Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statements of Operations

	Statement of Operations
	For the Three Months Ended March 31, 2017
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Revenues	$	42		$	3		$	3,298		$	—		$	3,343
Costs and expenses:
Operating	24			1			2,049			—			2,074
Selling, general and administrative	20			64			426			—			510
Depreciation and amortization	1			6			48			—			55
Total costs and expenses	45			71			2,523			—			2,639
Operating income (loss)	(3		)	(68		)	775			—			704
Interest (expense) income, net	(122		)	(117		)	143			—			(96		)
Other items, net	—			(13		)	14			—			1
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies	(125		)	(198		)	932			—			609
Benefit (provision) for income taxes	38			60			(236		)	—			(138		)
Equity in earnings (loss) of investee companies, net of tax	(165		)	354			(17		)	(189		)	(17		)
Net earnings (loss) from continuing operations	(252		)	216			679			(189		)	454
Net loss from discontinued operations, net of tax	—			—			(706		)	—			(706		)
Net earnings (loss)	$	(252	)	$	216		$	(27	)	$	(189	)	$	(252	)
Total comprehensive income (loss)	$	(238	)	$	214		$	(21	)	$	(193	)	$	(238	)

	Statement of Operations
	For the Three Months Ended March 31, 2016
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Revenues	$	47		$	3		$	3,538		$	—		$	3,588
Costs and expenses:
Operating	17			1			2,254			—			2,272
Selling, general and administrative	21			66			416			—			503
Depreciation and amortization	1			5			51			—			57
Other operating items, net	—			—			(9		)	—			(9		)
Total costs and expenses	39			72			2,712			—			2,823
Operating income (loss)	8			(69		)	826			—			765
Interest (expense) income, net	(124		)	(104		)	135			—			(93		)
Other items, net	(1		)	(10		)	8			—			(3		)
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies	(117		)	(183		)	969			—			669
Benefit (provision) for income taxes	37			59			(302		)	—			(206		)
Equity in earnings (loss) of investee companies, net of tax	553			260			(21		)	(813		)	(21		)
Net earnings from continuing operations	473			136			646			(813		)	442
Net earnings from discontinued operations, net of tax	—			—			31			—			31
Net earnings	$	473		$	136		$	677		$	(813	)	$	473
Total comprehensive income	$	484		$	140		$	679		$	(819	)	$	484

Condensed Consolidating Balance Sheets

	Balance Sheet
	At March 31, 2017
	CBS Corp.			CBS Operations Inc.		Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Assets
Cash and cash equivalents	$	44		$	—	$	119		$	—		$	163
Receivables, net	25			2		3,451			—			3,478
Programming and other inventory	4			3		1,194			—			1,201
Prepaid expenses and other current assets	16			39		499			(34		)	520
Current assets of discontinued operations	—			—		258			—			258
Total current assets	89			44		5,521			(34		)	5,620
Property and equipment	48			204		2,691			—			2,943
Less accumulated depreciation and amortization	26			146		1,551			—			1,723
Net property and equipment	22			58		1,140			—			1,220
Programming and other inventory	4			6		2,536			—			2,546
Goodwill	98			62		4,729			—			4,889
Intangible assets	—			—		2,631			—			2,631
Investments in consolidated subsidiaries	44,312			14,207		—			(58,519		)	—
Other assets	150			8		2,381			—			2,539
Intercompany	—			1,571		28,051			(29,622		)	—
Assets of discontinued operations	—			—		3,577			—			3,577
Total Assets	$	44,675		$	15,956	$	50,566		$	(88,175	)	$	23,022
Liabilities and Stockholders’ Equity
Accounts payable	$	1		$	1	$	156		$	—		$	158
Participants’ share and royalties payable	—			—		1,022			—			1,022
Program rights	4			3		470			—			477
Commercial paper	30			—		—			—			30
Current portion of long-term debt	6			—		17			—			23
Accrued expenses and other current liabilities	391			192		1,014			(34		)	1,563
Current liabilities of discontinued operations	—			—		151			—			151
Total current liabilities	432			196		2,830			(34		)	3,424
Long-term debt	8,799			—		101			—			8,900
Other liabilities	2,937			242		2,180			—			5,359
Liabilities of discontinued operations	—			—		2,454			—			2,454
Intercompany	29,622			—		—			(29,622		)	—
Stockholders’ Equity:
Preferred stock	—			—		126			(126		)	—
Common stock	1			123		590			(713		)	1
Additional paid-in capital	43,847			—		60,894			(60,894		)	43,847
Retained earnings (accumulated deficit)	(19,509		)	15,699		(13,865		)	(1,834		)	(19,509		)
Accumulated other comprehensive income (loss)	(753		)	27		56			(83		)	(753		)
	23,586			15,849		47,801			(63,650		)	23,586
Less treasury stock, at cost	20,701			331		4,800			(5,131		)	20,701
Total Stockholders’ Equity	2,885			15,518		43,001			(58,519		)	2,885
Total Liabilities and Stockholders’ Equity	$	44,675		$	15,956	$	50,566		$	(88,175	)	$	23,022

	Balance Sheet
	At December 31, 2016
	CBS Corp.			CBS Operations Inc.		Non- Guarantor Affiliates			Eliminations			CBS Corp. Consolidated
Assets
Cash and cash equivalents	$	321		$	—	$	277		$	—		$	598
Receivables, net	27			2		3,285			—			3,314
Programming and other inventory	3			3		1,421			—			1,427
Prepaid expenses and other current assets	102			55		297			(35		)	419
Current assets of discontinued operations	—			—		305			—			305
Total current assets	453			60		5,585			(35		)	6,063
Property and equipment	47			201		2,687			—			2,935
Less accumulated depreciation and amortization	25			140		1,529			—			1,694
Net property and equipment	22			61		1,158			—			1,241
Programming and other inventory	5			7		2,427			—			2,439
Goodwill	98			62		4,704			—			4,864
Intangible assets	—			—		2,633			—			2,633
Investments in consolidated subsidiaries	44,473			13,853		—			(58,326		)	—
Other assets	150			8		2,549			—			2,707
Intercompany	—			1,785		26,976			(28,761		)	—
Assets of discontinued operations	—			3		4,288			—			4,291
Total Assets	$	45,201		$	15,839	$	50,320		$	(87,122	)	$	24,238
Liabilities and Stockholders’ Equity
Accounts payable	$	1		$	3	$	144		$	—		$	148
Participants’ share and royalties payable	—			—		1,024			—			1,024
Program rights	4			4		282			—			290
Commercial paper	450			—		—			—			450
Current portion of long-term debt	6			—		17			—			23
Accrued expenses and other current liabilities	421			284		948			(35		)	1,618
Current liabilities of discontinued operations	—			—		155			—			155
Total current liabilities	882			291		2,570			(35		)	3,708
Long-term debt	8,798			—		104			—			8,902
Other liabilities	3,071			244		2,173			—			5,488
Liabilities of discontinued operations	—			—		2,451			—			2,451
Intercompany	28,761			—		—			(28,761		)	—
Stockholders’ Equity:
Preferred stock	—			—		126			(126		)	—
Common stock	1			123		590			(713		)	1
Additional paid-in capital	43,913			—		60,894			(60,894		)	43,913
Retained earnings (accumulated deficit)	(19,257		)	15,483		(13,838		)	(1,645		)	(19,257		)
Accumulated other comprehensive income (loss)	(767		)	29		50			(79		)	(767		)
	23,890			15,635		47,822			(63,457		)	23,890
Less treasury stock, at cost	20,201			331		4,800			(5,131		)	20,201
Total Stockholders’ Equity	3,689			15,304		43,022			(58,326		)	3,689
Total Liabilities and Stockholders’ Equity	$	45,201		$	15,839	$	50,320		$	(87,122	)	$	24,238

Condensed Consolidating Statements of Cash Flows

	Statement of Cash Flows
	For the Three Months Ended March 31, 2017
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating activities	$	(256	)	$	(118	)	$	1,093		$	—	$	719
Investing Activities:
Acquisitions	—			—			(21		)	—		(21		)
Capital expenditures	—			(4		)	(23		)	—		(27		)
Investments in and advances to investee companies	—			—			(49		)	—		(49		)
Proceeds from dispositions	—			—			1			—		1
Other investing activities	14			—			—			—		14
Net cash flow provided by (used for) investing activities from continuing operations	14			(4		)	(92		)	—		(82		)
Net cash flow used for investing activities from discontinued operations	—			(1		)	(6		)	—		(7		)
Net cash flow provided by (used for) investing activities	14			(5		)	(98		)	—		(89		)
Financing Activities:
Repayments of short-term debt borrowings, net	(420		)	—			—			—		(420		)
Repayment of debt borrowings of CBS Radio	—			—			(3		)	—		(3		)
Payment of capital lease obligations	—			—			(4		)	—		(4		)
Payment of contingent consideration	—			—			(7		)	—		(7		)
Dividends	(77		)	—			—			—		(77		)
Purchase of Company common stock	(531		)	—			—			—		(531		)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(76		)	—			—			—		(76		)
Proceeds from exercise of stock options	36			—			—			—		36
Increase (decrease) in intercompany payables	1,033			123			(1,156		)	—		—
Net cash flow (used for) provided by financing activities	(35		)	123			(1,170		)	—		(1,082		)
Net decrease in cash and cash equivalents	(277		)	—			(175		)	—		(452		)
Cash and cash equivalents at beginning of period (includes $24 million of discontinued operations cash)	321			—			301			—		622
Cash and cash equivalents at end of period (includes $7 million of discontinued operations cash)	$	44		$	—		$	126		$	—	$	170

	Statement of Cash Flows
	For the Three Months Ended March 31, 2016
	CBS Corp.			CBS Operations Inc.			Non- Guarantor Affiliates			Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating activities	$	(157	)	$	(103	)	$	1,288		$	—	$	1,028
Investing Activities:
Acquisitions	—			—			(50		)	—		(50		)
Capital expenditures	—			(9		)	(25		)	—		(34		)
Investments in and advances to investee companies	—			—			(32		)	—		(32		)
Proceeds from dispositions	(2		)	—			23			—		21
Other investing activities	(7		)	—			—			—		(7		)
Net cash flow used for investing activities from continuing operations	(9		)	(9		)	(84		)	—		(102		)
Net cash flow provided by investing activities from discontinued operations	—			—			4			—		4
Net cash flow used for investing activities	(9		)	(9		)	(80		)	—		(98		)
Financing Activities:
Repayment of senior debentures	(200		)	—			—			—		(200		)
Payment of capital lease obligations	—			—			(4		)	—		(4		)
Dividends	(73		)	—			—			—		(73		)
Purchase of Company common stock	(533		)	—			—			—		(533		)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation	(46		)	—			—			—		(46		)
Proceeds from exercise of stock options	6			—			—			—		6
Excess tax benefit from stock-based compensation	8			—			—			—		8
Increase (decrease) in intercompany payables	907			112			(1,019		)	—		—
Net cash flow provided by (used for) financing activities	69			112			(1,023		)	—		(842		)
Net (decrease) increase in cash and cash equivalents	(97		)	—			185			—		88
Cash and cash equivalents at beginning of period (includes $6 million of discontinued operations cash)	267			1			55			—		323
Cash and cash equivalents at end of period (includes $2 million of discontinued operations cash)	$	170		$	1		$	240		$	—	$	411