Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Statements of Operations

Statement of Operations

	Statement of Operations
	For the Three Months Ended March 31, 2019
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Revenues	$	46		$	3		$	4,118		$	—		$	4,167
Costs and expenses:
Operating	26			1			2,721			—			2,748
Selling, general and administrative	14			57			502			—			573
Depreciation and amortization	1			5			47			—			53
Restructuring and other corporate matters	3			23			88			—			114
Gain on sale of assets	—			—			(549		)	—			(549		)
Total costs and expenses	44			86			2,809			—			2,939
Operating income (loss)	2			(83		)	1,309			—			1,228
Interest (expense) income, net	(137		)	(131		)	165			—			(103		)
Other items, net	(8		)	(11		)	(2		)	—			(21		)
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies	(143		)	(225		)	1,472			—			1,104
Benefit from income taxes	29			46			421			—			496
Equity in earnings (loss) of investee companies, net of tax	1,697			(58		)	(17		)	(1,639		)	(17		)
Net earnings (loss)	$	1,583		$	(237	)	$	1,876		$	(1,639	)	$	1,583
Total comprehensive income (loss)	$	1,600		$	(239	)	$	1,872		$	(1,633	)	$	1,600

Statement of Operations

	Statement of Operations
	For the Three Months Ended March 31, 2018
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Revenues	$	43		$	3		$	3,715		$	—		$	3,761
Costs and expenses:
Operating	25			1			2,374			—			2,400
Selling, general and administrative	13			64			447			—			524
Depreciation and amortization	1			6			49			—			56
Restructuring and other corporate matters	—			9			—			—			9
Total costs and expenses	39			80			2,870			—			2,989
Operating income (loss)	4			(77		)	845			—			772
Interest (expense) income, net	(130		)	(122		)	151			—			(101		)
Other items, net	(7		)	(2		)	(2		)	—			(11		)
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies	(133		)	(201		)	994			—			660
Benefit (provision) for income taxes	27			41			(203		)	—			(135		)
Equity in earnings (loss) of investee companies, net of tax	617			413			(14		)	(1,030		)	(14		)
Net earnings	$	511		$	253		$	777		$	(1,030	)	$	511
Total comprehensive income	$	520		$	246		$	780		$	(1,026	)	$	520

Condensed Consolidating Balance Sheets

	Balance Sheet
	At March 31, 2019
	CBS Corp.			CBS Operations Inc.		Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Assets
Cash and cash equivalents	$	177		$	—	$	323		$	—		$	500
Receivables, net	24			1		4,122			—			4,147
Programming and other inventory	2			2		1,529			—			1,533
Prepaid expenses and other current assets	13			45		529			(35		)	552
Total current assets	216			48		6,503			(35		)	6,732
Property and equipment	30			225		2,708			—			2,963
Less accumulated depreciation and amortization	14			189		1,566			—			1,769
Net property and equipment	16			36		1,142			—			1,194
Programming and other inventory	5			4		4,304			—			4,313
Goodwill	98			62		4,902			—			5,062
Intangible assets	—			—		2,665			—			2,665
Operating lease assets	6			114		832			—			952
Investments in consolidated subsidiaries	49,466			16,844		—			(66,310		)	—
Deferred income tax assets, net	—			—		797			—			797
Other assets	280			—		2,080			—			2,360
Intercompany	—			267		32,934			(33,201		)	—
Total Assets	$	50,087		$	17,375	$	56,159		$	(99,546	)	$	24,075
Liabilities and Stockholders’ Equity
Accounts payable	$	4		$	9	$	260		$	—		$	273
Participants’ share and royalties payable	—			—		1,157			—			1,157
Accrued programming and production costs	3			2		799			—			804
Accrued expenses and other current liabilities	580			259		1,454			(35		)	2,258
Total current liabilities	587			270		3,670			(35		)	4,492
Long-term debt	9,282			—		76			—			9,358
Noncurrent operating lease liabilities	5			109		752			—			866
Other liabilities	2,663			207		2,140			—			5,010
Intercompany	33,201			—		—			(33,201		)	—
Stockholders’ Equity:
Preferred stock	—			—		126			(126		)	—
Common stock	1			123		590			(713		)	1
Additional paid-in capital	43,582			—		60,894			(60,894		)	43,582
Retained earnings (accumulated deficit)	(15,442		)	16,977		(7,329		)	(9,648		)	(15,442		)
Accumulated other comprehensive income (loss)	(934		)	20		40			(60		)	(934		)
	27,207			17,120		54,321			(71,441		)	27,207
Less treasury stock, at cost	22,858			331		4,800			(5,131		)	22,858
Total Stockholders’ Equity	4,349			16,789		49,521			(66,310		)	4,349
Total Liabilities and Stockholders’ Equity	$	50,087		$	17,375	$	56,159		$	(99,546	)	$	24,075

	Balance Sheet
	At December 31, 2018
	CBS Corp.			CBS Operations Inc.		Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Assets
Cash and cash equivalents	$	148		$	—	$	174		$	—		$	322
Receivables, net	27			1		4,013			—			4,041
Programming and other inventory	2			2		1,984			—			1,988
Prepaid expenses and other current assets	81			46		310			(36		)	401
Total current assets	258			49		6,481			(36		)	6,752
Property and equipment	31			223		2,672			—			2,926
Less accumulated depreciation and amortization	14			184		1,519			—			1,717
Net property and equipment	17			39		1,153			—			1,209
Programming and other inventory	5			4		3,874			—			3,883
Goodwill	98			62		4,760			—			4,920
Intangible assets	—			—		2,638			—			2,638
Investments in consolidated subsidiaries	47,600			16,901		—			(64,501		)	—
Deferred income tax assets, net	—			—		29			—			29
Other assets	281			—		2,114			—			2,395
Assets held for sale	—			—		33			—			33
Intercompany	—			526		31,686			(32,212		)	—
Total Assets	$	48,259		$	17,581	$	52,768		$	(96,749	)	$	21,859
Liabilities and Stockholders’ Equity
Accounts payable	$	5		$	31	$	165		$	—		$	201
Participants’ share and royalties payable	—			—		1,177			—			1,177
Accrued programming and production costs	3			2		699			—			704
Commercial paper	674			—		—			—			674
Accrued expenses and other current liabilities	396			308		1,149			(36		)	1,817
Total current liabilities	1,078			341		3,190			(36		)	4,573
Long-term debt	9,388			—		77			—			9,465
Other liabilities	2,777			212		2,028			—			5,017
Intercompany	32,212			—		—			(32,212		)	—
Stockholders’ Equity:
Preferred stock	—			—		126			(126		)	—
Common stock	1			123		590			(713		)	1
Additional paid-in capital	43,637			—		60,894			(60,894		)	43,637
Retained earnings (accumulated deficit)	(17,201		)	17,214		(9,381		)	(7,833		)	(17,201		)
Accumulated other comprehensive income (loss)	(775		)	22		44			(66		)	(775		)
	25,662			17,359		52,273			(69,632		)	25,662
Less treasury stock, at cost	22,858			331		4,800			(5,131		)	22,858
Total Stockholders’ Equity	2,804			17,028		47,473			(64,501		)	2,804
Total Liabilities and Stockholders’ Equity	$	48,259		$	17,581	$	52,768		$	(96,749	)	$	21,859

Condensed Consolidating Statements of Cash Flows

	Statement of Cash Flows
	For the Three Months Ended March 31, 2019
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating activities	$	(197	)	$	(153	)	$	788		$	—	$	438
Investing Activities:
Investments in and advances to investee companies	—			—			(42		)	—		(42		)
Capital expenditures	—			(2		)	(25		)	—		(27		)
Acquisitions, net of cash acquired	—			—			(39		)	—		(39		)
Proceeds from dispositions	—			—			741			—		741
Other investing activities	2			—			—			—		2
Net cash flow provided by (used for) investing activities	2			(2		)	635			—		635
Financing Activities:
Repayments of short-term debt borrowings, net	(674		)	—			—			—		(674		)
Proceeds from issuance of senior notes	493			—			—			—		493
Repayment of senior notes	(600		)	—			—			—		(600		)
Payment of capital lease obligations	—			—			(3		)	—		(3		)
Dividends	(70		)	—			—			—		(70		)
Purchase of Company common stock	(14		)	—			—			—		(14		)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(37		)	—			—			—		(37		)
Proceeds from exercise of stock options	11			—			—			—		11
Increase (decrease) in intercompany payables	1,116			155			(1,271		)	—		—
Net cash flow provided by (used for) financing activities	225			155			(1,274		)	—		(894		)
Net increase in cash, cash equivalents and restricted cash	30			—			149			—		179
Cash, cash equivalents and restricted cash at beginning of period (includes $120 of restricted cash)	268			—			174			—		442
Cash, cash equivalents and restricted cash at end of period (includes $121 of restricted cash)	$	298		$	—		$	323		$	—	$	621

	Statement of Cash Flows
	For the Three Months Ended March 31, 2018
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating activities	$	(193	)	$	(102	)	$	1,012		$	—	$	717
Investing Activities:
Investments in and advances to investee companies	—			—			(40		)	—		(40		)
Capital expenditures	—			(4		)	(26		)	—		(30		)
Other investing activities	3			—			—			—		3
Net cash flow provided by (used for) investing activities from continuing operations	3			(4		)	(66		)	—		(67		)
Net cash flow used for investing activities from discontinued operations	(23		)	—			—			—		(23		)
Net cash flow used for investing activities	(20		)	(4		)	(66		)	—		(90		)
Financing Activities:
Repayments of short-term debt borrowings, net	(462		)	—			—			—		(462		)
Payment of capital lease obligations	—			(1		)	(3		)	—		(4		)
Payment of contingent consideration	—			—			(5		)	—		(5		)
Dividends	(71		)	—			—			—		(71		)
Purchase of Company common stock	(186		)	—			—			—		(186		)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(52		)	—			—			—		(52		)
Proceeds from exercise of stock options	16			—			—			—		16
Other financing activities	(1		)	—			—			—		(1		)
Increase (decrease) in intercompany payables	817			107			(924		)	—		—
Net cash flow provided by (used for) financing activities	61			106			(932		)	—		(765		)
Net (decrease) increase in cash and cash equivalents	(152		)	—			14			—		(138		)
Cash and cash equivalents at beginning of period	173			—			112			—		285
Cash and cash equivalents at end of period	$	21		$	—		$	126		$	—	$	147