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Stockholders' Equity
3 Months Ended
Mar. 31, 2013
Stockholders' Equity Disclosure [Abstract]  
Stockholders' Equity Disclosure

9) STOCKHOLDERS' EQUITY

During the first quarter of 2013, the Company initiated a $1.0 billion accelerated share repurchase (“ASR”) transaction through which 17.9 million shares of CBS Corp. Class B Common Stock were delivered during the first quarter of 2013. The Company anticipates that approximately 4.3 million additional shares will be delivered at the conclusion of the ASR during the second quarter of 2013. In addition, during the first quarter of 2013, the Company repurchased 6.2 million shares of CBS Corp. Class B Common Stock in the open market for $262 million, at an average cost of $42.68 per share. At March 31, 2013, the Company had $1.25 billion of authorization remaining under its share repurchase program.

During the first quarter of 2013, the Company declared a quarterly cash dividend of $.12 per share on its Class A and Class B Common Stock payable on April 1, 2013. The total dividend was $75 million of which $74 million was paid on April 1, 2013 and $1 million was accrued to be paid upon vesting of RSUs.

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in the components of accumulated other comprehensive income (loss).

   Continuing Operations Discontinued Operations   
    Net Actuarial   Accumulated
   CumulativeGain (Loss)Unrealized  OtherOther
   Translation and PriorGain on ComprehensiveComprehensive
   AdjustmentsService Cost (a)Securities Income (Loss) Income (Loss)
At December 31, 2012$115 $(948) $2  $262 $(569) 
 Other comprehensive income (loss)                
  before reclassifications 8    1   (17)  (8) 
 Reclassifications from accumulated other                
  comprehensive income (loss) to net earnings   11       11 
 Net other comprehensive income (loss) 8  11  1   (17)  3 
At March 31, 2013$123 $(937) $3  $245 $(566) 

  • See Note 8 for additional details of items reclassified from accumulated other comprehensive income to net earnings.

The net actuarial gain (loss) and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income (loss) is net of a tax provision of $7 million for the three months ended March 31, 2013.