Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
Class A Common Stock | Class B Common Stock | ||
Document And Entity Information [Abstract] | ' | ' | ' |
Entity registrant name | 'CBS Corporation | ' | ' |
Entity central index key | '0000813828 | ' | ' |
Document type | '10-Q | ' | ' |
Document period end date | 30-Sep-13 | ' | ' |
Amendment flag | 'false | ' | ' |
Current fiscal year end date | '--12-31 | ' | ' |
Entity filer category | 'Large Accelerated Filer | ' | ' |
Document fiscal year focus | '2013 | ' | ' |
Document fiscal period focus | 'Q3 | ' | ' |
Statement [Line Items] | ' | ' | ' |
Entity common stock, shares outstanding | ' | 39,240,440 | 560,843,520 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Operations [Abstract] | ' | ' | ' | ' |
Revenues | $3,634,000,000 | $3,266,000,000 | $11,373,000,000 | $10,391,000,000 |
Expenses: | ' | ' | ' | ' |
Operating | 1,972,000,000 | 1,717,000,000 | 6,510,000,000 | 5,817,000,000 |
Selling, general and administrative | 721,000,000 | 645,000,000 | 2,054,000,000 | 1,952,000,000 |
Impairment charges (Note 3) | 0 | 0 | 0 | 11,000,000 |
Depreciation and amortization | 113,000,000 | 116,000,000 | 343,000,000 | 354,000,000 |
Total expenses | 2,806,000,000 | 2,478,000,000 | 8,907,000,000 | 8,134,000,000 |
Operating income (loss) | 828,000,000 | 788,000,000 | 2,466,000,000 | 2,257,000,000 |
Interest expense | -93,000,000 | -94,000,000 | -281,000,000 | -308,000,000 |
Interest income | 2,000,000 | 1,000,000 | 6,000,000 | 4,000,000 |
Net loss on early extinguishment of debt | 0 | -57,000,000 | 0 | -32,000,000 |
Other items, net | 7,000,000 | -3,000,000 | -2,000,000 | 5,000,000 |
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | 744,000,000 | 635,000,000 | 2,189,000,000 | 1,926,000,000 |
(Provision) benefit for income taxes | -254,000,000 | -236,000,000 | -744,000,000 | -665,000,000 |
Equity in loss of investee companies, net of tax | -21,000,000 | -14,000,000 | -37,000,000 | -30,000,000 |
Net earnings (loss) from continuing operations | 469,000,000 | 385,000,000 | 1,408,000,000 | 1,231,000,000 |
Net earnings (loss) from discontinued operations, net of tax (Note 4) | 25,000,000 | 6,000,000 | 1,000,000 | -50,000,000 |
Net earnings | $494,000,000 | $391,000,000 | $1,409,000,000 | $1,181,000,000 |
Basic net earnings (loss) per common share: | ' | ' | ' | ' |
Basic net earnings (loss) from continuing operations (in dollars per share) | $0.78 | $0.60 | $2.30 | $1.91 |
Basic net earnings (loss) from discontinued operations (in dollars per share) | $0.04 | $0.01 | $0 | ($0.08) |
Basic net earnings (loss) per common share (in dollars per share) | $0.82 | $0.61 | $2.31 | $1.83 |
Diluted net earnings (loss) per common share: | ' | ' | ' | ' |
Diluted net earnings (loss) from continuing operations (in dollars per share) | $0.76 | $0.59 | $2.25 | $1.86 |
Diluted net earnings (loss) from discontinued operations (in dollars per share) | $0.04 | $0.01 | $0 | ($0.08) |
Diluted net earnings per common share (in dollars per share) | $0.80 | $0.60 | $2.25 | $1.78 |
Weighted Average Number Of Common Shares Outstanding [Abstract] | ' | ' | ' | ' |
Basic weighted average number of common shares outstanding | 603 | 640 | 611 | 645 |
Diluted weighted average number of common shares outstanding | 618 | 656 | 627 | 662 |
Dividends per common share (in dollars per share) | $0.12 | $0.12 | $0.36 | $0.32 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net earnings | $494 | $391 | $1,409 | $1,181 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Total other comprehensive income (loss), net of tax | -158 | 29 | -154 | 35 |
Total comprehensive income (loss) | 336 | 420 | 1,255 | 1,216 |
Other comprehensive income (loss) before reclassifications | ' | ' | -9 | ' |
Reclassifications from accumulated other comprehensive income (loss) to net earnings | ' | ' | -145 | ' |
Continuing Operations [Member] | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Cumulative translation adjustments | 3 | 13 | -3 | 27 |
Amortization of net actuarial loss | 11 | 8 | 33 | 23 |
Change in fair value of cash flow hedges | 1 | 0 | 0 | 0 |
Unrealized gain (loss) on securities | 0 | 1 | 1 | 2 |
Total other comprehensive income (loss), net of tax | 15 | 22 | 31 | 52 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications | 5 | 7 | -7 | -17 |
Reclassifications from accumulated other comprehensive income (loss) to net earnings | ($178) | $0 | ($178) | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current Assets: | ' | ' |
Cash and cash equivalents | $226,000,000 | $708,000,000 |
Receivables, less allowances of $80 (2013) and $81 (2012) | 3,221,000,000 | 3,137,000,000 |
Programming and other inventory (Note 5) | 554,000,000 | 859,000,000 |
Deferred income tax assets, net | 269,000,000 | 253,000,000 |
Prepaid income taxes | 0 | 27,000,000 |
Prepaid expenses | 255,000,000 | 206,000,000 |
Other current assets | 317,000,000 | 312,000,000 |
Current assets of discontinued operations | 50,000,000 | 218,000,000 |
Total current assets | 4,892,000,000 | 5,720,000,000 |
Property and equipment: | ' | ' |
Land | 332,000,000 | 330,000,000 |
Buildings | 726,000,000 | 718,000,000 |
Capital leases | 165,000,000 | 194,000,000 |
Advertising structures | 1,694,000,000 | 1,689,000,000 |
Equipment and other | 2,079,000,000 | 2,057,000,000 |
Property and equipment, gross | 4,996,000,000 | 4,988,000,000 |
Less accumulated depreciation and amortization | 2,796,000,000 | 2,717,000,000 |
Net property and equipment | 2,200,000,000 | 2,271,000,000 |
Programming and other inventory (Note 5) | 1,586,000,000 | 1,582,000,000 |
Goodwill | 8,568,000,000 | 8,567,000,000 |
Intangible assets (Note 3) | 6,456,000,000 | 6,515,000,000 |
Other assets | 2,065,000,000 | 1,551,000,000 |
Assets of discontinued operations | 128,000,000 | 260,000,000 |
Total Assets | 25,895,000,000 | 26,466,000,000 |
Current Liabilities: | ' | ' |
Accounts payable | 227,000,000 | 386,000,000 |
Accrued compensation | 300,000,000 | 374,000,000 |
Participants' share and royalties payable | 961,000,000 | 953,000,000 |
Program rights | 436,000,000 | 455,000,000 |
Deferred revenues | 213,000,000 | 232,000,000 |
Income taxes payable | 32,000,000 | 0 |
Commercial paper (Note 7) | 341,000,000 | 0 |
Current portion of long-term debt (Note 7) | 21,000,000 | 18,000,000 |
Accrued expenses and other current liabilities | 1,172,000,000 | 1,282,000,000 |
Current liabilities of discontinued operations | 50,000,000 | 241,000,000 |
Total current liabilities | 3,753,000,000 | 3,941,000,000 |
Long-term debt (Note 7) | 5,944,000,000 | 5,904,000,000 |
Pension and postretirement benefit obligations | 1,631,000,000 | 1,860,000,000 |
Deferred income tax liabilities, net | 1,539,000,000 | 1,254,000,000 |
Other liabilities | 3,173,000,000 | 3,122,000,000 |
Liabilities of discontinued operations | 184,000,000 | 172,000,000 |
Commitments and contingencies (Note 11) | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock | 1,000,000 | 1,000,000 |
Additional paid-in capital | 43,463,000,000 | 43,424,000,000 |
Accumulated deficit | -25,360,000,000 | -26,769,000,000 |
Accumulated other comprehensive loss (Note 9) | -723,000,000 | -569,000,000 |
Stockholders' equity before treasury stock | 17,381,000,000 | 16,087,000,000 |
Less treasury stock, at cost; 237 (2013) and 198 (2012) Class B shares | 7,710,000,000 | 5,874,000,000 |
Total stockholders' equity | 9,671,000,000 | 10,213,000,000 |
Total Liabilities and Stockholders' Equity | 25,895,000,000 | 26,466,000,000 |
Class A Common Stock | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock | 0 | 0 |
Class B Common Stock | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock | $1,000,000 | $1,000,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Balance Sheet Parentheticals [Abstract] | ' | ' |
Receivables, allowances | $80 | $81 |
Class A Common Stock | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 375,000,000 | 375,000,000 |
Common stock, shares, issued | 39,000,000 | 43,000,000 |
Class B Common Stock | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 |
Common stock, shares, issued | 799,000,000 | 785,000,000 |
Treasury stock, at cost, Class B shares | 237,000,000 | 198,000,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Operating Activities: | ' | ' |
Net earnings (loss) | $1,409,000,000 | $1,181,000,000 |
Less: Net earnings (loss) from discontinued operations | 1,000,000 | -50,000,000 |
Net earnings (loss) from continuing operations | 1,408,000,000 | 1,231,000,000 |
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | 343,000,000 | 354,000,000 |
Impairment charges | 0 | 11,000,000 |
Stock-based compensation | 169,000,000 | 118,000,000 |
Redemption of debt | 0 | -28,000,000 |
Equity in loss of investee companies, net of tax and distributions | 46,000,000 | 33,000,000 |
Change in assets and liabilities, net of investing and financing activities | -434,000,000 | -214,000,000 |
Net cash flow provided by (used for) operating activities from continuing operations | 1,532,000,000 | 1,505,000,000 |
Net cash flow provided by (used for) operating activities from discontinued operations | -212,000,000 | -25,000,000 |
Net cash flow provided by (used for) operating activities | 1,320,000,000 | 1,480,000,000 |
Investing Activities: | ' | ' |
Acquisitions, net of cash acquired | -31,000,000 | -70,000,000 |
Capital expenditures | -140,000,000 | -139,000,000 |
Investments in and advances to investee companies | -144,000,000 | -54,000,000 |
Proceeds from sale of investments | 20,000,000 | 11,000,000 |
Proceeds from dispositions | 196,000,000 | 46,000,000 |
Net cash flow provided by (used for) investing activities from continuing operations | -99,000,000 | -206,000,000 |
Net cash flow provided by (used for) investing activities from discontinued operations | -17,000,000 | -13,000,000 |
Net cash flow provided by (used for) investing activities | -116,000,000 | -219,000,000 |
Financing Activities: | ' | ' |
Proceeds from short-term debt borrowings, net | 341,000,000 | 0 |
Proceeds from issuance of notes | 0 | 1,567,000,000 |
Repayment of notes | 0 | -1,583,000,000 |
Payment of capital lease obligations | -13,000,000 | -15,000,000 |
Payment of contingent consideration | -30,000,000 | -33,000,000 |
Dividends | -228,000,000 | -199,000,000 |
Purchase of Company common stock | -1,864,000,000 | -839,000,000 |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | -142,000,000 | -105,000,000 |
Proceeds from exercise of stock options | 121,000,000 | 140,000,000 |
Excess tax benefit from stock-based compensation | 133,000,000 | 93,000,000 |
Other financing activities | -4,000,000 | 0 |
Net cash flow provided by (used for) financing activities | -1,686,000,000 | -974,000,000 |
Net increase (decrease) in cash and cash equivalents | -482,000,000 | 287,000,000 |
Cash and cash equivalents at beginning of period | 708,000,000 | 660,000,000 |
Cash and cash equivalents at end of period | 226,000,000 | 947,000,000 |
Supplemental disclosure of cash flow information | ' | ' |
Cash paid for interest | 284,000,000 | 365,000,000 |
Cash paid for income taxes | 272,000,000 | 353,000,000 |
Equipment acquired under capitalized leases | $58,000,000 | $13,000,000 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | ' | |||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | ' | |||||||||||||
1) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||
Description of Business—CBS Corporation (together with its consolidated subsidiaries unless the context otherwise requires, the “Company” or “CBS Corp.”) is comprised of the following segments: Entertainment (CBS Television, comprised of the CBS Television Network, CBS Television Studios and CBS Global Distribution Group; CBS Films; and CBS Interactive), Cable Networks (Showtime Networks, CBS Sports Network and Smithsonian Networks), Publishing (Simon & Schuster), Local Broadcasting (CBS Television Stations and CBS Radio) and Outdoor Americas (CBS Outdoor). On September 30, 2013, the Company completed the sale of its outdoor advertising business in Europe, which includes an interest in an outdoor business in Asia (“Outdoor Europe”). Outdoor Europe has been presented as a discontinued operation in the Company's consolidated financial statements for all periods presented. | ||||||||||||||
Basis of Presentation—The accompanying unaudited consolidated financial statements of the Company have been prepared pursuant to the rules of the Securities and Exchange Commission. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto, included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012. | ||||||||||||||
In the opinion of management, the accompanying unaudited financial statements reflect all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the financial position, results of operations and cash flows of the Company for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation. | ||||||||||||||
Use of Estimates—The preparation of the Company's financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. | ||||||||||||||
Net Earnings (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”) and market-based performance share units (“PSUs”) only in the periods in which such effect would have been dilutive. For both the three and nine months ended September 30, 2013, stock options to purchase 2 million shares of Class B Common Stock were outstanding but excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive. For both the three and nine months ended September 30, 2012, stock options to purchase 3 million shares of Class B Common Stock were outstanding but excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive. | ||||||||||||||
The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Weighted average shares for basic EPS | 603 | 640 | 611 | 645 | ||||||||||
Dilutive effect of shares issuable under | ||||||||||||||
stock-based compensation plans | 15 | 16 | 16 | 17 | ||||||||||
Weighted average shares for diluted EPS | 618 | 656 | 627 | 662 | ||||||||||
Other Liabilities—Other liabilities consist primarily of the noncurrent portion of residual liabilities of previously disposed businesses, participants' share and royalties payable, program rights obligations, deferred compensation and other employee benefit accruals. | ||||||||||||||
Additional Paid-In Capital—For the nine months ended September 30, 2013 and 2012, the Company recorded dividends of $222 million and $210 million, respectively, as a reduction to additional paid-in capital as the Company had an accumulated deficit balance. | ||||||||||||||
Adoption of New Accounting Standards | ||||||||||||||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | ||||||||||||||
During the first quarter of 2013, the Company adopted the Financial Accounting Standards Board's (“FASB”) guidance which requires disclosure of significant amounts reclassified out of accumulated other comprehensive income by component and their corresponding effect on the respective line items of net income (See Note 9). | ||||||||||||||
Recent Pronouncements | ||||||||||||||
Presentation of Reserves for Uncertain Tax Positions when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | ||||||||||||||
In July 2013, the FASB issued guidance on the presentation of the reserve for uncertain tax positions when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance requires the reserve for uncertain tax positions to be presented in the financial statements as a reduction to the deferred tax asset for a tax loss or other tax carryforward that would be applied in the settlement of the uncertain tax position. This guidance is effective for interim and annual reporting periods beginning after December 15, 2013, with early adoption permitted, and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is also permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. | ||||||||||||||
Obligations Resulting from Joint and Several Liability Arrangements | ||||||||||||||
In February 2013, the FASB issued guidance on the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. Under this guidance, the Company is required to measure its obligations under such arrangements as the sum of the amount it agreed to pay in the arrangement among its co-obligors and any additional amount the Company expects to pay on behalf of its co-obligors. The Company is also required to disclose the nature and amount of the obligation. The Company is currently evaluating the impact of this guidance on its consolidated financial statements, which is effective for reporting periods beginning after December 15, 2013. | ||||||||||||||
Stockbased_Compensation
Stock-based Compensation | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Stock Based Compensation Disclosure [Abstract] | ' | |||||||||||||||||
Stock-based Compensation | ' | |||||||||||||||||
2) STOCK-BASED COMPENSATION | ||||||||||||||||||
The following table summarizes the Company's stock-based compensation expense for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
RSUs and PSUs | $ | 36 | $ | 28 | $ | 102 | $ | 87 | ||||||||||
Stock options and equivalents | 24 | 10 | 67 | 31 | ||||||||||||||
Stock-based compensation expense, | ||||||||||||||||||
before income taxes | 60 | 38 | 169 | 118 | ||||||||||||||
Related tax benefit | -24 | -15 | -66 | -46 | ||||||||||||||
Stock-based compensation expense, | ||||||||||||||||||
net of tax benefit | $ | 36 | $ | 23 | $ | 103 | $ | 72 | ||||||||||
Stock-based compensation of $7 million and $8 million was included in net earnings from discontinued operations for the three and nine months ended September 30, 2013, respectively. For the three and nine months ended September 30, 2012, stock-based compensation included in discontinued operations was minimal. | ||||||||||||||||||
During the nine months ended September 30, 2013, the Company granted 4 million RSUs with a weighted average per unit grant date fair value of $43.96. RSUs granted during the first nine months of 2013 generally vest over a one- to four-year service period. Compensation expense for RSUs is determined based upon the market price of the Company's shares underlying the awards on the date of grant. For certain RSU awards the number of shares an employee earns ranges from 0% to 120% of the target award, based on the outcome of established performance conditions. Compensation expense is recorded based on the probable outcome of the performance conditions. During the nine months ended September 30, 2013, the Company also granted 3 million stock options with a weighted average exercise price of $44.27. Stock options granted during the first nine months of 2013 vest over a four-year service period and expire eight years from the date of grant. Compensation expense for stock options is determined based on the grant date fair value of the award calculated using the Black-Scholes options-pricing model. | ||||||||||||||||||
Total unrecognized compensation cost related to unvested RSUs at September 30, 2013 was $214 million, which is expected to be recognized over a weighted average period of 2.3 years. Total unrecognized compensation cost related to unvested stock option awards at September 30, 2013 was $67 million, which is expected to be recognized over a weighted average period of 2.4 years. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||
3) GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||
The Company's intangible assets were as follows: | ||||||||||||||||
Accumulated | ||||||||||||||||
At September 30, 2013 | Gross | Amortization | Net | |||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||
Permits and leasehold agreements | $ | 892 | $ | -659 | $ | 233 | ||||||||||
Franchise agreements | 476 | -327 | 149 | |||||||||||||
Trade names | 222 | -38 | 184 | |||||||||||||
Other intangible assets | 231 | -173 | 58 | |||||||||||||
Total intangible assets subject to amortization | 1,821 | -1,197 | 624 | |||||||||||||
FCC licenses | 5,832 | — | 5,832 | |||||||||||||
Total intangible assets | $ | 7,653 | $ | -1,197 | $ | 6,456 | ||||||||||
Accumulated | ||||||||||||||||
At December 31, 2012 | Gross | Amortization | Net | |||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||
Permits and leasehold agreements | $ | 889 | $ | -635 | $ | 254 | ||||||||||
Franchise agreements | 477 | -309 | 168 | |||||||||||||
Trade names | 213 | -28 | 185 | |||||||||||||
Other intangible assets | 245 | -169 | 76 | |||||||||||||
Total intangible assets subject to amortization | 1,824 | -1,141 | 683 | |||||||||||||
FCC licenses | 5,832 | — | 5,832 | |||||||||||||
Total intangible assets | $ | 7,656 | $ | -1,141 | $ | 6,515 | ||||||||||
Amortization expense was $26 million and $25 million for the three months ended September 30, 2013 and 2012, respectively, and $76 million and $80 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
The Company expects its aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2013 through 2017, to be as follows: | ||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||
Amortization expense | $ | 100 | $ | 89 | $ | 79 | $ | 69 | $ | 43 | ||||||
During the first quarter of 2012, in connection with the sale of its five owned radio stations in West Palm Beach, the Company recorded a pre-tax noncash impairment charge of $11 million to reduce the carrying value of the allocated goodwill. | ||||||||||||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
4) DISCONTINUED OPERATIONS | |||||||||||||||||
On September 30, 2013, the Company completed the sale of Outdoor Europe for $225 million. Outdoor Europe has been presented as a discontinued operation in the Company's consolidated financial statements for all periods presented. Included in the loss from discontinued operations for the three and nine months ended September 30, 2013 is an after-tax charge of $110 million associated with the exiting of an unprofitable contractual arrangement and the estimated fair value of guarantees, which historically have been intercompany but upon the closing of the transaction became third-party guarantees (See Note 11). | |||||||||||||||||
The following table sets forth details of the net earnings (loss) from discontinued operations for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues from discontinued operations | $ | 139 | $ | 152 | $ | 401 | $ | 427 | |||||||||
Loss from discontinued operations | $ | -194 | $ | -11 | $ | -241 | $ | -68 | |||||||||
Income tax benefit | 72 | 17 | 95 | 18 | |||||||||||||
(Loss) earnings from discontinued operations, net of tax | -122 | 6 | -146 | -50 | |||||||||||||
Gain on disposal | 149 | — | 149 | — | |||||||||||||
Income tax provision | -2 | — | -2 | — | |||||||||||||
Gain on disposal, net of tax | 147 | — | 147 | — | |||||||||||||
Net earnings (loss) from discontinued operations, net of tax | $ | 25 | $ | 6 | $ | 1 | $ | -50 | |||||||||
Noncurrent assets from discontinued operations of $128 million at September 30, 2013 and $260 million at December 31, 2012 include deferred tax assets for previously disposed businesses as well as assets related to aircraft leases from previously disposed businesses that are generally expected to liquidate in accordance with contractual terms. At December 31, 2012, noncurrent assets of discontinued operations also included net property and equipment of $103 million and goodwill of $49 million. Noncurrent liabilities of discontinued operations of $184 million at September 30, 2013 and $172 million at December 31, 2012, primarily relate to the above mentioned aircraft leases. Also included in noncurrent liabilities from discontinued operations at September 30, 2013 is the estimated fair value of guarantee liabilities of approximately $40 million (See Note 11). |
Programming_and_Other_Inventor
Programming and Other Inventory | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Programming And Other Inventory Disclosure [Abstract] | ' | |||||||||
Programming and Other Inventory | ' | |||||||||
5) PROGRAMMING AND OTHER INVENTORY | ||||||||||
At | At | |||||||||
30-Sep-13 | 31-Dec-12 | |||||||||
Program rights | $ | 1,037 | $ | 1,389 | ||||||
Television programming: | ||||||||||
Released (including acquired libraries) | 754 | 781 | ||||||||
In process and other | 209 | 128 | ||||||||
Theatrical programming: | ||||||||||
Released | 14 | 25 | ||||||||
In process and other | 69 | 60 | ||||||||
Publishing, primarily finished goods | 56 | 57 | ||||||||
Other | 1 | 1 | ||||||||
Total programming and other inventory | 2,140 | 2,441 | ||||||||
Less current portion | 554 | 859 | ||||||||
Total noncurrent programming and other inventory | $ | 1,586 | $ | 1,582 | ||||||
Related_Parties
Related Parties | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Related Parties Disclosure [Abstract] | ' | ||||||||
Related Parties | ' | ||||||||
6) RELATED PARTIES | |||||||||
National Amusements, Inc. National Amusements, Inc. (“NAI”) is the controlling stockholder of CBS Corp. and Viacom Inc. Mr. Sumner M. Redstone, the controlling stockholder, chairman of the board of directors and chief executive officer of NAI, is the Executive Chairman of the Board of Directors and founder of both CBS Corp. and Viacom Inc. In addition, Ms. Shari Redstone, Mr. Sumner M. Redstone's daughter, is the president and a director of NAI and the vice chair of the Board of Directors of both CBS Corp. and Viacom Inc. Mr. David R. Andelman is a director of CBS Corp. and serves as a director of NAI. Mr. Frederic V. Salerno is a director of CBS Corp. and serves as a director of Viacom Inc. At September 30, 2013, NAI directly or indirectly owned approximately 79.3% of CBS Corp.'s voting Class A Common Stock, and owned approximately 6.6% of CBS Corp.'s Class A Common Stock and non-voting Class B Common Stock on a combined basis. | |||||||||
Viacom Inc. As part of its normal course of business, the Company enters into transactions with Viacom Inc. and its subsidiaries. Through its Entertainment segment, the Company licenses its television products and leases its production facilities to Viacom Inc.'s media networks businesses. In addition, the Company recognizes revenues for advertising spending placed by various subsidiaries of Viacom Inc. Viacom Inc. also distributes certain of the Company's television products in the home entertainment market. The Company's total revenues from these transactions were $43 million and $50 million for the three months ended September 30, 2013 and 2012, respectively, and $174 million and $184 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||
The Company places advertisements with, leases production facilities from, and purchases other goods and services from various subsidiaries of Viacom Inc. The total amounts for these transactions were $7 million and $8 million for the three months ended September 30, 2013 and 2012, respectively, and $17 million for both the nine months ended September 30, 2013 and 2012. | |||||||||
The following table presents the amounts due from Viacom Inc. in the normal course of business as reflected on the Company's Consolidated Balance Sheets. Amounts due to Viacom Inc. were minimal at September 30, 2013 and December 31, 2012. | |||||||||
At | At | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Receivables | $ | 103 | $ | 124 | |||||
Other assets (Receivables, noncurrent) | 131 | 133 | |||||||
Total amounts due from Viacom Inc. | $ | 234 | $ | 257 | |||||
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 these joint ventures were $18 million and $31 million for the three months ended September 30, 2013 and 2012, respectively, and $80 million and $102 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||
The Company, through the normal course of business, is involved in transactions with other related parties that have not been material in any of the periods presented. |
Bank_Financing_and_Debt
Bank Financing and Debt | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Bank Financing And Debt Disclosure [Abstract] | ' | |||||||||
Bank Financing and Debt | ' | |||||||||
7) BANK FINANCING AND DEBT | ||||||||||
The following table sets forth the Company's debt. | ||||||||||
At | At | |||||||||
30-Sep-13 | 31-Dec-12 | |||||||||
Commercial paper | $ | 341 | $ | — | ||||||
Senior debt (1.95% – 8.875% due 2014 – 2042) (a) | 5,861 | 5,863 | ||||||||
Obligations under capital leases | 117 | 72 | ||||||||
Total debt | 6,319 | 5,935 | ||||||||
Less discontinued operations debt (b) | 13 | 13 | ||||||||
Total debt from continuing operations | 6,306 | 5,922 | ||||||||
Less commercial paper | 341 | — | ||||||||
Less current portion of long-term debt | 21 | 18 | ||||||||
Total long-term debt from continuing operations, | ||||||||||
net of current portion | $ | 5,944 | $ | 5,904 | ||||||
(a) At September 30, 2013 and December 31, 2012, the senior debt balances included (i) a net unamortized discount of $14 million and $16 million, respectively, and (ii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $19 million and $23 million, respectively. The face value of the Company's senior debt was $5.86 billion at both September 30, 2013 and December 31, 2012. | ||||||||||
(b) Included in noncurrent “Liabilities of discontinued operations” on the Consolidated Balance Sheets. | ||||||||||
The senior debt of CBS Corp. is fully and unconditionally guaranteed by its wholly owned subsidiary, CBS Operations Inc. Senior debt in the amount of $52 million of the Company's wholly owned subsidiary, CBS Broadcasting Inc., has no guarantor. | ||||||||||
At September 30, 2013, the Company classified $99 million of notes maturing in June 2014 as long-term debt on the Consolidated Balance Sheet, reflecting its intent and ability to refinance this debt on a long-term basis. | ||||||||||
For the nine months ended September 30, 2012, debt issuances and redemptions were as follows: | ||||||||||
Debt Issuances | ||||||||||
June 2012, $400 million 1.95% senior notes due 2017 | ||||||||||
June 2012, $500 million 4.85% senior notes due 2042 | ||||||||||
February 2012, $700 million 3.375% senior notes due 2022 | ||||||||||
Debt Redemptions | ||||||||||
$152 million 8.625% debentures due 2012 | ||||||||||
$338 million 5.625% senior notes due 2012 | ||||||||||
$400 million 8.20% senior notes due 2014 | ||||||||||
$700 million 6.75% senior notes due 2056 | ||||||||||
Debt redemptions in 2012 resulted in a pre-tax loss on early extinguishment of debt of $57 million for the third quarter of 2012 and a pre-tax net loss on early extinguishment of debt of $32 million for the nine months ended September 30, 2012. | ||||||||||
Commercial Paper | ||||||||||
At September 30, 2013, the Company had $341 million of commercial paper borrowings outstanding under its $2.0 billion commercial paper program. Outstanding commercial paper borrowings have a weighted average interest rate of approximately 0.3% and maturities of less than thirty days. | ||||||||||
Credit Facility | ||||||||||
During the first quarter of 2013, the Company amended and extended its $2.0 billion revolving credit facility (the “Credit Facility”) to March 15, 2018. The amended facility provides for lower borrowing rates and fees, as well as more favorable covenant requirements. The Credit Facility requires the Company to maintain a maximum Consolidated Leverage Ratio of 4.5x at the end of each quarter as further described in the Credit Facility. At September 30, 2013, the Company's Consolidated Leverage ratio was approximately 1.6x. | ||||||||||
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, including support of the Company's commercial paper program. At September 30, 2013, the remaining availability under the Credit Facility, net of outstanding letters of credit, was $1.99 billion. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Pension And Other Postretirement Benefits Disclosure [Abstract] | ' | |||||||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||||||
8) PENSION AND OTHER POSTRETIREMENT BENEFITS | ||||||||||||||||||
The components of net periodic cost for the Company's pension and postretirement benefit plans were as follows: | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Three Months Ended September 30, | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Components of net periodic cost: | ||||||||||||||||||
Service cost | $ | 10 | $ | 9 | $ | — | $ | — | ||||||||||
Interest cost | 54 | 60 | 6 | 8 | ||||||||||||||
Expected return on plan assets | -69 | -63 | — | — | ||||||||||||||
Amortization of actuarial losses (gains) (a) | 20 | 17 | -4 | -4 | ||||||||||||||
Amortization of prior service cost | 1 | 1 | — | — | ||||||||||||||
Net periodic cost | $ | 16 | $ | 24 | $ | 2 | $ | 4 | ||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Nine Months Ended September 30, | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Components of net periodic cost: | ||||||||||||||||||
Service cost | $ | 30 | $ | 27 | $ | — | $ | — | ||||||||||
Interest cost | 160 | 182 | 18 | 24 | ||||||||||||||
Expected return on plan assets | -205 | -187 | — | — | ||||||||||||||
Amortization of actuarial losses (gains) (a) | 64 | 53 | -12 | -12 | ||||||||||||||
Amortization of prior service cost | 1 | 1 | — | — | ||||||||||||||
Net periodic cost | $ | 50 | $ | 76 | $ | 6 | $ | 12 | ||||||||||
Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings. | ||||||||||||||||||
During the nine months ended September 30, 2013, the Company made discretionary contributions of $150 million to pre-fund its qualified pension plans. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Stockholders' Equity Disclosure [Abstract] | ' | ||||||||||||||||||||
Stockholders' Equity Disclosure | ' | ||||||||||||||||||||
9) STOCKHOLDERS' EQUITY | |||||||||||||||||||||
During the third quarter of 2013, the Company repurchased 5.3 million shares of its Class B Common Stock for $279 million, at an average cost of $53.20 per share. During the nine months ended September 30, 2013, the Company repurchased 39.7 million shares of its Class B Common Stock for $1.84 billion, at an average cost of $46.25 per share, leaving $5.79 billion of authorization remaining at September 30, 2013. | |||||||||||||||||||||
During the third quarter of 2013, the Company declared a quarterly cash dividend of $.12 per share on its Class A and Class B Common Stock payable on October 1, 2013. The total dividend was $73 million of which $72 million was paid on October 1, 2013 and $1 million was accrued to be paid upon vesting of RSUs. Total dividends for the nine months ended September 30, 2013 were $222 million. | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
The following table summarizes the changes in the components of accumulated other comprehensive income (loss). | |||||||||||||||||||||
Continuing Operations | Discontinued Operations | ||||||||||||||||||||
Net Actuarial | Accumulated | ||||||||||||||||||||
Cumulative | Gain (Loss) | Unrealized | Other | Other | |||||||||||||||||
Translation | and Prior | Gain on | Comprehensive | Comprehensive | |||||||||||||||||
Adjustments | Service Cost | Securities | Income (Loss) | Loss | |||||||||||||||||
At December 31, 2012 | $ | 192 | $ | -948 | $ | 2 | $ | 185 | $ | -569 | |||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||
before reclassifications | -3 | — | 1 | -7 | -9 | ||||||||||||||||
Reclassifications from accumulated | |||||||||||||||||||||
other comprehensive income (loss) | |||||||||||||||||||||
to net earnings | — | 33 | (a) | — | -178 | (b) | -145 | ||||||||||||||
Net other comprehensive income (loss) | -3 | 33 | 1 | -185 | -154 | ||||||||||||||||
At September 30, 2013 | $ | 189 | $ | -915 | $ | 3 | $ | — | $ | -723 | |||||||||||
(a) See Note 8 for additional details of items reclassified from accumulated other comprehensive income (loss) to net earnings. | |||||||||||||||||||||
(b) Reclassified from accumulated other comprehensive income to net earnings from discontinued operations | |||||||||||||||||||||
in connection with the disposal of Outdoor Europe (See Note 4). | |||||||||||||||||||||
The net actuarial gain (loss) and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax provision of $19 million for the nine months ended September 30, 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes Disclosure [Abstract] | ' |
Income Taxes | ' |
10) INCOME TAXES | |
The provision for income taxes represents federal, state and local, and foreign income taxes on earnings from continuing operations before income taxes and equity in loss of investee companies. | |
The provision for income taxes for the three months ended September 30, 2013 increased to $254 million from $236 million for the three months ended September 30, 2012, and for the nine months ended September 30, 2013, the provision for income taxes increased to $744 million from $665 million for the comparable prior-year period. These increases were mainly driven by the increase in earnings from continuing operations. For the nine months ended September 30, 2013, the effective income tax rate decreased to 34.0% from 34.5% for the comparable prior-year period, reflecting the favorable impact from the settlement of income tax audits in 2013. | |
During the third quarter of 2013, the Company and the IRS settled the Company's income tax audit for the years 2008, 2009 and 2010. The IRS is expected to commence its examination of the years 2011 and 2012 in the fourth quarter of 2013. During the next six months the Company expects to settle an audit in a foreign jurisdiction related to a previously disposed business that is accounted for as a discontinued operation. In addition, various tax years are currently under examination by state and local and other foreign tax authorities. With respect to open tax years in all jurisdictions, the Company currently believes that it is reasonably possible that the reserve for uncertain tax positions will decrease within the next twelve months; however, as it is difficult to predict the final outcome of any particular tax matter, an estimate of any related impact to the reserve for uncertain tax positions cannot currently be determined. | |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
11) COMMITMENTS AND CONTINGENCIES | |
Guarantees | |
On September 30, 2013 the Company completed the sale of Outdoor Europe to an affiliate of Platinum Equity. The Company continues to remain as guarantor of Outdoor Europe's franchise payment obligations under certain transit franchise agreements. Generally, the Company would be required to perform under the guarantees in the event of non-performance by the buyer. These agreements have varying terms, with the majority of the obligations guaranteed under these agreements expiring by September 2016. At September 30, 2013, the total franchise payment obligations under these agreements are estimated to be approximately $284 million, which will decrease on a monthly basis thereafter. The estimated fair value of the guarantee liability of approximately $40 million is included in “Liabilities of discontinued operations” on the Consolidated Balance Sheet at September 30, 2013. | |
The Company also has indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. At September 30, 2013, the outstanding letters of credit and surety bonds approximated $371 million and were not recorded on the Consolidated Balance Sheet. | |
In the course of its business, the Company both provides and receives indemnities which are intended to allocate certain risks associated with business transactions. Similarly, the Company may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not live up to its obligations under an indemnification obligation. The Company records a liability for its indemnification obligations and other contingent liabilities when probable and reasonably estimable. | |
Legal Matters | |
E-books Matters. A number of lawsuits described below have been pending against the following parties relating to the sale of e-books: Apple Inc., Hachette Book Group, Inc., HarperCollins Publishers, LLC, Holtzbrinck Publishers LLC d/b/a Macmillan, Penguin Group (USA) Inc. and the Company's subsidiary, Simon & Schuster, Inc. (collectively, the "Publishing parties"). | |
On April 10, 2012, for purposes of settlement and without any admission of wrongdoing or liability, Simon & Schuster and two of the other Publishing parties entered into a settlement stipulation and proposed final judgment (the "Stipulation") with the United States Department of Justice (the "DOJ") in connection with the DOJ's investigations of agency distribution of e-books. In furtherance of this settlement, on April 11, 2012, the DOJ filed an antitrust action in the United States District Court for the Southern District of New York against the Publishing parties and concurrently filed the Stipulation with the court. On September 7, 2012, the Stipulation was approved by the court and final judgment was entered. The Stipulation does not involve any monetary payments by Simon & Schuster, but will require the adoption of certain business practices for a 24 month period (the “24 Month Period”) and certain compliance practices for a five year period. Following a ruling in favor of the DOJ and a judgment against Apple that was entered by the court on September 6, 2013, Apple filed an appeal, which will be heard by the United States Court of Appeals for the Second Circuit. On October 4, 2013, Simon & Schuster filed an appeal with the court relating to an aspect of the Apple judgment involving the 24 Month Period. | |
On June 11, 2012, for purposes of settlement and without any admission of wrongdoing or liability, Simon & Schuster entered into a proposed settlement agreement to resolve the antitrust action filed by a number of states and the Commonwealth of Puerto Rico against several of the Publishing parties in the United States District Court for the Western District of Texas, which was transferred to the United States District Court for the Southern District of New York ("States") on April 30, 2012. The proposed settlement provides that, certain Publishing parties, including Simon & Schuster, will pay agreed upon amounts for consumer restitution, among other things, and also requires the adoption of certain business and compliance practices, which are substantially similar to those described in the Stipulation with the DOJ. On September 14, 2012, the court granted preliminary approval of the proposed settlement, which all states (except Minnesota), the District of Columbia and the United States territories joined. On October 15, 2012, Simon & Schuster paid the agreed upon amounts into an escrow account pending final court approval. On February 8, 2013, the court approved the proposed settlement following a final settlement approval hearing that day. On June 20, 2013, Simon & Schuster and certain other Publishing parties entered into a settlement agreement in the MDL litigation (as described below) covering claims of Minnesota residents (the “Minnesota Settlement”). The Minnesota Settlement is subject to court approval; preliminary approval was issued by the court on August 5, 2013. The Company believes that the settlements with the DOJ, the States and the Minnesota Settlement will not have a material adverse effect on its results of operations, financial position or cash flows. | |
On December 9, 2011, the United States Judicial Panel on Multidistrict Litigation (the "MDL") issued an order consolidating in the United States District Court for the Southern District of New York various purported class action suits that private litigants had filed in federal courts in California and New York. On January 20, 2012, the plaintiffs filed a consolidated amended class action complaint with the court against the Publishing parties. These private litigant plaintiffs, who are e-book purchasers, allege that, among other things, the defendants are in violation of federal and/or state antitrust laws in connection with the sale of e-books pursuant to agency distribution arrangements between each of the publishers and e-book retailers. The consolidated amended class action complaint generally seeks multiple forms of damages for the purchase of e-books and injunctive and other relief. On March 2, 2012, the Publishing parties filed a motion to dismiss this action. On May 15, 2012, the court denied the motion to dismiss. As noted above, on June 20, 2013, Simon & Schuster entered into the Minnesota Settlement, subject to court approval. Upon final approval of the Minnesota Settlement by the court, Simon & Schuster will be dismissed with prejudice from the MDL litigation and only those individuals who elect to opt out of the States settlement or the Minnesota Settlement will have any potential claims against Simon & Schuster. | |
Similar antitrust suits have been filed against the Publishing parties by private litigants in Canada, purportedly as class actions, under Canadian law, commencing on February 24, 2012; and by an Australian e-book retailer in the United States Court for the Southern District of New York on September 16, 2013. Simon & Schuster intends to defend itself in these matters. | |
In addition, the European Commission (the "EC") and Canadian Competition Bureau are conducting separate competition investigations of agency distribution arrangements of e-books in this industry and Simon & Schuster is cooperating with these investigations. On September 19, 2012, the EC began accepting public comment on the terms of a proposed settlement. On December 12, 2012, following the close of that comment period, the EC accepted the proposed settlement. The settlement between the EC and certain Publishing parties, including Simon & Schuster, requires the adoption of certain business and compliance practices similar to those described in the Stipulation with the DOJ. | |
Claims Related to Former Businesses: Asbestos. The Company is a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred principally as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. The Company is typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of the Company's products is the basis of a claim. Claims against the Company in which a product has been identified principally relate to exposures allegedly caused by asbestos-containing insulating material in turbines sold for power-generation, industrial and marine use, or by asbestos-containing grades of decorative micarta, a laminate used in commercial ships. | |
Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. The Company does not report as pending those claims on inactive, stayed, deferred or similar dockets which some jurisdictions have established for claimants who allege minimal or no impairment. As of September 30, 2013, the Company had pending approximately 45,480 asbestos claims, as compared with approximately 45,900 as of December 31, 2012 and 46,060 as of September 30, 2012. During the third quarter of 2013, the Company received approximately 1,180 new claims and closed or moved to an inactive docket approximately 1,020 claims. The Company reports claims as closed when it becomes aware that a dismissal order has been entered by a court or when the Company has reached agreement with the claimants on the material terms of a settlement. Settlement costs depend on the seriousness of the injuries that form the basis of the claim, the quality of evidence supporting the claims and other factors. The Company's total costs for the years 2012 and 2011 for settlement and defense of asbestos claims after insurance recoveries and net of tax benefits were approximately $21 million and $33 million, respectively. The Company's costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses. | |
The Company believes that its reserves and insurance are adequate to cover its asbestos liabilities. This belief is based upon many factors and assumptions, including the number of outstanding claims, estimated average cost per claim, the breakdown of claims by disease type, historic claim filings, costs per claim of resolution and the filing of new claims. While the number of asbestos claims filed against the Company has trended down in the past five to ten years and has remained flat in recent years, it is difficult to predict future asbestos liabilities, as events and circumstances may occur including, among others, the number and types of claims and average cost to resolve such claims, which could affect the Company's estimate of its asbestos liabilities. | |
Other. The Company from time to time receives claims from federal and state environmental regulatory agencies and other entities asserting that it is or may be liable for environmental cleanup costs and related damages principally relating to historical and predecessor operations of the Company. In addition, the Company from time to time receives personal injury claims including toxic tort and product liability claims (other than asbestos) arising from historical operations of the Company and its predecessors. | |
General. On an ongoing basis, the Company vigorously defends itself in numerous lawsuits and proceedings and responds to various investigations and inquiries from federal, state and local authorities (collectively, "litigation"). Litigation may be brought against the Company without merit, is inherently uncertain and always difficult to predict. However, based on its understanding and evaluation of the relevant facts and circumstances, the Company believes that the above-described legal matters and other litigation to which it is a party are not likely, in the aggregate, to have a material adverse effect on its results of operations, financial position or cash flows. Under the Separation Agreement between the Company and Viacom Inc., the Company and Viacom Inc. have agreed to defend and indemnify the other in certain litigation in which the Company and/or Viacom Inc. is named. | |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Restructuring Charges Disclosure [Abstract] | ' | |||||||||||||
Restructuring Charges | ' | |||||||||||||
12) RESTRUCTURING CHARGES | ||||||||||||||
During the year ended December 31, 2012, 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 $19 million, reflecting $13 million of severance costs and $6 million of costs associated with exiting contractual obligations. During the year ended December 31, 2011, the Company recorded restructuring charges of $43 million, reflecting $9 million of severance costs and $34 million of costs associated with exiting contractual obligations. As of September 30, 2013, the cumulative amount paid for the 2012 and 2011 restructuring charges was $47 million, of which $20 million was for the severance costs and $27 million was related to costs associated with contractual obligations. The Company expects to substantially utilize the remaining reserves by the end of 2013. | ||||||||||||||
Balance at | 2013 | Balance at | ||||||||||||
31-Dec-12 | Payments | 30-Sep-13 | ||||||||||||
Entertainment | $ | 25 | $ | -14 | $ | 11 | ||||||||
Publishing | 2 | -2 | — | |||||||||||
Local Broadcasting | 7 | -3 | 4 | |||||||||||
Corporate | 1 | -1 | — | |||||||||||
Total | $ | 35 | $ | -20 | $ | 15 |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Financial Instruments and Fair Value Measurements | ' | |||||||||||||
13) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | ||||||||||||||
The Company uses derivative financial instruments primarily to modify its exposure to market risks from fluctuations in 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. The fair value of the Company's derivative instruments and the related activity was not material to the Consolidated Balance Sheets and Consolidated Statements of Operations for any of the periods presented. | ||||||||||||||
The following tables set forth the Company's assets and liabilities measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting the Company's own assumptions about the assumptions that market participants would use in pricing the asset or liability. | ||||||||||||||
At September 30, 2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets: | ||||||||||||||
Investments | $ | 79 | $ | — | $ | — | $ | 79 | ||||||
Foreign currency hedges | — | 2 | — | 2 | ||||||||||
Total Assets | $ | 79 | $ | 2 | $ | — | $ | 81 | ||||||
Liabilities: | ||||||||||||||
Deferred compensation | $ | — | $ | 244 | $ | — | $ | 244 | ||||||
Guarantees | — | — | 40 | 40 | ||||||||||
Foreign currency hedges | — | 3 | — | 3 | ||||||||||
Total Liabilities | $ | — | $ | 247 | $ | 40 | $ | 287 | ||||||
At December 31, 2012 | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets: | ||||||||||||||
Investments | $ | 70 | $ | — | $ | — | $ | 70 | ||||||
Total Assets | $ | 70 | $ | — | $ | — | $ | 70 | ||||||
Liabilities: | ||||||||||||||
Deferred compensation | $ | — | $ | 201 | $ | — | $ | 201 | ||||||
Foreign currency hedges | — | 2 | — | 2 | ||||||||||
Total Liabilities | $ | — | $ | 203 | $ | — | $ | 203 | ||||||
The fair value of investments is determined based on publicly quoted market prices in active markets. 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 fair value of the guarantee liabilities reflects the premium that would be required to issue such guarantee in a standalone arm's length transaction and is calculated based on an assessment of the probability of the primary obligor's default under the obligation, discounted to its present value. | ||||||||||||||
The Company's carrying value of financial instruments approximates fair value, except for differences with respect to the notes and debentures. At both September 30, 2013 and December 31, 2012, the carrying value of the senior debt was $5.86 billion and the fair value, which is estimated based on quoted market prices for similar liabilities (Level 2) and includes accrued interest, was $6.66 billion and $7.16 billion, respectively. | ||||||||||||||
Reportable_Segments
Reportable Segments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Reportable Segments Disclosure [Abstract] | ' | ||||||||||||||||||
Reportable Segments | ' | ||||||||||||||||||
14) REPORTABLE SEGMENTS | |||||||||||||||||||
The following tables set forth the Company's financial performance by reportable segment. The Company's operating segments, which are the same as its reportable segments, have been determined in accordance with the Company's internal management structure, which is organized based upon products and services. Outdoor Europe, previously included in the Outdoor segment, has been presented as a discontinued operation. As a result, the Outdoor segment has been renamed Outdoor Americas. In addition, Residual Costs, which was previously presented as a separate line item in the Company's segment presentation, is now included within Corporate. Prior periods have been reclassified to conform to this presentation. | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Revenues: | |||||||||||||||||||
Entertainment | $ | 1,884 | $ | 1,680 | $ | 6,431 | $ | 5,705 | |||||||||||
Cable Networks | 596 | 436 | 1,592 | 1,334 | |||||||||||||||
Publishing | 224 | 210 | 584 | 575 | |||||||||||||||
Local Broadcasting | 641 | 661 | 1,977 | 1,987 | |||||||||||||||
Outdoor Americas | 341 | 334 | 957 | 956 | |||||||||||||||
Eliminations | -52 | -55 | -168 | -166 | |||||||||||||||
Total Revenues | $ | 3,634 | $ | 3,266 | $ | 11,373 | $ | 10,391 | |||||||||||
Revenues generated between segments primarily reflect advertising sales and television and feature film license fees. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation. | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Intercompany Revenues: | |||||||||||||||||||
Entertainment | $ | 41 | $ | 42 | $ | 145 | $ | 139 | |||||||||||
Local Broadcasting | 4 | 5 | 11 | 14 | |||||||||||||||
Outdoor Americas | 7 | 8 | 12 | 13 | |||||||||||||||
Total Intercompany Revenues | $ | 52 | $ | 55 | $ | 168 | $ | 166 | |||||||||||
The Company presents segment operating income (loss) before depreciation and amortization (“OIBDA”), restructuring charges and impairment charges (“Segment OIBDA”) as the primary measure of profit and loss for its operating segments in accordance with FASB guidance for segment reporting. The Company believes the presentation of Segment OIBDA is relevant and useful for investors because it allows investors to view segment performance in a manner similar to the primary method used by the Company's management and enhances their ability to understand the Company's operating performance. | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Segment OIBDA: | |||||||||||||||||||
Entertainment | $ | 431 | $ | 384 | $ | 1,340 | $ | 1,221 | |||||||||||
Cable Networks | 261 | 227 | 699 | 626 | |||||||||||||||
Publishing | 43 | 39 | 76 | 58 | |||||||||||||||
Local Broadcasting | 181 | 213 | 635 | 632 | |||||||||||||||
Outdoor Americas | 110 | 105 | 291 | 284 | |||||||||||||||
Corporate | -85 | -64 | -232 | -199 | |||||||||||||||
Total Segment OIBDA | 941 | 904 | 2,809 | 2,622 | |||||||||||||||
Impairment charges | — | — | — | -11 | |||||||||||||||
Depreciation and amortization | -113 | -116 | -343 | -354 | |||||||||||||||
Operating income | 828 | 788 | 2,466 | 2,257 | |||||||||||||||
Interest expense | -93 | -94 | -281 | -308 | |||||||||||||||
Interest income | 2 | 1 | 6 | 4 | |||||||||||||||
Net loss on early extinguishment of debt | — | -57 | — | -32 | |||||||||||||||
Other items, net | 7 | -3 | -2 | 5 | |||||||||||||||
Earnings from continuing operations before | |||||||||||||||||||
income taxes and equity in loss of investee | |||||||||||||||||||
companies | 744 | 635 | 2,189 | 1,926 | |||||||||||||||
Provision for income taxes | -254 | -236 | -744 | -665 | |||||||||||||||
Equity in loss of investee companies, net of tax | -21 | -14 | -37 | -30 | |||||||||||||||
Net earnings from continuing operations | 469 | 385 | 1,408 | 1,231 | |||||||||||||||
Net earnings (loss) from discontinued operations, | |||||||||||||||||||
net of tax | 25 | 6 | 1 | -50 | |||||||||||||||
Net earnings | $ | 494 | $ | 391 | $ | 1,409 | $ | 1,181 | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Operating Income (Loss): | |||||||||||||||||||
Entertainment | $ | 394 | $ | 346 | $ | 1,225 | $ | 1,101 | |||||||||||
Cable Networks | 255 | 221 | 684 | 609 | |||||||||||||||
Publishing | 41 | 38 | 71 | 53 | |||||||||||||||
Local Broadcasting | 161 | 190 | 571 | 553 | |||||||||||||||
Outdoor Americas | 68 | 62 | 165 | 157 | |||||||||||||||
Corporate | -91 | -69 | -250 | -216 | |||||||||||||||
Total Operating Income | $ | 828 | $ | 788 | $ | 2,466 | $ | 2,257 | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Depreciation and Amortization: | |||||||||||||||||||
Entertainment | $ | 37 | $ | 38 | $ | 115 | $ | 120 | |||||||||||
Cable Networks | 6 | 6 | 15 | 17 | |||||||||||||||
Publishing | 2 | 1 | 5 | 5 | |||||||||||||||
Local Broadcasting | 20 | 23 | 64 | 68 | |||||||||||||||
Outdoor Americas | 42 | 43 | 126 | 127 | |||||||||||||||
Corporate | 6 | 5 | 18 | 17 | |||||||||||||||
Total Depreciation and Amortization | $ | 113 | $ | 116 | $ | 343 | $ | 354 | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Stock-based Compensation: | |||||||||||||||||||
Entertainment | $ | 14 | $ | 13 | $ | 44 | $ | 40 | |||||||||||
Cable Networks | 2 | 1 | 6 | 4 | |||||||||||||||
Publishing | 1 | 1 | 3 | 2 | |||||||||||||||
Local Broadcasting | 7 | 7 | 21 | 19 | |||||||||||||||
Outdoor Americas | 3 | 2 | 6 | 5 | |||||||||||||||
Corporate | 33 | 14 | 89 | 48 | |||||||||||||||
Total Stock-based Compensation | $ | 60 | $ | 38 | $ | 169 | $ | 118 | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Capital Expenditures: | |||||||||||||||||||
Entertainment | $ | 24 | $ | 20 | $ | 67 | $ | 56 | |||||||||||
Cable Networks | 2 | 5 | 6 | 9 | |||||||||||||||
Publishing | 1 | 1 | 2 | 1 | |||||||||||||||
Local Broadcasting | 15 | 14 | 33 | 38 | |||||||||||||||
Outdoor Americas | 13 | 11 | 28 | 28 | |||||||||||||||
Corporate | 2 | 4 | 4 | 7 | |||||||||||||||
Total Capital Expenditures | $ | 57 | $ | 55 | $ | 140 | $ | 139 | |||||||||||
At September 30, | At December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Assets: | |||||||||||||||||||
Entertainment | $ | 9,158 | $ | 9,023 | |||||||||||||||
Cable Networks | 1,992 | 1,750 | |||||||||||||||||
Publishing | 979 | 1,033 | |||||||||||||||||
Local Broadcasting | 9,548 | 9,614 | |||||||||||||||||
Outdoor Americas | 3,385 | 3,542 | |||||||||||||||||
Corporate | 655 | 1,026 | |||||||||||||||||
Discontinued operations | 178 | 478 | |||||||||||||||||
Total Assets | $ | 25,895 | $ | 26,466 |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Condensed Consolidating Financial Statements Disclosure [Abstract] | ' | ||||||||||||
Condensed Consolidating Financial Statements | ' | ||||||||||||
15) CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | |||||||||||||
CBS Operations Inc. is a wholly owned subsidiary of the Company. CBS Operations Inc. has fully and unconditionally guaranteed CBS Corp.'s senior debt securities (See Note 7). 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. Changes to the entities that comprise the guarantor group are reflected for all periods presented. In addition, the operations of Outdoor Europe have been presented as a discontinued operation for all periods presented (See Note 4). | |||||||||||||
Statement of Operations | |||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Revenues | $ | 31 | $ | 2 | $ | 3,601 | $ | — | $ | 3,634 | |||
Expenses: | |||||||||||||
Operating | 16 | 2 | 1,954 | — | 1,972 | ||||||||
Selling, general and administrative | 17 | 81 | 623 | — | 721 | ||||||||
Depreciation and amortization | 2 | 4 | 107 | — | 113 | ||||||||
Total expenses | 35 | 87 | 2,684 | — | 2,806 | ||||||||
Operating income (loss) | -4 | -85 | 917 | — | 828 | ||||||||
Interest (expense) income, net | -113 | -96 | 118 | — | -91 | ||||||||
Other items, net | 1 | -4 | 10 | — | 7 | ||||||||
Earnings (loss) from continuing operations | |||||||||||||
before income taxes and equity in earnings | |||||||||||||
(loss) of investee companies | -116 | -185 | 1,045 | — | 744 | ||||||||
Benefit (provision) for income taxes | 41 | 65 | -360 | — | -254 | ||||||||
Equity in earnings (loss) of investee companies, | |||||||||||||
net of tax | 566 | 484 | -21 | -1,050 | -21 | ||||||||
Net earnings from continuing operations | 491 | 364 | 664 | -1,050 | 469 | ||||||||
Net earnings from discontinued operations, | |||||||||||||
net of tax | 3 | — | 22 | — | 25 | ||||||||
Net earnings | $ | 494 | $ | 364 | $ | 686 | $ | -1,050 | $ | 494 | |||
Comprehensive income | $ | 336 | $ | 357 | $ | 525 | $ | -882 | $ | 336 | |||
Statement of Operations | |||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Revenues | $ | 103 | $ | 8 | $ | 11,262 | $ | — | $ | 11,373 | |||
Expenses: | |||||||||||||
Operating | 50 | 6 | 6,454 | — | 6,510 | ||||||||
Selling, general and administrative | 48 | 228 | 1,778 | — | 2,054 | ||||||||
Depreciation and amortization | 5 | 11 | 327 | — | 343 | ||||||||
Total expenses | 103 | 245 | 8,559 | — | 8,907 | ||||||||
Operating income (loss) | — | -237 | 2,703 | — | 2,466 | ||||||||
Interest (expense) income, net | -342 | -276 | 343 | — | -275 | ||||||||
Other items, net | — | 4 | -6 | — | -2 | ||||||||
Earnings (loss) from continuing operations | |||||||||||||
before income taxes and equity in earnings | |||||||||||||
(loss) of investee companies | -342 | -509 | 3,040 | — | 2,189 | ||||||||
Benefit (provision) for income taxes | 119 | 177 | -1,040 | — | -744 | ||||||||
Equity in earnings (loss) of investee companies, | |||||||||||||
net of tax | 1,629 | 1,061 | -37 | -2,690 | -37 | ||||||||
Net earnings from continuing operations | 1,406 | 729 | 1,963 | -2,690 | 1,408 | ||||||||
Net earnings (loss) from discontinued operations, | |||||||||||||
net of tax | 3 | — | -2 | — | 1 | ||||||||
Net earnings | $ | 1,409 | $ | 729 | $ | 1,961 | $ | -2,690 | $ | 1,409 | |||
Comprehensive income | $ | 1,255 | $ | 728 | $ | 1,776 | $ | -2,504 | $ | 1,255 | |||
Statement of Operations | |||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Revenues | $ | 36 | $ | 3 | $ | 3,227 | $ | — | $ | 3,266 | |||
Expenses: | |||||||||||||
Operating | 19 | 2 | 1,696 | — | 1,717 | ||||||||
Selling, general and administrative | 21 | 56 | 568 | — | 645 | ||||||||
Depreciation and amortization | 1 | 3 | 112 | — | 116 | ||||||||
Total expenses | 41 | 61 | 2,376 | — | 2,478 | ||||||||
Operating income (loss) | -5 | -58 | 851 | — | 788 | ||||||||
Interest (expense) income, net | -114 | -88 | 109 | — | -93 | ||||||||
Loss on early extinguishment of debt | -57 | — | — | — | -57 | ||||||||
Other items, net | 1 | -5 | 1 | — | -3 | ||||||||
Earnings (loss) from continuing operations | |||||||||||||
before income taxes and equity in earnings | |||||||||||||
(loss) of investee companies | -175 | -151 | 961 | — | 635 | ||||||||
Benefit (provision) for income taxes | 65 | 57 | -358 | — | -236 | ||||||||
Equity in earnings (loss) of investee companies, | |||||||||||||
net of tax | 501 | 323 | -14 | -824 | -14 | ||||||||
Net earnings from continuing operations | 391 | 229 | 589 | -824 | 385 | ||||||||
Net earnings from discontinued operations, | |||||||||||||
net of tax | — | — | 6 | — | 6 | ||||||||
Net earnings | $ | 391 | $ | 229 | $ | 595 | $ | -824 | $ | 391 | |||
Comprehensive income | $ | 420 | $ | 224 | $ | 622 | $ | -846 | $ | 420 | |||
Statement of Operations | |||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Revenues | $ | 103 | $ | 11 | $ | 10,277 | $ | — | $ | 10,391 | |||
Expenses: | |||||||||||||
Operating | 53 | 6 | 5,758 | — | 5,817 | ||||||||
Selling, general and administrative | 64 | 175 | 1,713 | — | 1,952 | ||||||||
Impairment charges | — | — | 11 | — | 11 | ||||||||
Depreciation and amortization | 4 | 10 | 340 | — | 354 | ||||||||
Total expenses | 121 | 191 | 7,822 | — | 8,134 | ||||||||
Operating income (loss) | -18 | -180 | 2,455 | — | 2,257 | ||||||||
Interest (expense) income, net | -366 | -261 | 323 | — | -304 | ||||||||
Net loss on early extinguishment of debt | -32 | — | — | — | -32 | ||||||||
Other items, net | 1 | -6 | 10 | — | 5 | ||||||||
Earnings (loss) from continuing operations | |||||||||||||
before income taxes and equity in earnings | |||||||||||||
(loss) of investee companies | -415 | -447 | 2,788 | — | 1,926 | ||||||||
Benefit (provision) for income taxes | 145 | 156 | -966 | — | -665 | ||||||||
Equity in earnings (loss) of investee companies, | |||||||||||||
net of tax | 1,451 | 937 | -30 | -2,388 | -30 | ||||||||
Net earnings from continuing operations | 1,181 | 646 | 1,792 | -2,388 | 1,231 | ||||||||
Net loss from discontinued operations, | |||||||||||||
net of tax | — | — | -50 | — | -50 | ||||||||
Net earnings | $ | 1,181 | $ | 646 | $ | 1,742 | $ | -2,388 | $ | 1,181 | |||
Comprehensive income | $ | 1,216 | $ | 638 | $ | 1,760 | $ | -2,398 | $ | 1,216 | |||
Balance Sheet | |||||||||||||
At September 30, 2013 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 39 | $ | 1 | $ | 186 | $ | — | $ | 226 | |||
Receivables, net | 23 | 1 | 3,197 | — | 3,221 | ||||||||
Programming and other inventory | 4 | 3 | 547 | — | 554 | ||||||||
Prepaid expenses and other current assets | 117 | 18 | 784 | -28 | 891 | ||||||||
Total current assets | 183 | 23 | 4,714 | -28 | 4,892 | ||||||||
Property and equipment | 36 | 120 | 4,840 | — | 4,996 | ||||||||
Less accumulated depreciation and amortization | 9 | 79 | 2,708 | — | 2,796 | ||||||||
Net property and equipment | 27 | 41 | 2,132 | — | 2,200 | ||||||||
Programming and other inventory | 1 | — | 1,585 | — | 1,586 | ||||||||
Goodwill | 98 | 62 | 8,408 | — | 8,568 | ||||||||
Intangible assets | — | — | 6,456 | — | 6,456 | ||||||||
Investments in consolidated subsidiaries | 34,555 | 10,187 | — | -44,742 | — | ||||||||
Other assets | 155 | 17 | 2,021 | — | 2,193 | ||||||||
Intercompany | — | 3,321 | 12,588 | -15,909 | — | ||||||||
Total Assets | $ | 35,019 | $ | 13,651 | $ | 37,904 | $ | -60,679 | $ | 25,895 | |||
Liabilities and Stockholders’ Equity | |||||||||||||
Accounts payable | $ | 3 | $ | 6 | $ | 218 | $ | — | $ | 227 | |||
Participants’ share and royalties payable | — | — | 961 | — | 961 | ||||||||
Program rights | 5 | 3 | 428 | — | 436 | ||||||||
Commercial paper | 341 | — | — | — | 341 | ||||||||
Current portion of long-term debt | 5 | — | 16 | — | 21 | ||||||||
Accrued expenses and other current liabilities | 319 | 250 | 1,226 | -28 | 1,767 | ||||||||
Total current liabilities | 673 | 259 | 2,849 | -28 | 3,753 | ||||||||
Long-term debt | 5,791 | — | 153 | — | 5,944 | ||||||||
Other liabilities | 2,975 | 286 | 3,266 | — | 6,527 | ||||||||
Intercompany | 15,909 | — | — | -15,909 | — | ||||||||
Stockholders’ Equity: | |||||||||||||
Preferred stock | — | — | 126 | -126 | — | ||||||||
Common stock | 1 | 123 | 953 | -1,076 | 1 | ||||||||
Additional paid-in capital | 43,463 | — | 56,327 | -56,327 | 43,463 | ||||||||
Retained earnings (deficit) | -25,360 | 13,322 | -21,088 | 7,766 | -25,360 | ||||||||
Accumulated other comprehensive income (loss) | -723 | -8 | 118 | -110 | -723 | ||||||||
17,381 | 13,437 | 36,436 | -49,873 | 17,381 | |||||||||
Less treasury stock, at cost | 7,710 | 331 | 4,800 | -5,131 | 7,710 | ||||||||
Total Stockholders’ Equity | 9,671 | 13,106 | 31,636 | -44,742 | 9,671 | ||||||||
Total Liabilities and Stockholders’ Equity | $ | 35,019 | $ | 13,651 | $ | 37,904 | $ | -60,679 | $ | 25,895 | |||
Balance Sheet | |||||||||||||
At December 31, 2012 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 254 | $ | 1 | $ | 453 | $ | — | $ | 708 | |||
Receivables, net | 31 | 2 | 3,104 | — | 3,137 | ||||||||
Programming and other inventory | 5 | 3 | 851 | — | 859 | ||||||||
Prepaid expenses and other current assets | 142 | 14 | 886 | -26 | 1,016 | ||||||||
Total current assets | 432 | 20 | 5,294 | -26 | 5,720 | ||||||||
Property and equipment | 39 | 117 | 4,832 | — | 4,988 | ||||||||
Less accumulated depreciation and amortization | 8 | 69 | 2,640 | — | 2,717 | ||||||||
Net property and equipment | 31 | 48 | 2,192 | — | 2,271 | ||||||||
Programming and other inventory | 3 | 2 | 1,577 | — | 1,582 | ||||||||
Goodwill | 98 | 62 | 8,407 | — | 8,567 | ||||||||
Intangible assets | — | — | 6,515 | — | 6,515 | ||||||||
Investments in consolidated subsidiaries | 38,658 | 9,128 | — | -47,786 | — | ||||||||
Other assets | 171 | 14 | 1,626 | — | 1,811 | ||||||||
Intercompany | — | 3,655 | 16,122 | -19,777 | — | ||||||||
Total Assets | $ | 39,393 | $ | 12,929 | $ | 41,733 | $ | -67,589 | $ | 26,466 | |||
Liabilities and Stockholders’ Equity | |||||||||||||
Accounts payable | $ | 2 | $ | 6 | $ | 378 | $ | — | $ | 386 | |||
Participants’ share and royalties payable | — | — | 953 | — | 953 | ||||||||
Program rights | 6 | 4 | 445 | — | 455 | ||||||||
Current portion of long-term debt | 5 | — | 13 | — | 18 | ||||||||
Accrued expenses and other current liabilities | 345 | 286 | 1,524 | -26 | 2,129 | ||||||||
Total current liabilities | 358 | 296 | 3,313 | -26 | 3,941 | ||||||||
Long-term debt | 5,793 | — | 111 | — | 5,904 | ||||||||
Other liabilities | 3,252 | 255 | 2,901 | — | 6,408 | ||||||||
Intercompany | 19,777 | — | — | -19,777 | — | ||||||||
Stockholders’ Equity: | |||||||||||||
Preferred stock | — | — | 128 | -128 | — | ||||||||
Common stock | 1 | 123 | 1,136 | -1,259 | 1 | ||||||||
Additional paid-in capital | 43,424 | — | 61,690 | -61,690 | 43,424 | ||||||||
Retained earnings (deficit) | -26,769 | 12,593 | -23,049 | 10,456 | -26,769 | ||||||||
Accumulated other comprehensive income (loss) | -569 | -7 | 303 | -296 | -569 | ||||||||
16,087 | 12,709 | 40,208 | -52,917 | 16,087 | |||||||||
Less treasury stock, at cost | 5,874 | 331 | 4,800 | -5,131 | 5,874 | ||||||||
Total Stockholders’ Equity | 10,213 | 12,378 | 35,408 | -47,786 | 10,213 | ||||||||
Total Liabilities and Stockholders’ Equity | $ | 39,393 | $ | 12,929 | $ | 41,733 | $ | -67,589 | $ | 26,466 | |||
Statement of Cash Flows | |||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Net cash flow (used for) provided by operating | |||||||||||||
activities | $ | -858 | $ | -174 | $ | 2,352 | $ | — | $ | 1,320 | |||
Investing Activities: | |||||||||||||
Acquisitions, net of cash acquired | — | — | -31 | — | -31 | ||||||||
Capital expenditures | — | -4 | -136 | — | -140 | ||||||||
Investments in and advances to investee companies | — | — | -144 | — | -144 | ||||||||
Proceeds from sale of investments | 15 | 1 | 4 | — | 20 | ||||||||
Proceeds from dispositions | — | — | 196 | — | 196 | ||||||||
Net cash flow provided by (used for) investing activities | |||||||||||||
from continuing operations | 15 | -3 | -111 | — | -99 | ||||||||
Net cash flow used for investing activities | |||||||||||||
from discontinued operations | — | — | -17 | — | -17 | ||||||||
Net cash flow provided by (used for) investing activities | 15 | -3 | -128 | — | -116 | ||||||||
Financing Activities: | |||||||||||||
Proceeds from short-term debt borrowings, net | 341 | — | — | — | 341 | ||||||||
Payment of capital lease obligations | — | — | -13 | — | -13 | ||||||||
Payment of contingent consideration | — | — | -30 | — | -30 | ||||||||
Dividends | -228 | — | — | — | -228 | ||||||||
Purchase of Company common stock | -1,864 | — | — | — | -1,864 | ||||||||
Payment of payroll taxes in lieu of issuing | |||||||||||||
shares for stock-based compensation | -142 | — | — | — | -142 | ||||||||
Proceeds from exercise of stock options | 121 | — | — | — | 121 | ||||||||
Excess tax benefit from stock-based compensation | 133 | — | — | — | 133 | ||||||||
Other financing activities | -4 | — | — | — | -4 | ||||||||
Increase (decrease) in intercompany | 2,271 | 177 | -2,448 | — | — | ||||||||
Net cash flow provided by (used for) financing | |||||||||||||
activities | 628 | 177 | -2,491 | — | -1,686 | ||||||||
Net decrease in cash and cash equivalents | -215 | — | -267 | — | -482 | ||||||||
Cash and cash equivalents at beginning of period | 254 | 1 | 453 | — | 708 | ||||||||
Cash and cash equivalents at end of period | $ | 39 | $ | 1 | $ | 186 | $ | — | $ | 226 | |||
Statement of Cash Flows | |||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Net cash flow (used for) provided by operating | |||||||||||||
activities | $ | -692 | $ | -167 | $ | 2,339 | $ | — | $ | 1,480 | |||
Investing Activities: | |||||||||||||
Acquisitions, net of cash acquired | — | — | -70 | — | -70 | ||||||||
Capital expenditures | — | -7 | -132 | — | -139 | ||||||||
Investments in and advances to investee companies | — | — | -54 | — | -54 | ||||||||
Proceeds from sale of investments | — | 11 | — | — | 11 | ||||||||
Proceeds from dispositions | — | — | 46 | — | 46 | ||||||||
Net cash flow provided by (used for) investing | |||||||||||||
activities from continuing operations | — | 4 | -210 | — | -206 | ||||||||
Net cash flow used for investing | |||||||||||||
activities from discontinued operations | — | — | -13 | — | -13 | ||||||||
Net cash flow provided by (used for) investing | |||||||||||||
activities | — | 4 | -223 | — | -219 | ||||||||
Financing Activities: | |||||||||||||
Proceeds from issuance of notes | 1,567 | — | — | — | 1,567 | ||||||||
Repayment of notes | -1,583 | — | — | — | -1,583 | ||||||||
Payment of capital lease obligations | — | — | -15 | — | -15 | ||||||||
Payment of contingent consideration | — | — | -33 | — | -33 | ||||||||
Dividends | -199 | — | — | — | -199 | ||||||||
Purchase of Company common stock | -839 | — | — | — | -839 | ||||||||
Payment of payroll taxes in lieu of issuing | |||||||||||||
shares for stock-based compensation | -105 | — | — | — | -105 | ||||||||
Proceeds from exercise of stock options | 140 | — | — | — | 140 | ||||||||
Excess tax benefit from stock-based compensation | 93 | — | — | — | 93 | ||||||||
Increase (decrease) in intercompany | 2,106 | 163 | -2,269 | — | — | ||||||||
Net cash flow provided by (used for) financing | |||||||||||||
activities | 1,180 | 163 | -2,317 | — | -974 | ||||||||
Net increase (decrease) in cash and cash equivalents | 488 | — | -201 | — | 287 | ||||||||
Cash and cash equivalents at beginning of period | 134 | 1 | 525 | — | 660 | ||||||||
Cash and cash equivalents at end of period | $ | 622 | $ | 1 | $ | 324 | $ | — | $ | 947 | |||
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates—The preparation of the Company's financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. | |
Earnings Per Share Policy [Policy Text Block] | ' |
Net Earnings (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”) and market-based performance share units (“PSUs”) only in the periods in which such effect would have been dilutive. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies Tables [Abstract] | ' | |||||||||||||
Reconciliation from Basic to Diluted Shares [Table Text Block] | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Weighted average shares for basic EPS | 603 | 640 | 611 | 645 | ||||||||||
Dilutive effect of shares issuable under | ||||||||||||||
stock-based compensation plans | 15 | 16 | 16 | 17 | ||||||||||
Weighted average shares for diluted EPS | 618 | 656 | 627 | 662 | ||||||||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Stock Based Compensation Tables [Abstract] | ' | |||||||||||||||||
Stock-based Compensation [Table Text Block] | ' | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
RSUs and PSUs | $ | 36 | $ | 28 | $ | 102 | $ | 87 | ||||||||||
Stock options and equivalents | 24 | 10 | 67 | 31 | ||||||||||||||
Stock-based compensation expense, | ||||||||||||||||||
before income taxes | 60 | 38 | 169 | 118 | ||||||||||||||
Related tax benefit | -24 | -15 | -66 | -46 | ||||||||||||||
Stock-based compensation expense, | ||||||||||||||||||
net of tax benefit | $ | 36 | $ | 23 | $ | 103 | $ | 72 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Intangible Assets Tables [Abstract] | ' | |||||||||||||||
Schedule Of Intangible Assets By Major Class [Table Text Block] | ' | |||||||||||||||
Accumulated | ||||||||||||||||
At September 30, 2013 | Gross | Amortization | Net | |||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||
Permits and leasehold agreements | $ | 892 | $ | -659 | $ | 233 | ||||||||||
Franchise agreements | 476 | -327 | 149 | |||||||||||||
Trade names | 222 | -38 | 184 | |||||||||||||
Other intangible assets | 231 | -173 | 58 | |||||||||||||
Total intangible assets subject to amortization | 1,821 | -1,197 | 624 | |||||||||||||
FCC licenses | 5,832 | — | 5,832 | |||||||||||||
Total intangible assets | $ | 7,653 | $ | -1,197 | $ | 6,456 | ||||||||||
Accumulated | ||||||||||||||||
At December 31, 2012 | Gross | Amortization | Net | |||||||||||||
Intangible assets subject to amortization: | ||||||||||||||||
Permits and leasehold agreements | $ | 889 | $ | -635 | $ | 254 | ||||||||||
Franchise agreements | 477 | -309 | 168 | |||||||||||||
Trade names | 213 | -28 | 185 | |||||||||||||
Other intangible assets | 245 | -169 | 76 | |||||||||||||
Total intangible assets subject to amortization | 1,824 | -1,141 | 683 | |||||||||||||
FCC licenses | 5,832 | — | 5,832 | |||||||||||||
Total intangible assets | $ | 7,656 | $ | -1,141 | $ | 6,515 | ||||||||||
Schedule of Expected Amortization Expense [Table Text Block] | ' | |||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||
Amortization expense | $ | 100 | $ | 89 | $ | 79 | $ | 69 | $ | 43 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations Tables [Abstract] | ' | ||||||||||||||||
Discontinued Operations [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues from discontinued operations | $ | 139 | $ | 152 | $ | 401 | $ | 427 | |||||||||
Loss from discontinued operations | $ | -194 | $ | -11 | $ | -241 | $ | -68 | |||||||||
Income tax benefit | 72 | 17 | 95 | 18 | |||||||||||||
(Loss) earnings from discontinued operations, net of tax | -122 | 6 | -146 | -50 | |||||||||||||
Gain on disposal | 149 | — | 149 | — | |||||||||||||
Income tax provision | -2 | — | -2 | — | |||||||||||||
Gain on disposal, net of tax | 147 | — | 147 | — | |||||||||||||
Net earnings (loss) from discontinued operations, net of tax | $ | 25 | $ | 6 | $ | 1 | $ | -50 |
Programming_and_Other_Inventor1
Programming and Other Inventory (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Programming And Other Inventory Tables [Abstract] | ' | |||||||||
Programming and Other Inventory [Table Text Block] | ' | |||||||||
At | At | |||||||||
30-Sep-13 | 31-Dec-12 | |||||||||
Program rights | $ | 1,037 | $ | 1,389 | ||||||
Television programming: | ||||||||||
Released (including acquired libraries) | 754 | 781 | ||||||||
In process and other | 209 | 128 | ||||||||
Theatrical programming: | ||||||||||
Released | 14 | 25 | ||||||||
In process and other | 69 | 60 | ||||||||
Publishing, primarily finished goods | 56 | 57 | ||||||||
Other | 1 | 1 | ||||||||
Total programming and other inventory | 2,140 | 2,441 | ||||||||
Less current portion | 554 | 859 | ||||||||
Total noncurrent programming and other inventory | $ | 1,586 | $ | 1,582 | ||||||
Related_Parties_Tables
Related Parties (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Due To Due From Related Party Tables [Abstract] | ' | ||||||||
Amounts Due From Viacom Inc. [Table Text Block] | ' | ||||||||
At | At | ||||||||
30-Sep-13 | 31-Dec-12 | ||||||||
Receivables | $ | 103 | $ | 124 | |||||
Other assets (Receivables, noncurrent) | 131 | 133 | |||||||
Total amounts due from Viacom Inc. | $ | 234 | $ | 257 |
Bank_Financing_and_Debt_Tables
Bank Financing and Debt (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Bank Financing And Debt Tables [Abstract] | ' | |||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||
At | At | |||||||||
30-Sep-13 | 31-Dec-12 | |||||||||
Commercial paper | $ | 341 | $ | — | ||||||
Senior debt (1.95% – 8.875% due 2014 – 2042) (a) | 5,861 | 5,863 | ||||||||
Obligations under capital leases | 117 | 72 | ||||||||
Total debt | 6,319 | 5,935 | ||||||||
Less discontinued operations debt (b) | 13 | 13 | ||||||||
Total debt from continuing operations | 6,306 | 5,922 | ||||||||
Less commercial paper | 341 | — | ||||||||
Less current portion of long-term debt | 21 | 18 | ||||||||
Total long-term debt from continuing operations, | ||||||||||
net of current portion | $ | 5,944 | $ | 5,904 | ||||||
(a) At September 30, 2013 and December 31, 2012, the senior debt balances included (i) a net unamortized discount of $14 million and $16 million, respectively, and (ii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $19 million and $23 million, respectively. The face value of the Company's senior debt was $5.86 billion at both September 30, 2013 and December 31, 2012. | ||||||||||
(b) Included in noncurrent “Liabilities of discontinued operations” on the Consolidated Balance Sheets. | ||||||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Pension and Other Postretirement Benefits Tables [Abstract] | ' | |||||||||||||||||
Pension and Other Postretirement Benefits [Table Text Block] | ' | |||||||||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Three Months Ended September 30, | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Components of net periodic cost: | ||||||||||||||||||
Service cost | $ | 10 | $ | 9 | $ | — | $ | — | ||||||||||
Interest cost | 54 | 60 | 6 | 8 | ||||||||||||||
Expected return on plan assets | -69 | -63 | — | — | ||||||||||||||
Amortization of actuarial losses (gains) (a) | 20 | 17 | -4 | -4 | ||||||||||||||
Amortization of prior service cost | 1 | 1 | — | — | ||||||||||||||
Net periodic cost | $ | 16 | $ | 24 | $ | 2 | $ | 4 | ||||||||||
Pension Benefits | Postretirement Benefits | |||||||||||||||||
Nine Months Ended September 30, | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Components of net periodic cost: | ||||||||||||||||||
Service cost | $ | 30 | $ | 27 | $ | — | $ | — | ||||||||||
Interest cost | 160 | 182 | 18 | 24 | ||||||||||||||
Expected return on plan assets | -205 | -187 | — | — | ||||||||||||||
Amortization of actuarial losses (gains) (a) | 64 | 53 | -12 | -12 | ||||||||||||||
Amortization of prior service cost | 1 | 1 | — | — | ||||||||||||||
Net periodic cost | $ | 50 | $ | 76 | $ | 6 | $ | 12 | ||||||||||
Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings. | ||||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Stockholders Equity Tables [Abstract] | ' | ||||||||||||||||||||
Reclassification out of accumulated other comprehensive income [Table Text Block] | ' | ||||||||||||||||||||
Continuing Operations | Discontinued Operations | ||||||||||||||||||||
Net Actuarial | Accumulated | ||||||||||||||||||||
Cumulative | Gain (Loss) | Unrealized | Other | Other | |||||||||||||||||
Translation | and Prior | Gain on | Comprehensive | Comprehensive | |||||||||||||||||
Adjustments | Service Cost | Securities | Income (Loss) | Loss | |||||||||||||||||
At December 31, 2012 | $ | 192 | $ | -948 | $ | 2 | $ | 185 | $ | -569 | |||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||
before reclassifications | -3 | — | 1 | -7 | -9 | ||||||||||||||||
Reclassifications from accumulated | |||||||||||||||||||||
other comprehensive income (loss) | |||||||||||||||||||||
to net earnings | — | 33 | (a) | — | -178 | (b) | -145 | ||||||||||||||
Net other comprehensive income (loss) | -3 | 33 | 1 | -185 | -154 | ||||||||||||||||
At September 30, 2013 | $ | 189 | $ | -915 | $ | 3 | $ | — | $ | -723 | |||||||||||
(a) See Note 8 for additional details of items reclassified from accumulated other comprehensive income (loss) to net earnings. | |||||||||||||||||||||
(b) Reclassified from accumulated other comprehensive income to net earnings from discontinued operations | |||||||||||||||||||||
in connection with the disposal of Outdoor Europe (See Note 4). |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Restructuring Charges Tables [Abstract] | ' | |||||||||||||
Restructuring Reserve Rollforward [Table Text Block] | ' | |||||||||||||
Balance at | 2013 | Balance at | ||||||||||||
31-Dec-12 | Payments | 30-Sep-13 | ||||||||||||
Entertainment | $ | 25 | $ | -14 | $ | 11 | ||||||||
Publishing | 2 | -2 | — | |||||||||||
Local Broadcasting | 7 | -3 | 4 | |||||||||||
Corporate | 1 | -1 | — | |||||||||||
Total | $ | 35 | $ | -20 | $ | 15 |
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Measurements Tables [Abstract] | ' | |||||||||||||
Fair Value Measurements [Table Text Block] | ' | |||||||||||||
At September 30, 2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets: | ||||||||||||||
Investments | $ | 79 | $ | — | $ | — | $ | 79 | ||||||
Foreign currency hedges | — | 2 | — | 2 | ||||||||||
Total Assets | $ | 79 | $ | 2 | $ | — | $ | 81 | ||||||
Liabilities: | ||||||||||||||
Deferred compensation | $ | — | $ | 244 | $ | — | $ | 244 | ||||||
Guarantees | — | — | 40 | 40 | ||||||||||
Foreign currency hedges | — | 3 | — | 3 | ||||||||||
Total Liabilities | $ | — | $ | 247 | $ | 40 | $ | 287 | ||||||
At December 31, 2012 | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets: | ||||||||||||||
Investments | $ | 70 | $ | — | $ | — | $ | 70 | ||||||
Total Assets | $ | 70 | $ | — | $ | — | $ | 70 | ||||||
Liabilities: | ||||||||||||||
Deferred compensation | $ | — | $ | 201 | $ | — | $ | 201 | ||||||
Foreign currency hedges | — | 2 | — | 2 | ||||||||||
Total Liabilities | $ | — | $ | 203 | $ | — | $ | 203 | ||||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Reportable Segments Tables [Abstract] | ' | ||||||||||||||||||
Revenues by Segment [Table Text Block] | ' | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Revenues: | |||||||||||||||||||
Entertainment | $ | 1,884 | $ | 1,680 | $ | 6,431 | $ | 5,705 | |||||||||||
Cable Networks | 596 | 436 | 1,592 | 1,334 | |||||||||||||||
Publishing | 224 | 210 | 584 | 575 | |||||||||||||||
Local Broadcasting | 641 | 661 | 1,977 | 1,987 | |||||||||||||||
Outdoor Americas | 341 | 334 | 957 | 956 | |||||||||||||||
Eliminations | -52 | -55 | -168 | -166 | |||||||||||||||
Total Revenues | $ | 3,634 | $ | 3,266 | $ | 11,373 | $ | 10,391 | |||||||||||
Intercompany Revenues by Segment [Table Text Block] | ' | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Intercompany Revenues: | |||||||||||||||||||
Entertainment | $ | 41 | $ | 42 | $ | 145 | $ | 139 | |||||||||||
Local Broadcasting | 4 | 5 | 11 | 14 | |||||||||||||||
Outdoor Americas | 7 | 8 | 12 | 13 | |||||||||||||||
Total Intercompany Revenues | $ | 52 | $ | 55 | $ | 168 | $ | 166 | |||||||||||
Segment OIBDA and Reconciliation to Consolidated Net Earnings (Loss) [Table Text Block] | ' | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Segment OIBDA: | |||||||||||||||||||
Entertainment | $ | 431 | $ | 384 | $ | 1,340 | $ | 1,221 | |||||||||||
Cable Networks | 261 | 227 | 699 | 626 | |||||||||||||||
Publishing | 43 | 39 | 76 | 58 | |||||||||||||||
Local Broadcasting | 181 | 213 | 635 | 632 | |||||||||||||||
Outdoor Americas | 110 | 105 | 291 | 284 | |||||||||||||||
Corporate | -85 | -64 | -232 | -199 | |||||||||||||||
Total Segment OIBDA | 941 | 904 | 2,809 | 2,622 | |||||||||||||||
Impairment charges | — | — | — | -11 | |||||||||||||||
Depreciation and amortization | -113 | -116 | -343 | -354 | |||||||||||||||
Operating income | 828 | 788 | 2,466 | 2,257 | |||||||||||||||
Interest expense | -93 | -94 | -281 | -308 | |||||||||||||||
Interest income | 2 | 1 | 6 | 4 | |||||||||||||||
Net loss on early extinguishment of debt | — | -57 | — | -32 | |||||||||||||||
Other items, net | 7 | -3 | -2 | 5 | |||||||||||||||
Earnings from continuing operations before | |||||||||||||||||||
income taxes and equity in loss of investee | |||||||||||||||||||
companies | 744 | 635 | 2,189 | 1,926 | |||||||||||||||
Provision for income taxes | -254 | -236 | -744 | -665 | |||||||||||||||
Equity in loss of investee companies, net of tax | -21 | -14 | -37 | -30 | |||||||||||||||
Net earnings from continuing operations | 469 | 385 | 1,408 | 1,231 | |||||||||||||||
Net earnings (loss) from discontinued operations, | |||||||||||||||||||
net of tax | 25 | 6 | 1 | -50 | |||||||||||||||
Net earnings | $ | 494 | $ | 391 | $ | 1,409 | $ | 1,181 | |||||||||||
Operating Income (Loss) by Segment [Table Text Block] | ' | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Operating Income (Loss): | |||||||||||||||||||
Entertainment | $ | 394 | $ | 346 | $ | 1,225 | $ | 1,101 | |||||||||||
Cable Networks | 255 | 221 | 684 | 609 | |||||||||||||||
Publishing | 41 | 38 | 71 | 53 | |||||||||||||||
Local Broadcasting | 161 | 190 | 571 | 553 | |||||||||||||||
Outdoor Americas | 68 | 62 | 165 | 157 | |||||||||||||||
Corporate | -91 | -69 | -250 | -216 | |||||||||||||||
Total Operating Income | $ | 828 | $ | 788 | $ | 2,466 | $ | 2,257 | |||||||||||
Depreciation and Amortization by Segment [Table Text Block] | ' | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Depreciation and Amortization: | |||||||||||||||||||
Entertainment | $ | 37 | $ | 38 | $ | 115 | $ | 120 | |||||||||||
Cable Networks | 6 | 6 | 15 | 17 | |||||||||||||||
Publishing | 2 | 1 | 5 | 5 | |||||||||||||||
Local Broadcasting | 20 | 23 | 64 | 68 | |||||||||||||||
Outdoor Americas | 42 | 43 | 126 | 127 | |||||||||||||||
Corporate | 6 | 5 | 18 | 17 | |||||||||||||||
Total Depreciation and Amortization | $ | 113 | $ | 116 | $ | 343 | $ | 354 | |||||||||||
Stock-based Compensation by Segment [Table Text Block] | ' | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Stock-based Compensation: | |||||||||||||||||||
Entertainment | $ | 14 | $ | 13 | $ | 44 | $ | 40 | |||||||||||
Cable Networks | 2 | 1 | 6 | 4 | |||||||||||||||
Publishing | 1 | 1 | 3 | 2 | |||||||||||||||
Local Broadcasting | 7 | 7 | 21 | 19 | |||||||||||||||
Outdoor Americas | 3 | 2 | 6 | 5 | |||||||||||||||
Corporate | 33 | 14 | 89 | 48 | |||||||||||||||
Total Stock-based Compensation | $ | 60 | $ | 38 | $ | 169 | $ | 118 | |||||||||||
Capital Expenditures by Segment [Table Text Block] | ' | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Capital Expenditures: | |||||||||||||||||||
Entertainment | $ | 24 | $ | 20 | $ | 67 | $ | 56 | |||||||||||
Cable Networks | 2 | 5 | 6 | 9 | |||||||||||||||
Publishing | 1 | 1 | 2 | 1 | |||||||||||||||
Local Broadcasting | 15 | 14 | 33 | 38 | |||||||||||||||
Outdoor Americas | 13 | 11 | 28 | 28 | |||||||||||||||
Corporate | 2 | 4 | 4 | 7 | |||||||||||||||
Total Capital Expenditures | $ | 57 | $ | 55 | $ | 140 | $ | 139 | |||||||||||
Assets by Segment [Table Text Block] | ' | ||||||||||||||||||
At September 30, | At December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Assets: | |||||||||||||||||||
Entertainment | $ | 9,158 | $ | 9,023 | |||||||||||||||
Cable Networks | 1,992 | 1,750 | |||||||||||||||||
Publishing | 979 | 1,033 | |||||||||||||||||
Local Broadcasting | 9,548 | 9,614 | |||||||||||||||||
Outdoor Americas | 3,385 | 3,542 | |||||||||||||||||
Corporate | 655 | 1,026 | |||||||||||||||||
Discontinued operations | 178 | 478 | |||||||||||||||||
Total Assets | $ | 25,895 | $ | 26,466 |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Condensed Consolidating Financials Tables [Abstract] | ' | ||||||||||||
Condensed Consolidating Statement of Operations [Table Text Block] | ' | ||||||||||||
Statement of Operations | |||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Revenues | $ | 31 | $ | 2 | $ | 3,601 | $ | — | $ | 3,634 | |||
Expenses: | |||||||||||||
Operating | 16 | 2 | 1,954 | — | 1,972 | ||||||||
Selling, general and administrative | 17 | 81 | 623 | — | 721 | ||||||||
Depreciation and amortization | 2 | 4 | 107 | — | 113 | ||||||||
Total expenses | 35 | 87 | 2,684 | — | 2,806 | ||||||||
Operating income (loss) | -4 | -85 | 917 | — | 828 | ||||||||
Interest (expense) income, net | -113 | -96 | 118 | — | -91 | ||||||||
Other items, net | 1 | -4 | 10 | — | 7 | ||||||||
Earnings (loss) from continuing operations | |||||||||||||
before income taxes and equity in earnings | |||||||||||||
(loss) of investee companies | -116 | -185 | 1,045 | — | 744 | ||||||||
Benefit (provision) for income taxes | 41 | 65 | -360 | — | -254 | ||||||||
Equity in earnings (loss) of investee companies, | |||||||||||||
net of tax | 566 | 484 | -21 | -1,050 | -21 | ||||||||
Net earnings from continuing operations | 491 | 364 | 664 | -1,050 | 469 | ||||||||
Net earnings from discontinued operations, | |||||||||||||
net of tax | 3 | — | 22 | — | 25 | ||||||||
Net earnings | $ | 494 | $ | 364 | $ | 686 | $ | -1,050 | $ | 494 | |||
Comprehensive income | $ | 336 | $ | 357 | $ | 525 | $ | -882 | $ | 336 | |||
Statement of Operations | |||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Revenues | $ | 103 | $ | 8 | $ | 11,262 | $ | — | $ | 11,373 | |||
Expenses: | |||||||||||||
Operating | 50 | 6 | 6,454 | — | 6,510 | ||||||||
Selling, general and administrative | 48 | 228 | 1,778 | — | 2,054 | ||||||||
Depreciation and amortization | 5 | 11 | 327 | — | 343 | ||||||||
Total expenses | 103 | 245 | 8,559 | — | 8,907 | ||||||||
Operating income (loss) | — | -237 | 2,703 | — | 2,466 | ||||||||
Interest (expense) income, net | -342 | -276 | 343 | — | -275 | ||||||||
Other items, net | — | 4 | -6 | — | -2 | ||||||||
Earnings (loss) from continuing operations | |||||||||||||
before income taxes and equity in earnings | |||||||||||||
(loss) of investee companies | -342 | -509 | 3,040 | — | 2,189 | ||||||||
Benefit (provision) for income taxes | 119 | 177 | -1,040 | — | -744 | ||||||||
Equity in earnings (loss) of investee companies, | |||||||||||||
net of tax | 1,629 | 1,061 | -37 | -2,690 | -37 | ||||||||
Net earnings from continuing operations | 1,406 | 729 | 1,963 | -2,690 | 1,408 | ||||||||
Net earnings (loss) from discontinued operations, | |||||||||||||
net of tax | 3 | — | -2 | — | 1 | ||||||||
Net earnings | $ | 1,409 | $ | 729 | $ | 1,961 | $ | -2,690 | $ | 1,409 | |||
Comprehensive income | $ | 1,255 | $ | 728 | $ | 1,776 | $ | -2,504 | $ | 1,255 | |||
Statement of Operations | |||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Revenues | $ | 36 | $ | 3 | $ | 3,227 | $ | — | $ | 3,266 | |||
Expenses: | |||||||||||||
Operating | 19 | 2 | 1,696 | — | 1,717 | ||||||||
Selling, general and administrative | 21 | 56 | 568 | — | 645 | ||||||||
Depreciation and amortization | 1 | 3 | 112 | — | 116 | ||||||||
Total expenses | 41 | 61 | 2,376 | — | 2,478 | ||||||||
Operating income (loss) | -5 | -58 | 851 | — | 788 | ||||||||
Interest (expense) income, net | -114 | -88 | 109 | — | -93 | ||||||||
Loss on early extinguishment of debt | -57 | — | — | — | -57 | ||||||||
Other items, net | 1 | -5 | 1 | — | -3 | ||||||||
Earnings (loss) from continuing operations | |||||||||||||
before income taxes and equity in earnings | |||||||||||||
(loss) of investee companies | -175 | -151 | 961 | — | 635 | ||||||||
Benefit (provision) for income taxes | 65 | 57 | -358 | — | -236 | ||||||||
Equity in earnings (loss) of investee companies, | |||||||||||||
net of tax | 501 | 323 | -14 | -824 | -14 | ||||||||
Net earnings from continuing operations | 391 | 229 | 589 | -824 | 385 | ||||||||
Net earnings from discontinued operations, | |||||||||||||
net of tax | — | — | 6 | — | 6 | ||||||||
Net earnings | $ | 391 | $ | 229 | $ | 595 | $ | -824 | $ | 391 | |||
Comprehensive income | $ | 420 | $ | 224 | $ | 622 | $ | -846 | $ | 420 | |||
Statement of Operations | |||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Revenues | $ | 103 | $ | 11 | $ | 10,277 | $ | — | $ | 10,391 | |||
Expenses: | |||||||||||||
Operating | 53 | 6 | 5,758 | — | 5,817 | ||||||||
Selling, general and administrative | 64 | 175 | 1,713 | — | 1,952 | ||||||||
Impairment charges | — | — | 11 | — | 11 | ||||||||
Depreciation and amortization | 4 | 10 | 340 | — | 354 | ||||||||
Total expenses | 121 | 191 | 7,822 | — | 8,134 | ||||||||
Operating income (loss) | -18 | -180 | 2,455 | — | 2,257 | ||||||||
Interest (expense) income, net | -366 | -261 | 323 | — | -304 | ||||||||
Net loss on early extinguishment of debt | -32 | — | — | — | -32 | ||||||||
Other items, net | 1 | -6 | 10 | — | 5 | ||||||||
Earnings (loss) from continuing operations | |||||||||||||
before income taxes and equity in earnings | |||||||||||||
(loss) of investee companies | -415 | -447 | 2,788 | — | 1,926 | ||||||||
Benefit (provision) for income taxes | 145 | 156 | -966 | — | -665 | ||||||||
Equity in earnings (loss) of investee companies, | |||||||||||||
net of tax | 1,451 | 937 | -30 | -2,388 | -30 | ||||||||
Net earnings from continuing operations | 1,181 | 646 | 1,792 | -2,388 | 1,231 | ||||||||
Net loss from discontinued operations, | |||||||||||||
net of tax | — | — | -50 | — | -50 | ||||||||
Net earnings | $ | 1,181 | $ | 646 | $ | 1,742 | $ | -2,388 | $ | 1,181 | |||
Comprehensive income | $ | 1,216 | $ | 638 | $ | 1,760 | $ | -2,398 | $ | 1,216 | |||
Condensed Consolidating Balance Sheet [Table Text Block] | ' | ||||||||||||
Balance Sheet | |||||||||||||
At September 30, 2013 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 39 | $ | 1 | $ | 186 | $ | — | $ | 226 | |||
Receivables, net | 23 | 1 | 3,197 | — | 3,221 | ||||||||
Programming and other inventory | 4 | 3 | 547 | — | 554 | ||||||||
Prepaid expenses and other current assets | 117 | 18 | 784 | -28 | 891 | ||||||||
Total current assets | 183 | 23 | 4,714 | -28 | 4,892 | ||||||||
Property and equipment | 36 | 120 | 4,840 | — | 4,996 | ||||||||
Less accumulated depreciation and amortization | 9 | 79 | 2,708 | — | 2,796 | ||||||||
Net property and equipment | 27 | 41 | 2,132 | — | 2,200 | ||||||||
Programming and other inventory | 1 | — | 1,585 | — | 1,586 | ||||||||
Goodwill | 98 | 62 | 8,408 | — | 8,568 | ||||||||
Intangible assets | — | — | 6,456 | — | 6,456 | ||||||||
Investments in consolidated subsidiaries | 34,555 | 10,187 | — | -44,742 | — | ||||||||
Other assets | 155 | 17 | 2,021 | — | 2,193 | ||||||||
Intercompany | — | 3,321 | 12,588 | -15,909 | — | ||||||||
Total Assets | $ | 35,019 | $ | 13,651 | $ | 37,904 | $ | -60,679 | $ | 25,895 | |||
Liabilities and Stockholders’ Equity | |||||||||||||
Accounts payable | $ | 3 | $ | 6 | $ | 218 | $ | — | $ | 227 | |||
Participants’ share and royalties payable | — | — | 961 | — | 961 | ||||||||
Program rights | 5 | 3 | 428 | — | 436 | ||||||||
Commercial paper | 341 | — | — | — | 341 | ||||||||
Current portion of long-term debt | 5 | — | 16 | — | 21 | ||||||||
Accrued expenses and other current liabilities | 319 | 250 | 1,226 | -28 | 1,767 | ||||||||
Total current liabilities | 673 | 259 | 2,849 | -28 | 3,753 | ||||||||
Long-term debt | 5,791 | — | 153 | — | 5,944 | ||||||||
Other liabilities | 2,975 | 286 | 3,266 | — | 6,527 | ||||||||
Intercompany | 15,909 | — | — | -15,909 | — | ||||||||
Stockholders’ Equity: | |||||||||||||
Preferred stock | — | — | 126 | -126 | — | ||||||||
Common stock | 1 | 123 | 953 | -1,076 | 1 | ||||||||
Additional paid-in capital | 43,463 | — | 56,327 | -56,327 | 43,463 | ||||||||
Retained earnings (deficit) | -25,360 | 13,322 | -21,088 | 7,766 | -25,360 | ||||||||
Accumulated other comprehensive income (loss) | -723 | -8 | 118 | -110 | -723 | ||||||||
17,381 | 13,437 | 36,436 | -49,873 | 17,381 | |||||||||
Less treasury stock, at cost | 7,710 | 331 | 4,800 | -5,131 | 7,710 | ||||||||
Total Stockholders’ Equity | 9,671 | 13,106 | 31,636 | -44,742 | 9,671 | ||||||||
Total Liabilities and Stockholders’ Equity | $ | 35,019 | $ | 13,651 | $ | 37,904 | $ | -60,679 | $ | 25,895 | |||
Balance Sheet | |||||||||||||
At December 31, 2012 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 254 | $ | 1 | $ | 453 | $ | — | $ | 708 | |||
Receivables, net | 31 | 2 | 3,104 | — | 3,137 | ||||||||
Programming and other inventory | 5 | 3 | 851 | — | 859 | ||||||||
Prepaid expenses and other current assets | 142 | 14 | 886 | -26 | 1,016 | ||||||||
Total current assets | 432 | 20 | 5,294 | -26 | 5,720 | ||||||||
Property and equipment | 39 | 117 | 4,832 | — | 4,988 | ||||||||
Less accumulated depreciation and amortization | 8 | 69 | 2,640 | — | 2,717 | ||||||||
Net property and equipment | 31 | 48 | 2,192 | — | 2,271 | ||||||||
Programming and other inventory | 3 | 2 | 1,577 | — | 1,582 | ||||||||
Goodwill | 98 | 62 | 8,407 | — | 8,567 | ||||||||
Intangible assets | — | — | 6,515 | — | 6,515 | ||||||||
Investments in consolidated subsidiaries | 38,658 | 9,128 | — | -47,786 | — | ||||||||
Other assets | 171 | 14 | 1,626 | — | 1,811 | ||||||||
Intercompany | — | 3,655 | 16,122 | -19,777 | — | ||||||||
Total Assets | $ | 39,393 | $ | 12,929 | $ | 41,733 | $ | -67,589 | $ | 26,466 | |||
Liabilities and Stockholders’ Equity | |||||||||||||
Accounts payable | $ | 2 | $ | 6 | $ | 378 | $ | — | $ | 386 | |||
Participants’ share and royalties payable | — | — | 953 | — | 953 | ||||||||
Program rights | 6 | 4 | 445 | — | 455 | ||||||||
Current portion of long-term debt | 5 | — | 13 | — | 18 | ||||||||
Accrued expenses and other current liabilities | 345 | 286 | 1,524 | -26 | 2,129 | ||||||||
Total current liabilities | 358 | 296 | 3,313 | -26 | 3,941 | ||||||||
Long-term debt | 5,793 | — | 111 | — | 5,904 | ||||||||
Other liabilities | 3,252 | 255 | 2,901 | — | 6,408 | ||||||||
Intercompany | 19,777 | — | — | -19,777 | — | ||||||||
Stockholders’ Equity: | |||||||||||||
Preferred stock | — | — | 128 | -128 | — | ||||||||
Common stock | 1 | 123 | 1,136 | -1,259 | 1 | ||||||||
Additional paid-in capital | 43,424 | — | 61,690 | -61,690 | 43,424 | ||||||||
Retained earnings (deficit) | -26,769 | 12,593 | -23,049 | 10,456 | -26,769 | ||||||||
Accumulated other comprehensive income (loss) | -569 | -7 | 303 | -296 | -569 | ||||||||
16,087 | 12,709 | 40,208 | -52,917 | 16,087 | |||||||||
Less treasury stock, at cost | 5,874 | 331 | 4,800 | -5,131 | 5,874 | ||||||||
Total Stockholders’ Equity | 10,213 | 12,378 | 35,408 | -47,786 | 10,213 | ||||||||
Total Liabilities and Stockholders’ Equity | $ | 39,393 | $ | 12,929 | $ | 41,733 | $ | -67,589 | $ | 26,466 | |||
Condensed Consolidating Statement of Cash Flows [Table Text Block] | ' | ||||||||||||
Statement of Cash Flows | |||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Net cash flow (used for) provided by operating | |||||||||||||
activities | $ | -858 | $ | -174 | $ | 2,352 | $ | — | $ | 1,320 | |||
Investing Activities: | |||||||||||||
Acquisitions, net of cash acquired | — | — | -31 | — | -31 | ||||||||
Capital expenditures | — | -4 | -136 | — | -140 | ||||||||
Investments in and advances to investee companies | — | — | -144 | — | -144 | ||||||||
Proceeds from sale of investments | 15 | 1 | 4 | — | 20 | ||||||||
Proceeds from dispositions | — | — | 196 | — | 196 | ||||||||
Net cash flow provided by (used for) investing activities | |||||||||||||
from continuing operations | 15 | -3 | -111 | — | -99 | ||||||||
Net cash flow used for investing activities | |||||||||||||
from discontinued operations | — | — | -17 | — | -17 | ||||||||
Net cash flow provided by (used for) investing activities | 15 | -3 | -128 | — | -116 | ||||||||
Financing Activities: | |||||||||||||
Proceeds from short-term debt borrowings, net | 341 | — | — | — | 341 | ||||||||
Payment of capital lease obligations | — | — | -13 | — | -13 | ||||||||
Payment of contingent consideration | — | — | -30 | — | -30 | ||||||||
Dividends | -228 | — | — | — | -228 | ||||||||
Purchase of Company common stock | -1,864 | — | — | — | -1,864 | ||||||||
Payment of payroll taxes in lieu of issuing | |||||||||||||
shares for stock-based compensation | -142 | — | — | — | -142 | ||||||||
Proceeds from exercise of stock options | 121 | — | — | — | 121 | ||||||||
Excess tax benefit from stock-based compensation | 133 | — | — | — | 133 | ||||||||
Other financing activities | -4 | — | — | — | -4 | ||||||||
Increase (decrease) in intercompany | 2,271 | 177 | -2,448 | — | — | ||||||||
Net cash flow provided by (used for) financing | |||||||||||||
activities | 628 | 177 | -2,491 | — | -1,686 | ||||||||
Net decrease in cash and cash equivalents | -215 | — | -267 | — | -482 | ||||||||
Cash and cash equivalents at beginning of period | 254 | 1 | 453 | — | 708 | ||||||||
Cash and cash equivalents at end of period | $ | 39 | $ | 1 | $ | 186 | $ | — | $ | 226 | |||
Statement of Cash Flows | |||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||
CBS Corp. | CBS Operations Inc. | Non-Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||
Net cash flow (used for) provided by operating | |||||||||||||
activities | $ | -692 | $ | -167 | $ | 2,339 | $ | — | $ | 1,480 | |||
Investing Activities: | |||||||||||||
Acquisitions, net of cash acquired | — | — | -70 | — | -70 | ||||||||
Capital expenditures | — | -7 | -132 | — | -139 | ||||||||
Investments in and advances to investee companies | — | — | -54 | — | -54 | ||||||||
Proceeds from sale of investments | — | 11 | — | — | 11 | ||||||||
Proceeds from dispositions | — | — | 46 | — | 46 | ||||||||
Net cash flow provided by (used for) investing | |||||||||||||
activities from continuing operations | — | 4 | -210 | — | -206 | ||||||||
Net cash flow used for investing | |||||||||||||
activities from discontinued operations | — | — | -13 | — | -13 | ||||||||
Net cash flow provided by (used for) investing | |||||||||||||
activities | — | 4 | -223 | — | -219 | ||||||||
Financing Activities: | |||||||||||||
Proceeds from issuance of notes | 1,567 | — | — | — | 1,567 | ||||||||
Repayment of notes | -1,583 | — | — | — | -1,583 | ||||||||
Payment of capital lease obligations | — | — | -15 | — | -15 | ||||||||
Payment of contingent consideration | — | — | -33 | — | -33 | ||||||||
Dividends | -199 | — | — | — | -199 | ||||||||
Purchase of Company common stock | -839 | — | — | — | -839 | ||||||||
Payment of payroll taxes in lieu of issuing | |||||||||||||
shares for stock-based compensation | -105 | — | — | — | -105 | ||||||||
Proceeds from exercise of stock options | 140 | — | — | — | 140 | ||||||||
Excess tax benefit from stock-based compensation | 93 | — | — | — | 93 | ||||||||
Increase (decrease) in intercompany | 2,106 | 163 | -2,269 | — | — | ||||||||
Net cash flow provided by (used for) financing | |||||||||||||
activities | 1,180 | 163 | -2,317 | — | -974 | ||||||||
Net increase (decrease) in cash and cash equivalents | 488 | — | -201 | — | 287 | ||||||||
Cash and cash equivalents at beginning of period | 134 | 1 | 525 | — | 660 | ||||||||
Cash and cash equivalents at end of period | $ | 622 | $ | 1 | $ | 324 | $ | — | $ | 947 | |||
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reconciliation from basic to diluted shares [Abstract] | ' | ' | ' | ' |
Weighted average shares for basic EPS | 603 | 640 | 611 | 645 |
Dilutive effect of shares issuable under stock-based compensation plans | 15 | 16 | 16 | 17 |
Weighted average shares for diluted EPS | 618 | 656 | 627 | 662 |
Dividends recorded on common stock | $73 | ' | $222 | $210 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Anti Dilutive Securities [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 2 | 3 | 2 | 3 |
Stockbased_Compensation_Detail
Stock-based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share Based Compensation Expense [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense, before income taxes | $60 | $38 | $169 | $118 |
Stock-based compensation details [Abstract] | ' | ' | ' | ' |
Number of RSUs granted during the period | ' | ' | 4 | ' |
Weighted average grant date fair value - RSUs | ' | ' | $43.96 | ' |
Number of stock options granted during the period | ' | ' | 3 | ' |
Weighted average per unit exercise price - options | ' | ' | $44.27 | ' |
Unrecognized future expense of RSUs | 214 | ' | 214 | ' |
Unrecognized future expense of stock options | 67 | ' | 67 | ' |
Term until expiration - options | ' | ' | '8 years | ' |
Employee Stock Option [Member] | ' | ' | ' | ' |
Stock-based compensation by award type [Line Items] | ' | ' | ' | ' |
Service period over which grants vest | ' | ' | '4 years | ' |
Weighted average period to expense unrecognized stock-based compensation expense | ' | ' | '2 years 5 months | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Stock-based compensation by award type [Line Items] | ' | ' | ' | ' |
Weighted average period to expense unrecognized stock-based compensation expense | ' | ' | '2 years 4 months | ' |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ' | ' | ' | ' |
Stock-based compensation by award type [Line Items] | ' | ' | ' | ' |
Payout on stock-based compensation award (percent) | ' | ' | 120.00% | ' |
Service period over which grants vest | ' | ' | '4 years | ' |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ' | ' | ' | ' |
Stock-based compensation by award type [Line Items] | ' | ' | ' | ' |
Payout on stock-based compensation award (percent) | ' | ' | 0.00% | ' |
Service period over which grants vest | ' | ' | '1 year | ' |
Continuing Operations [Member] | ' | ' | ' | ' |
Share Based Compensation Expense [Line Items] | ' | ' | ' | ' |
RSUs and PSUs | 36 | 28 | 102 | 87 |
Stock options and equivalents | 24 | 10 | 67 | 31 |
Stock-based compensation expense, before income taxes | 60 | 38 | 169 | 118 |
Related tax benefit | -24 | -15 | -66 | -46 |
Stock-based compensation expense, net of tax | 36 | 23 | 103 | 72 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Share Based Compensation Expense [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense, net of tax | $7 | ' | $8 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Intangible Assets Details [Abstract] | ' | ' | ' | ' | ' |
Impairment charges | $0 | $0 | $0 | $11,000,000 | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Finite-lived intangible assets, gross | 1,821,000,000 | ' | 1,821,000,000 | ' | 1,824,000,000 |
Accumulated amortization | -1,197,000,000 | ' | -1,197,000,000 | ' | -1,141,000,000 |
Finite-lived intangible assets, net | 624,000,000 | ' | 624,000,000 | ' | 683,000,000 |
Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' | ' | ' |
Total intangible assets, net | 6,456,000,000 | ' | 6,456,000,000 | ' | 6,515,000,000 |
Total intangible assets, gross | 7,653,000,000 | ' | 7,653,000,000 | ' | 7,656,000,000 |
Amortization expense [Abstract] | ' | ' | ' | ' | ' |
Amortization expense | 26,000,000 | 25,000,000 | 76,000,000 | 80,000,000 | ' |
Aggregate annual amortization expense for existing intangible assets subject to amortization for each of the following years [Abstract] | ' | ' | ' | ' | ' |
2013 | 100,000,000 | ' | 100,000,000 | ' | ' |
2014 | 89,000,000 | ' | 89,000,000 | ' | ' |
2015 | 79,000,000 | ' | 79,000,000 | ' | ' |
2016 | 69,000,000 | ' | 69,000,000 | ' | ' |
2017 | 43,000,000 | ' | 43,000,000 | ' | ' |
FCC licenses [Member] | ' | ' | ' | ' | ' |
Indefinite-Lived Intangible Assets by Major Class [Line Items] | ' | ' | ' | ' | ' |
Indefinite-lived intangible assets | 5,832,000,000 | ' | 5,832,000,000 | ' | 5,832,000,000 |
Permits and leasehold agreements [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Finite-lived intangible assets, gross | 892,000,000 | ' | 892,000,000 | ' | 889,000,000 |
Accumulated amortization | -659,000,000 | ' | -659,000,000 | ' | -635,000,000 |
Finite-lived intangible assets, net | 233,000,000 | ' | 233,000,000 | ' | 254,000,000 |
Franchise agreements [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Finite-lived intangible assets, gross | 476,000,000 | ' | 476,000,000 | ' | 477,000,000 |
Accumulated amortization | -327,000,000 | ' | -327,000,000 | ' | -309,000,000 |
Finite-lived intangible assets, net | 149,000,000 | ' | 149,000,000 | ' | 168,000,000 |
Trade names [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Finite-lived intangible assets, gross | 222,000,000 | ' | 222,000,000 | ' | 213,000,000 |
Accumulated amortization | -38,000,000 | ' | -38,000,000 | ' | -28,000,000 |
Finite-lived intangible assets, net | 184,000,000 | ' | 184,000,000 | ' | 185,000,000 |
Other intangible assets [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Finite-lived intangible assets, gross | 231,000,000 | ' | 231,000,000 | ' | 245,000,000 |
Accumulated amortization | -173,000,000 | ' | -173,000,000 | ' | -169,000,000 |
Finite-lived intangible assets, net | $58,000,000 | ' | $58,000,000 | ' | $76,000,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Discontinued Operations Details [Abstract] | ' | ' | ' | ' | ' |
Sale price of Outdoor Europe | $225 | ' | $225 | ' | ' |
After tax charge associated with disposition of Outdoor Europe | 110 | ' | 110 | ' | ' |
Revenues from discontinued operations | 139 | 152 | 401 | 427 | ' |
Earnings (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' |
Loss from discontinued operations | -194 | -11 | -241 | -68 | ' |
Income tax benefit | 72 | 17 | 95 | 18 | ' |
(Loss) earnings from discontinued operations, net of tax | -122 | 6 | -146 | -50 | ' |
Gain on disposal, net of tax | ' | ' | ' | ' | ' |
Gain on disposal | 149 | 0 | 149 | 0 | ' |
Income tax provision on disposal | -2 | 0 | -2 | 0 | ' |
Gain on disposal, net of tax | 147 | 0 | 147 | 0 | ' |
Net earnings (loss) from discontinued operations, net of tax | 25 | 6 | 1 | -50 | ' |
Noncurrent assets, discontinued operations [Abstract] | ' | ' | ' | ' | ' |
Noncurrent assets of discontinued operations | 128 | ' | 128 | ' | 260 |
Net property and equipment, discontinued operations | ' | ' | ' | ' | 103 |
Goodwill, discontinued operations | ' | ' | ' | ' | 49 |
Noncurrent liabilities of discontinued operations | 184 | ' | 184 | ' | 172 |
Estimated fair value of guarantees | $40 | ' | $40 | ' | ' |
Programming_and_Other_Inventor2
Programming and Other Inventory (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Programming and Other Inventory Details [Abstract] | ' | ' |
Program rights | $1,037 | $1,389 |
Television programming: | ' | ' |
Released (including acquired libraries) | 754 | 781 |
In process and other | 209 | 128 |
Theatrical programming: | ' | ' |
Released | 14 | 25 |
In process and other | 69 | 60 |
Publishing, primarily finished goods | 56 | 57 |
Other | 1 | 1 |
Total programming and other inventory | 2,140 | 2,441 |
Less current portion | 554 | 859 |
Total noncurrent programming and other inventory | $1,586 | $1,582 |
Related_Parties_Details
Related Parties (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | National Amusements Inc. [Member] | Viacom Inc. [Member] | Viacom Inc. [Member] | Viacom Inc. [Member] | Viacom Inc. [Member] | Domestic and International Television Joint Ventures [Member] | Domestic and International Television Joint Ventures [Member] | Domestic and International Television Joint Ventures [Member] | Domestic and International Television Joint Ventures [Member] | ||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NAI ownership of CBS Corp. Class A Common Stock (percentage) | ' | ' | 79.30% | ' | ' | ' | ' | ' | ' | ' | ' |
NAI ownership of CBS Corp. Class A and Class B Common Stock on a combined basis (percentage) | ' | ' | 6.60% | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from transactions with related party | ' | ' | ' | $43 | $50 | $174 | $184 | $18 | $31 | $80 | $102 |
Expenses from transactions with related party | ' | ' | ' | 7 | 8 | 17 | 17 | ' | ' | ' | ' |
Receivables from Viacom Inc., current | 103 | 124 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets (Receivables, noncurrent) from Viacom Inc. | 131 | 133 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amounts due from Viacom Inc. | $234 | $257 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank_Financing_and_Debt_Detail
Bank Financing and Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Feb. 29, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Senior Debt [Member] | Senior Debt [Member] | Senior Notes 2017 [Member] | Senior Notes 2042 [Member] | Senior Notes 2022 [Member] | Debentures 2012 [Member] | Senior Notes 2012 [Member] | Senior Notes 2014 [Member] | Senior Notes 2056 [Member] | Maximum Consolidated Leverage Ratio [Member] | Consolidated Leverage Ratio [Member] | Revolving Credit Facility [Member] | Commercial Paper [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | ||||||
Bank Financing And Debt Details [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial paper | $341,000,000 | ' | $341,000,000 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior debt (1.95% - 8.875% due 2014 - 2042) | 5,861,000,000 | ' | 5,861,000,000 | ' | 5,863,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligations under capital leases | 117,000,000 | ' | 117,000,000 | ' | 72,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current portion of long-term debt | 21,000,000 | ' | 21,000,000 | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt from continuing operations, net of current portion | 5,944,000,000 | ' | 5,944,000,000 | ' | 5,904,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | 6,319,000,000 | ' | 6,319,000,000 | ' | 5,935,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,306,000,000 | 5,922,000,000 | 13,000,000 | 13,000,000 |
Debt Parentheticals [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum interest rate of senior debt | ' | ' | 1.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum interest rate of senior debt | ' | ' | 8.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unamortized discount on senior debt | 14,000,000 | ' | 14,000,000 | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in carrying value of debt relating to previously settled fair value hedges | 19,000,000 | ' | 19,000,000 | ' | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior debt not guaranteed by CBS Operations Inc. | 52,000,000 | ' | 52,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt due within one year reflecting intent and ability to refinance on a long-term basis | ' | ' | 99,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss on early extinguishment of debt | 0 | -57,000,000 | 0 | -32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity under the credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 | 2,000,000,000 | ' | ' | ' | ' |
Availability under the credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,990,000,000 | ' | ' | ' | ' | ' |
Weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' |
Debt Covenants [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility covenant description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4.5x | ' | ' | ' | ' | ' | ' | ' |
Credit Facility covenant compliance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1.6x | ' | ' | ' | ' | ' | ' |
Debt Instruments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | 1.95% | 4.85% | 3.38% | 8.63% | 5.63% | 8.20% | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt redemptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,000,000 | 338,000,000 | 400,000,000 | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of debt | ' | ' | ' | ' | ' | $5,860,000,000 | $5,860,000,000 | $400,000,000 | $500,000,000 | $700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Components Of Net Periodic Cost Details [Abstract] | ' | ' | ' | ' |
Pension contribution | ' | ' | $150 | ' |
Pension Benefits [Member] | ' | ' | ' | ' |
Components Of Net Periodic Cost Details [Abstract] | ' | ' | ' | ' |
Service cost | 10 | 9 | 30 | 27 |
Interest cost | 54 | 60 | 160 | 182 |
Expected return on plan assets | -69 | -63 | -205 | -187 |
Amortization of actuarial losses (gains) | 20 | 17 | 64 | 53 |
Amortization of prior service cost | 1 | 1 | 1 | 1 |
Net periodic cost | 16 | 24 | 50 | 76 |
Postretirement Benefits [Member] | ' | ' | ' | ' |
Components Of Net Periodic Cost Details [Abstract] | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 6 | 8 | 18 | 24 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial losses (gains) | -4 | -4 | -12 | -12 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Net periodic cost | $2 | $4 | $6 | $12 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Share data in Millions, except Per Share data, unless otherwise specified | Oct. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Stockholders' Equity Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Dividends per common share (in dollars per share) | ' | $0.12 | $0.12 | $0.36 | $0.32 | ' |
Dividends recorded on common stock | ' | $73,000,000 | ' | $222,000,000 | $210,000,000 | ' |
Dividends recorded on unvested restricted share units | ' | 1,000,000 | ' | ' | ' | ' |
Dividends paid | 72,000,000 | ' | ' | 228,000,000 | 199,000,000 | ' |
Dividend declared, date paid | ' | ' | ' | 1-Oct-13 | ' | ' |
Class B Common Stock repurchased under repurchase program (shares) | ' | 5.3 | ' | 39.7 | ' | ' |
Value of shares repurchased | ' | 279,000,000 | ' | 1,840,000,000 | ' | ' |
Average price per share repurchased (in dollars per share) | ' | $53.20 | ' | $46.25 | ' | ' |
Remaining authorization under share repurchase program | ' | ' | ' | 5,790,000,000 | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | ' | -723,000,000 | ' | -723,000,000 | ' | -569,000,000 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | -9,000,000 | ' | ' |
Reclassifications from accumulated other comprehensive income (loss) to net earnings | ' | ' | ' | -145,000,000 | ' | ' |
Net other comprehensive income (loss) | ' | ' | ' | -154,000,000 | ' | ' |
Tax provision on net actuarial gain (loss) and prior service costs related to pension and other postretirement benefit plans | ' | ' | ' | 19,000,000 | ' | ' |
Continuing Operations [Member] | Cumulative Translation Adjustments [Member] | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | ' | 189,000,000 | ' | 189,000,000 | ' | 192,000,000 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | -3,000,000 | ' | ' |
Reclassifications from accumulated other comprehensive income (loss) to net earnings | ' | ' | ' | 0 | ' | ' |
Net other comprehensive income (loss) | ' | ' | ' | -3,000,000 | ' | ' |
Continuing Operations [Member] | Net Actuarial Gain (Loss) and Prior Service Cost [Member] | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | ' | -915,000,000 | ' | -915,000,000 | ' | -948,000,000 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | 0 | ' | ' |
Reclassifications from accumulated other comprehensive income (loss) to net earnings | ' | ' | ' | 33,000,000 | ' | ' |
Net other comprehensive income (loss) | ' | ' | ' | 33,000,000 | ' | ' |
Continuing Operations [Member] | Unrealized Gain (Loss) on Securities [Member] | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | ' | 3,000,000 | ' | 3,000,000 | ' | 2,000,000 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | 1,000,000 | ' | ' |
Reclassifications from accumulated other comprehensive income (loss) to net earnings | ' | ' | ' | 0 | ' | ' |
Net other comprehensive income (loss) | ' | ' | ' | 1,000,000 | ' | ' |
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | ' | 0 | ' | 0 | ' | 185,000,000 |
Other comprehensive income (loss) before reclassifications | ' | 5,000,000 | 7,000,000 | -7,000,000 | -17,000,000 | ' |
Reclassifications from accumulated other comprehensive income (loss) to net earnings | ' | -178,000,000 | 0 | -178,000,000 | 0 | ' |
Net other comprehensive income (loss) | ' | ' | ' | ($185,000,000) | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes Details [Abstract] | ' | ' | ' | ' |
Provision for income taxes | $254 | $236 | $744 | $665 |
Effective tax rate | ' | ' | 34.00% | 34.50% |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Asbestos Claims [Member] | Asbestos Claims [Member] | Asbestos Claims [Member] | ||||
claims | claims | claims | ||||
Guarantees [Abstract] | ' | ' | ' | ' | ' | ' |
Exposure under guarantee | ' | ' | $284 | ' | ' | ' |
Estimated fair value of guarantees | ' | ' | 40 | ' | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit and surety bonds | ' | ' | 371 | ' | ' | ' |
Number of pending asbestos claims | ' | ' | ' | 45,480 | 45,900 | 46,060 |
Number of new asbestos claims | ' | ' | ' | 1,180 | ' | ' |
Number of asbestos claims closed or moved to inactive docket | ' | ' | ' | 1,020 | ' | ' |
Costs for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits | $21 | $33 | ' | ' | ' | ' |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 9 Months Ended | 12 Months Ended | 33 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 |
Restructuring And Related Cost [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | $19 | $43 | ' |
Payments to settle restructuring reserves | 20 | ' | ' | 47 |
Severance Costs [Member] | ' | ' | ' | ' |
Restructuring And Related Cost [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 13 | 9 | ' |
Payments to settle restructuring reserves | ' | ' | ' | 20 |
Contract Termination And Other Associated Costs [Member] | ' | ' | ' | ' |
Restructuring And Related Cost [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | 6 | 34 | ' |
Payments to settle restructuring reserves | ' | ' | ' | $27 |
Restructuring_Charges_Rollforw
Restructuring Charges (Rollforward) (Details) (USD $) | 9 Months Ended | 33 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Restructuring reserve rollforward | ' | ' |
Restructuring reserve, beginning balance | $35 | ' |
Payments to settle restructuring reserves | -20 | -47 |
Restructuring reserve, ending balance | 15 | 15 |
Operating Segments [Member] | Entertainment Segment [Member] | ' | ' |
Restructuring reserve rollforward | ' | ' |
Restructuring reserve, beginning balance | 25 | ' |
Payments to settle restructuring reserves | -14 | ' |
Restructuring reserve, ending balance | 11 | 11 |
Operating Segments [Member] | Publishing Segment [Member] | ' | ' |
Restructuring reserve rollforward | ' | ' |
Restructuring reserve, beginning balance | 2 | ' |
Payments to settle restructuring reserves | -2 | ' |
Restructuring reserve, ending balance | 0 | 0 |
Operating Segments [Member] | Local Broadcasting Segment [Member] | ' | ' |
Restructuring reserve rollforward | ' | ' |
Restructuring reserve, beginning balance | 7 | ' |
Payments to settle restructuring reserves | -3 | ' |
Restructuring reserve, ending balance | 4 | 4 |
Corporate [Member] | ' | ' |
Restructuring reserve rollforward | ' | ' |
Restructuring reserve, beginning balance | 1 | ' |
Payments to settle restructuring reserves | -1 | ' |
Restructuring reserve, ending balance | $0 | $0 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Senior Debt [Line Items] | ' | ' |
Carrying value of senior debt | $5,861,000,000 | $5,863,000,000 |
Assets: | ' | ' |
Investments | 79,000,000 | 70,000,000 |
Foreign currency hedges | 2,000,000 | ' |
Total Assets | 81,000,000 | 70,000,000 |
Liabilities: | ' | ' |
Deferred compensation | 244,000,000 | 201,000,000 |
Guarantees | 40,000,000 | ' |
Foreign currency hedges | 3,000,000 | 2,000,000 |
Total Liabilities | 287,000,000 | 203,000,000 |
Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Investments | 79,000,000 | 70,000,000 |
Foreign currency hedges | 0 | ' |
Total Assets | 79,000,000 | 70,000,000 |
Liabilities: | ' | ' |
Deferred compensation | 0 | 0 |
Guarantees | 0 | ' |
Foreign currency hedges | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Investments | 0 | 0 |
Foreign currency hedges | 2,000,000 | ' |
Total Assets | 2,000,000 | 0 |
Liabilities: | ' | ' |
Deferred compensation | 244,000,000 | 201,000,000 |
Guarantees | 0 | ' |
Foreign currency hedges | 3,000,000 | 2,000,000 |
Total Liabilities | 247,000,000 | 203,000,000 |
Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Investments | 0 | 0 |
Foreign currency hedges | 0 | ' |
Total Assets | 0 | 0 |
Liabilities: | ' | ' |
Deferred compensation | 0 | 0 |
Guarantees | 40,000,000 | ' |
Foreign currency hedges | 0 | 0 |
Total Liabilities | 40,000,000 | 0 |
Senior Debt [Member] | ' | ' |
Senior Debt [Line Items] | ' | ' |
Fair value of senior debt | $6,660,000,000 | $7,160,000,000 |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Reportable Segments Details [Abstract] | ' | ' | ' | ' | ' |
Interest expense | ($93,000,000) | ($94,000,000) | ($281,000,000) | ($308,000,000) | ' |
Interest income | 2,000,000 | 1,000,000 | 6,000,000 | 4,000,000 | ' |
Net loss on early extinguishment of debt | 0 | -57,000,000 | 0 | -32,000,000 | ' |
Other items, net | 7,000,000 | -3,000,000 | -2,000,000 | 5,000,000 | ' |
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | 744,000,000 | 635,000,000 | 2,189,000,000 | 1,926,000,000 | ' |
(Provision) benefit for income taxes | -254,000,000 | -236,000,000 | -744,000,000 | -665,000,000 | ' |
Equity in loss of investee companies, net of tax | -21,000,000 | -14,000,000 | -37,000,000 | -30,000,000 | ' |
Net earnings (loss) from continuing operations | 469,000,000 | 385,000,000 | 1,408,000,000 | 1,231,000,000 | ' |
Net earnings (loss) from discontinued operations, net of tax (Note 4) | 25,000,000 | 6,000,000 | 1,000,000 | -50,000,000 | ' |
Net earnings | 494,000,000 | 391,000,000 | 1,409,000,000 | 1,181,000,000 | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | 3,634,000,000 | 3,266,000,000 | 11,373,000,000 | 10,391,000,000 | ' |
Segment OIBDA | 941,000,000 | 904,000,000 | 2,809,000,000 | 2,622,000,000 | ' |
Operating Income (Loss) | 828,000,000 | 788,000,000 | 2,466,000,000 | 2,257,000,000 | ' |
Impairment charges | 0 | 0 | 0 | -11,000,000 | ' |
Depreciation and amortization | 113,000,000 | 116,000,000 | 343,000,000 | 354,000,000 | ' |
Stock-based compensation | 60,000,000 | 38,000,000 | 169,000,000 | 118,000,000 | ' |
Capital expenditures | 57,000,000 | 55,000,000 | 140,000,000 | 139,000,000 | ' |
Assets | 25,895,000,000 | ' | 25,895,000,000 | ' | 26,466,000,000 |
Operating Segments [Member] | Entertainment Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | 1,884,000,000 | 1,680,000,000 | 6,431,000,000 | 5,705,000,000 | ' |
Segment OIBDA | 431,000,000 | 384,000,000 | 1,340,000,000 | 1,221,000,000 | ' |
Operating Income (Loss) | 394,000,000 | 346,000,000 | 1,225,000,000 | 1,101,000,000 | ' |
Depreciation and amortization | 37,000,000 | 38,000,000 | 115,000,000 | 120,000,000 | ' |
Stock-based compensation | 14,000,000 | 13,000,000 | 44,000,000 | 40,000,000 | ' |
Capital expenditures | 24,000,000 | 20,000,000 | 67,000,000 | 56,000,000 | ' |
Assets | 9,158,000,000 | ' | 9,158,000,000 | ' | 9,023,000,000 |
Operating Segments [Member] | Cable Networks Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | 596,000,000 | 436,000,000 | 1,592,000,000 | 1,334,000,000 | ' |
Segment OIBDA | 261,000,000 | 227,000,000 | 699,000,000 | 626,000,000 | ' |
Operating Income (Loss) | 255,000,000 | 221,000,000 | 684,000,000 | 609,000,000 | ' |
Depreciation and amortization | 6,000,000 | 6,000,000 | 15,000,000 | 17,000,000 | ' |
Stock-based compensation | 2,000,000 | 1,000,000 | 6,000,000 | 4,000,000 | ' |
Capital expenditures | 2,000,000 | 5,000,000 | 6,000,000 | 9,000,000 | ' |
Assets | 1,992,000,000 | ' | 1,992,000,000 | ' | 1,750,000,000 |
Operating Segments [Member] | Publishing Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | 224,000,000 | 210,000,000 | 584,000,000 | 575,000,000 | ' |
Segment OIBDA | 43,000,000 | 39,000,000 | 76,000,000 | 58,000,000 | ' |
Operating Income (Loss) | 41,000,000 | 38,000,000 | 71,000,000 | 53,000,000 | ' |
Depreciation and amortization | 2,000,000 | 1,000,000 | 5,000,000 | 5,000,000 | ' |
Stock-based compensation | 1,000,000 | 1,000,000 | 3,000,000 | 2,000,000 | ' |
Capital expenditures | 1,000,000 | 1,000,000 | 2,000,000 | 1,000,000 | ' |
Assets | 979,000,000 | ' | 979,000,000 | ' | 1,033,000,000 |
Operating Segments [Member] | Local Broadcasting Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | 641,000,000 | 661,000,000 | 1,977,000,000 | 1,987,000,000 | ' |
Segment OIBDA | 181,000,000 | 213,000,000 | 635,000,000 | 632,000,000 | ' |
Operating Income (Loss) | 161,000,000 | 190,000,000 | 571,000,000 | 553,000,000 | ' |
Depreciation and amortization | 20,000,000 | 23,000,000 | 64,000,000 | 68,000,000 | ' |
Stock-based compensation | 7,000,000 | 7,000,000 | 21,000,000 | 19,000,000 | ' |
Capital expenditures | 15,000,000 | 14,000,000 | 33,000,000 | 38,000,000 | ' |
Assets | 9,548,000,000 | ' | 9,548,000,000 | ' | 9,614,000,000 |
Operating Segments [Member] | Outdoor Americas Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | 341,000,000 | 334,000,000 | 957,000,000 | 956,000,000 | ' |
Segment OIBDA | 110,000,000 | 105,000,000 | 291,000,000 | 284,000,000 | ' |
Operating Income (Loss) | 68,000,000 | 62,000,000 | 165,000,000 | 157,000,000 | ' |
Depreciation and amortization | 42,000,000 | 43,000,000 | 126,000,000 | 127,000,000 | ' |
Stock-based compensation | 3,000,000 | 2,000,000 | 6,000,000 | 5,000,000 | ' |
Capital expenditures | 13,000,000 | 11,000,000 | 28,000,000 | 28,000,000 | ' |
Assets | 3,385,000,000 | ' | 3,385,000,000 | ' | 3,542,000,000 |
Corporate [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Segment OIBDA | -85,000,000 | -64,000,000 | -232,000,000 | -199,000,000 | ' |
Operating Income (Loss) | -91,000,000 | -69,000,000 | -250,000,000 | -216,000,000 | ' |
Depreciation and amortization | 6,000,000 | 5,000,000 | 18,000,000 | 17,000,000 | ' |
Stock-based compensation | 33,000,000 | 14,000,000 | 89,000,000 | 48,000,000 | ' |
Capital expenditures | 2,000,000 | 4,000,000 | 4,000,000 | 7,000,000 | ' |
Assets | 655,000,000 | ' | 655,000,000 | ' | 1,026,000,000 |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | -52,000,000 | -55,000,000 | -168,000,000 | -166,000,000 | ' |
Intersegment Eliminations [Member] | Entertainment Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | -41,000,000 | -42,000,000 | -145,000,000 | -139,000,000 | ' |
Intersegment Eliminations [Member] | Local Broadcasting Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | -4,000,000 | -5,000,000 | -11,000,000 | -14,000,000 | ' |
Intersegment Eliminations [Member] | Outdoor Americas Segment [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Revenues | -7,000,000 | -8,000,000 | -12,000,000 | -13,000,000 | ' |
Discontinued Operations [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Assets | 178,000,000 | ' | 178,000,000 | ' | 478,000,000 |
Segment Reconciling Item [Member] | ' | ' | ' | ' | ' |
Reportable Segments [Line Items] | ' | ' | ' | ' | ' |
Impairment charges | 0 | 0 | 0 | -11,000,000 | ' |
Depreciation and amortization | $113,000,000 | $116,000,000 | $343,000,000 | $354,000,000 | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Condensed Consolidating Statement Of Operations [Abstract] | ' | ' | ' | ' | ' | ' |
Revenues | ' | $3,634,000,000 | $3,266,000,000 | $11,373,000,000 | $10,391,000,000 | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Operating | ' | 1,972,000,000 | 1,717,000,000 | 6,510,000,000 | 5,817,000,000 | ' |
Selling, general and administrative | ' | 721,000,000 | 645,000,000 | 2,054,000,000 | 1,952,000,000 | ' |
Impairment charges | ' | 0 | 0 | 0 | 11,000,000 | ' |
Depreciation and amortization | ' | 113,000,000 | 116,000,000 | 343,000,000 | 354,000,000 | ' |
Total expenses | ' | 2,806,000,000 | 2,478,000,000 | 8,907,000,000 | 8,134,000,000 | ' |
Operating Income (Loss) | ' | 828,000,000 | 788,000,000 | 2,466,000,000 | 2,257,000,000 | ' |
Interest (expense) income, net | ' | -91,000,000 | -93,000,000 | -275,000,000 | -304,000,000 | ' |
Net loss on early extinguishment of debt | ' | 0 | -57,000,000 | 0 | -32,000,000 | ' |
Other items, net | ' | 7,000,000 | -3,000,000 | -2,000,000 | 5,000,000 | ' |
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | ' | 744,000,000 | 635,000,000 | 2,189,000,000 | 1,926,000,000 | ' |
(Provision) benefit for income taxes | ' | -254,000,000 | -236,000,000 | -744,000,000 | -665,000,000 | ' |
Equity in earnings (loss) of investee companies, net of tax | ' | -21,000,000 | -14,000,000 | -37,000,000 | -30,000,000 | ' |
Net earnings (loss) from continuing operations | ' | 469,000,000 | 385,000,000 | 1,408,000,000 | 1,231,000,000 | ' |
Net earnings (loss) from discontinued operations, net of tax (Note 4) | ' | 25,000,000 | 6,000,000 | 1,000,000 | -50,000,000 | ' |
Net earnings | ' | 494,000,000 | 391,000,000 | 1,409,000,000 | 1,181,000,000 | ' |
Comprehensive income (loss) | ' | 336,000,000 | 420,000,000 | 1,255,000,000 | 1,216,000,000 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 226,000,000 | 947,000,000 | 226,000,000 | 947,000,000 | ' |
Receivables, net | ' | 3,221,000,000 | ' | 3,221,000,000 | ' | 3,137,000,000 |
Programming and other inventory (Note 5) | ' | 554,000,000 | ' | 554,000,000 | ' | 859,000,000 |
Prepaid expenses and other current assets | ' | 891,000,000 | ' | 891,000,000 | ' | 1,016,000,000 |
Total current assets | ' | 4,892,000,000 | ' | 4,892,000,000 | ' | 5,720,000,000 |
Property and equipment | ' | 4,996,000,000 | ' | 4,996,000,000 | ' | 4,988,000,000 |
Less accumulated depreciation and amortization | ' | 2,796,000,000 | ' | 2,796,000,000 | ' | 2,717,000,000 |
Net property and equipment | ' | 2,200,000,000 | ' | 2,200,000,000 | ' | 2,271,000,000 |
Programming and other inventory (Note 5) | ' | 1,586,000,000 | ' | 1,586,000,000 | ' | 1,582,000,000 |
Goodwill | ' | 8,568,000,000 | ' | 8,568,000,000 | ' | 8,567,000,000 |
Intangible assets (Note 3) | ' | 6,456,000,000 | ' | 6,456,000,000 | ' | 6,515,000,000 |
Investments in consolidated subsidiaries | ' | 0 | ' | 0 | ' | 0 |
Other assets | ' | 2,193,000,000 | ' | 2,193,000,000 | ' | 1,811,000,000 |
Intercompany | ' | 0 | ' | 0 | ' | 0 |
Total Assets | ' | 25,895,000,000 | ' | 25,895,000,000 | ' | 26,466,000,000 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 227,000,000 | ' | 227,000,000 | ' | 386,000,000 |
Participants' share and royalties payable | ' | 961,000,000 | ' | 961,000,000 | ' | 953,000,000 |
Program rights | ' | 436,000,000 | ' | 436,000,000 | ' | 455,000,000 |
Commercial paper | ' | 341,000,000 | ' | 341,000,000 | ' | 0 |
Current portion of long-term debt (Note 7) | ' | 21,000,000 | ' | 21,000,000 | ' | 18,000,000 |
Accrued expenses and other current liabilities | ' | 1,767,000,000 | ' | 1,767,000,000 | ' | 2,129,000,000 |
Total current liabilities | ' | 3,753,000,000 | ' | 3,753,000,000 | ' | 3,941,000,000 |
Long-term debt | ' | 5,944,000,000 | ' | 5,944,000,000 | ' | 5,904,000,000 |
Other liabilities | ' | 6,527,000,000 | ' | 6,527,000,000 | ' | 6,408,000,000 |
Intercompany | ' | 0 | ' | 0 | ' | 0 |
Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Preferred Stock | ' | 0 | ' | 0 | ' | 0 |
Common stock | ' | 1,000,000 | ' | 1,000,000 | ' | 1,000,000 |
Additional paid-in capital | ' | 43,463,000,000 | ' | 43,463,000,000 | ' | 43,424,000,000 |
Retained earnings (deficit) | ' | -25,360,000,000 | ' | -25,360,000,000 | ' | -26,769,000,000 |
Accumulated other comprehensive income (loss) | ' | -723,000,000 | ' | -723,000,000 | ' | -569,000,000 |
Stockholders' equity including treasury stock | ' | 17,381,000,000 | ' | 17,381,000,000 | ' | 16,087,000,000 |
Less treasury stock, at cost | ' | 7,710,000,000 | ' | 7,710,000,000 | ' | 5,874,000,000 |
Total stockholders' equity | ' | 9,671,000,000 | ' | 9,671,000,000 | ' | 10,213,000,000 |
Total Liabilities and Stockholders' Equity | ' | 25,895,000,000 | ' | 25,895,000,000 | ' | 26,466,000,000 |
Condensed Consolidating Statement Of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' |
Net cash flow provided by (used for) operating activities | ' | ' | ' | 1,320,000,000 | 1,480,000,000 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisitions, net of cash acquired | ' | ' | ' | -31,000,000 | -70,000,000 | ' |
Capital expenditures | ' | -57,000,000 | -55,000,000 | -140,000,000 | -139,000,000 | ' |
Investments in and advances to investee companies | ' | ' | ' | -144,000,000 | -54,000,000 | ' |
Proceeds from sale of investments | ' | ' | ' | 20,000,000 | 11,000,000 | ' |
Proceeds from dispositions | ' | ' | ' | 196,000,000 | 46,000,000 | ' |
Net cash flow provided by (used for) investing activities from continuing operations | ' | ' | ' | -99,000,000 | -206,000,000 | ' |
Net cash flow provided by (used for) investing activities from discontinued operations | ' | ' | ' | -17,000,000 | -13,000,000 | ' |
Net cash flow provided by (used for) investing activities | ' | ' | ' | -116,000,000 | -219,000,000 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Proceeds from short-term debt borrowings, net | ' | ' | ' | 341,000,000 | 0 | ' |
Proceeds from issuance of notes | ' | ' | ' | 0 | 1,567,000,000 | ' |
Repayment of notes | ' | ' | ' | 0 | -1,583,000,000 | ' |
Payment of capital lease obligations | ' | ' | ' | -13,000,000 | -15,000,000 | ' |
Payment of contingent consideration | ' | ' | ' | -30,000,000 | -33,000,000 | ' |
Dividends | -72,000,000 | ' | ' | -228,000,000 | -199,000,000 | ' |
Purchase of Company common stock | ' | ' | ' | -1,864,000,000 | -839,000,000 | ' |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ' | ' | ' | -142,000,000 | -105,000,000 | ' |
Proceeds from exercise of stock options | ' | ' | ' | 121,000,000 | 140,000,000 | ' |
Excess tax benefit from stock-based compensation | ' | ' | ' | 133,000,000 | 93,000,000 | ' |
Other financing activities | ' | ' | ' | -4,000,000 | 0 | ' |
Increase (decrease) in intercompany payables | ' | ' | ' | 0 | 0 | ' |
Net cash flow provided by (used for) financing activities | ' | ' | ' | -1,686,000,000 | -974,000,000 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | -482,000,000 | 287,000,000 | ' |
Cash and cash equivalents at beginning of period | 226,000,000 | ' | ' | 708,000,000 | 660,000,000 | ' |
Cash and cash equivalents at end of period | ' | 226,000,000 | 947,000,000 | 226,000,000 | 947,000,000 | ' |
Consolidations eliminations [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement Of Operations [Abstract] | ' | ' | ' | ' | ' | ' |
Revenues | ' | 0 | 0 | 0 | 0 | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Operating | ' | 0 | 0 | 0 | 0 | ' |
Selling, general and administrative | ' | 0 | 0 | 0 | 0 | ' |
Impairment charges | ' | ' | ' | ' | 0 | ' |
Depreciation and amortization | ' | 0 | 0 | 0 | 0 | ' |
Total expenses | ' | 0 | 0 | 0 | 0 | ' |
Operating Income (Loss) | ' | 0 | 0 | 0 | 0 | ' |
Interest (expense) income, net | ' | 0 | 0 | 0 | 0 | ' |
Net loss on early extinguishment of debt | ' | ' | 0 | ' | 0 | ' |
Other items, net | ' | 0 | 0 | 0 | 0 | ' |
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | ' | 0 | 0 | 0 | 0 | ' |
(Provision) benefit for income taxes | ' | 0 | 0 | 0 | 0 | ' |
Equity in earnings (loss) of investee companies, net of tax | ' | -1,050,000,000 | -824,000,000 | -2,690,000,000 | -2,388,000,000 | ' |
Net earnings (loss) from continuing operations | ' | -1,050,000,000 | -824,000,000 | -2,690,000,000 | -2,388,000,000 | ' |
Net earnings (loss) from discontinued operations, net of tax (Note 4) | ' | 0 | 0 | 0 | 0 | ' |
Net earnings | ' | -1,050,000,000 | -824,000,000 | -2,690,000,000 | -2,388,000,000 | ' |
Comprehensive income (loss) | ' | -882,000,000 | -846,000,000 | -2,504,000,000 | -2,398,000,000 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 0 | 0 | 0 | 0 | ' |
Receivables, net | ' | 0 | ' | 0 | ' | 0 |
Programming and other inventory (Note 5) | ' | 0 | ' | 0 | ' | 0 |
Prepaid expenses and other current assets | ' | -28,000,000 | ' | -28,000,000 | ' | -26,000,000 |
Total current assets | ' | -28,000,000 | ' | -28,000,000 | ' | -26,000,000 |
Property and equipment | ' | 0 | ' | 0 | ' | 0 |
Less accumulated depreciation and amortization | ' | 0 | ' | 0 | ' | 0 |
Net property and equipment | ' | 0 | ' | 0 | ' | 0 |
Programming and other inventory (Note 5) | ' | 0 | ' | 0 | ' | 0 |
Goodwill | ' | 0 | ' | 0 | ' | 0 |
Intangible assets (Note 3) | ' | 0 | ' | 0 | ' | 0 |
Investments in consolidated subsidiaries | ' | -44,742,000,000 | ' | -44,742,000,000 | ' | -47,786,000,000 |
Other assets | ' | 0 | ' | 0 | ' | 0 |
Intercompany | ' | -15,909,000,000 | ' | -15,909,000,000 | ' | -19,777,000,000 |
Total Assets | ' | -60,679,000,000 | ' | -60,679,000,000 | ' | -67,589,000,000 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 0 | ' | 0 | ' | 0 |
Participants' share and royalties payable | ' | 0 | ' | 0 | ' | 0 |
Program rights | ' | 0 | ' | 0 | ' | 0 |
Commercial paper | ' | 0 | ' | 0 | ' | ' |
Current portion of long-term debt (Note 7) | ' | 0 | ' | 0 | ' | ' |
Accrued expenses and other current liabilities | ' | -28,000,000 | ' | -28,000,000 | ' | -26,000,000 |
Total current liabilities | ' | -28,000,000 | ' | -28,000,000 | ' | -26,000,000 |
Long-term debt | ' | 0 | ' | 0 | ' | 0 |
Other liabilities | ' | 0 | ' | 0 | ' | 0 |
Intercompany | ' | -15,909,000,000 | ' | -15,909,000,000 | ' | -19,777,000,000 |
Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Preferred Stock | ' | -126,000,000 | ' | -126,000,000 | ' | -128,000,000 |
Common stock | ' | -1,076,000,000 | ' | -1,076,000,000 | ' | -1,259,000,000 |
Additional paid-in capital | ' | -56,327,000,000 | ' | -56,327,000,000 | ' | -61,690,000,000 |
Retained earnings (deficit) | ' | 7,766,000,000 | ' | 7,766,000,000 | ' | 10,456,000,000 |
Accumulated other comprehensive income (loss) | ' | -110,000,000 | ' | -110,000,000 | ' | -296,000,000 |
Stockholders' equity including treasury stock | ' | -49,873,000,000 | ' | -49,873,000,000 | ' | -52,917,000,000 |
Less treasury stock, at cost | ' | -5,131,000,000 | ' | -5,131,000,000 | ' | -5,131,000,000 |
Total stockholders' equity | ' | -44,742,000,000 | ' | -44,742,000,000 | ' | -47,786,000,000 |
Total Liabilities and Stockholders' Equity | ' | -60,679,000,000 | ' | -60,679,000,000 | ' | -67,589,000,000 |
Condensed Consolidating Statement Of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' |
Net cash flow provided by (used for) operating activities | ' | ' | ' | 0 | 0 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisitions, net of cash acquired | ' | ' | ' | 0 | 0 | ' |
Capital expenditures | ' | ' | ' | 0 | 0 | ' |
Investments in and advances to investee companies | ' | ' | ' | 0 | 0 | ' |
Proceeds from sale of investments | ' | ' | ' | 0 | 0 | ' |
Proceeds from dispositions | ' | ' | ' | 0 | 0 | ' |
Net cash flow provided by (used for) investing activities from continuing operations | ' | ' | ' | 0 | 0 | ' |
Net cash flow provided by (used for) investing activities from discontinued operations | ' | ' | ' | 0 | 0 | ' |
Net cash flow provided by (used for) investing activities | ' | ' | ' | 0 | 0 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Proceeds from short-term debt borrowings, net | ' | ' | ' | 0 | ' | ' |
Proceeds from issuance of notes | ' | ' | ' | ' | 0 | ' |
Repayment of notes | ' | ' | ' | ' | 0 | ' |
Payment of capital lease obligations | ' | ' | ' | 0 | 0 | ' |
Payment of contingent consideration | ' | ' | ' | 0 | 0 | ' |
Dividends | ' | ' | ' | 0 | 0 | ' |
Purchase of Company common stock | ' | ' | ' | 0 | 0 | ' |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ' | ' | ' | 0 | 0 | ' |
Proceeds from exercise of stock options | ' | ' | ' | 0 | 0 | ' |
Excess tax benefit from stock-based compensation | ' | ' | ' | 0 | 0 | ' |
Other financing activities | ' | ' | ' | 0 | ' | ' |
Increase (decrease) in intercompany payables | ' | ' | ' | 0 | 0 | ' |
Net cash flow provided by (used for) financing activities | ' | ' | ' | 0 | 0 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | 0 | 0 | ' |
Cash and cash equivalents at beginning of period | ' | ' | ' | 0 | 0 | ' |
Cash and cash equivalents at end of period | ' | 0 | 0 | 0 | 0 | ' |
CBS Corp. [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement Of Operations [Abstract] | ' | ' | ' | ' | ' | ' |
Revenues | ' | 31,000,000 | 36,000,000 | 103,000,000 | 103,000,000 | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Operating | ' | 16,000,000 | 19,000,000 | 50,000,000 | 53,000,000 | ' |
Selling, general and administrative | ' | 17,000,000 | 21,000,000 | 48,000,000 | 64,000,000 | ' |
Impairment charges | ' | ' | ' | ' | 0 | ' |
Depreciation and amortization | ' | 2,000,000 | 1,000,000 | 5,000,000 | 4,000,000 | ' |
Total expenses | ' | 35,000,000 | 41,000,000 | 103,000,000 | 121,000,000 | ' |
Operating Income (Loss) | ' | -4,000,000 | -5,000,000 | 0 | -18,000,000 | ' |
Interest (expense) income, net | ' | -113,000,000 | -114,000,000 | -342,000,000 | -366,000,000 | ' |
Net loss on early extinguishment of debt | ' | ' | -57,000,000 | ' | -32,000,000 | ' |
Other items, net | ' | 1,000,000 | 1,000,000 | 0 | 1,000,000 | ' |
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | ' | -116,000,000 | -175,000,000 | -342,000,000 | -415,000,000 | ' |
(Provision) benefit for income taxes | ' | 41,000,000 | 65,000,000 | 119,000,000 | 145,000,000 | ' |
Equity in earnings (loss) of investee companies, net of tax | ' | 566,000,000 | 501,000,000 | 1,629,000,000 | 1,451,000,000 | ' |
Net earnings (loss) from continuing operations | ' | 491,000,000 | 391,000,000 | 1,406,000,000 | 1,181,000,000 | ' |
Net earnings (loss) from discontinued operations, net of tax (Note 4) | ' | 3,000,000 | 0 | 3,000,000 | 0 | ' |
Net earnings | ' | 494,000,000 | 391,000,000 | 1,409,000,000 | 1,181,000,000 | ' |
Comprehensive income (loss) | ' | 336,000,000 | 420,000,000 | 1,255,000,000 | 1,216,000,000 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 39,000,000 | 622,000,000 | 39,000,000 | 622,000,000 | ' |
Receivables, net | ' | 23,000,000 | ' | 23,000,000 | ' | 31,000,000 |
Programming and other inventory (Note 5) | ' | 4,000,000 | ' | 4,000,000 | ' | 5,000,000 |
Prepaid expenses and other current assets | ' | 117,000,000 | ' | 117,000,000 | ' | 142,000,000 |
Total current assets | ' | 183,000,000 | ' | 183,000,000 | ' | 432,000,000 |
Property and equipment | ' | 36,000,000 | ' | 36,000,000 | ' | 39,000,000 |
Less accumulated depreciation and amortization | ' | 9,000,000 | ' | 9,000,000 | ' | 8,000,000 |
Net property and equipment | ' | 27,000,000 | ' | 27,000,000 | ' | 31,000,000 |
Programming and other inventory (Note 5) | ' | 1,000,000 | ' | 1,000,000 | ' | 3,000,000 |
Goodwill | ' | 98,000,000 | ' | 98,000,000 | ' | 98,000,000 |
Intangible assets (Note 3) | ' | 0 | ' | 0 | ' | 0 |
Investments in consolidated subsidiaries | ' | 34,555,000,000 | ' | 34,555,000,000 | ' | 38,658,000,000 |
Other assets | ' | 155,000,000 | ' | 155,000,000 | ' | 171,000,000 |
Intercompany | ' | 0 | ' | 0 | ' | 0 |
Total Assets | ' | 35,019,000,000 | ' | 35,019,000,000 | ' | 39,393,000,000 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 3,000,000 | ' | 3,000,000 | ' | 2,000,000 |
Participants' share and royalties payable | ' | 0 | ' | 0 | ' | 0 |
Program rights | ' | 5,000,000 | ' | 5,000,000 | ' | 6,000,000 |
Commercial paper | ' | 341,000,000 | ' | 341,000,000 | ' | ' |
Current portion of long-term debt (Note 7) | ' | 5,000,000 | ' | 5,000,000 | ' | 5,000,000 |
Accrued expenses and other current liabilities | ' | 319,000,000 | ' | 319,000,000 | ' | 345,000,000 |
Total current liabilities | ' | 673,000,000 | ' | 673,000,000 | ' | 358,000,000 |
Long-term debt | ' | 5,791,000,000 | ' | 5,791,000,000 | ' | 5,793,000,000 |
Other liabilities | ' | 2,975,000,000 | ' | 2,975,000,000 | ' | 3,252,000,000 |
Intercompany | ' | 15,909,000,000 | ' | 15,909,000,000 | ' | 19,777,000,000 |
Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Preferred Stock | ' | 0 | ' | 0 | ' | 0 |
Common stock | ' | 1,000,000 | ' | 1,000,000 | ' | 1,000,000 |
Additional paid-in capital | ' | 43,463,000,000 | ' | 43,463,000,000 | ' | 43,424,000,000 |
Retained earnings (deficit) | ' | -25,360,000,000 | ' | -25,360,000,000 | ' | -26,769,000,000 |
Accumulated other comprehensive income (loss) | ' | -723,000,000 | ' | -723,000,000 | ' | -569,000,000 |
Stockholders' equity including treasury stock | ' | 17,381,000,000 | ' | 17,381,000,000 | ' | 16,087,000,000 |
Less treasury stock, at cost | ' | 7,710,000,000 | ' | 7,710,000,000 | ' | 5,874,000,000 |
Total stockholders' equity | ' | 9,671,000,000 | ' | 9,671,000,000 | ' | 10,213,000,000 |
Total Liabilities and Stockholders' Equity | ' | 35,019,000,000 | ' | 35,019,000,000 | ' | 39,393,000,000 |
Condensed Consolidating Statement Of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' |
Net cash flow provided by (used for) operating activities | ' | ' | ' | -858,000,000 | -692,000,000 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisitions, net of cash acquired | ' | ' | ' | 0 | 0 | ' |
Capital expenditures | ' | ' | ' | 0 | 0 | ' |
Investments in and advances to investee companies | ' | ' | ' | 0 | 0 | ' |
Proceeds from sale of investments | ' | ' | ' | 15,000,000 | 0 | ' |
Proceeds from dispositions | ' | ' | ' | 0 | 0 | ' |
Net cash flow provided by (used for) investing activities from continuing operations | ' | ' | ' | 15,000,000 | 0 | ' |
Net cash flow provided by (used for) investing activities from discontinued operations | ' | ' | ' | 0 | 0 | ' |
Net cash flow provided by (used for) investing activities | ' | ' | ' | 15,000,000 | 0 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Proceeds from short-term debt borrowings, net | ' | ' | ' | 341,000,000 | ' | ' |
Proceeds from issuance of notes | ' | ' | ' | ' | 1,567,000,000 | ' |
Repayment of notes | ' | ' | ' | ' | -1,583,000,000 | ' |
Payment of capital lease obligations | ' | ' | ' | 0 | 0 | ' |
Payment of contingent consideration | ' | ' | ' | 0 | 0 | ' |
Dividends | ' | ' | ' | -228,000,000 | -199,000,000 | ' |
Purchase of Company common stock | ' | ' | ' | -1,864,000,000 | -839,000,000 | ' |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ' | ' | ' | -142,000,000 | -105,000,000 | ' |
Proceeds from exercise of stock options | ' | ' | ' | 121,000,000 | 140,000,000 | ' |
Excess tax benefit from stock-based compensation | ' | ' | ' | 133,000,000 | 93,000,000 | ' |
Other financing activities | ' | ' | ' | -4,000,000 | ' | ' |
Increase (decrease) in intercompany payables | ' | ' | ' | 2,271,000,000 | 2,106,000,000 | ' |
Net cash flow provided by (used for) financing activities | ' | ' | ' | 628,000,000 | 1,180,000,000 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | -215,000,000 | 488,000,000 | ' |
Cash and cash equivalents at beginning of period | ' | ' | ' | 254,000,000 | 134,000,000 | ' |
Cash and cash equivalents at end of period | ' | 39,000,000 | 622,000,000 | 39,000,000 | 622,000,000 | ' |
CBS Operations Inc. [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement Of Operations [Abstract] | ' | ' | ' | ' | ' | ' |
Revenues | ' | 2,000,000 | 3,000,000 | 8,000,000 | 11,000,000 | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Operating | ' | 2,000,000 | 2,000,000 | 6,000,000 | 6,000,000 | ' |
Selling, general and administrative | ' | 81,000,000 | 56,000,000 | 228,000,000 | 175,000,000 | ' |
Impairment charges | ' | ' | ' | ' | 0 | ' |
Depreciation and amortization | ' | 4,000,000 | 3,000,000 | 11,000,000 | 10,000,000 | ' |
Total expenses | ' | 87,000,000 | 61,000,000 | 245,000,000 | 191,000,000 | ' |
Operating Income (Loss) | ' | -85,000,000 | -58,000,000 | -237,000,000 | -180,000,000 | ' |
Interest (expense) income, net | ' | -96,000,000 | -88,000,000 | -276,000,000 | -261,000,000 | ' |
Net loss on early extinguishment of debt | ' | ' | 0 | ' | 0 | ' |
Other items, net | ' | -4,000,000 | -5,000,000 | 4,000,000 | -6,000,000 | ' |
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | ' | -185,000,000 | -151,000,000 | -509,000,000 | -447,000,000 | ' |
(Provision) benefit for income taxes | ' | 65,000,000 | 57,000,000 | 177,000,000 | 156,000,000 | ' |
Equity in earnings (loss) of investee companies, net of tax | ' | 484,000,000 | 323,000,000 | 1,061,000,000 | 937,000,000 | ' |
Net earnings (loss) from continuing operations | ' | 364,000,000 | 229,000,000 | 729,000,000 | 646,000,000 | ' |
Net earnings (loss) from discontinued operations, net of tax (Note 4) | ' | 0 | 0 | 0 | 0 | ' |
Net earnings | ' | 364,000,000 | 229,000,000 | 729,000,000 | 646,000,000 | ' |
Comprehensive income (loss) | ' | 357,000,000 | 224,000,000 | 728,000,000 | 638,000,000 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ' |
Receivables, net | ' | 1,000,000 | ' | 1,000,000 | ' | 2,000,000 |
Programming and other inventory (Note 5) | ' | 3,000,000 | ' | 3,000,000 | ' | 3,000,000 |
Prepaid expenses and other current assets | ' | 18,000,000 | ' | 18,000,000 | ' | 14,000,000 |
Total current assets | ' | 23,000,000 | ' | 23,000,000 | ' | 20,000,000 |
Property and equipment | ' | 120,000,000 | ' | 120,000,000 | ' | 117,000,000 |
Less accumulated depreciation and amortization | ' | 79,000,000 | ' | 79,000,000 | ' | 69,000,000 |
Net property and equipment | ' | 41,000,000 | ' | 41,000,000 | ' | 48,000,000 |
Programming and other inventory (Note 5) | ' | 0 | ' | 0 | ' | 2,000,000 |
Goodwill | ' | 62,000,000 | ' | 62,000,000 | ' | 62,000,000 |
Intangible assets (Note 3) | ' | 0 | ' | 0 | ' | 0 |
Investments in consolidated subsidiaries | ' | 10,187,000,000 | ' | 10,187,000,000 | ' | 9,128,000,000 |
Other assets | ' | 17,000,000 | ' | 17,000,000 | ' | 14,000,000 |
Intercompany | ' | 3,321,000,000 | ' | 3,321,000,000 | ' | 3,655,000,000 |
Total Assets | ' | 13,651,000,000 | ' | 13,651,000,000 | ' | 12,929,000,000 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 6,000,000 | ' | 6,000,000 | ' | 6,000,000 |
Participants' share and royalties payable | ' | 0 | ' | 0 | ' | 0 |
Program rights | ' | 3,000,000 | ' | 3,000,000 | ' | 4,000,000 |
Commercial paper | ' | 0 | ' | 0 | ' | ' |
Current portion of long-term debt (Note 7) | ' | 0 | ' | 0 | ' | 0 |
Accrued expenses and other current liabilities | ' | 250,000,000 | ' | 250,000,000 | ' | 286,000,000 |
Total current liabilities | ' | 259,000,000 | ' | 259,000,000 | ' | 296,000,000 |
Long-term debt | ' | 0 | ' | 0 | ' | 0 |
Other liabilities | ' | 286,000,000 | ' | 286,000,000 | ' | 255,000,000 |
Intercompany | ' | 0 | ' | 0 | ' | 0 |
Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Preferred Stock | ' | 0 | ' | 0 | ' | 0 |
Common stock | ' | 123,000,000 | ' | 123,000,000 | ' | 123,000,000 |
Additional paid-in capital | ' | 0 | ' | 0 | ' | 0 |
Retained earnings (deficit) | ' | 13,322,000,000 | ' | 13,322,000,000 | ' | 12,593,000,000 |
Accumulated other comprehensive income (loss) | ' | -8,000,000 | ' | -8,000,000 | ' | -7,000,000 |
Stockholders' equity including treasury stock | ' | 13,437,000,000 | ' | 13,437,000,000 | ' | 12,709,000,000 |
Less treasury stock, at cost | ' | 331,000,000 | ' | 331,000,000 | ' | 331,000,000 |
Total stockholders' equity | ' | 13,106,000,000 | ' | 13,106,000,000 | ' | 12,378,000,000 |
Total Liabilities and Stockholders' Equity | ' | 13,651,000,000 | ' | 13,651,000,000 | ' | 12,929,000,000 |
Condensed Consolidating Statement Of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' |
Net cash flow provided by (used for) operating activities | ' | ' | ' | -174,000,000 | -167,000,000 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisitions, net of cash acquired | ' | ' | ' | 0 | 0 | ' |
Capital expenditures | ' | ' | ' | -4,000,000 | -7,000,000 | ' |
Investments in and advances to investee companies | ' | ' | ' | 0 | 0 | ' |
Proceeds from sale of investments | ' | ' | ' | 1,000,000 | 11,000,000 | ' |
Proceeds from dispositions | ' | ' | ' | 0 | 0 | ' |
Net cash flow provided by (used for) investing activities from continuing operations | ' | ' | ' | -3,000,000 | 4,000,000 | ' |
Net cash flow provided by (used for) investing activities from discontinued operations | ' | ' | ' | 0 | 0 | ' |
Net cash flow provided by (used for) investing activities | ' | ' | ' | -3,000,000 | 4,000,000 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Proceeds from short-term debt borrowings, net | ' | ' | ' | 0 | ' | ' |
Proceeds from issuance of notes | ' | ' | ' | ' | 0 | ' |
Repayment of notes | ' | ' | ' | ' | 0 | ' |
Payment of capital lease obligations | ' | ' | ' | 0 | 0 | ' |
Payment of contingent consideration | ' | ' | ' | 0 | 0 | ' |
Dividends | ' | ' | ' | 0 | 0 | ' |
Purchase of Company common stock | ' | ' | ' | 0 | 0 | ' |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ' | ' | ' | 0 | 0 | ' |
Proceeds from exercise of stock options | ' | ' | ' | 0 | 0 | ' |
Excess tax benefit from stock-based compensation | ' | ' | ' | 0 | 0 | ' |
Other financing activities | ' | ' | ' | 0 | ' | ' |
Increase (decrease) in intercompany payables | ' | ' | ' | 177,000,000 | 163,000,000 | ' |
Net cash flow provided by (used for) financing activities | ' | ' | ' | 177,000,000 | 163,000,000 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | 0 | 0 | ' |
Cash and cash equivalents at beginning of period | ' | ' | ' | 1,000,000 | 1,000,000 | ' |
Cash and cash equivalents at end of period | ' | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ' |
Non-Guarantor Affiliates [Member] | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Statement Of Operations [Abstract] | ' | ' | ' | ' | ' | ' |
Revenues | ' | 3,601,000,000 | 3,227,000,000 | 11,262,000,000 | 10,277,000,000 | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Operating | ' | 1,954,000,000 | 1,696,000,000 | 6,454,000,000 | 5,758,000,000 | ' |
Selling, general and administrative | ' | 623,000,000 | 568,000,000 | 1,778,000,000 | 1,713,000,000 | ' |
Impairment charges | ' | ' | ' | ' | 11,000,000 | ' |
Depreciation and amortization | ' | 107,000,000 | 112,000,000 | 327,000,000 | 340,000,000 | ' |
Total expenses | ' | 2,684,000,000 | 2,376,000,000 | 8,559,000,000 | 7,822,000,000 | ' |
Operating Income (Loss) | ' | 917,000,000 | 851,000,000 | 2,703,000,000 | 2,455,000,000 | ' |
Interest (expense) income, net | ' | 118,000,000 | 109,000,000 | 343,000,000 | 323,000,000 | ' |
Net loss on early extinguishment of debt | ' | ' | 0 | ' | 0 | ' |
Other items, net | ' | 10,000,000 | 1,000,000 | -6,000,000 | 10,000,000 | ' |
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | ' | 1,045,000,000 | 961,000,000 | 3,040,000,000 | 2,788,000,000 | ' |
(Provision) benefit for income taxes | ' | -360,000,000 | -358,000,000 | -1,040,000,000 | -966,000,000 | ' |
Equity in earnings (loss) of investee companies, net of tax | ' | -21,000,000 | -14,000,000 | -37,000,000 | -30,000,000 | ' |
Net earnings (loss) from continuing operations | ' | 664,000,000 | 589,000,000 | 1,963,000,000 | 1,792,000,000 | ' |
Net earnings (loss) from discontinued operations, net of tax (Note 4) | ' | 22,000,000 | 6,000,000 | -2,000,000 | -50,000,000 | ' |
Net earnings | ' | 686,000,000 | 595,000,000 | 1,961,000,000 | 1,742,000,000 | ' |
Comprehensive income (loss) | ' | 525,000,000 | 622,000,000 | 1,776,000,000 | 1,760,000,000 | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 186,000,000 | 324,000,000 | 186,000,000 | 324,000,000 | ' |
Receivables, net | ' | 3,197,000,000 | ' | 3,197,000,000 | ' | 3,104,000,000 |
Programming and other inventory (Note 5) | ' | 547,000,000 | ' | 547,000,000 | ' | 851,000,000 |
Prepaid expenses and other current assets | ' | 784,000,000 | ' | 784,000,000 | ' | 886,000,000 |
Total current assets | ' | 4,714,000,000 | ' | 4,714,000,000 | ' | 5,294,000,000 |
Property and equipment | ' | 4,840,000,000 | ' | 4,840,000,000 | ' | 4,832,000,000 |
Less accumulated depreciation and amortization | ' | 2,708,000,000 | ' | 2,708,000,000 | ' | 2,640,000,000 |
Net property and equipment | ' | 2,132,000,000 | ' | 2,132,000,000 | ' | 2,192,000,000 |
Programming and other inventory (Note 5) | ' | 1,585,000,000 | ' | 1,585,000,000 | ' | 1,577,000,000 |
Goodwill | ' | 8,408,000,000 | ' | 8,408,000,000 | ' | 8,407,000,000 |
Intangible assets (Note 3) | ' | 6,456,000,000 | ' | 6,456,000,000 | ' | 6,515,000,000 |
Investments in consolidated subsidiaries | ' | 0 | ' | 0 | ' | 0 |
Other assets | ' | 2,021,000,000 | ' | 2,021,000,000 | ' | 1,626,000,000 |
Intercompany | ' | 12,588,000,000 | ' | 12,588,000,000 | ' | 16,122,000,000 |
Total Assets | ' | 37,904,000,000 | ' | 37,904,000,000 | ' | 41,733,000,000 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 218,000,000 | ' | 218,000,000 | ' | 378,000,000 |
Participants' share and royalties payable | ' | 961,000,000 | ' | 961,000,000 | ' | 953,000,000 |
Program rights | ' | 428,000,000 | ' | 428,000,000 | ' | 445,000,000 |
Commercial paper | ' | 0 | ' | 0 | ' | ' |
Current portion of long-term debt (Note 7) | ' | 16,000,000 | ' | 16,000,000 | ' | 13,000,000 |
Accrued expenses and other current liabilities | ' | 1,226,000,000 | ' | 1,226,000,000 | ' | 1,524,000,000 |
Total current liabilities | ' | 2,849,000,000 | ' | 2,849,000,000 | ' | 3,313,000,000 |
Long-term debt | ' | 153,000,000 | ' | 153,000,000 | ' | 111,000,000 |
Other liabilities | ' | 3,266,000,000 | ' | 3,266,000,000 | ' | 2,901,000,000 |
Intercompany | ' | 0 | ' | 0 | ' | 0 |
Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Preferred Stock | ' | 126,000,000 | ' | 126,000,000 | ' | 128,000,000 |
Common stock | ' | 953,000,000 | ' | 953,000,000 | ' | 1,136,000,000 |
Additional paid-in capital | ' | 56,327,000,000 | ' | 56,327,000,000 | ' | 61,690,000,000 |
Retained earnings (deficit) | ' | -21,088,000,000 | ' | -21,088,000,000 | ' | -23,049,000,000 |
Accumulated other comprehensive income (loss) | ' | 118,000,000 | ' | 118,000,000 | ' | 303,000,000 |
Stockholders' equity including treasury stock | ' | 36,436,000,000 | ' | 36,436,000,000 | ' | 40,208,000,000 |
Less treasury stock, at cost | ' | 4,800,000,000 | ' | 4,800,000,000 | ' | 4,800,000,000 |
Total stockholders' equity | ' | 31,636,000,000 | ' | 31,636,000,000 | ' | 35,408,000,000 |
Total Liabilities and Stockholders' Equity | ' | 37,904,000,000 | ' | 37,904,000,000 | ' | 41,733,000,000 |
Condensed Consolidating Statement Of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ' |
Net cash flow provided by (used for) operating activities | ' | ' | ' | 2,352,000,000 | 2,339,000,000 | ' |
Investing Activities: | ' | ' | ' | ' | ' | ' |
Acquisitions, net of cash acquired | ' | ' | ' | -31,000,000 | -70,000,000 | ' |
Capital expenditures | ' | ' | ' | -136,000,000 | -132,000,000 | ' |
Investments in and advances to investee companies | ' | ' | ' | -144,000,000 | -54,000,000 | ' |
Proceeds from sale of investments | ' | ' | ' | 4,000,000 | 0 | ' |
Proceeds from dispositions | ' | ' | ' | 196,000,000 | 46,000,000 | ' |
Net cash flow provided by (used for) investing activities from continuing operations | ' | ' | ' | -111,000,000 | -210,000,000 | ' |
Net cash flow provided by (used for) investing activities from discontinued operations | ' | ' | ' | -17,000,000 | -13,000,000 | ' |
Net cash flow provided by (used for) investing activities | ' | ' | ' | -128,000,000 | -223,000,000 | ' |
Financing Activities: | ' | ' | ' | ' | ' | ' |
Proceeds from short-term debt borrowings, net | ' | ' | ' | 0 | ' | ' |
Proceeds from issuance of notes | ' | ' | ' | ' | 0 | ' |
Repayment of notes | ' | ' | ' | ' | 0 | ' |
Payment of capital lease obligations | ' | ' | ' | -13,000,000 | -15,000,000 | ' |
Payment of contingent consideration | ' | ' | ' | -30,000,000 | -33,000,000 | ' |
Dividends | ' | ' | ' | 0 | 0 | ' |
Purchase of Company common stock | ' | ' | ' | 0 | 0 | ' |
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ' | ' | ' | 0 | 0 | ' |
Proceeds from exercise of stock options | ' | ' | ' | 0 | 0 | ' |
Excess tax benefit from stock-based compensation | ' | ' | ' | 0 | 0 | ' |
Other financing activities | ' | ' | ' | 0 | ' | ' |
Increase (decrease) in intercompany payables | ' | ' | ' | -2,448,000,000 | -2,269,000,000 | ' |
Net cash flow provided by (used for) financing activities | ' | ' | ' | -2,491,000,000 | -2,317,000,000 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | -267,000,000 | -201,000,000 | ' |
Cash and cash equivalents at beginning of period | ' | ' | ' | 453,000,000 | 525,000,000 | ' |
Cash and cash equivalents at end of period | ' | $186,000,000 | $324,000,000 | $186,000,000 | $324,000,000 | ' |