Condensed Consolidating Financial Statements

6 Months Ended

Jun. 30, 2012

Condensed Consolidating Financial Statements Disclosure [Abstract]

Condensed Consolidating Financial Statements

14) 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 6). The following condensed consolidating financial statements present the results of operations, financial position and cash flows of CBS Corp., CBS Operations Inc., the direct and indirect Non-Guarantor Affiliates of CBS Corp. and CBS Operations Inc., and the eliminations necessary to arrive at the information for the Company on a consolidated basis.

			Statement of Operations
			For the Three Months Ended June 30, 2012
			CBS Corp.		CBS Operations Inc.		Non-Guarantor Affiliates		Eliminations		CBS Corp. Consolidated
Revenues			$	35	$	57	$	3,384	$	—	$	3,476
Expenses:
	Operating			16		36		1,825		—		1,877
	Selling, general and administrative			21		61		616		—		698
	Depreciation and amortization			2		3		127		—		132
		Total expenses		39		100		2,568		—		2,707
Operating income (loss)				(4)		(43)		816		—		769
Interest (expense) income, net				(123)		(87)		107		—		(103)
Other items, net				(1)		2		(4)		—		(3)
Earnings (loss) before income taxes and equity
	in earnings (loss) of investee companies			(128)		(128)		919		—		663
Benefit (provision) for income taxes				45		45		(315)		—		(225)
Equity in earnings (loss) of investee companies,
	net of tax			510		260		(11)		(770)		(11)
Net earnings			$	427	$	177	$	593	$	(770)	$	427
Comprehensive income			$	413	$	180	$	569	$	(749)	$	413

			Statement of Operations
			For the Six Months Ended June 30, 2012
			CBS Corp.		CBS Operations Inc.		Non-Guarantor Affiliates		Eliminations		CBS Corp. Consolidated
Revenues			$	67	$	124	$	7,209	$	—	$	7,400
Expenses:
	Operating			34		80		4,224		—		4,338
	Selling, general and administrative			43		125		1,209		—		1,377
	Impairment charges			—		—		11		—		11
	Depreciation and amortization			3		7		253		—		263
		Total expenses		80		212		5,697		—		5,989
Operating income (loss)				(13)		(88)		1,512		—		1,411
Interest (expense) income, net				(252)		(173)		214		—		(211)
Gain on early extinguishment of debt				25		—		—		—		25
Other items, net				—		(1)		10		—		9
Earnings (loss) before income taxes and equity
	in earnings (loss) of investee companies			(240)		(262)		1,736		—		1,234
Benefit (provision) for income taxes				85		92		(605)		—		(428)
Equity in earnings (loss) of investee companies,
	net of tax			945		592		(16)		(1,537)		(16)
Net earnings			$	790	$	422	$	1,115	$	(1,537)	$	790
Comprehensive income			$	795	$	419	$	1,108	$	(1,527)	$	795

			Statement of Operations
			For the Three Months Ended June 30, 2011
			CBS Corp.		CBS Operations Inc.		Non-Guarantor Affiliates		Eliminations		CBS Corp. Consolidated
Revenues			$	31	$	45	$	3,510	$	—	$	3,586
Expenses:
	Operating			16		36		1,978		—		2,030
	Selling, general and administrative			28		65		590		—		683
	Depreciation and amortization			2		4		133		—		139
		Total expenses		46		105		2,701		—		2,852
Operating income (loss)				(15)		(60)		809		—		734
Interest (expense) income, net				(131)		(83)		105		—		(109)
Other items, net				—		1		4		—		5
Earnings (loss) before income taxes and equity
	in earnings (loss) of investee companies			(146)		(142)		918		—		630
Benefit (provision) for income taxes				56		54		(340)		—		(230)
Equity in earnings (loss) of investee companies,
	net of tax			485		472		(5)		(957)		(5)
Net earnings			$	395	$	384	$	573	$	(957)	$	395
Comprehensive income			$	409	$	384	$	579	$	(963)	$	409

			Statement of Operations
			For the Six Months Ended June 30, 2011
			CBS Corp.		CBS Operations Inc.		Non-Guarantor Affiliates		Eliminations		CBS Corp. Consolidated
Revenues			$	63	$	73	$	6,960	$	—	$	7,096
Expenses:
	Operating			34		58		4,214		—		4,306
	Selling, general and administrative			56		122		1,163		—		1,341
	Depreciation and amortization			3		8		267		—		278
		Total expenses		93		188		5,644		—		5,925
Operating income (loss)				(30)		(115)		1,316		—		1,171
Interest (expense) income, net				(260)		(167)		210		—		(217)
Other items, net				1		(1)		14		—		14
Earnings (loss) before income taxes and equity
	in earnings (loss) of investee companies			(289)		(283)		1,540		—		968
Benefit (provision) for income taxes				104		102		(558)		—		(352)
Equity in earnings (loss) of investee companies,
	net of tax			782		720		(19)		(1,502)		(19)
Net earnings			$	597	$	539	$	963	$	(1,502)	$	597
Comprehensive income			$	631	$	534	$	987	$	(1,521)	$	631

		Balance Sheet
		At June 30, 2012
		CBS Corp.		CBS Operations Inc.		Non-Guarantor Affiliates		Eliminations		CBS Corp. Consolidated
Assets
Cash and cash equivalents		$	1,562	$	1	$	325	$	—	$	1,888
Receivables, net			25		93		2,855		—		2,973
Programming and other inventory			6		5		510		—		521
Prepaid expenses and other current assets			112		81		826		(19)		1,000
	Total current assets		1,705		180		4,516		(19)		6,382
Property and equipment			46		104		5,212		—		5,362
	Less accumulated depreciation and amortization		15		62		2,891		—		2,968
	Net property and equipment		31		42		2,321		—		2,394
Programming and other inventory			5		74		1,253		—		1,332
Goodwill			98		62		8,439		—		8,599
Intangible assets			—		—		6,508		—		6,508
Investments in consolidated subsidiaries			37,418		8,564		—		(45,982)		—
Other assets			186		20		1,360		—		1,566
Intercompany			—		3,806		15,683		(19,489)		—
Total Assets		$	39,443	$	12,748	$	40,080	$	(65,490)	$	26,781
Liabilities and Stockholders’ Equity
Accounts payable		$	1	$	9	$	299	$	—	$	309
Participants’ share and royalties payable			—		32		843		—		875
Program rights			7		4		477		—		488
Current portion of long-term debt			885		—		16		—		901
Accrued expenses and other current liabilities			333		234		1,253		(19)		1,801
	Total current liabilities		1,226		279		2,888		(19)		4,374
Long-term debt			5,794		—		106		—		5,900
Other liabilities			3,096		398		2,895		—		6,389
Intercompany			19,209		—		—		(19,209)		—
Stockholders’ Equity:
	Preferred Stock		—		—		128		(128)		—
	Common Stock		1		123		1,136		(1,259)		1
	Additional paid-in capital		43,378		—		61,690		(61,690)		43,378
	Retained earnings (deficit)		(27,553)		12,282		(24,251)		11,969		(27,553)
	Accumulated other comprehensive income (loss)		(434)		(3)		288		(285)		(434)
			15,392		12,402		38,991		(51,393)		15,392
	Less treasury stock, at cost		5,274		331		4,800		(5,131)		5,274
	Total Stockholders’ Equity		10,118		12,071		34,191		(46,262)		10,118
Total Liabilities and Stockholders’ Equity		$	39,443	$	12,748	$	40,080	$	(65,490)	$	26,781

		Balance Sheet
		At December 31, 2011
		CBS Corp.		CBS Operations Inc.		Non-Guarantor Affiliates		Eliminations		CBS Corp. Consolidated
Assets
Cash and cash equivalents		$	134	$	1	$	525	$	—	$	660
Receivables, net			30		54		3,170		—		3,254
Programming and other inventory			6		4		725		—		735
Prepaid expenses and other current assets			81		83		752		(22)		894
	Total current assets		251		142		5,172		(22)		5,543
Property and equipment			46		100		5,188		—		5,334
	Less accumulated depreciation and amortization		14		56		2,754		—		2,824
	Net property and equipment		32		44		2,434		—		2,510
Programming and other inventory			8		125		1,363		—		1,496
Goodwill			98		62		8,460		—		8,620
Intangible assets			—		—		6,526		—		6,526
Investments in consolidated subsidiaries			36,473		7,972		—		(44,445)		—
Other assets			223		20		1,259		—		1,502
Intercompany			—		4,022		14,103		(18,125)		—
Total Assets		$	37,085	$	12,387	$	39,317	$	(62,592)	$	26,197
Liabilities and Stockholders’ Equity
Accounts payable		$	5	$	17	$	388	$	—	$	410
Participants’ share and royalties payable			—		28		910		—		938
Program rights			7		5		565		—		577
Current portion of long-term debt			7		—		17		—		24
Accrued expenses and other current liabilities			311		279		1,417		(23)		1,984
	Total current liabilities		330		329		3,297		(23)		3,933
Long-term debt			5,845		—		113		—		5,958
Other liabilities			3,169		406		2,824		(1)		6,398
Intercompany			17,833		—		—		(17,833)		—
Stockholders’ Equity:
	Preferred Stock		—		—		128		(128)		—
	Common Stock		1		123		1,136		(1,259)		1
	Additional paid-in capital		43,395		—		61,690		(61,690)		43,395
	Retained earnings (deficit)		(28,343)		11,860		(25,366)		13,506		(28,343)
	Accumulated other comprehensive income (loss)		(439)		—		295		(295)		(439)
			14,614		11,983		37,883		(49,866)		14,614
	Less treasury stock, at cost		4,706		331		4,800		(5,131)		4,706
	Total Stockholders’ Equity		9,908		11,652		33,083		(44,735)		9,908
Total Liabilities and Stockholders’ Equity		$	37,085	$	12,387	$	39,317	$	(62,592)	$	26,197

			Statement of Cash Flows
			For the Six Months Ended June 30, 2012
			CBS Corp.		CBS Operations Inc.		Non-Guarantor Affiliates		Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating
	activities		$	(450)	$	(136)	$	1,844	$	—	$	1,258
Investing Activities:
	Acquisitions, net of cash acquired			—		—		(69)		—		(69)
	Capital expenditures			—		(3)		(90)		—		(93)
	Investments in and advances to investee companies			—		—		(39)		—		(39)
	Proceeds from dispositions			—		—		1		—		1
	Other investing activities			—		6		—		—		6
Net cash flow provided by (used for) investing activities				—		3		(197)		—		(194)
Financing Activities:
	Proceeds from issuance of notes			1,567		—		—		—		1,567
	Repayment of notes			(700)		—		—		—		(700)
	Payment of capital lease obligations			—		—		(10)		—		(10)
	Payment of contingent consideration			—		—		(33)		—		(33)
	Dividends			(135)		—		—		—		(135)
	Purchase of Company common stock			(564)		—		—		—		(564)
	Payment of payroll taxes in lieu of issuing
		shares for stock-based compensation		(105)		—		—		—		(105)
	Proceeds from exercise of stock options			71		—		—		—		71
	Excess tax benefit from stock-based compensation			73		—		—		—		73
	Increase (decrease) in intercompany payables			1,671		133		(1,804)		—		—
Net cash flow provided by (used for) financing
	activities			1,878		133		(1,847)		—		164
	Net increase (decrease) in cash and cash equivalents			1,428		—		(200)		—		1,228
	Cash and cash equivalents at beginning of period			134		1		525		—		660
Cash and cash equivalents at end of period			$	1,562	$	1	$	325	$	—	$	1,888

			Statement of Cash Flows
			For the Six Months Ended June 30, 2011
			CBS Corp.		CBS Operations Inc.		Non-Guarantor Affiliates		Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating
	activities		$	(362)	$	(130)	$	2,086	$	—	$	1,594
Investing Activities:
	Acquisitions, net of cash acquired			—		—		(55)		—		(55)
	Capital expenditures			—		(3)		(92)		—		(95)
	Investments in and advances to investee companies			—		—		(42)		—		(42)
	Proceeds from dispositions			—		—		13		—		13
	Other investing activities			—		8		—		—		8
Net cash flow provided by (used for) investing
	activities			—		5		(176)		—		(171)
Financing Activities:
	Proceeds from issuance of notes			—		—		4		—		4
	Repayment of notes and debentures			—		—		(2)		—		(2)
	Payment of capital lease obligations			—		—		(9)		—		(9)
	Dividends			(73)		—		—		—		(73)
	Purchase of Company common stock			(500)		—		—		—		(500)
	Payment of payroll taxes in lieu of issuing
		shares for stock-based compensation		(78)		—		—		—		(78)
	Proceeds from exercise of stock options			45		—		—		—		45
	Excess tax benefit from stock-based compensation			61		—		—		—		61
	Other financing activities			(5)		—		—		—		(5)
	Increase (decrease) in intercompany payables			1,723		125		(1,848)		—		—
Net cash flow provided by (used for) financing
	activities			1,173		125		(1,855)		—		(557)
	Net increase in cash and cash equivalents			811		—		55		—		866
	Cash and cash equivalents at beginning of period			105		1		374		—		480
Cash and cash equivalents at end of period			$	916	$	1	$	429	$	—	$	1,346