 2,187.3 Eliminations (185.1 ) (171.6 ) (174.1 ) Total Revenues $ 13,014.6 $ 13,950.4 $ 14,072.9 Revenues generated between segments primarily reflect advertising sales and content licensing and distribution revenues. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. Year Ended December31, 2009 2008 2007 Intercompany Revenues: Entertainment $ 143.8 $ 132.9 $ 138.5 Cable Networks 1.5 2.4 Local Broadcasting 19.8 19.8 21.0 Outdoor 20.0 16.5 14.6 Total Intercompany Revenues $ 185.1 $ 171.6 $ 174.1 The Company presents Segment operating income (loss) before depreciation and amortization and impairment charges ("Segment OIBDA before Impairment Charges") as the primary measure of profit and loss for its operating segments in accordance with FASB guidance for segment reporting. The Company believes the presentation of Segment OIBDA before Impairment Charges 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 December31, 2009 2008 2007 Segment OIBDA before Impairment Charges: Entertainment $ 875.9 $ 1,022.8 $ 1,050.6 Cable Networks 461.0 389.5 326.3 Publishing 50.2 88.2 97.2 Local Broadcasting 512.9 820.0 1,235.2 Outdoor 168.7 467.4 620.9 Corporate (147.1 ) (157.1 ) (159.0 ) Residual costs (115.7 ) (79.2 ) (96.5 ) Eliminations (2.2 ) 2.7 2.8 OIBDA before Impairment Charges 1,803.7 2,554.3 3,077.5 Impairment charges (210.0 ) (14,181.4 ) Depreciation and amortization (582.3 ) (531.6 ) (455.7 ) Operating Income (Loss) 1,

OTHER ITEMS, NET

OTHER ITEMS, NET
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
OTHER ITEMS, NET	16) OTHER ITEMS, NET For 2009, "Other items, net" reflected a net loss of $2.6million principally consisting of foreign exchange gains of $11.1million, $6.7million of losses associated with securitizing accounts receivables and a non-cash charge of $7.7million associated with other-than-temporary declines in the market value of the Company's investments. For 2008, "Other items, net" of $79.6million principally consisted of foreign exchange gains of $32.3million, $15.4million of losses associated with securitizing accounts receivables, a gain of $129.8million on the sale of the Company's investment in Sundance Channel, a non-cash charge of $71.1million associated with other-than-temporary declines in the market value of the Company's investments and a gain of $3.7million relating to radio station divestitures. For 2007, "Other items, net" reflected a net loss of $34.0million principally consisting of foreign exchange gains of $8.0million, $32.0million of losses associated with securitizing accounts receivables, a non-cash charge of $24.8million associated with an other-than-temporary decline in the market value of one of the Company's investments, a net gain of $10.0million on television and radio station divestitures and gains of $3.9million on the sale of investments.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
SUPPLEMENTAL CASH FLOW INFORMATION	17) SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December31, 2009 2008 2007 Cash paid for interest, net of amounts capitalized $ 514.3 $ 494.0 $ 516.8 Cash paid for income taxes: Continuing operations $ 55.8 $ 240.3 $ 524.9 Discontinued operations (13.4 ) Total $ 55.8 $ 240.3 $ 511.5 Year Ended December31, 2009 2008 2007 Non-cash investing and financing activities: Equipment acquired under capitalized leases $ $ 29.4 $ 9.6 Non-cash purchase of Company common stock (Note2) $ $ $ 64.0 Issuance of stock options for acquisitions $ $ 1.9 $

QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA (unaudited)
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
QUARTERLY FINANCIAL DATA (unaudited)	18) QUARTERLY FINANCIAL DATA (unaudited): 2009 First Quarter Second Quarter Third Quarter Fourth Quarter(a) Total Year Revenues: Entertainment $ 1,817.6 $ 1,515.5 $ 1,828.3 $ 1,815.3 $ 6,976.7 Cable Networks 340.6 328.4 331.1 347.1 1,347.2 Publishing 161.7 181.4 230.4 220.0 793.5 Local Broadcasting 510.4 579.5 589.8 680.0 2,359.7 Outdoor 379.9 434.1 424.9 483.7 1,722.6 Eliminations (50.3 ) (32.6 ) (54.5 ) (47.7 ) (185.1 ) Total Revenues $ 3,159.9 $ 3,006.3 $ 3,350.0 $ 3,498.4 $ 13,014.6 Segment OIBDA before Impairment Charges: Entertainment $ 151.1 $ 209.5 $ 324.5 $ 190.8 $ 875.9 Cable Networks 83.4 96.9 127.9 152.8 461.0 Publishing .1 8.1 28.4 13.6 50.2 Local Broadcasting 54.1 100.6 130.7 227.5 512.9 Outdoor 25.1 42.2 32.6 68.8 168.7 Corporate (28.5 ) (34.7 ) (34.8 ) (49.1 ) (147.1 ) Residual costs (b) (36.0 ) (35.9 ) (7.9 ) (35.9 ) (115.7 ) Eliminations .5 .7 (4.1 ) .7 (2.2 ) OIBDA before Impairment Charges 249.8 387.4 597.3 569.2 1,803.7 Impairment charges (31.7 ) (178.3 ) (210.0 ) Depreciation and amortization (142.3 ) (145.2 ) (147.4 ) (147.4 ) (582.3 ) Total Operating Income $ 107.5 $ 242.2 $ 418.2 $ 243.5 $ 1,011.4 Operating Income (Loss): Entertainment $ 107.0 $ 165.7 $ 280.3 $ 146.9 $ 699.9 Cable Networks 77.4 91.0 122.0 147.0 437.4 Publishing (2.1 ) 6.1 26.6 11.9 42.5 Local Broadcasting 31.9 78.9 75.8 25.8 212.4 Outdoor (38.2 ) (24.8 ) (34.9 ) 1.0 (96.9 ) Corporate (33.0 ) (39.5 ) (39.6 ) (53.9 ) (166.0 ) Residual costs(b) (36.0 ) (35.9 ) (7.9 ) (35.9 ) (115.7 ) Eliminations .5 .7 (4.1 ) .7 (2.2 ) Total Operating Income $ 107.5 $ 242.2 $ 418.2 $ 243.5 $ 1,011.4 Net earnings (loss) $ (55.3 ) $ 15.4 $ 207.6 $ 58.8 $ 226.5 Basic earnings (loss) per common share $ (.08 ) $ .02 $ .31 $ .09 $ .34 Diluted earnings (loss) per common share $ (.08 ) $ .02 $ .30 $ .09 $ .33 Weighted average number of common shares outstanding: Basic 671.5 673.4 674.8 674.8 673.6 Diluted 671.5 680.2 685.1 690.3 682.9 Dividends per common share $ .05 $ .05 $ .05 $ .05 $ .20 (a) As a result of the Company's annual impairment test, the Company recorded a non-cash impairment charge of $178.3million to reduce the carrying value of FCC licenses in certain radio markets. (See Note3.) (b) Residual costs for the third quarter of 2009 include a settlement of $28.0mi

CONDENSED CONSOLIDATING FINANCI

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to Consolidated Financial Statements
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	19) CONDENSED CONSOLIDATING FINANCIAL STATEMENTS CBS OperationsInc. is a wholly owned subsidiary of the Company. CBS OperationsInc. has fully and unconditionally guaranteed CBS Corp.'s debt securities. (See Note8.) The following condensed consolidating financial statements present the results of operations, financial position and cash flows of CBS Corp., CBS OperationsInc., the direct and indirect Non-Guarantor Affiliates of CBS Corp. and CBS OperationsInc., and the eliminations necessary to arrive at the information for the Company on a consolidated basis. Statement of Operations For the Year Ended December31, 2009 CBS Corp. CBS OperationsInc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 116.4 $ 92.2 $ 12,806.0 $ $ 13,014.6 Expenses: Operating 70.1 74.4 8,555.2 8,699.7 Selling, general and administrative 145.4 180.4 2,162.6 2,488.4 Restructuring charges 22.8 22.8 Impairment charges 210.0 210.0 Depreciation and amortization 4.0 10.7 567.6 582.3 Total expenses 219.5 265.5 11,518.2 12,003.2 Operating income (loss) (103.1) (173.3) 1,287.8 1,011.4 Interest (expense) income, net (578.1) (313.9) 356.0 (536.0) Loss on early extinguishment of debt (29.8) (29.8) Other items, net (9.0) (14.2) 20.6 (2.6) Earnings (loss) before income taxes and equity in earnings (loss) of investee companies (720.0) (501.4) 1,664.4 443.0 (Provision) benefit for income taxes 303.4 198.5 (684.7) (182.8) Equity in earnings (loss) of investee companies, net of tax 643.1 745.0 (33.7) (1,388.1) (33.7) Net earnings $ 226.5 $ 442.1 $ 946.0 $ (1,388.1) $ 226.5 Statement of Operations For the Year Ended December31, 2008 CBS Corp. CBS OperationsInc. Non- Guarantor Affiliates Eliminations CBS Corp. Consolidated Revenues $ 138.5 $ 94.8 $ 13,717.1 $ $ 13,950.4 Expenses: Operating 77.5 72.2 8,501.0 8,650.7 Selling, general and administrative 111.0 182.2 2,315.5 2,608.7 Restructuring charges 3.7 1.5 131.5 136.7 Impairment charges 386.1 13,795.3 14,181.4 Depreciation and amortization 7.1 5.6 518.9 531.6 Total expenses 585.4 261.5 25,262.2 26,109.1 Operating loss (446.9) (166.7) (11,545.1) (12,158.7) Interest (expense) income, net (613.3) (269.5) 378.4 (504.4) Gain on early extinguishment of debt 8.4 8.4 Other items, net 25.2 31.7 22.7 79.6 Loss before income taxes and equity in earnings (loss) of investee companies (1,026.6) (404.5) (11,144.0) (12,575.1) Benefit for income tax

SCHEDULE II-VALUATION AND QUALI

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS
	12 Months Ended Dec. 31, 2009 USD / shares
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS	CBS CORPORATION AND SUBSIDIARIES SCHEDULE IIVALUATION AND QUALIFYING ACCOUNTS (Dollars in millions) Col. A Col. B Col. C Col. D Col. E Description Balanceat 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 December31, 2009 $ 143.9 $ $ 47.2 $ 1.0 $ 49.5 $ 142.6 Year ended December31, 2008 $ 141.3 $ $ 40.3 $ 6.9 $ 44.6 $ 143.9 Year ended December31, 2007 $ 152.6 $ $ 29.4 $ 1.7 $ 42.4 $ 141.3 Valuation allowance on deferred tax assets: Year ended December31, 2009 $ 191.2 $ $ 33.6 $ $ $ 224.8 Year ended December31, 2008 $ 126.6 $ 49.7 $ 14.9 $ $ $ 191.2 Year ended December31, 2007 $ 139.1 $ $ $ $ 12.5 $ 126.6 Reserves for inventory obsolescence: Year ended December31, 2009 $ 26.9 $ $ 18.7 $ $ 16.2 $ 29.4 Year ended December31, 2008 $ 18.2 $ $ 17.5 $ $ 8.8 $ 26.9 Year ended December31, 2007 $ 22.8 $ $ 15.4 $ $ 20.0 $ 18.2

Document and Entity Information

Document and Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 15, 2010	Jun. 30, 2009
Entity Registrant Name	CBS CORP
Entity Central Index Key	0000813828
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$0
Entity Common Stock, Shares Outstanding		0
Class A Common Stock
Entity Public Float			75,810,160
Entity Common Stock, Shares Outstanding		51,540,350
Class B Common Stock
Entity Public Float			$4,098,144,782
Entity Common Stock, Shares Outstanding		625,501,557