10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2015

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number 001-09553

CBS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)	04-2949533 (I.R.S. Employer Identification No.)
51 W. 52nd Street, New York, New York (Address of principal executive offices)	10019 (Zip Code)

(212) 975-4321

Registrant's telephone number, including area code

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x    No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o    No x

Number of shares of common stock outstanding at May 4, 2015:

Class A Common Stock, par value $.001 per share—37,826,904

Class B Common Stock, par value $.001 per share—454,315,931

CBS CORPORATION

INDEX TO FORM 10-Q

		Page
	PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements.
	Consolidated Statements of Operations (Unaudited) for the  Three Months Ended March 31, 2015 and March 31, 2014	3
	Consolidated Statements of Comprehensive Income (Unaudited) for the  Three Months Ended March 31, 2015 and March 31, 2014	4
	Consolidated Balance Sheets (Unaudited) at March 31, 2015  and December 31, 2014	5
	Consolidated Statements of Cash Flows (Unaudited) for the  Three Months Ended March 31, 2015 and March 31, 2014	6
	Notes to Consolidated Financial Statements (Unaudited)	7
Item 2.	Management's Discussion and Analysis of Results of Operations and Financial Condition.	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	42
Item 4.	Controls and Procedures.	42
	PART II – OTHER INFORMATION
Item 1A.	Risk Factors.	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	43
Item 6.	Exhibits.	44

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

CBS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in millions, except per share amounts)

	Three Months Ended
	March 31,
	2015			2014
Revenues	$	3,500		$	3,570
Expenses:
Operating	2,142			2,121
Selling, general and administrative	588			587
Depreciation and amortization	68			71
Total expenses	2,798			2,779
Operating income	702			791
Interest expense	(93		)	(93		)
Interest income	5			3
Other items, net	(4		)	5
Earnings from continuing operations before income taxes and equity in loss of investee companies	610			706
Provision for income taxes	(203		)	(234		)
Equity in loss of investee companies, net of tax	(13		)	(10		)
Net earnings from continuing operations	394			462
Net earnings from discontinued operations, net of tax (Note 3)	—			6
Net earnings	$	394		$	468
Basic net earnings per common share:
Net earnings from continuing operations	$	.79		$	.79
Net earnings from discontinued operations	$	—		$	.01
Net earnings	$	.79		$	.80
Diluted net earnings per common share:
Net earnings from continuing operations	$	.78		$	.77
Net earnings from discontinued operations	$	—		$	.01
Net earnings	$	.78		$	.78
Weighted average number of common shares outstanding:
Basic	498			585
Diluted	506			600
Dividends per common share	$	.15		$	.12

See notes to consolidated financial statements.

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CBS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited; in millions)

	Three Months Ended,
	March 31,
	2015			2014
Net earnings	$	394		$	468
Other comprehensive income from continuing operations, net of tax:
Cumulative translation adjustments	(4		)	(6		)
Amortization of net actuarial loss	9			7
Changes in fair value of cash flow hedges	1			—
Other comprehensive income from continuing operations, net of tax	6			1
Other comprehensive income from discontinued operations, net of tax	—			1
Total other comprehensive income, net of tax	6			2
Total comprehensive income	$	400		$	470

See notes to consolidated financial statements.

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CBS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions, except per share amounts)

	At				At
	March 31, 2015				December 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents		$	331			$	428
Receivables, less allowances of $54 (2015) and $50 (2014)		3,295				3,459
Programming and other inventory (Note 4)		764				922
Deferred income tax assets, net		111				104
Prepaid income taxes		79				161
Prepaid expenses		136				129
Other current assets		504				386
Total current assets		5,220				5,589
Property and equipment		3,166				3,164
Less accumulated depreciation and amortization		1,772				1,731
Net property and equipment		1,394				1,433
Programming and other inventory (Note 4)		1,854				1,817
Goodwill		6,664				6,698
Intangible assets		6,002				6,008
Other assets		2,622				2,488
Assets of discontinued operations		30				39
Total Assets		$	23,786			$	24,072
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable		$	175			$	302
Accrued compensation		186				333
Participants’ share and royalties payable		929				999
Program rights		449				404
Deferred revenues		161				206
Commercial paper (Note 6)		—				616
Current portion of long-term debt (Note 6)		21				20
Accrued expenses and other current liabilities		1,127				1,127
Current liabilities of discontinued operations		44				26
Total current liabilities		3,092				4,033
Long-term debt (Note 6)		7,693				6,510
Pension and postretirement benefit obligations		1,537				1,564
Deferred income tax liabilities, net		1,601				1,530
Other liabilities		3,372				3,347
Liabilities of discontinued operations (Note 3)		94				118
Commitments and contingencies (Note 10)
Stockholders’ Equity:
Class A Common stock, par value $.001 per share; 375 shares authorized;  38 (2015 and 2014) shares issued		—				—
Class B Common stock, par value $.001 per share; 5,000 shares authorized;  823 (2015) and 818 (2014) shares issued		1				1
Additional paid-in capital		44,068				44,041
Accumulated deficit		(21,537		)		(21,931		)
Accumulated other comprehensive loss (Note 8)		(729		)		(735		)
		21,803				21,376
Less treasury stock, at cost; 366 (2015) and 349 (2014) Class B shares		15,406				14,406
Total Stockholders’ Equity		6,397				6,970
Total Liabilities and Stockholders’ Equity		$	23,786			$	24,072

See notes to consolidated financial statements.

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CBS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in millions)

	Three Months Ended
	March 31,
	2015			2014
Operating Activities:
Net earnings	$	394		$	468
Less: Net earnings from discontinued operations	—			6
Net earnings from continuing operations	394			462
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations:
Depreciation and amortization	68			71
Stock-based compensation	46			40
Equity in loss of investee companies, net of tax and distributions	13			12
Change in assets and liabilities, net of investing and financing activities	(104		)	(37		)
Net cash flow provided by operating activities from continuing operations	417			548
Net cash flow used for operating activities from discontinued operations	—			(47		)
Net cash flow provided by operating activities	417			501
Investing Activities:
Capital expenditures	(17		)	(28		)
Investments in and advances to investee companies	(39		)	(39		)
Proceeds from dispositions	59			6
Other investing activities	2			5
Net cash flow provided by (used for) investing activities from continuing operations	5			(56		)
Net cash flow used for investing activities from discontinued operations	(3		)	(9		)
Net cash flow provided by (used for) investing activities	2			(65		)
Financing Activities:
Repayments of short-term debt borrowings, net	(616		)	(35		)
Proceeds from issuance of notes, net	1,178			—
Payment of capital lease obligations	(4		)	(4		)
Dividends	(80		)	(75		)
Purchase of Company common stock	(1,049		)	(2,032		)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(82		)	(125		)
Proceeds from exercise of stock options	80			76
Excess tax benefit from stock-based compensation	57			103
Net cash flow used for financing activities from continuing operations	(516		)	(2,092		)
Net cash flow provided by financing activities from discontinued operations	—			1,570
Net cash flow used for financing activities	(516		)	(522		)
Net decrease in cash and cash equivalents	(97		)	(86		)
Cash and cash equivalents at beginning of period (includes $29 (2014) of discontinued operations cash)	428			397
Cash and cash equivalents at end of period (includes $114 (2014) of discontinued operations cash)	$	331		$	311
Supplemental disclosure of cash flow information
Cash paid for interest from continuing operations	$	117		$	103
Cash paid for income taxes from continuing operations	$	4		$	17

See notes to consolidated financial statements.

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CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular dollars in millions)

1) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business-CBS Corporation (together with its consolidated subsidiaries unless the context otherwise requires, the “Company” or “CBS Corp.”) is comprised of the following segments: Entertainment (CBS Television, comprised of the CBS Television Network, CBS Television Studios and CBS Global Distribution Group; CBS Interactive and CBS Films), Cable Networks (Showtime Networks, CBS Sports Network and Smithsonian Networks), Publishing (Simon & Schuster) and Local Broadcasting (CBS Television Stations and CBS Radio).

Discontinued Operations-On July 16, 2014, the Company completed the disposition of CBS Outdoor Americas Inc. (“Outdoor Americas”), which was previously a subsidiary of the Company and has been renamed OUTFRONT Media Inc. Outdoor Americas has been presented as a discontinued operation in the Company's consolidated financial statements (See Note 3). Prior periods have been recast to conform to this presentation.

Basis of Presentation-The accompanying unaudited consolidated financial statements of the Company have been prepared pursuant to the rules of the Securities and Exchange Commission. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.

In the opinion of management, the accompanying unaudited financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of the financial position, results of operations and cash flows of the Company for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation.

Use of Estimates-The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Net Earnings per Common Share-Basic net earnings per share (“EPS”) is based upon net earnings divided by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) and market-based performance share units (“PSUs”) only in the periods in which such effect would have been dilutive. Excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive, were 5 million stock options and RSUs for the three months endedMarch 31, 2015 and 2 million stock options for the three months endedMarch 31, 2014.

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CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.

	Three Months Ended
	March 31,
(in millions)	2015	2014
Weighted average shares for basic EPS	498	585
Dilutive effect of shares issuable under stock-based compensation plans	8	15
Weighted average shares for diluted EPS	506	600

Other Liabilities-Other liabilities consist primarily of the noncurrent portion of residual liabilities of previously disposed businesses, participants’ share and royalties payable, program rights obligations, deferred compensation and other employee benefit accruals.

Additional Paid-In Capital-For the three months endedMarch 31, 2015 and 2014, the Company recorded dividends of $75 million and $70 million, respectively, as a reduction to additional paid-in capital as the Company had an accumulated deficit balance.

Adoption of New Accounting Standards

Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity

During the first quarter of 2015, the Company adopted amended Financial Accounting Standards Board (“FASB”) guidance which changes the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. Under this guidance, only a disposal of a component of an entity or a group of components of an entity that represents a strategic shift that has (or will have) a major effect on the company’s operations and financial results should be reported in discontinued operations. The guidance also expands the definition of a discontinued operation to include a business or nonprofit activity that, on acquisition, meets the criteria to be classified as held for sale and disposals of equity method investmentsthat meet the definition of discontinued operations. The adoption of this guidance did not have an effect on the Company's consolidated financial statements.

Recent Pronouncements

Simplifying the Presentation of Debt Issuance Costs

In April 2015, the FASB issued amended guidance which requires debt issuance costs to be presented on the balance sheet as a direct deduction from the carrying amount of the related debt, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this amended guidance. This guidance, which is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, is not expected to have a material impact on the Company’s consolidated financial statements.

Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items

In January 2015, the FASB issued amended guidance which eliminates the concept of extraordinary items. This guidance removes the requirement to assess whether an event or transaction is both unusual in nature and infrequent in occurrence and to separately present any such items on the statement of operations after income from continuing operations. Rather, such items will either be presented as a separate component of income from

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CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

continuing operations or disclosed in the notes to the financial statements. This guidance is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. Additionally, the Company is permitted to amend prior periods presented in the financial statements once the guidance is adopted.

Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

In August 2014, the FASB issued guidance which requires management to evaluate, for each interim and annual reporting period, whether there are conditions or events that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date the financial statements are issued. If management identifies conditions or events that raise substantial doubt, disclosures are required in the financial statements, including any plans that will alleviate the substantial doubt about the entity's ability to continue as a going concern. This guidance, which is effective for the first annual period ending after December 15, 2016, is not expected to have an impact on the Company's consolidated financial statements.

Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period

In June 2014, the FASB issued guidance on the accounting for stock-based compensation when the terms of an award provide that a performance target that affects vesting could be achieved after the requisite service period. Under this guidance such performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. This guidance, which is effective for interim and annual periods beginning after December 15, 2015, is not expected to have a material impact on the Company’s consolidated financial statements.

Revenue from Contracts with Customers

In May 2014, the FASB issued 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 is currently evaluating the impact of this guidance, which is effective for interim and annual reporting periods beginning after December 15, 2016 with early adoption not permitted.

2) STOCK-BASED COMPENSATION

The following table summarizes the Company’s stock-based compensation expense for the three months endedMarch 31, 2015 and 2014.

	Three Months Ended
	March 31,
	2015			2014
RSUs and PSUs	$	38		$	34
Stock options and equivalents	8			6
Stock-based compensation expense, before income taxes	46			40
Related tax benefit	(18		)	(16		)
Stock-based compensation expense, net of tax benefit	$	28		$	24

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CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

During the three months endedMarch 31, 2015, the Company granted 2 million RSUs for CBS Corp. Class B common stock with a weighted average per unit grant-date fair value of $59.07. RSUs granted during the first quarter of 2015 generally vest over a one- to four-year service period. Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant. For certain RSU awards the number of shares an employee earns ranges from 0% to 120% of the target award, based on the outcome of established performance goals. Compensation expense is recorded based on the probable outcome of the performance conditions. During the first quarter of 2015, the Company also granted 2 million stock options with a weighted average exercise price of $59.54. Stock options granted during the first quarter of 2015 vest over a four-year service period and expire eight years from the date of grant. Compensation expense for stock options is determined based on the grant date fair value of the award calculated using the Black-Scholes options-pricing model.

Total unrecognized compensation cost related to unvested RSUs at March 31, 2015 was $280 million, which is expected to be recognized over a weighted average period of 2.8 years. Total unrecognized compensation cost related to unvested stock option awards at March 31, 2015 was $74 million, which is expected to be recognized over a weighted average period of 3.0 years.

3) DISCONTINUED OPERATIONS

During 2014, the Company completed the disposition of Outdoor Americas. Outdoor Americas has been presented as a discontinued operation in the Company’s consolidated financial statements. In connection with the Company's plan to dispose of Outdoor Americas, in January 2014 Outdoor Americas borrowed $1.60 billion. On April 2, 2014, Outdoor Americas completed an IPO through which it sold 23.0 million shares, or approximately 19%, of its common stock for $28.00 per share. Proceeds from the IPO aggregated $615 million, net of underwriting discounts and commissions. The Company received $2.04 billion of the combined IPO and debt proceeds from Outdoor Americas. On July 16, 2014, the Company completed the disposition of its 81% ownership of Outdoor Americas common stock through a tax-free split-off through which the Company accepted 44.7 million shares of CBS Corp. Class B Common Stock from its stockholders in exchange for the 97.0 million shares, or approximately 81% of Outdoor Americas common stock that it owned (the “Split-Off”).

The following table sets forth details of the net earnings from discontinued operations.

	Three Months Ended
	March 31, 2014
Revenues from discontinued operations	$	288
Earnings from discontinued operations	$	14
Income tax provision	(8		)
Net earnings from discontinued operations, net of tax	$	6

Noncurrent liabilities of discontinued operations of $94 million and $118 million at March 31, 2015 and December 31, 2014, respectively, primarily include tax reserves related to previously disposed businesses and the carrying value of a guarantee liability associated with the Company’s disposition of its outdoor advertising business in Europe (“Outdoor Europe”) of approximately $28 million at both March 31, 2015 and December 31, 2014 (See Note 10).

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CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

4) PROGRAMMING AND OTHER INVENTORY

	At			At
	March 31, 2015			December 31, 2014
Program rights		$	1,304		$	1,471
Television programming:
Released (including acquired libraries)		1,082			983
In process and other		113			179
Theatrical programming:
Released		28			23
In process and other		41			36
Publishing, primarily finished goods		50			47
Total programming and other inventory		2,618			2,739
Less current portion		764			922
Total noncurrent programming and other inventory		$	1,854		$	1,817

5) RELATED PARTIES

National Amusements, Inc. National Amusements, Inc. (“NAI”) is the controlling stockholder of CBS Corp. and Viacom Inc. Mr. Sumner M. Redstone, the controlling stockholder, chairman of the board of directors and chief executive officer of NAI, is the Executive Chairman of the Board of Directors and founder of both CBS Corp. and Viacom Inc. In addition, Ms. Shari Redstone, Mr. Sumner M. Redstone’s daughter, is the president and a director of NAI and the vice chair of the Board of Directors of both CBS Corp. and Viacom Inc. Mr. David R. Andelman is a director of CBS Corp. and serves as a director of NAI. Mr. Frederic V. Salerno is a director of CBS Corp. and serves as a director of Viacom Inc. At March 31, 2015, NAI directly or indirectly owned approximately 79.6% of CBS Corp.’s voting Class A Common Stock, and owned approximately 7.9% of CBS Corp.’s Class A Common Stock and non-voting Class B Common Stock on a combined basis.

Viacom Inc. As part of its normal course of business, the Company 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 $46 million and $35 million for the three months ended March 31, 2015 and 2014, respectively.

The Company places advertisements with and leases production facilities from various subsidiaries of Viacom Inc. The total amounts for these transactions were $6 million and $5 million for the three months ended March 31, 2015 and 2014, 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 March 31, 2015 and December 31, 2014.

	At			At
	March 31, 2015			December 31, 2014
Receivables		$	107		$	107
Other assets (Receivables, noncurrent)		77			76
Total amounts due from Viacom Inc.		$	184		$	183

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CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

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 $48 million and $37 million for the three months ended March 31, 2015 and 2014, respectively.

The Company, through the normal course of business, is involved in transactions with other related parties that have not been material in any of the periods presented.

6) BANK FINANCING AND DEBT

The following table sets forth the Company’s debt.

	At			At
	March 31, 2015			December 31, 2014
Commercial paper		$	—		$	616
Senior debt (1.95% - 7.875% due 2016 - 2045) (a)		7,619			6,433
Obligations under capital leases		95			97
Total debt		7,714			7,146
Less commercial paper		—			616
Less current portion of long-term debt		21			20
Total long-term debt, net of current portion		$	7,693		$	6,510

(a) At March 31, 2015 and December 31, 2014, the senior debt balances included (i) a net unamortized discount of $34 million and $21 million, respectively, and (ii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $6 million and $14 million, respectively. At March 31, 2015, the senior debt balances also included an increase in the carrying value of the debt relating to outstanding fair value hedges of $7 million. Such amount was minimal at December 31, 2014. The face value of the Company’s senior debt was $7.64 billion and $6.44 billion at March 31, 2015 and December 31, 2014, respectively.

During January 2015, the Company issued $600 million of 3.50% senior notes due 2025 and $600 million of 4.60% senior notes due 2045 and used the net proceeds for the repurchase of CBS Corp. Class B Common Stock and repayment of short-term borrowings, including commercial paper.

At March 31, 2015, the Company classified $200 million of debt maturing in January 2016 as long-term debt on the Consolidated Balance Sheet, reflecting its intent and ability to refinance this debt on a long-term basis.

Commercial Paper

At March 31, 2015 the Company had a $2.5 billion commercial paper program under which there were no outstanding borrowings. At December 31, 2014 the Company had $616 million of outstanding commercial paper borrowings at a weighted average interest rate of 0.46% and with maturities of less than forty-five days.

Credit Facility

At March 31, 2015, the Company had a $2.5 billion revolving credit facility (the “Credit Facility”) which expires in December 2019. 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 March 31, 2015, the Company’s Consolidated Leverage Ratio was approximately 2.3x.

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CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

The Consolidated Leverage Ratio is the ratio of the Company’s indebtedness from continuing operations, adjusted to exclude certain capital lease obligations, at the end of a quarter, to the Company’s Consolidated EBITDA for the trailing four consecutive quarters. Consolidated EBITDA is defined in the Credit Facility as operating income plus interest income and before depreciation, amortization and certain other noncash items.

The Credit Facility is used for general corporate purposes. At March 31, 2015, the Company had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $2.49 billion.

7) PENSION AND OTHER POSTRETIREMENT BENEFITS

The components of net periodic cost for the Company's pension and postretirement benefit plans were as follows:

	Pension Benefits						Postretirement Benefits
Three Months Ended March 31,	2015			2014			2015			2014
Components of net periodic cost:
Service cost	$	8		$	8		$	—		$	—
Interest cost	52			59			5			6
Expected return on plan assets	(65		)	(66		)	—			—
Amortization of actuarial loss (gain) (a)	20			16			(5		)	(5		)
Net periodic cost	$	15		$	17		$	—		$	1

(a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings.

8) STOCKHOLDERS’ EQUITY

During the first quarter of 2015, the Company repurchased 17.2 million shares of its Class B Common Stock under its share repurchase program for $1.00 billion, at an average cost of $58.07 per share. At March 31, 2015, the Company had $3.80 billion of authorization remaining under its share repurchase program.

During the first quarter of 2015, the Company declared a quarterly cash dividend of $.15 on its Class A and Class B Common Stock, resulting in total dividends of $75 million, payable on April 1, 2015.

- 13-

CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in the components of accumulated other comprehensive income (loss).

	Cumulative Translation Adjustments			Net Actuarial Gain (Loss) and Prior Service Cost				Change in Fair Value of Cash Flow Hedges			Accumulated Other Comprehensive Loss
At December 31, 2014	$	158		$	(892	)		$	(1	)	$	(735	)
Other comprehensive income (loss) before reclassifications	(4		)	—				1			(3		)
Reclassifications to net earnings	—			9			(a)	—			9
Net other comprehensive income (loss)	(4		)	9				1			6
At March 31, 2015	$	154		$	(883	)		$	—		$	(729	)

	Continuing Operations									Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Gain (Loss) and Prior Service Cost				Unrealized Gain on Securities		Other Comprehensive Income (Loss)		Accumulated Other Comprehensive Loss
At December 31, 2013	$	166		$	(729	)		$	3	$	15	$	(545	)
Other comprehensive income (loss) before reclassifications	(6		)	—				—		1		(5		)
Reclassifications to net earnings	—			7			(a)	—		—		7
Net other comprehensive income (loss)	(6		)	7				—		1		2
At March 31, 2014	$	160		$	(722	)		$	3	$	16	$	(543	)

(a) Reflect amortization of net actuarial losses. See Note 7.

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 $6 million and $4 million for the three months endedMarch 31, 2015 and 2014, respectively.

9) INCOME TAXES

The provision for income taxes represents federal, state and local, and foreign income taxes on earnings from continuing operations before income taxes and equity in loss of investee companies.

The provision for income taxes was $203 million for the three months ended March 31, 2015 and $234 million for the three months ended March 31, 2014, reflecting an effective income tax rate of 33.3% and 33.1%, respectively.

During the first quarter of 2015, the Company and the IRS settled the Company’s income tax audit for the years 2011 and 2012, which did not have a material effect on the Company’s consolidated financial statements. The IRS is expected to commence its examination of the years 2013 and 2014 during the fourth quarter of 2015.  During the next six months, the Company expects a decrease to its reserve for uncertain tax positions of approximately $20 million, plus accrued interest, related to an audit in a foreign jurisdiction of a previously disposed business that is

- 14-

CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

accounted for as a discontinued operation. In addition, various tax years are currently under examination by state and local and other foreign tax authorities. With respect to open tax years in all jurisdictions, the Company currently believes that it is reasonably possible that the reserve for uncertain tax positions will change within the next twelve months; however, as it is difficult to predict the final outcome of any particular tax matter, an estimate of any additional impact to the reserve for uncertain tax positions cannot currently be determined.

10) COMMITMENTS AND CONTINGENCIES

Guarantees

During 2013, the Company completed the sale of Outdoor Europe. The Company continues to be the guarantor of certain of Outdoor Europe’s obligations, including franchise payment obligations under certain transit franchise agreements. Generally, the Company would be required to perform under the guarantees in the event of non-performance by the buyer. These agreements have varying terms, with the majority of the obligations guaranteed under these agreements expiring by September 2016. At March 31, 2015, the total franchise payment obligations under these agreements are estimated to be approximately $149 million, which will decrease on a monthly basis thereafter. The carrying value of the guarantee liability of approximately $28 million at both March 31, 2015 and December 31, 2014 is included in ‘‘Liabilities of discontinued operations’’ on the Consolidated Balance Sheets.

The Company also has indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. At March 31, 2015, the outstanding letters of credit and surety bonds approximated $240 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, and the outcome is inherently uncertain and 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.

Claims Related to Former Businesses: Asbestos. The Company is a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred principally as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. The Company is typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of the Company’s products is the basis of a claim. Claims against the Company in which a product has been identified principally relate to exposures allegedly caused by asbestos-containing insulating material in turbines sold for power-generation, industrial and marine use.

- 15-

CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. The Company does not report as pending those claims on inactive, stayed, deferred or similar dockets which some jurisdictions have established for claimants who allege minimal or no impairment. As of March 31, 2015, the Company had pending approximately 40,090 asbestos claims, as compared with approximately 41,100 as of December 31, 2014 and 45,270 as of March 31, 2014. During the first quarter of 2015, the Company received approximately 860 new claims and closed or moved to an inactive docket approximately 1,870 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 2014 and 2013 for settlement and defense of asbestos claims after insurance recoveries and net of tax benefits were approximately $11 million and $29 million, respectively. The Company’s costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses.

The Company believes that its reserves and insurance are adequate to cover its asbestos liabilities. This belief is based upon many factors and assumptions, including the number of outstanding claims, estimated average cost per claim, the breakdown of claims by disease type, historic claim filings, costs per claim of resolution and the filing of new claims. While the number of asbestos claims filed against the Company has trended down in the past five to ten years and has remained flat in recent years, it is difficult to predict future asbestos liabilities, as events and circumstances may occur including, among others, the number and types of claims and average cost to resolve such claims, which could affect the Company’s estimate of its asbestos liabilities.

Other. The Company from time to time receives claims from federal and state environmental regulatory agencies and other entities asserting that it is or may be liable for environmental cleanup costs and related damages principally relating to historical and predecessor operations of the Company. In addition, the Company from time to time receives personal injury claims including toxic tort and product liability claims (other than asbestos) arising from historical operations of the Company and its predecessors.

11) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The Company’s carrying value of financial instruments approximates fair value, except for differences with respect to notes and debentures. At March 31, 2015 and December 31, 2014, the carrying value of the Company’s senior debt was $7.62 billion and $6.43 billion, respectively, and the fair value, which is estimated based on quoted market prices for similar liabilities (Level 2) and includes accrued interest, was $8.50 billion and $7.15 billion, respectively.

The Company uses derivative financial instruments primarily to modify its exposure to market risks from fluctuations in interest rates and 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, generally within the next twelve months, in currencies such as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar.  The Company designates forward contracts used to hedge projected future television production costs 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. 

- 16-

CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

Additionally, the Company enters into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows.  The change in fair value of the non-designated contracts is included in “Other items, net” in the Consolidated Statements of Operations.

At March 31, 2015 and December 31, 2014, the notional amount of all foreign exchange contracts was $231 million and $152 million, respectively.

Interest Rate Swaps

All of the Company's long-term debt has been issued under fixed interest rate agreements. The Company has $600 million notional amount of fixed-to-floating rate swaps outstanding to hedge its $600 million of 2.30%senior notes due 2019. These interest rate swaps are designated as fair value hedges. The fair value of interest rate swaps is included within the carrying value of the debt attributable to the risk being hedged, and in other assets or other liabilities on the Consolidated Balance Sheet. Gains or losses on interest rate swaps are recognized within interest expense.

Gains (losses) recognized on derivative financial instruments were as follows:

	Three Months Ended
	March 31,
	2015			2014			Financial Statement Account
Designated foreign exchange contracts	$	(2	)	$	(1	)	Programming costs
Non-designated foreign exchange contracts	$	13		$	—		Other items, net
Designated interest rate swaps	$	2		$	—		Interest expense

The fair value of the Company’s derivative instruments was not material to the Consolidated Balance Sheets for any of the periods presented.

The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.

At March 31, 2015	Level 1		Level 2		Level 3		Total
Assets:
Investments	$	82	$	—	$	—	$	82
Interest rate swaps	—		7		—		7
Foreign exchange contracts	—		16		—		16
Total Assets	$	82	$	23	$	—	$	105
Liabilities:
Deferred compensation	$	—	$	318	$	—	$	318
Foreign exchange contracts	—		1		—		1
Total Liabilities	$	—	$	319	$	—	$	319

- 17-

CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

At December 31, 2014	Level 1		Level 2		Level 3		Total
Assets:
Investments	$	80	$	—	$	—	$	80
Foreign exchange contracts	—		6		—		6
Total Assets	$	80	$	6	$	—	$	86
Liabilities:
Deferred compensation	$	—	$	307	$	—	$	307
Foreign exchange contracts	—		2		—		2
Total Liabilities	$	—	$	309	$	—	$	309

The fair value of investments is determined based on publicly quoted market prices in active markets. The fair value of interest rate swaps and foreign currency hedges is determined based on the present value of future cash flows using observable inputs including interest rates, yield curves and foreign currency exchange rates. The fair value of deferred compensation is determined based on the fair value of the investments elected by employees.

12) REPORTABLE SEGMENTS

The following tables set forth the Company’s financial performance by reportable segment. The Company’s operating segments, which are the same as its reportable segments, have been determined in accordance with the Company’s internal management structure, which is organized based upon products and services.

On July 16, 2014, the Company completed the disposition of Outdoor Americas through the Split-Off. Outdoor Americas has been presented as a discontinued operation in the Company’s consolidated financial statements. Prior periods have been recast to conform to this presentation.

	Three Months Ended
	March 31,
	2015			2014
Revenues:
Entertainment	$	2,261		$	2,303
Cable Networks	539			537
Publishing	145			153
Local Broadcasting	596			626
Corporate/Eliminations	(41		)	(49		)
Total Revenues	$	3,500		$	3,570

Revenues generated between segments primarily reflect advertising sales and television license fees. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation.

	Three Months Ended
	March 31,
	2015		2014
Intercompany Revenues:
Entertainment	$	40	$	46
Local Broadcasting	3		3
Total Intercompany Revenues	$	43	$	49

- 18-

CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

The Company presents operating income (loss) excluding restructuring charges and impairment charges, if any, (“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 began presenting Segment Operating Income as its segment profit measure in the first quarter of 2015 in order to align with the primary method the Company's management began using in 2015 to evaluate segment performance and to make decisions regarding the allocation of resources to its segments. 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.

	Three Months Ended
	March 31,
	2015			2014
Segment Operating Income (Loss):
Entertainment	$	346		$	420
Cable Networks	251			254
Publishing	12			11
Local Broadcasting	161			179
Corporate	(68		)	(73		)
Operating income	702			791
Interest expense	(93		)	(93		)
Interest income	5			3
Other items, net	(4		)	5
Earnings from continuing operations before income taxes and equity in loss of investee companies	610			706
Provision for income taxes	(203		)	(234		)
Equity in loss of investee companies, net of tax	(13		)	(10		)
Net earnings from continuing operations	394			462
Net earnings from discontinued operations, net of tax	—			6
Net earnings	$	394		$	468

	Three Months Ended
	March 31,
	2015		2014
Depreciation and Amortization:
Entertainment	$	32	$	37
Cable Networks	6		5
Publishing	1		2
Local Broadcasting	21		21
Corporate	8		6
Total Depreciation and Amortization	$	68	$	71

- 19-

CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

	Three Months Ended
	March 31,
	2015		2014
Stock-based Compensation:
Entertainment	$	16	$	14
Cable Networks	3		2
Publishing	1		1
Local Broadcasting	7		7
Corporate	19		16
Total Stock-based Compensation	$	46	$	40

	Three Months Ended
	March 31,
	2015		2014
Capital Expenditures:
Entertainment	$	8	$	17
Cable Networks	1		2
Publishing	—		—
Local Broadcasting	7		8
Corporate	1		1
Total Capital Expenditures	$	17	$	28

	At			At
	March 31, 2015			December 31, 2014
Assets:
Entertainment		$	10,414		$	10,469
Cable Networks		2,136			2,113
Publishing		889			990
Local Broadcasting		9,495			9,585
Corporate		822			876
Discontinued operations		30			39
Total Assets		$	23,786		$	24,072

- 20-

CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

13) 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. 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 March 31, 2015
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Revenues	$	31		$	3		$	3,466		$	—		$	3,500
Expenses:
Operating	16			1			2,125			—			2,142
Selling, general and administrative	12			61			515			—			588
Depreciation and amortization	1			5			62			—			68
Total expenses	29			67			2,702			—			2,798
Operating income (loss)	2			(64		)	764			—			702
Interest (expense) income, net	(115		)	(98		)	125			—			(88		)
Other items, net	(1		)	11			(14		)	—			(4		)
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies	(114		)	(151		)	875			—			610
Benefit (provision) for income taxes	37			49			(289		)	—			(203		)
Equity in earnings (loss) of investee companies, net of tax	471			315			(13		)	(786		)	(13		)
Net earnings	$	394		$	213		$	573		$	(786	)	$	394
Total comprehensive income	$	400		$	220		$	580		$	(800	)	$	400

- 21-

CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

	Statement of Operations
	For the Three Months Ended March 31, 2014
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Revenues	$	33		$	3		$	3,534		$	—		$	3,570
Expenses:
Operating	16			1			2,104			—			2,121
Selling, general and administrative	15			64			508			—			587
Depreciation and amortization	1			4			66			—			71
Total expenses	32			69			2,678			—			2,779
Operating income (loss)	1			(66		)	856			—			791
Interest (expense) income, net	(114		)	(93		)	117			—			(90		)
Other items, net	—			—			5			—			5
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies	(113		)	(159		)	978			—			706
Benefit (provision) for income taxes	38			54			(326		)	—			(234		)
Equity in earnings (loss) of investee companies, net of tax	543			372			(10		)	(915		)	(10		)
Net earnings from continuing operations	468			267			642			(915		)	462
Net earnings (loss) from discontinued operations, net of tax	—			(1		)	7			—			6
Net earnings	$	468		$	266		$	649		$	(915	)	$	468
Total comprehensive income	$	470		$	265		$	646		$	(911	)	$	470

- 22-

CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

	Balance Sheet
	At March 31, 2015
	CBS Corp.			CBS Operations Inc.		Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Assets
Cash and cash equivalents	$	163		$	1	$	167		$	—		$	331
Receivables, net	22			2		3,271			—			3,295
Programming and other inventory	4			2		758			—			764
Prepaid expenses and other current assets	223			37		599			(29		)	830
Total current assets	412			42		4,795			(29		)	5,220
Property and equipment	49			163		2,954			—			3,166
Less accumulated depreciation and amortization	24			103		1,645			—			1,772
Net property and equipment	25			60		1,309			—			1,394
Programming and other inventory	6			8		1,840			—			1,854
Goodwill	98			62		6,504			—			6,664
Intangible assets	—			—		6,002			—			6,002
Investments in consolidated subsidiaries	41,629			12,000		—			(53,629		)	—
Other assets	222			12		2,418			—			2,652
Intercompany	—			2,540		22,525			(25,065		)	—
Total Assets	$	42,392		$	14,724	$	45,393		$	(78,723	)	$	23,786
Liabilities and Stockholders’ Equity
Accounts payable	$	24		$	6	$	145		$	—		$	175
Participants’ share and royalties payable	—			—		929			—			929
Program rights	5			3		441			—			449
Current portion of long-term debt	4			—		17			—			21
Accrued expenses and other current liabilities	333			197		1,017			(29		)	1,518
Total current liabilities	366			206		2,549			(29		)	3,092
Long-term debt	7,569			—		124			—			7,693
Other liabilities	2,995			249		3,360			—			6,604
Intercompany	25,065			—		—			(25,065		)	—
Stockholders’ Equity:
Preferred stock	—			—		126			(126		)	—
Common stock	1			123		590			(713		)	1
Additional paid-in capital	44,068			—		60,894			(60,894		)	44,068
Retained earnings (deficit)	(21,537		)	14,473		(17,538		)	3,065			(21,537		)
Accumulated other comprehensive income (loss)	(729		)	4		88			(92		)	(729		)
	21,803			14,600		44,160			(58,760		)	21,803
Less treasury stock, at cost	15,406			331		4,800			(5,131		)	15,406
Total Stockholders’ Equity	6,397			14,269		39,360			(53,629		)	6,397
Total Liabilities and Stockholders’ Equity	$	42,392		$	14,724	$	45,393		$	(78,723	)	$	23,786

- 23-

CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

	Balance Sheet
	At December 31, 2014
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Assets
Cash and cash equivalents	$	63		$	1		$	364		$	—		$	428
Receivables, net	29			2			3,428			—			3,459
Programming and other inventory	4			3			915			—			922
Prepaid expenses and other current assets	306			27			477			(30		)	780
Total current assets	402			33			5,184			(30		)	5,589
Property and equipment	41			162			2,961			—			3,164
Less accumulated depreciation and amortization	15			98			1,618			—			1,731
Net property and equipment	26			64			1,343			—			1,433
Programming and other inventory	7			8			1,802			—			1,817
Goodwill	98			62			6,538			—			6,698
Intangible assets	—			—			6,008			—			6,008
Investments in consolidated subsidiaries	41,144			11,685			—			(52,829		)	—
Other assets	219			17			2,291			—			2,527
Intercompany	—			2,726			21,772			(24,498		)	—
Total Assets	$	41,896		$	14,595		$	44,938		$	(77,357	)	$	24,072
Liabilities and Stockholders’ Equity
Accounts payable	$	3		$	24		$	275		$	—		$	302
Participants’ share and royalties payable	—			—			999			—			999
Program rights	5			3			396			—			404
Commercial paper	616			—			—			—			616
Current portion of long-term debt	4			—			16			—			20
Accrued expenses and other current liabilities	388			270			1,064			(30		)	1,692
Total current liabilities	1,016			297			2,750			(30		)	4,033
Long-term debt	6,383			—			127			—			6,510
Other liabilities	3,029			249			3,281			—			6,559
Intercompany	24,498			—			—			(24,498		)	—
Stockholders’ Equity:
Preferred stock	—			—			126			(126		)	—
Common stock	1			123			590			(713		)	1
Additional paid-in capital	44,041			—			60,894			(60,894		)	44,041
Retained earnings (deficit)	(21,931		)	14,260			(18,111		)	3,851			(21,931		)
Accumulated other comprehensive income (loss)	(735		)	(3		)	81			(78		)	(735		)
	21,376			14,380			43,580			(57,960		)	21,376
Less treasury stock, at cost	14,406			331			4,800			(5,131		)	14,406
Total Stockholders’ Equity	6,970			14,049			38,780			(52,829		)	6,970
Total Liabilities and Stockholders’ Equity	$	41,896		$	14,595		$	44,938		$	(77,357	)	$	24,072

- 24-

CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

	Statement of Cash Flows
	For the Three Months Ended March 31, 2015
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating activities	$	(117	)	$	(137	)	$	671		$	—	$	417
Investing Activities:
Capital expenditures	—			(1		)	(16		)	—		(17		)
Investments in and advances to investee companies	—			—			(39		)	—		(39		)
Proceeds from dispositions	—			—			59			—		59
Other investing activities	3			—			(1		)	—		2
Net cash flow provided by (used for) investing activities from continuing operations	3			(1		)	3			—		5
Net cash flow used for investing activities from discontinued operations	(3		)	—			—			—		(3		)
Net cash flow provided by (used for) investing activities	—			(1		)	3			—		2
Financing Activities:
Repayments of short-term debt borrowings, net	(616		)	—			—			—		(616		)
Proceeds from issuance of notes, net	1,178			—			—			—		1,178
Payment of capital lease obligations	—			—			(4		)	—		(4		)
Dividends	(80		)	—			—			—		(80		)
Purchase of Company common stock	(1,049		)	—			—			—		(1,049		)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(82		)	—			—			—		(82		)
Proceeds from exercise of stock options	80			—			—			—		80
Excess tax benefit from stock-based compensation	57			—			—			—		57
Increase (decrease) in intercompany payables	729			138			(867		)	—		—
Net cash flow provided by (used for) financing activities	217			138			(871		)	—		(516		)
Net increase (decrease) in cash and cash equivalents	100			—			(197		)	—		(97		)
Cash and cash equivalents at beginning of period	63			1			364			—		428
Cash and cash equivalents at end of period	$	163		$	1		$	167		$	—	$	331

- 25-

CBS CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Tabular dollars in millions)

	Statement of Cash Flows
	For the Three Months Ended March 31, 2014
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating activities	$	(81	)	$	(147	)	$	729		$	—	$	501
Investing Activities:
Capital expenditures	—			(1		)	(27		)	—		(28		)
Investments in and advances to investee companies	—			—			(39		)	—		(39		)
Proceeds from dispositions	—			—			6			—		6
Other investing activities	5			1			(1		)	—		5
Net cash flow provided by (used for) investing activities from continuing operations	5			—			(61		)	—		(56		)
Net cash flow used for investing activities from discontinued operations	—			—			(9		)	—		(9		)
Net cash flow provided by (used for) investing activities	5			—			(70		)	—		(65		)
Financing Activities:
Repayments of short-term debt borrowings, net	(35		)	—			—			—		(35		)
Payment of capital lease obligations	—			—			(4		)	—		(4		)
Dividends	(75		)	—			—			—		(75		)
Purchase of Company common stock	(2,032		)	—			—			—		(2,032		)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(125		)	—			—			—		(125		)
Proceeds from exercise of stock options	76			—			—			—		76
Excess tax benefit from stock-based compensation	103			—			—			—		103
Increase (decrease) in intercompany payables	2,144			147			(2,291		)	—		—
Net cash flow provided by (used for) financing activities from continuing operations	56			147			(2,295		)	—		(2,092		)
Net cash flow provided by financing activities from discontinued operations	—			—			1,570			—		1,570
Net cash flow provided by (used for) financing activities	56			147			(725		)	—		(522		)
Net decrease in cash and cash equivalents	(20		)	—			(66		)	—		(86		)
Cash and cash equivalents at beginning of period (includes $29 of discontinued operations cash)	80			1			316			—		397
Cash and cash equivalents at end of period (includes $114 of discontinued operations cash)	$	60		$	1		$	250		$	—	$	311

- 26-

Item 2.    Management’s Discussion and Analysis of Results of Operations and Financial Condition.

(Tabular dollars in millions)

Management’s discussion and analysis of the results of operations and financial condition of CBS Corporation (the “Company” or “CBS Corp.”) should be read in conjunction with the consolidated financial statements and related notes in the Company’s Annual Report filed on Form 10-K fiscal year ended December 31, 2014.

Overview

The Company operates businesses which span the media and entertainment industries, including the CBS Television Network, cable networks, content production and distribution, television and radio stations, Internet-based businesses, and consumer publishing. The Company’s principal strategy is to create and acquire premium content that is widely accepted by audiences and generate both advertising and non-advertising revenues from its distribution on multiple media platforms and to various geographic locations. The Company is increasing its investment in both Company-owned and acquired premium content to enhance its opportunities for revenue growth, which include exhibiting the Company's content on digital and other platforms through licensing and subscription services; expanding the distribution of its content internationally; and securing compensation from multichannel video programming distributors (“MVPDs”) and television stations affiliated with the CBS Television Network. The Company also seeks to grow its advertising revenues by monetizing all content viewership as industry measurements evolve to reflect viewers' changing habits. The Company’s continued ability to capitalize on these and other emerging opportunities will provide it with incremental advertising and non-advertising revenues and serves to diversify the Company’s business model.

For the three months ended March 31, 2015, the Company reported its highest results for diluted earnings per share from continuing operations (“EPS”), which increased 1% from the same prior-year period, reflecting lower weighted average shares outstanding, which were partially offset by a decline in operating income as a result of the Company's increased investment in programming and a decline in local advertising revenues.

Revenues of $3.50 billion for the three months ended March 31, 2015, decreased 2%, compared with $3.57 billion for the same prior-year period, primarily driven by 5% lower advertising revenues as the first quarter of 2015 was affected by the broadcast of one fewer National Football League (“NFL”) playoff game on the CBS Television Network and the aforementioned decrease in local advertising revenues. Content licensing and distribution revenues decreased 4% reflecting lower domestic television licensing revenues and theatrical revenues, partially offset by higher international television licensing revenues. Affiliate and subscription fees grew 11% reflecting increased rates across the Company.

Operating income of $702 million for the first quarter of 2015 decreased 11% from $791 million for the same prior-year period, primarily reflecting an increased investment in sports and entertainment programming.

Net earnings from continuing operations were $394 million for the first quarter of 2015 compared with $462 million for the first quarter of 2014 and EPS was $.78 for the first quarter of 2015 compared with $.77 for the same prior-year period. The EPS comparison benefited from lower weighted average shares outstanding as a result of the Company's ongoing share repurchase program and the split-off of CBS Outdoor Americas Inc. (“Outdoor Americas”) in the third quarter of 2014 (the “Split-Off”).

During the first quarter of 2015, the Company repurchased 17.2 million shares of its Class B Common Stock under its share repurchase program for $1.00 billion, at an average cost of $58.07 per share. At March 31, 2015, the Company had $3.80 billion of authorization remaining under its share repurchase program.

During January 2015, the Company issued $600 million of 3.50%senior notes due 2025 and $600 million of 4.60%senior notes due 2045 and used the net proceeds for the repurchase of CBS Corp. Class B Common Stock

- 27-

Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

and repayment of short-term borrowings, including commercial paper. The Company had $7.71 billion of long-term debt outstanding at March 31, 2015 at a weighted average interest rate of 4.7%.

Free cash flow for the three months endedMarch 31, 2015 was $400 million compared to $520 million for the same prior-year period. The Company generated operating cash flow from continuing operations of $417 million for the three months endedMarch 31, 2015 versus $548 million for the comparable prior-year period, primarily reflecting a higher investment in programming. Free cash flow is a non-GAAP financial measure. See “Free Cash Flow” on page 31 for a reconciliation of net cash flow provided by (used for) operating activities, the most directly comparable GAAP financial measure, to free cash flow.

Consolidated Results of Operations

Three Months EndedMarch 31, 2015versusThree Months EndedMarch 31, 2014

Revenues

The following table presents the Company's consolidated revenues by type for the three months endedMarch 31, 2015 and 2014.

	Three Months Ended March 31,
			Percentage of Total				Percentage of Total		Increase/(Decrease)
Revenues by Type	2015				2014				$			%
Advertising	$	1,784	51	%	$	1,873	52	%	$	(89	)	(5	)%
Content licensing and distribution	1,028		29	%	1,073		30	%	(45		)	(4	)%
Affiliate and subscription fees	628		18	%	567		16	%	61			11	%
Other	60		2	%	57		2	%	3			5	%
Total Revenues	$	3,500	100	%	$	3,570	100	%	$	(70	)	(2	)%

Advertising revenues for the three months ended March 31, 2015decreased$89 million, or 5%, to $1.78 billion principally driven by the broadcast of one fewer NFL playoff game on the CBS Television Network during the first quarter of 2015 compared with the same prior-year period and lower local advertising revenues. In the second half of 2015 the local advertising revenue comparison will be impacted by the benefit in 2014 from political advertising spending associated with midterm elections.

Content licensing and distribution revenues for the three months ended March 31, 2015decreased$45 million, or 4%, to $1.03 billion reflecting lower domestic television licensing revenues and theatrical revenues, partially offset by higher international television licensing revenues. For the remainder of 2015, the content licensing and distribution revenue comparison will continue to be impacted by fluctuations resulting from the timing of the availability of Company-owned television series for multiyear licensing agreements. Television license fee revenues are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition.

Affiliate and subscription fees for the three months ended March 31, 2015increased11% to $628 million, reflecting higher rates across the Company. For the remainder of 2015, the Company expects continued growth in affiliate and subscription fees. In addition, affiliate and subscription fees for the second quarter of 2015 will benefit from the Mayweather vs. Pacquiao boxing match, the highest-grossing pay-per-view event of all time.

- 28-

Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

International Revenues

The Company generated approximately 16% and 15% of its total revenues from international regions for the three months ended March 31, 2015 and 2014, respectively.

Operating Expenses

The following table presents the Company's consolidated operating expenses by type for the three months endedMarch 31, 2015 and 2014.

	Three Months Ended March 31,
			Percentage of Total				Percentage of Total		Increase/(Decrease)
Operating Expenses by Type	2015				2014				$			%
Programming	$	832	39	%	$	879	42	%	$	(47	)	(5	)%
Production	657		31	%	599		28	%	58			10	%
Participation, distribution and royalty	302		14	%	295		14	%	7			2	%
Other	351		16	%	348		16	%	3			1	%
Total Operating Expenses	$	2,142	100	%	$	2,121	100	%	$	21		1	%

Programming expenses for the three months ended March 31, 2015decreased$47 million, or 5%, to $832 million from $879 million for the same prior-year period, driven by lower costs for acquired television series as a result of a shift to a higher mix of internally developed television series.

Production expenses for the three months ended March 31, 2015increased$58 million, or 10%, to $657 million from $599 million for the same prior-year period, primarily reflecting an increased investment in programming associated with the shift to a higher mix of internally developed television series.

Participation, distribution and royalty expenses for the three months ended March 31, 2015increased$7 million, or 2%, to $302 million from $295 million for the same prior-year period principally due to higher participations and residuals associated with the mix of titles licensed under television licensing agreements, partially offset by lower distribution costs for feature films.

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses, which include expenses incurred for selling and marketing costs, occupancy and back office support, of $588 million for the three months ended March 31, 2015 were consistent with SG&A expenses for the same prior-year period of $587 million. SG&A expenses as a percentage of revenues were 17% and 16% for the three months endedMarch 31, 2015 and 2014, respectively.

Depreciation and Amortization

For the three months ended March 31, 2015, depreciation and amortization decreased$3 million, or 4%, to $68 million primarily reflecting lower amortization resulting from certain intangible assets that became fully amortized during the second quarter of 2014.

Interest Expense

For the three months ended March 31, 2015, interest expense remained flat at $93 million compared with the same prior-year period.

- 29-

Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

The Company had $7.71 billion of long-term debt outstanding at March 31, 2015 and $5.96 billion of long-term debt outstanding at March 31, 2014 at weighted average interest rates of 4.7% and 6.0%, respectively. At March 31, 2014 the Company also had $440 million of outstanding commercial paper borrowings at a weighted average interest rate of 0.26%.

Interest Income

For the three months ended March 31, 2015, interest income increased$2 million to $5 million.

Other Items, Net

For the first quarter of 2015, “Other items, net” included foreign exchange losses of $23 million ($20 million, net of tax) associated with the strengthening of the U.S. dollar during the period, partially offset by a gain of $19 million ($3 million, net of tax) on the sale of an Internet business in China. For the first quarter of 2014, “Other items, net” primarily consisted of foreign exchange gains.

Provision for Income Taxes

The provision for income taxes was $203 million for the three months ended March 31, 2015 and $234 million for the three months ended March 31, 2014, reflecting an effective income tax rate of 33.3% and 33.1%, respectively.

Equity in Loss of Investee Companies, Net of Tax

Equity in loss of investee companies, net of tax, reflects the Company’s share of the operating results of its equity investments. For the three months ended March 31, 2015, equity in loss of investee companies, net of tax, increased$3 million to a loss of $13 million compared to the same prior-year period.

Net Earnings from Continuing Operations and Diluted EPS from Continuing Operations

Net earnings from continuing operations of $394 million for the three months ended March 31, 2015decreased$68 million, or 15%, versus $462 million for the same prior-year period. Diluted EPS from continuing operations increased$.01 to $.78 for the first quarter of 2015 compared to the same prior-year period as the lower net earnings were offset by lower weighted average shares outstanding as a result of the Company's ongoing share repurchase program and the Split-Off of Outdoor Americas on July 16, 2014.

Net Earnings from Discontinued Operations

Net earnings from discontinued operations of $6 million for the three months ended March 31, 2014 reflected the results of Outdoor Americas, which was disposed of in 2014.

Net Earnings and Diluted EPS

For the three months ended March 31, 2015, net earnings were $394 millioncompared to $468 million for the same prior-year period and diluted EPS of $.78 was comparable to the same prior-year period.

- 30-

Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

Free Cash Flow

Free cash flow is a non-GAAP financial measure. Free cash flow reflects the Company’s net cash flow provided by (used for) operating activities before operating cash flow from discontinued operations and less capital expenditures. The Company’s calculation of free cash flow includes capital expenditures because investment in capital expenditures is a use of cash that is directly related to the Company’s operations. The Company’s net cash flow provided by (used for) operating activities is the most directly comparable GAAP financial measure.

Management believes free cash flow provides investors with an important perspective on the cash available to the Company to service debt, make strategic acquisitions and investments, maintain its capital assets, satisfy its tax obligations, and fund ongoing operations and working capital needs. As a result, free cash flow is a significant measure of the Company’s ability to generate long-term value. It is useful for investors to know whether this ability is being enhanced or degraded as a result of the Company’s operating performance. The Company believes the presentation of free cash flow is relevant and useful for investors because it allows investors to evaluate the cash generated from the Company’s underlying operations in a manner similar to the method used by management. Free cash flow is one of several components of incentive compensation targets for certain management personnel. In addition, free cash flow is a primary measure used externally by the Company’s investors, analysts and industry peers for purposes of valuation and comparison of the Company’s operating performance to other companies in its industry.

As free cash flow is not a measure calculated in accordance with GAAP, free cash flow should not be considered in isolation of, or as a substitute for, either net cash flow provided by (used for) operating activities as a measure of liquidity or net earnings as a measure of operating performance. Free cash flow, as the Company calculates it, may not be comparable to similarly titled measures employed by other companies. In addition, free cash flow as a measure of liquidity has certain limitations, does not necessarily represent funds available for discretionary use and is not necessarily a measure of the Company’s ability to fund its cash needs. When comparing free cash flow to net cash flow provided by (used for) operating activities, the most directly comparable GAAP financial measure, users of this financial information should consider the types of events and transactions that are not reflected in free cash flow.

The following table presents a reconciliation of the Company’s net cash flow provided by operating activities to free cash flow.

	Three Months Ended
	March 31,
	2015			2014
Net cash flow provided by operating activities	$	417		$	501
Capital expenditures	(17		)	(28		)
Exclude operating cash flow from discontinued operations	—			(47		)
Free cash flow	$	400		$	520

- 31-

Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

Segment Results of Operations

The Company presents operating income (loss) excluding restructuring charges and impairment charges, if any, (“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 began presenting Segment Operating Income as its segment profit measure in the first quarter of 2015 in order to align with the primary method the Company's management began using in 2015 to evaluate segment performance and to make decisions regarding the allocation of resources to its segments. 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. The reconciliation of Segment Operating Income to the Company’s consolidated Net earnings is presented in Note 12 (Reportable Segments) to the consolidated financial statements.

On July 16, 2014, the Company completed the disposition of Outdoor Americas. As a result, Outdoor Americas has been presented as a discontinued operation in the Company’s consolidated financial statements. Prior periods have been recast to conform to this presentation.

	Three Months Ended
	March 31,
	2015			2014
Revenues:
Entertainment	$	2,261		$	2,303
Cable Networks	539			537
Publishing	145			153
Local Broadcasting	596			626
Corporate/Eliminations	(41		)	(49		)
Total Revenues	$	3,500		$	3,570
Segment Operating Income (Loss):
Entertainment	$	346		$	420
Cable Networks	251			254
Publishing	12			11
Local Broadcasting	161			179
Corporate	(68		)	(73		)
Total Operating Income	$	702		$	791
Depreciation and Amortization:
Entertainment	$	32		$	37
Cable Networks	6			5
Publishing	1			2
Local Broadcasting	21			21
Corporate	8			6
Total Depreciation and Amortization	$	68		$	71

- 32-

Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

Entertainment (CBS Television Network, CBS Television Studios, CBS Global Distribution Group, CBS Interactive and CBS Films)

(Contributed 65% to consolidated revenues for each of the three months endedMarch 31, 2015 and 2014, and 49% to consolidated operating income for the three months endedMarch 31, 2015 versus 53% for the comparable prior-year period.)

	Three Months Ended
	March 31,
	2015			2014
Revenues	$	2,261		$	2,303
Operating income	$	346		$	420
Operating income as a % of revenues	15		%	18		%
Depreciation and amortization	$	32		$	37
Capital expenditures	$	8		$	17

Three Months Ended March 31, 2015 and 2014

For the three months ended March 31, 2015, Entertainment revenues decreased$42 million, or 2%, to $2.26 billion from $2.30 billion for the same prior-year period reflecting lower advertising and content licensing and distribution revenues, partially offset by growth in affiliate and subscription fees. Advertising revenues decreased 4% mainly because one fewer NFL playoff game was broadcast on the CBS Television Network during the first quarter of 2015 compared with the same prior-year period. Content licensing and distribution revenues decreased 4% reflecting lower domestic television licensing revenues and theatrical revenues, partially offset by higher international television licensing revenues.

For the three months ended March 31, 2015, Entertainment operating income decreased$74 million, or 18%, to $346 million from $420 million for the same prior-year period, driven by lower revenues and an increased investment in sports and entertainment programming.

For the remainder of 2015, results are expected to benefit from continued growth in affiliate and subscription fees. In addition, comparability will be impacted by fluctuations resulting from the timing of the availability of Company-owned television series for multiyear licensing agreements. Television license fee revenues are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition.

Cable Networks (Showtime Networks, CBS Sports Network and Smithsonian Networks)

(Contributed 15% to consolidated revenues for each of the three months endedMarch 31, 2015 and 2014, and 36% to consolidated operating income for the three months endedMarch 31, 2015 versus 32% for the comparable prior-year period.)

	Three Months Ended
	March 31,
	2015			2014
Revenues	$	539		$	537
Operating income	$	251		$	254
Operating income as a % of revenues	47		%	47		%
Depreciation and amortization	$	6		$	5
Capital expenditures	$	1		$	2

- 33-

Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

Three Months Ended March 31, 2015 and 2014

For the three months ended March 31, 2015, Cable Networks revenues of $539 millionincreased$2 million from the same prior-year period. Higher affiliate revenues from growth in rates and increased revenues from the licensing of Showtime original series internationally, primarily from a new licensing agreement with Bell Canada, were offset by lower domestic licensing revenues as the first quarter of 2014 included a significant domestic streaming sale of Dexter. As of March 31, 2015 subscriptions totaled 77 million for Showtime Networks (including Showtime, The Movie Channel and Flix), 55 million for CBS Sports Network and 30 million for Smithsonian Networks.

Revenues for the second quarter of 2015 will benefit from the Mayweather vs. Pacquiao boxing match, the highest-grossing pay-per-view event of all time.

For the three months ended March 31, 2015, Cable Networks operating income decreased$3 million, or 1%, to $251 million from $254 million for the same prior-year period, primarily reflecting higher operating expenses, mainly from the timing of theatrical programming and costs to support growth in digital initiatives.

Publishing (Simon & Schuster)

(Contributed 4% to consolidated revenues for each of the three months endedMarch 31, 2015 and 2014, and 2% to consolidated operating income for the three months endedMarch 31, 2015, versus 1% for the comparable prior-year period.)

	Three Months Ended
	March 31,
	2015			2014
Revenues	$	145		$	153
Operating income	$	12		$	11
Operating income as a % of revenues	8		%	7		%
Depreciation and amortization	$	1		$	2
Capital expenditures	$	—		$	—

Three Months Ended March 31, 2015 and 2014

For the three months ended March 31, 2015, Publishing revenues decreased$8 million, or 5%, to $145 million from $153 million for the same prior-year period, reflecting lower print book sales. Digital revenues represented 31% of Publishing’s total revenues for the first quarter of 2015. Best-selling titles in the first quarter of 2015 included the 2014 release, All the Light We Cannot See by Anthony Doerr, and Get What's Yours: The Secrets to Maxing Out Your Social Security by Laurence J. Kotlikoff, Philip Moeller, and Paul Solman.

For the three months ended March 31, 2015, Publishing operating income increased$1 million, or 9%, to $12 million from $11 million for the same prior-year period as the revenue decline was more than offset by lower selling and inventory costs.

- 34-

Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

Local Broadcasting (CBS Television Stations and CBS Radio)

(Contributed 17% to consolidated revenues for the three months endedMarch 31, 2015 versus 18% for the comparable prior-year period, and 23% to consolidated operating income for each of the three months endedMarch 31, 2015 and 2014.)

	Three Months Ended
	March 31,
	2015			2014
Revenues	$	596		$	626
Operating income	$	161		$	179
Operating income as a % of revenues	27		%	29		%
Depreciation and amortization	$	21		$	21
Capital expenditures	$	7		$	8

Three Months Ended March 31, 2015 and 2014

For the three months ended March 31, 2015, Local Broadcasting revenues decreased$30 million, or 5%, to $596 million from $626 million for the same prior-year period, reflecting lower advertising revenues, partially offset by growth in affiliate and subscription fees. CBS Television Stations revenues decreased 3% and CBS Radio revenues declined 7%. These decreases primarily reflect lower spending by advertisers in several industries, including entertainment, telecommunications, financial services, and retail.

For the three months ended March 31, 2015, Local Broadcasting operating income decreased$18 million, or 10%, to $161 million from $179 million for the same prior-year period, primarily reflecting the revenue decline.

For the remainder of 2015, affiliate and subscription fees are expected to continue to increase, while advertising revenues will be negatively impacted by lower political spending as 2014 benefited from midterm elections.

As disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, based on the Company's most recent annual impairment tests for goodwill and FCC licenses performed during the fourth quarter of 2014, the estimated fair value of the Company's CBS Radio reporting unit exceeded its carrying value by 5% and the carrying value of FCC licenses in several radio markets was within 10% of their respective estimated fair values. If recent declines in the radio marketplace become other than temporary, the results of the next impairment test, which may be interim or annual, could reflect a downward revision in the estimated fair value of this reporting unit and/or its FCC licenses, which could result in a noncash impairment charge. Any impairment charge for goodwill and/or FCC licenses could have a material adverse effect on the Company’s reported net earnings.

Corporate

Corporate expenses include general corporate overhead, unallocated shared company expenses, pension and postretirement benefit costs for plans retained by the Company for previously divested businesses, and intercompany eliminations. For the three months ended March 31, 2015, corporate expenses decreased$5 million, or 7%, to $68 million from $73 million for the same prior-year period primarily reflecting lower employee-related expenses.

- 35-

Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

Financial Position

Current assets decreased by $369 million to $5.22 billion at March 31, 2015 from $5.59 billion at December 31, 2014, primarily reflecting lower cash and cash equivalents; accounts receivable, primarily due to seasonality; and lower prepaid program rights. The decrease in prepaid program rights reflects the expensing of prepaid sports program rights and the timing of the broadcast of entertainment programs. The allowance for doubtful accounts as a percentage of receivables was 1.6% and 1.4% at March 31, 2015 and December 31, 2014, respectively.

Other assets increased by $134 million to $2.62 billion at March 31, 2015 from $2.49 billion at December 31, 2014, primarily reflecting an increase in long-term receivables associated with revenues from television licensing agreements.

Current liabilities decreased by $941 million to $3.09 billion at March 31, 2015 from $4.03 billion at December 31, 2014, primarily driven by the repayment of commercial paper and decreases in accounts payable and accrued compensation from the timing of payments.

Long-term debt increased$1.18 billion to $7.69 billion at March 31, 2015 from $6.51 billion at December 31, 2014 primarily reflecting the issuance of $600 million of 3.50%senior notes due 2025 and $600 million of 4.60%senior notes due 2045, during the first quarter of 2015.

Cash Flows

The changes in cash and cash equivalents were as follows:

	Three Months Ended
	March 31,
	2015			2014
Cash provided by (used for) operating activities from:
Continuing operations	$	417		$	548
Discontinued operations	—			(47		)
Cash provided by operating activities	417			501
Cash provided by (used for) investing activities from:
Continuing operations	5			(56		)
Discontinued operations	(3		)	(9		)
Cash provided by (used for) investing activities	2			(65		)
Cash (used for) provided by financing activities from:
Continuing operations	(516		)	(2,092		)
Discontinued operations	—			1,570
Cash used for financing activities	(516		)	(522		)
Net decrease in cash and cash equivalents	$	(97	)	$	(86	)

Operating Activities. For the three months endedMarch 31, 2015 cash provided by operating activities from continuing operations decreased$131 million to $417 million from $548 million for the same prior-year period, primarily reflecting a higher investment in programming.

Cash paid for income taxes from continuing operations for the three months endedMarch 31, 2015 was $4 million versus $17 million for the same prior-year period.

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Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

During the next six months, the Company expects to make a payment of approximately $20 million, plus accrued interest, related to an audit in a foreign jurisdiction of a previously disposed business that is accounted for as a discontinued operation.

Investing Activities. Cash provided by investing activities from continuing operations of $5 million for the three months endedMarch 31, 2015 principally reflected proceeds from dispositions of $59 million, primarily from the sale of an Internet business in China, partially offset by capital expenditures of $17 million and investments in domestic and international television joint ventures of $39 million. Cash used for investing activities from continuing operations of $56 million for the three months endedMarch 31, 2014 principally reflected capital expenditures of $28 million and investments in domestic and international television joint ventures of $39 million.

Financing Activities. Cash used for financing activities of $516 million for the three months endedMarch 31, 2015 principally reflected the repurchase of CBS Corp. Class B Common Stock for $1.05 billion and repayments of short-term debt borrowings of $616 million, partially offset by proceeds from the issuance of senior notes of $1.18 billion. Cash used for financing activities from continuing operations of $2.09 billion for the three months endedMarch 31, 2014 principally reflected the repurchase of CBS Corp. Class B Common Stock for $2.03 billion and dividend payments of $75 million.

Cash provided by financing activities from discontinued operations of $1.57 billion for the three months endedMarch 31, 2014 reflected the net proceeds from Outdoor Americas' long-term debt borrowings.

Repurchase of Company Stock and Cash Dividends

During the first quarter of 2015, the Company repurchased 17.2 million shares of its Class B Common Stock under its share repurchase program for $1.00 billion, at an average cost of $58.07 per share. At March 31, 2015, the Company had $3.80 billion of authorization remaining under its share repurchase program.

During the first quarter of 2015, the Company declared a quarterly cash dividend of $.15 on its Class A and Class B Common Stock, resulting in total dividends of $75 million, payable on April 1, 2015.

Guarantees

During 2013, the Company completed the sale of its outdoor advertising business in Europe (“Outdoor Europe”). The Company continues to be the guarantor of certain of Outdoor Europe’s obligations, including franchise payment obligations under certain transit franchise agreements. Generally, the Company would be required to perform under the guarantees in the event of non-performance by the buyer. These agreements have varying terms, with the majority of the obligations guaranteed under these agreements expiring by September 2016. At March 31, 2015, the total franchise payment obligations under these agreements are estimated to be approximately $149 million, which will decrease on a monthly basis thereafter. The carrying value of the guarantee liability of approximately $28 million at both March 31, 2015 and December 31, 2014 is included in ‘‘Liabilities of discontinued operations’’ on the Consolidated Balance Sheets.

The Company also has indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. At March 31, 2015, the outstanding letters of credit and surety bonds approximated $240 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

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Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

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.

Capital Structure

The following table sets forth the Company’s debt.

	At			At
	March 31, 2015			December 31, 2014
Commercial paper		$	—		$	616
Senior debt (1.95% – 7.875% due 2016 – 2045) (a)		7,619			6,433
Obligations under capital leases		95			97
Total debt		7,714			7,146
Less commercial paper		—			616
Less current portion of long-term debt		21			20
Total long-term debt, net of current portion		$	7,693		$	6,510

(a) At March 31, 2015 and December 31, 2014, the senior debt balances included (i) a net unamortized discount of $34 million and $21 million, respectively and (ii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $6 million and $14 million, respectively. At March 31, 2015, the senior debt balances also included an increase in the carrying value of the debt relating to outstanding fair value hedges of $7 million. Such amount was minimal at December 31, 2014. The face value of the Company’s senior debt was $7.64 billion and $6.44 billion at March 31, 2015 and December 31, 2014, respectively.

During January 2015, the Company issued $600 million of 3.50%senior notes due 2025 and $600 million of 4.60%senior notes due 2045 and used the net proceeds for the repurchase of CBS Corp. Class B Common Stock and repayment of short-term borrowings, including commercial paper.

At March 31, 2015, the Company classified $200 million of debt maturing in January 2016 as long-term debt on the Consolidated Balance Sheet, reflecting its intent and ability to refinance this debt on a long-term basis.

All of the Company's long-term debt has been issued under fixed interest rate agreements. The Company has $600 million notional amount of fixed-to-floating rate swaps outstanding to hedge its $600 million of 2.30%senior notes due 2019. These interest rate swaps are designated as fair value hedges. The swaps expose the Company to movements in short-term interest rates. Based on the amount of fixed-to-floating rate swaps at March 31, 2015, a 100 basis point change in interest rates would cause a $6 million change to pretax earnings.

Commercial Paper

At March 31, 2015 the Company had a $2.5 billion commercial paper program under which there were no outstanding borrowings. At December 31, 2014 the Company had $616 million of outstanding commercial paper borrowings at a weighted average interest rate of 0.46% and with maturities of less than forty-five days. The Company’s commercial paper borrowings fluctuate based on the timing of the Company’s cash requirements for its operating, investing and financing needs as well as the cash flows generated to meet these needs. At April 30, 2015 the Company had $541 million of outstanding commercial paper borrowings.

Credit Facility

At March 31, 2015, the Company had a $2.5 billion revolving credit facility (the “Credit Facility”) which expires in December 2019. The Credit Facility requires the Company to maintain a maximum Consolidated Leverage

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Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

Ratio of 4.5x at the end of each quarter as further described in the Credit Facility. At March 31, 2015, the Company’s Consolidated Leverage Ratio was approximately 2.3x.

The Consolidated Leverage Ratio is the ratio of the Company’s indebtedness from continuing operations, adjusted to exclude certain capital lease obligations, at the end of a quarter, to the Company’s Consolidated EBITDA for the trailing four consecutive quarters. Consolidated EBITDA is defined in the Credit Facility as operating income plus interest income and before depreciation, amortization and certain other noncash items.

The Credit Facility is used for general corporate purposes. At March 31, 2015, the Company had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $2.49 billion.

Liquidity and Capital Resources

The Company continually projects anticipated cash requirements for its operating, investing and financing needs as well as cash flows generated from operating activities available to meet these needs. The Company’s operating needs include, among other items, commitments for sports programming rights, television and film programming, talent contracts, operating leases, interest payments, and pension funding obligations. The Company’s investing and financing spending includes capital expenditures, share repurchases, dividends and principal payments on its outstanding indebtedness. The Company believes that its operating cash flows; cash and cash equivalents; borrowing capacity under the Credit Facility, which had $2.49 billion of remaining availability at March 31, 2015; and access to capital markets are sufficient to fund its operating, investing and financing requirements for the next twelve months.

The Company’s funding for short-term and long-term obligations will come primarily from cash flows from operating activities. Any additional cash funding requirements are financed with short-term borrowings, including commercial paper, and long-term debt. To the extent that commercial paper is not available to the Company, the existing Credit Facility provides sufficient capacity to satisfy short-term borrowing needs.The Company routinely assesses its capital structure and opportunistically enters into transactions to lower its interest expense, which could result in a charge from the early extinguishment of debt.

Funding for the Company’s long-term debt obligations due over the next five years of $1.50 billion is expected to come from the Company's ability to refinance its debt and cash generated from operating activities.

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, and the outcome is inherently uncertain and 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.

Claims Related to Former Businesses: Asbestos.    The Company is a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred principally as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early

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Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. The Company is typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of the Company’s products is the basis of a claim. Claims against the Company in which a product has been identified principally relate to exposures allegedly caused by asbestos-containing insulating material in turbines sold for power-generation, industrial and marine use.

Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. The Company does not report as pending those claims on inactive, stayed, deferred or similar dockets which some jurisdictions have established for claimants who allege minimal or no impairment. As of March 31, 2015, the Company had pending approximately 40,090 asbestos claims, as compared with approximately 41,100 as of December 31, 2014 and 45,270 as of March 31, 2014. During the first quarter of 2015, the Company received approximately 860 new claims and closed or moved to an inactive docket approximately 1,870 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 2014 and 2013 for settlement and defense of asbestos claims after insurance recoveries and net of tax benefits were approximately $11 million and $29 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.

Filings include claims for individuals suffering from mesothelioma, a rare cancer, the risk of which is allegedly increased by exposure to asbestos; lung cancer, a cancer which may be caused by various factors, one of which is alleged to be asbestos exposure; other cancers, and conditions that are substantially less serious, including claims brought on behalf of individuals who are asymptomatic as to an allegedly asbestos-related disease. The predominant number of claims against the Company are non-cancer claims. In a substantial number of the pending claims, the plaintiff has not yet identified the claimed injury. The Company believes that its reserves and insurance are adequate to cover its asbestos liabilities. This belief is based upon many factors and assumptions, including the number of outstanding claims, estimated average cost per claim, the breakdown of claims by disease type, historic claim filings, costs per claim of resolution and the filing of new claims. While the number of asbestos claims filed against the Company has trended down in the past five to ten years and has remained flat in recent years, it is difficult to predict future asbestos liabilities, as events and circumstances may occur including, among others, the number and types of claims and average cost to resolve such claims, which could affect the Company's estimate of its asbestos liabilities.

Other.    The Company from time to time receives claims from federal and state environmental regulatory agencies and other entities asserting that it is or may be liable for environmental cleanup costs and related damages principally relating to historical and predecessor operations of the Company. In addition, the Company from time to time receives personal injury claims including toxic tort and product liability claims (other than asbestos) arising from historical operations of the Company and its predecessors.

- 40-

Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

Related Parties

See Note 5 to the consolidated financial statements.

Recent Pronouncements and Adoption of New Accounting Standards

See Note 1 to the consolidated financial statements.

Critical Accounting Policies

See Item 7, Management’s Discussion and Analysis of Results of Operations and Financial Condition in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, for a discussion of the Company’s critical accounting policies.

Cautionary Statement Concerning Forward-Looking Statements

This quarterly report on Form 10-Q, including “Item 2 - Management’s Discussion and Analysis of Results of Operations and Financial Condition,” contains both historical and forward‑looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward‑looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. These forward‑looking statements are not based on historical facts, but rather reflect the Company’s current expectations concerning future results and events. These forward‑looking statements generally can be identified by the use of statements that include phrases such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,” “may,” “could,” or other similar words or phrases. Similarly, statements that describe the Company’s objectives, plans or goals are or may be forward‑looking statements. These forward‑looking statements involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause the actual results, performance or achievements of the Company to be different from any future results, performance and achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: advertising market conditions generally; changes in the public acceptance of the Company’s programming; changes in technology and its effect on competition in the Company’s markets; changes in the federal communications laws and regulations; the impact of piracy on the Company’s products; the impact of consolidation in the market for the Company’s programming; the impact of negotiations or the loss of affiliation agreements or retransmission agreements; the impact of union activity, including possible strikes or work stoppages or the Company’s inability to negotiate favorable terms for contract renewals; other domestic and global economic, business, competitive and/or regulatory factors affecting the Company’s businesses generally; and other factors described in the Company’s news releases and filings made under the securities laws, including, among others, those set forth under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014 and in our Quarterly Reports on Form 10-Q. There may be additional risks, uncertainties and factors that the Company does not currently view as material or that are not necessarily known. The forward‑looking statements included in this document are made as of the date of this document and the Company does not have any obligation to publicly update any forward‑looking statements to reflect subsequent events or circumstances.

- 41-

Management’s Discussion and Analysis of

Results of Operations and Financial Condition (Continued)

(Tabular dollars in millions)

Item 3.Quantitative and Qualitative Disclosures About Market Risk.

There have been no significant changes to market risk since reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.

Item 4. Controls and Procedures.

The Company’s chief executive officer and chief operating officer have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended) were effective, based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Securities Exchange Act of 1934, as amended.

No change in the Company’s internal control over financial reporting occurred during the Company’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1A. Risk Factors.

The following updates the corresponding risk factor included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

The Company Could Suffer Losses Due to Asset Impairment Charges for Goodwill, Intangible Assets, FCC Licenses and Programming

As disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, based on the Company’s most recent annual impairment tests for goodwill and FCC licenses performed during the fourth quarter of 2014, the estimated fair value of the Company’s CBS Radio reporting unit exceeded its carrying value by 5% and the carrying value of FCC licenses in several radio markets was within 10% of their respective estimated fair values. If recent declines in the radio marketplace become other than temporary, the results of the next impairment test, which may be interim or annual, could reflect a downward revision in the estimated fair value of this reporting unit and/or its FCC licenses, which could result in a noncash impairment charge. Any impairment charge for goodwill and/or FCC licenses could have a material adverse effect on the Company’s reported net earnings.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.

Company Purchases of Equity Securities

In November 2010, the Company announced that its Board of Directors approved a program to repurchase $1.5 billion of the Company’s common stock. Since then, various increases to such amount have been approved and announced, including most recently a $3.0 billion increase to the amount available under such program on August 7, 2014. Below is a summary of CBS Corp.’s purchases of its Class B Common Stock during the three months ended March 31, 2015.

(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
January 1, 2015 - January 31, 2015		10.3	(a)		10.3		$	4,142
February 1, 2015 - February 28, 2015		2.7	$58.10		2.7		$	3,984
March 1, 2015 - March 31, 2015		4.2	(b)		4.2		$	3,800
Total		17.2	$58.07		17.2		$	3,800

(a) During January 2015, the Company initiated a $500 million accelerated share repurchase (“ASR”) transaction through which 7.4 million shares of CBS Corp. Class B Common Stock were delivered during January 2015. In addition, during January 2015, the Company repurchased 2.9 million shares of CBS Corp. Class B Common Stock on the open market at an average price of $55.17 per share.

(b) During March 2015, the Company received an additional 1.2 million shares at the conclusion of the ASR initiated during January. In addition, during March 2015, the Company repurchased 3.0 million shares of CBS Corp. Class B Common Stock on the open market at an average price of $61.59 per share.

- 43-

Item 6. Exhibits.

Exhibit No.		Description of Document
(4	)		Instruments defining the rights of security holders, including indentures.
		(a)	Amended and Restated Senior Indenture dated as of November 3, 2008 ("2008 Indenture") between 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 filed by CBS Corporation on November 3, 2008 (Registration No. 333-154962) (File No. 001-09553)).
		(b)	First Supplemental Indenture to 2008 Indenture dated as of April 5, 2010 between 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 filed by CBS Corporation on 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 section (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)	Employment Agreement dated December 11, 2014 between CBS Corporation and Leslie Moonves (incorporated by reference to Exhibit 10(o) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553), as amended by a Letter Agreement dated February 24, 2015 (filed herewith).
(12	)		Statement Regarding Computation of Ratios (filed herewith)
(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 Operating 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 Operating 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.

- 44-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CBS CORPORATION (Registrant)
Date: May 7, 2015	/s/ Joseph R. Ianniello
	Joseph R. Ianniello Chief Operating Officer
Date: May 7, 2015	/s/ Lawrence Liding
	Lawrence Liding Executive Vice President, Controller and Chief Accounting Officer

- 45-

EXHIBIT INDEX

Exhibit No.		Description of Document
(4	)		Instruments defining the rights of security holders, including indentures.
		(a)	Amended and Restated Senior Indenture dated as of November 3, 2008 ("2008 Indenture") between 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 filed by CBS Corporation on November 3, 2008 (Registration No. 333-154962) (File No. 001-09553)).
		(b)	First Supplemental Indenture to 2008 Indenture dated as of April 5, 2010 between 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 filed by CBS Corporation on 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 section (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)	Employment Agreement dated December 11, 2014 between CBS Corporation and Leslie Moonves (incorporated by reference to Exhibit 10(o) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553), as amended by a Letter Agreement dated February 24, 2015 (filed herewith).
(12	)		Statement Regarding Computation of Ratios (filed herewith)
(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 Operating 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 Operating 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.

- 46-

EX-10.A

Exhibit 10(a)

EXECUTION COPY

Mr. Leslie Moonves

c/o CBS Corporation

51 West 52nd Street

New York, NY 10019

Dear Mr. Moonves: February 24, 2015

Reference is made to your employment agreement with CBS Corporation, a Delaware corporation (“CBS”), dated December 11, 2014 (your “Employment Agreement”). This letter expresses our agreement concerning the amendment of your Employment Agreement. Capitalized terms used in this letter agreement without definitions have the meanings assigned to them in the Employment Agreement.

1. Section 3(b)(ii) is hereby amended by replacing the following language “one or more Company-wide performance goals (the “Company-Wide Performance Goal(s)”) established in good faith by the Compensation Committee for such calendar year pursuant to, and determined in accordance with, Employer’s Senior Executive Short-Term Incentive Plan, as the same may be amended from time to time (together with any successor plan, the “Senior Executive STIP”)” with “the target goal established in good faith by the Compensation Committee (the “Company-Wide Performance Goal(s)”) with regard to the financial based portion of Employer’s Short-Term Incentive Program for such calendar year (the “Short-Term Incentive Program”)”.

2. Section 3(b)(ii)(a) is hereby amended by replacing it with the following language: “The Company-Wide Performance Goal(s) shall be no more difficult than the performance goal(s) established for the purpose of determining the amount of any actual bonus payable to any other executive of Employer who participates in the Short-Term Incentive Program and who has Company-wide responsibilities;”.

3. Section 3(b)(iii) is hereby amended by deleting the following: “, including, without limitation, based on the terms and conditions of the Senior Executive STIP”.

4. Section 3(b)(vi) is amended by replacing the first reference therein to “Senior Executive STIP” with the following language: “Employer’s Senior Executive Short-Term Incentive Plan, as the same may be amended from time to time (together with any successor plan, the “Senior Executive STIP”)”.

5. Except as expressly provided for herein, your Employment Agreement continues in full force and effect in accordance with its terms.

[Signature Page Follows]

EXECUTION COPY

If the foregoing correctly sets forth our understanding, please sign, date and return all four (4) copies of this letter and return it to the undersigned for execution on behalf of CBS; after this letter has been executed by CBS and a fully executed copy returned to you, it shall constitute a binding agreement between us.

Very truly yours,

CBS CORPORATION

/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/ Leslie Moonves            

Name: Leslie Moonves

Dated: 2/24/15                

EX-12

Exhibit 12

CBS CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Tabular dollars in millions, except ratios)

	Three Months Ended						Twelve Months Ended
	March 31,						December 31,
	2015			2014			2014			2013			2012			2011			2010
Earnings from continuing operations before income taxes and equity in loss of investee companies	$	610		$	706		$	2,164		$	2,665		$	2,357		$	1,983		$	1,209
Add:
Distributions from investee companies	—			2			9			8			11			6			—
Interest expense, net of capitalized interest	93			93			363			375			401			433			526
1/3 of rental expense	18			17			69			70			68			68			68
Total earnings from continuing operations	$	721		$	818		$	2,605		$	3,118		$	2,837		$	2,490		$	1,803
Fixed charges:
Interest expense, net of capitalized interest	$	93		$	93		$	363		$	375		$	401		$	433		$	526
1/3 of rental expense	18			17			69			70			68			68			68
Total fixed charges	$	111		$	110		$	432		$	445		$	469		$	501		$	594
Ratio of earnings to fixed charges	6.5		x	7.4		x	6.0		x	7.0		x	6.0		x	5.0		x	3.0		x

EX-31.A

Exhibit 31(a)

CERTIFICATION

I, Leslie Moonves, certify that:

1. I have reviewed this quarterly report on Form 10-Q 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 most recent 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.

Date: May 7, 2015

/s/ Leslie Moonves

Leslie Moonves

President and Chief Executive Officer

EX-31.B

Exhibit 31(b)

CERTIFICATION

I, Joseph R. Ianniello, certify that:

1. I have reviewed this quarterly report on Form 10-Q 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 most recent 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.

Date: May 7, 2015

/s/ Joseph R. Ianniello

Joseph R. Ianniello

Chief Operating Officer

EX-32.A

Exhibit 32(a)

Certification Pursuant to 18 U.S.C.  Section 1350,

as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of CBS Corporation (the “Company”) on Form 10-Q for the period ended March 31, 2015 as filed with the Securities and Exchange Commission (the "Report"), I, Leslie Moonves, President and Chief Executive Officer of the Company, certify that to my knowledge:

1.    the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Leslie Moonves

Leslie Moonves

May 7, 2015

EX-32.B

Exhibit 32(b)

Certification Pursuant to 18 U.S.C.  Section 1350,

as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of CBS Corporation (the “Company”) on Form 10-Q for the period ended March 31, 2015 as filed with the Securities and Exchange Commission (the "Report"), I, Joseph R. Ianniello, Chief Operating Officer of the Company, certify that to my knowledge:

1.    the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Joseph R. Ianniello

Joseph R. Ianniello

May 7, 2015

XML

Bank Financing and Debt Additional Disclosures (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Jan. 31, 2015
Debt Instruments [Line Items]
Increase in carrying value of debt relating to outstanding fair value hedges	$ 7
Short-term debt classified as long-term debt reflecting Company's intent and ability to refinance	200
Senior Notes [Member]
Debt Instruments [Line Items]
Minimum stated interest rate of senior debt	1.95%
Maximum stated interest rate of senior debt	7.875%
Face value of debt	7,640	6,440
Senior Notes [Member] | Senior Notes Due 2025 [Member]
Debt Instruments [Line Items]
Stated interest rate			3.50%
Face value of debt			600
Senior Notes [Member] | Senior Notes Due 2045 [Member]
Debt Instruments [Line Items]
Stated interest rate			4.60%
Face value of debt			$ 600

XML

Reportable Segments (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Segment Reporting [Abstract]
Interest expense	$ (93)	$ (93)
Interest income	5	3
Other items, net	(4)	5
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies	610	706
Provision for income taxes	(203)	(234)
Equity in loss of investee companies, net of tax	(13)	(10)
Net earnings from continuing operations	394	462
Net earnings (loss) from discontinued operations, net of tax	0	6
Net earnings (loss)	394	468
Reportable Segments [Line Items]
Revenues	3,500	3,570
Operating income (loss)	702	791
Depreciation and amortization	68	71
Stock-based compensation	46	40
Capital expenditures	17	28
Assets	23,786		24,072
Operating Segments [Member] | Entertainment Segment [Member]
Reportable Segments [Line Items]
Revenues	2,261	2,303
Operating income (loss)	346	420
Depreciation and amortization	32	37
Stock-based compensation	16	14
Capital expenditures	8	17
Assets	10,414		10,469
Operating Segments [Member] | Cable Networks Segment [Member]
Reportable Segments [Line Items]
Revenues	539	537
Operating income (loss)	251	254
Depreciation and amortization	6	5
Stock-based compensation	3	2
Capital expenditures	1	2
Assets	2,136		2,113
Operating Segments [Member] | Publishing Segment [Member]
Reportable Segments [Line Items]
Revenues	145	153
Operating income (loss)	12	11
Depreciation and amortization	1	2
Stock-based compensation	1	1
Capital expenditures	0	0
Assets	889		990
Operating Segments [Member] | Local Broadcasting Segment [Member]
Reportable Segments [Line Items]
Revenues	596	626
Operating income (loss)	161	179
Depreciation and amortization	21	21
Stock-based compensation	7	7
Capital expenditures	7	8
Assets	9,495		9,585
Corporate [Member]
Reportable Segments [Line Items]
Operating income (loss)	(68)	(73)
Depreciation and amortization	8	6
Stock-based compensation	19	16
Capital expenditures	1	1
Assets	822		876
Corporate and Eliminations [Member]
Reportable Segments [Line Items]
Revenues	(41)	(49)
Intersegment Eliminations [Member]
Reportable Segments [Line Items]
Revenues	(43)	(49)
Intersegment Eliminations [Member] | Entertainment Segment [Member]
Reportable Segments [Line Items]
Revenues	(40)	(46)
Intersegment Eliminations [Member] | Local Broadcasting Segment [Member]
Reportable Segments [Line Items]
Revenues	(3)	(3)
Discontinued Operations [Member]
Reportable Segments [Line Items]
Assets	$ 30		$ 39

XML

Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Weighted average shares for basic EPS	498	585
Dilutive effect of shares issuable under stock-based compensation plans	8	15
Weighted average shares for diluted EPS	506	600
Dividends recorded on common stock	$ 75	$ 70
Stock Options and Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	5
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		2

XML

Programming and Other Inventory (Tables)

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Noncurrent Programming and Other Inventory

	At			At
	March 31, 2015			December 31, 2014
Program rights		$	1,304		$	1,471
Television programming:
Released (including acquired libraries)		1,082			983
In process and other		113			179
Theatrical programming:
Released		28			23
In process and other		41			36
Publishing, primarily finished goods		50			47
Total programming and other inventory		2,618			2,739
Less current portion		764			922
Total noncurrent programming and other inventory		$	1,854		$	1,817

Current Programming and Other Inventory

	At			At
	March 31, 2015			December 31, 2014
Program rights		$	1,304		$	1,471
Television programming:
Released (including acquired libraries)		1,082			983
In process and other		113			179
Theatrical programming:
Released		28			23
In process and other		41			36
Publishing, primarily finished goods		50			47
Total programming and other inventory		2,618			2,739
Less current portion		764			922
Total noncurrent programming and other inventory		$	1,854		$	1,817

XML

Income Taxes (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 203	$ 234
Effective tax rate	33.30%	33.10%
Expected decrease to reserve for uncertain tax position	$ 20

XML

Related Parties (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
National Amusements Inc. [Member]
Related Party Transaction [Line Items]
NAI ownership of CBS Corp. Class A Common Stock (percentage)	79.60%
NAI ownership of CBS Corp. Class A and Class B Common Stock on a combined basis (percentage)	7.90%
Viacom Inc. [Member]
Related Party Transaction [Line Items]
Revenues from transactions with related party	$ 46	$ 35
Expenses from transactions with related party	6	5
Receivables from Viacom Inc., current	107		107
Other assets (Receivables, noncurrent) from Viacom Inc.	77		76
Total amounts due from Viacom Inc.	184		183
Domestic and International Television Joint Ventures [Member]
Related Party Transaction [Line Items]
Revenues from transactions with related party	$ 48	$ 37

XML

Condensed Consolidating Financial Statements (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Condensed Consolidating Statement Of Operations [Abstract]
Revenues	$ 3,500,000,000	$ 3,570,000,000
Expenses:
Operating	2,142,000,000	2,121,000,000
Selling, general and administrative	588,000,000	587,000,000
Depreciation and amortization	68,000,000	71,000,000
Total expenses	2,798,000,000	2,779,000,000
Operating income (loss)	702,000,000	791,000,000
Interest (expense) income, net	(88,000,000)	(90,000,000)
Other items, net	(4,000,000)	5,000,000
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies	610,000,000	706,000,000
Benefit (provision) for income taxes	(203,000,000)	(234,000,000)
Equity in earnings (loss) of investee companies, net of tax	(13,000,000)	(10,000,000)
Net earnings from continuing operations	394,000,000	462,000,000
Net earnings (loss) from discontinued operations, net of tax	0	6,000,000
Net earnings (loss)	394,000,000	468,000,000
Total comprehensive income	400,000,000	470,000,000
Assets [Abstract]
Cash and cash equivalents	331,000,000		428,000,000
Receivables, net	3,295,000,000		3,459,000,000
Programming and other inventory (Note 4)	764,000,000		922,000,000
Prepaid expenses and other current assets	830,000,000		780,000,000
Total current assets	5,220,000,000		5,589,000,000
Property and equipment	3,166,000,000		3,164,000,000
Less accumulated depreciation and amortization	1,772,000,000		1,731,000,000
Net property and equipment	1,394,000,000		1,433,000,000
Programming and other inventory (Note 4)	1,854,000,000		1,817,000,000
Goodwill	6,664,000,000		6,698,000,000
Intangible assets	6,002,000,000		6,008,000,000
Investments in consolidated subsidiaries	0		0
Other assets	2,652,000,000		2,527,000,000
Intercompany	0		0
Total Assets	23,786,000,000		24,072,000,000
Liabilities and Equity [Abstract]
Accounts payable	175,000,000		302,000,000
Participants' share and royalties payable	929,000,000		999,000,000
Program rights	449,000,000		404,000,000
Commercial paper	0		616,000,000
Current portion of long-term debt (Note 6)	21,000,000		20,000,000
Accrued expenses and other current liabilities	1,518,000,000		1,692,000,000
Total current liabilities	3,092,000,000		4,033,000,000
Long-term debt (Note 6)	7,693,000,000		6,510,000,000
Other liabilities	6,604,000,000		6,559,000,000
Intercompany	0		0
Stockholders' Equity Attributable to Parent [Abstract]
Preferred stock	0		0
Common stock	1,000,000		1,000,000
Additional paid-in capital	44,068,000,000		44,041,000,000
Retained earnings (deficit)	(21,537,000,000)		(21,931,000,000)
Accumulated other comprehensive loss (Note 8)	(729,000,000)	(543,000,000)	(735,000,000)	(545,000,000)
Stockholders' equity including treasury stock	21,803,000,000		21,376,000,000
Less treasury stock, at cost	15,406,000,000		14,406,000,000
Total Stockholders' Equity	6,397,000,000		6,970,000,000
Total Liabilities and Stockholders' Equity	23,786,000,000		24,072,000,000
Condensed Consolidating Statement Of Cash Flows [Abstract]
Net cash flow provided by (used for) operating activities	417,000,000	501,000,000
Investing Activities
Capital expenditures	(17,000,000)	(28,000,000)
Investments in and advances to investee companies	(39,000,000)	(39,000,000)
Proceeds from dispositions	59,000,000	6,000,000
Other investing activities	2,000,000	5,000,000
Net cash flow provided by (used for) investing activities from continuing operations	5,000,000	(56,000,000)
Net cash flow provided by (used for) investing activities from discontinued operations	(3,000,000)	(9,000,000)
Net cash flow provided by (used for) investing activities	2,000,000	(65,000,000)
Financing Activities
(Repayments of) proceeds from short-term debt borrowings, net	(616,000,000)	(35,000,000)
Proceeds from issuance of notes, net	1,178,000,000	0
Payment of capital lease obligations	(4,000,000)	(4,000,000)
Dividends	(80,000,000)	(75,000,000)
Purchase of Company common stock	(1,049,000,000)	(2,032,000,000)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(82,000,000)	(125,000,000)
Proceeds from exercise of stock options	80,000,000	76,000,000
Excess tax benefit from stock-based compensation	57,000,000	103,000,000
Increase (decrease) in intercompany payables	0	0
Net cash flow provided by (used for) financing activities from continuing operations	(516,000,000)	(2,092,000,000)
Net cash flow provided by (used for) financing activities from discontinued operations	0	1,570,000,000
Net cash flow provided by (used for) financing activities	(516,000,000)	(522,000,000)
Net increase (decrease) in cash and cash equivalents	(97,000,000)	(86,000,000)
Cash and cash equivalents, including discontinued operations, at beginning of period	428,000,000	397,000,000
Cash and cash equivalents, including discontinued operations, at end of period	331,000,000	311,000,000
Cash and cash equivalents of discontinued operations		114,000,000		29,000,000
Eliminations [Member]
Condensed Consolidating Statement Of Operations [Abstract]
Revenues	0	0
Expenses:
Operating	0	0
Selling, general and administrative	0	0
Depreciation and amortization	0	0
Total expenses	0	0
Operating income (loss)	0	0
Interest (expense) income, net	0	0
Other items, net	0	0
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies	0	0
Benefit (provision) for income taxes	0	0
Equity in earnings (loss) of investee companies, net of tax	(786,000,000)	(915,000,000)
Net earnings from continuing operations		(915,000,000)
Net earnings (loss) from discontinued operations, net of tax		0
Net earnings (loss)	(786,000,000)	(915,000,000)
Total comprehensive income	(800,000,000)	(911,000,000)
Assets [Abstract]
Cash and cash equivalents	0		0
Receivables, net	0		0
Programming and other inventory (Note 4)	0		0
Prepaid expenses and other current assets	(29,000,000)		(30,000,000)
Total current assets	(29,000,000)		(30,000,000)
Property and equipment	0		0
Less accumulated depreciation and amortization	0		0
Net property and equipment	0		0
Programming and other inventory (Note 4)	0		0
Goodwill	0		0
Intangible assets	0		0
Investments in consolidated subsidiaries	(53,629,000,000)		(52,829,000,000)
Other assets	0		0
Intercompany	(25,065,000,000)		(24,498,000,000)
Total Assets	(78,723,000,000)		(77,357,000,000)
Liabilities and Equity [Abstract]
Accounts payable	0		0
Participants' share and royalties payable	0		0
Program rights	0		0
Commercial paper			0
Current portion of long-term debt (Note 6)	0		0
Accrued expenses and other current liabilities	(29,000,000)		(30,000,000)
Total current liabilities	(29,000,000)		(30,000,000)
Long-term debt (Note 6)	0		0
Other liabilities	0		0
Intercompany	(25,065,000,000)		(24,498,000,000)
Stockholders' Equity Attributable to Parent [Abstract]
Preferred stock	(126,000,000)		(126,000,000)
Common stock	(713,000,000)		(713,000,000)
Additional paid-in capital	(60,894,000,000)		(60,894,000,000)
Retained earnings (deficit)	3,065,000,000		3,851,000,000
Accumulated other comprehensive loss (Note 8)	(92,000,000)		(78,000,000)
Stockholders' equity including treasury stock	(58,760,000,000)		(57,960,000,000)
Less treasury stock, at cost	(5,131,000,000)		(5,131,000,000)
Total Stockholders' Equity	(53,629,000,000)		(52,829,000,000)
Total Liabilities and Stockholders' Equity	(78,723,000,000)		(77,357,000,000)
Condensed Consolidating Statement Of Cash Flows [Abstract]
Net cash flow provided by (used for) operating activities	0	0
Investing Activities
Capital expenditures	0	0
Investments in and advances to investee companies	0	0
Proceeds from dispositions	0	0
Other investing activities		0
Net cash flow provided by (used for) investing activities from continuing operations	0	0
Net cash flow provided by (used for) investing activities from discontinued operations	0	0
Net cash flow provided by (used for) investing activities	0	0
Financing Activities
(Repayments of) proceeds from short-term debt borrowings, net	0	0
Proceeds from issuance of notes, net	0
Payment of capital lease obligations	0	0
Dividends	0	0
Purchase of Company common stock	0	0
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	0	0
Proceeds from exercise of stock options	0	0
Excess tax benefit from stock-based compensation	0	0
Increase (decrease) in intercompany payables	0	0
Net cash flow provided by (used for) financing activities from continuing operations		0
Net cash flow provided by (used for) financing activities from discontinued operations		0
Net cash flow provided by (used for) financing activities	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, including discontinued operations, at beginning of period	0	0
Cash and cash equivalents, including discontinued operations, at end of period	0	0
CBS Corp. [Member]
Condensed Consolidating Statement Of Operations [Abstract]
Revenues	31,000,000	33,000,000
Expenses:
Operating	16,000,000	16,000,000
Selling, general and administrative	12,000,000	15,000,000
Depreciation and amortization	1,000,000	1,000,000
Total expenses	29,000,000	32,000,000
Operating income (loss)	2,000,000	1,000,000
Interest (expense) income, net	(115,000,000)	(114,000,000)
Other items, net	(1,000,000)	0
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies	(114,000,000)	(113,000,000)
Benefit (provision) for income taxes	37,000,000	38,000,000
Equity in earnings (loss) of investee companies, net of tax	471,000,000	543,000,000
Net earnings from continuing operations		468,000,000
Net earnings (loss) from discontinued operations, net of tax		0
Net earnings (loss)	394,000,000	468,000,000
Total comprehensive income	400,000,000	470,000,000
Assets [Abstract]
Cash and cash equivalents	163,000,000		63,000,000
Receivables, net	22,000,000		29,000,000
Programming and other inventory (Note 4)	4,000,000		4,000,000
Prepaid expenses and other current assets	223,000,000		306,000,000
Total current assets	412,000,000		402,000,000
Property and equipment	49,000,000		41,000,000
Less accumulated depreciation and amortization	24,000,000		15,000,000
Net property and equipment	25,000,000		26,000,000
Programming and other inventory (Note 4)	6,000,000		7,000,000
Goodwill	98,000,000		98,000,000
Intangible assets	0		0
Investments in consolidated subsidiaries	41,629,000,000		41,144,000,000
Other assets	222,000,000		219,000,000
Intercompany	0		0
Total Assets	42,392,000,000		41,896,000,000
Liabilities and Equity [Abstract]
Accounts payable	24,000,000		3,000,000
Participants' share and royalties payable	0		0
Program rights	5,000,000		5,000,000
Commercial paper			616,000,000
Current portion of long-term debt (Note 6)	4,000,000		4,000,000
Accrued expenses and other current liabilities	333,000,000		388,000,000
Total current liabilities	366,000,000		1,016,000,000
Long-term debt (Note 6)	7,569,000,000		6,383,000,000
Other liabilities	2,995,000,000		3,029,000,000
Intercompany	25,065,000,000		24,498,000,000
Stockholders' Equity Attributable to Parent [Abstract]
Preferred stock	0		0
Common stock	1,000,000		1,000,000
Additional paid-in capital	44,068,000,000		44,041,000,000
Retained earnings (deficit)	(21,537,000,000)		(21,931,000,000)
Accumulated other comprehensive loss (Note 8)	(729,000,000)		(735,000,000)
Stockholders' equity including treasury stock	21,803,000,000		21,376,000,000
Less treasury stock, at cost	15,406,000,000		14,406,000,000
Total Stockholders' Equity	6,397,000,000		6,970,000,000
Total Liabilities and Stockholders' Equity	42,392,000,000		41,896,000,000
Condensed Consolidating Statement Of Cash Flows [Abstract]
Net cash flow provided by (used for) operating activities	(117,000,000)	(81,000,000)
Investing Activities
Capital expenditures	0	0
Investments in and advances to investee companies	0	0
Proceeds from dispositions	0	0
Other investing activities	3,000,000	5,000,000
Net cash flow provided by (used for) investing activities from continuing operations	3,000,000	5,000,000
Net cash flow provided by (used for) investing activities from discontinued operations	(3,000,000)	0
Net cash flow provided by (used for) investing activities	0	5,000,000
Financing Activities
(Repayments of) proceeds from short-term debt borrowings, net	(616,000,000)	(35,000,000)
Proceeds from issuance of notes, net	1,178,000,000
Payment of capital lease obligations	0	0
Dividends	(80,000,000)	(75,000,000)
Purchase of Company common stock	(1,049,000,000)	(2,032,000,000)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(82,000,000)	(125,000,000)
Proceeds from exercise of stock options	80,000,000	76,000,000
Excess tax benefit from stock-based compensation	57,000,000	103,000,000
Increase (decrease) in intercompany payables	729,000,000	2,144,000,000
Net cash flow provided by (used for) financing activities from continuing operations		56,000,000
Net cash flow provided by (used for) financing activities from discontinued operations		0
Net cash flow provided by (used for) financing activities	217,000,000	56,000,000
Net increase (decrease) in cash and cash equivalents	100,000,000	(20,000,000)
Cash and cash equivalents, including discontinued operations, at beginning of period	63,000,000	80,000,000
Cash and cash equivalents, including discontinued operations, at end of period	163,000,000	60,000,000
CBS Operations Inc. [Member]
Condensed Consolidating Statement Of Operations [Abstract]
Revenues	3,000,000	3,000,000
Expenses:
Operating	1,000,000	1,000,000
Selling, general and administrative	61,000,000	64,000,000
Depreciation and amortization	5,000,000	4,000,000
Total expenses	67,000,000	69,000,000
Operating income (loss)	(64,000,000)	(66,000,000)
Interest (expense) income, net	(98,000,000)	(93,000,000)
Other items, net	11,000,000	0
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies	(151,000,000)	(159,000,000)
Benefit (provision) for income taxes	49,000,000	54,000,000
Equity in earnings (loss) of investee companies, net of tax	315,000,000	372,000,000
Net earnings from continuing operations		267,000,000
Net earnings (loss) from discontinued operations, net of tax		(1,000,000)
Net earnings (loss)	213,000,000	266,000,000
Total comprehensive income	220,000,000	265,000,000
Assets [Abstract]
Cash and cash equivalents	1,000,000		1,000,000
Receivables, net	2,000,000		2,000,000
Programming and other inventory (Note 4)	2,000,000		3,000,000
Prepaid expenses and other current assets	37,000,000		27,000,000
Total current assets	42,000,000		33,000,000
Property and equipment	163,000,000		162,000,000
Less accumulated depreciation and amortization	103,000,000		98,000,000
Net property and equipment	60,000,000		64,000,000
Programming and other inventory (Note 4)	8,000,000		8,000,000
Goodwill	62,000,000		62,000,000
Intangible assets	0		0
Investments in consolidated subsidiaries	12,000,000,000		11,685,000,000
Other assets	12,000,000		17,000,000
Intercompany	2,540,000,000		2,726,000,000
Total Assets	14,724,000,000		14,595,000,000
Liabilities and Equity [Abstract]
Accounts payable	6,000,000		24,000,000
Participants' share and royalties payable	0		0
Program rights	3,000,000		3,000,000
Commercial paper			0
Current portion of long-term debt (Note 6)	0		0
Accrued expenses and other current liabilities	197,000,000		270,000,000
Total current liabilities	206,000,000		297,000,000
Long-term debt (Note 6)	0		0
Other liabilities	249,000,000		249,000,000
Intercompany	0		0
Stockholders' Equity Attributable to Parent [Abstract]
Preferred stock	0		0
Common stock	123,000,000		123,000,000
Additional paid-in capital	0		0
Retained earnings (deficit)	14,473,000,000		14,260,000,000
Accumulated other comprehensive loss (Note 8)	4,000,000		(3,000,000)
Stockholders' equity including treasury stock	14,600,000,000		14,380,000,000
Less treasury stock, at cost	331,000,000		331,000,000
Total Stockholders' Equity	14,269,000,000		14,049,000,000
Total Liabilities and Stockholders' Equity	14,724,000,000		14,595,000,000
Condensed Consolidating Statement Of Cash Flows [Abstract]
Net cash flow provided by (used for) operating activities	(137,000,000)	(147,000,000)
Investing Activities
Capital expenditures	(1,000,000)	(1,000,000)
Investments in and advances to investee companies	0	0
Proceeds from dispositions	0	0
Other investing activities	0	1,000,000
Net cash flow provided by (used for) investing activities from continuing operations	(1,000,000)	0
Net cash flow provided by (used for) investing activities from discontinued operations	0	0
Net cash flow provided by (used for) investing activities	(1,000,000)	0
Financing Activities
(Repayments of) proceeds from short-term debt borrowings, net	0	0
Proceeds from issuance of notes, net	0
Payment of capital lease obligations	0	0
Dividends	0	0
Purchase of Company common stock	0	0
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	0	0
Proceeds from exercise of stock options	0	0
Excess tax benefit from stock-based compensation	0	0
Increase (decrease) in intercompany payables	138,000,000	147,000,000
Net cash flow provided by (used for) financing activities from continuing operations		147,000,000
Net cash flow provided by (used for) financing activities from discontinued operations		0
Net cash flow provided by (used for) financing activities	138,000,000	147,000,000
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, including discontinued operations, at beginning of period	1,000,000	1,000,000
Cash and cash equivalents, including discontinued operations, at end of period	1,000,000	1,000,000
Non-Guarantor Affiliates [Member]
Condensed Consolidating Statement Of Operations [Abstract]
Revenues	3,466,000,000	3,534,000,000
Expenses:
Operating	2,125,000,000	2,104,000,000
Selling, general and administrative	515,000,000	508,000,000
Depreciation and amortization	62,000,000	66,000,000
Total expenses	2,702,000,000	2,678,000,000
Operating income (loss)	764,000,000	856,000,000
Interest (expense) income, net	125,000,000	117,000,000
Other items, net	(14,000,000)	5,000,000
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies	875,000,000	978,000,000
Benefit (provision) for income taxes	(289,000,000)	(326,000,000)
Equity in earnings (loss) of investee companies, net of tax	(13,000,000)	(10,000,000)
Net earnings from continuing operations		642,000,000
Net earnings (loss) from discontinued operations, net of tax		7,000,000
Net earnings (loss)	573,000,000	649,000,000
Total comprehensive income	580,000,000	646,000,000
Assets [Abstract]
Cash and cash equivalents	167,000,000		364,000,000
Receivables, net	3,271,000,000		3,428,000,000
Programming and other inventory (Note 4)	758,000,000		915,000,000
Prepaid expenses and other current assets	599,000,000		477,000,000
Total current assets	4,795,000,000		5,184,000,000
Property and equipment	2,954,000,000		2,961,000,000
Less accumulated depreciation and amortization	1,645,000,000		1,618,000,000
Net property and equipment	1,309,000,000		1,343,000,000
Programming and other inventory (Note 4)	1,840,000,000		1,802,000,000
Goodwill	6,504,000,000		6,538,000,000
Intangible assets	6,002,000,000		6,008,000,000
Investments in consolidated subsidiaries	0		0
Other assets	2,418,000,000		2,291,000,000
Intercompany	22,525,000,000		21,772,000,000
Total Assets	45,393,000,000		44,938,000,000
Liabilities and Equity [Abstract]
Accounts payable	145,000,000		275,000,000
Participants' share and royalties payable	929,000,000		999,000,000
Program rights	441,000,000		396,000,000
Commercial paper			0
Current portion of long-term debt (Note 6)	17,000,000		16,000,000
Accrued expenses and other current liabilities	1,017,000,000		1,064,000,000
Total current liabilities	2,549,000,000		2,750,000,000
Long-term debt (Note 6)	124,000,000		127,000,000
Other liabilities	3,360,000,000		3,281,000,000
Intercompany	0		0
Stockholders' Equity Attributable to Parent [Abstract]
Preferred stock	126,000,000		126,000,000
Common stock	590,000,000		590,000,000
Additional paid-in capital	60,894,000,000		60,894,000,000
Retained earnings (deficit)	(17,538,000,000)		(18,111,000,000)
Accumulated other comprehensive loss (Note 8)	88,000,000		81,000,000
Stockholders' equity including treasury stock	44,160,000,000		43,580,000,000
Less treasury stock, at cost	4,800,000,000		4,800,000,000
Total Stockholders' Equity	39,360,000,000		38,780,000,000
Total Liabilities and Stockholders' Equity	45,393,000,000		44,938,000,000
Condensed Consolidating Statement Of Cash Flows [Abstract]
Net cash flow provided by (used for) operating activities	671,000,000	729,000,000
Investing Activities
Capital expenditures	(16,000,000)	(27,000,000)
Investments in and advances to investee companies	(39,000,000)	(39,000,000)
Proceeds from dispositions	59,000,000	6,000,000
Other investing activities	(1,000,000)	(1,000,000)
Net cash flow provided by (used for) investing activities from continuing operations	3,000,000	(61,000,000)
Net cash flow provided by (used for) investing activities from discontinued operations	0	(9,000,000)
Net cash flow provided by (used for) investing activities	3,000,000	(70,000,000)
Financing Activities
(Repayments of) proceeds from short-term debt borrowings, net	0	0
Proceeds from issuance of notes, net	0
Payment of capital lease obligations	(4,000,000)	(4,000,000)
Dividends	0	0
Purchase of Company common stock	0	0
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	0	0
Proceeds from exercise of stock options	0	0
Excess tax benefit from stock-based compensation	0	0
Increase (decrease) in intercompany payables	(867,000,000)	(2,291,000,000)
Net cash flow provided by (used for) financing activities from continuing operations		(2,295,000,000)
Net cash flow provided by (used for) financing activities from discontinued operations		1,570,000,000
Net cash flow provided by (used for) financing activities	(871,000,000)	(725,000,000)
Net increase (decrease) in cash and cash equivalents	(197,000,000)	(66,000,000)
Cash and cash equivalents, including discontinued operations, at beginning of period	364,000,000	316,000,000
Cash and cash equivalents, including discontinued operations, at end of period	$ 167,000,000	$ 250,000,000

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Stock-based Compensation

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

2) STOCK-BASED COMPENSATION

The following table summarizes the Company’s stock-based compensation expense for the three months endedMarch 31, 2015 and 2014.

	Three Months Ended
	March 31,
	2015			2014
RSUs and PSUs	$	38		$	34
Stock options and equivalents	8			6
Stock-based compensation expense, before income taxes	46			40
Related tax benefit	(18		)	(16		)
Stock-based compensation expense, net of tax benefit	$	28		$	24

During the three months endedMarch 31, 2015, the Company granted 2 million RSUs for CBS Corp. Class B common stock with a weighted average per unit grant-date fair value of $59.07. RSUs granted during the first quarter of 2015 generally vest over a one- to four-year service period. Compensation expense for RSUs is determined based upon the market price of the shares underlying the awards on the date of grant. For certain RSU awards the number of shares an employee earns ranges from 0% to 120% of the target award, based on the outcome of established performance goals. Compensation expense is recorded based on the probable outcome of the performance conditions. During the first quarter of 2015, the Company also granted 2 million stock options with a weighted average exercise price of $59.54. Stock options granted during the first quarter of 2015 vest over a four-year service period and expire eight years from the date of grant. Compensation expense for stock options is determined based on the grant date fair value of the award calculated using the Black-Scholes options-pricing model.

Total unrecognized compensation cost related to unvested RSUs at March 31, 2015 was $280 million, which is expected to be recognized over a weighted average period of 2.8 years. Total unrecognized compensation cost related to unvested stock option awards at March 31, 2015 was $74 million, which is expected to be recognized over a weighted average period of 3.0 years.

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Commitments and Contingencies (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended		3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2015 claims	Mar. 31, 2014 claims
Loss Contingencies [Line Items]
Outstanding letters of credit and surety bonds			240
Costs for settlement and defense of asbestos claims, net of insurance recoveries and tax benefits	11	29
Discontinued Operations [Member]
Loss Contingencies [Line Items]
Exposure under guarantee			149
Carrying value of guarantee liability	$ 28		28
Asbestos Claims [Member]
Loss Contingencies [Line Items]
Number of pending asbestos claims	41,100		40,090	45,270
Number of new asbestos claims			860
Number of asbestos claims closed or moved to inactive docket			1,870

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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Reclassification out of Accumulated Other Comprehensive Income

The following tables summarize the changes in the components of accumulated other comprehensive income (loss).

	Cumulative Translation Adjustments			Net Actuarial Gain (Loss) and Prior Service Cost				Change in Fair Value of Cash Flow Hedges			Accumulated Other Comprehensive Loss
At December 31, 2014	$	158		$	(892	)		$	(1	)	$	(735	)
Other comprehensive income (loss) before reclassifications	(4		)	—				1			(3		)
Reclassifications to net earnings	—			9			(a)	—			9
Net other comprehensive income (loss)	(4		)	9				1			6
At March 31, 2015	$	154		$	(883	)		$	—		$	(729	)

	Continuing Operations									Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Gain (Loss) and Prior Service Cost				Unrealized Gain on Securities		Other Comprehensive Income (Loss)		Accumulated Other Comprehensive Loss
At December 31, 2013	$	166		$	(729	)		$	3	$	15	$	(545	)
Other comprehensive income (loss) before reclassifications	(6		)	—				—		1		(5		)
Reclassifications to net earnings	—			7			(a)	—		—		7
Net other comprehensive income (loss)	(6		)	7				—		1		2
At March 31, 2014	$	160		$	(722	)		$	3	$	16	$	(543	)

(a) Reflect amortization of net actuarial losses. See Note 7.

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Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2015

Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]

Pension and Other Postretirement Benefits

The components of net periodic cost for the Company's pension and postretirement benefit plans were as follows:

	Pension Benefits						Postretirement Benefits
Three Months Ended March 31,	2015			2014			2015			2014
Components of net periodic cost:
Service cost	$	8		$	8		$	—		$	—
Interest cost	52			59			5			6
Expected return on plan assets	(65		)	(66		)	—			—
Amortization of actuarial loss (gain) (a)	20			16			(5		)	(5		)
Net periodic cost	$	15		$	17		$	—		$	1

(a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings.

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Financial Instruments and Fair Value Measurements (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Senior Debt [Line Items]
Carrying value of senior debt	$ 7,619,000,000	$ 6,433,000,000
Assets, Fair Value Disclosure [Abstract]
Investments	82,000,000	80,000,000
Interest rate swaps	7,000,000
Foreign exchange contracts	16,000,000	6,000,000
Total Assets	105,000,000	86,000,000
Liabilities, Fair Value Disclosure [Abstract]
Deferred compensation	318,000,000	307,000,000
Foreign exchange contracts	1,000,000	2,000,000
Total Liabilities	319,000,000	309,000,000
Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Investments	82,000,000	80,000,000
Interest rate swaps	0
Foreign exchange contracts	0	0
Total Assets	82,000,000	80,000,000
Liabilities, Fair Value Disclosure [Abstract]
Deferred compensation	0	0
Foreign exchange contracts	0	0
Total Liabilities	0	0
Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Investments	0	0
Interest rate swaps	7,000,000
Foreign exchange contracts	16,000,000	6,000,000
Total Assets	23,000,000	6,000,000
Liabilities, Fair Value Disclosure [Abstract]
Deferred compensation	318,000,000	307,000,000
Foreign exchange contracts	1,000,000	2,000,000
Total Liabilities	319,000,000	309,000,000
Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Investments	0	0
Interest rate swaps	0
Foreign exchange contracts	0	0
Total Assets	0	0
Liabilities, Fair Value Disclosure [Abstract]
Deferred compensation	0	0
Foreign exchange contracts	0	0
Total Liabilities	0	0
Senior Notes [Member]
Senior Debt [Line Items]
Fair value of senior debt	$ 8,500,000,000	$ 7,150,000,000

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Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

At March 31, 2015	Level 1		Level 2		Level 3		Total
Assets:
Investments	$	82	$	—	$	—	$	82
Interest rate swaps	—		7		—		7
Foreign exchange contracts	—		16		—		16
Total Assets	$	82	$	23	$	—	$	105
Liabilities:
Deferred compensation	$	—	$	318	$	—	$	318
Foreign exchange contracts	—		1		—		1
Total Liabilities	$	—	$	319	$	—	$	319

At December 31, 2014	Level 1		Level 2		Level 3		Total
Assets:
Investments	$	80	$	—	$	—	$	80
Foreign exchange contracts	—		6		—		6
Total Assets	$	80	$	6	$	—	$	86
Liabilities:
Deferred compensation	$	—	$	307	$	—	$	307
Foreign exchange contracts	—		2		—		2
Total Liabilities	$	—	$	309	$	—	$	309

Financial Instruments

Gains (losses) recognized on derivative financial instruments were as follows:

	Three Months Ended
	March 31,
	2015			2014			Financial Statement Account
Designated foreign exchange contracts	$	(2	)	$	(1	)	Programming costs
Non-designated foreign exchange contracts	$	13		$	—		Other items, net
Designated interest rate swaps	$	2		$	—		Interest expense

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Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Revenues by Segment

	Three Months Ended
	March 31,
	2015			2014
Revenues:
Entertainment	$	2,261		$	2,303
Cable Networks	539			537
Publishing	145			153
Local Broadcasting	596			626
Corporate/Eliminations	(41		)	(49		)
Total Revenues	$	3,500		$	3,570

Intercompany Revenues by Segment

	Three Months Ended
	March 31,
	2015		2014
Intercompany Revenues:
Entertainment	$	40	$	46
Local Broadcasting	3		3
Total Intercompany Revenues	$	43	$	49

Segment Operating Income (Loss) and Reconciliation to Net Earnings (Loss)

	Three Months Ended
	March 31,
	2015			2014
Segment Operating Income (Loss):
Entertainment	$	346		$	420
Cable Networks	251			254
Publishing	12			11
Local Broadcasting	161			179
Corporate	(68		)	(73		)
Operating income	702			791
Interest expense	(93		)	(93		)
Interest income	5			3
Other items, net	(4		)	5
Earnings from continuing operations before income taxes and equity in loss of investee companies	610			706
Provision for income taxes	(203		)	(234		)
Equity in loss of investee companies, net of tax	(13		)	(10		)
Net earnings from continuing operations	394			462
Net earnings from discontinued operations, net of tax	—			6
Net earnings	$	394		$	468

Depreciation and Amortization by Segment

	Three Months Ended
	March 31,
	2015		2014
Depreciation and Amortization:
Entertainment	$	32	$	37
Cable Networks	6		5
Publishing	1		2
Local Broadcasting	21		21
Corporate	8		6
Total Depreciation and Amortization	$	68	$	71

Stock-based Compensation by Segment

	Three Months Ended
	March 31,
	2015		2014
Stock-based Compensation:
Entertainment	$	16	$	14
Cable Networks	3		2
Publishing	1		1
Local Broadcasting	7		7
Corporate	19		16
Total Stock-based Compensation	$	46	$	40

Capital Expenditures by Segment

	Three Months Ended
	March 31,
	2015		2014
Capital Expenditures:
Entertainment	$	8	$	17
Cable Networks	1		2
Publishing	—		—
Local Broadcasting	7		8
Corporate	1		1
Total Capital Expenditures	$	17	$	28

Assets by Segment

	At			At
	March 31, 2015			December 31, 2014
Assets:
Entertainment		$	10,414		$	10,469
Cable Networks		2,136			2,113
Publishing		889			990
Local Broadcasting		9,495			9,585
Corporate		822			876
Discontinued operations		30			39
Total Assets		$	23,786		$	24,072

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Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

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; CBS Interactive and CBS Films), Cable Networks (Showtime Networks, CBS Sports Network and Smithsonian Networks), Publishing (Simon & Schuster) and Local Broadcasting (CBS Television Stations and CBS Radio).

Discontinued Operations-On July 16, 2014, the Company completed the disposition of CBS Outdoor Americas Inc. (“Outdoor Americas”), which was previously a subsidiary of the Company and has been renamed OUTFRONT Media Inc. Outdoor Americas has been presented as a discontinued operation in the Company's consolidated financial statements (See Note 3). Prior periods have been recast to conform to this presentation.

Basis of Presentation-The accompanying unaudited consolidated financial statements of the Company have been prepared pursuant to the rules of the Securities and Exchange Commission. These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.

In the opinion of management, the accompanying unaudited financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of the financial position, results of operations and cash flows of the Company for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation.

Use of Estimates-The preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Net Earnings per Common Share-Basic net earnings per share (“EPS”) is based upon net earnings divided by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) and market-based performance share units (“PSUs”) only in the periods in which such effect would have been dilutive. Excluded from the calculation of diluted EPS because their inclusion would have been anti-dilutive, were 5 million stock options and RSUs for the three months endedMarch 31, 2015 and 2 million stock options for the three months endedMarch 31, 2014.

The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.

	Three Months Ended
	March 31,
(in millions)	2015	2014
Weighted average shares for basic EPS	498	585
Dilutive effect of shares issuable under stock-based compensation plans	8	15
Weighted average shares for diluted EPS	506	600

Other Liabilities-Other liabilities consist primarily of the noncurrent portion of residual liabilities of previously disposed businesses, participants’ share and royalties payable, program rights obligations, deferred compensation and other employee benefit accruals.

Additional Paid-In Capital-For the three months endedMarch 31, 2015 and 2014, the Company recorded dividends of $75 million and $70 million, respectively, as a reduction to additional paid-in capital as the Company had an accumulated deficit balance.

Adoption of New Accounting Standards

Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity

During the first quarter of 2015, the Company adopted amended Financial Accounting Standards Board (“FASB”) guidance which changes the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. Under this guidance, only a disposal of a component of an entity or a group of components of an entity that represents a strategic shift that has (or will have) a major effect on the company’s operations and financial results should be reported in discontinued operations. The guidance also expands the definition of a discontinued operation to include a business or nonprofit activity that, on acquisition, meets the criteria to be classified as held for sale and disposals of equity method investmentsthat meet the definition of discontinued operations. The adoption of this guidance did not have an effect on the Company's consolidated financial statements.

Recent Pronouncements

Simplifying the Presentation of Debt Issuance Costs

In April 2015, the FASB issued amended guidance which requires debt issuance costs to be presented on the balance sheet as a direct deduction from the carrying amount of the related debt, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this amended guidance. This guidance, which is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, is not expected to have a material impact on the Company’s consolidated financial statements.

Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items

In January 2015, the FASB issued amended guidance which eliminates the concept of extraordinary items. This guidance removes the requirement to assess whether an event or transaction is both unusual in nature and infrequent in occurrence and to separately present any such items on the statement of operations after income from continuing operations. Rather, such items will either be presented as a separate component of income from continuing operations or disclosed in the notes to the financial statements. This guidance is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. Additionally, the Company is permitted to amend prior periods presented in the financial statements once the guidance is adopted.

Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

In August 2014, the FASB issued guidance which requires management to evaluate, for each interim and annual reporting period, whether there are conditions or events that raise substantial doubt about an entity's ability to continue as a going concern within one year after the date the financial statements are issued. If management identifies conditions or events that raise substantial doubt, disclosures are required in the financial statements, including any plans that will alleviate the substantial doubt about the entity's ability to continue as a going concern. This guidance, which is effective for the first annual period ending after December 15, 2016, is not expected to have an impact on the Company's consolidated financial statements.

Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period

In June 2014, the FASB issued guidance on the accounting for stock-based compensation when the terms of an award provide that a performance target that affects vesting could be achieved after the requisite service period. Under this guidance such performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. This guidance, which is effective for interim and annual periods beginning after December 15, 2015, is not expected to have a material impact on the Company’s consolidated financial statements.

Revenue from Contracts with Customers

In May 2014, the FASB issued 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 is currently evaluating the impact of this guidance, which is effective for interim and annual reporting periods beginning after December 15, 2016 with early adoption not permitted.

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Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statements of Operations

	Statement of Operations
	For the Three Months Ended March 31, 2015
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Revenues	$	31		$	3		$	3,466		$	—		$	3,500
Expenses:
Operating	16			1			2,125			—			2,142
Selling, general and administrative	12			61			515			—			588
Depreciation and amortization	1			5			62			—			68
Total expenses	29			67			2,702			—			2,798
Operating income (loss)	2			(64		)	764			—			702
Interest (expense) income, net	(115		)	(98		)	125			—			(88		)
Other items, net	(1		)	11			(14		)	—			(4		)
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies	(114		)	(151		)	875			—			610
Benefit (provision) for income taxes	37			49			(289		)	—			(203		)
Equity in earnings (loss) of investee companies, net of tax	471			315			(13		)	(786		)	(13		)
Net earnings	$	394		$	213		$	573		$	(786	)	$	394
Total comprehensive income	$	400		$	220		$	580		$	(800	)	$	400

	Statement of Operations
	For the Three Months Ended March 31, 2014
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Revenues	$	33		$	3		$	3,534		$	—		$	3,570
Expenses:
Operating	16			1			2,104			—			2,121
Selling, general and administrative	15			64			508			—			587
Depreciation and amortization	1			4			66			—			71
Total expenses	32			69			2,678			—			2,779
Operating income (loss)	1			(66		)	856			—			791
Interest (expense) income, net	(114		)	(93		)	117			—			(90		)
Other items, net	—			—			5			—			5
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies	(113		)	(159		)	978			—			706
Benefit (provision) for income taxes	38			54			(326		)	—			(234		)
Equity in earnings (loss) of investee companies, net of tax	543			372			(10		)	(915		)	(10		)
Net earnings from continuing operations	468			267			642			(915		)	462
Net earnings (loss) from discontinued operations, net of tax	—			(1		)	7			—			6
Net earnings	$	468		$	266		$	649		$	(915	)	$	468
Total comprehensive income	$	470		$	265		$	646		$	(911	)	$	470

Condensed Consolidating Balance Sheets

	Balance Sheet
	At March 31, 2015
	CBS Corp.			CBS Operations Inc.		Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Assets
Cash and cash equivalents	$	163		$	1	$	167		$	—		$	331
Receivables, net	22			2		3,271			—			3,295
Programming and other inventory	4			2		758			—			764
Prepaid expenses and other current assets	223			37		599			(29		)	830
Total current assets	412			42		4,795			(29		)	5,220
Property and equipment	49			163		2,954			—			3,166
Less accumulated depreciation and amortization	24			103		1,645			—			1,772
Net property and equipment	25			60		1,309			—			1,394
Programming and other inventory	6			8		1,840			—			1,854
Goodwill	98			62		6,504			—			6,664
Intangible assets	—			—		6,002			—			6,002
Investments in consolidated subsidiaries	41,629			12,000		—			(53,629		)	—
Other assets	222			12		2,418			—			2,652
Intercompany	—			2,540		22,525			(25,065		)	—
Total Assets	$	42,392		$	14,724	$	45,393		$	(78,723	)	$	23,786
Liabilities and Stockholders’ Equity
Accounts payable	$	24		$	6	$	145		$	—		$	175
Participants’ share and royalties payable	—			—		929			—			929
Program rights	5			3		441			—			449
Current portion of long-term debt	4			—		17			—			21
Accrued expenses and other current liabilities	333			197		1,017			(29		)	1,518
Total current liabilities	366			206		2,549			(29		)	3,092
Long-term debt	7,569			—		124			—			7,693
Other liabilities	2,995			249		3,360			—			6,604
Intercompany	25,065			—		—			(25,065		)	—
Stockholders’ Equity:
Preferred stock	—			—		126			(126		)	—
Common stock	1			123		590			(713		)	1
Additional paid-in capital	44,068			—		60,894			(60,894		)	44,068
Retained earnings (deficit)	(21,537		)	14,473		(17,538		)	3,065			(21,537		)
Accumulated other comprehensive income (loss)	(729		)	4		88			(92		)	(729		)
	21,803			14,600		44,160			(58,760		)	21,803
Less treasury stock, at cost	15,406			331		4,800			(5,131		)	15,406
Total Stockholders’ Equity	6,397			14,269		39,360			(53,629		)	6,397
Total Liabilities and Stockholders’ Equity	$	42,392		$	14,724	$	45,393		$	(78,723	)	$	23,786

	Balance Sheet
	At December 31, 2014
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Assets
Cash and cash equivalents	$	63		$	1		$	364		$	—		$	428
Receivables, net	29			2			3,428			—			3,459
Programming and other inventory	4			3			915			—			922
Prepaid expenses and other current assets	306			27			477			(30		)	780
Total current assets	402			33			5,184			(30		)	5,589
Property and equipment	41			162			2,961			—			3,164
Less accumulated depreciation and amortization	15			98			1,618			—			1,731
Net property and equipment	26			64			1,343			—			1,433
Programming and other inventory	7			8			1,802			—			1,817
Goodwill	98			62			6,538			—			6,698
Intangible assets	—			—			6,008			—			6,008
Investments in consolidated subsidiaries	41,144			11,685			—			(52,829		)	—
Other assets	219			17			2,291			—			2,527
Intercompany	—			2,726			21,772			(24,498		)	—
Total Assets	$	41,896		$	14,595		$	44,938		$	(77,357	)	$	24,072
Liabilities and Stockholders’ Equity
Accounts payable	$	3		$	24		$	275		$	—		$	302
Participants’ share and royalties payable	—			—			999			—			999
Program rights	5			3			396			—			404
Commercial paper	616			—			—			—			616
Current portion of long-term debt	4			—			16			—			20
Accrued expenses and other current liabilities	388			270			1,064			(30		)	1,692
Total current liabilities	1,016			297			2,750			(30		)	4,033
Long-term debt	6,383			—			127			—			6,510
Other liabilities	3,029			249			3,281			—			6,559
Intercompany	24,498			—			—			(24,498		)	—
Stockholders’ Equity:
Preferred stock	—			—			126			(126		)	—
Common stock	1			123			590			(713		)	1
Additional paid-in capital	44,041			—			60,894			(60,894		)	44,041
Retained earnings (deficit)	(21,931		)	14,260			(18,111		)	3,851			(21,931		)
Accumulated other comprehensive income (loss)	(735		)	(3		)	81			(78		)	(735		)
	21,376			14,380			43,580			(57,960		)	21,376
Less treasury stock, at cost	14,406			331			4,800			(5,131		)	14,406
Total Stockholders’ Equity	6,970			14,049			38,780			(52,829		)	6,970
Total Liabilities and Stockholders’ Equity	$	41,896		$	14,595		$	44,938		$	(77,357	)	$	24,072

Condensed Consolidating Statements of Cash Flows

	Statement of Cash Flows
	For the Three Months Ended March 31, 2015
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating activities	$	(117	)	$	(137	)	$	671		$	—	$	417
Investing Activities:
Capital expenditures	—			(1		)	(16		)	—		(17		)
Investments in and advances to investee companies	—			—			(39		)	—		(39		)
Proceeds from dispositions	—			—			59			—		59
Other investing activities	3			—			(1		)	—		2
Net cash flow provided by (used for) investing activities from continuing operations	3			(1		)	3			—		5
Net cash flow used for investing activities from discontinued operations	(3		)	—			—			—		(3		)
Net cash flow provided by (used for) investing activities	—			(1		)	3			—		2
Financing Activities:
Repayments of short-term debt borrowings, net	(616		)	—			—			—		(616		)
Proceeds from issuance of notes, net	1,178			—			—			—		1,178
Payment of capital lease obligations	—			—			(4		)	—		(4		)
Dividends	(80		)	—			—			—		(80		)
Purchase of Company common stock	(1,049		)	—			—			—		(1,049		)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(82		)	—			—			—		(82		)
Proceeds from exercise of stock options	80			—			—			—		80
Excess tax benefit from stock-based compensation	57			—			—			—		57
Increase (decrease) in intercompany payables	729			138			(867		)	—		—
Net cash flow provided by (used for) financing activities	217			138			(871		)	—		(516		)
Net increase (decrease) in cash and cash equivalents	100			—			(197		)	—		(97		)
Cash and cash equivalents at beginning of period	63			1			364			—		428
Cash and cash equivalents at end of period	$	163		$	1		$	167		$	—	$	331

	Statement of Cash Flows
	For the Three Months Ended March 31, 2014
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating activities	$	(81	)	$	(147	)	$	729		$	—	$	501
Investing Activities:
Capital expenditures	—			(1		)	(27		)	—		(28		)
Investments in and advances to investee companies	—			—			(39		)	—		(39		)
Proceeds from dispositions	—			—			6			—		6
Other investing activities	5			1			(1		)	—		5
Net cash flow provided by (used for) investing activities from continuing operations	5			—			(61		)	—		(56		)
Net cash flow used for investing activities from discontinued operations	—			—			(9		)	—		(9		)
Net cash flow provided by (used for) investing activities	5			—			(70		)	—		(65		)
Financing Activities:
Repayments of short-term debt borrowings, net	(35		)	—			—			—		(35		)
Payment of capital lease obligations	—			—			(4		)	—		(4		)
Dividends	(75		)	—			—			—		(75		)
Purchase of Company common stock	(2,032		)	—			—			—		(2,032		)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(125		)	—			—			—		(125		)
Proceeds from exercise of stock options	76			—			—			—		76
Excess tax benefit from stock-based compensation	103			—			—			—		103
Increase (decrease) in intercompany payables	2,144			147			(2,291		)	—		—
Net cash flow provided by (used for) financing activities from continuing operations	56			147			(2,295		)	—		(2,092		)
Net cash flow provided by financing activities from discontinued operations	—			—			1,570			—		1,570
Net cash flow provided by (used for) financing activities	56			147			(725		)	—		(522		)
Net decrease in cash and cash equivalents	(20		)	—			(66		)	—		(86		)
Cash and cash equivalents at beginning of period (includes $29 of discontinued operations cash)	80			1			316			—		397
Cash and cash equivalents at end of period (includes $114 of discontinued operations cash)	$	60		$	1		$	250		$	—	$	311

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Pension and Other Postretirement Benefits (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Pension Benefits [Member]
Components Of Net Periodic Cost Details [Abstract]
Service cost	$ 8	$ 8
Interest cost	52	59
Expected return on plan assets	(65)	(66)
Amortization of actuarial loss (gain)	20	16
Net periodic cost	15	17
Postretirement Benefit [Member]
Components Of Net Periodic Cost Details [Abstract]
Service cost	0	0
Interest cost	5	6
Expected return on plan assets	0	0
Amortization of actuarial loss (gain)	(5)	(5)
Net periodic cost	$ 0	$ 1

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Consolidated Statements of Operations (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Revenues	$ 3,500	$ 3,570
Expenses:
Operating	2,142	2,121
Selling, general and administrative	588	587
Depreciation and amortization	68	71
Total expenses	2,798	2,779
Operating income (loss)	702	791
Interest expense	(93)	(93)
Interest income	5	3
Other items, net	(4)	5
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies	610	706
Provision for income taxes	(203)	(234)
Equity in loss of investee companies, net of tax	(13)	(10)
Net earnings from continuing operations	394	462
Net earnings (loss) from discontinued operations, net of tax	0	6
Net earnings	$ 394	$ 468
Basic net earnings per common share:
Basic net earnings from continuing operations per common share (in dollars per share)	$ 0.79	$ 0.79
Basic net earnings from discontinued operations per common share (in dollars per share)	$ 0.00	$ 0.01
Basic net earnings per common share (in dollars per share)	$ 0.79	$ 0.80
Diluted net earnings per common share:
Diluted net earnings from continuing operations per common share (in dollars per share)	$ 0.78	$ 0.77
Diluted net earnings from discontinued operations per common share (in dollars per share)	$ 0.00	$ 0.01
Diluted net earnings per common share (in dollars per share)	$ 0.78	$ 0.78
Weighted average number of common shares outstanding:
Basic weighted average number of common shares outstanding	498	585
Diluted weighted average number of common shares outstanding	506	600
Dividends per common share (in dollars per share)	$ 0.15	$ 0.12

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Financial Instruments and Fair Value Measurements Additional Disclosures (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Interest rate swaps [Member]
Derivatives [Line Items]
Notional amount of derivative	$ 600
Gain (loss) on designated interest rate swaps	2	0
Foreign exchange contract [Member]
Derivatives [Line Items]
Notional amount of derivative	231		152
Gain (loss) on designated foreign exchange contract	(2)	(1)
Gain (loss) on non-designated foreign exchange contract	13	0
Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Stated interest rate	2.30%
Face value of debt	$ 600

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Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating Activities
Net earnings (loss)	$ 394	$ 468
Less: Net earnings from discontinued operations	0	6
Net earnings from continuing operations	394	462
Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations:
Depreciation and amortization	68	71
Stock-based compensation	46	40
Equity in loss of investee companies, net of tax and distributions	13	12
Change in assets and liabilities, net of investing and financing activities	(104)	(37)
Net cash flow provided by (used for) operating activities from continuing operations	417	548
Net cash flow provided by (used for) operating activities from discontinued operations	0	(47)
Net cash flow provided by (used for) operating activities	417	501
Investing Activities
Capital expenditures	(17)	(28)
Investments in and advances to investee companies	(39)	(39)
Proceeds from dispositions	59	6
Other investing activities	2	5
Net cash flow provided by (used for) investing activities from continuing operations	5	(56)
Net cash flow provided by (used for) investing activities from discontinued operations	(3)	(9)
Net cash flow provided by (used for) investing activities	2	(65)
Financing Activities
(Repayments of) proceeds from short-term debt borrowings, net	(616)	(35)
Proceeds from issuance of notes, net	1,178	0
Payment of capital lease obligations	(4)	(4)
Dividends	(80)	(75)
Purchase of Company common stock	(1,049)	(2,032)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(82)	(125)
Proceeds from exercise of stock options	80	76
Excess tax benefit from stock-based compensation	57	103
Net cash flow provided by (used for) financing activities from continuing operations	(516)	(2,092)
Net cash flow provided by (used for) financing activities from discontinued operations	0	1,570
Net cash flow provided by (used for) financing activities	(516)	(522)
Net increase (decrease) in cash and cash equivalents	(97)	(86)
Cash and cash equivalents, including discontinued operations, at beginning of period	428	397
Cash and cash equivalents, including discontinued operations, at end of period	331	311
Continuing Operations [Member]
Supplemental Cash Flow [Line Items]
Cash paid for interest, including early redemption premiums	117	103
Cash paid for taxes	$ 4	$ 17

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Discontinued Operations (Details) (USD $)	0 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 02, 2014	Apr. 02, 2014	Mar. 31, 2014	Jul. 16, 2014	Dec. 31, 2014	Mar. 31, 2015	Jan. 31, 2014
Number of Shares of CBS Outdoor Americas Inc. common stock offered in IPO	23,000,000
Percentage of CBS Outdoor Americas offered in IPO	19.00%	19.00%
Percentage of CBS Outdoor Americas Inc owned by CBS	81.00%			0.00%
Per share IPO price of CBS Outdoor Americas	$ 28.00	$ 28.00
Aggregate proceeds from IPO, net of underwriting discounts and commissions		$ 615,000,000
Cash received from IPO and debt borrowings from Outdoor Americas					2,040,000,000
Shares of CBS Class B common stock received in split-off transaction				44,700,000
Shares of CBS Outdoor Americas Inc common stock owned by CBS	97,000,000	97,000,000		0
Discontinued operations income statement disclosures [Abstract]
Revenues from discontinued operations			288,000,000
Earnings (loss) from discontinued operations			14,000,000
Income tax benefit (provision), discontinued operations			(8,000,000)
Net earnings (loss) from discontinued operations, net of tax			6,000,000
Discontinued operations balance sheet disclosures [Abstract]
Other liabilities, discontinued operations					118,000,000	94,000,000
Discontinued Operations [Member]
Carrying value of guarantee liability					28,000,000	28,000,000
Face value of debt							$ 1,600,000,000

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Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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.

	Three Months Ended
	March 31,
(in millions)	2015	2014
Weighted average shares for basic EPS	498	585
Dilutive effect of shares issuable under stock-based compensation plans	8	15
Weighted average shares for diluted EPS	506	600

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Programming and Other Inventory (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Program rights	$ 1,304	$ 1,471
Television programming:
Released (including acquired libraries)	1,082	983
In process and other	113	179
Theatrical programming:
Released	28	23
In process and other	41	36
Publishing, primarily finished goods	50	47
Total programming and other inventory	2,618	2,739
Less current portion	764	922
Total noncurrent programming and other inventory	$ 1,854	$ 1,817

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Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

The following table sets forth details of the net earnings from discontinued operations.

	Three Months Ended
	March 31, 2014
Revenues from discontinued operations	$	288
Earnings from discontinued operations	$	14
Income tax provision	(8		)
Net earnings from discontinued operations, net of tax	$	6

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Consolidated Statement of Cash Flows (Parenthetical) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Statement of Cash Flows [Abstract]
Cash and cash equivalents of discontinued operations	$ 114	$ 29

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Consolidated Statements of Comprehensive Income (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Comprehensive Income (Loss), Net of Tax [Abstract]
Net earnings (loss)	$ 394	$ 468
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other comprehensive income from discontinued operations, net of tax	(3)	(5)
Other comprehensive income (loss), net of tax	6	2
Total comprehensive income (loss), net of tax	400	470
Continuing Operations [Member]
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Cumulative translation adjustments	(4)	(6)
Amortization of net actuarial loss	9	7
Changes in fair value of cash flow hedges	1	0
Other comprehensive income (loss), net of tax	6	1
Discontinued Operations [Member]
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other comprehensive income from discontinued operations, net of tax	0	1
Other comprehensive income (loss), net of tax		$ 1

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10) COMMITMENTS AND CONTINGENCIES

Guarantees

During 2013, the Company completed the sale of Outdoor Europe. The Company continues to be the guarantor of certain of Outdoor Europe’s obligations, including franchise payment obligations under certain transit franchise agreements. Generally, the Company would be required to perform under the guarantees in the event of non-performance by the buyer. These agreements have varying terms, with the majority of the obligations guaranteed under these agreements expiring by September 2016. At March 31, 2015, the total franchise payment obligations under these agreements are estimated to be approximately $149 million, which will decrease on a monthly basis thereafter. The carrying value of the guarantee liability of approximately $28 million at both March 31, 2015 and December 31, 2014 is included in ‘‘Liabilities of discontinued operations’’ on the Consolidated Balance Sheets.

The Company also has indemnification obligations with respect to letters of credit and surety bonds primarily used as security against non-performance in the normal course of business. At March 31, 2015, the outstanding letters of credit and surety bonds approximated $240 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, and the outcome is inherently uncertain and 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.

Claims Related to Former Businesses: Asbestos. The Company is a defendant in lawsuits claiming various personal injuries related to asbestos and other materials, which allegedly occurred principally as a result of exposure caused by various products manufactured by Westinghouse, a predecessor, generally prior to the early 1970s. Westinghouse was neither a producer nor a manufacturer of asbestos. The Company is typically named as one of a large number of defendants in both state and federal cases. In the majority of asbestos lawsuits, the plaintiffs have not identified which of the Company’s products is the basis of a claim. Claims against the Company in which a product has been identified principally relate to exposures allegedly caused by asbestos-containing insulating material in turbines sold for power-generation, industrial and marine use.

Claims are frequently filed and/or settled in groups, which may make the amount and timing of settlements, and the number of pending claims, subject to significant fluctuation from period to period. The Company does not report as pending those claims on inactive, stayed, deferred or similar dockets which some jurisdictions have established for claimants who allege minimal or no impairment. As of March 31, 2015, the Company had pending approximately 40,090 asbestos claims, as compared with approximately 41,100 as of December 31, 2014 and 45,270 as of March 31, 2014. During the first quarter of 2015, the Company received approximately 860 new claims and closed or moved to an inactive docket approximately 1,870 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 2014 and 2013 for settlement and defense of asbestos claims after insurance recoveries and net of tax benefits were approximately $11 million and $29 million, respectively. The Company’s costs for settlement and defense of asbestos claims may vary year to year and insurance proceeds are not always recovered in the same period as the insured portion of the expenses.

The Company believes that its reserves and insurance are adequate to cover its asbestos liabilities. This belief is based upon many factors and assumptions, including the number of outstanding claims, estimated average cost per claim, the breakdown of claims by disease type, historic claim filings, costs per claim of resolution and the filing of new claims. While the number of asbestos claims filed against the Company has trended down in the past five to ten years and has remained flat in recent years, it is difficult to predict future asbestos liabilities, as events and circumstances may occur including, among others, the number and types of claims and average cost to resolve such claims, which could affect the Company’s estimate of its asbestos liabilities.

Other. The Company from time to time receives claims from federal and state environmental regulatory agencies and other entities asserting that it is or may be liable for environmental cleanup costs and related damages principally relating to historical and predecessor operations of the Company. In addition, the Company from time to time receives personal injury claims including toxic tort and product liability claims (other than asbestos) arising from historical operations of the Company and its predecessors.

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Document and Entity Information	3 Months Ended
	Mar. 31, 2015	May 04, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	CBS Corporation
Entity Central Index Key	0000813828
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Common Class A [Member]
Statement [Line Items]
Shares of common stock outstanding		37,826,904
Common Class B [Member]
Statement [Line Items]
Shares of common stock outstanding		454,315,931

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Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

11) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

The Company’s carrying value of financial instruments approximates fair value, except for differences with respect to notes and debentures. At March 31, 2015 and December 31, 2014, the carrying value of the Company’s senior debt was $7.62 billion and $6.43 billion, respectively, and the fair value, which is estimated based on quoted market prices for similar liabilities (Level 2) and includes accrued interest, was $8.50 billion and $7.15 billion, respectively.

The Company uses derivative financial instruments primarily to modify its exposure to market risks from fluctuations in interest rates and 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, generally within the next twelve months, in currencies such as the British Pound, the Euro, the Canadian Dollar and the Australian Dollar.  The Company designates forward contracts used to hedge projected future television production costs 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.  The change in fair value of the non-designated contracts is included in “Other items, net” in the Consolidated Statements of Operations.

At March 31, 2015 and December 31, 2014, the notional amount of all foreign exchange contracts was $231 million and $152 million, respectively.

Interest Rate Swaps

All of the Company's long-term debt has been issued under fixed interest rate agreements. The Company has $600 million notional amount of fixed-to-floating rate swaps outstanding to hedge its $600 million of 2.30%senior notes due 2019. These interest rate swaps are designated as fair value hedges. The fair value of interest rate swaps is included within the carrying value of the debt attributable to the risk being hedged, and in other assets or other liabilities on the Consolidated Balance Sheet. Gains or losses on interest rate swaps are recognized within interest expense.

Gains (losses) recognized on derivative financial instruments were as follows:

	Three Months Ended
	March 31,
	2015			2014			Financial Statement Account
Designated foreign exchange contracts	$	(2	)	$	(1	)	Programming costs
Non-designated foreign exchange contracts	$	13		$	—		Other items, net
Designated interest rate swaps	$	2		$	—		Interest expense

The fair value of the Company’s derivative instruments was not material to the Consolidated Balance Sheets for any of the periods presented.

The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.

At March 31, 2015	Level 1		Level 2		Level 3		Total
Assets:
Investments	$	82	$	—	$	—	$	82
Interest rate swaps	—		7		—		7
Foreign exchange contracts	—		16		—		16
Total Assets	$	82	$	23	$	—	$	105
Liabilities:
Deferred compensation	$	—	$	318	$	—	$	318
Foreign exchange contracts	—		1		—		1
Total Liabilities	$	—	$	319	$	—	$	319

At December 31, 2014	Level 1		Level 2		Level 3		Total
Assets:
Investments	$	80	$	—	$	—	$	80
Foreign exchange contracts	—		6		—		6
Total Assets	$	80	$	6	$	—	$	86
Liabilities:
Deferred compensation	$	—	$	307	$	—	$	307
Foreign exchange contracts	—		2		—		2
Total Liabilities	$	—	$	309	$	—	$	309

The fair value of investments is determined based on publicly quoted market prices in active markets. The fair value of interest rate swaps and foreign currency hedges is determined based on the present value of future cash flows using observable inputs including interest rates, yield curves and foreign currency exchange rates. The fair value of deferred compensation is determined based on the fair value of the investments elected by employees.

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Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Assets, Current [Abstract]
Cash and cash equivalents	$ 331,000,000	$ 428,000,000
Receivables, less allowances of $54 (2015) and $50 (2014)	3,295,000,000	3,459,000,000
Programming and other inventory (Note 4)	764,000,000	922,000,000
Deferred income tax assets, net	111,000,000	104,000,000
Prepaid income taxes	79,000,000	161,000,000
Prepaid expenses	136,000,000	129,000,000
Other current assets	504,000,000	386,000,000
Total current assets	5,220,000,000	5,589,000,000
Property and equipment	3,166,000,000	3,164,000,000
Less accumulated depreciation and amortization	1,772,000,000	1,731,000,000
Net property and equipment	1,394,000,000	1,433,000,000
Programming and other inventory (Note 4)	1,854,000,000	1,817,000,000
Goodwill	6,664,000,000	6,698,000,000
Intangible assets	6,002,000,000	6,008,000,000
Other assets	2,622,000,000	2,488,000,000
Assets of discontinued operations	30,000,000	39,000,000
Total Assets	23,786,000,000	24,072,000,000
Liabilities, Current [Abstract]
Accounts payable	175,000,000	302,000,000
Accrued compensation	186,000,000	333,000,000
Participants' share and royalties payable	929,000,000	999,000,000
Program rights	449,000,000	404,000,000
Deferred revenues	161,000,000	206,000,000
Commercial paper (Note 6)	0	616,000,000
Current portion of long-term debt (Note 6)	21,000,000	20,000,000
Accrued expenses and other current liabilities	1,127,000,000	1,127,000,000
Current liabilities of discontinued operations	44,000,000	26,000,000
Total current liabilities	3,092,000,000	4,033,000,000
Long-term debt (Note 6)	7,693,000,000	6,510,000,000
Pension and postretirement benefit obligations	1,537,000,000	1,564,000,000
Deferred income tax liabilities, net	1,601,000,000	1,530,000,000
Other liabilities	3,372,000,000	3,347,000,000
Liabilities of discontinued operations (Note 3)	94,000,000	118,000,000
Commitments and contingencies (Note 10)
Stockholders' Equity [Abstract]
Common stock	1,000,000	1,000,000
Additional paid-in capital	44,068,000,000	44,041,000,000
Accumulated deficit	(21,537,000,000)	(21,931,000,000)
Accumulated other comprehensive loss (Note 8)	(729,000,000)	(735,000,000)
Stockholders' equity including treasury stock	21,803,000,000	21,376,000,000
Less treasury stock, at cost	15,406,000,000	14,406,000,000
Total Stockholders' Equity	6,397,000,000	6,970,000,000
Total Liabilities and Stockholders' Equity	23,786,000,000	24,072,000,000
Other liabilities	3,372,000,000	3,347,000,000
Commitments and contingencies (Note 10)
Common Class A [Member]
Stockholders' Equity [Abstract]
Common stock	0	0
Common Class B [Member]
Stockholders' Equity [Abstract]
Common stock	$ 1,000,000	$ 1,000,000

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Related Parties

3 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Related Parties

5) RELATED PARTIES

National Amusements, Inc. National Amusements, Inc. (“NAI”) is the controlling stockholder of CBS Corp. and Viacom Inc. Mr. Sumner M. Redstone, the controlling stockholder, chairman of the board of directors and chief executive officer of NAI, is the Executive Chairman of the Board of Directors and founder of both CBS Corp. and Viacom Inc. In addition, Ms. Shari Redstone, Mr. Sumner M. Redstone’s daughter, is the president and a director of NAI and the vice chair of the Board of Directors of both CBS Corp. and Viacom Inc. Mr. David R. Andelman is a director of CBS Corp. and serves as a director of NAI. Mr. Frederic V. Salerno is a director of CBS Corp. and serves as a director of Viacom Inc. At March 31, 2015, NAI directly or indirectly owned approximately 79.6% of CBS Corp.’s voting Class A Common Stock, and owned approximately 7.9% of CBS Corp.’s Class A Common Stock and non-voting Class B Common Stock on a combined basis.

Viacom Inc. As part of its normal course of business, the Company 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 $46 million and $35 million for the three months ended March 31, 2015 and 2014, respectively.

The Company places advertisements with and leases production facilities from various subsidiaries of Viacom Inc. The total amounts for these transactions were $6 million and $5 million for the three months ended March 31, 2015 and 2014, 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 March 31, 2015 and December 31, 2014.

	At			At
	March 31, 2015			December 31, 2014
Receivables		$	107		$	107
Other assets (Receivables, noncurrent)		77			76
Total amounts due from Viacom Inc.		$	184		$	183

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 $48 million and $37 million for the three months ended March 31, 2015 and 2014, respectively.

The Company, through the normal course of business, is involved in transactions with other related parties that have not been material in any of the periods presented.

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Programming and Other Inventory

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Programming and Other Inventory

4) PROGRAMMING AND OTHER INVENTORY

	At			At
	March 31, 2015			December 31, 2014
Program rights		$	1,304		$	1,471
Television programming:
Released (including acquired libraries)		1,082			983
In process and other		113			179
Theatrical programming:
Released		28			23
In process and other		41			36
Publishing, primarily finished goods		50			47
Total programming and other inventory		2,618			2,739
Less current portion		764			922
Total noncurrent programming and other inventory		$	1,854		$	1,817

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Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

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 three months endedMarch 31, 2015 and 2014.

	Three Months Ended
	March 31,
	2015			2014
RSUs and PSUs	$	38		$	34
Stock options and equivalents	8			6
Stock-based compensation expense, before income taxes	46			40
Related tax benefit	(18		)	(16		)
Stock-based compensation expense, net of tax benefit	$	28		$	24

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Reportable Segments

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Reportable Segments

12) REPORTABLE SEGMENTS

The following tables set forth the Company’s financial performance by reportable segment. The Company’s operating segments, which are the same as its reportable segments, have been determined in accordance with the Company’s internal management structure, which is organized based upon products and services.

On July 16, 2014, the Company completed the disposition of Outdoor Americas through the Split-Off. Outdoor Americas has been presented as a discontinued operation in the Company’s consolidated financial statements. Prior periods have been recast to conform to this presentation.

	Three Months Ended
	March 31,
	2015			2014
Revenues:
Entertainment	$	2,261		$	2,303
Cable Networks	539			537
Publishing	145			153
Local Broadcasting	596			626
Corporate/Eliminations	(41		)	(49		)
Total Revenues	$	3,500		$	3,570

Revenues generated between segments primarily reflect advertising sales and television license fees. These transactions are recorded at market value as if the sales were to third parties and are eliminated in consolidation.

	Three Months Ended
	March 31,
	2015		2014
Intercompany Revenues:
Entertainment	$	40	$	46
Local Broadcasting	3		3
Total Intercompany Revenues	$	43	$	49

The Company presents operating income (loss) excluding restructuring charges and impairment charges, if any, (“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 began presenting Segment Operating Income as its segment profit measure in the first quarter of 2015 in order to align with the primary method the Company's management began using in 2015 to evaluate segment performance and to make decisions regarding the allocation of resources to its segments. 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.

	Three Months Ended
	March 31,
	2015			2014
Segment Operating Income (Loss):
Entertainment	$	346		$	420
Cable Networks	251			254
Publishing	12			11
Local Broadcasting	161			179
Corporate	(68		)	(73		)
Operating income	702			791
Interest expense	(93		)	(93		)
Interest income	5			3
Other items, net	(4		)	5
Earnings from continuing operations before income taxes and equity in loss of investee companies	610			706
Provision for income taxes	(203		)	(234		)
Equity in loss of investee companies, net of tax	(13		)	(10		)
Net earnings from continuing operations	394			462
Net earnings from discontinued operations, net of tax	—			6
Net earnings	$	394		$	468

	Three Months Ended
	March 31,
	2015		2014
Depreciation and Amortization:
Entertainment	$	32	$	37
Cable Networks	6		5
Publishing	1		2
Local Broadcasting	21		21
Corporate	8		6
Total Depreciation and Amortization	$	68	$	71

	Three Months Ended
	March 31,
	2015		2014
Stock-based Compensation:
Entertainment	$	16	$	14
Cable Networks	3		2
Publishing	1		1
Local Broadcasting	7		7
Corporate	19		16
Total Stock-based Compensation	$	46	$	40

	Three Months Ended
	March 31,
	2015		2014
Capital Expenditures:
Entertainment	$	8	$	17
Cable Networks	1		2
Publishing	—		—
Local Broadcasting	7		8
Corporate	1		1
Total Capital Expenditures	$	17	$	28

	At			At
	March 31, 2015			December 31, 2014
Assets:
Entertainment		$	10,414		$	10,469
Cable Networks		2,136			2,113
Publishing		889			990
Local Broadcasting		9,495			9,585
Corporate		822			876
Discontinued operations		30			39
Total Assets		$	23,786		$	24,072

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Stockholders' Equity

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity

8) STOCKHOLDERS’ EQUITY

During the first quarter of 2015, the Company repurchased 17.2 million shares of its Class B Common Stock under its share repurchase program for $1.00 billion, at an average cost of $58.07 per share. At March 31, 2015, the Company had $3.80 billion of authorization remaining under its share repurchase program.

During the first quarter of 2015, the Company declared a quarterly cash dividend of $.15 on its Class A and Class B Common Stock, resulting in total dividends of $75 million, payable on April 1, 2015.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in the components of accumulated other comprehensive income (loss).

	Cumulative Translation Adjustments			Net Actuarial Gain (Loss) and Prior Service Cost				Change in Fair Value of Cash Flow Hedges			Accumulated Other Comprehensive Loss
At December 31, 2014	$	158		$	(892	)		$	(1	)	$	(735	)
Other comprehensive income (loss) before reclassifications	(4		)	—				1			(3		)
Reclassifications to net earnings	—			9			(a)	—			9
Net other comprehensive income (loss)	(4		)	9				1			6
At March 31, 2015	$	154		$	(883	)		$	—		$	(729	)

	Continuing Operations									Discontinued Operations
	Cumulative Translation Adjustments			Net Actuarial Gain (Loss) and Prior Service Cost				Unrealized Gain on Securities		Other Comprehensive Income (Loss)		Accumulated Other Comprehensive Loss
At December 31, 2013	$	166		$	(729	)		$	3	$	15	$	(545	)
Other comprehensive income (loss) before reclassifications	(6		)	—				—		1		(5		)
Reclassifications to net earnings	—			7			(a)	—		—		7
Net other comprehensive income (loss)	(6		)	7				—		1		2
At March 31, 2014	$	160		$	(722	)		$	3	$	16	$	(543	)

(a) Reflect amortization of net actuarial losses. See Note 7.

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 $6 million and $4 million for the three months endedMarch 31, 2015 and 2014, respectively.

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Bank Financing and Debt

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Bank Financing and Debt

6) BANK FINANCING AND DEBT

The following table sets forth the Company’s debt.

	At			At
	March 31, 2015			December 31, 2014
Commercial paper		$	—		$	616
Senior debt (1.95% - 7.875% due 2016 - 2045) (a)		7,619			6,433
Obligations under capital leases		95			97
Total debt		7,714			7,146
Less commercial paper		—			616
Less current portion of long-term debt		21			20
Total long-term debt, net of current portion		$	7,693		$	6,510

(a) At March 31, 2015 and December 31, 2014, the senior debt balances included (i) a net unamortized discount of $34 million and $21 million, respectively, and (ii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $6 million and $14 million, respectively. At March 31, 2015, the senior debt balances also included an increase in the carrying value of the debt relating to outstanding fair value hedges of $7 million. Such amount was minimal at December 31, 2014. The face value of the Company’s senior debt was $7.64 billion and $6.44 billion at March 31, 2015 and December 31, 2014, respectively.

During January 2015, the Company issued $600 million of 3.50% senior notes due 2025 and $600 million of 4.60% senior notes due 2045 and used the net proceeds for the repurchase of CBS Corp. Class B Common Stock and repayment of short-term borrowings, including commercial paper.

At March 31, 2015, the Company classified $200 million of debt maturing in January 2016 as long-term debt on the Consolidated Balance Sheet, reflecting its intent and ability to refinance this debt on a long-term basis.

Commercial Paper

At March 31, 2015 the Company had a $2.5 billion commercial paper program under which there were no outstanding borrowings. At December 31, 2014 the Company had $616 million of outstanding commercial paper borrowings at a weighted average interest rate of 0.46% and with maturities of less than forty-five days.

Credit Facility

At March 31, 2015, the Company had a $2.5 billion revolving credit facility (the “Credit Facility”) which expires in December 2019. 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 March 31, 2015, the Company’s Consolidated Leverage Ratio was approximately 2.3x.

The Consolidated Leverage Ratio is the ratio of the Company’s indebtedness from continuing operations, adjusted to exclude certain capital lease obligations, at the end of a quarter, to the Company’s Consolidated EBITDA for the trailing four consecutive quarters. Consolidated EBITDA is defined in the Credit Facility as operating income plus interest income and before depreciation, amortization and certain other noncash items.

The Credit Facility is used for general corporate purposes. At March 31, 2015, the Company had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $2.49 billion.

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Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2015

Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]

Pension and Other Postretirement Benefits

7) PENSION AND OTHER POSTRETIREMENT BENEFITS

The components of net periodic cost for the Company's pension and postretirement benefit plans were as follows:

	Pension Benefits						Postretirement Benefits
Three Months Ended March 31,	2015			2014			2015			2014
Components of net periodic cost:
Service cost	$	8		$	8		$	—		$	—
Interest cost	52			59			5			6
Expected return on plan assets	(65		)	(66		)	—			—
Amortization of actuarial loss (gain) (a)	20			16			(5		)	(5		)
Net periodic cost	$	15		$	17		$	—		$	1

(a) Reflects amounts reclassified from accumulated other comprehensive income (loss) to net earnings.

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Income Taxes

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

9) INCOME TAXES

The provision for income taxes represents federal, state and local, and foreign income taxes on earnings from continuing operations before income taxes and equity in loss of investee companies.

The provision for income taxes was $203 million for the three months ended March 31, 2015 and $234 million for the three months ended March 31, 2014, reflecting an effective income tax rate of 33.3% and 33.1%, respectively.

During the first quarter of 2015, the Company and the IRS settled the Company’s income tax audit for the years 2011 and 2012, which did not have a material effect on the Company’s consolidated financial statements. The IRS is expected to commence its examination of the years 2013 and 2014 during the fourth quarter of 2015.  During the next six months, the Company expects a decrease to its reserve for uncertain tax positions of approximately $20 million, plus accrued interest, related to an audit in a foreign jurisdiction of a previously disposed business that is accounted for as a discontinued operation. In addition, various tax years are currently under examination by state and local and other foreign tax authorities. With respect to open tax years in all jurisdictions, the Company currently believes that it is reasonably possible that the reserve for uncertain tax positions will change within the next twelve months; however, as it is difficult to predict the final outcome of any particular tax matter, an estimate of any additional impact to the reserve for uncertain tax positions cannot currently be determined.

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Stock-based Compensation (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation [Abstract]
RSUs and PSUs	$ 38	$ 34
Stock options and equivalents	8	6
Stock-based compensation expense, before income taxes	46	40
Related tax benefit	(18)	(16)
Stock-based compensation expense, net of tax	28	24
Number of RSUs granted during the period	2
Weighted average grant date fair value - RSUs	$ 59.07
Number of stock options granted during the period	2
Weighted average per unit exercise price - options	$ 59.54
Unrecognized future expense of RSUs	280
Unrecognized future expense of stock options	$ 74
Term until expiration - options	8 years
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period over which grants vest	4 years
Weighted average period to expense unrecognized stock-based compensation expense	3 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period to expense unrecognized stock-based compensation expense	2 years 9 months 18 days
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout on stock-based compensation award (percent)	120.00%
Service period over which grants vest	4 years
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout on stock-based compensation award (percent)	0.00%
Service period over which grants vest	1 year

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Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Earnings Per Share

Net Earnings per Common Share-Basic net earnings per share (“EPS”) is based upon net earnings divided by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted stock units (“RSUs”) and market-based performance share units (“PSUs”) only in the periods in which such effect would have been dilutive.

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Related Parties (Tables)

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014.

	At			At
	March 31, 2015			December 31, 2014
Receivables		$	107		$	107
Other assets (Receivables, noncurrent)		77			76
Total amounts due from Viacom Inc.		$	184		$	183

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Stockholders' Equity (Details) (USD $) Share data in Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Stockholders' Equity Note [Abstract]
Class B common stock repurchased under repurchase program (shares)	17.2
Value of shares repurchased	$ 1,000,000,000
Average per share price repurchased (in dollars per share)	$ 58.07
Remaining authorization under share repurchase program	3,800,000,000
Dividends [Abstract]
Dividends per common share (in dollars per share)	$ 0.15	$ 0.12
Dividends recorded on common stock	75,000,000	70,000,000
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(729,000,000)	(543,000,000)	(735,000,000)	(545,000,000)
Other comprehensive income (loss) before reclassifications	(3,000,000)	(5,000,000)
Reclassifications from accumulated other comprehensive income (loss) to net earnings	9,000,000	7,000,000
Net other comprehensive income (loss)	6,000,000	2,000,000
Tax provision on net actuarial gain (loss) and prior service costs related to pension and other postretirement benefit plans	6,000,000	4,000,000
Cumulative Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	154,000,000		158,000,000
Other comprehensive income (loss) before reclassifications	(4,000,000)
Reclassifications from accumulated other comprehensive income (loss) to net earnings	0
Net other comprehensive income (loss)	(4,000,000)
Net Actuarial Gains (Losses) and Prior Service Costs [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(883,000,000)		(892,000,000)
Other comprehensive income (loss) before reclassifications	0
Reclassifications from accumulated other comprehensive income (loss) to net earnings	9,000,000
Net other comprehensive income (loss)	9,000,000
Change in Fair Value of Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	0		(1,000,000)
Other comprehensive income (loss) before reclassifications	1,000,000
Reclassifications from accumulated other comprehensive income (loss) to net earnings	0
Net other comprehensive income (loss)	1,000,000
Continuing Operations [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net other comprehensive income (loss)	6,000,000	1,000,000
Continuing Operations [Member] | Cumulative Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)		160,000,000		166,000,000
Other comprehensive income (loss) before reclassifications		(6,000,000)
Reclassifications from accumulated other comprehensive income (loss) to net earnings		0
Net other comprehensive income (loss)		(6,000,000)
Continuing Operations [Member] | Net Actuarial Gains (Losses) and Prior Service Costs [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)		(722,000,000)		(729,000,000)
Other comprehensive income (loss) before reclassifications		0
Reclassifications from accumulated other comprehensive income (loss) to net earnings		7,000,000
Net other comprehensive income (loss)		7,000,000
Continuing Operations [Member] | Unrealized Gains (Losses) on Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)		3,000,000		3,000,000
Other comprehensive income (loss) before reclassifications		0
Reclassifications from accumulated other comprehensive income (loss) to net earnings		0
Net other comprehensive income (loss)		0
Discontinued Operations [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)		16,000,000		15,000,000
Other comprehensive income (loss) before reclassifications	0	1,000,000
Reclassifications from accumulated other comprehensive income (loss) to net earnings		0
Net other comprehensive income (loss)		$ 1,000,000

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Consolidated Balance Sheets (Parenthetical) (USD $) In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Balance Sheet Parentheticals [Abstract]
Receivables, allowances	$ 54	$ 50
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	375	375
Common stock, shares, issued	38	38
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	5,000	5,000
Common stock, shares, issued	823	818
Treasury stock, shares	366	349

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Discontinued Operations

3 Months Ended

Mar. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

3) DISCONTINUED OPERATIONS

During 2014, the Company completed the disposition of Outdoor Americas. Outdoor Americas has been presented as a discontinued operation in the Company’s consolidated financial statements. In connection with the Company's plan to dispose of Outdoor Americas, in January 2014 Outdoor Americas borrowed $1.60 billion. On April 2, 2014, Outdoor Americas completed an IPO through which it sold 23.0 million shares, or approximately 19%, of its common stock for $28.00 per share. Proceeds from the IPO aggregated $615 million, net of underwriting discounts and commissions. The Company received $2.04 billion of the combined IPO and debt proceeds from Outdoor Americas. On July 16, 2014, the Company completed the disposition of its 81% ownership of Outdoor Americas common stock through a tax-free split-off through which the Company accepted 44.7 million shares of CBS Corp. Class B Common Stock from its stockholders in exchange for the 97.0 million shares, or approximately 81% of Outdoor Americas common stock that it owned (the “Split-Off”).

The following table sets forth details of the net earnings from discontinued operations.

	Three Months Ended
	March 31, 2014
Revenues from discontinued operations	$	288
Earnings from discontinued operations	$	14
Income tax provision	(8		)
Net earnings from discontinued operations, net of tax	$	6

Noncurrent liabilities of discontinued operations of $94 million and $118 million at March 31, 2015 and December 31, 2014, respectively, primarily include tax reserves related to previously disposed businesses and the carrying value of a guarantee liability associated with the Company’s disposition of its outdoor advertising business in Europe (“Outdoor Europe”) of approximately $28 million at both March 31, 2015 and December 31, 2014 (See Note 10).

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Bank Financing and Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of Debt

The following table sets forth the Company’s debt.

	At			At
	March 31, 2015			December 31, 2014
Commercial paper		$	—		$	616
Senior debt (1.95% - 7.875% due 2016 - 2045) (a)		7,619			6,433
Obligations under capital leases		95			97
Total debt		7,714			7,146
Less commercial paper		—			616
Less current portion of long-term debt		21			20
Total long-term debt, net of current portion		$	7,693		$	6,510

(a) At March 31, 2015 and December 31, 2014, the senior debt balances included (i) a net unamortized discount of $34 million and $21 million, respectively, and (ii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $6 million and $14 million, respectively. At March 31, 2015, the senior debt balances also included an increase in the carrying value of the debt relating to outstanding fair value hedges of $7 million. Such amount was minimal at December 31, 2014. The face value of the Company’s senior debt was $7.64 billion and $6.44 billion at March 31, 2015 and December 31, 2014, respectively.

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Bank Financing and Debt (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Commercial paper	0	$ 616,000,000
Senior debt (1.95% - 7.875% due 2016 - 2045) (a)	7,619,000,000	6,433,000,000
Obligations under capital leases	95,000,000	97,000,000
Current portion of long-term debt	21,000,000	20,000,000
Total long-term debt, net of current portion	7,693,000,000	6,510,000,000
Total debt	7,714,000,000	7,146,000,000
Net unamortized discount on senior debt	34,000,000	21,000,000
Increase in carrying value of debt relating to previously settled fair value hedges	6,000,000	14,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity line under credit facility	2,500,000,000.0
Availability under credit facility	2,490,000,000
Amount borrowed under credit facility	0
Revolving Credit Facility [Member] | Maximum Consolidated Leverage Ratio [Member]
Line of Credit Facility [Line Items]
Credit facility covenant description	4.5x
Revolving Credit Facility [Member] | Consolidated Leverage Ratio [Member]
Line of Credit Facility [Line Items]
Credit facility covenant compliance	2.3x
Commercial Paper [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity line under credit facility	2,500,000,000.0
Weighted average interest rate		0.46%
Amount borrowed under credit facility	0

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Condensed Consolidating Financial Statements

3 Months Ended

Mar. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Financial Statements

13) 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. 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 March 31, 2015
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Revenues	$	31		$	3		$	3,466		$	—		$	3,500
Expenses:
Operating	16			1			2,125			—			2,142
Selling, general and administrative	12			61			515			—			588
Depreciation and amortization	1			5			62			—			68
Total expenses	29			67			2,702			—			2,798
Operating income (loss)	2			(64		)	764			—			702
Interest (expense) income, net	(115		)	(98		)	125			—			(88		)
Other items, net	(1		)	11			(14		)	—			(4		)
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies	(114		)	(151		)	875			—			610
Benefit (provision) for income taxes	37			49			(289		)	—			(203		)
Equity in earnings (loss) of investee companies, net of tax	471			315			(13		)	(786		)	(13		)
Net earnings	$	394		$	213		$	573		$	(786	)	$	394
Total comprehensive income	$	400		$	220		$	580		$	(800	)	$	400

	Statement of Operations
	For the Three Months Ended March 31, 2014
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Revenues	$	33		$	3		$	3,534		$	—		$	3,570
Expenses:
Operating	16			1			2,104			—			2,121
Selling, general and administrative	15			64			508			—			587
Depreciation and amortization	1			4			66			—			71
Total expenses	32			69			2,678			—			2,779
Operating income (loss)	1			(66		)	856			—			791
Interest (expense) income, net	(114		)	(93		)	117			—			(90		)
Other items, net	—			—			5			—			5
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies	(113		)	(159		)	978			—			706
Benefit (provision) for income taxes	38			54			(326		)	—			(234		)
Equity in earnings (loss) of investee companies, net of tax	543			372			(10		)	(915		)	(10		)
Net earnings from continuing operations	468			267			642			(915		)	462
Net earnings (loss) from discontinued operations, net of tax	—			(1		)	7			—			6
Net earnings	$	468		$	266		$	649		$	(915	)	$	468
Total comprehensive income	$	470		$	265		$	646		$	(911	)	$	470

	Balance Sheet
	At March 31, 2015
	CBS Corp.			CBS Operations Inc.		Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Assets
Cash and cash equivalents	$	163		$	1	$	167		$	—		$	331
Receivables, net	22			2		3,271			—			3,295
Programming and other inventory	4			2		758			—			764
Prepaid expenses and other current assets	223			37		599			(29		)	830
Total current assets	412			42		4,795			(29		)	5,220
Property and equipment	49			163		2,954			—			3,166
Less accumulated depreciation and amortization	24			103		1,645			—			1,772
Net property and equipment	25			60		1,309			—			1,394
Programming and other inventory	6			8		1,840			—			1,854
Goodwill	98			62		6,504			—			6,664
Intangible assets	—			—		6,002			—			6,002
Investments in consolidated subsidiaries	41,629			12,000		—			(53,629		)	—
Other assets	222			12		2,418			—			2,652
Intercompany	—			2,540		22,525			(25,065		)	—
Total Assets	$	42,392		$	14,724	$	45,393		$	(78,723	)	$	23,786
Liabilities and Stockholders’ Equity
Accounts payable	$	24		$	6	$	145		$	—		$	175
Participants’ share and royalties payable	—			—		929			—			929
Program rights	5			3		441			—			449
Current portion of long-term debt	4			—		17			—			21
Accrued expenses and other current liabilities	333			197		1,017			(29		)	1,518
Total current liabilities	366			206		2,549			(29		)	3,092
Long-term debt	7,569			—		124			—			7,693
Other liabilities	2,995			249		3,360			—			6,604
Intercompany	25,065			—		—			(25,065		)	—
Stockholders’ Equity:
Preferred stock	—			—		126			(126		)	—
Common stock	1			123		590			(713		)	1
Additional paid-in capital	44,068			—		60,894			(60,894		)	44,068
Retained earnings (deficit)	(21,537		)	14,473		(17,538		)	3,065			(21,537		)
Accumulated other comprehensive income (loss)	(729		)	4		88			(92		)	(729		)
	21,803			14,600		44,160			(58,760		)	21,803
Less treasury stock, at cost	15,406			331		4,800			(5,131		)	15,406
Total Stockholders’ Equity	6,397			14,269		39,360			(53,629		)	6,397
Total Liabilities and Stockholders’ Equity	$	42,392		$	14,724	$	45,393		$	(78,723	)	$	23,786

	Balance Sheet
	At December 31, 2014
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Assets
Cash and cash equivalents	$	63		$	1		$	364		$	—		$	428
Receivables, net	29			2			3,428			—			3,459
Programming and other inventory	4			3			915			—			922
Prepaid expenses and other current assets	306			27			477			(30		)	780
Total current assets	402			33			5,184			(30		)	5,589
Property and equipment	41			162			2,961			—			3,164
Less accumulated depreciation and amortization	15			98			1,618			—			1,731
Net property and equipment	26			64			1,343			—			1,433
Programming and other inventory	7			8			1,802			—			1,817
Goodwill	98			62			6,538			—			6,698
Intangible assets	—			—			6,008			—			6,008
Investments in consolidated subsidiaries	41,144			11,685			—			(52,829		)	—
Other assets	219			17			2,291			—			2,527
Intercompany	—			2,726			21,772			(24,498		)	—
Total Assets	$	41,896		$	14,595		$	44,938		$	(77,357	)	$	24,072
Liabilities and Stockholders’ Equity
Accounts payable	$	3		$	24		$	275		$	—		$	302
Participants’ share and royalties payable	—			—			999			—			999
Program rights	5			3			396			—			404
Commercial paper	616			—			—			—			616
Current portion of long-term debt	4			—			16			—			20
Accrued expenses and other current liabilities	388			270			1,064			(30		)	1,692
Total current liabilities	1,016			297			2,750			(30		)	4,033
Long-term debt	6,383			—			127			—			6,510
Other liabilities	3,029			249			3,281			—			6,559
Intercompany	24,498			—			—			(24,498		)	—
Stockholders’ Equity:
Preferred stock	—			—			126			(126		)	—
Common stock	1			123			590			(713		)	1
Additional paid-in capital	44,041			—			60,894			(60,894		)	44,041
Retained earnings (deficit)	(21,931		)	14,260			(18,111		)	3,851			(21,931		)
Accumulated other comprehensive income (loss)	(735		)	(3		)	81			(78		)	(735		)
	21,376			14,380			43,580			(57,960		)	21,376
Less treasury stock, at cost	14,406			331			4,800			(5,131		)	14,406
Total Stockholders’ Equity	6,970			14,049			38,780			(52,829		)	6,970
Total Liabilities and Stockholders’ Equity	$	41,896		$	14,595		$	44,938		$	(77,357	)	$	24,072

	Statement of Cash Flows
	For the Three Months Ended March 31, 2015
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating activities	$	(117	)	$	(137	)	$	671		$	—	$	417
Investing Activities:
Capital expenditures	—			(1		)	(16		)	—		(17		)
Investments in and advances to investee companies	—			—			(39		)	—		(39		)
Proceeds from dispositions	—			—			59			—		59
Other investing activities	3			—			(1		)	—		2
Net cash flow provided by (used for) investing activities from continuing operations	3			(1		)	3			—		5
Net cash flow used for investing activities from discontinued operations	(3		)	—			—			—		(3		)
Net cash flow provided by (used for) investing activities	—			(1		)	3			—		2
Financing Activities:
Repayments of short-term debt borrowings, net	(616		)	—			—			—		(616		)
Proceeds from issuance of notes, net	1,178			—			—			—		1,178
Payment of capital lease obligations	—			—			(4		)	—		(4		)
Dividends	(80		)	—			—			—		(80		)
Purchase of Company common stock	(1,049		)	—			—			—		(1,049		)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(82		)	—			—			—		(82		)
Proceeds from exercise of stock options	80			—			—			—		80
Excess tax benefit from stock-based compensation	57			—			—			—		57
Increase (decrease) in intercompany payables	729			138			(867		)	—		—
Net cash flow provided by (used for) financing activities	217			138			(871		)	—		(516		)
Net increase (decrease) in cash and cash equivalents	100			—			(197		)	—		(97		)
Cash and cash equivalents at beginning of period	63			1			364			—		428
Cash and cash equivalents at end of period	$	163		$	1		$	167		$	—	$	331

	Statement of Cash Flows
	For the Three Months Ended March 31, 2014
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating activities	$	(81	)	$	(147	)	$	729		$	—	$	501
Investing Activities:
Capital expenditures	—			(1		)	(27		)	—		(28		)
Investments in and advances to investee companies	—			—			(39		)	—		(39		)
Proceeds from dispositions	—			—			6			—		6
Other investing activities	5			1			(1		)	—		5
Net cash flow provided by (used for) investing activities from continuing operations	5			—			(61		)	—		(56		)
Net cash flow used for investing activities from discontinued operations	—			—			(9		)	—		(9		)
Net cash flow provided by (used for) investing activities	5			—			(70		)	—		(65		)
Financing Activities:
Repayments of short-term debt borrowings, net	(35		)	—			—			—		(35		)
Payment of capital lease obligations	—			—			(4		)	—		(4		)
Dividends	(75		)	—			—			—		(75		)
Purchase of Company common stock	(2,032		)	—			—			—		(2,032		)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(125		)	—			—			—		(125		)
Proceeds from exercise of stock options	76			—			—			—		76
Excess tax benefit from stock-based compensation	103			—			—			—		103
Increase (decrease) in intercompany payables	2,144			147			(2,291		)	—		—
Net cash flow provided by (used for) financing activities from continuing operations	56			147			(2,295		)	—		(2,092		)
Net cash flow provided by financing activities from discontinued operations	—			—			1,570			—		1,570
Net cash flow provided by (used for) financing activities	56			147			(725		)	—		(522		)
Net decrease in cash and cash equivalents	(20		)	—			(66		)	—		(86		)
Cash and cash equivalents at beginning of period (includes $29 of discontinued operations cash)	80			1			316			—		397
Cash and cash equivalents at end of period (includes $114 of discontinued operations cash)	$	60		$	1		$	250		$	—	$	311