x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2018 | ||
OR | ||
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
DELAWARE (State or other jurisdiction of incorporation or organization) | 04-2949533 (I.R.S. Employer Identification Number) |
51 W. 52nd Street New York, NY 10019 (212) 975-4321 (Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices) |
Title of Each Class | Name of Each Exchange on Which Registered | |||
Class A Common Stock, $0.001 par value | New York Stock Exchange | |||
Class B Common Stock, $0.001 par value | New York Stock Exchange |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | Emerging growth company o |
Item 1. | Business. |
• | ENTERTAINMENT: The Entertainment segment is composed of the CBS® Television Network; CBS Television Studios®; CBS Global Distribution Group™ (composed of CBS Studios International™ and CBS Television Distribution™); Network 10™; CBS Interactive®; CBS Sports Network®, the Company’s cable network focused on college athletics and other sports; CBS Films®; and the Company’s direct-to-consumer digital streaming services CBS All Access®, CBSN®, CBS Sports HQ®, ET Live™ and 10 All Access™. |
• | CABLE NETWORKS: The Cable Networks segment is composed of Showtime Networks, which operates the Company’s premium subscription program services Showtime®, The Movie Channel® and Flix®, and a direct-to-consumer digital streaming subscription offering; and Smithsonian Networks™, a venture between Showtime Networks and Smithsonian Institution, which operates Smithsonian Channel™, a basic cable program service, and Smithsonian Channel Plus™, a direct-to-consumer digital streaming subscription service. |
• | PUBLISHING: The Publishing segment is composed of Simon & Schuster, which publishes and distributes consumer books under imprints such as Simon & Schuster®, Pocket Books®, Scribner®, Gallery Books® and Atria Books®. |
• | LOCAL MEDIA: The Local Media segment is composed of CBS Television Stations, the Company’s 29 owned broadcast television stations; and CBS Local Digital Media™, which operates local Websites including content from the Company’s television stations. |
Television Market and Market Rank(1) | Stations | Type | Network Affiliation | CBS Local Websites(2) | |
New York, NY (#1) | WCBS‑TV | UHF | CBS | newyork.cbslocal.com | |
WLNY‑TV | UHF | Independent | |||
Los Angeles, CA (#2) | KCAL‑TV | VHF | Independent | losangeles.cbslocal.com | |
KCBS‑TV | UHF | CBS | |||
Chicago, IL (#3) | WBBM‑TV | VHF | CBS | chicago.cbslocal.com | |
Philadelphia, PA (#4) | KYW‑TV | UHF | CBS | philadelphia.cbslocal.com | |
WPSG‑TV | UHF | The CW | |||
Dallas‑Fort Worth, TX (#5) | KTVT‑TV | UHF | CBS | dfw.cbslocal.com | |
KTXA‑TV | UHF | Independent | |||
San Francisco, CA (#8) | KPIX‑TV | UHF | CBS | sanfrancisco.cbslocal.com | |
KBCW‑TV | UHF | The CW | |||
Boston, MA (#9) | WBZ-TV | UHF | CBS | boston.cbslocal.com | |
WSBK-TV | UHF | MyNetworkTV | |||
Atlanta, GA (#10) | WUPA-TV | UHF | The CW | atlanta.cbslocal.com | |
Tampa-St. Petersburg, FL (#11) | WTOG-TV | UHF | The CW | tampa.cbslocal.com | |
Seattle-Tacoma, WA (#13) | KSTW-TV | VHF | The CW | seattle.cbslocal.com | |
Detroit, MI (#14) | WKBD‑TV | UHF | The CW | detroit.cbslocal.com | |
WWJ‑TV | UHF | CBS | |||
Minneapolis, MN (#15) | WCCO‑TV | UHF | CBS | minnesota.cbslocal.com | |
KCCW‑TV(3) | VHF | CBS | |||
Miami-Ft. Lauderdale, FL (#16) | WFOR‑TV | UHF | CBS | miami.cbslocal.com | |
WBFS‑TV | UHF | MyNetworkTV | |||
Denver, CO (#17) | KCNC‑TV | UHF | CBS | denver.cbslocal.com | |
Sacramento, CA (#20) | KOVR-TV | UHF | CBS | sacramento.cbslocal.com | |
KMAX-TV | UHF | The CW | |||
Pittsburgh, PA (#24) | KDKA-TV | UHF | CBS | pittsburgh.cbslocal.com | |
WPCW-TV | VHF | The CW | |||
Baltimore, MD (#26) | WJZ‑TV | VHF | CBS | baltimore.cbslocal.com | |
Indianapolis, IN (#28) | WBXI-CA(4) | UHF | Independent | ||
(1) | Television market (DMA) rankings based on Nielsen Media Research Local Market Universe Estimates, September 2018. |
(2) | The Company’s television stations’ Websites, which are operated by the CBS Local Digital Media Group, promote the stations’ programming and provide news, traffic, weather, entertainment and sports information, among other services for their local communities. |
(3) | KCCW-TV is operated as a satellite station of WCCO-TV. |
(4) | WBXI-CA is a Class A low power television station. Class A low power television stations do not implicate the FCC’s ownership rules. |
• | the affirmative vote of not less than a majority of the aggregate voting power of all outstanding shares of capital stock of the Company then entitled to vote generally in an election of directors, voting together as a single class, is required for the stockholders of the Company to amend, alter, change, repeal or adopt any bylaws of the Company; |
• | any or all of the directors of the Company may be removed from office at any time prior to the expiration of the director’s term of office, with or without cause, only by the affirmative vote of the holders of record of outstanding shares representing at least a majority of all the aggregate voting power of outstanding shares of stock of the Company then entitled to vote generally in the election of directors, voting together as a single class at a special meeting of stockholders called expressly for that purpose; and |
• | in accordance with the General Corporation Law of the State of Delaware, stockholders of the Company may act by written consent without a meeting if such stockholders hold the number of shares representing not less than the minimum number of votes that would be necessary to authorize or take such actions at a meeting at which all shares entitled to vote thereon were present and voted. |
Name | Age | Title | ||
Joseph R. Ianniello | 51 | President and Acting Chief Executive Officer | ||
Jonathan H. Anschell | 50 | Executive Vice President, Deputy General Counsel and Secretary | ||
Richard M. Jones | 53 | Executive Vice President and General Tax Counsel | ||
Lawrence Liding | 50 | Executive Vice President, Controller and Chief Accounting Officer | ||
Christina Spade | 49 | Executive Vice President, Chief Financial Officer | ||
Lawrence P. Tu | 64 | Senior Executive Vice President and Chief Legal Officer | ||
Item 5. | Market for CBS Corporation’s Common Equity, Related Stockholder Matters and Purchases of Equity Securities. |
(in millions, except per share amounts) | Total Number of Shares Purchased | Average Price Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Remaining Authorization | |||||||||||||||
October 1, 2018 - October 31, 2018 | .7 | $ | 55.62 | .7 | $ | 2,521 | |||||||||||||
November 1, 2018 - November 30, 2018 | .1 | $ | 57.48 | .1 | $ | 2,515 | |||||||||||||
December 1, 2018 - December 31, 2018 | 1.3 | $ | 43.59 | 1.3 | $ | 2,457 | |||||||||||||
Total | 2.1 | 2.1 | $ | 2,457 |
December 31, | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 |
CBS Corp. Class A Common Stock | $100 | $89 | $84 | $105 | $98 | $73 |
CBS Corp. Class B Common Stock | $100 | $88 | $75 | $103 | $97 | $73 |
S&P 500 | $100 | $114 | $115 | $129 | $157 | $150 |
Peer Group (a) | $100 | $120 | $113 | $126 | $134 | $148 |
Item 6. | Selected Financial Data. |
Year Ended December 31, (a) (b) | |||||||||||||||||||
2018 (c) (d) | 2017 (e) (f) (g) | 2016 (e) (f) | 2015 (e) (h) | 2014 (e) (i) | |||||||||||||||
Revenues | $ | 14,514 | $ | 13,692 | $ | 13,166 | $ | 12,671 | $ | 12,519 | |||||||||
Operating income | $ | 2,768 | $ | 2,861 | $ | 2,902 | $ | 2,684 | $ | 2,631 | |||||||||
Net earnings from continuing operations | $ | 1,960 | $ | 1,309 | $ | 1,552 | $ | 1,554 | $ | 1,151 | |||||||||
Net earnings (loss) from discontinued operations, net of tax | $ | — | $ | (952 | ) | $ | (291 | ) | $ | (141 | ) | $ | 1,808 | ||||||
Net earnings | $ | 1,960 | $ | 357 | $ | 1,261 | $ | 1,413 | $ | 2,959 | |||||||||
Basic net earnings (loss) per common share: | |||||||||||||||||||
Net earnings from continuing operations | $ | 5.20 | $ | 3.26 | $ | 3.50 | $ | 3.21 | $ | 2.09 | |||||||||
Net earnings (loss) from discontinued operations | $ | — | $ | (2.37 | ) | $ | (.66 | ) | $ | (.29 | ) | $ | 3.29 | ||||||
Net earnings | $ | 5.20 | $ | .89 | $ | 2.84 | $ | 2.92 | $ | 5.38 | |||||||||
Diluted net earnings (loss) per common share: | |||||||||||||||||||
Net earnings from continuing operations | $ | 5.14 | $ | 3.22 | $ | 3.46 | $ | 3.18 | $ | 2.05 | |||||||||
Net earnings (loss) from discontinued operations | $ | — | $ | (2.34 | ) | $ | (.65 | ) | $ | (.29 | ) | $ | 3.22 | ||||||
Net earnings | $ | 5.14 | $ | .88 | $ | 2.81 | $ | 2.89 | $ | 5.27 | |||||||||
Dividends per common share | $ | .72 | $ | .72 | $ | .66 | $ | .60 | $ | .54 | |||||||||
At Year End: | |||||||||||||||||||
Total assets: | |||||||||||||||||||
Continuing operations | $ | 21,847 | $ | 20,830 | $ | 19,642 | $ | 18,695 | $ | 18,372 | |||||||||
Discontinued operations | 12 | 13 | 4,596 | 5,070 | 5,563 | ||||||||||||||
Total assets | $ | 21,859 | $ | 20,843 | $ | 24,238 | $ | 23,765 | $ | 23,935 | |||||||||
Total debt: | |||||||||||||||||||
Continuing operations | $ | 10,152 | $ | 10,162 | $ | 9,375 | $ | 8,448 | $ | 7,112 | |||||||||
Discontinued operations | — | — | 1,345 | — | — | ||||||||||||||
Total debt | $ | 10,152 | $ | 10,162 | $ | 10,720 | $ | 8,448 | $ | 7,112 | |||||||||
Total Stockholders’ Equity | $ | 2,804 | $ | 1,978 | $ | 3,689 | $ | 5,563 | $ | 6,970 |
Item 7. | Management’s Discussion and Analysis of Results of Operations and Financial Condition. (Tabular dollars in millions, except per share amounts) |
Consolidated results of operations | Increase/(Decrease) | ||||||||||||||
Year Ended December 31, | 2018 | 2017 | $ | % | |||||||||||
GAAP: | |||||||||||||||
Revenues | $ | 14,514 | $ | 13,692 | $ | 822 | 6 | % | |||||||
Operating income | $ | 2,768 | $ | 2,861 | $ | (93 | ) | (3 | )% | ||||||
Net earnings from continuing operations | $ | 1,960 | $ | 1,309 | $ | 651 | 50 | % | |||||||
Net earnings | $ | 1,960 | $ | 357 | $ | 1,603 | n/m | ||||||||
Diluted EPS from continuing operations | $ | 5.14 | $ | 3.22 | $ | 1.92 | 60 | % | |||||||
Diluted EPS | $ | 5.14 | $ | .88 | $ | 4.26 | n/m | ||||||||
Net cash flow provided by operating activities | $ | 1,426 | $ | 887 | $ | 539 | 61 | % | |||||||
Non-GAAP: (a) | |||||||||||||||
Adjusted operating income | $ | 3,048 | $ | 2,905 | $ | 143 | 5 | % | |||||||
Adjusted net earnings from continuing operations | $ | 1,979 | $ | 1,705 | $ | 274 | 16 | % | |||||||
Adjusted net earnings | $ | 1,979 | $ | 1,791 | $ | 188 | 10 | % | |||||||
Adjusted diluted EPS from continuing operations | $ | 5.19 | $ | 4.19 | $ | 1.00 | 24 | % | |||||||
Adjusted diluted EPS | $ | 5.19 | $ | 4.40 | $ | .79 | 18 | % | |||||||
Adjusted free cash flow | $ | 1,260 | $ | 989 | $ | 271 | 27 | % |
Total Number of Shares (in millions) | Average Price Per Share | Dollar Value of Shares Repurchased | Remaining Authorization | |||||||||||||||||||
Share repurchase program | 11.5 | $ | 52.06 | $ | 600 | $ | 2,457 |
Increase/(Decrease) | ||||||||||||||||
Year Ended December 31, | 2018 | 2017 | $ | % | ||||||||||||
Dividends per share | $ | .72 | $ | .72 | $ | — | — | % | ||||||||
Total dividends | $ | 274 | $ | 289 | $ | (15 | ) | (5 | )% |
• | Revenues from Distribution Arrangements |
• | Revenues from the Renewal of Licensing Agreements |
For the Year Ended December 31, | |||||||||||||||||||||||||||
2017 | 2018 Reported vs. | ||||||||||||||||||||||||||
2018 Reported | Reported | ASC 606 Adjustments | Under ASC 606 | 2017 Reported | 2017 Under ASC 606 | ||||||||||||||||||||||
Revenues | $ | 14,514 | $ | 13,692 | $ | 239 | $ | 13,931 | 6 | % | 4 | % | |||||||||||||||
Operating income | $ | 2,768 | $ | 2,861 | $ | (5 | ) | $ | 2,856 | (3 | )% | (3 | )% | ||||||||||||||
Net earnings from continuing operations | $ | 1,960 | $ | 1,309 | $ | (4 | ) | $ | 1,305 | 50 | % | 50 | % | ||||||||||||||
Diluted EPS from continuing operations | $ | 5.14 | $ | 3.22 | $ | (.01 | ) | $ | 3.21 | 60 | % | 60 | % |
Year Ended December 31, | 2018 | 2017 | |||||
Operating income | $ | 2,768 | $ | 2,861 | |||
Discrete items: | |||||||
Restructuring charges | 67 | 63 | |||||
Corporate matters | 128 | — | |||||
Programming charges | 85 | — | |||||
Other operating items, net (a) | — | (19 | ) | ||||
Adjusted operating income | $ | 3,048 | $ | 2,905 |
Net Earnings from Continuing Operations | Diluted EPS from Continuing Operations (f) | |||||||||||||||
Year Ended December 31, | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Reported (GAAP) | $ | 1,960 | $ | 1,309 | $ | 5.14 | $ | 3.22 | ||||||||
Discrete items: | ||||||||||||||||
Restructuring charges (net of a tax benefit of $17 million in 2018 and $24 million in 2017) | 50 | 39 | .13 | .10 | ||||||||||||
Corporate matters (net of a tax benefit of $29 million) | 99 | — | .26 | — | ||||||||||||
Programming charges (net of a tax benefit of $21 million) | 64 | — | .17 | — | ||||||||||||
Other operating items, net (net of a tax benefit of $4 million) (a) | — | (23 | ) | — | (.06 | ) | ||||||||||
Loss on early extinguishment of debt (net of a tax benefit of $18 million) | — | 31 | — | .08 | ||||||||||||
Pension settlement charge (net of a tax benefit of $115 million) | — | 237 | — | .58 | ||||||||||||
Write-down of investment (net of a tax benefit of $3 million) (b) | — | 5 | — | .01 | ||||||||||||
Tax law changes (c) | (54 | ) | 129 | (.14 | ) | .32 | ||||||||||
Other tax items (d) | (140 | ) | (22 | ) | (.37 | ) | (.05 | ) | ||||||||
Adjusted (Non-GAAP) | $ | 1,979 | $ | 1,705 | $ | 5.19 | $ | 4.19 |
Net Earnings | Diluted EPS (f) | |||||||||||||||
Year Ended December 31, | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Reported (GAAP) | $ | 1,960 | $ | 357 | $ | 5.14 | $ | .88 | ||||||||
Discrete items: | ||||||||||||||||
Restructuring charges (net of a tax benefit of $17 million in 2018 and $24 million in 2017) | 50 | 39 | .13 | .10 | ||||||||||||
Corporate matters (net of a tax benefit of $29 million) | 99 | — | .26 | — | ||||||||||||
Programming charges (net of a tax benefit of $21 million) | 64 | — | .17 | — | ||||||||||||
Other operating items, net (net of a tax benefit of $4 million) (a) | — | (23 | ) | — | (.06 | ) | ||||||||||
Loss on early extinguishment of debt (net of a tax benefit of $18 million) | — | 31 | — | .08 | ||||||||||||
Pension settlement charge (net of a tax benefit of $115 million) | — | 237 | — | .58 | ||||||||||||
Write-down of investment (net of a tax benefit of $3 million) (b) | — | 5 | — | .01 | ||||||||||||
Tax law changes (c) | (54 | ) | 129 | (.14 | ) | .32 | ||||||||||
Other tax items (d) | (140 | ) | (22 | ) | (.37 | ) | (.05 | ) | ||||||||
Discontinued operations items (e) | — | 1,038 | — | 2.55 | ||||||||||||
Adjusted (Non-GAAP) | $ | 1,979 | $ | 1,791 | $ | 5.19 | $ | 4.40 |
Revenues by Type | % of Total | % of Total | Increase/(Decrease) | ||||||||||||||||||||||
Year Ended December 31, | 2018 | Revenues | 2017 | Revenues | $ | % | |||||||||||||||||||
Advertising | $ | 6,195 | 43 | % | $ | 5,753 | 42 | % | $ | 442 | 8 | % | |||||||||||||
Content licensing and distribution | 4,081 | 28 | 3,952 | 29 | 129 | 3 | |||||||||||||||||||
Affiliate and subscription fees | 4,003 | 27 | 3,758 | 27 | 245 | 7 | |||||||||||||||||||
Other | 235 | 2 | 229 | 2 | 6 | 3 | |||||||||||||||||||
Total Revenues | $ | 14,514 | 100 | % | $ | 13,692 | 100 | % | $ | 822 | 6 | % |
% of | % of | ||||||||||||||||||
Year Ended December 31, | 2018 | International | 2017 | International | |||||||||||||||
United Kingdom | $ | 328 | 13 | % | $ | 300 | 15 | % | |||||||||||
Other Europe | 794 | 31 | 735 | 37 | |||||||||||||||
Canada | 268 | 11 | 279 | 14 | |||||||||||||||
Asia | 179 | 7 | 210 | 10 | |||||||||||||||
Australia | 574 | 23 | 166 | 8 | |||||||||||||||
Other | 392 | 15 | 327 | 16 | |||||||||||||||
Total International Revenues | $ | 2,535 | 100 | % | $ | 2,017 | 100 | % |
% of | % of | ||||||||||||||||||||||||
Operating Expenses by Type | Operating | Operating | Increase/(Decrease) | ||||||||||||||||||||||
Year Ended December 31, | 2018 | Expenses | 2017 | Expenses | $ | % | |||||||||||||||||||
Programming | $ | 2,858 | 32 | % | $ | 3,156 | 37 | % | $ | (298 | ) | (9 | )% | ||||||||||||
Production | 3,402 | 37 | 2,873 | 34 | 529 | 18 | |||||||||||||||||||
Participation, distribution and royalty | 1,368 | 15 | 1,050 | 13 | 318 | 30 | |||||||||||||||||||
Other | 1,483 | 16 | 1,359 | 16 | 124 | 9 | |||||||||||||||||||
Total Operating Expenses | $ | 9,111 | 100 | % | $ | 8,438 | 100 | % | $ | 673 | 8 | % |
% of | % of | Increase/(Decrease) | |||||||||||||||||||||||
Year Ended December 31, | 2018 | Revenues | 2017 | Revenues | $ | % | |||||||||||||||||||
Selling, general and administrative expenses | $ | 2,217 | 15 | % | $ | 2,126 | 16 | % | $ | 91 | 4 | % |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2018 | 2017 | $ | % | |||||||||||
Depreciation and amortization | $ | 223 | $ | 223 | $ | — | — | % |
Balance at | 2018 | 2018 | Balance at | ||||||||||||||||||
December 31, 2017 | Charges | Settlements | December 31, 2018 | ||||||||||||||||||
Entertainment | $ | 45 | $ | 27 | $ | (38 | ) | $ | 34 | ||||||||||||
Cable Networks | 1 | — | (1 | ) | — | ||||||||||||||||
Publishing | 3 | 1 | (2 | ) | 2 | ||||||||||||||||
Local Media | 14 | 18 | (9 | ) | 23 | ||||||||||||||||
Corporate | 3 | 21 | (11 | ) | 13 | ||||||||||||||||
Total | $ | 66 | $ | 67 | $ | (61 | ) | $ | 72 |
Balance at | 2017 | 2017 | Balance at | ||||||||||||||||||
December 31, 2016 | Charges | Settlements | December 31, 2017 | ||||||||||||||||||
Entertainment | $ | 17 | $ | 44 | $ | (16 | ) | $ | 45 | ||||||||||||
Cable Networks | 4 | — | (3 | ) | 1 | ||||||||||||||||
Publishing | 1 | 5 | (3 | ) | 3 | ||||||||||||||||
Local Media | 6 | 12 | (4 | ) | 14 | ||||||||||||||||
Corporate | 2 | 2 | (1 | ) | 3 | ||||||||||||||||
Total | $ | 30 | $ | 63 | $ | (27 | ) | $ | 66 |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2018 | 2017 | $ | % | |||||||||||
Interest expense | $ | (467 | ) | $ | (457 | ) | $ | 10 | 2 | % | |||||
Interest income | $ | 57 | $ | 64 | $ | (7 | ) | (11 | )% |
Weighted Average | Weighted Average | |||||||||||||||||
At December 31, | 2018 | Interest Rate | 2017 | Interest Rate | ||||||||||||||
Total long-term debt | $ | 9,435 | 4.26 | % | $ | 9,426 | 4.26 | % | ||||||||||
Commercial paper | $ | 674 | 3.02 | % | $ | 679 | 1.88 | % |
Year Ended December 31, | 2018 | 2017 | |||||
Pension and postretirement benefit costs | $ | (63 | ) | $ | (86 | ) | |
Foreign exchange (losses) gains | (3 | ) | 2 | ||||
Net loss from investments | (3 | ) | (4 | ) | |||
Other items, net | $ | (69 | ) | $ | (88 | ) |
Year Ended December 31, | 2018 | 2017 | Increase/(Decrease) | |||||||||
Provision for income taxes before discrete items (a) | $ | 469 | $ | 560 | (16 | )% | ||||||
Impact of tax law changes (b) | (54 | ) | 129 | |||||||||
Reversal of valuation allowance (c) | (140 | ) | — | |||||||||
Excess tax benefits from stock-based compensation (d) | (1 | ) | (44 | ) | ||||||||
Other discrete items | (1 | ) | (12 | ) | ||||||||
Provision for income taxes | $ | 273 | $ | 633 | (57 | )% | ||||||
Effective income tax rate | 11.9 | % | 32.0 | % |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2018 | 2017 | $ | % | |||||||||||
Domestic | $ | (77 | ) | $ | (61 | ) | $ | (16 | ) | (26 | )% | ||||
International | 2 | 2 | — | — | |||||||||||
Tax benefit | 19 | 22 | (3 | ) | (14 | ) | |||||||||
Equity in loss of investee companies, net of tax | $ | (56 | ) | $ | (37 | ) | $ | (19 | ) | (51 | )% |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2018 | 2017 | $ | % | |||||||||||
Net earnings from continuing operations | $ | 1,960 | $ | 1,309 | $ | 651 | 50 | % | |||||||
Diluted EPS from continuing operations | $ | 5.14 | $ | 3.22 | $ | 1.92 | 60 | % |
Year Ended December 31, 2017 | CBS Radio | Other | Total | ||||||||||
Revenues | $ | 1,018 | $ | — | $ | 1,018 | |||||||
Costs and expenses: | |||||||||||||
Operating | 364 | — | 364 | ||||||||||
Selling, general and administrative | 444 | (1 | ) | 443 | |||||||||
Market value adjustment | 980 | (a) | — | 980 | |||||||||
Restructuring charges | 7 | — | 7 | ||||||||||
Total costs and expenses | 1,795 | (1 | ) | 1,794 | |||||||||
Operating income (loss) | (777 | ) | 1 | (776 | ) | ||||||||
Interest expense | (70 | ) | — | (70 | ) | ||||||||
Other items, net | (2 | ) | — | (2 | ) | ||||||||
Earnings (loss) from discontinued operations | (849 | ) | 1 | (848 | ) | ||||||||
Income tax benefit (provision) | (55 | ) | 45 | (b) | (10 | ) | |||||||
Earnings (loss) from discontinued operations, net of tax | (904 | ) | 46 | (858 | ) | ||||||||
Net gain (loss) on disposal | (109 | ) | 13 | (96 | ) | ||||||||
Income tax benefit (provision) | 4 | (2 | ) | 2 | |||||||||
Net gain (loss) on disposal, net of tax | (105 | ) | 11 | (c) | (94 | ) | |||||||
Net earnings (loss) from discontinued operations, net of tax | $ | (1,009 | ) | $ | 57 | $ | (952 | ) |
Increase/(Decrease) | ||||||||||||||
Year Ended December 31, | 2018 | 2017 | $ | % | ||||||||||
Net earnings | $ | 1,960 | $ | 357 | $ | 1,603 | n/m | |||||||
Diluted EPS | $ | 5.14 | $ | .88 | $ | 4.26 | n/m |
Revenues by Type | % of Total | % of Total | Increase/(Decrease) | ||||||||||||||||||||||
Year Ended December 31, | 2017 | Revenues | 2016 | Revenues | $ | % | |||||||||||||||||||
Advertising | $ | 5,753 | 42 | % | $ | 6,288 | 48 | % | $ | (535 | ) | (9 | )% | ||||||||||||
Content licensing and distribution | 3,952 | 29 | 3,673 | 28 | 279 | 8 | |||||||||||||||||||
Affiliate and subscription fees | 3,758 | 27 | 2,978 | 22 | 780 | 26 | |||||||||||||||||||
Other | 229 | 2 | 227 | 2 | 2 | 1 | |||||||||||||||||||
Total Revenues | $ | 13,692 | 100 | % | $ | 13,166 | 100 | % | $ | 526 | 4 | % |
% of | % of | ||||||||||||||||||
Year Ended December 31, | 2017 | International | 2016 | International | |||||||||||||||
United Kingdom | $ | 300 | 15 | % | $ | 279 | 15 | % | |||||||||||
Other Europe | 735 | 37 | 717 | 39 | |||||||||||||||
Canada | 279 | 14 | 256 | 14 | |||||||||||||||
Asia | 210 | 10 | 190 | 10 | |||||||||||||||
Australia | 166 | 8 | 167 | 9 | |||||||||||||||
Other | 327 | 16 | 240 | 13 | |||||||||||||||
Total International Revenues | $ | 2,017 | 100 | % | $ | 1,849 | 100 | % |
% of Total | % of Total | ||||||||||||||||||||||||
Operating Expenses by Type | Operating | Operating | Increase/(Decrease) | ||||||||||||||||||||||
Year Ended December 31, | 2017 | Expense | 2016 | Expense | $ | % | |||||||||||||||||||
Programming | $ | 3,156 | 37 | % | $ | 2,941 | 37 | % | $ | 215 | 7 | % | |||||||||||||
Production | 2,873 | 34 | 2,658 | 34 | 215 | 8 | |||||||||||||||||||
Participation, distribution and royalty | 1,050 | 13 | 1,058 | 13 | (8 | ) | (1 | ) | |||||||||||||||||
Other | 1,359 | 16 | 1,299 | 16 | 60 | 5 | |||||||||||||||||||
Total Operating Expenses | $ | 8,438 | 100 | % | $ | 7,956 | 100 | % | $ | 482 | 6 | % |
% of | % of | Increase/(Decrease) | |||||||||||||||||||||||
Year Ended December 31, | 2017 | Revenues | 2016 | Revenues | $ | % | |||||||||||||||||||
Selling, general and administrative expenses | $ | 2,126 | 16 | % | $ | 2,054 | 16 | % | $ | 72 | 4 | % |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2017 | 2016 | $ | % | |||||||||||
Depreciation and amortization | $ | 223 | $ | 225 | $ | (2 | ) | (1 | )% |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2017 | 2016 | $ | % | |||||||||||
Interest expense | $ | (457 | ) | $ | (411 | ) | $ | 46 | 11 | % | |||||
Interest income | $ | 64 | $ | 32 | $ | 32 | 100 | % |
Weighted Average | Weighted Average | |||||||||||||||||
At December 31, | 2017 | Interest Rate | 2016 | Interest Rate | ||||||||||||||
Total long-term debt | $ | 9,426 | 4.26 | % | $ | 8,850 | 4.47 | % | ||||||||||
Commercial paper | $ | 679 | 1.88 | % | $ | 450 | 0.98 | % |
Year Ended December 31, | 2017 | 2016 | |||||
Pension and postretirement benefit costs | $ | (86 | ) | $ | (70 | ) | |
Foreign exchange gains (losses) | 2 | (12 | ) | ||||
Net loss from investments | (4 | ) | — | ||||
Other items, net | $ | (88 | ) | $ | (82 | ) |
Year Ended December 31, | 2017 | 2016 | Increase/(Decrease) | |||||||||
Provision for income taxes before discrete items | $ | 560 | $ | 681 | (18 | )% | ||||||
Impact of tax law changes (a) | 129 | — | ||||||||||
Excess tax benefits from stock-based compensation (b) | (44 | ) | — | |||||||||
Other discrete items (c) | (12 | ) | (53 | ) | ||||||||
Provision for income taxes | $ | 633 | $ | 628 | 1 | % | ||||||
Effective income tax rate | 32.0 | % | 28.2 | % |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2017 | 2016 | $ | % | |||||||||||
Domestic | $ | (61 | ) | $ | (67 | ) | $ | 6 | 9 | % | |||||
International | 2 | (8 | ) | 10 | 125 | ||||||||||
Tax benefit | 22 | 25 | (3 | ) | (12 | ) | |||||||||
Equity in loss of investee companies, net of tax | $ | (37 | ) | $ | (50 | ) | $ | 13 | 26 | % |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2017 | 2016 | $ | % | |||||||||||
Net earnings from continuing operations | $ | 1,309 | $ | 1,552 | $ | (243 | ) | (16 | )% | ||||||
Diluted EPS from continuing operations | $ | 3.22 | $ | 3.46 | $ | (.24 | ) | (7 | )% |
Year Ended December 31, 2017 | CBS Radio | Other | Total | ||||||||||
Revenues | $ | 1,018 | $ | — | $ | 1,018 | |||||||
Costs and expenses: | |||||||||||||
Operating | 364 | — | 364 | ||||||||||
Selling, general and administrative | 444 | (1 | ) | 443 | |||||||||
Market value adjustment | 980 | (a) | — | 980 | |||||||||
Restructuring charges | 7 | — | 7 | ||||||||||
Total costs and expenses | 1,795 | (1 | ) | 1,794 | |||||||||
Operating income (loss) | (777 | ) | 1 | (776 | ) | ||||||||
Interest expense | (70 | ) | — | (70 | ) | ||||||||
Other items, net | (2 | ) | — | (2 | ) | ||||||||
Earnings (loss) from discontinued operations | (849 | ) | 1 | (848 | ) | ||||||||
Income tax benefit (provision) | (55 | ) | 45 | (b) | (10 | ) | |||||||
Earnings (loss) from discontinued operations, net of tax | (904 | ) | 46 | (858 | ) | ||||||||
Net gain (loss) on disposal | (109 | ) | 13 | (96 | ) | ||||||||
Income tax benefit (provision) | 4 | (2 | ) | 2 | |||||||||
Net gain (loss) on disposal, net of tax | (105 | ) | 11 | (c) | (94 | ) | |||||||
Net earnings (loss) from discontinued operations, net of tax | $ | (1,009 | ) | $ | 57 | $ | (952 | ) |
Year Ended December 31, 2016 | CBS Radio | Other (b) | Total | ||||||||||
Revenues | $ | 1,220 | $ | — | $ | 1,220 | |||||||
Costs and expenses: | |||||||||||||
Operating | 397 | — | 397 | ||||||||||
Selling, general and administrative | 496 | — | 496 | ||||||||||
Depreciation and amortization | 26 | — | 26 | ||||||||||
Restructuring charges | 8 | — | 8 | ||||||||||
Impairment charge | 444 | (a) | — | 444 | |||||||||
Total costs and expenses | 1,371 | — | 1,371 | ||||||||||
Operating loss | (151 | ) | — | (151 | ) | ||||||||
Interest expense | (17 | ) | — | (17 | ) | ||||||||
Other items, net | 1 | — | 1 | ||||||||||
Loss from discontinued operations | (167 | ) | — | (167 | ) | ||||||||
Income tax provision | (88 | ) | (36 | ) | (124 | ) | |||||||
Net loss from discontinued operations, net of tax | $ | (255 | ) | $ | (36 | ) | $ | (291 | ) |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2017 | 2016 | $ | % | |||||||||||
Net earnings | $ | 357 | $ | 1,261 | $ | (904 | ) | (72 | )% | ||||||
Diluted EPS | $ | .88 | $ | 2.81 | $ | (1.93 | ) | (69 | )% |
% of Total | % of Total | Increase/(Decrease) | |||||||||||||||||||||||
Year Ended December 31, | 2018 | Revenues | 2017 | Revenues | $ | % | |||||||||||||||||||
Entertainment | $ | 10,178 | 70 | % | $ | 9,306 | 68 | % | $ | 872 | 9 | % | |||||||||||||
Cable Networks | 2,204 | 15 | 2,355 | 17 | (151 | ) | (6 | ) | |||||||||||||||||
Publishing | 825 | 6 | 830 | 6 | (5 | ) | (1 | ) | |||||||||||||||||
Local Media | 1,830 | 13 | 1,668 | 12 | 162 | 10 | |||||||||||||||||||
Corporate/Eliminations | (523 | ) | (4 | ) | (467 | ) | (3 | ) | (56 | ) | (12 | ) | |||||||||||||
Total Revenues | $ | 14,514 | 100 | % | $ | 13,692 | 100 | % | $ | 822 | 6 | % |
% of Total | % of Total | ||||||||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||
Operating | Operating | Increase/(Decrease) | |||||||||||||||||||||||
Year Ended December 31, | 2018 | Income | 2017 | Income | $ | % | |||||||||||||||||||
Segment Operating Income (Loss): | |||||||||||||||||||||||||
Entertainment | $ | 1,675 | 55 | % | $ | 1,578 | 54 | % | $ | 97 | 6 | % | |||||||||||||
Cable Networks | 915 | 30 | 999 | 35 | (84 | ) | (8 | ) | |||||||||||||||||
Publishing | 144 | 5 | 136 | 5 | 8 | 6 | |||||||||||||||||||
Local Media | 609 | 20 | 497 | 17 | 112 | 23 | |||||||||||||||||||
Corporate | (295 | ) | (10 | ) | (305 | ) | (11 | ) | 10 | 3 | |||||||||||||||
Total Segment Operating Income | 3,048 | 100 | % | 2,905 | 100 | % | 143 | 5 | |||||||||||||||||
Restructuring charges | (67 | ) | (63 | ) | (4 | ) | n/m | ||||||||||||||||||
Corporate matters | (128 | ) | — | (128 | ) | n/m | |||||||||||||||||||
Programming charges | (85 | ) | — | (85 | ) | n/m | |||||||||||||||||||
Other operating items, net | — | 19 | (19 | ) | n/m | ||||||||||||||||||||
Total Operating Income | $ | 2,768 | $ | 2,861 | $ | (93 | ) | (3 | )% |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2018 | 2017 | $ | % | |||||||||||
Depreciation and Amortization: | |||||||||||||||
Entertainment | $ | 125 | $ | 118 | $ | 7 | 6 | % | |||||||
Cable Networks | 18 | 20 | (2 | ) | (10 | ) | |||||||||
Publishing | 6 | 6 | — | — | |||||||||||
Local Media | 43 | 45 | (2 | ) | (4 | ) | |||||||||
Corporate | 31 | 34 | (3 | ) | (9 | ) | |||||||||
Total Depreciation and Amortization | $ | 223 | $ | 223 | $ | — | — | % |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2018 | 2017 | $ | % | |||||||||||
Revenues | $ | 10,178 | $ | 9,306 | $ | 872 | 9 | % | |||||||
Segment Operating Income | $ | 1,675 | $ | 1,578 | $ | 97 | 6 | % | |||||||
Segment Operating Income as a % of revenues | 16 | % | 17 | % | |||||||||||
Restructuring charges | $ | 27 | $ | 44 | $ | (17 | ) | n/m | |||||||
Depreciation and amortization | $ | 125 | $ | 118 | $ | 7 | 6 | % | |||||||
Capital expenditures | $ | 93 | $ | 102 | $ | (9 | ) | (9 | )% |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2018 | 2017 | $ | % | |||||||||||
Revenues | $ | 2,204 | $ | 2,355 | $ | (151 | ) | (6 | )% | ||||||
Segment Operating Income | $ | 915 | $ | 999 | $ | (84 | ) | (8 | )% | ||||||
Segment Operating Income as a % of revenues | 42 | % | 42 | % | |||||||||||
Depreciation and amortization | $ | 18 | $ | 20 | $ | (2 | ) | (10 | )% | ||||||
Capital expenditures | $ | 20 | $ | 16 | $ | 4 | 25 | % |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2018 | 2017 | $ | % | |||||||||||
Revenues | $ | 825 | $ | 830 | $ | (5 | ) | (1 | )% | ||||||
Segment Operating Income | $ | 144 | $ | 136 | $ | 8 | 6 | % | |||||||
Segment Operating Income as a % of revenues | 17 | % | 16 | % | |||||||||||
Restructuring charges | $ | 1 | $ | 5 | $ | (4 | ) | n/m | |||||||
Depreciation and amortization | $ | 6 | $ | 6 | $ | — | — | % | |||||||
Capital expenditures | $ | 7 | $ | 5 | $ | 2 | 40 | % |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2018 | 2017 | $ | % | |||||||||||
Revenues | $ | 1,830 | $ | 1,668 | $ | 162 | 10 | % | |||||||
Segment Operating Income | $ | 609 | $ | 497 | $ | 112 | 23 | % | |||||||
Segment Operating Income as a % of revenues | 33 | % | 30 | % | |||||||||||
Restructuring charges | $ | 18 | $ | 12 | $ | 6 | n/m | ||||||||
Depreciation and amortization | $ | 43 | $ | 45 | $ | (2 | ) | (4 | )% | ||||||
Capital expenditures | $ | 27 | $ | 32 | $ | (5 | ) | (16 | )% |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2018 | 2017 | $ | % | |||||||||||
Segment Operating Loss | $ | (295 | ) | $ | (305 | ) | $ | 10 | 3 | % | |||||
Restructuring charges | $ | 21 | $ | 2 | $ | 19 | n/m | ||||||||
Depreciation and amortization | $ | 31 | $ | 34 | $ | (3 | ) | (9 | )% | ||||||
Capital expenditures | $ | 18 | $ | 30 | $ | (12 | ) | (40 | )% |
% of Total | % of Total | Increase/(Decrease) | |||||||||||||||||||||||
Year Ended December 31, | 2017 | Revenues | 2016 | Revenues | $ | % | |||||||||||||||||||
Entertainment | $ | 9,306 | 68 | % | $ | 9,020 | 68 | % | $ | 286 | 3 | % | |||||||||||||
Cable Networks | 2,355 | 17 | 2,015 | 15 | 340 | 17 | |||||||||||||||||||
Publishing | 830 | 6 | 767 | 6 | 63 | 8 | |||||||||||||||||||
Local Media | 1,668 | 12 | 1,779 | 14 | (111 | ) | (6 | ) | |||||||||||||||||
Corporate/Eliminations | (467 | ) | (3 | ) | (415 | ) | (3 | ) | (52 | ) | (13 | ) | |||||||||||||
Total Revenues | $ | 13,692 | 100 | % | $ | 13,166 | 100 | % | $ | 526 | 4 | % |
% of Total | % of Total | ||||||||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||
Operating | Operating | Increase/(Decrease) | |||||||||||||||||||||||
Year Ended December 31, | 2017 | Income | 2016 | Income | $ | % | |||||||||||||||||||
Segment Operating Income (Loss): | |||||||||||||||||||||||||
Entertainment | $ | 1,578 | 54 | % | $ | 1,539 | 53 | % | $ | 39 | 3 | % | |||||||||||||
Cable Networks | 999 | 35 | 959 | 33 | 40 | 4 | |||||||||||||||||||
Publishing | 136 | 5 | 122 | 4 | 14 | 11 | |||||||||||||||||||
Local Media | 497 | 17 | 622 | 21 | (125 | ) | (20 | ) | |||||||||||||||||
Corporate | (305 | ) | (11 | ) | (311 | ) | (11 | ) | 6 | 2 | |||||||||||||||
Total Segment Operating Income | 2,905 | 100 | % | 2,931 | 100 | % | (26 | ) | (1 | ) | |||||||||||||||
Restructuring charges | (63 | ) | (30 | ) | (33 | ) | n/m | ||||||||||||||||||
Corporate matters | — | (8 | ) | 8 | n/m | ||||||||||||||||||||
Other operating items, net | 19 | 9 | 10 | n/m | |||||||||||||||||||||
Total Operating Income | $ | 2,861 | $ | 2,902 | $ | (41 | ) | (1 | )% |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2017 | 2016 | $ | % | |||||||||||
Depreciation and Amortization: | |||||||||||||||
Entertainment | $ | 118 | $ | 120 | $ | (2 | ) | (2 | )% | ||||||
Cable Networks | 20 | 20 | — | — | |||||||||||
Publishing | 6 | 6 | — | — | |||||||||||
Local Media | 45 | 44 | 1 | 2 | |||||||||||
Corporate | 34 | 35 | (1 | ) | (3 | ) | |||||||||
Total Depreciation and Amortization | $ | 223 | $ | 225 | $ | (2 | ) | (1 | )% |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2017 | 2016 | $ | % | |||||||||||
Revenues | $ | 9,306 | $ | 9,020 | $ | 286 | 3 | % | |||||||
Segment Operating Income | $ | 1,578 | $ | 1,539 | $ | 39 | 3 | % | |||||||
Segment Operating Income as a % of revenues | 17 | % | 17 | % | |||||||||||
Restructuring charges | $ | 44 | $ | 16 | $ | 28 | n/m | ||||||||
Depreciation and amortization | $ | 118 | $ | 120 | $ | (2 | ) | (2 | )% | ||||||
Capital expenditures | $ | 102 | $ | 102 | $ | — | — | % |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2017 | 2016 | $ | % | |||||||||||
Revenues | $ | 2,355 | $ | 2,015 | $ | 340 | 17 | % | |||||||
Segment Operating Income | $ | 999 | $ | 959 | $ | 40 | 4 | % | |||||||
Segment Operating Income as a % of revenues | 42 | % | 48 | % | |||||||||||
Restructuring charges | $ | — | $ | 4 | $ | (4 | ) | n/m | |||||||
Depreciation and amortization | $ | 20 | $ | 20 | $ | — | — | % | |||||||
Capital expenditures | $ | 16 | $ | 15 | $ | 1 | 7 | % |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2017 | 2016 | $ | % | |||||||||||
Revenues | $ | 830 | $ | 767 | $ | 63 | 8 | % | |||||||
Segment Operating Income | $ | 136 | $ | 122 | $ | 14 | 11 | % | |||||||
Segment Operating Income as a % of revenues | 16 | % | 16 | % | |||||||||||
Restructuring charges | $ | 5 | $ | 1 | $ | 4 | n/m | ||||||||
Depreciation and amortization | $ | 6 | $ | 6 | $ | — | — | % | |||||||
Capital expenditures | $ | 5 | $ | 9 | $ | (4 | ) | (44 | )% |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2017 | 2016 | $ | % | |||||||||||
Revenues | $ | 1,668 | $ | 1,779 | $ | (111 | ) | (6 | )% | ||||||
Segment Operating Income | $ | 497 | $ | 622 | $ | (125 | ) | (20 | )% | ||||||
Segment Operating Income as a % of revenues | 30 | % | 35 | % | |||||||||||
Restructuring charges | $ | 12 | $ | 6 | $ | 6 | n/m | ||||||||
Depreciation and amortization | $ | 45 | $ | 44 | $ | 1 | 2 | % | |||||||
Capital expenditures | $ | 32 | $ | 37 | $ | (5 | ) | (14 | )% |
Increase/(Decrease) | |||||||||||||||
Year Ended December 31, | 2017 | 2016 | $ | % | |||||||||||
Segment Operating Loss | $ | (305 | ) | $ | (311 | ) | $ | 6 | 2 | % | |||||
Restructuring charges | $ | 2 | $ | 3 | $ | (1 | ) | n/m | |||||||
Depreciation and amortization | $ | 34 | $ | 35 | $ | (1 | ) | (3 | )% | ||||||
Capital expenditures | $ | 30 | $ | 33 | $ | (3 | ) | (9 | )% |
Increase/(Decrease) | |||||||||||||||
At December 31, | 2018 | 2017 | $ | % | |||||||||||
Current assets: | |||||||||||||||
Cash and cash equivalents | $ | 322 | $ | 285 | $ | 37 | 13 | % | |||||||
Receivables, net (a) | 4,041 | 3,697 | 344 | 9 | |||||||||||
Programming and other inventory (b) | 1,988 | 1,828 | 160 | 9 | |||||||||||
Prepaid income taxes | 27 | 78 | (51 | ) | (65 | ) | |||||||||
All other current assets, net | 374 | 385 | (11 | ) | (3 | ) | |||||||||
Total current assets | $ | 6,752 | $ | 6,273 | $ | 479 | 8 | % |
Increase/(Decrease) | |||||||||||||||
At December 31, | 2018 | 2017 | $ | % | |||||||||||
Programming and other inventory (a) | $ | 3,883 | $ | 2,881 | $ | 1,002 | 35 | % |
Increase/(Decrease) | |||||||||||||||
At December 31, | 2018 | 2017 | $ | % | |||||||||||
Other assets (a) | $ | 2,424 | $ | 2,852 | $ | (428 | ) | (15 | )% |
Increase/(Decrease) | |||||||||||||||
At December 31, | 2018 | 2017 | $ | % | |||||||||||
Assets held for sale (a) | $ | 33 | $ | 34 | $ | (1 | ) | (3 | )% |
Increase/(Decrease) | |||||||||||||||
At December 31, | 2018 | 2017 | $ | % | |||||||||||
Current liabilities: | |||||||||||||||
Accounts payable | $ | 201 | $ | 231 | $ | (30 | ) | (13 | )% | ||||||
Accrued expenses (a) | 522 | 454 | 68 | 15 | |||||||||||
Participants’ share and royalties payable (b) | 1,177 | 986 | 191 | 19 | |||||||||||
Accrued programming and production costs (c) | 704 | 497 | 207 | 42 | |||||||||||
Commercial paper | 674 | 679 | (5 | ) | (1 | ) | |||||||||
All other current liabilities, net (d) | 1,295 | 1,125 | 170 | 15 | |||||||||||
Current liabilities | $ | 4,573 | $ | 3,972 | $ | 601 | 15 | % |
Increase/(Decrease) | |||||||||||||||
At December 31, | 2018 | 2017 | $ | % | |||||||||||
Participants’ share and royalties payable (a) | $ | 1,159 | $ | 1,424 | $ | (265 | ) | (19 | )% |
Increase/(Decrease) | |||||||||||||||
At December 31, | 2018 | 2017 | $ | % | |||||||||||
Pension and postretirement benefit obligations (a) | $ | 1,388 | $ | 1,328 | $ | 60 | 5 | % |
Increase/(Decrease) | |||||||||||||||
At December 31, | 2018 | 2017 | $ | % | |||||||||||
Other liabilities (a) | $ | 2,071 | $ | 2,197 | $ | (126 | ) | (6 | )% |
Increase/ (Decrease) | Increase/ (Decrease) | ||||||||||||||||||||||
Year Ended December 31, | 2018 | 2017 | 2018 vs. 2017 | 2016 | 2017 vs. 2016 | ||||||||||||||||||
Cash provided by operating activities from: | |||||||||||||||||||||||
Continuing operations | $ | 1,425 | $ | 793 | $ | 632 | $ | 1,454 | $ | (661 | ) | ||||||||||||
Discontinued operations | 1 | 94 | (93 | ) | 231 | (137 | ) | ||||||||||||||||
Cash provided by operating activities | 1,426 | 887 | 539 | 1,685 | (798 | ) | |||||||||||||||||
Cash used for investing activities from: | |||||||||||||||||||||||
Continuing operations | (325 | ) | (523 | ) | 198 | (334 | ) | (189 | ) | ||||||||||||||
Discontinued operations | (23 | ) | (24 | ) | 1 | (6 | ) | (18 | ) | ||||||||||||||
Cash used for investing activities | (348 | ) | (547 | ) | 199 | (340 | ) | (207 | ) | ||||||||||||||
Cash used for financing activities | (921 | ) | (677 | ) | (244 | ) | (1,046 | ) | 369 | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 157 | $ | (337 | ) | $ | 494 | $ | 299 | $ | (636 | ) |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Cash taxes included in operating activities from continuing operations | $ | 16 | $ | 365 | $ | 390 | |||||
Less: Excess tax benefits from the exercise of stock options and vesting of restricted stock units, included in financing activities | — | — | 17 | ||||||||
Cash paid for income taxes from continuing operations | $ | 16 | $ | 365 | $ | 373 |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Investments in and advances to investee companies (a) | $ | (124 | ) | $ | (110 | ) | $ | (81 | ) | ||
Capital expenditures (b) | (165 | ) | (185 | ) | (196 | ) | |||||
Acquisitions (including acquired television library), net of cash acquired (c) | (31 | ) | (270 | ) | (92 | ) | |||||
Proceeds from dispositions | — | 11 | 20 | ||||||||
All other investing activities from continuing operations, net | (5 | ) | 31 | 15 | |||||||
Cash flow used for investing activities from continuing operations | (325 | ) | (523 | ) | (334 | ) | |||||
Cash flow used for investing activities from discontinued operations | (23 | ) | (24 | ) | (6 | ) | |||||
Cash flow used for investing activities | $ | (348 | ) | $ | (547 | ) | $ | (340 | ) |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
(Repayments of) proceeds from short-term debt borrowings, net | $ | (5 | ) | $ | 229 | $ | 450 | ||||
Proceeds from issuance of senior notes | — | 1,773 | 684 | ||||||||
Repayment of senior notes and debentures | — | (1,244 | ) | (199 | ) | ||||||
Repurchase of CBS Corp. Class B Common Stock | (586 | ) | (1,111 | ) | (2,997 | ) | |||||
Proceeds from debt borrowings of CBS Radio | — | 40 | 1,452 | ||||||||
Repayment of debt borrowings of CBS Radio | — | (43 | ) | (110 | ) | ||||||
Dividends | (276 | ) | (296 | ) | (288 | ) | |||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | (59 | ) | (89 | ) | (58 | ) | |||||
Proceeds from exercise of stock options | 27 | 91 | 21 | ||||||||
All other financing activities, net | (22 | ) | (27 | ) | (1 | ) | |||||
Cash flow used for financing activities | $ | (921 | ) | $ | (677 | ) | $ | (1,046 | ) |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Net cash flow provided by operating activities | $ | 1,426 | $ | 887 | $ | 1,685 | |||||
Capital expenditures | (165 | ) | (185 | ) | (196 | ) | |||||
Less: Operating cash flow from discontinued operations | 1 | 94 | 231 | ||||||||
Free cash flow | 1,260 | 608 | 1,258 | ||||||||
Less: Discretionary pension plan contributions, net of tax of $219 million | — | (381 | ) | — | |||||||
Adjusted free cash flow | $ | 1,260 | $ | 989 | $ | 1,258 |
At December 31, | 2018 | 2017 | |||||
Commercial paper | $ | 674 | $ | 679 | |||
Senior debt (2.30%-7.875% due 2019-2045) | 9,435 | 9,426 | |||||
Obligations under capital leases | 43 | 57 | |||||
Total debt (a) | 10,152 | 10,162 | |||||
Less commercial paper | 674 | 679 | |||||
Less current portion of long-term debt | 13 | 19 | |||||
Total long-term debt, net of current portion | $ | 9,465 | $ | 9,464 |
(a) | At December 31, 2018 and 2017, the senior debt balances included (i) a net unamortized discount of $58 million and $65 million, respectively, (ii) unamortized deferred financing costs of $43 million and $47 million, respectively, and (iii) a decrease in the carrying value of the debt relating to previously settled fair value hedges of $5 million and $3 million, respectively. The face value of the Company’s total debt was $10.26 billion at December 31, 2018 and $10.28 billion at December 31, 2017. |
2024 and | ||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | |||||||||||||||||||||||
Long-term debt | $ | 600 | $ | — | $ | 300 | $ | 700 | $ | 1,033 | $ | 6,907 |
Payments Due by Period | |||||||||||||||||||
2024 and | |||||||||||||||||||
Total | 2019 | 2020-2021 | 2022-2023 | Thereafter | |||||||||||||||
Programming and talent commitments (a) | $ | 8,982 | $ | 2,270 | $ | 3,819 | $ | 2,004 | $ | 889 | |||||||||
Purchase obligations (b) | 795 | 285 | 418 | 34 | 58 | ||||||||||||||
Operating leases (c) | 1,101 | 174 | 251 | 211 | 465 | ||||||||||||||
Long-term debt obligations (d) | 9,540 | 600 | 300 | 1,733 | 6,907 | ||||||||||||||
Interest commitments on long-term debt (e) | 4,716 | 401 | 773 | 695 | 2,847 | ||||||||||||||
Capital lease obligations (including interest) (f) | 47 | 13 | 23 | 9 | 2 | ||||||||||||||
Other long-term contractual obligations (g) | 1,469 | — | 929 | 311 | 229 | ||||||||||||||
Total | $ | 26,650 | $ | 3,743 | $ | 6,513 | $ | 4,997 | $ | 11,397 |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. |
Item 8. | Financial Statements and Supplementary Data. |
CBS CORPORATION | |||
By: | /s/ Joseph R. Ianniello | ||
Joseph R. Ianniello President and Acting Chief Executive Officer | |||
By: | /s/ Christina Spade | ||
Christina Spade Executive Vice President, Chief Financial Officer | |||
By: | /s/ Lawrence Liding | ||
Lawrence Liding Executive Vice President, Controller and Chief Accounting Officer |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Revenues | $ | $ | $ | ||||||||
Costs and expenses: | |||||||||||
Operating | |||||||||||
Selling, general and administrative | |||||||||||
Depreciation and amortization | |||||||||||
Restructuring and other corporate matters (Note 4) | |||||||||||
Other operating items, net | ( | ) | ( | ) | |||||||
Total costs and expenses | |||||||||||
Operating income | |||||||||||
Interest expense | ( | ) | ( | ) | ( | ) | |||||
Interest income | |||||||||||
Loss on early extinguishment of debt | ( | ) | |||||||||
Pension settlement charges (Note 14) | ( | ) | ( | ) | |||||||
Other items, net | ( | ) | ( | ) | ( | ) | |||||
Earnings from continuing operations before income taxes and equity in loss of investee companies | |||||||||||
Provision for income taxes | ( | ) | ( | ) | ( | ) | |||||
Equity in loss of investee companies, net of tax | ( | ) | ( | ) | ( | ) | |||||
Net earnings from continuing operations | |||||||||||
Net loss from discontinued operations, net of tax (Note 17) | ( | ) | ( | ) | |||||||
Net earnings | $ | $ | $ | ||||||||
Basic net earnings (loss) per common share: | |||||||||||
Net earnings from continuing operations | $ | $ | $ | ||||||||
Net loss from discontinued operations | $ | $ | ( | ) | $ | ( | ) | ||||
Net earnings | $ | $ | $ | ||||||||
Diluted net earnings (loss) per common share: | |||||||||||
Net earnings from continuing operations | $ | $ | $ | ||||||||
Net loss from discontinued operations | $ | $ | ( | ) | $ | ( | ) | ||||
Net earnings | $ | $ | $ | ||||||||
Weighted average number of common shares outstanding: | |||||||||||
Basic | |||||||||||
Diluted |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Net earnings | $ | $ | $ | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Cumulative translation adjustments | ( | ) | ( | ) | |||||||
Net actuarial gain (loss) and prior service costs (Note 14) | ( | ) | |||||||||
Total other comprehensive income (loss), net of tax | ( | ) | |||||||||
Total comprehensive income | $ | $ | $ |
At December 31, | |||||||||
2018 | 2017 | ||||||||
ASSETS | |||||||||
Current Assets: | |||||||||
Cash and cash equivalents | $ | $ | |||||||
Receivables, less allowances of $41 (2018) and $49 (2017) | |||||||||
Programming and other inventory (Note 5) | |||||||||
Prepaid income taxes | |||||||||
Prepaid expenses | |||||||||
Other current assets | |||||||||
Total current assets | |||||||||
Property and equipment | |||||||||
Less accumulated depreciation and amortization | |||||||||
Net property and equipment (Note 2) | |||||||||
Programming and other inventory (Note 5) | |||||||||
Goodwill (Note 3) | |||||||||
Intangible assets (Note 3) | |||||||||
Other assets | |||||||||
Assets held for sale (Note 2) | |||||||||
Total Assets | $ | $ | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
Current Liabilities: | |||||||||
Accounts payable | $ | $ | |||||||
Accrued expenses | |||||||||
Accrued compensation | |||||||||
Participants’ share and royalties payable | |||||||||
Accrued programming and production costs | |||||||||
Deferred revenues | |||||||||
Commercial paper (Note 8) | |||||||||
Current portion of long-term debt (Note 8) | |||||||||
Other current liabilities | |||||||||
Total current liabilities | |||||||||
Long-term debt (Note 8) | |||||||||
Participants’ share and royalties payable | |||||||||
Pension and postretirement benefit obligations (Note 14) | |||||||||
Deferred income tax liabilities, net (Note 13) | |||||||||
Other liabilities | |||||||||
Commitments and contingencies (Note 18) | |||||||||
Stockholders’ Equity: | |||||||||
Class A Common Stock, par value $.001 per share; 375 shares authorized; 35 (2018) and 38 (2017) shares issued | |||||||||
Class B Common Stock, par value $.001 per share; 5,000 shares authorized; 838 (2018) and 834 (2017) shares issued | |||||||||
Additional paid-in capital | |||||||||
Accumulated deficit | ( | ) | ( | ) | |||||
Accumulated other comprehensive loss (Note 11) | ( | ) | ( | ) | |||||
Less treasury stock, at cost; 500 (2018) and 489 (2017) Class B Shares | |||||||||
Total Stockholders’ Equity | |||||||||
Total Liabilities and Stockholders’ Equity | $ | $ |
Year Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Operating Activities: | ||||||||||||
Net earnings | $ | $ | $ | |||||||||
Less: Net loss from discontinued operations, net of tax | ( | ) | ( | ) | ||||||||
Net earnings from continuing operations | ||||||||||||
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations: | ||||||||||||
Depreciation and amortization | ||||||||||||
Deferred tax provision (benefit) | ( | ) | ||||||||||
Stock-based compensation | ||||||||||||
Redemption of debt | ||||||||||||
Net loss (gain) on disposition and write-down of assets | ( | ) | ( | ) | ||||||||
Equity in loss of investee companies, net of tax and distributions | ||||||||||||
Change in assets and liabilities, net of investing and financing activities | ||||||||||||
(Increase) decrease in receivables | ( | ) | ( | ) | ||||||||
Increase in inventory and related program and participation liabilities, net | ( | ) | ( | ) | ( | ) | ||||||
Decrease (increase) in other assets | ( | ) | ( | ) | ||||||||
Decrease in accounts payable and accrued expenses | ( | ) | ( | ) | ( | ) | ||||||
(Decrease) increase in pension and postretirement benefit obligations | ( | ) | ( | ) | ||||||||
Increase in income taxes | ||||||||||||
(Decrease) increase in deferred revenue | ( | ) | ( | ) | ||||||||
Other, net | ||||||||||||
Net cash flow provided by operating activities from continuing operations | ||||||||||||
Net cash flow provided by operating activities from discontinued operations | ||||||||||||
Net cash flow provided by operating activities | ||||||||||||
Investing Activities: | ||||||||||||
Investments in and advances to investee companies | ( | ) | ( | ) | ( | ) | ||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | ||||||
Acquisitions (including acquired television library), net of cash acquired | ( | ) | ( | ) | ( | ) | ||||||
Proceeds from sale of investments | ||||||||||||
Proceeds from dispositions | ||||||||||||
Other investing activities | ( | ) | ||||||||||
Net cash flow used for investing activities from continuing operations | ( | ) | ( | ) | ( | ) | ||||||
Net cash flow used for investing activities from discontinued operations | ( | ) | ( | ) | ( | ) | ||||||
Net cash flow used for investing activities | ( | ) | ( | ) | ( | ) | ||||||
Financing Activities: | ||||||||||||
(Repayments of) proceeds from short-term debt borrowings, net | ( | ) | ||||||||||
Proceeds from issuance of senior notes | ||||||||||||
Repayment of senior notes and debentures | ( | ) | ( | ) | ||||||||
Proceeds from debt borrowings of CBS Radio | ||||||||||||
Repayment of debt borrowings of CBS Radio | ( | ) | ( | ) | ||||||||
Payment of capital lease obligations | ( | ) | ( | ) | ( | ) | ||||||
Dividends | ( | ) | ( | ) | ( | ) | ||||||
Purchase of Company common stock | ( | ) | ( | ) | ( | ) | ||||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ( | ) | ( | ) | ( | ) | ||||||
Proceeds from exercise of stock options | ||||||||||||
Excess tax benefit from stock-based compensation | ||||||||||||
Other financing activities | ( | ) | ( | ) | ||||||||
Net cash flow used for financing activities | ( | ) | ( | ) | ( | ) | ||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ) | ||||||||||
Cash and cash equivalents at beginning of year (includes $24 (2017) and $6 (2016) of discontinued operations cash) | ||||||||||||
Cash, cash equivalents and restricted cash at end of year (includes $120 (2018) of restricted cash and $24 (2016) of discontinued operations cash) | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||
Class A Common Stock: | ||||||||||||||||||||
Balance, beginning of year | $ | $ | $ | |||||||||||||||||
Conversion of A shares into B shares | ( | ) | ||||||||||||||||||
Balance, end of year | ||||||||||||||||||||
Class B Common Stock: | ||||||||||||||||||||
Balance, beginning of year | ||||||||||||||||||||
Conversion of A shares into B shares | ||||||||||||||||||||
Restricted stock unit vests | ||||||||||||||||||||
Exercise of stock options | ||||||||||||||||||||
Retirement of treasury stock | ( | ) | ( | ) | ( | ) | ||||||||||||||
Balance, end of year | ||||||||||||||||||||
Additional Paid-In Capital: | ||||||||||||||||||||
Balance, beginning of year | ||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||
Tax benefit related to employee stock-based transactions | ||||||||||||||||||||
Exercise of stock options | ||||||||||||||||||||
Retirement of treasury stock | ( | ) | ( | ) | ( | ) | ||||||||||||||
Dividends | ( | ) | ( | ) | ( | ) | ||||||||||||||
Decrease in noncontrolling interest | ( | ) | ||||||||||||||||||
Balance, end of year | ||||||||||||||||||||
Accumulated Deficit: | ||||||||||||||||||||
Balance, beginning of year | ( | ) | ( | ) | ( | ) | ||||||||||||||
Net earnings | ||||||||||||||||||||
Adoption of new accounting standard (Note 16) | ( | ) | ||||||||||||||||||
Balance, end of year | ( | ) | ( | ) | ( | ) | ||||||||||||||
Accumulated Other Comprehensive Loss: | ||||||||||||||||||||
Balance, beginning of year | ( | ) | ( | ) | ( | ) | ||||||||||||||
Other comprehensive income (loss) | ( | ) | ||||||||||||||||||
Balance, end of year | ( | ) | ( | ) | ( | ) | ||||||||||||||
Treasury Stock, at cost: | ||||||||||||||||||||
Balance beginning of year | ( | ) | ( | ) | ( | ) | ||||||||||||||
Class B Common Stock purchased | ( | ) | ( | ) | ( | ) | ||||||||||||||
CBS Radio Split-Off | ( | ) | ||||||||||||||||||
Shares paid for tax withholding for stock-based compensation | ( | ) | ( | ) | ( | ) | ||||||||||||||
Issuance of stock for deferred compensation | ||||||||||||||||||||
Retirement of treasury stock | ( | ) | ( | ) | ( | ) | ||||||||||||||
Balance, end of year | ( | ) | ( | ) | ( | ) | ||||||||||||||
Total Stockholders’ Equity | $ | $ | $ |
Buildings and building improvements | 10 to 40 years |
Leasehold improvements | |
Equipment and other (including capital leases) | 3 to 20 years |
Year Ended December 31, | 2018 | 2017 | 2016 | |||||
(in millions) | ||||||||
Weighted average shares for basic EPS | ||||||||
Dilutive effect of shares issuable under stock-based compensation plans | ||||||||
Weighted average shares for diluted EPS |
At December 31, | 2018 | 2017 | |||||
Land | $ | $ | |||||
Buildings | |||||||
Capital leases (a) | |||||||
Equipment and other | |||||||
Less accumulated depreciation and amortization | |||||||
Net property and equipment | $ | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Depreciation expense, including capitalized lease amortization (a) | $ | $ | $ |
Balance at | Balance at | ||||||||||||||||||||
December 31, 2017 | Acquisitions | Dispositions | December 31, 2018 | ||||||||||||||||||
Entertainment: | |||||||||||||||||||||
Goodwill | $ | $ | (a) | $ | $ | ||||||||||||||||
Accumulated impairment losses | ( | ) | ( | ) | |||||||||||||||||
Goodwill, net of impairment | |||||||||||||||||||||
Cable Networks: | |||||||||||||||||||||
Goodwill | |||||||||||||||||||||
Accumulated impairment losses | |||||||||||||||||||||
Goodwill, net of impairment | |||||||||||||||||||||
Publishing: | |||||||||||||||||||||
Goodwill | |||||||||||||||||||||
Accumulated impairment losses | |||||||||||||||||||||
Goodwill, net of impairment | |||||||||||||||||||||
Local Media: | |||||||||||||||||||||
Goodwill | |||||||||||||||||||||
Accumulated impairment losses | ( | ) | ( | ) | |||||||||||||||||
Goodwill, net of impairment | |||||||||||||||||||||
Total: | |||||||||||||||||||||
Goodwill | |||||||||||||||||||||
Accumulated impairment losses | ( | ) | ( | ) | |||||||||||||||||
Goodwill, net of impairment | $ | $ | $ | $ |
Balance at | Balance at | ||||||||||||||||||||
December 31, 2016 | Acquisitions | Dispositions | December 31, 2017 | ||||||||||||||||||
Entertainment: | |||||||||||||||||||||
Goodwill | $ | $ | (a) | $ | $ | ||||||||||||||||
Accumulated impairment losses | ( | ) | ( | ) | |||||||||||||||||
Goodwill, net of impairment | |||||||||||||||||||||
Cable Networks: | |||||||||||||||||||||
Goodwill | |||||||||||||||||||||
Accumulated impairment losses | |||||||||||||||||||||
Goodwill, net of impairment | |||||||||||||||||||||
Publishing: | |||||||||||||||||||||
Goodwill | (b) | ||||||||||||||||||||
Accumulated impairment losses | |||||||||||||||||||||
Goodwill, net of impairment | |||||||||||||||||||||
Local Media: | |||||||||||||||||||||
Goodwill | |||||||||||||||||||||
Accumulated impairment losses | ( | ) | ( | ) | |||||||||||||||||
Goodwill, net of impairment | |||||||||||||||||||||
Total: | |||||||||||||||||||||
Goodwill | |||||||||||||||||||||
Accumulated impairment losses | ( | ) | ( | ) | |||||||||||||||||
Goodwill, net of impairment | $ | $ | $ | $ |
Accumulated | |||||||||||
At December 31, 2018 | Gross | Amortization | Net | ||||||||
Intangible assets subject to amortization: | |||||||||||
Trade names | $ | $ | ( | ) | $ | ||||||
Other intangible assets | ( | ) | |||||||||
Total intangible assets subject to amortization | ( | ) | |||||||||
FCC licenses | — | ||||||||||
International broadcast licenses | — | ||||||||||
Total intangible assets | $ | $ | ( | ) | $ |
Accumulated | |||||||||||
At December 31, 2017 | Gross | Amortization | Net | ||||||||
Intangible assets subject to amortization: | |||||||||||
Trade names | $ | $ | ( | ) | $ | ||||||
Other intangible assets | ( | ) | |||||||||
Total intangible assets subject to amortization | ( | ) | |||||||||
FCC licenses | — | ||||||||||
International broadcast licenses | — | ||||||||||
Total intangible assets | $ | $ | ( | ) | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||||||||
Amortization expense | $ | $ | $ |
2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||||||||||||
Future amortization expense | $ | $ | $ | $ | $ |
Balance at | 2018 | 2018 | Balance at | ||||||||||||||||||
December 31, 2017 | Charges | Settlements | December 31, 2018 | ||||||||||||||||||
Entertainment | $ | $ | $ | ( | ) | $ | |||||||||||||||
Cable Networks | ( | ) | |||||||||||||||||||
Publishing | ( | ) | |||||||||||||||||||
Local Media | ( | ) | |||||||||||||||||||
Corporate | ( | ) | |||||||||||||||||||
Total | $ | $ | $ | ( | ) | $ |
Balance at | 2017 | 2017 | Balance at | ||||||||||||||||||
December 31, 2016 | Charges | Settlements | December 31, 2017 | ||||||||||||||||||
Entertainment | $ | $ | $ | ( | ) | $ | |||||||||||||||
Cable Networks | ( | ) | |||||||||||||||||||
Publishing | ( | ) | |||||||||||||||||||
Local Media | ( | ) | |||||||||||||||||||
Corporate | ( | ) | |||||||||||||||||||
Total | $ | $ | $ | ( | ) | $ |
At December 31, | 2018 | 2017 | |||||
Acquired program rights | $ | $ | |||||
Acquired television library | |||||||
Internally produced programming: | |||||||
Released | |||||||
In process and other | |||||||
Publishing, primarily finished goods | |||||||
Total programming and other inventory | |||||||
Less current portion | |||||||
Total noncurrent programming and other inventory | $ | $ |
At December 31, | 2018 | 2017 | |||||
Receivables | $ | $ | |||||
Other assets (Receivables, noncurrent) | |||||||
Total amounts due from Viacom Inc. | $ | $ |
At December 31, | 2018 | 2017 | |||||
Commercial paper | $ | $ | |||||
2.30% Senior Notes due 2019 | |||||||
4.30% Senior Notes due 2021 | |||||||
3.375% Senior Notes due 2022 | |||||||
2.50% Senior Notes due 2023 | |||||||
2.90% Senior Notes due 2023 | |||||||
7.875% Debentures due 2023 | |||||||
7.125% Senior Notes due 2023 (b) | |||||||
3.70% Senior Notes due 2024 | |||||||
3.50% Senior Notes due 2025 | |||||||
4.00% Senior Notes due 2026 | |||||||
2.90% Senior Notes due 2027 | |||||||
3.375% Senior Notes due 2028 | |||||||
3.70% Senior Notes due 2028 | |||||||
7.875% Senior Debentures due 2030 | |||||||
5.50% Senior Debentures due 2033 | |||||||
5.90% Senior Notes due 2040 | |||||||
4.85% Senior Notes due 2042 | |||||||
4.90% Senior Notes due 2044 | |||||||
4.60% Senior Notes due 2045 | |||||||
Obligations under capital leases | |||||||
Total debt (c) | |||||||
Less commercial paper | |||||||
Less current portion | |||||||
Total long-term debt, net of current portion | $ | $ |
2024 and | ||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | |||||||||||||||||||||||
Long-term debt | $ | $ | $ | $ | $ | $ |
Year Ended December 31, | 2018 | 2017 | Financial Statement Account | ||||||||||
Non-designated foreign exchange contracts | $ | $ | ( | ) | Other items, net |
At December 31, 2018 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Foreign currency hedges | $ | $ | $ | $ | |||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||
Liabilities: | $ | — | |||||||||||||
Deferred compensation | $ | $ | $ | $ | |||||||||||
Foreign currency hedges | |||||||||||||||
Total Liabilities | $ | $ | $ | $ |
At December 31, 2017 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Foreign currency hedges | $ | $ | $ | $ | |||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||
Liabilities: | $ | — | |||||||||||||
Deferred compensation | $ | $ | $ | $ | |||||||||||
Foreign currency hedges | |||||||||||||||
Total Liabilities | $ | $ | $ | $ |
Net Actuarial | Accumulated | ||||||||||
Cumulative | Loss and | Other | |||||||||
Translation | Prior | Comprehensive | |||||||||
Adjustments | Service Cost | Loss | |||||||||
At December 31, 2015 | $ | $ | ( | ) | $ | ( | ) | ||||
Other comprehensive loss before reclassifications | ( | ) | ( | ) | ( | ) | |||||
Reclassifications to net earnings | (a) | ||||||||||
Other comprehensive income (loss) | ( | ) | |||||||||
At December 31, 2016 | ( | ) | ( | ) | |||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | |||||||
Reclassifications to net earnings | (a) | ||||||||||
Other comprehensive income | |||||||||||
At December 31, 2017 | ( | ) | ( | ) | |||||||
Other comprehensive loss before reclassifications | ( | ) | ( | ) | ( | ) | |||||
Reclassifications to net earnings | (a) | ||||||||||
Other comprehensive loss | ( | ) | ( | ) | ( | ) | |||||
At December 31, 2018 | $ | $ | ( | ) | $ | ( | ) |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
RSUs and PSUs | $ | $ | $ | ||||||||
Stock options | |||||||||||
Stock-based compensation expense, before income taxes | |||||||||||
Related tax benefit | ( | ) | ( | ) | ( | ) | |||||
Stock-based compensation expense, net of tax benefit | $ | $ | $ |
Weighted Average | ||||||||||
RSUs | Grant Date Fair Value | |||||||||
Non-vested at December 31, 2017 | $ | |||||||||
Granted | $ | |||||||||
Vested | ( | ) | $ | |||||||
Forfeited | ( | ) | $ | |||||||
Non-vested at December 31, 2018 | $ |
2018 | 2017 | 2016 | ||||||
Expected dividend yield | % | % | % | |||||
Expected stock price volatility | % | % | % | |||||
Risk-free interest rate | % | % | % | |||||
Expected term of options (years) |
Weighted Average | ||||||||||
Stock Options | Exercise Price | |||||||||
Outstanding at December 31, 2017 | $ | |||||||||
Granted | $ | |||||||||
Exercised | ( | ) | $ | |||||||
Forfeited or expired | ( | ) | $ | |||||||
Outstanding at December 31, 2018 | $ | |||||||||
Exercisable at December 31, 2018 | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Cash received from stock option exercises | $ | $ | $ | ||||||||
Tax benefit of stock option exercises | $ | $ | $ | ||||||||
Intrinsic value of stock option exercises | $ | $ | $ |
Outstanding | Exercisable | ||||||||||||||||||
Remaining | Weighted | Weighted | |||||||||||||||||
Range of | Number | Contractual | Average | Number | Average | ||||||||||||||
Exercise Price | of Options | Life (Years) | Exercise Price | of Options | Exercise Price | ||||||||||||||
$5 to 9.99 | 0.08 | $ | $ | ||||||||||||||||
$10 to 19.99 | $ | $ | |||||||||||||||||
$20 to 29.99 | 0.72 | $ | $ | ||||||||||||||||
$30 to 39.99 | $ | $ | |||||||||||||||||
$40 to 49.99 | $ | $ | |||||||||||||||||
$50 to 59.99 | $ | $ | |||||||||||||||||
$60 to 69.99 | $ | $ | |||||||||||||||||
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
United States | $ | $ | $ | ||||||||
Foreign | |||||||||||
Total | $ | $ | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Current: | |||||||||||
Federal | $ | $ | $ | ||||||||
State and local | |||||||||||
Foreign | |||||||||||
Deferred | ( | ) | |||||||||
Provision for income taxes | $ | $ | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Taxes on income at U.S. federal statutory rate | $ | $ | $ | ||||||||
State and local taxes, net of federal tax benefit | |||||||||||
Effect of foreign operations | ( | ) | ( | ) | ( | ) | |||||
Impact of federal tax legislation | ( | ) | |||||||||
Reversal of valuation allowance (a) | ( | ) | |||||||||
Excess tax benefits from stock-based compensation | ( | ) | ( | ) | |||||||
Domestic production deduction | ( | ) | ( | ) | |||||||
Other, net (b) | ( | ) | ( | ) | |||||||
Provision for income taxes | $ | $ | $ |
At December 31, | 2018 | 2017 | |||||
Deferred income tax assets: | |||||||
Reserves and other accrued liabilities | $ | $ | |||||
Pension, postretirement and other employee benefits | |||||||
Tax credit and loss carryforwards | |||||||
Other | |||||||
Total deferred income tax assets | |||||||
Valuation allowance | ( | ) | ( | ) | |||
Deferred income tax assets, net | |||||||
Deferred income tax liabilities: | |||||||
Intangible assets | ( | ) | ( | ) | |||
Unbilled licensing receivables | ( | ) | ( | ) | |||
Property, equipment and other assets | ( | ) | ( | ) | |||
Total deferred income tax liabilities | ( | ) | ( | ) | |||
Deferred income tax liabilities, net | $ | ( | ) | $ | ( | ) |
At January 1, 2016 | $ | ||
Additions for current year tax positions | |||
Additions for prior year tax positions | |||
Reductions for prior year tax positions | ( | ) | |
Cash settlements | ( | ) | |
Statute of limitations lapses | ( | ) | |
At December 31, 2016 | |||
Additions for current year tax positions | |||
Additions for prior year tax positions | |||
Reductions for prior year tax positions | ( | ) | |
Cash settlements | ( | ) | |
Statute of limitations lapses | ( | ) | |
At December 31, 2017 | |||
Additions for current year tax positions | |||
Additions for prior year tax positions | |||
Reductions for prior year tax positions | ( | ) | |
Cash settlements | ( | ) | |
Statute of limitations lapses | ( | ) | |
At December 31, 2018 | $ |
Pension Benefits | Postretirement Benefits | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Change in benefit obligation: | |||||||||||||||
Benefit obligation, beginning of year | $ | $ | $ | $ | |||||||||||
Service cost | |||||||||||||||
Interest cost | |||||||||||||||
Actuarial (gain) loss | ( | ) | ( | ) | |||||||||||
Benefits paid | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Participants’ contributions | |||||||||||||||
Retiree Medicare drug subsidy | |||||||||||||||
Settlements | ( | ) | ( | ) | |||||||||||
Cumulative translation adjustments | ( | ) | |||||||||||||
Benefit obligation, end of year | $ | $ | $ | $ |
Pension Benefits | Postretirement Benefits | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Change in plan assets: | |||||||||||||||
Fair value of plan assets, beginning of year | $ | $ | $ | $ | |||||||||||
Actual return on plan assets | ( | ) | |||||||||||||
Employer contributions | |||||||||||||||
Benefits paid | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Participants’ contributions | |||||||||||||||
Retiree Medicare drug subsidy | |||||||||||||||
Settlements | ( | ) | ( | ) | |||||||||||
Cumulative translation adjustments | ( | ) | |||||||||||||
Fair value of plan assets, end of year | $ | $ | $ | $ |
Pension Benefits | Postretirement Benefits | ||||||||||||||
At December 31, | 2018 | 2017 | 2018 | 2017 | |||||||||||
Funded status at end of year | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Amounts recognized on the Consolidated Balance Sheets: | |||||||||||||||
Other assets | $ | $ | $ | $ | |||||||||||
Current liabilities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Noncurrent liabilities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net amounts recognized | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Pension Benefits | Postretirement Benefits | ||||||||||||||
At December 31, | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net actuarial (loss) gain | $ | ( | ) | $ | ( | ) | $ | $ | |||||||
Net prior service cost | ( | ) | ( | ) | |||||||||||
Share of equity investee | ( | ) | ( | ) | |||||||||||
( | ) | ( | ) | ||||||||||||
Deferred income taxes | ( | ) | ( | ) | |||||||||||
Net amount recognized in accumulated other comprehensive income (loss) | $ | ( | ) | $ | ( | ) | $ | $ |
At December 31, | 2018 | 2017 | |||||
Projected benefit obligation | $ | $ | |||||
Accumulated benefit obligation | $ | $ | |||||
Fair value of plan assets | $ | $ |
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
Year Ended December 31, | 2018 | 2017 | 2016 | 2018 | 2017 | 2016 | |||||||||||||||||
Components of net periodic cost: | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Amortization of actuarial losses (gains) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Amortization of prior service cost | |||||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Net periodic cost | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||
Year Ended December 31, 2018 | 2018 | 2017 | 2016 | 2018 | 2017 | 2016 | |||||||||||||||||
Other comprehensive income (loss): | -200 | 45 | |||||||||||||||||||||
Actuarial (loss) gain | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||
Amortization of actuarial losses (gains) (a) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Amortization of prior service cost (a) | |||||||||||||||||||||||
Settlements (a) | |||||||||||||||||||||||
Cumulative translation adjustments | ( | ) | |||||||||||||||||||||
( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Deferred income taxes | ( | ) | ( | ) | |||||||||||||||||||
Recognized in other comprehensive income (loss), net of tax | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Pension Benefits | Postretirement Benefits | ||||||||||||||||
2018 | 2017 | 2016 | 2018 | 2017 | 2016 | ||||||||||||
Weighted average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||
Discount rate | % | % | % | % | % | % | |||||||||||
Rate of compensation increase | % | % | % | N/A | N/A | N/A | |||||||||||
Weighted average assumptions used to determine net periodic costs for the year ended December 31: | |||||||||||||||||
Discount rate | % | % | % | % | % | % | |||||||||||
Expected long-term return on plan assets | % | % | % | N/A | % | % | |||||||||||
Rate of compensation increase | % | % | % | N/A | N/A | N/A |
2018 | 2017 | ||||
Projected health care cost trend rate | % | % | |||
Ultimate trend rate | % | % | |||
Year ultimate trend rate is achieved | 2023 | 2023 |
One Percentage | One Percentage | ||||||||||
Point Increase | Point Decrease | ||||||||||
Effect on total service and interest cost components | $ | $ | |||||||||
Effect on the accumulated postretirement benefit obligation | $ | $ | ( | ) |
At December 31, 2018 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Cash and cash equivalents (a) | $ | $ | $ | $ | |||||||||||
Fixed income securities: | |||||||||||||||
U.S. treasury securities | |||||||||||||||
Government-related securities | |||||||||||||||
Corporate bonds (b) | |||||||||||||||
Mortgage-backed and asset-backed securities | |||||||||||||||
Equity securities: | |||||||||||||||
U.S. large capitalization | |||||||||||||||
U.S. small capitalization | |||||||||||||||
International equity | |||||||||||||||
Other | |||||||||||||||
Total assets in fair value hierarchy | $ | $ | $ | $ | |||||||||||
Common collective funds measured at net asset value (c) (d) | |||||||||||||||
Limited partnerships measured at net asset value (c) | |||||||||||||||
Mutual funds measured at net asset value (c) | |||||||||||||||
Investments, at fair value | $ |
At December 31, 2017 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Cash and cash equivalents (a) | $ | $ | $ | $ | |||||||||||
Fixed income securities: | |||||||||||||||
U.S. treasury securities | |||||||||||||||
Government-related securities | |||||||||||||||
Corporate bonds (b) | |||||||||||||||
Mortgage-backed and asset-backed securities | |||||||||||||||
Equity securities: | |||||||||||||||
U.S. large capitalization | |||||||||||||||
U.S. small capitalization | |||||||||||||||
International equity | |||||||||||||||
Other | |||||||||||||||
Total assets in fair value hierarchy | $ | $ | $ | $ | |||||||||||
Common collective funds measured at net asset value (c) (d) | |||||||||||||||
Limited partnerships measured at net asset value (c) | |||||||||||||||
Mutual funds measured at net asset value (c) | |||||||||||||||
Investments, at fair value | $ |
Mortgage-backed Securities | ||||||
At January 1, 2017 | $ | |||||
Contributions and distributions, net | ( | ) | ||||
At December 31, 2017 | ||||||
Contributions and distributions, net | ( | ) | ||||
At December 31, 2018 | $ |
2019 | 2020 | 2021 | 2022 | 2023 | 2024-2028 | ||||||||||||||||||
Pension | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Postretirement | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Retiree Medicare drug subsidy | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Employer Identification Number/Pension Plan Number | Pension Protection Act | Company Contributions | Expiration Date of Collective Bargaining Agreement | ||||||||||||||||
Zone Status (a) | |||||||||||||||||||
Pension Plan | 2018 | 2017 | 2018 | 2017 | 2016 | ||||||||||||||
AFTRA Retirement Plan (b) | 13-6414972-001 | $ | $ | $ | (c) | ||||||||||||||
Directors Guild of America - Producer | 95-2892780-001 | ||||||||||||||||||
Producer-Writers Guild of America | 95-2216351-001 | ||||||||||||||||||
Screen Actors Guild - Producers | 95-2110997-001 | ||||||||||||||||||
Motion Picture Industry | 95-1810805-001 | (d) | |||||||||||||||||
I.A.T.S.E. Local No. 33 Pension Trust Fund (e) | 95-6377503-001 | ||||||||||||||||||
Other Plans | |||||||||||||||||||
Total contributions | $ | $ | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Revenues: | |||||||||||
Entertainment | $ | $ | $ | ||||||||
Cable Networks | |||||||||||
Publishing | |||||||||||
Local Media | |||||||||||
Corporate/Eliminations | ( | ) | ( | ) | ( | ) | |||||
Total Revenues | $ | $ | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Intercompany Revenues: | |||||||||||
Entertainment | $ | $ | $ | ||||||||
Cable Networks | |||||||||||
Local Media | |||||||||||
Total Intercompany Revenues | $ | $ | $ |
Year Ended December 31, (a) | 2018 | 2017 | 2016 | ||||||||
Segment Operating Income (Loss): | |||||||||||
Entertainment | $ | $ | $ | ||||||||
Cable Networks | |||||||||||
Publishing | |||||||||||
Local Media | |||||||||||
Corporate | ( | ) | ( | ) | ( | ) | |||||
Restructuring charges | ( | ) | ( | ) | ( | ) | |||||
Corporate matters | ( | ) | ( | ) | |||||||
Programming charges | ( | ) | |||||||||
Other operating items, net | |||||||||||
Operating income | |||||||||||
Interest expense | ( | ) | ( | ) | ( | ) | |||||
Interest income | |||||||||||
Loss on early extinguishment of debt | ( | ) | |||||||||
Pension settlement charges | ( | ) | ( | ) | |||||||
Other items, net | ( | ) | ( | ) | ( | ) | |||||
Earnings from continuing operations before income taxes and equity in loss of investee companies | |||||||||||
Provision for income taxes | ( | ) | ( | ) | ( | ) | |||||
Equity in loss of investee companies, net of tax | ( | ) | ( | ) | ( | ) | |||||
Net earnings from continuing operations | |||||||||||
Net loss from discontinued operations, net of tax | ( | ) | ( | ) | |||||||
Net earnings | $ | $ | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Depreciation and Amortization: | |||||||||||
Entertainment | $ | $ | $ | ||||||||
Cable Networks | |||||||||||
Publishing | |||||||||||
Local Media | |||||||||||
Corporate | |||||||||||
Total Depreciation and Amortization | $ | $ | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Stock-based Compensation: | |||||||||||
Entertainment | $ | $ | $ | ||||||||
Cable Networks | |||||||||||
Publishing | |||||||||||
Local Media | |||||||||||
Corporate (a) | |||||||||||
Total Stock-based Compensation | $ | $ | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Capital Expenditures: | |||||||||||
Entertainment | $ | $ | $ | ||||||||
Cable Networks | |||||||||||
Publishing | |||||||||||
Local Media | |||||||||||
Corporate | |||||||||||
Total Capital Expenditures | $ | $ | $ |
At December 31, | 2018 | 2017 | |||||
Assets: | |||||||
Entertainment (a) | $ | $ | |||||
Cable Networks | |||||||
Publishing | |||||||
Local Media | |||||||
Corporate/Eliminations | |||||||
Discontinued operations | |||||||
Total Assets | $ | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Revenues by Type: | |||||||||||
Advertising | $ | $ | $ | ||||||||
Content licensing and distribution | |||||||||||
Programming | |||||||||||
Publishing | |||||||||||
Affiliate and subscription fees | |||||||||||
Other | |||||||||||
Total Revenues | $ | $ | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Revenues: (a) | |||||||||||
United States | $ | $ | $ | ||||||||
International | |||||||||||
Total Revenues | $ | $ | $ |
At December 31, | 2018 | 2017 | |||||
Long-lived Assets: (a) | |||||||
United States | $ | $ | |||||
International | |||||||
Total Long-lived Assets | $ | $ |
• | Revenues from Distribution Arrangements |
• | Revenues from the Renewal of Licensing Agreements |
Year Ended | |||||
December 31, 2018 | |||||
Revenues | $ | ||||
Operating expenses | |||||
Operating income | |||||
Less: Provision for income taxes | |||||
Net earnings | $ | ||||
Diluted EPS | $ |
Assets | |||
Receivables, net | $ | ( | ) |
Programming and other inventory (noncurrent) | $ | ( | ) |
Other assets (noncurrent receivables) | $ | ||
Liabilities | |||
Other current liabilities | $ | ( | ) |
Deferred income tax liabilities, net | $ | ||
Participants’ share and royalties payable | $ | ||
Accumulated deficit | $ |
Year Ended December 31, 2017 | CBS Radio | Other | Total | ||||||||||
Revenues | $ | $ | $ | ||||||||||
Costs and expenses: | |||||||||||||
Operating | |||||||||||||
Selling, general and administrative | ( | ) | |||||||||||
Market value adjustment | (a) | ||||||||||||
Restructuring charges | |||||||||||||
Total costs and expenses | ( | ) | |||||||||||
Operating income (loss) | ( | ) | ( | ) | |||||||||
Interest expense | ( | ) | ( | ) | |||||||||
Other items, net | ( | ) | ( | ) | |||||||||
Earnings (loss) from discontinued operations | ( | ) | ( | ) | |||||||||
Income tax benefit (provision) | ( | ) | (b) | ( | ) | ||||||||
Earnings (loss) from discontinued operations, net of tax | ( | ) | ( | ) | |||||||||
Net gain (loss) on disposal | ( | ) | ( | ) | |||||||||
Income tax benefit (provision) | ( | ) | |||||||||||
Net gain (loss) on disposal, net of tax | ( | ) | (c) | ( | ) | ||||||||
Net earnings (loss) from discontinued operations, net of tax | $ | ( | ) | $ | $ | ( | ) |
Year Ended December 31, 2016 | CBS Radio | Other (b) | Total | ||||||||||
Revenues | $ | $ | $ | ||||||||||
Costs and expenses: | |||||||||||||
Operating | |||||||||||||
Selling, general and administrative | |||||||||||||
Depreciation and amortization | |||||||||||||
Restructuring charges | |||||||||||||
Impairment charge | (a) | ||||||||||||
Total costs and expenses | |||||||||||||
Operating loss | ( | ) | ( | ) | |||||||||
Interest expense | ( | ) | ( | ) | |||||||||
Other items, net | |||||||||||||
Loss from discontinued operations | ( | ) | ( | ) | |||||||||
Income tax provision | ( | ) | ( | ) | ( | ) | |||||||
Net loss from discontinued operations, net of tax | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Programming and Talent | Purchase Obligations | Other Long-Term Contractual Obligations | |||||||||||
2019 | $ | $ | $ | ||||||||||
2020 | |||||||||||||
2021 | |||||||||||||
2022 | |||||||||||||
2023 | |||||||||||||
2024 and thereafter | |||||||||||||
Total | $ | $ | $ |
Leases | |||||||
Capital | Operating | ||||||
2019 | $ | $ | |||||
2020 | |||||||
2021 | |||||||
2022 | |||||||
2023 | |||||||
2024 and thereafter | |||||||
Total minimum payments | $ | $ | |||||
Less amounts representing interest | |||||||
Present value of minimum payments | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Pension and postretirement benefit costs | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Foreign exchange (losses) gains | ( | ) | ( | ) | |||||||
Net loss from investments | ( | ) | ( | ) | |||||||
Other items, net | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Cash paid for interest: | |||||||||||
Continuing operations | $ | $ | $ | ||||||||
Discontinued operations | |||||||||||
Total | $ | $ | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Cash paid (refunded) for income taxes: | |||||||||||
Continuing operations | $ | $ | $ | ||||||||
Discontinued operations | ( | ) | |||||||||
Total | $ | $ | $ |
Year Ended December 31, | 2018 | 2017 | 2016 | ||||||||
Noncash investing and financing activities: | |||||||||||
Shares received in split-off of CBS Radio (Note 17) | $ | $ | $ | ||||||||
Noncash additions to property and equipment | $ | $ | $ | ||||||||
Equipment acquired under capitalized leases | $ | $ | $ |
First | Second | Third | Fourth | ||||||||||||||||
2018 (a) | Quarter | Quarter | Quarter | Quarter (b) | Total Year | ||||||||||||||
Revenues: | |||||||||||||||||||
Entertainment | $ | $ | $ | $ | $ | ||||||||||||||
Cable Networks | |||||||||||||||||||
Publishing | |||||||||||||||||||
Local Media | |||||||||||||||||||
Corporate/Eliminations | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Total Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Segment Operating Income (Loss): | |||||||||||||||||||
Entertainment | $ | $ | $ | $ | $ | ||||||||||||||
Cable Networks | |||||||||||||||||||
Publishing | |||||||||||||||||||
Local Media | |||||||||||||||||||
Corporate | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Total Segment Operating Income | |||||||||||||||||||
Restructuring charges | ( | ) | ( | ) | ( | ) | |||||||||||||
Corporate matters | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Programming charges | ( | ) | ( | ) | |||||||||||||||
Total Operating Income | $ | $ | $ | $ | $ | ||||||||||||||
Net earnings | $ | $ | $ | $ | $ | ||||||||||||||
Basic net earnings per common share | $ | $ | $ | $ | $ | ||||||||||||||
Diluted net earnings per common share | $ | $ | $ | $ | $ | ||||||||||||||
Weighted average number of common shares | |||||||||||||||||||
outstanding: | |||||||||||||||||||
Basic | |||||||||||||||||||
Diluted |
Revenues | Segment Operating Income | ||||||||||||||||||||||
First | Second | Third | First | Second | Third | ||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Entertainment | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||
Cable Networks | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | |||||||
Corporate/Eliminations | $ | $ | $ | $ | $ | $ |
First | Second | Third | Fourth | ||||||||||||||||||
2017 (a) (e) | Quarter | Quarter | Quarter | Quarter (c) (d) | Total Year | ||||||||||||||||
Revenues: | |||||||||||||||||||||
Entertainment | $ | $ | $ | $ | $ | ||||||||||||||||
Cable Networks | |||||||||||||||||||||
Publishing | |||||||||||||||||||||
Local Media | |||||||||||||||||||||
Corporate/Eliminations | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Total Revenues | $ | $ | $ | $ | $ | ||||||||||||||||
Segment Operating Income (Loss): | |||||||||||||||||||||
Entertainment | $ | $ | $ | $ | $ | ||||||||||||||||
Cable Networks | |||||||||||||||||||||
Publishing | |||||||||||||||||||||
Local Media | |||||||||||||||||||||
Corporate | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Total Segment Operating Income | |||||||||||||||||||||
Restructuring charges | ( | ) | ( | ) | |||||||||||||||||
Other operating items, net | |||||||||||||||||||||
Total Operating Income | $ | $ | $ | $ | $ | ||||||||||||||||
Net earnings from continuing operations | $ | $ | $ | $ | $ | ||||||||||||||||
Net earnings (loss) (b) | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||
Basic net earnings per common share: | |||||||||||||||||||||
Net earnings from continuing operations | $ | $ | $ | $ | $ | ||||||||||||||||
Net earnings (loss) | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||
Diluted net earnings per common share: | |||||||||||||||||||||
Net earnings from continuing operations | $ | $ | $ | $ | $ | ||||||||||||||||
Net earnings (loss) | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||
Weighted average number of common shares | |||||||||||||||||||||
outstanding: | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Diluted |
Revenues | Segment Operating Income | ||||||||||||||||||||||||||||||||||||||
First | Second | Third | Fourth | Total | First | Second | Third | Fourth | Total | ||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||||||||||||||||
Entertainment | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||||||||||||||
Cable Networks | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | |||||||||||||
Corporate/Eliminations | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Statement of Operations | |||||||||||||||||||
For the Year Ended December 31, 2018 | |||||||||||||||||||
CBS Corp. | CBS Operations Inc. | Non- Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Costs and expenses: | |||||||||||||||||||
Operating | |||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||
Restructuring and other corporate matters | |||||||||||||||||||
Total costs and expenses | |||||||||||||||||||
Operating income (loss) | ( | ) | |||||||||||||||||
Interest (expense) income, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Other items, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies | ( | ) | ( | ) | |||||||||||||||
Benefit (provision) for income taxes | ( | ) | ( | ) | |||||||||||||||
Equity in earnings (loss) of investee companies, net of tax | ( | ) | ( | ) | ( | ) | |||||||||||||
Net earnings | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Total comprehensive income | $ | $ | $ | $ | ( | ) | $ |
Statement of Operations | |||||||||||||||||||
For the Year Ended December 31, 2017 | |||||||||||||||||||
CBS Corp. | CBS Operations Inc. | Non- Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Costs and expenses: | |||||||||||||||||||
Operating | |||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||
Restructuring charges and other corporate matters | |||||||||||||||||||
Other operating items, net | ( | ) | ( | ) | |||||||||||||||
Total costs and expenses | |||||||||||||||||||
Operating income (loss) | ( | ) | |||||||||||||||||
Interest (expense) income, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Loss on early extinguishment of debt | ( | ) | ( | ) | |||||||||||||||
Pension settlement charge | ( | ) | ( | ) | |||||||||||||||
Other items, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | ( | ) | ( | ) | |||||||||||||||
Benefit (provision) for income taxes | ( | ) | ( | ) | |||||||||||||||
Equity in earnings (loss) of investee companies, net of tax | ( | ) | ( | ) | ( | ) | |||||||||||||
Net earnings from continuing operations | ( | ) | |||||||||||||||||
Net earnings (loss) from discontinued operations, net of tax | ( | ) | ( | ) | ( | ) | |||||||||||||
Net earnings | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Total comprehensive income | $ | $ | $ | $ | ( | ) | $ |
Statement of Operations | |||||||||||||||||||
For the Year Ended December 31, 2016 | |||||||||||||||||||
CBS Corp. | CBS Operations Inc. | Non- Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||||||||
Revenues | $ | $ | $ | $ | $ | ||||||||||||||
Costs and expenses: | |||||||||||||||||||
Operating | |||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||
Restructuring and other corporate matters | |||||||||||||||||||
Other operating items, net | ( | ) | ( | ) | |||||||||||||||
Total costs and expenses | |||||||||||||||||||
Operating income (loss) | ( | ) | |||||||||||||||||
Interest (expense) income, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Pension settlement charge | ( | ) | ( | ) | |||||||||||||||
Other items, net | ( | ) | ( | ) | ( | ) | |||||||||||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies | ( | ) | ( | ) | |||||||||||||||
Benefit (provision) for income taxes | ( | ) | ( | ) | |||||||||||||||
Equity in earnings (loss) of investee companies, net of tax | ( | ) | ( | ) | ( | ) | |||||||||||||
Net earnings from continuing operations | ( | ) | |||||||||||||||||
Net loss from discontinued operations, net of tax | ( | ) | ( | ) | ( | ) | |||||||||||||
Net earnings | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Total comprehensive income | $ | $ | $ | $ | ( | ) | $ |
Balance Sheet | |||||||||||||||||||
At December 31, 2018 | |||||||||||||||||||
CBS Corp. | CBS Operations Inc. | Non- Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||
Receivables, net | |||||||||||||||||||
Programming and other inventory | |||||||||||||||||||
Prepaid expenses and other current assets | ( | ) | |||||||||||||||||
Total current assets | ( | ) | |||||||||||||||||
Property and equipment | |||||||||||||||||||
Less accumulated depreciation and amortization | |||||||||||||||||||
Net property and equipment | |||||||||||||||||||
Programming and other inventory | |||||||||||||||||||
Goodwill | |||||||||||||||||||
Intangible assets | |||||||||||||||||||
Investments in consolidated subsidiaries | ( | ) | |||||||||||||||||
Other assets | |||||||||||||||||||
Assets held for sale | |||||||||||||||||||
Intercompany | ( | ) | |||||||||||||||||
Total Assets | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||
Accounts payable | $ | $ | $ | $ | $ | ||||||||||||||
Participants’ share and royalties payable | |||||||||||||||||||
Accrued programming and production costs | |||||||||||||||||||
Commercial paper | |||||||||||||||||||
Current portion of long-term debt | |||||||||||||||||||
Accrued expenses and other current liabilities | ( | ) | |||||||||||||||||
Total current liabilities | ( | ) | |||||||||||||||||
Long-term debt | |||||||||||||||||||
Other liabilities | |||||||||||||||||||
Intercompany | ( | ) | |||||||||||||||||
Stockholders’ Equity: | |||||||||||||||||||
Preferred stock | ( | ) | |||||||||||||||||
Common stock | ( | ) | |||||||||||||||||
Additional paid-in capital | ( | ) | |||||||||||||||||
Retained earnings (deficit) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Accumulated other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||
( | ) | ||||||||||||||||||
Less treasury stock, at cost | ( | ) | |||||||||||||||||
Total Stockholders’ Equity | ( | ) | |||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | $ | $ | $ | ( | ) | $ |
Balance Sheet | |||||||||||||||||||
At December 31, 2017 | |||||||||||||||||||
CBS Corp. | CBS Operations Inc. | Non- Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||
Receivables, net | |||||||||||||||||||
Programming and other inventory | |||||||||||||||||||
Prepaid expenses and other current assets | ( | ) | |||||||||||||||||
Total current assets | ( | ) | |||||||||||||||||
Property and equipment | |||||||||||||||||||
Less accumulated depreciation and amortization | |||||||||||||||||||
Net property and equipment | |||||||||||||||||||
Programming and other inventory | |||||||||||||||||||
Goodwill | |||||||||||||||||||
Intangible assets | |||||||||||||||||||
Investments in consolidated subsidiaries | ( | ) | |||||||||||||||||
Other assets | |||||||||||||||||||
Assets held for sale | |||||||||||||||||||
Intercompany | ( | ) | |||||||||||||||||
Total Assets | $ | $ | $ | $ | ( | ) | $ | ||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||
Accounts payable | $ | $ | $ | $ | $ | ||||||||||||||
Participants’ share and royalties payable | |||||||||||||||||||
Accrued programming and production costs | |||||||||||||||||||
Commercial paper | |||||||||||||||||||
Current portion of long-term debt | |||||||||||||||||||
Accrued expenses and other current liabilities | ( | ) | |||||||||||||||||
Total current liabilities | ( | ) | |||||||||||||||||
Long-term debt | |||||||||||||||||||
Other liabilities | |||||||||||||||||||
Intercompany | ( | ) | |||||||||||||||||
Stockholders’ Equity: | |||||||||||||||||||
Preferred stock | ( | ) | |||||||||||||||||
Common stock | ( | ) | |||||||||||||||||
Additional paid-in capital | ( | ) | |||||||||||||||||
Retained earnings (deficit) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Accumulated other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | |||||||||||||
( | ) | ||||||||||||||||||
Less treasury stock, at cost | ( | ) | |||||||||||||||||
Total Stockholders’ Equity | ( | ) | |||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | $ | $ | $ | ( | ) | $ |
Statement of Cash Flows | |||||||||||||||||||
For the Year Ended December 31, 2018 | |||||||||||||||||||
CBS Corp. | CBS Operations Inc. | Non- Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||||||||
Net cash flow (used for) provided by operating activities | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||
Investing Activities: | |||||||||||||||||||
Investments in and advances to investee companies | ( | ) | ( | ) | |||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | |||||||||||||
Acquisitions, net of cash acquired | ( | ) | ( | ) | |||||||||||||||
Other investing activities | ( | ) | ( | ) | |||||||||||||||
Net cash flow used for investing activities from continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Net cash flow used for investing activities from discontinued operations | ( | ) | ( | ) | |||||||||||||||
Net cash flow used for investing activities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Financing Activities: | |||||||||||||||||||
Repayments of short-term debt borrowings, net | ( | ) | ( | ) | |||||||||||||||
Payment of capital lease obligations | ( | ) | ( | ) | |||||||||||||||
Dividends | ( | ) | ( | ) | |||||||||||||||
Purchase of Company common stock | ( | ) | ( | ) | |||||||||||||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ( | ) | ( | ) | |||||||||||||||
Proceeds from exercise of stock options | |||||||||||||||||||
Other financing activities | ( | ) | ( | ) | ( | ) | |||||||||||||
Increase (decrease) in intercompany payables | ( | ) | |||||||||||||||||
Net cash flow provided by (used for) financing activities | ( | ) | ( | ) | |||||||||||||||
Net increase in cash, cash equivalents and restricted cash | |||||||||||||||||||
Cash and cash equivalents at beginning of year | |||||||||||||||||||
Cash, cash equivalents and restricted cash at end of year (includes $120 of restricted cash) | $ | $ | $ | $ | $ |
Statement of Cash Flows | |||||||||||||||||||
For the Year Ended December 31, 2017 | |||||||||||||||||||
CBS Corp. | CBS Operations Inc. | Non- Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||||||||
Net cash flow (used for) provided by operating activities | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||
Investing Activities: | |||||||||||||||||||
Investments in and advances to investee companies | ( | ) | ( | ) | |||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | |||||||||||||
Acquisitions (including acquired television library), net of cash acquired | ( | ) | ( | ) | |||||||||||||||
Proceeds from sale of investments | |||||||||||||||||||
Proceeds from dispositions | |||||||||||||||||||
Other investing activities | ( | ) | |||||||||||||||||
Net cash flow provided by (used for) investing activities from continuing operations | ( | ) | ( | ) | ( | ) | |||||||||||||
Net cash flow provided by (used for) investing activities from discontinued operations | ( | ) | ( | ) | ( | ) | |||||||||||||
Net cash flow provided by (used for) investing activities | ( | ) | ( | ) | ( | ) | |||||||||||||
Financing Activities: | |||||||||||||||||||
Proceeds from short-term debt borrowings, net | |||||||||||||||||||
Proceeds from issuance of senior notes | |||||||||||||||||||
Repayment of senior notes | ( | ) | ( | ) | |||||||||||||||
Proceeds from debt borrowings of CBS Radio | |||||||||||||||||||
Repayment of debt borrowings of CBS Radio | ( | ) | ( | ) | |||||||||||||||
Payment of capital lease obligations | ( | ) | ( | ) | |||||||||||||||
Dividends | ( | ) | ( | ) | |||||||||||||||
Purchase of Company common stock | ( | ) | ( | ) | |||||||||||||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ( | ) | ( | ) | |||||||||||||||
Proceeds from exercise of stock options | |||||||||||||||||||
Other financing activities | ( | ) | ( | ) | ( | ) | |||||||||||||
Increase (decrease) in intercompany payables | ( | ) | |||||||||||||||||
Net cash flow provided by (used for) financing activities | ( | ) | ( | ) | |||||||||||||||
Net decrease in cash and cash equivalents | ( | ) | ( | ) | ( | ) | |||||||||||||
Cash and cash equivalents at beginning of year (includes $24 of discontinued operations cash) | |||||||||||||||||||
Cash and cash equivalents at end of year | $ | $ | $ | $ | $ |
Statement of Cash Flows | |||||||||||||||||||
For the Year Ended December 31, 2016 | |||||||||||||||||||
CBS Corp. | CBS Operations Inc. | Non- Guarantor Affiliates | Eliminations | CBS Corp. Consolidated | |||||||||||||||
Net cash flow (used for) provided by operating activities | $ | ( | ) | $ | ( | ) | $ | $ | $ | ||||||||||
Investing Activities: | |||||||||||||||||||
Investments in and advances to investee companies | ( | ) | ( | ) | |||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | |||||||||||||
Acquisitions | ( | ) | ( | ) | |||||||||||||||
Proceeds from dispositions | ( | ) | |||||||||||||||||
Other investing activities | |||||||||||||||||||
Net cash flow provided by (used for) investing activities from continuing operations | ( | ) | ( | ) | ( | ) | |||||||||||||
Net cash flow used for investing activities from discontinued operations | ( | ) | ( | ) | ( | ) | |||||||||||||
Net cash flow provided by (used for) investing activities | ( | ) | ( | ) | ( | ) | |||||||||||||
Financing Activities: | |||||||||||||||||||
Proceeds from short-term debt borrowings, net | |||||||||||||||||||
Proceeds from issuance of senior notes | |||||||||||||||||||
Repayment of senior debentures | ( | ) | ( | ) | |||||||||||||||
Proceeds from debt borrowings of CBS Radio | |||||||||||||||||||
Repayment of debt borrowings of CBS Radio | ( | ) | ( | ) | |||||||||||||||
Payment of capital lease obligations | ( | ) | ( | ) | |||||||||||||||
Dividends | ( | ) | ( | ) | |||||||||||||||
Purchase of Company common stock | ( | ) | ( | ) | |||||||||||||||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation | ( | ) | ( | ) | |||||||||||||||
Proceeds from exercise of stock options | |||||||||||||||||||
Excess tax benefit from stock-based compensation | |||||||||||||||||||
Increase (decrease) in intercompany payables | ( | ) | |||||||||||||||||
Net cash flow provided by (used for) financing activities | ( | ) | ( | ) | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ) | |||||||||||||||||
Cash and cash equivalents at beginning of year (includes $6 of discontinued operations cash) | |||||||||||||||||||
Cash and cash equivalents at end of year (includes $24 of discontinued operations cash) | $ | $ | $ | $ | $ |
Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. |
Item 9A. | Controls and Procedures. |
Item 9B. | Other Information. |
Item 10. | Directors, Executive Officers and Corporate Governance. |
Item 11. | Executive Compensation. |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
Item 13. | Certain Relationships and Related Transactions, and Director Independence. |
Item 14. | Principal Accounting Fees and Services. |
Item 15. | Exhibits, Financial Statement Schedules. |
(b) | Exhibits. |
Item 16. | Form 10-K Summary. |
Col. A | Col. B | Col. C | Col. D | Col. E | ||||||||||||||||||||||||||||||||
Description | Balance at Beginning of Period | Balance Acquired through Acquisitions | Charged to Costs and Expenses | Charged to Other Accounts | Deductions | Balance at End of Period | ||||||||||||||||||||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||||||||||||||||||||||
Year ended December 31, 2018 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Year ended December 31, 2017 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Year ended December 31, 2016 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Valuation allowance on deferred tax assets: | ||||||||||||||||||||||||||||||||||||
Year ended December 31, 2018 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Year ended December 31, 2017 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Year ended December 31, 2016 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Reserves for inventory obsolescence: | ||||||||||||||||||||||||||||||||||||
Year ended December 31, 2018 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Year ended December 31, 2017 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Year ended December 31, 2016 | $ | $ | $ | $ | $ | $ |
Exhibit No. | Description of Document | ||
(2) | Plan of acquisition, reorganization, arrangement, liquidation or succession | ||
(a) | Purchase and Sale Agreement dated as of December 10, 2018 among CBS Broadcasting Inc., Television City Equity, LLC and First American Title Insurance Company (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of CBS Corporation filed December 11, 2018) (File No. 001‑09553). | ||
(3) | Articles of Incorporation and Bylaws | ||
(a) | Amended and Restated Certificate of Incorporation of CBS Corporation effective December 31, 2005 (incorporated by reference to Exhibit 3(a) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2005) (File No. 001‑09553). | ||
(b) | Amended and Restated Bylaws of CBS Corporation (incorporated by reference to Exhibit 3(b) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended September 30, 2018) (File No. 001‑09553). | ||
(4) | Instruments defining the rights of security holders, including indentures | ||
(a) | Amended and Restated Senior Indenture dated as of November 3, 2008 (“2008 Indenture”) among CBS Corporation, CBS Operations Inc., and The Bank of New York Mellon, as senior trustee (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S‑3 of CBS Corporation filed November 3, 2008 (Registration No. 333‑154962) (File No. 001‑09553). | ||
(b) | First Supplemental Indenture to 2008 Indenture dated as of April 5, 2010 among CBS Corporation, CBS Operations Inc., and Deutsche Bank Trust Company Americas, as senior trustee (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8‑K of CBS Corporation filed April 5, 2010 (File No. 001‑09553). | ||
The other instruments defining the rights of holders of the long‑term debt securities of CBS Corporation and its subsidiaries are omitted pursuant to paragraph (b)(4)(iii)(A) of Item 601 of Regulation S‑K. CBS Corporation hereby agrees to furnish copies of these instruments to the Securities and Exchange Commission upon request. | |||
(10) | Material Contracts | ||
(a) | CBS Corporation 2009 Long‑Term Incentive Plan (as amended and restated December 11, 2018) (filed herewith).* | ||
(b) | Forms of Certificate and Terms and Conditions for equity awards for: | ||
(i) | Stock Options (incorporated by reference to Exhibit 10(c)(ii) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2011) (File No. 001‑09553).* | ||
(ii) | Performance‑Based Restricted Share Units with Time Vesting and Performance Vesting (incorporated by reference to Exhibit 10(c)(v) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2011) (File No. 001‑09553).* | ||
(iii) | Restricted Share Units with Time Vesting (incorporated by reference to Exhibit 10(c)(vii) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2011) (File No. 001‑09553).* | ||
(c) | CBS Corporation Senior Executive Short‑Term Incentive Plan (as amended and restated as of December 31, 2005) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2005) (File No. 001‑09553) (as amended by the First Amendment to the CBS Corporation Senior Executive Short‑Term Incentive Plan effective January 1, 2009) (incorporated by reference to Exhibit 10(d) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2008) (File No. 001‑09553).* |
Exhibit No. | Description of Document | ||
(d) | CBS Retirement Excess Pension Plan (as amended and restated as of December 31, 2005) (incorporated by reference to Exhibit 10(o) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2005) (File No. 001‑09553) (as Part A was amended by Amendment No. 1 as of January 1, 2009) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2010) (File No. 001‑09553) (as amended by Part B, effective as of January 1, 2009, as amended and restated as of January 1, 2012) (incorporated by reference to Exhibit 10(e) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2012) (File No. 001‑09553).* | ||
(e) | CBS Excess 401(k) Plan for Designated Senior Executives (as amended and restated as of December 31, 2005) (incorporated by reference to Exhibit 10(p) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2005) (File No. 001‑09553) (as amended by Part B as of January 1, 2009) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2008) (File No. 001‑09553) (as Part B was amended by Amendment No. 1 as of January 1, 2009) (incorporated by reference to Exhibit 10(b) to the Quarterly Report on Form 10‑Q of CBS Corporation for the quarter ended March 31, 2010) (File No. 001‑09553) (as Part B was amended by Amendment No. 2 as of January 1, 2009) (incorporated by reference to Exhibit 10(h) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2010 (File No. 001‑09553) (as Part A was amended by Amendment No. 1 as of January 1, 2014) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2013) (File No. 001‑09553) (as Part B was amended by Amendment No. 3 as of January 1, 2014) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2013) (File No. 001‑09553) (as Part A was amended by Amendment No. 2 as of February 1, 2015) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553), (as Part B was amended by Amendment No. 4 as of February 1, 2015) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553) (as Part A was amended by Amendment No. 3 as of January 1, 2015) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553) (as Part B was amended by Amendment No. 5 as of January 1, 2015) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553) (as Part A was amended by Amendment No. 4 as of October 2, 2017) (incorporated by reference to Exhibit 10(e) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2017) (File No. 001-09553) (as Part B was amended by Amendment No. 6 as of October 2, 2017) (incorporated by reference to Exhibit 10(e) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2017) (File No. 001-09553).* | ||
(f) | CBS Bonus Deferral Plan for Designated Senior Executives (as amended and restated as of December 31, 2005) (incorporated by reference to Exhibit 10(q) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2005) (File No. 001‑09553) (as amended by Part B as of January 1, 2009) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2008) (File No. 001‑09553) (as Part B was amended by Amendment No. 1 as of January 1, 2009) (incorporated by reference to Exhibit 10(c) to the Quarterly Report on Form 10‑Q of CBS Corporation for the quarter ended March 31, 2010) (File No. 001‑09553) (as Part B was amended by Amendment No. 2 as of January 1, 2009) (incorporated by reference to Exhibit 10(i) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2010) (File No. 001‑09553) (as Part A was amended by Amendment No. 1 as of January 1, 2014) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2013) (File No. 001‑09553) (as Part B was amended by Amendment No. 3 as of January 1, 2014) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2013) (File No. 001‑09553) (as Part A was amended by Amendment No. 2 as of January 1, 2015) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2014) (File No. 001-09553) (as Part B was amended by Amendment No. 4 as of January 1, 2015) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2014) (File No. 001-09553) (as Part A was amended by Amendment No. 3 as of October 2, 2017) (incorporated by reference to Exhibit 10(f) of the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2017) (File No. 001-09553) (as Part B was amended by Amendment No. 5 as of October 2, 2017) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2017) (File No. 001-09553).* |
Exhibit No. | Description of Document | ||
(g) | Summary of CBS Corporation Compensation for Outside Directors (as of January 31, 2019) (filed herewith).* | ||
(h) | Form of Director Indemnification Agreement (incorporated by reference to Exhibit 10 to the Current Report on Form 8‑K of CBS Corporation filed September 18, 2009) (File No. 001‑09553).* | ||
(i) | Former Viacom Deferred Compensation Plan for Non‑Employee Directors (as amended and restated as of October 14, 2003) (incorporated by reference to Exhibit 10(e) to the Annual Report on Form 10‑K of Former Viacom for the fiscal year ended December 31, 2003) (File No. 001‑09553).* | ||
(j) | CBS Corporation Deferred Compensation Plan for Outside Directors (as amended and restated as of January 29, 2015) (incorporated by reference to Exhibit 10(k) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2014) (File No. 001-09553).* | ||
(k) | CBS Corporation 2000 Stock Option Plan for Outside Directors (as amended and restated through December 14, 2016) (incorporated by reference to Exhibit 10(k) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2016) (File No. 001-09553).* | ||
(l) | CBS Corporation 2005 RSU Plan for Outside Directors (as amended and restated through January 29, 2015) (incorporated by reference to Exhibit 10(m) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2014) (File No. 001-09553).* | ||
(m) | CBS Corporation 2015 Equity Plan for Outside Directors (effective May 21, 2015) (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended June 30, 2015) (File No. 001-09553).* | ||
(n) | Employment Agreement dated as of July 1, 2017 between CBS Corporation and Joseph R. Ianniello (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended September 30, 2017) (File No. 001-09553), as amended by Letter Agreement dated as of September 9, 2018 (incorporated by reference to Exhibit 10(a) to the Current Report on Form 8-K of CBS Corporation filed September 27, 2018) (File No. 001-09553).* | ||
(o) | Employment Agreement dated October 18, 2018 between CBS Corporation and Christina Spade (incorporated by reference to Exhibit 10 to the Current Report on Form 8-K of CBS Corporation filed October 19, 2018) (File No. 001-09553).* | ||
(p) | Employment Agreement dated as of June 1, 2017 between CBS Corporation and Lawrence P. Tu (incorporated by reference to Exhibit 10(b) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended September 30, 2017) (File No. 001-09553), as amended by Letter Agreement dated April 25, 2018 (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended March 31, 2018) (File No. 001-09553).* | ||
(q) | Employment Agreement dated as of January 1, 2019 between CBS Corporation and Jonathan H. Anschell (filed herewith).* | ||
(r) | Employment Agreement dated as of January 1, 2019 between CBS Corporation and Richard M. Jones (filed herewith).* | ||
(s) | Employment Agreement dated May 19, 2017 between CBS Corporation and Leslie Moonves (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended June 30, 2017) (File No. 001-09553).* | ||
(t) | Letter Agreement dated December 11, 2014 between CBS Corporation and Leslie Moonves amending and restating the Letter Agreement dated May 2, 2012 between CBS Corporation and Leslie Moonves (incorporated by reference to Exhibit 10(p) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2014) (File No. 001-09553).* Certain portions of this exhibit have been omitted pursuant to a confidential treatment order granted by the Securities and Exchange Commission. | ||
(u) | Separation and Settlement Agreement and Releases effective as of September 9, 2018 between CBS Corporation and Leslie Moonves (incorporated by reference to Exhibit 10(b) to the Current Report on Form 8-K of CBS Corporation filed September 10, 2018) (File No. 001-09553).* |
Exhibit No. | Description of Document | ||
(v) | Employment Agreement dated as of September 29, 2016 between CBS Corporation and Anthony G. Ambrosio (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended September 30, 2016), as amended by Letter Agreement dated August 4, 2017 (incorporated by reference to Exhibit 10(c) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended September 30, 2017) (File No. 001-09553).* | ||
(w) | Separation Agreement dated October 11, 2018 between CBS Corporation and Anthony G. Ambrosio (incorporated by reference to Exhibit 10 to the Current Report on Form 8-K of CBS Corporation filed October 12, 2018) (File No. 001-09553).* | ||
(x) | Employment Agreement dated as of July 1, 2016 between CBS Corporation and Gil Schwartz (incorporated by reference to Exhibit 10(u) to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2015) (File No. 001-09553), as amended by Letter Agreement dated August 4, 2017 (incorporated by reference to Exhibit 10(d) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended September 30, 2017) (File No. 001-09553), as amended by Letter Agreement dated January 11, 2018 (incorporated by reference to Exhibit 10(s) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2017) (File No. 001-09553).* | ||
(y) | Separation Agreement dated as of September 21, 2018 between CBS Corporation and Gil D. Schwartz (incorporated by reference to Exhibit 10(b) to the Current Report on Form 8-K of CBS Corporation filed September 27, 2018) (File No. 001-09553).* | ||
(z) | CBS Corporation plans assumed by Former Viacom after the merger with former CBS Corporation, consisting of the following: | ||
(i) | CBS Supplemental Executive Retirement Plan (as amended as of April 1, 1999) (incorporated by reference to Exhibit 10(h) to the Quarterly Report on Form 10‑Q of CBS for the quarter ended September 30, 1999) (File No. 001‑00977) (as amended by Part B, effective as of January 1, 2009, as amended and restated as of January 1, 2012) (incorporated by reference to Exhibit 10(t)(i) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2012) (File No. 001‑09553).* | ||
(ii) | CBS Bonus Supplemental Executive Retirement Plan (as amended as of April 1, 1999) (incorporated by reference to Exhibit 10(i) to the Quarterly Report on Form 10‑Q of CBS for the quarter ended September 30, 1999) (File No. 001‑00977) (as amended by Part B, effective as of January 1, 2009, as amended and restated as of January 1, 2012) (incorporated by reference to Exhibit 10(t)(ii) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2012) (File No. 001‑09553).* | ||
(iii) | CBS Supplemental Employee Investment Fund (as amended as of January 1, 1998) (incorporated by reference to Exhibit 10(j) to the Quarterly Report on Form 10‑Q of CBS for the quarter ended September 30, 1999) (File No. 001‑00977).* | ||
(aa) | |||
(bb) | Amended and Restated $2.5 Billion Credit Agreement, dated as of June 9, 2016, among CBS Corporation; CBS Operations Inc.; the Subsidiary Borrowers Parties thereto; the Lenders named therein; JPMorgan Chase Bank, N.A., as Administrative Agent; Citibank, N.A., as Syndication Agent; and Bank of America, N.A., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners, LLC, and Wells Fargo Bank, N.A., as Co‑Documentation Agents (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of CBS Corporation filed June 10, 2016) (File No. 001-09553). | ||
(cc) | Settlement and Release Agreement effective as of September 9, 2018 (incorporated by reference to Exhibit 10(a) to the Current Report on Form 8-K of CBS Corporation filed September 10, 2018) (File No. 001-09553). | ||
(dd) | Separation Agreement dated as of December 19, 2005 by and between Former Viacom and New Viacom Corp. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8‑K of Former Viacom filed December 21, 2005) (File No. 001‑09553). | ||
(ee) | Tax Matters Agreement dated as of December 30, 2005 by and between Former Viacom and New Viacom Corp. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8‑K of CBS Corporation filed January 5, 2006) (File No. 001‑09553). |
Exhibit No. | Description of Document | ||
(21) | |||
(23) | Consents of Experts and Counsel | ||
(a) | |||
(24) | |||
(31) | Rule 13a‑14(a)/15d‑14(a) Certifications | ||
(a) | Certification of the Chief Executive Officer of CBS Corporation pursuant to Rule 13a‑14(a) or 15d‑14(a), as adopted pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002 (filed herewith). | ||
(b) | Certification of the Chief Financial Officer of CBS Corporation pursuant to Rule 13a‑14(a) or 15d‑14(a), as adopted pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002 (filed herewith). | ||
(32) | Section 1350 Certifications | ||
(a) | Certification of the Chief Executive Officer of CBS Corporation furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002 (furnished herewith). | ||
(b) | Certification of the Chief Financial Officer of CBS Corporation furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002 (furnished herewith). | ||
(101) | Interactive Data File | ||
101. INS XBRL Instance Document. 101. SCH XBRL Taxonomy Extension Schema. 101. CAL XBRL Taxonomy Extension Calculation Linkbase. 101. DEF XBRL Taxonomy Extension Definition Linkbase. 101. LAB XBRL Taxonomy Extension Label Linkbase. 101. PRE XBRL Taxonomy Extension Presentation Linkbase. |
CBS CORPORATION | |||
By: | /s/ Joseph R. Ianniello | ||
Joseph R. Ianniello President and Acting Chief Executive Officer |
Signature | Title | Date | |||
/s/ Joseph R. Ianniello | President and Acting Chief Executive Officer (Principal Executive Officer) | February 15, 2019 | |||
Joseph R. Ianniello | |||||
/s/ Christina Spade | Executive Vice President, Chief Financial Officer (Principal Financial Officer) | February 15, 2019 | |||
Christina Spade | |||||
/s/ Lawrence Liding | Executive Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) | February 15, 2019 | |||
Lawrence Liding | |||||
* | Director | February 15, 2019 | |||
Candace K. Beinecke | |||||
* | Director | February 15, 2019 | |||
Barbara M. Byrne | |||||
* | Director | February 15, 2019 | |||
Gary L. Countryman | |||||
* | Director | February 15, 2019 | |||
Brian Goldner | |||||
Signature | Title | Date | |||
* | Director | February 15, 2019 | |||
Linda M. Griego | |||||
* | Director | February 15, 2019 | |||
Robert N. Klieger | |||||
* | Director | February 15, 2019 | |||
Martha L. Minow | |||||
* | Director | February 15, 2019 | |||
Shari Redstone | |||||
* | Director | February 15, 2019 | |||
Susan Schuman | |||||
* | Director | February 15, 2019 | |||
Frederick O. Terrell | |||||
* | Director (Interim Chairman of the Board of Directors) | February 15, 2019 | |||
Strauss Zelnick | |||||
*By: | /s/ Lawrence P. Tu | February 15, 2019 | |||
Lawrence P. Tu Attorney-in-Fact for Directors |
1. | PURPOSE OF THE PROGRAM |
2. | ELIGIBILITY |
3. | MATCHING DONATION REQUEST |
4. | DONEES |
5. | FUNDING AND PROGRAM ASSETS |
6. | AMENDMENT OR TERMINATION |
7. | ADMINISTRATION |
8. | NON-ASSIGNMENT |
9. | EFFECTIVE DATE |
Dear Jonathan: | as of January 1, 2019 |
Very truly yours, | |||||
CBS CORPORATION | |||||
By: | /s/ Anthony G. Ambrosio | ||||
Name: | Anthony G. Ambrosio | ||||
Title: | Senior Executive Vice President, | ||||
Chief Administrative Officer and | |||||
Chief Human Resources Officer | |||||
ACCEPTED AND AGREED: | |||||
/s/ Jonathan Anschell | |||||
Jonathan Anschell | |||||
Dated: | 6/14/18 | ||||
Dear Jonathan: | as of January 1, 2019 |
1. | Notwithstanding paragraph 3(b)(ii) of your employment agreement with CBS dated as of January 1, 2016, CBS agrees that your bonus for calendar year 2018 shall be determined based on a blended target, which blended target shall be equal to the sum of (x) and (y), where: |
2. | As exceptions to the provisions of paragraphs 1, 6(a), 7(a)(i) and 7(f)(i) of the 2019 Employment Agreement, you and CBS have agreed as follows: |
A. | During the Term, you may entertain, pursue and/or accept outside employment opportunities that are specifically and explicitly for you to become the General Counsel (i.e., the chief legal officer) of a publicly-traded corporation in the entertainment or media industry (including, but not limited to, broadcast, theatrical, online and social media); provided, that if such publicly-traded corporation is a direct or indirect subsidiary of a publicly-held parent company, you will only be permitted to entertain and pursue employment opportunities with the publicly-held parent |
B. | If, during the Term, CBS hires a new General Counsel / Chief Legal Officer with overall responsibility for the legal affairs of CBS Corporation, or, in the event of a merger with Viacom Inc., the post-merger corporation hires a new corporate General Counsel / Chief Legal Officer who is not the incumbent General Counsel / Chief Legal officer with overall responsibility for the legal affairs of the post-merger corporation upon the closing of the merger, you may entertain, pursue and accept outside employment opportunities without the restrictions set forth in paragraph A above. |
C. | In the event that you determine that you will accept a qualifying position under paragraph A or B above, you will make all reasonable and good faith efforts to notify CBS as early as possible and to negotiate with any potential new employer to ensure a gradual, rather than expedited, transition from your duties and responsibilities under the 2019 Employment Agreement. |
D. | In the event that you accept a qualifying position under paragraph A or B above, CBS will accept your resignation. You acknowledge that, in such event, no severance shall be due or payable to you, other than accrued obligations (including, but not limited to, any vested stock options, RSUs and/or retirement/pension benefits). |
Very truly yours, | ||
CBS CORPORATION | ||
By: | /s/ Anthony G. Ambrosio | |
Name: | Anthony G. Ambrosio | |
Title: | Senior Executive Vice President, | |
Chief Administrative Officer and | ||
Chief Human Resources Officer |
Dear Rich: | as of January 1, 2019 |
Very truly yours, | |||||
CBS CORPORATION | |||||
By: | /s/ Anthony G. Ambrosio | ||||
Name: | Anthony G. Ambrosio | ||||
Title: | Senior Executive Vice President, | ||||
Chief Administrative Officer and | |||||
Chief Human Resources Officer | |||||
ACCEPTED AND AGREED: | |||||
/s/ Richard M. Jones | |||||
Richard M. Jones | |||||
Dated: | 03/22/18 | ||||
Subsidiary Name | Place of Incorporation or Organization |
13 Investments LLC | Louisiana |
13 Productions LLC | Louisiana |
90210 Productions, Inc. | California |
A.S. Payroll Company, Inc. | California |
Aaron Spelling Productions, Inc. | California |
Acorn Pipe Line Company | Texas |
Acorn Properties, Inc. | Texas |
Acorn Trading Company | Texas |
Addax Music Co., Inc. | Delaware |
Aetrax International Corporation | Delaware |
Ages Electronics, Inc. | Delaware |
Ages Entertainment Software LLC | Delaware |
All Media Inc. | Delaware |
ALTSIM Inc. | Delaware |
Amadea Film Productions, Inc. | Texas |
Amazing Race Productions Inc. | Delaware |
Antilles Oil Company, Inc. | Puerto Rico |
A-R Acquisition Corp. | Delaware |
Armacost Music LLC | Delaware |
Around the Block Productions, Inc. | Delaware |
Aspenfair Music, Inc. | California |
Atlanta Television Station WUPA Inc. | Delaware |
Avery Productions LLC | Delaware |
BAPP Acquisition Corporation | Delaware |
Barrington Songs LLC | Delaware |
Bay County Energy Systems, Inc. | Delaware |
Bay Resource Management, Inc. | Delaware |
Beverlyfax Music, Inc. | California |
Big Ticket Music Inc. | Delaware |
Big Ticket Pictures Inc. | Delaware |
Big Ticket Productions Inc. | Delaware |
Big Ticket Television Inc. | Delaware |
Blackrock Insurance Corporation | New York |
Blue Cow Inc. | Delaware |
Bombay Hook LLC | Delaware |
Bonneville Wind Corporation | Utah |
Boxing Acquisition Inc. | Delaware |
Branded Productions, Inc. | California |
Brentwood Pictures Inc. | Delaware |
Brotherhood Productions, Inc. | Rhode Island |
Bruin Music Company | Delaware |
Buster Productions Inc. | Delaware |
C-28 FCC Licensee Subsidiary, LLC | Delaware |
Caroline Films Productions, Inc. | California |
CBS/CTS Airport Network Inc. | Delaware |
CBS/CTS Inc. | Delaware |
CBS/Westinghouse of PA Inc. | Delaware |
CBS (PDI) Distribution Inc. | Delaware |
CBS 247 Inc. | Delaware |
CBS Advertiser Services Inc. | Delaware |
CBS AJV Inc. | Delaware |
CBS All Access International LLC | Delaware |
CBS Asia Inc. | Delaware |
CBS Broadcast International Asia Inc. | New York |
CBS Broadcasting Inc. | New York |
CBS Broadcasting West Inc. | Delaware |
CBS Channel 10/55 Inc. | Delaware |
CBS Communications Services Inc. | Delaware |
CBS Communications Technology Group Inc. | Delaware |
CBS Consumer Products Inc. | Delaware |
CBS Corporate Services Inc. | Delaware |
CBS CW Network Partner LLC | Delaware |
CBS DBS Inc. | Delaware |
CBS DEC Inc. | Delaware |
CBS Domains Inc. | Virginia |
CBS EcoMedia Inc. | Delaware |
CBS Employee Services Inc. | Delaware |
CBS Executive Services Corporation | Delaware |
CBS Experiences Inc. | Delaware |
CBS Film Funding Company Inc. | Delaware |
CBS Films Inc. | Delaware |
CBS Films Distribution Inc. | Delaware |
CBS Films Productions Inc. | Delaware |
CBS First Run Development Company Inc. | Delaware |
CBS First Run Limited | Delaware |
CBS Foundation Inc. | New York |
CBS General Entertainment Australia Inc. | Delaware |
CBS Home Entertainment Inc. | Delaware |
CBS Holdings (Mexico) Inc. | Delaware |
CBS Hollywood Partner Inc. | Delaware |
CBS IDA Inc. | Delaware |
CBS Interactive Inc. | Delaware |
CBS Interactive Media Inc. | Delaware |
CBS International Inc. | Delaware |
CBS IRB Acquisition Inc. | Delaware |
CBS Japan Inc. | New York |
CBS K-Band Inc. | Delaware |
CBS Last FM Holding Inc. | Delaware |
CBS LITV LLC | Delaware |
CBS-Lux Holding LLC | Delaware |
CBS Lyrics Inc. | Delaware |
CBS Mass Media Corporation | Delaware |
CBS MaxPreps Inc. | California |
CBS Media Realty Corporation | New York |
CBS Music LLC | Delaware |
CBS News Inc. | Delaware |
CBS Operations Inc. | Delaware |
CBS Operations Investments Inc. | Delaware |
CBS Operations Services Inc. | Delaware |
CBS Outdoor Investments Inc. | Delaware |
CBS Overseas Inc. | New York |
CBS Overseas Productions Two Inc. | Delaware |
CBS Phoenix Inc. | Delaware |
CBS Pictures Overseas Inc. | Delaware |
CBS PNW Sports Inc. | Delaware |
CBS Receivables Funding II Corporation | Delaware |
CBS Receivables Funding III Corporation | Delaware |
CBS Records Inc. | Delaware |
CBS Retail Stores Inc. | Delaware |
CBS–Sac Music Inc. | Delaware |
CBS Satellite News Inc. | Delaware |
CBS Services Inc. | Delaware |
CBS Shopping Inc. | Delaware |
CBS Sports Inc. | Delaware |
CBS Stations Group of Texas LLC | Delaware |
CBS Stock Holdings I Inc. | Delaware |
CBS Studios Inc. | Delaware |
CBS Studios Networks Inc. | New York |
CBS Studios Overseas Productions Inc. | Delaware |
CBS Studios Productions LLC | Delaware |
CBS Subsidiary Management Corp. | Delaware |
CBS Survivor Productions, Inc. | Delaware |
CBS Technology Corporation | Delaware |
CBS Television Licenses LLC | Delaware |
CBS Television Service Inc. | Delaware |
CBS Television Stations Inc. | Delaware |
CBS Temp Services Inc. | Delaware |
CBS TVG Inc. | Delaware |
CBS UAC Corporation | Delaware |
CBS Worldwide Distribution Inc. | Delaware |
CBS World Wide Ltd. | New York |
CBT Sports, LLC | Delaware |
CCG Ventures, Inc. | Delaware |
Central Fidelity Insurance Company | Vermont |
Centurion Satellite Broadcast Inc. | Delaware |
Championship Productions Inc. | Delaware |
Channel 28 Television Station, Inc. | Delaware |
Channel 34 Television Station LLC | Delaware |
Charter Crude Oil Company | Texas |
Charter Futures Trading Company | Texas |
Charter Media Company | Delaware |
Charter Oil Company | Florida |
Charter Oil Services, Inc. | Texas |
Chazo Productions Inc. | Delaware |
CIOC Remediation Trust | Delaware |
CIOC LLC | Delaware |
Classless Inc. | Delaware |
Clicker Media Inc. | Delaware |
CNET Investments, Inc. | Delaware |
Columbia Television, Inc. | New York |
Comanche Moon Productions Inc. | New Mexico |
Comicbook.com, LLC | Tennessee |
Commissioner.com, Inc. | New York |
Compelling Music LLC | California |
Concord Entertainment Inc. | Delaware |
Consolidated Caguas Corporation | Delaware |
Cross Step Productions Inc. | Delaware |
CSTV Networks, Inc. | Delaware |
CSTV Online, Inc. | Delaware |
CSTV Regional, LLC | Delaware |
CSTV-A, LLC | Delaware |
CSTV-B, LLC | Delaware |
Danni Productions LLC | Louisiana |
Davis Circle Productions Inc. | Delaware |
Delaware Resource Beneficiary, Inc. | Delaware |
Delaware Resource Lessee Trust | Delaware |
Delaware Resource Management, Inc. | Delaware |
Desilu Productions Inc. | Delaware |
Detroit Television Station WKBD Inc. | Virginia |
Digital Video Ops Inc. | Delaware |
Dotspotter Inc. | Delaware |
Dutch Holding I LLC | Delaware |
Dutch Holding II LLC | Delaware |
Dutchess Resource Management, Inc. | Delaware |
Dynamic Soap, Inc. | California |
Eagle Direct, Inc. | Delaware |
Elite Productions Inc. | Delaware |
Elysium Productions Inc. | Delaware |
Energy Development Associates Inc. | Delaware |
EPI Music LLC | California |
Erica Film Productions, Inc. | California |
ET Media Group Inc. | Delaware |
Evergreen Programs LLC | New York |
EWB Corporation | Delaware |
Eye Animation Productions Inc. | Delaware |
Eye Creative Media Group Inc. | Delaware |
Eye Explorations Inc. | Delaware |
Eye Productions Inc. | Delaware |
FHT Media Holdings LLC | Delaware |
Fifty-Sixth Century Antrim Iron Company, Inc. | Delaware |
Film Intex Corporation | Delaware |
Films Ventures (Fiji) Inc. | Delaware |
First Hotel Investment Corporation | Delaware |
Forty-Fourth Century Corporation | Delaware |
Four Crowns, Inc. | Delaware |
French Street Management LLC | Delaware |
Front Street Management Inc. | Delaware |
G&W Leasing Company | Delaware |
G&W Natural Resources Company, Inc. | Delaware |
Games Exchange Inc. | Delaware |
Gateway Fleet Company | Pennsylvania |
Glendale Property Corp. | Delaware |
Glory Productions Inc. | Delaware |
Gloucester Titanium Company, Inc. | Delaware |
GNS Productions Inc. | Delaware |
GolfWeb | California |
Gorgen, Inc. | California |
Grammar Productions Inc. | Delaware |
Gramofair Inc. | Delaware |
Granite Productions Inc. | California |
Granville LA LLC | Louisiana |
Granville Pictures Inc. | Delaware |
Green Tiger Press, Inc. | California |
Group W Television Stations, L.P. | Delaware |
Gulf & Western Indonesia, Inc. | Delaware |
H R Acquisition Corp. | Delaware |
Hamilton Projects, Inc. | New York |
Image Edit, Inc. | Delaware |
IMR Acquisition Corp. | Delaware |
Inside Edition Inc. | New York |
Interstitial Programs Inc. | Delaware |
Irvine Games Inc. | Delaware |
Irvine Games USA Inc. | Delaware |
Jumbo Ticket Songs Inc. | Delaware |
Just U Productions, Inc. | California |
K.W. M., Inc. | Delaware |
Katled Systems Inc. | Delaware |
Kilo Mining Corporation | Pennsylvania |
King World Corporation | Delaware |
King World Development Inc. | California |
King World Direct Inc. | Delaware |
King World Media Sales Inc. | Delaware |
King World Merchandising, Inc. | Delaware |
King World Productions, Inc. | Delaware |
King World Studios West Inc. | California |
King World/CC Inc. | New York |
Kristina Productions Inc. | Delaware |
KUTV Holdings, Inc. | Delaware |
KW Development Inc. | California |
KWP/RR Inc. | New York |
KWP Studios Inc. | California |
KWTS Productions Inc. | California |
Large Ticket Songs Inc. | Delaware |
Late Night Cartoons Inc. | Delaware |
Laurel Entertainment LLC | Delaware |
Liliana Productions Inc. | Delaware |
Lincoln Point Productions Inc. | Delaware |
Los Angeles Television Station KCAL LLC | Delaware |
Low Key Productions Inc. | Delaware |
LT Holdings Inc. | Delaware |
Maarten Investerings Partnership | New York |
Magical Jade Productions Inc. | Delaware |
Magic Molehill Productions, Inc. | California |
Matlock Company, The | Delaware |
Mattalex LLC | Delaware |
Melrose Productions Inc. | California |
Meredith Productions LLC | Delaware |
Merlot Film Productions, Inc. | California |
Merritt Inc. | Delaware |
Miami Television Station WBFS Inc. | Delaware |
MVP.com Sports, Inc. | Delaware |
Narrabeen Productions Inc. | Delaware |
New Jersey Zinc Exploration Company, The | Delaware |
Nicki Film Productions, Inc. | California |
North Shore Productions Inc. | California |
NTA Films, Inc. | New York |
O Good Songs Company | California |
O’Connor Combustor Corporation | California |
OM/TV Productions Inc. | Delaware |
On Broadband Networks LLC | Delaware |
Orange Ball Networks Subsidiary PRC LLC | Delaware |
OurChart.com LLC | Delaware |
Our Home Productions Inc. | Delaware |
Outlet Networks Inc. | Delaware |
Part-Time Productions Inc. | Delaware |
PCCGW Company, Inc. | Delaware |
PCI Canada Inc. | Delaware |
PCI Network Partner II Inc. | Delaware |
PCI Network Partner Inc. | Delaware |
Permutation Productions Inc. | Delaware |
Philadelphia Television Station WPSG Inc. | Delaware |
Pittsburgh Television Station WPCW Inc. | Delaware |
PMV Productions, Inc. | Delaware |
Possible Productions Inc. | Delaware |
Possum Point Incorporated | Delaware |
Pottle Productions, Inc. | California |
Preye, Inc. | California |
Proxy Music LLC | California |
Quemahoning Coal Processing Company | Pennsylvania |
Radford Studio Center Inc. | California |
Raquel Productions Inc. | Delaware |
Real TV Music Inc. | Delaware |
Recovery Ventures Inc. | Delaware |
Republic Distribution LLC | Delaware |
Republic Entertainment LLC | Delaware |
Republic Pictures Enterprises LLC | Delaware |
Republic Pictures Productions LLC | California |
RH Productions Inc. | California |
RTV News Inc. | Delaware |
RTV News Music Inc. | Delaware |
Sacramento Television Stations Inc. | Delaware |
Salton Sea Songs LLC | Delaware |
San Francisco Television Station KBCW Inc. | Virginia |
Saucon Valley Iron and Railroad Company, The | Pennsylvania |
SBX Acquisition Corp. | Delaware |
Scott-Mattson Farms, Inc. | Florida |
Ship House, Inc. | Florida |
SHOtunes Music LLC | Delaware |
Show Works Productions Inc. | Delaware |
Showtime Digital Inc. | Delaware |
Showtime Live Entertainment Inc. | Delaware |
Showtime Marketing Inc. | Delaware |
Showtime Melodies Inc. | Delaware |
Showtime Networks Inc. | Delaware |
Showtime Networks Inc. (U.K.) | Delaware |
Showtime Networks Satellite Programming Company | California |
Showtime Online Inc. | Delaware |
Showtime Pictures Development Company | Delaware |
Showtime Satellite Networks Inc. | Delaware |
Showtime Songs Inc. | Delaware |
Showtime/Sundance Holding Company Inc. | Delaware |
SIFO One Inc. | Delaware |
SIFO Two Inc. | Delaware |
Simon & Schuster Digital Sales Inc. | Delaware |
Simon & Schuster Global Services Inc. | Delaware |
Simon & Schuster India LLC | Delaware |
Simon & Schuster International Inc. | Delaware |
Simon & Schuster, Inc. | New York |
SN Digital LLC | Delaware |
SNI/SI Networks LLC | Delaware |
Soapmusic Company | Delaware |
Solar Service Company | Delaware |
SongFair Inc. | Delaware |
Spelling Daytime Songs Inc. | Delaware |
Spelling Daytime Television Inc. | Delaware |
Spelling Entertainment Group LLC | Delaware |
Spelling Entertainment LLC | Delaware |
Spelling Satellite Networks Inc. | California |
Spelling Television Inc. | Delaware |
SportsLine.com, Inc. | Delaware |
St. Johns Realty Investors | Delaware |
Starfish Productions Inc. | Florida |
Stargate Acquisition Corp. One | Delaware |
Stat Crew Software, Inc. | Ohio |
Stranglehold Productions, Inc. | California |
Sunset Beach Productions, Inc. | Delaware |
Survivor Productions, LLC | Delaware |
Swift Justice Productions Inc. | Delaware |
T&R Payroll Company | Delaware |
Taylor Forge Memphis, Inc. | Delaware |
TDI Worldwide Investments Inc. | Delaware |
Television Station KTXA Inc. | Virginia |
Television Station WTCN LLC | Delaware |
The CW Television Stations Inc. | Delaware |
The Late Show Inc. | Delaware |
They Productions Inc. | Delaware |
Things of the Wild Songs Inc. | Delaware |
Third Century Company | Delaware |
Thirteenth Century Corporation | Delaware |
Thirtieth Century Corporation | Delaware |
Timber Purchase Company | Florida |
Toe-to-Toe Productions Inc. | Delaware |
Torand Payroll Company | Delaware |
Torand Productions Inc. | Delaware |
Total Warehouse Services Corporation | Delaware |
Trans-American Resources, Inc. | Delaware |
TSM Services Inc. | Delaware |
Tube Mill, Inc. | Alabama |
TV Guide Online Holdings LLC | Delaware |
TV Scoop Inc. | Delaware |
UPN (general partnership) | Delaware |
UPN Holding Company, Inc. | California |
UPN Properties, Inc. | California |
Ureal Productions Inc. | Delaware |
VE Development Company | Delaware |
VE Drive Inc. | Delaware |
VE Television Inc. | Delaware |
VI Services Corporation | Delaware |
VISI Services Inc. | Delaware |
Visions Productions, Inc. | New York |
VJK Inc. | Delaware |
VNM Inc. | Delaware |
VP Direct Inc. | Delaware |
VPix Inc. | Delaware |
VP Programs Inc. | California |
VSC Compositions LLC | New York |
VSC Music LLC | New York |
Waste Resource Energy, Inc. | Delaware |
WBCE Corp. | New York |
WCC FSC I, Inc. | Delaware |
WCC Project Corp. | Delaware |
Westgate Pictures Inc. | Delaware |
Westinghouse Aircraft Leasing Inc. | Delaware |
Westinghouse Asset Management Inc. | Delaware |
Westinghouse Canada Holdings L.L.C. | Delaware |
Westinghouse CBS Holding Company, Inc. | Delaware |
Westinghouse Electric Corporation | Delaware |
Westinghouse Environmental Management Company of Ohio, Inc. | Delaware |
Westinghouse Hanford Company | Delaware |
Westinghouse Holdings Corporation | Delaware |
Westinghouse Idaho Nuclear Company, Inc. | Delaware |
Westinghouse Investment Corporation | Delaware |
Westinghouse Licensing Corporation | Pennsylvania |
Westinghouse Reinvestment Company, L.L.C. | Delaware |
Westinghouse World Investment Corporation | Delaware |
W-F Productions, Inc. | Delaware |
Wilshire Entertainment Inc. | Delaware |
Wilshire/Hauser Company | Delaware |
World Volleyball League, Inc. | New York |
Worldvision Enterprises LLC | New York |
Worldvision Enterprises (United Kingdom) Ltd. | New York |
Worldvision Enterprises of Canada, Limited | New York |
Worldvision Home Video LLC | New York |
WPIC Corporation | Delaware |
WT Animal Music Inc. | Delaware |
WT Productions Inc. | Delaware |
York Resource Energy Systems, Inc. | Delaware |
Young Reader’s Press, Inc. | Delaware |
Subsidiary Name | Place of Incorporation |
14 Hours Productions Inc. | Canada (Ontario) |
4400 Productions Inc. | Canada (B.C.) |
1928778 Ontario Inc. | Canada (Ontario) |
AG Films Canada Inc. | Canada (Ontario) |
Audioscrobbler Limited | United Kingdom |
Bahamas Underwriters Services Limited | Bahamas |
Cania Productions Inc. | Canada (Ontario) |
Caprice Pty Ltd. | Australia |
Cayman Overseas Reinsurance Association | Cayman Islands |
CBS-CSI International B.V. | Netherlands |
CBS All Access International UK Limited | United Kingdom |
CBS Australia Holding B.V. | Netherlands |
CBS Broadcast International B.V. | Netherlands |
CBS Broadcast Kingworld Distribution CV | Netherlands |
CBS Broadcast International of Canada Ltd. | Canada (Ontario) |
CBS Broadcast Services Limited | United Kingdom |
CBS Canada Co. | Canada (Nova Scotia) |
CBS Canada Holdings Co. | Canada (Nova Scotia) |
CBS Canadian Film and Television Inc. | Canada (Ontario) |
CBS CSI Distribution CV | Netherlands |
CBS EMEA Limited | United Kingdom |
CBS Enterprises (UK) Limited | United Kingdom |
CBS Films Canadian Productions Inc. | Canada (Ontario) |
CBS Holding (Germany) B.V. | Netherlands |
CBS Holdings (Germany) II B.V. | Netherlands |
CBS Interactive GmbH | Switzerland |
CBS Interactive Limited | United Kingdom |
CBS Interactive Pte Ltd. | Singapore |
CBS Interactive Pty. Ltd. | Australia |
CBS International (Netherlands) B.V. | Netherlands |
CBS International GmbH | Germany |
CBS International Holdings B.V. | Netherlands |
CBS International Holdings UK Limited | United Kingdom |
CBS International Sales Holdings B.V. | Netherlands |
Subsidiary Name | Place of Incorporation |
CBS International Television (UK) Limited | United Kingdom |
CBS International Television Australia Pty Limited | Australia |
CBS International Television Holdings Limited | United Kingdom |
CBS International Television Italia Srl | Italy |
CBS International Television Japan GK | Japan |
CBS Luxembourg S.a.r.l. | Luxembourg |
CBS Netherlands Global Holding B.V. | Netherlands |
CBS Netherlands Asia Pacific Holding B.V. | Netherlands |
CBS Netherlands Worldwide B.V. | Netherlands |
CBS Network Ten B.V. | Netherlands |
CBS Outdoor Metro Services Limited | United Kingdom |
CBS Productions UK Holdings Limited | United Kingdom |
CBS Publishing UK Holdings Limited | United Kingdom |
CBS S AG | Switzerland |
CBS Showtime Distribution C.V. | Netherlands |
CBS Stages Canada Co. | Canada (Nova Scotia) |
CBS Studios Distribution C.V. | Netherlands |
CBS Studios Distribution UK Limited | United Kingdom |
CBS UK | United Kingdom |
CBS UK Channels Limited | United Kingdom |
CBS UK Productions Limited | United Kingdom |
CBS SEA Channels Pte. Ltd. | Singapore |
CBS Studios Netherlands Holding B.V. | Netherlands |
CBS Worldwide Distribution C.V. | Netherlands |
Channel Community Networks Corporation | Canada (Ontario) |
Channel Services GmbH | Switzerland |
Channel Services Holdings B.V. | Netherlands |
Charter Oil (Bahamas) Limited | Bahamas |
Charter Oil Specialties Limited | Bahamas |
Chartreuse Pty Limited | Australia |
Chuanmei Information Technologies (Shanghai) Co., Ltd. | China |
CN Pilot Productions Inc. | Canada (Ontario) |
Columbia Broadcasting System (Barbados) SRL | Barbados |
Columbia Broadcasting System Holdings UK Limited | United Kingdom |
Columbia Broadcasting System International (Barbados) SRL | Barbados |
Danger Productions Inc. | Canada (Ontario) |
dFactory Sarl | Switzerland |
Elevenco Pty Limited | Australia |
Famous Players Investments B.V. | Netherlands |
First Cut Productions Inc. | Canada (B.C.) |
GFB Productions Inc. | Canada (Ontario) |
Grand Bahama Petroleum Company Limited | Bahamas |
Grande Alliance Co. Ltd. | Cayman Islands |
Granville Canadian Productions Inc. | Canada (Ontario) |
Gravity Productions Inc. | Canada (B.C.) |
Subsidiary Name | Place of Incorporation |
Gulf & Western do Brazil Industria e Comercio Limitada (in liquidation) | Brazil |
Gulf & Western International N.V. | Netherlands Antilles |
Gulf & Western Limited | Bahamas |
International Raw Materials Limited | Bahamas |
KAPCAN1 Productions Inc. | Canada (B.C.) |
Last.FM Acquisition Limited | United Kingdom |
Last.FM Limited | United Kingdom |
LS Productions Inc. | Canada (Ontario) |
Mayday Productions Inc. | Canada (Ontario) |
Most Watched Media C.V. | Netherlands |
Most Watched Media Holdings C.V. | Netherlands |
Network Ten All Access Pty Ltd. | Australia |
Network Ten Pty Limited | Australia |
Network Ten (Adelaide) Pty Limited | Australia |
Network Ten (Brisbane) Pty Limited | Australia |
Network Ten (Melbourne) Pty Limited | Australia |
Network Ten (Perth) Pty Limited | Australia |
Network Ten ( Sydney) Pty Limited | Australia |
New Coral Ltd. | Cayman Islands |
New Providence Assurance Company Limited | Bahamas |
PC Home Cayman Ltd. | Cayman Islands |
Pocket Books of Canada, Ltd. | Canada (Federal) |
Prospect Company Ltd. | Cayman Islands |
R.G.L. Realty Limited | United Kingdom |
Republic Pictures Corporation of Canada Ltd. | Canada (Ontario) |
Sagia Productions Inc. | Canada (Ontario) |
Salvation Productions Inc. | Canada (B.C.) |
SF Films Inc. | Canada (Ontario) |
Showtime Canada ULC | Canada (Alberta) |
Showtime Distribution B.V. | Netherlands |
Simon & Schuster (Australia) Pty. Limited | Australia |
Simon & Schuster (UK) Limited | UK |
Simon & Schuster of Canada (1976) Ltd. | Canada (Federal) |
Simon & Schuster Publishers India Private Limited | India |
Spelling Television (Canada) Inc. | Canada (Ontario) |
Spelling Television Quebec Inc. | Canada (Federal) |
St. Francis Ltd. | Cayman Islands |
St. Ives Company Ltd. | Cayman Islands |
Streak Productions Inc. | Canada (Ontario) |
TB Productions Inc. | Canada (Ontario) |
Tele-Vu Ltee. | Canada (Federal) |
Television & Telecasters (Properties) Pty Limited | Australia |
Ten Employee Share Purchase Plans Pty Limited | Australia |
Ten Network Holdings Pty Limited | Australia |
Ten Online Pty Limited | Australia |
Subsidiary Name | Place of Incorporation |
Ten Ventures Pty Limited | Australia |
The Ten Group Pty Limited | Australia |
TMI International B.V. | Netherlands |
Ultra Productions Inc. | Canada (Ontario) |
VBC Pilot Productions Inc. | Canada (B.C.) |
Viper Productions Inc. | Canada (B.C.) |
Westinghouse Asia Pacific Limited | Hong Kong |
Westinghouse International Holding UK Limited | United Kingdom |
Woburn Insurance Ltd. | Bermuda |
Worldvision Enterprises (France) SARL | France |
Worldvision Enterprises de Venezuela | Venezuela |
Worldvision Enterprises Latino-Americana, S.A. | Panama |
Worldvision Filmes do Brasil, Ltda. | Brazil |
WVI Films B.V. | Netherlands |
YP Productions Inc. | Canada (Ontario) |
/s/ PRICEWATERHOUSECOOPERS LLP | |
New York, New York | |
February 15, 2019 |
Sign: | /s/ Candace K. Beinecke | ||
Print Name: Candace K. Beinecke |
Sign: | /s/ Barbara M. Byrne | ||
Print Name: Barbara M. Byrne |
Sign: | /s/ Gary L. Countryman | ||
Print Name: Gary L. Countryman |
Sign: | /s/ Brian Goldner | ||
Print Name: Brian Goldner |
Sign: | /s/ Linda M. Griego | ||
Print Name: Linda M. Griego |
Sign: | /s/ Robert N. Klieger | ||
Print Name: Robert N. Klieger |
Sign: | /s/ Martha L. Minow | ||
Print Name: Martha L. Minow |
Sign: | /s/ Shari Redstone | ||
Print Name: Shari Redstone |
Sign: | /s/ Susan Schuman | ||
Print Name: Susan Schuman |
Sign: | /s/ Frederick O. Terrell | ||
Print Name: Frederick O. Terrell |
Sign: | /s/ Strauss Zelnick | ||
Print Name: Strauss Zelnick |
1. | I have reviewed this annual report on Form 10-K of CBS Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Joseph R. Ianniello | |
Joseph R. Ianniello | |
President and Acting Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K of CBS Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Christina Spade | |
Christina Spade | |
Executive Vice President, Chief Financial Officer |
/s/ Joseph R. Ianniello | |
Joseph R. Ianniello | |
February 15, 2019 |
/s/ Christina Spade | |
Christina Spade | |
February 15, 2019 |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Feb. 13, 2019 |
Jun. 29, 2018 |
|
Document And Entity Information [Abstract] | |||
Entity Registrant Name | CBS CORPORATION | ||
Entity Central Index Key | 0000813828 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Class of Stock [Line Items] | |||
Entity Public Float | $ 18,798,291,656 | ||
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Common Stock Outstanding | 25,293,972 | ||
Common Class B [Member] | |||
Class of Stock [Line Items] | |||
Common Stock Outstanding | 347,676,011 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 1,960 | $ 357 | $ 1,261 |
Other comprehensive income (loss) net of tax: | |||
Cumulative translation adjustments | (26) | 8 | (1) |
Net actuarial gain (loss) and prior service costs (Note 14) | (87) | 97 | 4 |
Total other comprehensive income (loss), net of tax | (113) | 105 | 3 |
Total comprehensive income | $ 1,847 | $ 462 | $ 1,264 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowances for receivables | $ 41 | $ 49 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized (in shares) | 375,000,000 | 375,000,000 |
Common Stock, shares issued (in shares) | 35,000,000 | 38,000,000 |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 |
Common Stock, shares issued (in shares) | 838,000,000 | 834,000,000 |
Treasury Stock, at cost, Class B Shares (in shares) | 500,000,000 | 489,000,000 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Statement of Cash Flows [Abstract] | ||||
Cash and cash equivalents of discontinued operations | $ 0 | $ 24 | $ 6 | |
Restricted cash | $ 120 |
Basis of Presentation and Summary of Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | 1) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business—CBS Corporation (together with its consolidated subsidiaries unless the context otherwise requires, the “Company” or “CBS Corp.”) is comprised of the following segments: Entertainment (CBS Television, comprised of the CBS Television Network, CBS Television Studios, and CBS Global Distribution Group; Network 10; CBS Interactive; CBS Sports Network and CBS Films;), Cable Networks (Showtime Networks and Smithsonian Networks), Publishing (Simon & Schuster) and Local Media (CBS Television Stations and CBS Local Digital Media). During the fourth quarter of 2018, the Company began presenting CBS Sports Network in the Entertainment segment, to reflect changes in management structure and the integration of CBS Sports Network programming with the CBS Television Network. CBS Sports Network was previously included in the Cable Networks segment. Results for all periods presented have been reclassified to conform to this presentation. Discontinued Operations—On November 16, 2017, the Company completed the disposition of CBS Radio Inc. (“CBS Radio”) through a split-off. CBS Radio has been presented as a discontinued operation in the Company’s consolidated financial statements (See Note 17). In addition, certain businesses that were previously disposed of by the Company prior to January 1, 2002, were accounted for as discontinued operations in accordance with accounting rules in effect prior to 2002. Principles of Consolidation—The consolidated financial statements include the accounts of CBS Corp. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third party participating rights. Investments over which the Company has a significant influence or ownership of more than 20% but less than or equal to 50%, without a controlling interest, are accounted for under the equity method. Investments of 20% or less, over which the Company has no significant influence, that do not have a readily determinable fair value, are measured at cost less impairment, if any, and adjusted for observable price changes. If the fair value is readily determinable, the investment is measured at fair value. Intercompany transactions have been eliminated. Amounts attributable to noncontrolling interests are immaterial for all periods presented. Reclassifications-Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation. Use of Estimates—The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures 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 vary from these estimates under different assumptions or conditions. Cash and Cash Equivalents—Cash and cash equivalents consist of cash on hand and highly liquid investments with maturities of three months or less at the date of purchase, including money market funds, commercial paper and bank time deposits. Included within “Other assets” on the Company’s Consolidated Balance Sheet at December 31, 2018 is restricted cash of $120 million. Restricted cash consists of amounts held in a grantor trust related to the separation and settlement agreement between the Company and the former Chairman of the Board, President and Chief Executive Officer of the Company (See Note 18). Programming Inventory—The Company acquires rights to programming and produces programming to exhibit on its broadcast and cable networks, broadcast television stations, direct to consumers through its digital streaming services and the internet, and in theaters. The costs incurred in acquiring and producing programs are capitalized and amortized over the license period or projected useful life of the programming. Program rights and the related liabilities are recorded at the gross amount of the liabilities when the license period has begun, the cost of the program is determinable, and the program is accepted and available for airing. Television production costs (which include direct production costs, production overhead and acquisition costs) are stated at the lower of unamortized cost or net realizable value. The Company then estimates total revenues to be earned and costs to be incurred throughout the life of each television program. For television programming, estimates for remaining total lifetime revenues are initially limited to the amount of revenue contracted for each episode in the initial market. Accordingly, television programming costs and participation costs incurred in excess of the amount of revenue contracted for each episode in the initial market are expensed as incurred on an episode by episode basis. Estimates for all secondary market revenues such as domestic and foreign syndication, basic cable, digital streaming, home entertainment and merchandising are included in the estimated lifetime revenues of such television programming once it can be demonstrated that a program can be successfully licensed in such secondary market. For each television program, management bases these estimates on the performance in the initial markets, the existence of future firm commitments to sell and the past performance of similar television programs. Television programming costs incurred subsequent to the establishment of the secondary market are initially capitalized and amortized, and estimated liabilities for participations are accrued, based on the proportion that current period revenues bear to the estimated remaining total lifetime revenues. The costs incurred in acquiring television series and feature film programming are capitalized when the program is accepted and available for airing. These costs are amortized over the period in which an economic benefit is expected to be derived based on the timing of the Company’s usage of and benefit from such programming. The costs of programming rights licensed under multi-year sports programming agreements are capitalized if the rights payments are made before the related economic benefit has been received. These costs are expensed over the period in which an economic benefit is expected to be derived based on the relative value of the events broadcast by the Company during a period. The relative value for an event is determined based on the revenues generated for that event in relation to the estimated total revenues over the remaining term of the sports programming agreement. Lifetime revenue estimates for internally produced television programming, and the estimated economic benefit for acquired programming, including revenue projections for multi-year sports programming, are periodically reviewed. Adjustments, if any, will result in changes to amortization rates, future net realizable value adjustments and/or estimated accruals for participation expense. Property and Equipment—Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives as follows:
Impairment of Long-Lived Assets—The Company assesses long-lived assets and intangible assets, other than goodwill and intangible assets with indefinite lives, for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows expected to be generated by these assets to their net carrying value. If the carrying value is not recoverable, the amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset. Impairment of Investments—Investments are reviewed for impairment on a quarterly basis by comparing their fair value to their respective carrying amounts. The Company determines the fair value of public company investments by reference to their publicly traded stock price. With respect to private company investments, the Company makes its estimate of fair value by considering recent investee equity transactions, discounted cash flow analyses, recent operating results, estimates based on comparable public company operating cash flow multiples and, in certain situations, balance sheet liquidation values. The amount of impairment loss, if any, will be measured by the difference between the net carrying amount and the market value or estimated fair value of the investment. Goodwill and Intangible Assets—Goodwill is allocated to various reporting units, which are at or one level below the Company’s operating segments. Intangible assets with finite lives, which primarily consist of trade names, are generally amortized using the straight-line method over their estimated useful lives, which range from 4 to 40 years. Goodwill and other intangible assets with indefinite lives, which consist of FCC licenses and international broadcast licenses, are not amortized but are tested for impairment on an annual basis and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill or the intangible asset exceeds its fair value, an impairment loss is recognized (See Note 3). Other Liabilities—Other liabilities consist primarily of the noncurrent portion of residual liabilities of previously disposed businesses, program rights obligations, long-term income tax liabilities, deferred compensation and other employee benefit accruals. Revenues Advertising Revenues—Advertising revenues are recognized when the advertising spots are aired on television or displayed on digital platforms. If there is a guarantee to deliver a targeted audience rating or number of impressions, the delivery of the advertising spots that achieve the guarantee represents the performance obligation and revenues are recognized based on the proportion of the audience rating or impressions delivered to the total guaranteed in the contract. Audience ratings and impressions are determined based on data provided by independent third-party companies. Advertising contracts, which are generally short-term, are billed monthly, with payments due shortly after the invoice date. Advertising revenues are primarily generated by the Entertainment and Local Media segments. Content Licensing and Distribution Revenues—Content licensing and distribution revenues are generated from the licensing of internally-produced television programming, fees from the distribution of third-party programming, and the publishing and distribution of consumer books. Program Licensing and Distribution For licenses of internally-produced television programming, each individual episode delivered represents a separate performance obligation and revenues are recognized when the episode is made available to the licensee for exhibition and the license period has begun. For license agreements containing multiple deliverables, revenues are allocated based on the relative standalone selling price of each episode of a television series, which is based on licenses for comparable series within the marketplace. Agreements to license programming are often long term, with collection terms ranging from one to five years. The Company also distributes programs on behalf of third parties. In such arrangements, the Company generally obtains control of the program before selling it to the customer. Therefore, revenues from such distribution arrangements, which include both content licensing and advertising revenues, are recognized based on the gross amount of consideration received from the customer, with a participation expense recognized for the fees paid to the third-party producer. Substantially all of the Company’s program licensing and distribution revenues are generated by the Entertainment segment, with the remainder generated by the Cable Networks segment. Publishing Publishing revenues are recognized when merchandise is shipped or electronically delivered to the consumer. Consumer print books are generally sold with a right of return. The Company records a returns reserve and corresponding decrease in revenue at the time of sale based upon historical trends. For publishing revenues, payments are due shortly after shipment or electronic delivery. Affiliate and Subscription Fees—A majority of the Company’s affiliate and subscription fees are generated by the Cable Networks segment and consist of fees received from multichannel video programming distributors (“MVPDs”) and third-party live television digital streaming offerings (“virtual MVPDs”) for carriage of the Company’s cable networks and subscription fees for the Showtime direct-to-consumer digital streaming subscription offering. The Entertainment segment generates affiliate and subscription fees primarily from television stations affiliated with the CBS Television Network and subscribers to CBS All Access, its owned streaming subscription service. In addition, the Local Media segment generates retransmission fees from MVPDs and virtual MVPDs for carriage of the Company’s television stations. Costs for advertising and marketing services provided to the Company by cable, satellite and other distributors are recorded in selling, general and administrative expenses. The performance obligation for the Company’s affiliate agreements is a license to the Company’s programming provided through the continuous delivery of live linear feeds and, for agreements with MVPDs, also includes a license to programming for video on demand viewing. Affiliate and subscription fees are recognized over the term of the agreement as the Company continuously provides its customer with the right to use its programming. For agreements that provide for a variable fee, revenues are determined each month based on an agreed upon contractual rate applied to the number of subscribers to the customer’s service. For agreements that provide for a fixed fee, which primarily include agreements with television stations affiliated with the CBS Television Network (“network affiliates”), revenues are recognized based on the relative fair value of the content provided over the term of the agreement, which is determined based on the fair value of the network affiliate’s service and the value of the Company’s programming. For affiliate and subscription fee revenues, payments are generally due monthly. Noncurrent Receivables—Included in “Other assets” on the Company’s Consolidated Balance Sheets are noncurrent receivables of $1.55 billion at December 31, 2018 and $2.12 billion at December 31, 2017, which decreased to $1.59 billion on January 1, 2018 upon the adoption of new revenue recognition guidance. Noncurrent receivables primarily relate to revenues recognized under long-term television licensing arrangements. Television license fee revenues are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is collected over the term of the license period. Deferred Revenues—Deferred revenues primarily consist of cash received related to advertising arrangements and the licensing of television programming for which the revenues have not yet been earned. Advertising revenues that have been deferred are recognized when the required audience rating or impressions are delivered and revenues deferred under licensing arrangements are recognized when the content is made available to the customer and the license period has begun. Total deferred revenues, including both current and noncurrent, were $274 million and $284 million at December 31, 2018 and January 1, 2018, respectively. The change in deferred revenue for the year ended December 31, 2018 primarily reflects $201 million of revenues recognized that were included in deferred revenues at January 1, 2018, offset by cash payments received during the period for which the performance obligation was not satisfied prior to the end of the period. Unrecognized Revenues Under Contract—As of December 31, 2018, unrecognized revenue attributable to unsatisfied performance obligations under the Company’s long-term contracts was $3.45 billion, of which $2.02 billion is expected to be recognized for 2019, $806 million for 2020, $445 million for 2021, and $175 million thereafter. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts. Such amounts change on a regular basis as the Company renews existing agreements or enters into new agreements. Unrecognized revenues under contract disclosed above do not include (i) contracts with an original expected term of one year or less, mainly consisting of the Company’s advertising contracts (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage, mainly consisting of affiliate and subscription fee agreements and (iii) long-term licensing agreements for multiple programs for which the Company’s right to invoice corresponds with the value of the programs provided to the customer. Collaborative Arrangements—Collaborative arrangements primarily consist of joint efforts with third parties to produce and distribute programming such as television series and live sporting events, including the agreement between the Company and Turner Broadcasting System, Inc. to telecast the NCAA Division I Men’s Basketball Championship (“NCAA Tournament”), which runs through 2032. In connection with this agreement for the NCAA Tournament, advertisements aired on the CBS Television Network are recorded as revenues and the Company’s share of the program rights fees and other operating costs are recorded as operating expenses. For episodic television programming, co-production costs are initially capitalized as programming inventory and amortized over the television series’ estimated economic life. In such arrangements where the Company has distribution rights, all proceeds generated from such distribution are recorded as revenues and any participation profits due to third party collaborators are recorded as operating expenses. In co-production arrangements where third party collaborators have distribution rights, the Company’s net participating profits are recorded as revenues. Amounts attributable to transactions arising from collaborative arrangements between participants were not material to the Company’s consolidated financial statements for all periods presented. Advertising—Advertising costs are expensed as incurred. The Company incurred total advertising expenses of $448 million in 2018, $426 million in 2017 and $373 million in 2016. Other Operating Items, Net—Other operating items, net for 2017 reflects a net gain relating to the disposal of property and equipment and for 2016 includes a gain from the sales of businesses and a multiyear, retroactive impact of a new operating tax. Interest—Costs associated with the refinancing or issuance of debt, as well as debt discounts or premiums, are recorded as interest over the term of its related debt. The Company may enter into interest rate exchange agreements; the amount to be paid or received under such agreements is accrued and recognized over the life of the agreements as an adjustment to interest expense. Income Taxes—The provision for income taxes includes federal, state, local, and foreign taxes. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. The Company evaluates the realizability of deferred tax assets and establishes a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. For tax positions taken in a previously filed tax return or expected to be taken in a future tax return, the Company evaluates each position to determine whether it is more likely than not that the tax position will be sustained upon examination, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to be recognized in the Consolidated Statement of Operations and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold a tax reserve is established and no benefit is recognized. A number of years may elapse before a tax return containing tax matters for which a reserve has been established is audited and finally resolved. Foreign Currency Translation and Transactions—The Company’s assets and liabilities denominated in foreign currencies are translated at foreign exchange rates in effect at the balance sheet date, while results of operations are translated at average foreign exchange rates for the respective periods. The resulting translation gains or losses are included as a separate component of stockholders’ equity in accumulated other comprehensive income (loss). Foreign currency transaction gains and losses have been included in “Other items, net” in the Consolidated Statements of Operations. Other Items, net—“Other items, net” primarily consists of pension and postretirement benefit costs, other than service costs, and foreign exchange gains and losses. Provision for Doubtful Accounts—The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. The provision for doubtful accounts charged to expense was $5 million, in each of the years 2018 and 2017, and $12 million in 2016. Net Earnings (Loss) per Common Share—Basic earnings (loss) per share (“EPS”) is based upon net earnings (loss) divided by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) only in the periods in which such effect would have been dilutive. Excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive, were 6 million stock options for the year ended December 31, 2018 and 4 million stock options for each of the years ended December 31, 2017 and 2016. The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.
Stock-based Compensation-The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. Recently Adopted Accounting Pronouncements Revenue from Contracts with Customers During the first quarter of 2018, the Company adopted Financial Accounting Standards Board (“FASB”) guidance on the recognition of revenues which provides a single, comprehensive revenue recognition model for all contracts with customers and supersedes most existing revenue recognition guidance. The main principle under this guidance is that an entity should recognize revenue at the amount it expects to be entitled to in exchange for the transfer of goods or services to customers. The Company applied the modified retrospective method of adoption with the cumulative effect of the initial adoption of $261 million reflected as an adjustment to the opening balance of accumulated deficit as of January 1, 2018. Prior periods continue to be presented under previous accounting guidance (See Note 16). Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost During the first quarter of 2018, the Company adopted FASB amended guidance on the presentation of net periodic pension and postretirement benefit cost (“net benefit cost”). This guidance requires the Company to present the service cost component of net benefit cost in the same line items on the statement of operations as other compensation costs of the related employees. All of the other components of net benefit cost are presented in the statement of operations separately from the service cost component and below the subtotal of operating income. As a result of the adoption of this guidance, the Company presented $63 million of net benefit costs in “Other items, net” on the Consolidated Statement of Operations for 2018 representing the components of net benefit cost other than service cost. This guidance is required to be applied retrospectively and therefore, the Company reclassified net benefit costs of $438 million and $281 million, including pension settlement charges, below operating income for 2017 and 2016, respectively, on the Consolidated Statements of Operations (See Note 14). All related amounts presented herein have been recast to conform to this presentation. Stock Compensation: Scope of Modification Accounting During the first quarter of 2018, the Company adopted FASB amended guidance on the accounting for stock-based compensation which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under this guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award as equity or liability changes as a result of the change in the terms or conditions of a share-based payment award. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements. Clarifying the Definition of a Business During the first quarter of 2018, the Company adopted FASB amended guidance on the accounting for business combinations which clarifies the definition of a business and assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under this guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or group of similar assets), the assets acquired would not represent a business. In addition, in order to be considered a business, an acquisition would have to include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The amended guidance also narrows the definition of outputs by more closely aligning it with how outputs are described in FASB guidance for revenue recognition. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements. Intra-Entity Transfers of Assets Other than Inventory During the first quarter of 2018, the Company adopted FASB amended guidance on the accounting for income taxes, which eliminates the exception in existing guidance that defers the recognition of the tax effects of intra-entity asset transfers other than inventory until the transferred asset is sold to a third party. Under this guidance, an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements. Statement of Cash Flows: Restricted Cash During 2018, the Company adopted FASB amended guidance on the presentation of restricted cash in the statement of cash flows. The guidance requires companies to include restricted cash and restricted cash equivalents in their cash and cash equivalents balance in the statements of cash flows. This guidance also requires a reconciliation of the total of cash, cash equivalents, restricted cash and restricted cash equivalents on the statement of cash flows to the related balance sheet line items. This guidance is required to be applied retrospectively; however, it did not have an impact on the Company’s consolidated financial statements for prior years. Accounting Pronouncements Not Yet Adopted Collaborative Arrangements: Clarifying the Interaction with the New Revenue Standard In November 2018, the FASB issued guidance to clarify that certain transactions between parties to collaborative arrangements should be accounted for in accordance with FASB revenue guidance when the counterparty is a customer. This guidance also prohibits the presentation of collaborative arrangements as revenues from contracts with customers if the counterparty is not a customer. This guidance, which is required to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted, is not expected to have an impact on the Company’s consolidated financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract In August 2018, the FASB issued guidance on the accounting for implementation costs of a cloud computing arrangement that is considered to be a service contract. This guidance requires companies to follow the guidance for capitalizing costs associated with internal-use software to determine which costs to capitalize in a cloud computing arrangement that is a service contract. The guidance also specifies the financial statement presentation for capitalized implementation costs and the related amortization, as well as required financial statement disclosures. The Company is currently evaluating the impact of this guidance, which is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued amended guidance that eliminates, adds and clarifies certain disclosure requirements for defined benefit pension or other postretirement plans. The Company is currently evaluating the impact of this guidance, which is required to be applied retrospectively and is effective for annual periods ending after December 15, 2020, with early adoption permitted. Changes to the Disclosure Requirements for Fair Value Measurements In August 2018, the FASB issued amended guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. This guidance, which is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted, is not expected to have an impact on the Company’s consolidated financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued amended guidance that permits an entity to reclassify the income tax effects of federal tax legislation enacted in December 2017 (the “Tax Reform Act”) on items within accumulated other comprehensive income to retained earnings. The Company is currently evaluating the impact of this guidance, which is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued amended guidance for hedge accounting, which expands the eligibility of hedging strategies that qualify for hedge accounting, modifies the recognition and presentation of hedges in the financial statements, and changes how companies assess hedge effectiveness. In addition, this guidance amends and expands disclosure requirements. This guidance, which is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted, is not expected to have a material impact on the Company’s consolidated financial statements. Leases In February 2016, the FASB issued new guidance on the accounting for leases, which supersedes previous lease guidance. Under this guidance, for all leases with terms in excess of one year, including operating leases, the Company will be required to recognize on its balance sheet a lease liability and a right-of-use asset representing its right to use the underlying asset for the lease term. The new guidance retains a distinction between finance leases and operating leases and the classification criteria is substantially similar to previous guidance. Additionally, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed. This guidance is effective for the Company in the first quarter of 2019. The Company will apply the modified retrospective method of adoption as of January 1, 2019 and comparative periods will continue to be presented under existing lease guidance. The Company is still in the process of evaluating the impact of this guidance, including reviewing its lease portfolio as well as implementing new lease accounting software for administering its leases under the new guidance and therefore the estimated impact on the Company’s Consolidated Balance Sheet cannot currently be determined. This change is not expected to have a material impact on the Company’s Consolidated Statement of Operations.
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Property and Equipment | 2) PROPERTY AND EQUIPMENT
(a) Accumulated amortization of capital leases was $106 million and $112 million at December 31, 2018 and 2017, respectively.
(a) Amortization expense related to capital leases was $18 million, $16 million and $17 million in 2018, 2017, and 2016, respectively. In January 2019, the Company completed the sale of its CBS Television City property and sound stage operation for $750 million. The Company has guaranteed a specified level of cash flows to be generated by the business during the first five years following the completion of the sale. The Company expects to record a liability of approximately $130 million reflecting the estimated amount payable under the guarantee obligation. This transaction is expected to result in a pre-tax gain of approximately $540 million, which includes a reduction for the guarantee obligation. CBS Television City has been classified as held for sale on the Consolidated Balance Sheets.
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | 3) GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and Intangible Assets Impairment Test The Company performs a fair value-based impairment test of goodwill and intangible assets with indefinite lives, comprised of television FCC licenses and international broadcast licenses, annually during the fourth quarter and also between annual tests if an event occurs or if circumstances change that would more likely than not reduce the fair value of a reporting unit or an indefinite-lived intangible asset below its carrying value. FCC licenses are tested for impairment at the geographic market level. The Company considers each geographic market, which is comprised of all of the Company’s television stations within that geographic market, to be a single unit of accounting because the FCC licenses at this level represent their highest and best use. At December 31, 2018, the Company had 14 television markets with FCC license book values. For international broadcast licenses, the Company considers all of its broadcast licenses within a country to be a single unit of accounting because the international broadcast licenses at this level represent their highest and best use. At December 31, 2018, the Company had international broadcast licenses in Australia. Goodwill is tested for impairment at the reporting unit level. During the fourth quarter of 2018, the Company began including CBS Sports Network within the Television reporting unit, which is a component of the Entertainment operating segment, reflecting changes in management structure and the integration of CBS Sports Network programming with the CBS Television Network. Prior to this change, CBS Sports Network was a standalone reporting unit and a component of the Cable Networks operating segment. At December 31, 2018, the Company had seven reporting units with goodwill balances, each one level below their respective operating segments, except for the Cable Networks reporting unit and the Publishing reporting unit, which are each the same as their respective operating segments because these operating segments each have only one component. For its annual impairment test, the Company performs qualitative assessments for the reporting units, U.S. television markets with FCC licenses, and international broadcast licenses that management estimates have fair values that significantly exceed their respective carrying values. In selecting reporting units, markets, and broadcast licenses for a qualitative assessment, the Company also considers the duration of time since a quantitative test was performed. For the 2018 annual impairment test, the Company performed qualitative assessments for seven reporting units and all of its 14 U.S. television markets. For each reporting unit, the Company weighed the relative impact of factors that are specific to the reporting unit as well as industry and macroeconomic factors. For each television market, the Company weighed the relative impact of market-specific and macroeconomic factors. Based on the qualitative assessments, considering the aggregation of the relevant factors, the Company concluded that it is not more likely than not that the fair values of these reporting units and the fair value of FCC licenses within each market are less than their respective carrying values. Therefore, performing the quantitative impairment test was unnecessary. For 2018, the Company performed a quantitative impairment test for international broadcast licenses. A quantitative impairment test compares the estimated fair value of the licenses with their carrying value. The estimated fair value is computed using the Greenfield Discounted Cash Flow Method (‘‘Greenfield Method’’), which attempts to isolate the income that is attributable to the license alone. The Greenfield Method is based upon modeling a hypothetical start-up station and building it up to a normalized operation that, by design, lacks inherent goodwill and whose other assets have essentially been added as part of the build-up process. The Greenfield Method adds the present value of the estimated annual cash flows of the start-up station over a projection period to the residual value at the end of the projection period. The annual cash flows over the projection period include assumptions for overall revenues in the relevant market, the start-up station’s operating costs and capital expenditures, and a five-year build-up period for the start-up station to reach a normalized state of operations, which reflects the point at which it achieves an average market share. The overall revenues in the subject market are estimated based on recent industry projections. Operating costs and capital expenditures are estimated based on both industry and internal data. The residual value is calculated using a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections. The discount rate is determined based on the risk of achieving the projected cash flows, including the risk applicable to the industry and the market as a whole. The discount rate and perpetual nominal growth rate used for international broadcast licenses for 2018 were 11% and 0.5%, respectively. The Company concluded that the estimated fair value of international broadcast licenses, which were recorded at fair value in the fourth quarter of 2017 when the Company acquired Ten Network Holdings Limited (“Network 10”), continues to approximate the carrying value and therefore no impairment charge was required. For 2018, the Company performed a quantitative goodwill impairment test for the CBS Sports Network reporting unit prior to the inclusion of this business in the CBS Television reporting unit. The quantitative goodwill impairment test examines whether the carrying value of a reporting unit exceeds its estimated fair value, which is computed based upon the present value of future cash flows (“Discounted Cash Flow Method”) and the traded or transaction values of comparable businesses (“Market Comparable Method”). If the carrying value exceeds the estimated fair value, an impairment charge is recognized as the amount by which the carrying value exceeds the fair value. For 2018, the Discounted Cash Flow Method and Market Comparable Method for CBS Sports Network resulted in similar estimated fair values. The Discounted Cash Flow Method includes the Company’s assumptions for growth rates, operating margins and capital expenditures for the projection period plus the residual value of the business at the end of the projection period. The estimated growth rates, operating margins and capital expenditures for the projection period are based on the Company’s internal forecasts of future performance as well as historical trends. The residual value is estimated based on a perpetual nominal growth rate, which is based on projected long-range inflation and long-term industry projections and for 2018 was 2.0%. The discount rate, which for 2018 was 8.5%, is determined based on the risk of achieving the projected cash flows, including the risk applicable to the industry and the market as a whole. For the 2018 annual impairment test, the Company concluded that the estimated fair value of the CBS Sports Network reporting unit exceeded its carrying value and therefore no impairment charge was required. Transactions During the fourth quarter of 2017, the Company completed the acquisition of Network 10, one of three major commercial broadcast networks in Australia, for approximately $124 million, which is net of cash acquired. The assets acquired primarily consist of broadcast licenses, net operating loss carryforwards and working capital. The following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2018 and 2017. During the fourth quarter of 2018, the Company began presenting CBS Sports Network, which was previously included in the Cable Networks segment, in the Entertainment segment. As a result, goodwill of $261 million associated with CBS Sports Network has been reclassified from Cable Networks to Entertainment for all periods presented.
(a) Amount reflects the acquisition of a digital entertainment media company.
(a) Amount reflects the acquisitions of a television production business and a digital sports publishing business. (b) Amount relates to the acquisition of a publishing business in the fourth quarter of 2016. The Company’s intangible assets were as follows:
Amortization expense was as follows:
The Company expects its aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2019 through 2023, to be as follows:
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Restructuring, Programming Charges and Other Corporate Matters |
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Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring, Programming Charges and Other Corporate Matters | 4) RESTRUCTURING, PROGRAMMING CHARGES AND OTHER CORPORATE MATTERS During the year ended December 31, 2018, in a continued effort to reduce its cost structure, the Company initiated restructuring plans across several of its businesses, primarily for the reorganization and closure of certain business operations. As a result, the Company recorded restructuring charges of $67 million, reflecting $57 million of severance costs and $10 million of costs associated with exiting contractual obligations and other related costs. During the year ended December 31, 2017, the Company recorded restructuring charges of $63 million, reflecting $54 million of severance costs and $9 million of costs associated with exiting contractual obligations and other related costs. During the year ended December 31, 2016, the Company recorded restructuring charges of $30 million, reflecting $19 million of severance costs and $11 million of costs associated with exiting contractual obligations and other related costs. As of December 31, 2018, the cumulative settlements for the 2018, 2017, and 2016 restructuring charges were $88 million, of which $74 million was for severance costs and $14 million related to costs associated with exiting contractual obligations and other related costs. The Company expects to substantially utilize its restructuring reserves by the end of 2019.
In 2018, the Company recorded expenses of $128 million primarily for professional fees related to legal proceedings, recent investigations at the Company (see Note 18) and the evaluation of a potential combination with Viacom Inc. In 2016, the Company incurred professional fees of $8 million associated with merger and acquisition-related activities. During the fourth quarter of 2018, in connection with recent management changes, the Company implemented changes to its programming strategy, primarily at CBS Films, which will shift its focus from theatrical films to developing content for the Company’s direct-to-consumer digital streaming services. As a result, the Company recorded programming charges of $85 million in 2018, which are included in “Operating expenses” on the Consolidated Statement of Operations. In February 2019, the Company initiated a restructuring plan under which severance payments will be provided to certain eligible employees who voluntarily elect to participate. As a result, the Company expects to record a restructuring charge in the first quarter of 2019. The amount of this charge and the associated future savings will be based on the number of eligible employees who elect to participate in the restructuring plan and therefore cannot currently be determined.
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Programming and Other Inventory |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Programming and Other Inventory | 5) PROGRAMMING AND OTHER INVENTORY
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Related Parties |
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Related Party Transactions [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 Chairman Emeritus of CBS Corp. and the Chairman Emeritus of Viacom Inc. In addition, Ms. Shari Redstone, Mr. Sumner M. Redstone’s daughter, is the president and a director of NAI and the vice chair of the Board of Directors of each of CBS Corp. and Viacom Inc. At February 13, 2019, NAI directly or indirectly owned approximately 79.8% of CBS Corp.’s voting Class A Common Stock and owned approximately 10.5% of CBS Corp.’s Class A Common Stock and non-voting Class B Common Stock on a combined basis. NAI is controlled by Mr. Redstone through the Sumner M. Redstone National Amusements Trust (the “SMR Trust”), which owns 80% of the voting interest of NAI, and such voting interest of NAI held by the SMR Trust is voted solely by Mr. Redstone until his incapacity or death. The SMR Trust provides that in the event of Mr. Redstone’s death or incapacity, voting control of the NAI voting interest held by the SMR Trust will pass to seven trustees, who will include CBS Corporation director Ms. Shari Redstone. No member of the Company’s management is a trustee of the SMR Trust. Pursuant to a settlement and release agreement entered into by the Company and NAI, among others, with respect to legal proceedings involving these parties, the Company paid $30 million for professional fees incurred by NAI during 2018 relating to these legal proceedings, which are included in “Restructuring and other corporate matters” on the Consolidated Statement of Operations for the year ended December 31, 2018. Viacom Inc. As part of its normal course of business, the Company licenses its television content, leases production facilities and sells advertising spots to various subsidiaries of Viacom Inc. Viacom Inc. also distributes certain of the Company’s television programs in the home entertainment market. The Company’s total revenues from these transactions were $88 million, $145 million and $120 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company leases production facilities, licenses feature films and purchases advertising spots from various subsidiaries of Viacom Inc. The total amounts for these transactions were $30 million, $21 million and $24 million for the years ended December 31, 2018, 2017 and 2016, respectively. The following table presents the amounts due from Viacom Inc. in the normal course of business as reflected on the Company’s Consolidated Balance Sheets. Amounts due to Viacom Inc. were minimal at December 31, 2018 and 2017.
Other Related Parties The Company has equity interests in two domestic television networks and several international joint ventures for television channels, from which the Company earns revenues primarily by selling its television programming. Total revenues earned from sales to these joint ventures were $110 million, $99 million and $112 million for the years ended December 31, 2018, 2017 and 2016, respectively. Total amounts due from these joint ventures were $34 million and $27 million at December 31, 2018 and 2017, respectively. |
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Investments, All Other Investments [Abstract] | |
Investments | 7) INVESTMENTS The Company’s investments consist of equity investments. Investments over which the Company has significant influence or ownership of more than 20% but less than or equal to 50%, without a controlling interest, are accounted for under the equity method. Such investments include the Company’s 50% interests in the broadcast network, The CW, and the entertainment cable network, Pop. In addition, the Company has interests in several international television joint ventures including a 49% interest in a joint venture with a subsidiary of AMC Networks Inc., which owns and operates channels in the United Kingdom and Ireland, including CBS branded channels; and a 30% interest in a joint venture with another subsidiary of AMC Networks Inc., which owns and operates cable and satellite channels in Europe, the Middle East and Africa. At December 31, 2018 and 2017, respectively, the Company had $329 million and $283 million of equity-method investments, which are included in “Other assets” on the Consolidated Balance Sheets. Investments of 20% or less, over which the Company has no significant influence, that do not have a readily determinable fair value are measured at cost less impairment, if any, and adjusted for any observable price changes. At December 31, 2018 and 2017, respectively, the Company had $23 million and $24 million of such investments, which are included in “Other assets” on the Consolidated Balance Sheets. The Company invested $124 million, $110 million and $81 million into its equity investments during the years ended December 31, 2018, 2017 and 2016, respectively. |
Bank Financing and Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Financing and Debt | 8) BANK FINANCING AND DEBT The Company’s debt consists of the following (a):
(a) Unless otherwise noted, the long-term debt instruments are issuances of CBS Corp. and are guaranteed by CBS Operations Inc. (b) Debt instrument is an issuance of CBS Broadcasting Inc., a wholly owned subsidiary of CBS Corp., and has no guarantor. (c) At December 31, 2018 and 2017, the senior debt balances included (i) a net unamortized discount of $58 million and $65 million, respectively, (ii) unamortized deferred financing costs of $43 million and $47 million, respectively, and (iii) a decrease in the carrying value of the debt relating to previously settled fair value hedges of $5 million and $3 million, respectively. The face value of the Company’s total debt was $10.26 billion at December 31, 2018 and $10.28 billion at December 31, 2017. During the year ended December 31, 2017, the Company issued $1.80 billion of senior notes and used the net proceeds for the redemption and repayment of $1.20 billion of senior notes, of which $800 million was redeemed prior to maturity, resulting in a pre-tax loss on early extinguishment of debt of $49 million ($31 million, net of tax). The remaining proceeds were used for general corporate purposes, including discretionary contributions to the Company’s qualified pension plans and the repayment of short-term borrowings, including commercial paper. At December 31, 2018, the Company classified $600 million of debt maturing in August 2019 as long-term debt on the Consolidated Balance Sheet, reflecting its intent and ability to refinance this debt on a long-term basis. At December 31, 2018, the Company’s scheduled maturities of long-term debt at face value, excluding capital leases, were as follows:
Commercial Paper The Company had outstanding commercial paper borrowings under its $2.50 billion commercial paper program of $674 million and $679 million at December 31, 2018 and 2017, respectively, each with maturities of less than 90 days. The weighted average interest rate for these borrowings was 3.02% and 1.88% at December 31, 2018 and 2017, respectively. Credit Facility At December 31, 2018, the Company had a $2.5 billion revolving credit facility (the “Credit Facility”) which expires in June 2021. The Company, at its option, may also borrow in certain foreign currencies up to specified limits under the Credit Facility. Borrowing rates under the Credit Facility are determined at the Company’s option at the time of each borrowing and are based generally on the prime rate in the U.S. or LIBOR plus a margin based on the Company’s senior unsecured debt rating. The Company pays a facility fee based on the total amount of the commitments. The Credit Facility requires the Company to maintain a maximum Consolidated Leverage Ratio of 4.5x at the end of each quarter as further described in the Credit Facility. At December 31, 2018, the Company’s Consolidated Leverage Ratio was approximately 3.1x. The Consolidated Leverage Ratio reflects the ratio of the Company’s indebtedness from continuing operations, adjusted to exclude certain capital lease obligations, at the end of a quarter, to the Company’s Consolidated EBITDA for the trailing four consecutive quarters. Consolidated EBITDA is defined in the Credit Facility as operating income plus interest income and before depreciation, amortization and certain other noncash items. |
Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | 9) FINANCIAL INSTRUMENTS The carrying value of financial instruments approximates fair value, except for notes and debentures, which are not recorded at fair value. At both December 31, 2018 and 2017, the carrying value of the Company’s senior debt was $9.43 billion and the fair value, which is estimated based on quoted market prices for similar liabilities (Level 2) and includes accrued interest, was $9.48 billion and $10.16 billion, respectively. The Company uses derivative financial instruments primarily to manage its exposure to market risks from fluctuations in foreign currency exchange rates. The Company does not use derivative instruments unless there is an underlying exposure and, therefore, the Company does not hold or enter into derivative financial instruments for speculative trading purposes. Foreign Exchange Contracts Foreign exchange forward contracts have principally been used to hedge projected cash flows, in currencies such as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar, generally for periods up to 24 months. The Company designates foreign exchange forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Gains or losses on the effective portion of designated cash flow hedges are initially recorded in other comprehensive income and reclassified to the statement of operations when the hedged item is recognized. Additionally, the Company enters into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows. At December 31, 2018 and 2017, the notional amount of all foreign currency contracts was $325 million and $410 million, respectively. Gains (losses) recognized on derivative financial instruments were as follows:
The fair value of the Company’s derivative instruments was not material to the Consolidated Balance Sheets for any of the periods presented. The Company continually monitors its positions with, and credit quality of, the financial institutions that are counterparties to its financial instruments. The Company is exposed to credit loss in the event of nonperformance by the counterparties to the agreements. However, the Company does not anticipate nonperformance by the counterparties. The Company’s receivables do not represent significant concentrations of credit risk at December 31, 2018 and 2017, due to the wide variety of customers, markets and geographic areas to which the Company’s products and services are sold.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 10) FAIR VALUE MEASUREMENTS The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2018 and 2017. 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.
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Stockholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | 11) STOCKHOLDERS’ EQUITY In general, CBS Corp. Class A Common Stock and CBS Corp. Class B Common Stock have the same economic rights; however, holders of CBS Corp. Class B Common Stock do not have any voting rights, except as required by law. Holders of CBS Corp. Class A Common Stock are entitled to one vote per share with respect to all matters on which the holders of CBS Corp. Common Stock are entitled to vote. Dividends—The Company declared a quarterly cash dividend on its Class A and Class B Common Stock during each of the four quarters of 2018, 2017, and 2016. For the years ended December 31, 2018, 2017 and 2016, the Company declared total per share dividends of $.72, $.72, and $.66, respectively, resulting in total annual dividends of $274 million, $289 million and $294 million, respectively. Dividends have been recorded as a reduction to additional paid-in capital as the Company has an accumulated deficit balance. Purchase of Company Stock—During 2018, the Company repurchased 11.5 million shares of CBS Corp. Class B Common Stock under its share repurchase program for $600 million, at an average cost of $52.06 per share. At December 31, 2018, $2.46 billion of authorization remained under the share repurchase program. Conversion Rights—Holders of Class A Common Stock have the right to convert their shares to Class B Common Stock as long as there are at least 5,000 shares of Class A Common Stock outstanding. Conversions of CBS Corp. Class A Common Stock into Class B Common Stock were 2.5 million for 2018 and 0.1 million for 2016. Conversions of CBS Corp. Class A Common Stock into Class B Common Stock for 2017 were minimal. Accumulated Other Comprehensive Income—The following table presents the changes in the components of accumulated other comprehensive income (loss).
(a) Reflects amortization of net actuarial losses which includes the accelerated recognition of a portion of the unamortized actuarial losses as a result of pension settlements for the years ended December 31, 2018, 2017 and 2016 (See Note 14). The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax benefit (provision) for the years ended December 31, 2018, 2017 and 2016 of $29 million, $(106) million and $(3) million, respectively.
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Stock-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | 12) STOCK-BASED COMPENSATION The Company has equity incentive plans (the “Plans”) under which stock options, RSUs and market-based performance share units (“PSUs”) were issued. The purpose of the Plans is to benefit and advance the interests of the Company by attracting, retaining and motivating participants and to compensate participants for their contributions to the financial success of the Company. The Plans provide for awards of stock options, stock appreciation rights, restricted and unrestricted shares, RSUs, dividend equivalents, performance awards and other equity-related awards. Upon exercise of stock options or vesting of RSUs, the Company issues new shares from its existing authorization. At December 31, 2018, there were 41 million shares available for future grant under the Plans. The following table summarizes the Company’s stock-based compensation expense for the years ended December 31, 2018, 2017 and 2016.
Stock-based compensation expenses for 2018 included forfeitures of $28 million and accelerations of $6 million relating to changes in senior management, which are included in “Restructuring and other corporate matters” on the Consolidated Statement of Operations. Included in net loss from discontinued operations was stock-based compensation expense of $2 million and $12 million for 2017 and 2016, respectively. RSUs and PSUs Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant and expensed over the vesting period, which is generally a one- to four-year service period. Certain RSU awards are also subject to satisfying performance conditions. Compensation expense is recorded based on the probable outcome of the performance conditions. Forfeitures for RSUs are estimated on the date of grant based on historical forfeiture rates. On an annual basis, the Company adjusts the compensation expense based on actual forfeitures and revises the forfeiture rate as necessary. The weighted average grant date fair value of RSUs was $53.96, $66.59 and $47.30 in 2018, 2017, and 2016, respectively. The total market value of RSUs that vested during 2018, 2017, and 2016 was $135 million, $193 million and $129 million, respectively. Total unrecognized compensation cost related to non-vested RSUs at December 31, 2018 was $164 million which is expected to be recognized over a weighted average period of 2.4 years. During 2018, 2017, and 2016, the Company also granted PSU awards. The number of shares to be issued upon vesting of the PSUs is based on the Company’s stock price performance over a designated measurement period, as well as the achievement of established operating goals. The fair value of PSU awards is determined using a Monte Carlo simulation model. Compensation expense for PSUs is expensed over the required employee service period. The fair value of the PSU awards granted during the years ended December 31, 2018, 2017 and 2016 was $16 million, $23 million and $4 million, respectively. All PSU awards were forfeited during 2018. The following table summarizes the Company’s RSU activity.
Stock Options Compensation expense for stock options is determined based on the grant date fair value of the award calculated using the Black-Scholes options-pricing model. Stock options generally vest over a three- to four-year service period and expire eight years from the date of grant. Forfeitures are estimated on the date of grant based on historical forfeiture rates. On an annual basis, the Company adjusts the compensation expense based on actual forfeitures and revises the forfeiture rate as necessary. The weighted average fair value of stock options as of the grant date was $14.48, $17.50 and $12.30 in 2018, 2017, and 2016, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
The expected stock price volatility is determined using a weighted average of historical volatility for CBS Corp. Class B Common Stock and implied volatility of publicly traded options to purchase CBS Corp. Class B Common Stock. Given the existence of an actively traded market for CBS Corp. options, the Company was able to derive implied volatility using publicly traded options to purchase CBS Corp. Class B Common Stock that were trading near the grant date of the employee stock options at a similar exercise price and a remaining term of greater than one year. The risk-free interest rate is based on a U.S. Treasury rate in effect on the date of grant with a term equal to the expected term. The expected term is determined based on historical employee exercise and post-vesting termination behavior. The expected dividend yield represents the Company’s future expectation of the dividend yield based on current rates and historical patterns of dividend changes. Total unrecognized compensation cost related to non-vested stock option awards at December 31, 2018 was $31 million, which is expected to be recognized over a weighted average period of 2.5 years. The following table summarizes the Company’s stock option activity under the Plans.
The following table summarizes other information relating to stock option exercises during the years ended December 31, 2018, 2017 and 2016.
The following table summarizes information concerning outstanding and exercisable stock options to purchase CBS Corp. Class B Common Stock under the Plans at December 31, 2018.
At December 31, 2018 stock options outstanding have a weighted average remaining contractual life of 4.08 years and the total intrinsic value for “in-the-money” options, based on the Company’s closing stock price of $43.72, was $25 million. At December 31, 2018 stock options exercisable have a weighted average remaining contractual life of 3.02 years and the total intrinsic value for “in-the-money” exercisable options was $25 million.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | 13) INCOME TAXES The U.S. and foreign components of earnings from continuing operations before income taxes and equity in loss of investee companies were as follows:
The components of the provision for income taxes were as follows:
In addition, included in net loss from discontinued operations was an income tax provision of $8 million and $124 million in 2017 and 2016, respectively. The equity in loss of investee companies is shown net of tax on the Company’s Consolidated Statements of Operations. The tax benefits relating to losses from equity investments in 2018, 2017, and 2016 were $19 million, $22 million, and $25 million, respectively, which represented an effective tax rate of 25.3%, 37.9% and 33.5% for 2018, 2017, and 2016, respectively. In 2018 and 2017, the Company realized tax benefits from the exercise of stock options and vesting of RSUs of $37 million and $104 million, respectively. The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the provision for income taxes is summarized as follows:
(a) Includes the reversal of a valuation allowance of $140 million relating to capital loss carryforwards that will be utilized in connection with the sale of CBS Television City in the first quarter of 2019. (b) 2016 includes a one-time tax benefit of $47 million associated with a multiyear adjustment to a tax deduction, which was approved by the IRS during the third quarter of 2016. The following table summarizes the components of deferred income tax assets and liabilities.
In addition to the deferred income taxes reflected in the table above, included in other liabilities on the Consolidated Balance Sheets are net deferred income tax assets of $12 million at both December 31, 2018 and 2017 relating to discontinued operations. At December 31, 2018, the Company had net operating loss carryforwards for federal, state and local, and foreign jurisdictions of approximately $1.73 billion, the majority of which expire in various years from 2019 through 2038. The 2018 and 2017 deferred income tax assets were reduced by a valuation allowance of $719 million and $974 million, respectively, principally relating to income tax benefits from capital losses and net operating losses in foreign jurisdictions which are not expected to be realized. In December 2017, the U.S. government enacted the Tax Reform Act which contained significant changes to U.S. federal tax law, including a reduction in the federal corporate tax rate from 35% to 21% and a one-time transition tax on cumulative foreign earnings and profits. For the year ended December 31, 2017, the Company recorded a net provisional charge of $129 million, reflecting the estimated transition tax of $407 million on cumulative foreign earnings and profits, offset by an estimated benefit of $278 million to adjust the Company’s deferred income tax balances as a result of the reduced corporate income tax rate. During 2018, the Company completed its analysis of these provisional amounts and recorded a charge of $15 million to adjust the estimated transition tax on cumulative foreign earnings and profits. In January 2019, the U.S. government issued guidance relating to the transition tax. The Company is currently evaluating the impact of this guidance, which will be recorded in the Company’s consolidated financial statements in the first quarter of 2019. The Tax Reform Act includes a deduction for foreign derived intangible income and a tax on global intangible low-taxed income (“GILTI”), which imposes a U.S. tax on certain income earned by the Company’s foreign subsidiaries. The Company elected to treat the tax on GILTI as a period cost when incurred and therefore, the tax on GILTI is included in its tax provision for the year ended December 31, 2018. Generally, the future remittance of foreign undistributed earnings will not be subject to U.S. federal income taxes under the provisions of the Tax Reform Act and as a result, for substantially all of its foreign subsidiaries, the Company does not intend to assert indefinite reinvestment of both cash held outside of the U.S. and future cash earnings. However, a future repatriation of cash could be subject to state and local income taxes, foreign income taxes, and withholding taxes. Accordingly, the Company recorded deferred income tax liabilities associated with future repatriations, which were not material to the Company’s consolidated financial statements. Additional income taxes have not been provided for outside basis differences inherent in these entities as these amounts continue to be indefinitely invested in foreign operations. The determination of the U.S. federal deferred income tax liability for such outside basis difference is not practicable. The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties.
The reserve for uncertain tax positions of $266 million at December 31, 2018 includes $249 million which would affect the Company’s effective income tax rate, including discontinued operations, if and when recognized in future years. The Company recognizes interest and penalty charges related to the reserve for uncertain tax positions as income tax expense. The Company recognized interest and penalties of $16 million for the year ended December 31, 2018, $6 million for the year ended December 31, 2017 and $7 million for the year ended December 31, 2016, in the Consolidated Statements of Operations. As of December 31, 2018 and 2017, the Company has recorded liabilities for accrued interest and penalties of $24 million and $14 million, respectively, on the Consolidated Balance Sheets. |
Pension and Other Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits | 14) PENSION AND OTHER POSTRETIREMENT BENEFITS The Company and certain of its subsidiaries sponsor qualified and non-qualified defined benefit pension plans, principally non-contributory, covering eligible employees. The majority of participants in these plans are retired employees or former employees of previously divested businesses. Most of the Company’s pension plans are closed to new entrants. The benefits for some plans are based primarily on an employee’s years of service and average pay near retirement. Benefits under other plans are based primarily on an employee’s pay for each year that the employee participated in the plan. Participating employees are vested in the plans after five years of service. The Company funds its pension plans in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”), the Pension Protection Act of 2006, the Internal Revenue Code of 1986 and other applicable rules and regulations. Plan assets consist principally of corporate bonds, equity securities and U.S. government securities. The Company’s common stock represents approximately 2.5% and 2.8% of the plan assets’ fair values at December 31, 2018 and 2017, respectively. During the first quarter of 2018, the Company adopted FASB amended guidance on the presentation of net benefit cost. This guidance requires the Company to present the service cost component of net benefit cost in the same line items on the statement of operations as other compensation costs of the related employees. All of the other components of net benefit cost are presented in the statement of operations separately from the service cost component and below the subtotal of operating income. As a result of the adoption of this guidance, the Company presented $63 million of net benefit costs in “Other items, net” on the Consolidated Statement of Operations for 2018 representing the components of net benefit cost other than service cost. This guidance is required to be applied retrospectively and therefore, the Company reclassified net benefit costs of $438 million and $281 million, including pension settlement charges, for 2017 and 2016, respectively, below operating income on the Consolidated Statements of Operations. All related amounts presented herein have been recast to conform to this presentation. During 2017, the Company purchased a group annuity contract under which an insurance company permanently assumed the Company’s obligation to pay and administer pension benefits to certain of the Company’s pension plan participants, or their designated beneficiaries, who had been receiving pension benefits. The purchase of this group annuity contract was funded with pension plan assets. As a result, the Company’s outstanding pension benefit obligation was reduced by approximately $800 million, which represented approximately 20% of the total obligations of the Company’s qualified pension plans. In connection with this transaction, the Company recorded a settlement charge of $352 million in 2017, reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan. Additionally, during 2017, the Company made discretionary contributions totaling $600 million to prefund its qualified pension plans. During 2016, the Company offered eligible former employees who had not yet initiated pension benefit payments the option to make a one-time election to receive the present value of their pension benefits as a lump-sum distribution or to commence an immediate monthly annuity benefit. As a result, the Company paid a total of $518 million of lump-sum distributions in 2016 using its pension plan assets, which represented 12% of the total obligations of its qualified pension plans. Accordingly, the Company recorded a settlement charge of $211 million, reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan. In addition, the Company sponsors health and welfare plans that provide postretirement health care and life insurance benefits to eligible retired employees and their covered dependents. Eligibility is based in part on certain age and service requirements at the time of their retirement. Most of the plans are contributory and contain cost-sharing features such as deductibles and coinsurance which are adjusted annually, as well as caps on the annual dollar amount the Company will contribute toward the cost of coverage. Claims are paid primarily with the Company’s funds. The Company uses a December 31 measurement date for all pension and other postretirement benefit plans. The following table sets forth the change in benefit obligation for the Company’s pension and postretirement benefit plans.
The following table sets forth the change in plan assets for the Company’s pension and postretirement benefit plans.
The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Company’s Consolidated Balance Sheets were as follows:
The Company’s qualified pension plans were underfunded by $478 million and $309 million at December 31, 2018 and 2017, respectively. The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.
The accumulated benefit obligation for all defined benefit pension plans was $3.58 billion and $3.96 billion at December 31, 2018 and 2017, respectively. Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.
The following tables present the components of net periodic benefit cost and amounts recognized in other comprehensive income (loss).
The service cost component of net periodic cost is presented on the Consolidated Statements of Operations within operating income. All other components of net periodic cost are presented below operating income, in “Other items, net” and “Pension settlement charges.” Included in net loss from discontinued operations was net periodic cost of $3 million and $2 million in 2017 and 2016, respectively.
(a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings. Estimated net actuarial losses and prior service costs related to the defined benefit pension plans of approximately $90 million and $1 million, respectively, will be amortized from accumulated other comprehensive loss into net periodic benefit costs in 2019. Estimated net actuarial gains related to the other postretirement benefit plans of approximately $18 million will be amortized from accumulated other comprehensive loss into net periodic benefit costs in 2019.
N/A - not applicable The discount rates are determined primarily based on the yield on a portfolio of high quality bonds, constructed to provide cash flows necessary to meet the Company’s pension plans’ expected future benefit payments, as determined for the projected benefit obligations. The expected return on plan assets assumption is derived using the current and expected asset allocation of the pension plan assets and considering historical as well as expected returns on various classes of plan assets. The following additional assumptions were used in accounting for postretirement benefits.
A one percentage point change in assumed health care cost trend rates would have the following effects:
Plan Assets The asset allocations for the Company’s U.S. qualified defined benefit pension plan trust and international pension plan trusts are based upon an analysis of the timing and amount of projected benefit payments, projected company contributions, the expected returns and risk of the asset classes and the correlation of those returns. The target asset allocation for the Company’s U.S. pension plan trust, which accounted for 97% of total plan assets at December 31, 2018, is to invest between 70% - 80% in long duration fixed income investments, 16% - 28% in equity securities and the remainder in cash and other investments. At December 31, 2018, this trust was invested approximately 75% in long duration fixed income securities, 22% in equity investments, and the remainder in cash, cash equivalents and other investments. Long duration fixed income investments consist of a diversified portfolio of fixed income instruments that are substantially all investment grade, with a duration that approximates the duration of the liabilities covered by the trust. All equity portfolios are diversified between U.S. and non-U.S. equities and include large and small capitalization equities. The asset allocations are reviewed regularly. The following tables set forth the Company’s pension plan assets measured at fair value on a recurring basis at December 31, 2018 and 2017. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset.
(a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse sectors and industries, substantially all investment grade. (c) In accordance with FASB guidance investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. (d) Underlying investments consist mainly of U.S. large capitalization and international equity securities. Money market investments are carried at amortized cost which approximates fair value due to the short-term maturity of these investments. Investments in equity securities are reported at fair value based on quoted market prices on national security exchanges. The fair value of investments in common collective funds and mutual funds are determined using the net asset value (“NAV”) provided by the administrator of the fund as a practical expedient. The NAV is determined by each fund’s trustee based upon the fair value of the underlying assets owned by the fund, less liabilities, divided by the number of outstanding units. The fair value of U.S. treasury securities is determined based on quoted market prices in active markets. The fair value of government related securities and corporate bonds is determined based on quoted market prices on national security exchanges, when available, or using valuation models which incorporate certain other observable inputs including recent trading activity for comparable securities and broker quoted prices. The fair value of mortgage-backed and asset-backed securities is based upon valuation models which incorporate available dealer quotes, projected cash flows and market information. The fair value of limited partnerships has been estimated using the NAV of the ownership interest. The NAV is determined using quarterly financial statements issued by the partnership which determine the value based on the fair value of the underlying investments. The table below sets forth a summary of changes in the fair value of investments reflected as Level 3 at December 31, 2018.
The Company’s other postretirement benefits plan assets of $1 million at December 31, 2018 were invested in U.S. money market funds, which are categorized as Level 2 assets. Future Benefit Payments Estimated future benefit payments are as follows:
In 2019, the Company expects to make contributions of approximately $60 million to its non-qualified pension plans to satisfy the benefit payments due under these plans. Also in 2019, the Company expects to contribute approximately $48 million to its other postretirement benefit plans to satisfy the Company’s portion of benefit payments due under these plans. Multiemployer Pension and Postretirement Benefit Plans The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective bargaining agreements that cover its union-represented employees including talent, writers, directors, producers and other employees, primarily in the entertainment industry. The other employers participating in these multiemployer plans are primarily in the entertainment and other related industries. The risks of participating in multiemployer plans are different from single-employer plans as assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers and if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. In addition, if the Company chooses to stop participating in some of its multiemployer plans it may be required to pay those plans a withdrawal liability based on the underfunded status of the plan. The financial health of a multiemployer plan is indicated by the zone status, as defined by the Pension Protection Act of 2006. Plans in the red zone are in critical status; those in the yellow zone are in endangered status; and those in the green zone are neither critical nor endangered. The table below presents information concerning the Company’s participation in multiemployer defined benefit pension plans.
(a) The Zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2018 and 2017. The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan which has a plan year ending November 30. (b) The Company was listed in AFTRA Retirement Plan’s Form 5500 as providing more than 5% of total contributions for the plan year ended November 30, 2017. (c) The expiration dates range from June 30, 2020 through June 30, 2021. (d) The expiration dates range from March 2, 2019 through July 31, 2021. (e) The Company was listed in I.A.T.S.E. Local No. 33 Pension Trust Fund’s Form 5500 as providing more than 5% of total contributions for the plan year ended December 31, 2017. As a result of the above noted zone status there were no funding improvements or rehabilitation plans implemented, as defined by ERISA, nor any surcharges imposed for any of the individual plans listed. The Company also contributes to multiemployer plans that provide postretirement healthcare, defined contribution and other benefits to certain employees under collective bargaining agreements. The contributions to these plans were $36 million, $30 million and $28 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company recognizes the net periodic cost for multiemployer pension and postretirement benefit plans based on the required contributions to the plans. Defined Contribution Plans The Company sponsors defined contribution plans for the benefit of substantially all employees meeting eligibility requirements. Employer contributions to such plans were $40 million, $42 million and $35 million for the years ended December 31, 2018, 2017 and 2016, respectively.
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Segment and Revenue Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Revenue Information | 15) SEGMENT AND REVENUE INFORMATION 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. During the fourth quarter of 2018, the Company began presenting CBS Sports Network in the Entertainment segment, to reflect changes in management structure and the integration of CBS Sports Network programming with the CBS Television Network. CBS Sports Network was previously included in the Cable Networks segment. Results for all periods presented have been reclassified to conform to this presentation.
Revenues generated between segments primarily reflect advertising sales, content licensing and station affiliation fees. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation.
The Company presents operating income (loss) excluding costs for restructuring and other corporate matters, programming charges and other operating items, net, each where applicable, (“Segment Operating Income”) as the primary measure of profit and loss for its operating segments (“segment profit measure”) in accordance with FASB guidance for segment reporting. The Company believes the presentation of Segment Operating Income is relevant and useful for investors because it allows investors to view segment performance in a manner similar to the primary method used by the Company’s management and enhances their ability to understand the Company’s operating performance.
(a) During the first quarter of 2018, the Company adopted amended FASB guidance on the presentation of net benefit cost. As a result, the components of net benefit cost other than the service cost component are presented in the statement of operations below the subtotal of operating income. All prior periods have been recast to conform to this presentation.
(a) Included in 2018 are forfeitures of $28 million and accelerations of $6 million relating to changes in senior management.
(a) Includes assets held for sale of $33 million and $34 million at December 31, 2018 and 2017, respectively. The following table presents the Company’s revenues disaggregated into categories based on the nature of such revenues.
(a) Revenue classifications are based on customers’ locations.
(a) Reflects total assets less current assets, investments and noncurrent deferred tax assets. |
Adoption of "Revenue From Contracts With Customers" |
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Adoption of Revenue From Contracts With Customers | 16) ADOPTION OF “REVENUE FROM CONTRACTS WITH CUSTOMERS” On January 1, 2018, the Company adopted FASB Accounting Standards Codification 606 (“ASC 606”) on the recognition of revenues using the modified retrospective method applied to all contracts. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606 while prior periods have not been adjusted. The Company recorded an increase to accumulated deficit of $261 million as of January 1, 2018 reflecting the cumulative impact of the adoption of ASC 606. The adoption of ASC 606 primarily resulted in two changes to the Company’s revenue recognition policies.
Revenues from the Company’s distribution of third-party content are now recognized based on the gross amount of consideration received from the customer, with an offsetting participation expense recognized for the fees paid to the third party. Under previous accounting guidance, such revenues, which include content licensing and distribution revenues and advertising revenues, were recognized at the net amount retained by the Company after the payment of fees to the third party. For the year ended December 31, 2018, revenues and operating expenses relating to such distribution arrangements were $279 million higher under ASC 606 than the amounts that would have been reported under previous accounting guidance, with no impact to operating income.
Revenues associated with the renewal of an existing license agreement are now recognized at the beginning of the renewal period. Under previous accounting guidance, these revenues were recognized upon the execution of such renewal. Content licensing and distribution revenue comparisons will continue to be impacted by fluctuations resulting from the timing of when Company-owned television series are made available for multiyear licensing agreements. Therefore, this change is not expected to have a material impact on the trend of the Company’s financial results. Additionally, historically, on an annual basis, revenues from renewals executed each year have approximated revenues associated with renewal periods that began in the same year. The following table presents the amount by which each applicable financial statement line item on the Consolidated Statement of Operations would have decreased for 2018 if license renewals were recognized under previous accounting guidance.
In addition, the adoption of ASC 606 resulted in certain classification changes on the Consolidated Balance Sheet. The primary change is the reclassification of the sales returns reserve relating to the publishing business to “Other current liabilities.” Such amount, which was $116 million at December 31, 2018, was previously presented as a reduction to receivables. The following table presents the amount by which each applicable financial statement line item on the Consolidated Balance Sheet at December 31, 2018 would increase (decrease) if all of the above changes resulting from the adoption of ASC 606 were presented under previous accounting guidance.
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Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | 17) DISCONTINUED OPERATIONS On November 16, 2017, the Company completed the split-off of CBS Radio through an exchange offer, in which the Company accepted 17.9 million shares of CBS Corp. Class B Common Stock from its stockholders in exchange for the 101.4 million shares of CBS Radio common stock that it owned. Immediately following the exchange offer, each share of CBS Radio common stock was converted into one share of Entercom Communications Corp. (“Entercom”) Class A common stock upon completion of the merger of CBS Radio and Entercom. CBS Radio has been presented as a discontinued operation in the consolidated financial statements for all periods presented. The following tables set forth details of net earnings (loss) from discontinued operations for the years ended December 31, 2017 and 2016.
(a) During 2017, prior to the split-off, CBS Radio was measured each reporting period at the lower of its carrying amount or fair value less cost to sell. The value of the transaction with Entercom was determined based on Entercom’s stock price at the closing of the transaction and therefore, the Company recorded a market value adjustment of $980 million in 2017 to adjust the carrying value of CBS Radio to the value indicated by the stock valuation of Entercom. (b) Reflects a tax benefit from the resolution of a tax matter in a foreign jurisdiction relating to a previously disposed business that was accounted for as a discontinued operation. (c) Reflects adjustments to the loss on disposal of the Company’s outdoor advertising businesses, primarily from a decrease to the guarantee liability associated with the 2013 disposal of the Company’s outdoor advertising business in Europe.
(a) Reflects a pretax noncash impairment charge of $444 million ($427 million, net of tax) to reduce the carrying value of CBS Radio’s goodwill by $408 million ($405 million, net of tax) and FCC licenses in 11 radio markets by $36 million ($22 million, net of tax). (b) Reflects a charge from the resolution of a tax matter in a foreign jurisdiction relating to a previously disposed business that was accounted for as a discontinued operation.
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Commitments and Contingencies |
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Commitments and Contingencies | 18) COMMITMENTS AND CONTINGENCIES The Company’s commitments not recorded on the balance sheet primarily consist of programming and talent commitments, operating lease arrangements and purchase obligations for goods and services resulting from the Company’s normal course of business. Programming and talent commitments of the Company, estimated to aggregate $8.98 billion as of December 31, 2018, primarily include $6.62 billion for sports programming rights, $1.71 billion relating to the production and licensing of television and film programming, and $660 million for talent contracts. The Company also has committed purchase obligations which include agreements to purchase goods or services in the future that totaled $795 million as of December 31, 2018. Other long-term contractual obligations recorded on the Company’s Consolidated Balance Sheet include program liabilities; participations due to producers; residuals; and a tax liability resulting from the enactment of the Tax Reform Act in December 2017. This tax liability reflects the estimated tax on the Company’s historical accumulated foreign earnings and profits, which is payable to the IRS over eight years. At December 31, 2018, commitments for programming and talent and purchase obligations not recorded on the balance sheet, and other long-term contractual obligations recorded on the balance sheet were payable as follows:
The Company has long-term noncancellable operating lease commitments for office space, equipment, transponders and studio facilities. The Company also enters into capital leases for satellite transponders. At December 31, 2018, future minimum rental payments under noncancellable operating leases with terms in excess of one year and payments under capital leases are as follows:
Future minimum operating lease payments have been reduced by future minimum sublease income of $30 million. Rent expense was $212 million in 2018, $181 million in 2017 and $167 million in 2016. Included in net earnings (loss) from discontinued operations was rent expense of $32 million in 2017 and $36 million in 2016. Guarantees The Company has indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. At December 31, 2018, the outstanding letters of credit and surety bonds approximated $100 million and were not recorded on the Consolidated Balance Sheet. In the course of its business, the Company both provides and receives indemnities which are intended to allocate certain risks associated with business transactions. Similarly, the Company may remain contingently liable for various obligations of a business that has been divested in the event that a third party does not live up to its obligations under an indemnification obligation. The Company records a liability for its indemnification obligations and other contingent liabilities when probable and reasonably estimable. Legal Matters General. On an ongoing basis, the Company vigorously defends itself in numerous lawsuits and proceedings and responds to various investigations and inquiries from federal, state, local and international authorities (collectively, “litigation’’). Litigation may be brought against the Company without merit, is inherently uncertain and always difficult to predict. However, based on its understanding and evaluation of the relevant facts and circumstances, the Company believes that the below-described legal matters and other litigation to which it is a party are not likely, in the aggregate, to have a material adverse effect on its results of operations, financial position or cash flows. Under the separation agreement between the Company and Viacom Inc., the Company and Viacom Inc. have agreed to defend and indemnify the other in certain litigation in which the Company and/or Viacom Inc. is named. Investigation-Related Matters. As announced on August 1, 2018, the Company’s Board of Directors (“Board”) retained two law firms to conduct a full investigation of the allegations in recent press reports about the Company’s former Chairman of the Board, President and Chief Executive Officer, Mr. Leslie Moonves, CBS News and cultural issues at all levels of the Company. On December 17, 2018, the Board announced the completion of the investigation, certain findings of the investigation and the Board’s determination, discussed below, with respect to the termination of Mr. Moonves’s employment. The Company has received subpoenas from the New York County District Attorney’s Office and the New York City Commission on Human Rights regarding the subject matter of this investigation and related matters. The New York State Attorney General’s Office has also requested information about these matters. The Company may receive additional related regulatory and investigative inquiries from these and other entities in the future. The Company is cooperating with these inquiries. On August 27, 2018 and on October 1, 2018, each of Gene Samit and John Lantz, respectively, filed putative class action suits in the United States District Court for the Southern District of New York, individually and on behalf of others similarly situated, for claims that are similar to those alleged in the amended complaint described below. On November 6, 2018, the Court entered an order consolidating the two actions. On November 30, 2018, the Court appointed Construction Laborers Pension Trust for Southern California as the lead plaintiff of the consolidated action. On February 11, 2019, the lead plaintiff filed a consolidated amended putative class action complaint against the Company, certain current and former senior executives and members of the Board. The consolidated action is stated to be on behalf of purchasers of the Company’s Class A Common Stock and Class B Common Stock between September 26, 2016 and December 4, 2018. This action seeks to recover damages arising during this time period allegedly caused by the defendants’ purported violations of the federal securities laws, including by allegedly making materially false and misleading statements or failing to disclose material information, and seeks costs and expenses as well as remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Separation Agreement. On September 9, 2018, the Company entered into a separation and settlement agreement and releases (the “Separation Agreement”) with Mr. Leslie Moonves, pursuant to which Mr. Moonves resigned as a director and as Chairman of the Board, President and Chief Executive Officer of the Company. Pursuant to the Separation Agreement, the Company is contributing the aggregate amount of $20 million toward various charitable organizations that support the #MeToo movement and equality for women in the workplace, which organizations were mutually agreed by the Company and Mr. Moonves. The Company has recorded the contribution of $20 million in “Restructuring and other corporate matters” on the Consolidated Statements of Operations for the year ended December 31, 2018. In October 2018, the Company contributed $120 million to a grantor trust. On December 17, 2018, the Board announced that, following its consideration of the findings of the investigation referred to above, it had determined that there were grounds to terminate Mr. Moonves’s employment for cause under his employment agreement with the Company. Any dispute related to the Board’s determination is subject to binding arbitration as set forth in the Separation Agreement. On January 16, 2019, Mr. Moonves notified the Company of his election to demand binding arbitration with respect to this matter and the related Board investigation. The assets of the grantor trust will remain in the trust until a final determination in the arbitration. The Company is currently unable to determine the outcome of the arbitration and the amount, if any, that may be awarded thereunder and, accordingly, no accrual for this matter has been made in the Company’s consolidated financial statements. Claims Related to Former Businesses: Asbestos. The Company is a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. The Company is typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of the Company’s products is the basis of a claim. Claims against the Company in which a product has been identified most commonly relate to allegations of exposure to asbestos-containing insulating material used in conjunction with turbines. 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 that some jurisdictions have established for claimants who allege minimal or no impairment. As of December 31, 2018, the Company had pending approximately 31,570 asbestos claims, as compared with approximately 31,660 as of December 31, 2017 and 33,610 as of December 31, 2016. During 2018, the Company received approximately 3,290 new claims and closed or moved to an inactive docket approximately 3,380 claims. The Company reports claims as closed when it becomes aware that a dismissal order has been entered by a court or when the Company has reached agreement with the claimants on the material terms of a settlement. Settlement costs depend on the seriousness of the injuries that form the basis of the claims, the quality of evidence supporting the claims and other factors. The Company’s total costs for the years 2018 and 2017 for settlement and defense of asbestos claims after insurance recoveries and net of tax were approximately $45 million and $57 million, respectively. The Company’s costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses. The Company believes that its reserves and insurance are adequate to cover its asbestos liabilities. This belief is based upon many factors and assumptions, including the number of outstanding claims, estimated average cost per claim, the breakdown of claims by disease type, historic claim filings, costs per claim of resolution and the filing of new claims. While the number of asbestos claims filed against the Company has remained generally flat in recent years, it is difficult to predict future asbestos liabilities, as events and circumstances may occur, including, among others, the number and types of claims and average cost to resolve such claims, which could affect the Company’s estimate of its asbestos liabilities. Other. The Company from time to time receives claims from federal and state environmental regulatory agencies and other entities asserting that it is or may be liable for environmental cleanup costs and related damages principally relating to historical and predecessor operations of the Company. In addition, the Company from time to time receives personal injury claims including toxic tort and product liability claims (other than asbestos) arising from historical operations of the Company and its predecessors.
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Supplemental Financial Information |
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Additional Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information | 19) SUPPLEMENTAL FINANCIAL INFORMATION The following table presents the components of Other items, net on the Consolidated Statements of Operations.
Supplemental Cash Flow Information
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Quarterly Financial Data (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) | 20) QUARTERLY FINANCIAL DATA (unaudited):
(a) During the fourth quarter of 2018, the Company began presenting CBS Sports Network in the Entertainment segment, to reflect changes in management structure and the integration of CBS Sports Network programming with the CBS Television Network. CBS Sports Network was previously included in the Cable Networks segment. Results for all periods presented have been reclassified to conform to this presentation. The following table provides the impact on the Company’s revenues and Segment Operating Income by segment for 2018 as a result of this change. There was no change to the Company’s total revenues or total operating income.
(b) The fourth quarter of 2018 includes the reversal of a valuation allowance of $140 million relating to capital loss carryforwards that will be utilized in connection with the sale of CBS Television City in the first quarter of 2019.
(a) During the first quarter of 2018, the Company adopted amended FASB guidance on the presentation of net benefit cost. As a result, the components of net benefit cost other than the service cost component are presented in the statement of operations below the subtotal of operating income. All prior periods have been recast to conform to this presentation. This change resulted in an increase to total operating income of $22 million, $21 million, $22 million and $373 million for the first quarter, second quarter, third quarter and fourth quarter of 2017, respectively. (b) CBS Radio has been presented as a discontinued operation for all periods presented. In the fourth quarter of 2017, the Company recorded a loss on the split-off of CBS Radio of $105 million. During 2017, prior to the split-off, the Company recorded a market value adjustment of $980 million, including a charge of $715 million, a charge of $365 million and a gain of $100 million in the first, second and third quarter, respectively, to reduce the carrying value of CBS Radio to the value indicated by the stock valuation of Entercom (See Note 17). (c) In the fourth quarter of 2017, the Company recorded a pension settlement charge of $352 million for the settlement of pension obligations resulting from the transfer of pension obligations to an insurance company through the purchase of a group annuity contract (See Note 14). (d) In the fourth quarter of 2017, the Company recorded a provisional charge of $129 million resulting from the enactment of the Tax Reform Act. (e) During the fourth quarter of 2018, the Company began presenting CBS Sports Network in the Entertainment segment, to reflect changes in management structure and the integration of CBS Sports Network programming with the CBS Television Network. CBS Sports Network was previously included in the Cable Networks segment. Results for all periods presented have been reclassified to conform to this presentation. The following table provides the impact on the Company’s revenues and Segment Operating Income by segment for 2017 as a result of this change. There was no change to the Company’s total revenues or total operating income.
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Condensed Consolidating Financial Statements |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Statements | 21) 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 8). 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.
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Schedule II - Valuation and Qualifying Accounts |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (Tabular dollars in millions)
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
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Dec. 31, 2018 | |||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
Principles of Consolidation | Principles of Consolidation—The consolidated financial statements include the accounts of CBS Corp. and all of its subsidiaries in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third party participating rights. Investments over which the Company has a significant influence or ownership of more than 20% but less than or equal to 50%, without a controlling interest, are accounted for under the equity method. Investments of 20% or less, over which the Company has no significant influence, that do not have a readily determinable fair value, are measured at cost less impairment, if any, and adjusted for observable price changes. If the fair value is readily determinable, the investment is measured at fair value. Intercompany transactions have been eliminated. | ||||||||||
Reclassifications | Reclassifications-Certain amounts reported for prior years have been reclassified to conform to the current year’s presentation. | ||||||||||
Use of Estimates | Use of Estimates—The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures 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 vary from these estimates under different assumptions or conditions. | ||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents—Cash and cash equivalents consist of cash on hand and highly liquid investments with maturities of three months or less at the date of purchase, including money market funds, commercial paper and bank time deposits. | ||||||||||
Programming Inventory | Programming Inventory—The Company acquires rights to programming and produces programming to exhibit on its broadcast and cable networks, broadcast television stations, direct to consumers through its digital streaming services and the internet, and in theaters. The costs incurred in acquiring and producing programs are capitalized and amortized over the license period or projected useful life of the programming. Program rights and the related liabilities are recorded at the gross amount of the liabilities when the license period has begun, the cost of the program is determinable, and the program is accepted and available for airing. Television production costs (which include direct production costs, production overhead and acquisition costs) are stated at the lower of unamortized cost or net realizable value. The Company then estimates total revenues to be earned and costs to be incurred throughout the life of each television program. For television programming, estimates for remaining total lifetime revenues are initially limited to the amount of revenue contracted for each episode in the initial market. Accordingly, television programming costs and participation costs incurred in excess of the amount of revenue contracted for each episode in the initial market are expensed as incurred on an episode by episode basis. Estimates for all secondary market revenues such as domestic and foreign syndication, basic cable, digital streaming, home entertainment and merchandising are included in the estimated lifetime revenues of such television programming once it can be demonstrated that a program can be successfully licensed in such secondary market. For each television program, management bases these estimates on the performance in the initial markets, the existence of future firm commitments to sell and the past performance of similar television programs. Television programming costs incurred subsequent to the establishment of the secondary market are initially capitalized and amortized, and estimated liabilities for participations are accrued, based on the proportion that current period revenues bear to the estimated remaining total lifetime revenues. The costs incurred in acquiring television series and feature film programming are capitalized when the program is accepted and available for airing. These costs are amortized over the period in which an economic benefit is expected to be derived based on the timing of the Company’s usage of and benefit from such programming. The costs of programming rights licensed under multi-year sports programming agreements are capitalized if the rights payments are made before the related economic benefit has been received. These costs are expensed over the period in which an economic benefit is expected to be derived based on the relative value of the events broadcast by the Company during a period. The relative value for an event is determined based on the revenues generated for that event in relation to the estimated total revenues over the remaining term of the sports programming agreement. |
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Property and Equipment | Property and Equipment—Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives as follows:
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Impairment of Long-Lived Assets | Impairment of Long-Lived Assets—The Company assesses long-lived assets and intangible assets, other than goodwill and intangible assets with indefinite lives, for impairment whenever there is an indication that the carrying amount of the asset may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows expected to be generated by these assets to their net carrying value. If the carrying value is not recoverable, the amount of impairment loss, if any, will be measured by the difference between the net carrying value and the estimated fair value of the asset. | ||||||||||
Impairment of Investments | Impairment of Investments—Investments are reviewed for impairment on a quarterly basis by comparing their fair value to their respective carrying amounts. The Company determines the fair value of public company investments by reference to their publicly traded stock price. With respect to private company investments, the Company makes its estimate of fair value by considering recent investee equity transactions, discounted cash flow analyses, recent operating results, estimates based on comparable public company operating cash flow multiples and, in certain situations, balance sheet liquidation values. The amount of impairment loss, if any, will be measured by the difference between the net carrying amount and the market value or estimated fair value of the investment. |
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Goodwill and Intangible Assets | Goodwill and Intangible Assets—Goodwill is allocated to various reporting units, which are at or one level below the Company’s operating segments. Intangible assets with finite lives, which primarily consist of trade names, are generally amortized using the straight-line method over their estimated useful lives, which range from 4 to 40 years. Goodwill and other intangible assets with indefinite lives, which consist of FCC licenses and international broadcast licenses, are not amortized but are tested for impairment on an annual basis and between annual tests if events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. If the carrying value of goodwill or the intangible asset exceeds its fair value, an impairment loss is recognized | ||||||||||
Revenue Recognition | Revenues Advertising Revenues—Advertising revenues are recognized when the advertising spots are aired on television or displayed on digital platforms. If there is a guarantee to deliver a targeted audience rating or number of impressions, the delivery of the advertising spots that achieve the guarantee represents the performance obligation and revenues are recognized based on the proportion of the audience rating or impressions delivered to the total guaranteed in the contract. Audience ratings and impressions are determined based on data provided by independent third-party companies. Advertising contracts, which are generally short-term, are billed monthly, with payments due shortly after the invoice date. Advertising revenues are primarily generated by the Entertainment and Local Media segments. Content Licensing and Distribution Revenues—Content licensing and distribution revenues are generated from the licensing of internally-produced television programming, fees from the distribution of third-party programming, and the publishing and distribution of consumer books. Program Licensing and Distribution For licenses of internally-produced television programming, each individual episode delivered represents a separate performance obligation and revenues are recognized when the episode is made available to the licensee for exhibition and the license period has begun. For license agreements containing multiple deliverables, revenues are allocated based on the relative standalone selling price of each episode of a television series, which is based on licenses for comparable series within the marketplace. Agreements to license programming are often long term, with collection terms ranging from one to five years. The Company also distributes programs on behalf of third parties. In such arrangements, the Company generally obtains control of the program before selling it to the customer. Therefore, revenues from such distribution arrangements, which include both content licensing and advertising revenues, are recognized based on the gross amount of consideration received from the customer, with a participation expense recognized for the fees paid to the third-party producer. Substantially all of the Company’s program licensing and distribution revenues are generated by the Entertainment segment, with the remainder generated by the Cable Networks segment. Publishing Publishing revenues are recognized when merchandise is shipped or electronically delivered to the consumer. Consumer print books are generally sold with a right of return. The Company records a returns reserve and corresponding decrease in revenue at the time of sale based upon historical trends. For publishing revenues, payments are due shortly after shipment or electronic delivery. Affiliate and Subscription Fees—A majority of the Company’s affiliate and subscription fees are generated by the Cable Networks segment and consist of fees received from multichannel video programming distributors (“MVPDs”) and third-party live television digital streaming offerings (“virtual MVPDs”) for carriage of the Company’s cable networks and subscription fees for the Showtime direct-to-consumer digital streaming subscription offering. The Entertainment segment generates affiliate and subscription fees primarily from television stations affiliated with the CBS Television Network and subscribers to CBS All Access, its owned streaming subscription service. In addition, the Local Media segment generates retransmission fees from MVPDs and virtual MVPDs for carriage of the Company’s television stations. Costs for advertising and marketing services provided to the Company by cable, satellite and other distributors are recorded in selling, general and administrative expenses. |
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Collaborative Arrangements | Collaborative Arrangements—Collaborative arrangements primarily consist of joint efforts with third parties to produce and distribute programming such as television series and live sporting events, including the agreement between the Company and Turner Broadcasting System, Inc. to telecast the NCAA Division I Men’s Basketball Championship (“NCAA Tournament”), which runs through 2032. In connection with this agreement for the NCAA Tournament, advertisements aired on the CBS Television Network are recorded as revenues and the Company’s share of the program rights fees and other operating costs are recorded as operating expenses. |
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Advertising | Advertising—Advertising costs are expensed as incurred. | ||||||||||
Interest | Interest—Costs associated with the refinancing or issuance of debt, as well as debt discounts or premiums, are recorded as interest over the term of its related debt. The Company may enter into interest rate exchange agreements; the amount to be paid or received under such agreements is accrued and recognized over the life of the agreements as an adjustment to interest expense. | ||||||||||
Income Taxes | Income Taxes—The provision for income taxes includes federal, state, local, and foreign taxes. Deferred tax assets and liabilities are recognized for the estimated future tax effects of temporary differences between the financial statement carrying amounts and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. The Company evaluates the realizability of deferred tax assets and establishes a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. For tax positions taken in a previously filed tax return or expected to be taken in a future tax return, the Company evaluates each position to determine whether it is more likely than not that the tax position will be sustained upon examination, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is subject to a measurement assessment to determine the amount of benefit to be recognized in the Consolidated Statement of Operations and the appropriate reserve to establish, if any. If a tax position does not meet the more-likely-than-not recognition threshold a tax reserve is established and no benefit is recognized. A number of years may elapse before a tax return containing tax matters for which a reserve has been established is audited and finally resolved. | ||||||||||
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions—The Company’s assets and liabilities denominated in foreign currencies are translated at foreign exchange rates in effect at the balance sheet date, while results of operations are translated at average foreign exchange rates for the respective periods. The resulting translation gains or losses are included as a separate component of stockholders’ equity in accumulated other comprehensive income (loss). Foreign currency transaction gains and losses have been included in “Other items, net” in the Consolidated Statements of Operations. | ||||||||||
Provision for Doubtful Accounts | Provision for Doubtful Accounts—The provision for doubtful accounts is estimated based on historical bad debt experience, the aging of accounts receivable, industry trends and economic indicators, as well as recent payment history for specific customers. | ||||||||||
Net Earnings (Loss) per Common Share | Net Earnings (Loss) per Common Share—Basic earnings (loss) per share (“EPS”) is based upon net earnings (loss) divided by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) only in the periods in which such effect would have been dilutive. | ||||||||||
Stock-based Compensation | Stock-based Compensation-The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized over the vesting period during which an employee is required to provide service in exchange for the award. | ||||||||||
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements Revenue from Contracts with Customers During the first quarter of 2018, the Company adopted Financial Accounting Standards Board (“FASB”) guidance on the recognition of revenues which provides a single, comprehensive revenue recognition model for all contracts with customers and supersedes most existing revenue recognition guidance. The main principle under this guidance is that an entity should recognize revenue at the amount it expects to be entitled to in exchange for the transfer of goods or services to customers. The Company applied the modified retrospective method of adoption with the cumulative effect of the initial adoption of $261 million reflected as an adjustment to the opening balance of accumulated deficit as of January 1, 2018. Prior periods continue to be presented under previous accounting guidance (See Note 16). Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost During the first quarter of 2018, the Company adopted FASB amended guidance on the presentation of net periodic pension and postretirement benefit cost (“net benefit cost”). This guidance requires the Company to present the service cost component of net benefit cost in the same line items on the statement of operations as other compensation costs of the related employees. All of the other components of net benefit cost are presented in the statement of operations separately from the service cost component and below the subtotal of operating income. As a result of the adoption of this guidance, the Company presented $63 million of net benefit costs in “Other items, net” on the Consolidated Statement of Operations for 2018 representing the components of net benefit cost other than service cost. This guidance is required to be applied retrospectively and therefore, the Company reclassified net benefit costs of $438 million and $281 million, including pension settlement charges, below operating income for 2017 and 2016, respectively, on the Consolidated Statements of Operations (See Note 14). All related amounts presented herein have been recast to conform to this presentation. Stock Compensation: Scope of Modification Accounting During the first quarter of 2018, the Company adopted FASB amended guidance on the accounting for stock-based compensation which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under this guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award as equity or liability changes as a result of the change in the terms or conditions of a share-based payment award. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements. Clarifying the Definition of a Business During the first quarter of 2018, the Company adopted FASB amended guidance on the accounting for business combinations which clarifies the definition of a business and assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under this guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or group of similar assets), the assets acquired would not represent a business. In addition, in order to be considered a business, an acquisition would have to include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The amended guidance also narrows the definition of outputs by more closely aligning it with how outputs are described in FASB guidance for revenue recognition. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements. Intra-Entity Transfers of Assets Other than Inventory During the first quarter of 2018, the Company adopted FASB amended guidance on the accounting for income taxes, which eliminates the exception in existing guidance that defers the recognition of the tax effects of intra-entity asset transfers other than inventory until the transferred asset is sold to a third party. Under this guidance, an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements. Statement of Cash Flows: Restricted Cash During 2018, the Company adopted FASB amended guidance on the presentation of restricted cash in the statement of cash flows. The guidance requires companies to include restricted cash and restricted cash equivalents in their cash and cash equivalents balance in the statements of cash flows. This guidance also requires a reconciliation of the total of cash, cash equivalents, restricted cash and restricted cash equivalents on the statement of cash flows to the related balance sheet line items. This guidance is required to be applied retrospectively; however, it did not have an impact on the Company’s consolidated financial statements for prior years. Accounting Pronouncements Not Yet Adopted Collaborative Arrangements: Clarifying the Interaction with the New Revenue Standard In November 2018, the FASB issued guidance to clarify that certain transactions between parties to collaborative arrangements should be accounted for in accordance with FASB revenue guidance when the counterparty is a customer. This guidance also prohibits the presentation of collaborative arrangements as revenues from contracts with customers if the counterparty is not a customer. This guidance, which is required to be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted, is not expected to have an impact on the Company’s consolidated financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract In August 2018, the FASB issued guidance on the accounting for implementation costs of a cloud computing arrangement that is considered to be a service contract. This guidance requires companies to follow the guidance for capitalizing costs associated with internal-use software to determine which costs to capitalize in a cloud computing arrangement that is a service contract. The guidance also specifies the financial statement presentation for capitalized implementation costs and the related amortization, as well as required financial statement disclosures. The Company is currently evaluating the impact of this guidance, which is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued amended guidance that eliminates, adds and clarifies certain disclosure requirements for defined benefit pension or other postretirement plans. The Company is currently evaluating the impact of this guidance, which is required to be applied retrospectively and is effective for annual periods ending after December 15, 2020, with early adoption permitted. Changes to the Disclosure Requirements for Fair Value Measurements In August 2018, the FASB issued amended guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. This guidance, which is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted, is not expected to have an impact on the Company’s consolidated financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued amended guidance that permits an entity to reclassify the income tax effects of federal tax legislation enacted in December 2017 (the “Tax Reform Act”) on items within accumulated other comprehensive income to retained earnings. The Company is currently evaluating the impact of this guidance, which is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued amended guidance for hedge accounting, which expands the eligibility of hedging strategies that qualify for hedge accounting, modifies the recognition and presentation of hedges in the financial statements, and changes how companies assess hedge effectiveness. In addition, this guidance amends and expands disclosure requirements. This guidance, which is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted, is not expected to have a material impact on the Company’s consolidated financial statements. Leases In February 2016, the FASB issued new guidance on the accounting for leases, which supersedes previous lease guidance. Under this guidance, for all leases with terms in excess of one year, including operating leases, the Company will be required to recognize on its balance sheet a lease liability and a right-of-use asset representing its right to use the underlying asset for the lease term. The new guidance retains a distinction between finance leases and operating leases and the classification criteria is substantially similar to previous guidance. Additionally, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed. This guidance is effective for the Company in the first quarter of 2019. The Company will apply the modified retrospective method of adoption as of January 1, 2019 and comparative periods will continue to be presented under existing lease guidance. The Company is still in the process of evaluating the impact of this guidance, including reviewing its lease portfolio as well as implementing new lease accounting software for administering its leases under the new guidance and therefore the estimated impact on the Company’s Consolidated Balance Sheet cannot currently be determined. This change is not expected to have a material impact on the Company’s Consolidated Statement of Operations.
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Basis of Presentation and Summary of Significant Accounting Policies (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment—Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives as follows:
(a) Accumulated amortization of capital leases was $106 million and $112 million at December 31, 2018 and 2017, respectively.
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Reconciliation from Basic to Diluted Shares | The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.
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Property and Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment—Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives as follows:
(a) Accumulated amortization of capital leases was $106 million and $112 million at December 31, 2018 and 2017, respectively.
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Book Value of Goodwill by Segment | he following tables present the changes in the book value of goodwill by segment for the years ended December 31, 2018 and 2017. During the fourth quarter of 2018, the Company began presenting CBS Sports Network, which was previously included in the Cable Networks segment, in the Entertainment segment. As a result, goodwill of $261 million associated with CBS Sports Network has been reclassified from Cable Networks to Entertainment for all periods presented.
(a) Amount reflects the acquisition of a digital entertainment media company.
(a) Amount reflects the acquisitions of a television production business and a digital sports publishing business. (b) Amount relates to the acquisition of a publishing business in the fourth quarter of 2016.
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Schedule of Indefinite-lived Intangible Assets | The Company’s intangible assets were as follows:
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Schedule of Finite-lived Intangible Assets | The Company’s intangible assets were as follows:
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Finite-lived Intangible Assets Amortization Expense | Amortization expense was as follows:
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Schedule of Expected Amortization Expense | The Company expects its aggregate annual amortization expense for existing intangible assets subject to amortization for each of the years, 2019 through 2023, to be as follows:
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Restructuring, Programming Charges and Other Corporate Matters (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve Rollforward |
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Programming and Other Inventory (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Programming and Other Inventory |
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Noncurrent Programming and Other Inventory |
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Related Parties (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Amounts Due from Viacom Inc | The following table presents the amounts due from Viacom Inc. in the normal course of business as reflected on the Company’s Consolidated Balance Sheets. Amounts due to Viacom Inc. were minimal at December 31, 2018 and 2017.
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Bank Financing and Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The Company’s debt consists of the following (a):
(a) Unless otherwise noted, the long-term debt instruments are issuances of CBS Corp. and are guaranteed by CBS Operations Inc. (b) Debt instrument is an issuance of CBS Broadcasting Inc., a wholly owned subsidiary of CBS Corp., and has no guarantor. (c) At December 31, 2018 and 2017, the senior debt balances included (i) a net unamortized discount of $58 million and $65 million, respectively, (ii) unamortized deferred financing costs of $43 million and $47 million, respectively, and (iii) a decrease in the carrying value of the debt relating to previously settled fair value hedges of $5 million and $3 million, respectively. The face value of the Company’s total debt was $10.26 billion at December 31, 2018 and $10.28 billion at December 31, 2017.
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Scheduled Maturities of Long-term Debt at Face Value | At December 31, 2018, the Company’s scheduled maturities of long-term debt at face value, excluding capital leases, were as follows:
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Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Gains (losses) recognized on derivative financial instruments were as follows:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2018 and 2017. 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.
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Stockholders' Equity (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income—The following table presents the changes in the components of accumulated other comprehensive income (loss).
(a) Reflects amortization of net actuarial losses which includes the accelerated recognition of a portion of the unamortized actuarial losses as a result of pension settlements for the years ended December 31, 2018, 2017 and 2016 (See Note 14).
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Stock-Based Compensation (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation | The following table summarizes the Company’s stock-based compensation expense for the years ended December 31, 2018, 2017 and 2016.
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Rollforward of RSU Activity | The following table summarizes the Company’s RSU activity.
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Weighted Average Assumptions for Black-Scholes Option Pricing Model | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
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Rollforward of Stock Option Activity | The following table summarizes the Company’s stock option activity under the Plans.
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Stock Option Exercise Information | The following table summarizes other information relating to stock option exercises during the years ended December 31, 2018, 2017 and 2016.
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Stock Options Outstanding and Exercisable by Price | The following table summarizes information concerning outstanding and exercisable stock options to purchase CBS Corp. Class B Common Stock under the Plans at December 31, 2018.
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Income Taxes (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. and Foreign Components of Earnings From Continuing Operations Before Income Taxes and Equity in Loss of Investee Companies | The U.S. and foreign components of earnings from continuing operations before income taxes and equity in loss of investee companies were as follows:
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Income Tax Provision Components | The components of the provision for income taxes were as follows:
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Reconciliation of U.S. Federal Statutory Income Tax Rate | The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the provision for income taxes is summarized as follows:
(a) Includes the reversal of a valuation allowance of $140 million relating to capital loss carryforwards that will be utilized in connection with the sale of CBS Television City in the first quarter of 2019. (b) 2016 includes a one-time tax benefit of $47 million associated with a multiyear adjustment to a tax deduction, which was approved by the IRS during the third quarter of 2016.
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Components of Deferred Income Tax Assets and Liabilities | The following table summarizes the components of deferred income tax assets and liabilities.
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Change in Reserve for Uncertain Tax Positions | The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties.
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Pension and Other Postretirement Benefits (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Benefit Obligations | The following table sets forth the change in benefit obligation for the Company’s pension and postretirement benefit plans.
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Change in Plan Assets | The following table sets forth the change in plan assets for the Company’s pension and postretirement benefit plans.
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Funded Status and Amounts Recognized on Consolidated Balance Sheets | The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Company’s Consolidated Balance Sheets were as follows:
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Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.
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Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.
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Components of Net Periodic Benefit Cost | The following tables present the components of net periodic benefit cost and amounts recognized in other comprehensive income (loss).
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Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
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Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Costs |
N/A - not applicable |
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Assumptions Regarding Heath Care Cost Trend Rates for Postretirement Benefits | The following additional assumptions were used in accounting for postretirement benefits.
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Impact of One Percentage Point Change in Assumed Health Care Trend Rates | A one percentage point change in assumed health care cost trend rates would have the following effects:
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Fair Value of Pension Plan Assets | The following tables set forth the Company’s pension plan assets measured at fair value on a recurring basis at December 31, 2018 and 2017. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. Level 1 is based on quoted prices for the asset in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset in inactive markets or quoted prices for similar assets. Level 3 is based on unobservable inputs that market participants would use in pricing the asset.
(a) Assets categorized as Level 2 reflect investments in money market funds. (b) Securities of diverse sectors and industries, substantially all investment grade. (c) In accordance with FASB guidance investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. (d) Underlying investments consist mainly of U.S. large capitalization and international equity securities.
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Changes in Fair Value of Level 3 Assets | The table below sets forth a summary of changes in the fair value of investments reflected as Level 3 at December 31, 2018.
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Estimated Future Benefit Payments | Estimated future benefit payments are as follows:
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Participation in Multi-employer Defined Benefit Pension Plan | The table below presents information concerning the Company’s participation in multiemployer defined benefit pension plans.
(a) The Zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2018 and 2017. The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan which has a plan year ending November 30. (b) The Company was listed in AFTRA Retirement Plan’s Form 5500 as providing more than 5% of total contributions for the plan year ended November 30, 2017. (c) The expiration dates range from June 30, 2020 through June 30, 2021. (d) The expiration dates range from March 2, 2019 through July 31, 2021. (e) The Company was listed in I.A.T.S.E. Local No. 33 Pension Trust Fund’s Form 5500 as providing more than 5% of total contributions for the plan year ended December 31, 2017.
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Segment and Revenue Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Segment | The following tables set forth the Company’s financial performance by reportable segment. The Company’s operating segments, which are the same as its reportable segments, have been determined in accordance with the Company’s internal management structure, which is organized based upon products and services. During the fourth quarter of 2018, the Company began presenting CBS Sports Network in the Entertainment segment, to reflect changes in management structure and the integration of CBS Sports Network programming with the CBS Television Network. CBS Sports Network was previously included in the Cable Networks segment. Results for all periods presented have been reclassified to conform to this presentation.
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Intercompany Revenues by Segment |
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Operating Income (Loss) by Segment |
(a) During the first quarter of 2018, the Company adopted amended FASB guidance on the presentation of net benefit cost. As a result, the components of net benefit cost other than the service cost component are presented in the statement of operations below the subtotal of operating income. All prior periods have been recast to conform to this presentation. |
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Depreciation and Amortization, Stock-based Compensation and Capital Expenditures |
(a) Included in 2018 are forfeitures of $28 million and accelerations of $6 million relating to changes in senior management.
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Assets by Segment |
(a) Includes assets held for sale of $33 million and $34 million at December 31, 2018 and 2017, respectively. |
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Disaggregation of Revenue | The following table presents the Company’s revenues disaggregated into categories based on the nature of such revenues.
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Revenues by Customer Location |
(a) Revenue classifications are based on customers’ locations. |
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Long-lived Assets by Geographic Area |
(a) Reflects total assets less current assets, investments and noncurrent deferred tax assets. |
Adoption of "Revenue From Contracts With Customers" (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Statements Impacted by ASC 606 | The following table presents the amount by which each applicable financial statement line item on the Consolidated Balance Sheet at December 31, 2018 would increase (decrease) if all of the above changes resulting from the adoption of ASC 606 were presented under previous accounting guidance.
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Discontinued Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Discontinued Operations | The following tables set forth details of net earnings (loss) from discontinued operations for the years ended December 31, 2017 and 2016.
(a) During 2017, prior to the split-off, CBS Radio was measured each reporting period at the lower of its carrying amount or fair value less cost to sell. The value of the transaction with Entercom was determined based on Entercom’s stock price at the closing of the transaction and therefore, the Company recorded a market value adjustment of $980 million in 2017 to adjust the carrying value of CBS Radio to the value indicated by the stock valuation of Entercom. (b) Reflects a tax benefit from the resolution of a tax matter in a foreign jurisdiction relating to a previously disposed business that was accounted for as a discontinued operation. (c) Reflects adjustments to the loss on disposal of the Company’s outdoor advertising businesses, primarily from a decrease to the guarantee liability associated with the 2013 disposal of the Company’s outdoor advertising business in Europe.
(a) Reflects a pretax noncash impairment charge of $444 million ($427 million, net of tax) to reduce the carrying value of CBS Radio’s goodwill by $408 million ($405 million, net of tax) and FCC licenses in 11 radio markets by $36 million ($22 million, net of tax). (b) Reflects a charge from the resolution of a tax matter in a foreign jurisdiction relating to a previously disposed business that was accounted for as a discontinued operation.
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Commitments and Contingencies (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments | At December 31, 2018, commitments for programming and talent and purchase obligations not recorded on the balance sheet, and other long-term contractual obligations recorded on the balance sheet were payable as follows:
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Supplemental Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Items, Net | The following table presents the components of Other items, net on the Consolidated Statements of Operations.
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Supplemental Cash Flow Information |
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Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) |
(a) During the fourth quarter of 2018, the Company began presenting CBS Sports Network in the Entertainment segment, to reflect changes in management structure and the integration of CBS Sports Network programming with the CBS Television Network. CBS Sports Network was previously included in the Cable Networks segment. Results for all periods presented have been reclassified to conform to this presentation. The following table provides the impact on the Company’s revenues and Segment Operating Income by segment for 2018 as a result of this change. There was no change to the Company’s total revenues or total operating income.
(b) The fourth quarter of 2018 includes the reversal of a valuation allowance of $140 million relating to capital loss carryforwards that will be utilized in connection with the sale of CBS Television City in the first quarter of 2019.
(a) During the first quarter of 2018, the Company adopted amended FASB guidance on the presentation of net benefit cost. As a result, the components of net benefit cost other than the service cost component are presented in the statement of operations below the subtotal of operating income. All prior periods have been recast to conform to this presentation. This change resulted in an increase to total operating income of $22 million, $21 million, $22 million and $373 million for the first quarter, second quarter, third quarter and fourth quarter of 2017, respectively. (b) CBS Radio has been presented as a discontinued operation for all periods presented. In the fourth quarter of 2017, the Company recorded a loss on the split-off of CBS Radio of $105 million. During 2017, prior to the split-off, the Company recorded a market value adjustment of $980 million, including a charge of $715 million, a charge of $365 million and a gain of $100 million in the first, second and third quarter, respectively, to reduce the carrying value of CBS Radio to the value indicated by the stock valuation of Entercom (See Note 17). (c) In the fourth quarter of 2017, the Company recorded a pension settlement charge of $352 million for the settlement of pension obligations resulting from the transfer of pension obligations to an insurance company through the purchase of a group annuity contract (See Note 14). (d) In the fourth quarter of 2017, the Company recorded a provisional charge of $129 million resulting from the enactment of the Tax Reform Act. (e) During the fourth quarter of 2018, the Company began presenting CBS Sports Network in the Entertainment segment, to reflect changes in management structure and the integration of CBS Sports Network programming with the CBS Television Network. CBS Sports Network was previously included in the Cable Networks segment. Results for all periods presented have been reclassified to conform to this presentation. The following table provides the impact on the Company’s revenues and Segment Operating Income by segment for 2017 as a result of this change. There was no change to the Company’s total revenues or total operating income.
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Condensed Consolidating Financial Statements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations |
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Condensed Consolidating Balance Sheets |
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Condensed Consolidating Statement of Cash Flows |
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Basis of Presentation and Summary of Significant Accounting Policies (Property and Equipment) (Details) |
12 Months Ended |
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Dec. 31, 2018 | |
Buildings and building improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 10 years |
Buildings and building improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 40 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Leasehold improvement estimated useful life | Shorter of lease term or useful life |
Equipment and other (including capital leases) [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 3 years |
Equipment and other (including capital leases) [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful life | 20 years |
Basis of Presentation and Summary of Significant Accounting Policies (Net Earnings (Loss) per Common Share) (Details) - shares shares in Millions |
3 Months Ended | 12 Months Ended | |||||||||
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Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
Weighted average shares for basic EPS | 374 | 375 | 378 | 382 | 391 | 401 | 405 | 410 | 377 | 401 | 444 |
Dilutive effect of shares issuable under stock-based compensation plans | 4 | 6 | 4 | ||||||||
Weighted average shares for diluted EPS | 377 | 379 | 381 | 386 | 395 | 406 | 410 | 416 | 381 | 407 | 448 |
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 238 | $ 324 |
Accumulated amortization | (86) | (152) |
Net | 152 | 172 |
Total intangible assets, gross | 2,724 | 2,818 |
Total intangible assets | 2,638 | 2,666 |
FCC licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 2,441 | 2,441 |
International broadcast licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 45 | 53 |
Trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 189 | 190 |
Accumulated amortization | (58) | (51) |
Net | 131 | 139 |
Other intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 49 | 134 |
Accumulated amortization | (28) | (101) |
Net | $ 21 | $ 33 |
Goodwill and Other Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 18 | $ 20 | $ 20 |
Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 | $ 15 |
2020 | 15 |
2021 | 14 |
2022 | 12 |
2023 | $ 10 |
Restructuring, Programming Charges and Other Corporate Matters (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | 36 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2018 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 67 | $ 63 | $ 30 | |
Payments for restructuring | 61 | 27 | $ 88 | |
Other corporate matters, costs | 128 | 8 | ||
Professional fees associated with merger and acquisition activities | 8 | |||
Operating Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Programming Charges | 85 | |||
Severance costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 57 | 54 | 19 | |
Payments for restructuring | 74 | |||
Contract termination and other related costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 10 | $ 9 | $ 11 | |
Payments for restructuring | $ 14 |
Programming and Other Inventory (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Inventory Disclosure [Abstract] | ||
Acquired program rights | $ 2,400 | $ 2,234 |
Acquired television library | 99 | 99 |
Internally produced programming, released | 2,477 | 1,780 |
Internally produced programming, in process and other | 839 | 543 |
Publishing, primarily finished goods | 56 | 53 |
Total programming and other inventory | 5,871 | 4,709 |
Less current portion | 1,988 | 1,828 |
Programming and other inventory | 3,883 | $ 2,881 |
Internally produced programming to be amortized in next fiscal year | $ 1,100 | |
Amortization period | 3 years |
Bank Financing and Debt (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Line of Credit Facility [Line Items] | |||
Face value of debt | $ 10,260 | $ 10,280 | |
Loss on early extinguishment of debt | 0 | 49 | $ 0 |
Loss on early extinguishment of debt. net of tax | 31 | ||
Debt Due August 2019 [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt maturing classified as long-term reflecting ability and intent to refinance | $ 600 | ||
Senior Notes [Member] | |||
Line of Credit Facility [Line Items] | |||
Face value of debt | 1,800 | ||
Redemption and repayment of senior notes | 1,200 | ||
Debt redeemed | $ 800 |
Bank Financing and Debt (Maturities of Long-Term Debt) (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2019 | $ 600 |
2020 | 0 |
2021 | 300 |
2022 | 700 |
2023 | 1,033 |
2024 and Thereafter | $ 6,907 |
Bank Financing and Debt (Commercial Paper Narrative) (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Line of Credit Facility [Line Items] | ||
Commercial paper | $ 674,000,000 | $ 679,000,000 |
Commercial Paper [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity under credit facility | $ 2,500,000,000 | |
Debt term | 90 days | 90 days |
Weighted average interest rate | 3.02% | 1.88% |
Bank Financing and Debt (Credit Facility Narrative) (Details) - Revolving Credit Facility [Member] |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity under credit facility | $ 2,500,000,000 |
Maximum Consolidated Leverage Ratio | 4.5 |
Consolidated Leverage Ratio | 3.1 |
Period for consolidated EBITDA | 12 months |
Borrowings outstanding | $ 0 |
Availability under the credit facility, net of outstanding letters of credit | $ 2,490,000,000 |
Financial Instruments (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Carrying value of senior debt | $ 9,430 | $ 9,430 |
Fair value of senior debt | 9,480 | 10,160 |
Foreign exchange contract [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on non-designated foreign exchange contracts | 25 | (27) |
Cash flow hedging [Member] | Foreign exchange contract [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivative | $ 325 | $ 410 |
Fair Value Measurements (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Assets: | ||
Foreign currency hedges | $ 15 | $ 5 |
Total Assets | 15 | 5 |
Liabilities: | ||
Deferred compensation | 336 | 363 |
Foreign currency hedges | 1 | 10 |
Total Liabilities | 337 | 373 |
Level 1 [Member] | ||
Assets: | ||
Foreign currency hedges | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities: | ||
Deferred compensation | 0 | 0 |
Foreign currency hedges | 0 | 0 |
Total Liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Foreign currency hedges | 15 | 5 |
Total Assets | 15 | 5 |
Liabilities: | ||
Deferred compensation | 336 | 363 |
Foreign currency hedges | 1 | 10 |
Total Liabilities | 337 | 373 |
Level 3 [Member] | ||
Assets: | ||
Foreign currency hedges | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities: | ||
Deferred compensation | 0 | 0 |
Foreign currency hedges | 0 | 0 |
Total Liabilities | $ 0 | $ 0 |
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Discontinued Operations [Line Items] | |||
Dividends per common share (in dollars per share) | $ 0.72 | $ 0.72 | $ 0.66 |
Dividends | $ 274 | $ 289 | $ 294 |
Class B Common Stock purchased (shares) | 11,500,000 | ||
Class B Common Stock purchased | $ 600 | ||
Average price per share repurchased (in dollars per share) | $ 52.06 | ||
Remaining authorization under repurchase program | $ 2,460 | ||
Minimum Class A shares needed for conversion (in shares) | 5,000 | ||
Conversion of A shares into B shares (shares) | 2,500,000 | 100,000 |
Stock-Based Compensation (Stock Options, Black-Scholes Assumptions) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected dividend yield | 1.33% | 1.09% | 1.31% |
Expected stock price volatility | 29.52% | 29.89% | 32.55% |
Risk-free interest rate | 2.73% | 2.00% | 1.35% |
Expected term of options | 5 years | 5 years | 5 years |
Stock-Based Compensation (Stock-Options, Rollforward) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2018
$ / shares
shares
| |
Stock Options | |
Outstanding (shares), beginning balance | shares | 10,113,836 |
Granted (shares) | shares | 1,774,181 |
Exercised (shares) | shares | (760,503) |
Forfeited or expired (shares) | shares | (220,544) |
Outstanding (shares), ending balance | shares | 10,906,970 |
Exercisable (shares) | shares | 7,310,228 |
Weighted Average Exercise Price | |
Outstanding, beginning balance (USD per share) | $ / shares | $ 50.59 |
Granted (USD per share) | $ / shares | 54.32 |
Exercised (USD per share) | $ / shares | 35.80 |
Forfeited or expired (USD per share) | $ / shares | 58.74 |
Outstanding, ending balance (USD per share) | $ / shares | 52.07 |
Exercisable (USD per share) | $ / shares | $ 50.15 |
Stock-Based Compensation (Stock Options, Other Information) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Cash received from stock option exercises | $ 27 | $ 91 | $ 21 |
Tax benefit of stock option exercises | 4 | 36 | 14 |
Intrinsic value of stock option exercises | $ 16 | $ 96 | $ 37 |
Income Taxes (Income (Loss) from Continuing Operations) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
United States | $ 1,743 | $ 1,441 | $ 1,803 |
Foreign | 546 | 538 | 427 |
Earnings from continuing operations before income taxes and equity in loss of investee companies | $ 2,289 | $ 1,979 | $ 2,230 |
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Current: | |||
Federal | $ 107 | $ 720 | $ 359 |
State and local | 81 | 38 | 64 |
Foreign | 41 | 63 | 61 |
Total current income tax expense provision | 229 | 821 | 484 |
Deferred | 44 | (188) | 144 |
Provision for income taxes | $ 273 | $ 633 | $ 628 |
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Discontinued Operations [Line Items] | |||
Taxes on income at U.S. federal statutory rate | $ 481 | $ 693 | $ 780 |
State and local taxes, net of federal tax benefit | 77 | 47 | 59 |
Effect of foreign operations | (75) | (162) | (112) |
Impact of federal tax legislation | (54) | 129 | 0 |
Reversal of valuation allowance | (154) | 0 | 0 |
Excess tax benefits from stock-based compensation | (1) | (44) | 0 |
Domestic production deduction | 0 | (31) | (42) |
Other, net | (1) | 1 | (57) |
Provision for income taxes | 273 | $ 633 | 628 |
Multiyear adjustment to tax deduction | $ 47 | ||
CBS Television City [Member] | |||
Discontinued Operations [Line Items] | |||
Reversal of valuation allowance | $ (140) |
Income Taxes (Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Deferred income tax assets: | ||
Reserves and other accrued liabilities | $ 339 | $ 391 |
Pension, postretirement and other employee benefits | 492 | 478 |
Tax credit and loss carryforwards | 723 | 835 |
Other | 80 | 70 |
Total deferred income tax assets | 1,634 | 1,774 |
Valuation allowance | (719) | (974) |
Deferred income tax assets, net | 915 | 800 |
Deferred income tax liabilities: | ||
Intangible assets | (844) | (847) |
Unbilled licensing receivables | (401) | (291) |
Property, equipment and other assets | (40) | (86) |
Total deferred income tax liabilities | (1,285) | (1,224) |
Deferred income tax liabilities, net | $ (370) | $ (424) |
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Change in reserve for uncertain tax positions, excluding related accrued interest and penalties | |||
Unrecognized tax benefits, beginning of year | $ 138 | $ 102 | $ 104 |
Additions for current year tax positions | 15 | 50 | 9 |
Additions for prior year tax positions | 165 | 39 | 4 |
Reductions for prior year tax positions | (34) | (41) | (8) |
Cash settlements | (16) | (5) | (6) |
Statute of limitations lapses | (2) | (7) | (1) |
Unrecognized tax benefits, end of year | $ 266 | $ 138 | $ 102 |
Pension and Other Postretirement Benefits (Change In Plan Assets) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Pension benefits [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | $ 3,046 | $ 3,244 |
Actual return on plan assets | (170) | 328 |
Employer contributions | 51 | 650 |
Benefits paid | (305) | (326) |
Participants’ contributions | 0 | 0 |
Retiree Medicare drug subsidy | 0 | 0 |
Settlements | (90) | (862) |
Cumulative translation adjustments | (6) | 12 |
Fair value of plan assets, end of year | 2,526 | 3,046 |
Postretirement benefits [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of year | 0 | 4 |
Actual return on plan assets | 0 | 0 |
Employer contributions | 90 | 56 |
Benefits paid | (104) | (73) |
Participants’ contributions | 11 | 10 |
Retiree Medicare drug subsidy | 4 | 3 |
Settlements | 0 | 0 |
Cumulative translation adjustments | 0 | 0 |
Fair value of plan assets, end of year | $ 1 | $ 0 |
Pension and Other Postretirement Benefits (Funded Status of Pension and Postretirement Benefit Obligations) (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ (1,388) | $ (1,328) |
Pension benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (1,145) | (994) |
Other assets | 6 | 12 |
Current liabilities | (59) | (53) |
Noncurrent liabilities | (1,092) | (953) |
Net amounts recognized | (1,145) | (994) |
Pension benefits [Member] | Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (478) | (309) |
Postretirement benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status at end of year | (342) | (424) |
Other assets | 0 | 0 |
Current liabilities | (46) | (49) |
Noncurrent liabilities | (296) | (375) |
Net amounts recognized | $ (342) | $ (424) |
Pension and Other Postretirement Benefits (Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 3,662 | $ 3,933 |
Accumulated benefit obligation | 3,576 | 3,852 |
Fair value of plan assets | $ 2,511 | $ 2,928 |
Pension and Other Postretirement Benefits (Sensitivity) (Details) - Postretirement benefits [Member] $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract] | |
Effect of one percentage point increase on total service and interest cost components | $ 0 |
Effect of one percentage point decrease on total service and interest cost components | 0 |
Effect of one percentage point increase in accumulated postretirement benefit obligation | 4 |
Effect of one percentage point decrease on the accumulated postretirement benefit obligation | $ (4) |
Pension and Other Postretirement Benefits (Fair Value Measurements Level 3 Rollforward) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Postretirement benefits [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets, beginning of year | $ 0 | $ 4 |
Fair value of plan assets, end of year | 1 | 0 |
Mortgage-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets, beginning of year | 1 | 2 |
Contributions and distributions, net | (1) | (1) |
Fair value of plan assets, end of year | $ 0 | $ 1 |
Pension and Other Postretirement Benefits (Future Benefit Payments) (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Retiree Medicare drug subsidy | |
2019 | $ (5) |
2020 | (5) |
2021 | (5) |
2022 | (5) |
2023 | (5) |
2024-2028 | (20) |
Pension benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 329 |
2020 | 266 |
2021 | 262 |
2022 | 260 |
2023 | 256 |
2024-2028 | 1,218 |
Pension benefits [Member] | Nonqualified Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contribution in the next fiscal year | 60 |
Postretirement benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 53 |
2020 | 50 |
2021 | 47 |
2022 | 44 |
2023 | 41 |
2024-2028 | 162 |
Expected contribution in the next fiscal year | $ 48 |
Pension and Other Postretirement Benefits (Defined Contribution Plans) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Retirement Benefits [Abstract] | |||
Contributions to defined contribution plans | $ 40 | $ 42 | $ 35 |
Segment and Revenue Information (Depreciation and Amortization) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 223 | $ 223 | $ 225 |
Operating Segments [Member] | Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 125 | 118 | 120 |
Operating Segments [Member] | Cable Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 18 | 20 | 20 |
Operating Segments [Member] | Publishing [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 6 | 6 | 6 |
Operating Segments [Member] | Local Media [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 43 | 45 | 44 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 31 | $ 34 | $ 35 |
Segment and Revenue Information (Stock-based Compensation) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||
Stock-based compensation | $ 146 | $ 179 | $ 165 |
Operating Segments [Member] | Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Stock-based compensation | 62 | 68 | 63 |
Operating Segments [Member] | Cable Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Stock-based compensation | 12 | 10 | 10 |
Operating Segments [Member] | Publishing [Member] | |||
Segment Reporting Information [Line Items] | |||
Stock-based compensation | 4 | 5 | 4 |
Operating Segments [Member] | Local Media [Member] | |||
Segment Reporting Information [Line Items] | |||
Stock-based compensation | 11 | 12 | 12 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Stock-based compensation | 57 | $ 84 | $ 76 |
Forfeitures | 28 | ||
Accelerations | $ 6 |
Segment and Revenue Information (Capital Expenditures) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 165 | $ 185 | $ 196 |
Operating Segments [Member] | Entertainment [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 93 | 102 | 102 |
Operating Segments [Member] | Cable Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 20 | 16 | 15 |
Operating Segments [Member] | Publishing [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 7 | 5 | 9 |
Operating Segments [Member] | Local Media [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 27 | 32 | 37 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 18 | $ 30 | $ 33 |
Adoption of "Revenue From Contracts With Customers" (Narrative) (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Jan. 01, 2018 |
|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Accumulated deficit | $ 17,201,000,000 | $ 18,900,000,000 | $ 17,201,000,000 | $ 18,900,000,000 | ||||||||
Revenues | 4,024,000,000 | $ 3,263,000,000 | $ 3,466,000,000 | $ 3,761,000,000 | 3,921,000,000 | $ 3,171,000,000 | $ 3,257,000,000 | $ 3,343,000,000 | 14,514,000,000 | 13,692,000,000 | $ 13,166,000,000 | |
Operating expenses | 9,111,000,000 | 8,438,000,000 | 7,956,000,000 | |||||||||
Operating income | 647,000,000 | $ 690,000,000 | $ 659,000,000 | $ 772,000,000 | $ 716,000,000 | $ 729,000,000 | $ 690,000,000 | $ 726,000,000 | 2,768,000,000 | $ 2,861,000,000 | $ 2,902,000,000 | |
ASC 606 [Member] | Other Current Liabilities [Member] | ||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Sales return reserve | 116,000,000 | 116,000,000 | ||||||||||
ASC 606 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Accumulated deficit | $ (152,000,000) | (152,000,000) | $ 261,000,000 | |||||||||
Distribution Arrangements [Member] | ASC 606 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Revenues | 279,000,000 | |||||||||||
Operating expenses | 279,000,000 | |||||||||||
Operating income | $ 0 |
Adoption of "Revenue From Contracts With Customers" (Statement of Operations) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Revenues | $ 4,024 | $ 3,263 | $ 3,466 | $ 3,761 | $ 3,921 | $ 3,171 | $ 3,257 | $ 3,343 | $ 14,514 | $ 13,692 | $ 13,166 |
Operating expenses | 9,111 | 8,438 | 7,956 | ||||||||
Operating income | 647 | 690 | 659 | 772 | 716 | 729 | 690 | 726 | 2,768 | 2,861 | 2,902 |
Less: Provision for income taxes | 273 | 633 | 628 | ||||||||
Net earnings | $ 561 | $ 488 | $ 400 | $ 511 | $ (41) | $ 592 | $ 58 | $ (252) | $ 1,960 | $ 357 | $ 1,261 |
Diluted EPS (in dollars per share) | $ 1.49 | $ 1.29 | $ 1.05 | $ 1.32 | $ (0.10) | $ 1.46 | $ 0.14 | $ (0.61) | $ 5.14 | $ 0.88 | $ 2.81 |
Renewal of Licensing Agreements [Member] | ASC 606 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Revenues | $ 263 | ||||||||||
Operating expenses | 124 | ||||||||||
Operating income | 139 | ||||||||||
Less: Provision for income taxes | 30 | ||||||||||
Net earnings | $ 109 | ||||||||||
Diluted EPS (in dollars per share) | $ 0.29 |
Adoption of "Revenue From Contracts With Customers" (Balance Sheet) (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
---|---|---|---|
ASSETS | |||
Receivables, net | $ 4,041 | $ 3,697 | |
Programming and other inventory | 3,883 | 2,881 | |
Other assets (noncurrent receivables) | 2,424 | 2,852 | |
Liabilities | |||
Other current liabilities | 714 | 544 | |
Deferred income tax liabilities, net | 399 | 480 | |
Accumulated deficit | (17,201) | $ (18,900) | |
ASC 606 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
ASSETS | |||
Receivables, net | (102) | ||
Programming and other inventory | (35) | ||
Other assets (noncurrent receivables) | 327 | ||
Liabilities | |||
Other current liabilities | (128) | ||
Deferred income tax liabilities, net | 38 | ||
Participants’ share and royalties payable | 128 | ||
Accumulated deficit | $ 152 | $ (261) |
Discontinued Operations (Narrative) (Details) - CBS Radio [Member] - Discontinued Operations [Member] shares in Millions |
Nov. 16, 2017
shares
|
---|---|
Common Class B [Member] | |
Discontinued Operations [Line Items] | |
Shares received in exchange offer (in shares) | 17.9 |
Common Stock [Member] | |
Discontinued Operations [Line Items] | |
Shares exchanged in exchange offer (in shares) | 101.4 |
Commitments and Contingencies (Commitments) (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Programming and Talent | |
2019 | $ 2,270 |
2020 | 1,989 |
2021 | 1,830 |
2022 | 1,704 |
2023 | 300 |
2024 and thereafter | 889 |
Total | 8,982 |
Purchase Obligations | |
2019 | 285 |
2020 | 247 |
2021 | 171 |
2022 | 26 |
2023 | 8 |
2024 and thereafter | 58 |
Total | 795 |
Other Long-Term Contractual Obligations | |
2019 | 0 |
2020 | 569 |
2021 | 360 |
2022 | 199 |
2023 | 112 |
2024 and thereafter | 229 |
Total | $ 1,469 |
Commitments and Contingencies (Future Minimum Rental Payments) (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
---|---|
Capital | |
2019 | $ 13 |
2020 | 12 |
2021 | 11 |
2022 | 7 |
2023 | 2 |
2024 and thereafter | 2 |
Total minimum payments | 47 |
Less amounts representing interest | 4 |
Present value of minimum payments | 43 |
Operating | |
2019 | 174 |
2020 | 129 |
2021 | 122 |
2022 | 110 |
2023 | 101 |
2024 and thereafter | 465 |
Total minimum payments | $ 1,101 |
Commitments and Contingencies (Legal Matters Narrative) (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
claim
|
Dec. 31, 2017
USD ($)
claim
|
Dec. 31, 2016
claim
|
|
Loss Contingencies [Line Items] | |||
Cost for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits | $ | $ 45 | $ 57 | |
Asbestos Claims [Member] | |||
Loss Contingencies [Line Items] | |||
Number of pending asbestos claims | 31,570 | 31,660 | 33,610 |
Number of new asbestos claims | 3,290 | ||
Number of asbestos claims closed or moved to inactive docket | 3,380 |
Supplemental Financial Information (Components of Other Items, Net) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Additional Financial Information Disclosure [Abstract] | |||
Pension and postretirement benefit costs | $ (63) | $ (86) | $ (70) |
Foreign exchange (losses) gains | (3) | 2 | (12) |
Net loss from investments | (3) | (4) | 0 |
Other items, net | $ (69) | $ (88) | $ (82) |
Supplemental Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Cash and Cash Equivalents [Line Items] | |||
Cash paid for interest | $ 457 | $ 518 | $ 415 |
Cash paid (refunded) for income taxes | 12 | 391 | 492 |
Non-cash investing and financing activities: | |||
Noncash additions to property and equipment | 0 | 31 | 0 |
Equipment acquired under capitalized leases | 9 | 5 | 10 |
Discontinued Operations [Member] | CBS Radio [Member] | |||
Non-cash investing and financing activities: | |||
Shares received in split-off of CBS Radio | 0 | 1,007 | 0 |
Continuing Operations [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash paid for interest | 457 | 448 | 407 |
Cash paid (refunded) for income taxes | 16 | 365 | 373 |
Discontinued Operations [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash paid for interest | 0 | 70 | 8 |
Cash paid (refunded) for income taxes | $ (4) | $ 26 | $ 119 |
Quarterly Financial Data (Unaudited) (Impact of Segment Change) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 4,024 | $ 3,263 | $ 3,466 | $ 3,761 | $ 3,921 | $ 3,171 | $ 3,257 | $ 3,343 | $ 14,514 | $ 13,692 | $ 13,166 |
Operating income (loss) | 647 | 690 | 659 | 772 | 716 | 729 | 690 | 726 | 2,768 | 2,861 | 2,902 |
Operating Segments [Member] | Entertainment [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 2,833 | 2,190 | 2,402 | 2,753 | 2,856 | 1,849 | 2,217 | 2,384 | 10,178 | 9,306 | 9,020 |
Operating income (loss) | 438 | 384 | 367 | 486 | 465 | 354 | 359 | 400 | 1,675 | 1,578 | 1,539 |
Operating Segments [Member] | Cable Networks [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 551 | 529 | 553 | 571 | 508 | 805 | 537 | 505 | 2,204 | 2,355 | 2,015 |
Operating income (loss) | 193 | 241 | 245 | 236 | 207 | 292 | 247 | 253 | 915 | 999 | 959 |
Corporate [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Operating income (loss) | $ (79) | (64) | (77) | (75) | (96) | (70) | (73) | (66) | $ (295) | (305) | $ (311) |
Effect [Member] | Operating Segments [Member] | Entertainment [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 39 | 37 | 37 | 38 | 34 | 33 | 37 | 142 | |||
Operating income (loss) | 7 | 11 | (6) | (4) | 4 | 8 | (3) | 5 | |||
Effect [Member] | Operating Segments [Member] | Cable Networks [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | (40) | (38) | (38) | (39) | (35) | (34) | (38) | (146) | |||
Operating income (loss) | (7) | (11) | 6 | 4 | (4) | (8) | 3 | (5) | |||
Effect [Member] | Corporate [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 4 | |||
Operating income (loss) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
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