Condensed Consolidating Financial Statements

3 Months Ended

Mar. 31, 2012

Condensed Consolidating Financial Statements Disclosure [Abstract]

Condensed Consolidating Financial Statements

14) CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

CBS Operations Inc. is a wholly owned subsidiary of the Company. CBS Operations Inc. has fully and unconditionally guaranteed CBS Corp.'s senior debt securities (See Note 6). The following condensed consolidating financial statements present the results of operations, financial position and cash flows of CBS Corp., CBS Operations Inc., the direct and indirect Non-Guarantor Affiliates of CBS Corp. and CBS Operations Inc., and the eliminations necessary to arrive at the information for the Company on a consolidated basis.

			Statement of Operations
			For the Three Months Ended March 31, 2012
			CBS Corp.		CBS Operations Inc.		Non-Guarantor Affiliates		Eliminations		CBS Corp. Consolidated
Revenues			$	32	$	67	$	3,825	$	—	$	3,924
Expenses:
	Operating			18		44		2,399		—		2,461
	Selling, general and administrative			22		64		593		—		679
	Impairment charges			—		—		11		—		11
	Depreciation and amortization			1		4		126		—		131
		Total expenses		41		112		3,129		—		3,282
Operating income (loss)				(9)		(45)		696		—		642
Interest (expense) income, net				(129)		(86)		107		—		(108)
Gain on early extinguishment of debt				25		—		—		—		25
Other items, net				1		(3)		14		—		12
Earnings (loss) before income taxes and equity
	in earnings (loss) of investee companies			(112)		(134)		817		—		571
(Provision) benefit for income taxes				40		47		(290)		—		(203)
Equity in earnings (loss) of investee companies,
	net of tax			435		332		(5)		(767)		(5)
Net earnings			$	363	$	245	$	522	$	(767)	$	363
Comprehensive income			$	382	$	239	$	539	$	(778)	$	382

			Statement of Operations
			For the Three Months Ended March 31, 2011
			CBS Corp.		CBS Operations Inc.		Non-Guarantor Affiliates		Eliminations		CBS Corp. Consolidated
Revenues			$	32	$	28	$	3,450	$	—	$	3,510
Expenses:
	Operating			18		22		2,236		—		2,276
	Selling, general and administrative			28		57		573		—		658
	Depreciation and amortization			1		4		134		—		139
		Total expenses		47		83		2,943		—		3,073
Operating income (loss)				(15)		(55)		507		—		437
Interest (expense) income, net				(129)		(84)		105		—		(108)
Other items, net				1		(2)		10		—		9
Earnings (loss) before income taxes and equity
	in earnings (loss) of investee companies			(143)		(141)		622		—		338
(Provision) benefit for income taxes				48		48		(218)		—		(122)
Equity in earnings (loss) of investee companies,
	net of tax			297		248		(14)		(545)		(14)
Net earnings			$	202	$	155	$	390	$	(545)	$	202
Comprehensive income			$	222	$	150	$	408	$	(558)	$	222

		Balance Sheet
		At March 31, 2012
		CBS Corp.		CBS Operations Inc.		Non-Guarantor Affiliates		Eliminations		CBS Corp. Consolidated
Assets
Cash and cash equivalents		$	429	$	1	$	364	$	—	$	794
Receivables, net			24		80		3,228		—		3,332
Programming and other inventory			6		5		563		—		574
Prepaid expenses and other current assets			60		82		961		(20)		1,083
	Total current assets		519		168		5,116		(20)		5,783
Property and equipment			46		101		5,225		—		5,372
	Less accumulated depreciation and amortization		14		59		2,841		—		2,914
	Net property and equipment		32		42		2,384		—		2,458
Programming and other inventory			6		96		1,323		—		1,425
Goodwill			98		62		8,470		—		8,630
Intangible assets			—		—		6,555		—		6,555
Investments in consolidated subsidiaries			36,908		8,303		—		(45,211)		—
Other assets			185		20		1,337		—		1,542
Intercompany			—		3,879		14,770		(18,649)		—
Total Assets		$	37,748	$	12,570	$	39,955	$	(63,880)	$	26,393
Liabilities and Stockholders’ Equity
Accounts payable		$	2	$	6	$	331	$	—	$	339
Participants’ share and royalties payable			—		32		860		—		892
Program rights			7		4		773		—		784
Current portion of long-term debt			5		—		17		—		22
Accrued expenses and other current liabilities			466		220		1,449		(22)		2,113
	Total current liabilities		480		262		3,430		(22)		4,150
Long-term debt			5,793		—		109		—		5,902
Other liabilities			3,126		417		2,794		—		6,337
Intercompany			18,345		—		—		(18,345)		—
Stockholders’ Equity:
	Preferred Stock		—		—		128		(128)		—
	Common Stock		1		123		1,136		(1,259)		1
	Additional paid-in capital		43,376		—		61,690		(61,690)		43,376
	Retained earnings (deficit)		(27,980)		12,105		(24,844)		12,739		(27,980)
	Accumulated other comprehensive income (loss)		(420)		(6)		312		(306)		(420)
			14,977		12,222		38,422		(50,644)		14,977
	Less treasury stock, at cost		4,973		331		4,800		(5,131)		4,973
	Total Stockholders’ Equity		10,004		11,891		33,622		(45,513)		10,004
Total Liabilities and Stockholders’ Equity		$	37,748	$	12,570	$	39,955	$	(63,880)	$	26,393

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

			Statement of Cash Flows
			For the Three Months Ended March 31, 2012
			CBS Corp.		CBS Operations Inc.		Non-Guarantor Affiliates		Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating
	activities		$	(102)	$	(115)	$	863	$	—	$	646
Investing Activities:
	Acquisitions, net of cash acquired			—		—		(69)		—		(69)
	Capital expenditures			—		—		(39)		—		(39)
	Investments in and advances to investee companies			—		—		(34)		—		(34)
	Other investing activities			—		4		(2)		—		2
Net cash flow provided by (used for) investing activities				—		4		(144)		—		(140)
Financing Activities:
	Proceeds from issuance of notes			690		—		—		—		690
	Repayment of notes			(700)		—		—		—		(700)
	Payment of capital lease obligations			—		—		(5)		—		(5)
	Payment of contingent consideration			—		—		(33)		—		(33)
	Dividends			(69)		—		—		—		(69)
	Purchase of Company common stock			(260)		—		—		—		(260)
	Payment of payroll taxes in lieu of issuing
		shares for stock-based compensation		(87)		—		—		—		(87)
	Proceeds from exercise of stock options			36		—		—		—		36
	Excess tax benefit from stock-based compensation			56		—		—		—		56
	Increase (decrease) in intercompany payables			731		111		(842)		—		—
Net cash flow provided by (used for) financing
	activities			397		111		(880)		—		(372)
	Net increase (decrease) in cash and cash equivalents			295		—		(161)		—		134
	Cash and cash equivalents at beginning of period			134		1		525		—		660
Cash and cash equivalents at end of period			$	429	$	1	$	364	$	—	$	794

			Statement of Cash Flows
			For the Three Months ended March 31, 2011
			CBS Corp.		CBS Operations Inc.		Non-Guarantor Affiliates		Eliminations		CBS Corp. Consolidated
Net cash flow (used for) provided by operating
	activities		$	(116)	$	(99)	$	1,109	$	—	$	894
Investing Activities:
	Acquisitions, net of cash acquired			—		—		(53)		—		(53)
	Capital expenditures			—		(1)		(40)		—		(41)
	Investments in and advances to investee companies			—		—		(26)		—		(26)
	Proceeds from dispositions			—		—		13		—		13
	Other investing activities			—		4		—		—		4
Net cash flow provided by (used for) investing activities				—		3		(106)		—		(103)
Financing Activities:
	Repayment of notes			—		—		(2)		—		(2)
	Payment of capital lease obligations			—		—		(4)		—		(4)
	Dividends			(37)		—		—		—		(37)
	Purchase of Company common stock			(250)		—		—		—		(250)
	Payment of payroll taxes in lieu of issuing
		shares for stock-based compensation		(46)		—		—		—		(46)
	Proceeds from exercise of stock options			10		—		—		—		10
	Excess tax benefit from stock-based compensation			35		—		—		—		35
	Other financing activities			(5)		—		—		—		(5)
	Increase (decrease) in intercompany payables			883		96		(979)		—		—
Net cash flow provided by (used for) financing
	activities			590		96		(985)		—		(299)
	Net increase in cash and cash equivalents			474		—		18		—		492
	Cash and cash equivalents at beginning of period			105		1		374		—		480
Cash and cash equivalents at end of period			$	579	$	1	$	392	$	—	$	972