|
|
|
|
|
|
x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
|
|
For the fiscal year ended December 31, 2015
|
|
OR
|
|
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
For the transition period from
to
|
DELAWARE
(State or other jurisdiction of
incorporation or organization)
|
|
04-2949533
(I.R.S. Employer
Identification Number)
|
51 W. 52
nd
Street
New York, NY 10019
(212) 975-4321
(Address, including zip code, and telephone number,
including area code, of registrant's principal executive offices)
|
Title of Each Class
|
|
|
Name of Each Exchange on
Which Registered
|
|
Class A Common Stock, $0.001 par value
|
|
|
New York Stock Exchange
|
|
Class B Common Stock, $0.001 par value
|
|
|
New York Stock Exchange
|
|
Large accelerated filer
x
|
|
Accelerated filer
o
|
|
Non-accelerated filer
o
(Do not check if a smaller
reporting company)
|
|
Smaller reporting company
o
|
|
|
|
|
|
Item 1.
|
Business.
|
•
|
ENTERTAINMENT: The Entertainment segment is composed of the
CBS
®
Television Network; CBS Television Studios
®
; CBS Global Distribution Group
™
(composed of CBS Studios International
™
and CBS Television Distribution
™
); CBS Interactive
™
; and CBS Films
®
.
|
•
|
CABLE NETWORKS: The Cable Networks segment is composed of Showtime Networks, which operates the Company’s premium subscription program services,
Showtime
®
,
The Movie Channel
®
, and
Flix
®
, including a digital streaming subscription offering;
CBS Sports Network
®
, the Company’s cable network focused on college athletics and other sports; and Smithsonian Networks™, a venture between Showtime Networks and Smithsonian Institution, which operates
Smithsonian Channel™
, a basic cable program service, and a digital streaming subscription service.
|
•
|
PUBLISHING: The Publishing segment is composed of Simon & Schuster, which publishes and distributes consumer books under imprints such as
Simon & Schuster
®
, Pocket Books
®
, Scribner
®
,
Gallery Books
®
,
Touchstone
®
and
Atria Books
®
.
|
•
|
LOCAL BROADCASTING: The Local Broadcasting segment is composed of CBS Television Stations, the Company’s 30 owned broadcast television stations; and
CBS Radio
®
,
through which the Company owns and operates 117 radio stations in 26 United States (“U.S.”) markets.
|
|
|
Television
|
|
Radio
|
|
CBS Local Digital Media
(1)
|
||||
Market and Market Rank
(2)
|
|
Stations
|
Type
|
Network
Affiliation
|
|
Stations
|
AM/
FM |
Format
|
|
Websites
|
New York, NY
|
|
WCBS‑TV
|
UHF
|
CBS
|
|
WCBS
|
AM
|
News
|
|
newyork.cbslocal.com
|
|
|
WLNY‑TV
|
UHF
|
Independent
|
|
WCBS
|
FM
|
Classic Hits
|
|
|
#1—Television
|
|
|
|
|
|
WFAN
|
AM
|
Sports
|
|
|
#1—Radio
|
|
|
|
|
|
WFAN
|
FM
|
Sports
|
|
|
|
|
|
|
|
|
WINS
|
AM
|
News
|
|
|
|
|
|
|
|
|
WBMP
|
FM
|
Top 40
|
|
|
|
|
|
|
|
|
WWFS
|
FM
|
Hot Adult Contemporary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Los Angeles, CA
(3)
|
|
KCAL‑TV
|
VHF
|
Independent
|
|
KAMP
|
FM
|
Top 40
|
|
losangeles.cbslocal.com
|
|
|
KCBS‑TV
|
UHF
|
CBS
|
|
KCBS
|
FM
|
Adult Hits
|
|
|
#2—Television
|
|
|
|
|
|
KNX
|
AM
|
News
|
|
|
#2—Radio
|
|
|
|
|
|
KROQ
|
FM
|
Alternative
|
|
|
|
|
|
|
|
|
KRTH
|
FM
|
Classic Hits
|
|
|
|
|
|
|
|
|
KTWV
|
FM
|
Smooth Adult Contemporary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chicago, IL
|
|
WBBM‑TV
|
VHF
|
CBS
|
|
WBBM
|
AM
|
News
|
|
chicago.cbslocal.com
|
|
|
|
|
|
|
WBBM
|
FM
|
Top 40
|
|
|
#3—Television
|
|
|
|
|
|
WCFS
|
FM
|
News
|
|
|
#3—Radio
|
|
|
|
|
|
WJMK
|
FM
|
Classic Hits
|
|
|
|
|
|
|
|
|
WSCR
|
AM
|
Sports
|
|
|
|
|
|
|
|
|
WUSN
|
FM
|
Country
|
|
|
|
|
|
|
|
|
WXRT
|
FM
|
Adult Alternative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philadelphia, PA
|
|
KYW‑TV
|
UHF
|
CBS
|
|
KYW
|
AM
|
News
|
|
philadelphia.cbslocal.com
|
|
|
WPSG‑TV
|
UHF
|
The CW
|
|
WIP
|
FM
|
Sports
|
|
|
#4—Television
|
|
|
|
|
|
WOGL
|
FM
|
Classic Hits
|
|
|
#9—Radio
|
|
|
|
|
|
WPHT
|
AM
|
News/Talk
|
|
|
|
|
|
|
|
|
WZMP
|
FM
|
Top 40
|
|
|
|
|
|
|
|
|
WXTU
|
FM
|
Country
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dallas‑Fort Worth, TX
|
|
KTVT‑TV
|
UHF
|
CBS
|
|
KJKK
|
FM
|
Adult Hits
|
|
dfw.cbslocal.com
|
|
|
KTXA‑TV
|
UHF
|
Independent
|
|
KLUV
|
FM
|
Classic Hits
|
|
|
#5—Television
|
|
|
|
|
|
KMVK
|
FM
|
Spanish
|
|
|
#5—Radio
|
|
|
|
|
|
KRLD
|
AM
|
News
|
|
|
|
|
|
|
|
|
KRLD
|
FM
|
Sports
|
|
|
|
|
|
|
|
|
KVIL
|
FM
|
Hot Adult Contemporary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco, CA
|
|
KPIX‑TV
|
UHF
|
CBS
|
|
KCBS
|
AM
|
News
|
|
sanfrancisco.cbslocal.com
|
|
|
KBCW‑TV
|
UHF
|
The CW
|
|
KFRC
|
FM
|
News
|
|
|
#6—Television
|
|
|
|
|
|
KITS
|
FM
|
Alternative
|
|
|
#4—Radio
|
|
|
|
|
|
KLLC
|
FM
|
Hot Adult Contemporary
|
|
|
|
|
|
|
|
|
KMVQ
|
FM
|
Top 40
|
|
|
|
|
|
|
|
|
KZDG
(4)
|
AM
|
Indian Talk/Music
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington, D.C.
|
|
|
|
|
|
WIAD
|
FM
|
Hot Adult Contemporary
|
|
washington.cbslocal.com
|
|
|
|
|
|
|
WJFK
|
AM
|
Sports
|
|
|
#7—Television
|
|
|
|
|
|
WJFK
|
FM
|
Sports
|
|
|
#7—Radio
|
|
|
|
|
|
WLZL
|
FM
|
Spanish
|
|
|
|
|
|
|
|
|
WNEW
(5)
|
FM
|
BusinessNews/Talk
|
|
|
|
|
|
|
|
|
WPGC
|
FM
|
Rhythmic Top 40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boston, MA
|
|
WBZ‑TV
|
UHF
|
CBS
|
|
WBMX
|
FM
|
Hot Adult Contemporary
|
|
boston.cbslocal.com
|
|
|
WSBK‑TV
|
UHF
|
MyNetworkTV
|
|
WBZ
|
AM
|
News
|
|
|
#8—Television
|
|
|
|
|
|
WBZ
|
FM
|
Sports
|
|
|
#10—Radio
|
|
|
|
|
|
WODS
|
FM
|
Top 40
|
|
|
|
|
|
|
|
|
WZLX
|
FM
|
Classic Rock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, GA
|
|
WUPA‑TV
|
UHF
|
The CW
|
|
WAOK
|
AM
|
News/Talk
|
|
atlanta.cbslocal.com
|
|
|
|
|
|
|
WVEE
|
FM
|
Urban
|
|
|
#9—Television
|
|
|
|
|
|
WZGC
|
FM
|
Sports
|
|
|
#8—Radio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Television
|
|
Radio
|
|
CBS Local Digital Media
(1)
|
||||
Market and Market Rank
(2)
|
|
Stations
|
Type
|
Network
Affiliation
|
|
Stations
|
AM/
FM |
Format
|
|
Websites
|
Houston, TX
|
|
|
|
|
|
KHMX
|
FM
|
Hot Adult Contemporary
|
|
houston.cbslocal.com
|
|
|
|
|
|
|
KIKK
|
AM
|
Sports
|
|
|
#10—Television
|
|
|
|
|
|
KILT
|
AM
|
Sports
|
|
|
#6—Radio
|
|
|
|
|
|
KILT
|
FM
|
Country
|
|
|
|
|
|
|
|
|
KKHH
|
FM
|
Top 40
|
|
|
|
|
|
|
|
|
KLOL
|
FM
|
Spanish
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tampa‑St. Petersburg, FL
|
|
WTOG‑TV
|
UHF
|
The CW
|
|
|
|
|
|
tampa.cbslocal.com
|
|
|
|
|
|
|
|
|
|
|
|
#11—Television
|
|
|
|
|
|
|
|
|
|
|
#19—Radio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix, AZ
|
|
|
|
|
|
KMLE
|
FM
|
Country
|
|
|
|
|
|
|
|
|
KOOL
|
FM
|
Classic Hits
|
|
|
#12—Television
|
|
|
|
|
|
KZON
|
FM
|
Top 40
|
|
|
#14—Radio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Detroit, MI
|
|
WKBD‑TV
|
UHF
|
The CW
|
|
WDZH
|
FM
|
Top 40
|
|
detroit.cbslocal.com
|
|
|
WWJ‑TV
|
UHF
|
CBS
|
|
WOMC
|
FM
|
Classic Hits
|
|
|
#13—Television
|
|
|
|
|
|
WWJ
|
AM
|
News
|
|
|
#12—Radio
|
|
|
|
|
|
WXYT
|
AM
|
Sports
|
|
|
|
|
|
|
|
|
WXYT
|
FM
|
Sports
|
|
|
|
|
|
|
|
|
WYCD
|
FM
|
Country
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seattle‑Tacoma, WA
|
|
KSTW‑TV
|
VHF
|
The CW
|
|
KFNQ
|
AM
|
Sports
|
|
seattle.cbslocal.com
|
|
|
|
|
|
|
KJAQ
|
FM
|
Adult Hits
|
|
|
#14—Television
|
|
|
|
|
|
KMPS
|
FM
|
Country
|
|
|
#13—Radio
|
|
|
|
|
|
KZOK
|
FM
|
Classic Rock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minneapolis, MN
|
|
WCCO‑TV
|
UHF
|
CBS
|
|
KMNB
|
FM
|
Country
|
|
minnesota.cbslocal.com
|
|
|
KCCO‑TV
(6)
|
VHF
|
CBS
|
|
KZJK
|
FM
|
Adult Hits
|
|
|
#15—Television
|
|
KCCW‑TV
(7)
|
VHF
|
CBS
|
|
WCCO
|
AM
|
News/Talk
|
|
|
#16—Radio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Miami-Ft. Lauderdale, FL
|
|
WFOR‑TV
|
UHF
|
CBS
|
|
WKIS
|
FM
|
Country
|
|
miami.cbslocal.com
|
|
|
WBFS‑TV
|
UHF
|
MyNetworkTV
|
|
WPOW
|
FM
|
Top 40
|
|
|
#16—Television
|
|
|
|
|
|
WQAM
|
AM
|
Sports
|
|
|
#11—Radio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denver, CO
|
|
KCNC‑TV
|
UHF
|
CBS
|
|
|
|
|
|
denver.cbslocal.com
|
|
|
|
|
|
|
|
|
|
|
|
#17—Television
|
|
|
|
|
|
|
|
|
|
|
#18—Radio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cleveland, OH
|
|
|
|
|
|
WDOK
|
FM
|
Adult Contemporary
|
|
cleveland.cbslocal.com
|
|
|
|
|
|
|
WKRK
|
FM
|
Sports
|
|
|
#18—Television
|
|
|
|
|
|
WNCX
|
FM
|
Classic Rock
|
|
|
#32—Radio
|
|
|
|
|
|
WQAL
|
FM
|
Hot Adult Contemporary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orlando, FL
|
|
|
|
|
|
WQMP
|
FM
|
Top 40
|
|
|
|
|
|
|
|
|
WOCL
|
FM
|
Classic Hits
|
|
|
#19—Television
|
|
|
|
|
|
WOMX
|
FM
|
Hot Adult Contemporary
|
|
|
#33—Radio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sacramento, CA
|
|
KOVR-TV
|
UHF
|
CBS
|
|
KHTK
|
AM
|
Sports
|
|
sacramento.cbslocal.com
|
|
|
KMAX-TV
|
UHF
|
The CW
|
|
KNCI
|
FM
|
Country
|
|
|
#20—Television
|
|
|
|
|
|
KSFM
|
FM
|
Rhythmic Top 40
|
|
|
#28—Radio
|
|
|
|
|
|
KYMX
|
FM
|
Adult Contemporary
|
|
|
|
|
|
|
|
|
KZZO
|
FM
|
Hot Adult Contemporary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
St. Louis, MO
|
|
|
|
|
|
KEZK
|
FM
|
Adult Contemporary
|
|
stlouis.cbslocal.com
|
|
|
|
|
|
|
KMOX
|
AM
|
News/Talk
|
|
|
#21—Television
|
|
|
|
|
|
KYKY
|
FM
|
Hot Adult Contemporary
|
|
|
#22—Radio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pittsburgh, PA
|
|
KDKA-TV
|
UHF
|
CBS
|
|
KDKA
|
AM
|
News/Talk
|
|
pittsburgh.cbslocal.com
|
|
|
WPCW-TV
|
VHF
|
The CW
|
|
KDKA
|
FM
|
Sports
|
|
|
#23—Television
|
|
|
|
|
|
WBZZ
|
FM
|
Hot Adult Contemporary
|
|
|
#26—Radio
|
|
|
|
|
|
WDSY
|
FM
|
Country
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baltimore, MD
|
|
WJZ‑TV
|
VHF
|
CBS
|
|
WJZ
|
AM
|
Sports
|
|
baltimore.cbslocal.com
|
|
|
|
|
|
|
WJZ
|
FM
|
Sports
|
|
|
#26—Television
|
|
|
|
|
|
WLIF
|
FM
|
Adult Contemporary
|
|
|
#21—Radio
|
|
|
|
|
|
WWMX
|
FM
|
Top 40
|
|
|
|
|
Television
|
|
Radio
|
|
CBS Local Digital Media
(1)
|
||||
Market and Market Rank
(2)
|
|
Stations
|
Type
|
Network
Affiliation
|
|
Stations
|
AM/
FM |
Format
|
|
Websites
|
Indianapolis, IN
|
|
WBXI-CA
(8)
|
UHF
|
Independent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
#27—Television
|
|
|
|
|
|
|
|
|
|
|
#38—Radio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Diego, CA
|
|
|
|
|
|
KEGY
|
FM
|
Top 40
|
|
|
|
|
|
|
|
|
KYXY
|
FM
|
Adult Contemporary
|
|
|
#28—Television
|
|
|
|
|
|
|
|
|
|
|
#17—Radio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Riverside-San Bernardino, CA
|
|
|
|
|
|
KFRG
|
FM
|
Country
|
|
|
|
|
|
|
|
|
KRAK
|
AM
|
Sports
|
|
|
#25—Radio
|
|
|
|
|
|
KVFG
|
FM
|
Classic Hits
|
|
|
|
|
|
|
|
|
KXFG
|
FM
|
Country
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The CBS Local Digital Media group operates the Websites of the Company’s television stations and radio stations. Many of these Websites are combined for the television stations and non-music radio stations in co-located markets. The Websites provide news, information, entertainment, as well as other services, and promote stations’ programming.
|
(2)
|
Television market (DMA) rankings based on Nielsen Media Research Local Market Universe Estimates, September 2015. Radio market (DMA) rankings based on Nielsen Audio Radio Market Survey, Fall 2015.
|
(3)
|
As required by the FCC, the Company assigned KFWB-AM to a divestiture trust. The Company is a beneficiary of the trust. The trustee is operating the radio station and is responsible for selling the radio station to a third party. An agreement to sell the radio station has been executed and an application to obtain the FCC's consent to the proposed sale is pending. (See “CBS Business Segments—Regulation—Broadcasting—Ownership Regulation—Radio‑Television Cross‑Ownership Rule”).
|
(4)
|
KZDG-AM in San Francisco, California, is programmed by a third party through a time brokerage agreement.
|
(5)
|
WNEW-FM in Washington, D.C., is programmed by a third party through a time brokerage agreement.
|
(6)
|
KCCO-TV is operated as a satellite station of WCCO-TV.
|
(7)
|
KCCW-TV is operated as a satellite station of WCCO-TV.
|
(8)
|
WBXI-CA is a Class A low power television station. Class A low power television stations do not implicate the FCC’s ownership rules.
|
Name
|
|
Age
|
|
Title
|
Leslie Moonves
|
|
66
|
|
Chairman, President and Chief Executive Officer
|
Anthony G. Ambrosio
|
|
55
|
|
Senior Executive Vice President, Chief Administrative Officer and
Chief Human Resources Officer
|
Jonathan H. Anschell
|
|
47
|
|
Executive Vice President, Deputy General Counsel and Secretary
|
Joseph R. Ianniello
|
|
48
|
|
Chief Operating Officer
|
Richard M. Jones
|
|
50
|
|
Executive Vice President and General Tax Counsel
|
Lawrence Liding
|
|
47
|
|
Executive Vice President, Controller and Chief Accounting Officer
|
Gil Schwartz
|
|
64
|
|
Senior Executive Vice President and Chief Communications Officer
|
Lawrence P. Tu
|
|
61
|
|
Senior Executive Vice President and Chief Legal Officer
|
|
|
|
|
|
Item 5.
|
Market for CBS Corporation’s Common Equity, Related Stockholder Matters and Purchases of Equity Securities.
|
|
Voting Class A
|
|
Non-Voting Class B
|
||||||||||||
|
Common Stock
|
|
Common Stock
|
||||||||||||
|
High
|
|
Low
|
|
High
|
|
Low
|
||||||||
|
|
|
|
|
|
|
|
||||||||
2015
|
|
|
|
|
|
|
|
||||||||
1st quarter
|
$
|
64.63
|
|
|
$
|
53.93
|
|
|
$
|
63.71
|
|
|
$
|
52.94
|
|
2nd quarter
|
$
|
72.50
|
|
|
$
|
57.02
|
|
|
$
|
63.95
|
|
|
$
|
55.21
|
|
3rd quarter
|
$
|
58.44
|
|
|
$
|
42.54
|
|
|
$
|
56.39
|
|
|
$
|
38.51
|
|
4th quarter
|
$
|
57.90
|
|
|
$
|
43.28
|
|
|
$
|
52.18
|
|
|
$
|
38.76
|
|
2014
|
|
|
|
|
|
|
|
||||||||
1st quarter
|
$
|
68.00
|
|
|
$
|
55.74
|
|
|
$
|
68.10
|
|
|
$
|
55.71
|
|
2nd quarter
|
$
|
63.82
|
|
|
$
|
55.33
|
|
|
$
|
63.96
|
|
|
$
|
55.01
|
|
3rd quarter
|
$
|
65.07
|
|
|
$
|
53.62
|
|
|
$
|
65.24
|
|
|
$
|
53.49
|
|
4th quarter
|
$
|
57.48
|
|
|
$
|
49.24
|
|
|
$
|
56.67
|
|
|
$
|
48.83
|
|
(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
|
||||||||||||
October 1, 2015 - October 31, 2015
|
|
2.8
|
|
|
|
$
|
43.08
|
|
|
|
2.8
|
|
|
|
|
$
|
2,380
|
|
|
November 1, 2015 - November 30, 2015
|
|
2.8
|
|
|
|
$
|
49.88
|
|
|
|
2.8
|
|
|
|
|
$
|
2,238
|
|
|
December 1, 2015 - December 31, 2015
|
|
5.0
|
|
|
|
$
|
47.68
|
|
|
|
5.0
|
|
|
|
|
$
|
2,001
|
|
|
Total
|
|
10.6
|
|
|
|
$
|
47.05
|
|
|
|
10.6
|
|
|
|
|
$
|
2,001
|
|
|
December 31,
|
2010
|
2011
|
2012
|
2013
|
2014
|
2015
|
CBS Corp. Class A Common Stock
|
$100
|
$147
|
$205
|
$347
|
$309
|
$290
|
CBS Corp. Class B Common Stock
|
$100
|
$144
|
$205
|
$347
|
$304
|
$262
|
S&P 500
|
$100
|
$102
|
$118
|
$157
|
$178
|
$181
|
Peer Group
(a)
|
$100
|
$108
|
$149
|
$226
|
$270
|
$256
|
Item 6.
|
Selected Financial Data.
|
|
Year Ended December 31,
(c) (d)
|
||||||||||||||||||
|
2015
(a) (b)
|
|
2014
(e)
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Revenues
|
$
|
13,886
|
|
|
$
|
13,806
|
|
|
$
|
14,005
|
|
|
$
|
12,820
|
|
|
$
|
12,381
|
|
Operating income
|
$
|
2,417
|
|
|
$
|
2,896
|
|
|
$
|
3,025
|
|
|
$
|
2,778
|
|
|
$
|
2,423
|
|
Net earnings from continuing operations
|
$
|
1,403
|
|
|
$
|
1,354
|
|
|
$
|
1,738
|
|
|
$
|
1,508
|
|
|
$
|
1,263
|
|
Net earnings from discontinued operations, net of tax
|
$
|
10
|
|
|
$
|
1,605
|
|
|
$
|
141
|
|
|
$
|
66
|
|
|
$
|
42
|
|
Net earnings
|
$
|
1,413
|
|
|
$
|
2,959
|
|
|
$
|
1,879
|
|
|
$
|
1,574
|
|
|
$
|
1,305
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic net earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings from continuing operations
|
$
|
2.90
|
|
|
$
|
2.46
|
|
|
$
|
2.86
|
|
|
$
|
2.35
|
|
|
$
|
1.90
|
|
Net earnings from discontinued operations, net of tax
|
$
|
.02
|
|
|
$
|
2.92
|
|
|
$
|
.23
|
|
|
$
|
.10
|
|
|
$
|
.06
|
|
Net earnings
|
$
|
2.92
|
|
|
$
|
5.38
|
|
|
$
|
3.09
|
|
|
$
|
2.45
|
|
|
$
|
1.97
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted net earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings from continuing operations
|
$
|
2.87
|
|
|
$
|
2.41
|
|
|
$
|
2.79
|
|
|
$
|
2.29
|
|
|
$
|
1.85
|
|
Net earnings from discontinued operations, net of tax
|
$
|
.02
|
|
|
$
|
2.86
|
|
|
$
|
.23
|
|
|
$
|
.10
|
|
|
$
|
.06
|
|
Net earnings
|
$
|
2.89
|
|
|
$
|
5.27
|
|
|
$
|
3.01
|
|
|
$
|
2.39
|
|
|
$
|
1.92
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends per common share
|
$
|
.60
|
|
|
$
|
.54
|
|
|
$
|
.48
|
|
|
$
|
.44
|
|
|
$
|
.35
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
At Year End:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
23,765
|
|
|
$
|
23,935
|
|
|
$
|
22,730
|
|
|
$
|
22,200
|
|
|
$
|
21,712
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
3,475
|
|
|
3,993
|
|
|
4,161
|
|
|||||
Total assets
|
$
|
23,765
|
|
|
$
|
23,935
|
|
|
$
|
26,205
|
|
|
$
|
26,193
|
|
|
$
|
25,873
|
|
Total debt:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
8,448
|
|
|
$
|
7,112
|
|
|
$
|
6,403
|
|
|
$
|
5,886
|
|
|
$
|
5,932
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
14
|
|
|
14
|
|
|
22
|
|
|||||
Total debt
|
$
|
8,448
|
|
|
$
|
7,112
|
|
|
$
|
6,417
|
|
|
$
|
5,900
|
|
|
$
|
5,954
|
|
Total Stockholders’ Equity
|
$
|
5,563
|
|
|
$
|
6,970
|
|
|
$
|
9,966
|
|
|
$
|
10,213
|
|
|
$
|
9,908
|
|
Item 7.
|
Management’s Discussion and Analysis of Results of Operations and Financial Condition.
(Tabular dollars in millions, except per share amounts)
|
Consolidated results of operations
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
13,886
|
|
|
$
|
13,806
|
|
|
$
|
80
|
|
|
1
|
%
|
|
Operating income
|
$
|
2,417
|
|
|
$
|
2,896
|
|
|
$
|
(479
|
)
|
|
(17
|
)%
|
|
Adjusted operating income
(a)
|
$
|
2,843
|
|
|
$
|
2,974
|
|
|
$
|
(131
|
)
|
|
(4
|
)%
|
|
Net earnings from continuing operations
|
$
|
1,403
|
|
|
$
|
1,354
|
|
|
$
|
49
|
|
|
4
|
%
|
|
Adjusted net earnings from continuing operations
(a)
|
$
|
1,618
|
|
|
$
|
1,663
|
|
|
$
|
(45
|
)
|
|
(3
|
)%
|
|
Diluted EPS from continuing operations
|
$
|
2.87
|
|
|
$
|
2.41
|
|
|
$
|
.46
|
|
|
19
|
%
|
|
Adjusted diluted EPS from continuing operations
(a)
|
$
|
3.31
|
|
|
$
|
2.96
|
|
|
$
|
.35
|
|
|
12
|
%
|
|
Total Number of Shares Purchased
(in millions)
|
|
Average Price
Per Share
|
|
Dollar Value
of Shares Repurchased
|
|
Remaining Authorization
|
|||||||||||||||
|
51.7
|
|
|
|
|
$
|
54.18
|
|
|
|
|
$
|
2,800
|
|
|
|
|
$
|
2,001
|
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Dividends per share
|
|
$
|
.60
|
|
|
$
|
.54
|
|
|
$
|
.06
|
|
|
11
|
%
|
|
Total dividends
|
|
$
|
293
|
|
|
$
|
296
|
|
|
$
|
(3
|
)
|
|
(1
|
)%
|
|
|
|
|
Weighted Average
|
|
|
|
Weighted Average
|
|
||||||||||
At December 31,
|
2015
|
|
Interest Rate
|
|
2014
|
|
Interest Rate
|
|
||||||||||
Total long-term debt
|
$
|
8,365
|
|
|
|
4.68
|
%
|
|
|
$
|
6,399
|
|
|
|
4.88
|
%
|
|
|
Commercial paper
|
$
|
—
|
|
|
|
—
|
%
|
|
|
$
|
616
|
|
|
|
0.46
|
%
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Operating income
|
$
|
2,417
|
|
|
$
|
2,896
|
|
|
$
|
(479
|
)
|
|
(17
|
)%
|
|
Discrete items:
|
|
|
|
|
|
|
|
|
|||||||
Impairment charges
|
484
|
|
|
52
|
|
|
|
|
|
|
|||||
Restructuring charges
|
81
|
|
|
26
|
|
|
|
|
|
|
|||||
Gain on sales of businesses
|
(139
|
)
|
|
—
|
|
|
|
|
|
|
|||||
Adjusted operating income
|
$
|
2,843
|
|
|
$
|
2,974
|
|
|
$
|
(131
|
)
|
|
(4
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Net earnings from continuing operations
|
$
|
1,403
|
|
|
$
|
1,354
|
|
|
$
|
49
|
|
|
4
|
%
|
|
Discrete items:
|
|
|
|
|
|
|
|
|
|||||||
Impairment charges (net of tax benefit of $187 million in
2015 and including tax provision of $22 million in 2014)
|
297
|
|
|
74
|
|
|
|
|
|
|
|||||
Restructuring charges (net of tax benefit of $32 million
in 2015 and $10 million in 2014)
|
49
|
|
|
16
|
|
|
|
|
|
|
|||||
Loss on early extinguishment of debt (net of tax benefit
of $133 million)
|
—
|
|
|
219
|
|
|
|
|
|
|
|||||
Gain on sales of businesses (net of tax provision of
$8 million)
|
(131
|
)
|
|
—
|
|
|
|
|
|
|
|||||
Adjusted net earnings from continuing operations
|
$
|
1,618
|
|
|
$
|
1,663
|
|
|
$
|
(45
|
)
|
|
(3
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Diluted EPS from continuing operations
|
$
|
2.87
|
|
|
$
|
2.41
|
|
|
$
|
.46
|
|
|
19
|
%
|
|
Discrete items:
|
|
|
|
|
|
|
|
|
|||||||
Impairment charges
|
.61
|
|
|
.13
|
|
|
|
|
|
|
|||||
Restructuring charges
|
.10
|
|
|
.03
|
|
|
|
|
|
|
|||||
Loss on early extinguishment of debt
|
—
|
|
|
.39
|
|
|
|
|
|
|
|||||
Gain on sales of businesses
|
(.27
|
)
|
|
—
|
|
|
|
|
|
|
|||||
Adjusted diluted EPS from continuing operations
|
$
|
3.31
|
|
|
$
|
2.96
|
|
|
$
|
.35
|
|
|
12
|
%
|
|
Revenues by Type
|
|
|
% of Total
|
|
|
|
% of Total
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2015
|
|
Revenues
|
|
2014
|
|
Revenues
|
|
$
|
|
%
|
|
|||||||||||||
Advertising
|
$
|
7,018
|
|
|
|
50
|
%
|
|
|
$
|
7,204
|
|
|
|
52
|
%
|
|
|
$
|
(186
|
)
|
|
(3
|
)%
|
|
Content licensing and distribution
|
3,903
|
|
|
|
28
|
|
|
|
3,990
|
|
|
|
29
|
|
|
|
(87
|
)
|
|
(2
|
)
|
|
|||
Affiliate and subscription fees
|
2,724
|
|
|
|
20
|
|
|
|
2,362
|
|
|
|
17
|
|
|
|
362
|
|
|
15
|
|
|
|||
Other
|
241
|
|
|
|
2
|
|
|
|
250
|
|
|
|
2
|
|
|
|
(9
|
)
|
|
(4
|
)
|
|
|||
Total Revenues
|
$
|
13,886
|
|
|
|
100
|
%
|
|
|
$
|
13,806
|
|
|
|
100
|
%
|
|
|
$
|
80
|
|
|
1
|
%
|
|
|
|
|
|
% of
|
|
|
|
% of
|
|
||||||||||
Year Ended December 31,
|
|
2015
|
|
International
|
|
2014
|
|
International
|
|
||||||||||
United Kingdom
|
|
$
|
345
|
|
|
|
17
|
%
|
|
|
$
|
270
|
|
|
|
15
|
%
|
|
|
Other Europe
|
|
691
|
|
|
|
35
|
|
|
|
657
|
|
|
|
37
|
|
|
|
||
Canada
|
|
286
|
|
|
|
14
|
|
|
|
241
|
|
|
|
13
|
|
|
|
||
Asia
|
|
236
|
|
|
|
12
|
|
|
|
262
|
|
|
|
15
|
|
|
|
||
Other
|
|
446
|
|
|
|
22
|
|
|
|
363
|
|
|
|
20
|
|
|
|
||
Total International Revenues
|
|
$
|
2,004
|
|
|
|
100
|
%
|
|
|
$
|
1,793
|
|
|
|
100
|
%
|
|
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
|||||||||||||||
Operating Expenses by Type
|
|
|
Operating
|
|
|
|
Operating
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2015
|
|
Expenses
|
|
2014
|
|
Expenses
|
|
$
|
|
%
|
|
|||||||||||||
Programming
|
$
|
2,961
|
|
|
|
36
|
%
|
|
|
$
|
2,975
|
|
|
|
37
|
%
|
|
|
$
|
(14
|
)
|
|
—
|
%
|
|
Production
|
2,770
|
|
|
|
33
|
|
|
|
2,456
|
|
|
|
30
|
|
|
|
314
|
|
|
13
|
|
|
|||
Participation, distribution and
royalty
|
1,109
|
|
|
|
13
|
|
|
|
1,185
|
|
|
|
15
|
|
|
|
(76
|
)
|
|
(6
|
)
|
|
|||
Other
|
1,484
|
|
|
|
18
|
|
|
|
1,473
|
|
|
|
18
|
|
|
|
11
|
|
|
1
|
|
|
|||
Total Operating Expenses
|
$
|
8,324
|
|
|
|
100
|
%
|
|
|
$
|
8,089
|
|
|
|
100
|
%
|
|
|
$
|
235
|
|
|
3
|
%
|
|
|
|
|
% of
|
|
|
|
% of
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2015
|
|
Revenues
|
|
2014
|
|
Revenues
|
|
$
|
|
%
|
|
|||||||||||||
Selling, general and administrative
expenses
|
$
|
2,455
|
|
|
|
18
|
%
|
|
|
$
|
2,462
|
|
|
|
18
|
%
|
|
|
$
|
(7
|
)
|
|
—
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Depreciation and amortization
|
$
|
264
|
|
|
$
|
281
|
|
|
$
|
(17
|
)
|
|
(6
|
)%
|
|
|
Balance at
|
|
2015
|
|
2015
|
|
Balance at
|
||||||||||||||
|
December 31, 2014
|
|
Charges
|
|
Settlements
|
|
December 31, 2015
|
||||||||||||||
Entertainment
|
|
$
|
6
|
|
|
|
$
|
26
|
|
|
|
$
|
(13
|
)
|
|
|
|
$
|
19
|
|
|
Local Broadcasting
|
|
10
|
|
|
|
55
|
|
|
|
(31
|
)
|
|
|
|
34
|
|
|
||||
Corporate
|
|
2
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
|
1
|
|
|
||||
Total
|
|
$
|
18
|
|
|
|
$
|
81
|
|
|
|
$
|
(45
|
)
|
|
|
|
$
|
54
|
|
|
|
2014
|
|
2014
|
|
Balance at
|
||||||||||
|
Charges
|
|
Settlements
|
|
December 31, 2014
|
||||||||||
Entertainment
|
$
|
8
|
|
|
|
$
|
(2
|
)
|
|
|
|
$
|
6
|
|
|
Publishing
|
1
|
|
|
|
(1
|
)
|
|
|
|
—
|
|
|
|||
Local Broadcasting
|
14
|
|
|
|
(4
|
)
|
|
|
|
10
|
|
|
|||
Corporate
|
3
|
|
|
|
(1
|
)
|
|
|
|
2
|
|
|
|||
Total
|
$
|
26
|
|
|
|
$
|
(8
|
)
|
|
|
|
$
|
18
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Interest expense
|
$
|
(392
|
)
|
|
$
|
(363
|
)
|
|
$
|
29
|
|
|
8
|
%
|
|
Interest income
|
$
|
24
|
|
|
$
|
13
|
|
|
$
|
11
|
|
|
85
|
%
|
|
|
|
|
Weighted Average
|
|
|
|
Weighted Average
|
|
||||||||||
At December 31,
|
2015
|
|
Interest Rate
|
|
2014
|
|
Interest Rate
|
|
||||||||||
Total long-term debt
|
$
|
8,365
|
|
|
|
4.68
|
%
|
|
|
$
|
6,399
|
|
|
|
4.88
|
%
|
|
|
Commercial paper
|
$
|
—
|
|
|
|
—
|
%
|
|
|
$
|
616
|
|
|
|
0.46
|
%
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Gain on sale of investments
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
(4
|
)
|
|
(100
|
)%
|
|
Foreign exchange losses
|
(26
|
)
|
|
(34
|
)
|
|
8
|
|
|
24
|
|
|
|||
Other items, net
|
$
|
(26
|
)
|
|
$
|
(30
|
)
|
|
$
|
4
|
|
|
13
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Tax provision
|
$
|
(587
|
)
|
|
$
|
(762
|
)
|
|
$
|
(175
|
)
|
|
(23
|
)%
|
|
Effective tax rate
|
29.0
|
%
|
|
35.2
|
%
|
|
|
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Domestic
|
$
|
(59
|
)
|
|
$
|
(68
|
)
|
|
$
|
9
|
|
|
13
|
%
|
|
International
|
5
|
|
|
(11
|
)
|
|
16
|
|
|
145
|
|
|
|||
Tax benefit
|
21
|
|
|
31
|
|
|
(10
|
)
|
|
(32
|
)
|
|
|||
Equity in loss of investee companies, net of tax
|
$
|
(33
|
)
|
|
$
|
(48
|
)
|
|
$
|
15
|
|
|
31
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Net earnings from continuing operations
|
$
|
1,403
|
|
|
$
|
1,354
|
|
|
$
|
49
|
|
|
4
|
%
|
|
Diluted EPS from continuing operations
|
$
|
2.87
|
|
|
$
|
2.41
|
|
|
$
|
.46
|
|
|
19
|
%
|
|
Year Ended December 31,
|
2015
(a)
|
|
2014
(b)
|
||||
Revenues from discontinued operations
|
$
|
—
|
|
|
$
|
677
|
|
Earnings from discontinued operations
|
$
|
17
|
|
|
$
|
79
|
|
Income tax provision
|
(7
|
)
|
|
(26
|
)
|
||
Earnings from discontinued operations, net of tax
|
10
|
|
|
53
|
|
||
Gain on disposal
|
—
|
|
|
1,557
|
|
||
Income tax provision
|
—
|
|
|
—
|
|
||
Gain on disposal, net of tax
|
—
|
|
|
1,557
|
|
||
Less: Net earnings from discontinued operations attributable to noncontrolling interest, net of tax
|
—
|
|
|
5
|
|
||
Net earnings from discontinued operations attributable to CBS Corp.
|
$
|
10
|
|
|
$
|
1,605
|
|
Fair value of CBS Corp. Class B Common Stock accepted
|
|
$
|
2,721
|
|
(44,723,131 shares at $60.85 per share on July 16, 2014)
|
|
|
||
Carrying value of Outdoor Americas
|
|
(1,162
|
)
|
|
Accumulated other comprehensive income
|
|
30
|
|
|
Transaction costs
|
|
(32
|
)
|
|
Net gain on Split-Off of Outdoor Americas
|
|
$
|
1,557
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Net earnings
|
$
|
1,413
|
|
|
$
|
2,959
|
|
|
$
|
(1,546
|
)
|
|
(52
|
)%
|
|
Diluted EPS
|
$
|
2.89
|
|
|
$
|
5.27
|
|
|
$
|
(2.38
|
)
|
|
(45
|
)%
|
|
Revenues by Type
|
|
|
% of Total
|
|
|
|
% of Total
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2014
|
|
Revenues
|
|
2013
|
|
Revenues
|
|
$
|
|
%
|
|
|||||||||||||
Advertising
|
$
|
7,204
|
|
|
|
52
|
%
|
|
|
$
|
7,525
|
|
|
|
54
|
%
|
|
|
$
|
(321
|
)
|
|
(4
|
)%
|
|
Content licensing and distribution
|
3,990
|
|
|
|
29
|
|
|
|
3,997
|
|
|
|
29
|
|
|
|
(7
|
)
|
|
—
|
|
|
|||
Affiliate and subscription fees
|
2,362
|
|
|
|
17
|
|
|
|
2,221
|
|
|
|
15
|
|
|
|
141
|
|
|
6
|
|
|
|||
Other
|
250
|
|
|
|
2
|
|
|
|
262
|
|
|
|
2
|
|
|
|
(12
|
)
|
|
(5
|
)
|
|
|||
Total Revenues
|
$
|
13,806
|
|
|
|
100
|
%
|
|
|
$
|
14,005
|
|
|
|
100
|
%
|
|
|
$
|
(199
|
)
|
|
(1
|
)%
|
|
|
|
|
|
% of
|
|
|
|
% of
|
|
||||||||||
Year Ended December 31,
|
|
2014
|
|
International
|
|
2013
|
|
International
|
|
||||||||||
United Kingdom
|
|
$
|
270
|
|
|
|
15
|
%
|
|
|
$
|
359
|
|
|
|
20
|
%
|
|
|
Other Europe
|
|
657
|
|
|
|
37
|
|
|
|
607
|
|
|
|
33
|
|
|
|
||
Canada
|
|
241
|
|
|
|
13
|
|
|
|
270
|
|
|
|
15
|
|
|
|
||
Asia
|
|
262
|
|
|
|
15
|
|
|
|
225
|
|
|
|
12
|
|
|
|
||
Other
|
|
363
|
|
|
|
20
|
|
|
|
366
|
|
|
|
20
|
|
|
|
||
Total International Revenues
|
|
$
|
1,793
|
|
|
|
100
|
%
|
|
|
$
|
1,827
|
|
|
|
100
|
%
|
|
|
|
|
|
% of Total
|
|
|
|
% of Total
|
|
|
|
|||||||||||||||
Operating Expenses by Type
|
|
|
Operating
|
|
|
|
Operating
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2014
|
|
Expense
|
|
2013
|
|
Expense
|
|
$
|
|
%
|
|
|||||||||||||
Programming
|
$
|
2,975
|
|
|
|
37
|
%
|
|
|
$
|
3,084
|
|
|
|
38
|
%
|
|
|
$
|
(109
|
)
|
|
(4
|
)%
|
|
Production
|
2,456
|
|
|
|
30
|
|
|
|
2,454
|
|
|
|
30
|
|
|
|
2
|
|
|
—
|
|
|
|||
Participation, distribution and
royalty
|
1,185
|
|
|
|
15
|
|
|
|
1,112
|
|
|
|
14
|
|
|
|
73
|
|
|
7
|
|
|
|||
Other
|
1,473
|
|
|
|
18
|
|
|
|
1,474
|
|
|
|
18
|
|
|
|
(1
|
)
|
|
—
|
|
|
|||
Total Operating Expenses
|
$
|
8,089
|
|
|
|
100
|
%
|
|
|
$
|
8,124
|
|
|
|
100
|
%
|
|
|
$
|
(35
|
)
|
|
—
|
%
|
|
|
|
|
% of
|
|
|
|
% of
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2014
|
|
Revenues
|
|
2013
|
|
Revenues
|
|
$
|
|
%
|
|
|||||||||||||
Selling, general and administrative
expenses
|
$
|
2,462
|
|
|
|
18
|
%
|
|
|
$
|
2,546
|
|
|
|
18
|
%
|
|
|
$
|
(84
|
)
|
|
(3
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2014
|
|
2013
|
|
$
|
|
%
|
|
|||||||
Depreciation and amortization
|
$
|
281
|
|
|
$
|
290
|
|
|
$
|
(9
|
)
|
|
(3
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2014
|
|
2013
|
|
$
|
|
%
|
|
|||||||
Interest expense
|
$
|
(363
|
)
|
|
$
|
(375
|
)
|
|
$
|
(12
|
)
|
|
(3
|
)%
|
|
Interest income
|
$
|
13
|
|
|
$
|
8
|
|
|
$
|
5
|
|
|
63
|
%
|
|
|
|
|
Weighted Average
|
|
|
|
Weighted Average
|
|
||||||||||
At December 31,
|
2014
|
|
Interest Rate
|
|
2013
|
|
Interest Rate
|
|
||||||||||
Total long-term debt from continuing
operations
|
$
|
6,399
|
|
|
|
4.88
|
%
|
|
|
$
|
5,829
|
|
|
|
6.01
|
%
|
|
|
Commercial paper
|
$
|
616
|
|
|
|
0.46
|
%
|
|
|
$
|
475
|
|
|
|
0.28
|
%
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2014
|
|
2013
|
|
$
|
|
%
|
|
|||||||
Gain on sale of investments
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
100
|
%
|
|
Foreign exchange (losses) gains
|
(34
|
)
|
|
5
|
|
|
(39
|
)
|
|
n/m
|
|
|
|||
Other items, net
|
$
|
(30
|
)
|
|
$
|
7
|
|
|
$
|
(37
|
)
|
|
n/m
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2014
|
|
2013
|
|
$
|
|
%
|
|
|||||||
Tax provision
|
$
|
(762
|
)
|
|
$
|
(878
|
)
|
|
$
|
(116
|
)
|
|
(13
|
)%
|
|
Effective tax rate
|
35.2
|
%
|
|
32.9
|
%
|
|
|
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2014
|
|
2013
|
|
$
|
|
%
|
|
|||||||
Domestic
|
$
|
(68
|
)
|
|
$
|
(75
|
)
|
|
$
|
7
|
|
|
9
|
%
|
|
International
|
(11
|
)
|
|
(4
|
)
|
|
(7
|
)
|
|
(175
|
)
|
|
|||
Tax benefit
|
31
|
|
|
30
|
|
|
1
|
|
|
3
|
|
|
|||
Equity in loss of investee companies, net of tax
|
$
|
(48
|
)
|
|
$
|
(49
|
)
|
|
$
|
1
|
|
|
2
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2014
|
|
2013
|
|
$
|
|
%
|
|
|||||||
Net earnings from continuing operations
|
$
|
1,354
|
|
|
$
|
1,738
|
|
|
$
|
(384
|
)
|
|
(22
|
)%
|
|
Diluted EPS from continuing operations
|
$
|
2.41
|
|
|
$
|
2.79
|
|
|
$
|
(.38
|
)
|
|
(14
|
)%
|
|
Year Ended December 31,
|
2013
|
||
Revenues from discontinued operations
|
$
|
1,695
|
|
Loss from discontinued operations
|
$
|
(12
|
)
|
Income tax provision
|
—
|
|
|
Loss from discontinued operations, net of tax
|
(12
|
)
|
|
Gain on disposal
|
159
|
|
|
Income tax provision
|
(6
|
)
|
|
Gain on disposal, net of tax
|
153
|
|
|
Net earnings from discontinued operations
|
$
|
141
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2014
|
|
2013
|
|
$
|
|
%
|
|
|||||||
Net earnings
|
$
|
2,959
|
|
|
$
|
1,879
|
|
|
$
|
1,080
|
|
|
57
|
%
|
|
Diluted EPS
|
$
|
5.27
|
|
|
$
|
3.01
|
|
|
$
|
2.26
|
|
|
75
|
%
|
|
|
|
|
% of Total
|
|
|
|
% of Total
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2015
|
|
Revenues
|
|
2014
|
|
Revenues
|
|
$
|
|
%
|
|
|||||||||||||
Entertainment
|
$
|
8,438
|
|
|
|
61
|
%
|
|
|
$
|
8,309
|
|
|
|
60
|
%
|
|
|
$
|
129
|
|
|
2
|
%
|
|
Cable Networks
|
2,242
|
|
|
|
16
|
|
|
|
2,176
|
|
|
|
16
|
|
|
|
66
|
|
|
3
|
|
|
|||
Publishing
|
780
|
|
|
|
6
|
|
|
|
778
|
|
|
|
6
|
|
|
|
2
|
|
|
—
|
|
|
|||
Local Broadcasting
|
2,607
|
|
|
|
19
|
|
|
|
2,756
|
|
|
|
20
|
|
|
|
(149
|
)
|
|
(5
|
)
|
|
|||
Corporate/Eliminations
|
(181
|
)
|
|
|
(2
|
)
|
|
|
(213
|
)
|
|
|
(2
|
)
|
|
|
32
|
|
|
15
|
|
|
|||
Total Revenues
|
$
|
13,886
|
|
|
|
100
|
%
|
|
|
$
|
13,806
|
|
|
|
100
|
%
|
|
|
$
|
80
|
|
|
1
|
%
|
|
|
|
|
% of Total
|
|
|
|
% of Total
|
|
|
|
|||||||||||||||
|
|
|
Segment
|
|
|
|
Segment
|
|
|
|
|||||||||||||||
|
|
|
Operating
|
|
|
|
Operating
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2015
|
|
Income
|
|
2014
|
|
Income
|
|
$
|
|
%
|
|
|||||||||||||
Segment Operating Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Entertainment
|
$
|
1,294
|
|
|
|
46
|
%
|
|
|
$
|
1,316
|
|
|
|
44
|
%
|
|
|
$
|
(22
|
)
|
|
(2
|
)%
|
|
Cable Networks
|
945
|
|
|
|
33
|
|
|
|
974
|
|
|
|
33
|
|
|
|
(29
|
)
|
|
(3
|
)
|
|
|||
Publishing
|
114
|
|
|
|
4
|
|
|
|
101
|
|
|
|
3
|
|
|
|
13
|
|
|
13
|
|
|
|||
Local Broadcasting
|
765
|
|
|
|
27
|
|
|
|
878
|
|
|
|
30
|
|
|
|
(113
|
)
|
|
(13
|
)
|
|
|||
Corporate
|
(275
|
)
|
|
|
(10
|
)
|
|
|
(295
|
)
|
|
|
(10
|
)
|
|
|
20
|
|
|
7
|
|
|
|||
Total Segment Operating Income
|
2,843
|
|
|
|
100
|
%
|
|
|
2,974
|
|
|
|
100
|
%
|
|
|
(131
|
)
|
|
(4
|
)
|
|
|||
Restructuring charges
|
(81
|
)
|
|
|
|
|
|
(26
|
)
|
|
|
|
|
|
(55
|
)
|
|
n/m
|
|
|
|||||
Impairment charges
|
(484
|
)
|
|
|
|
|
|
(52
|
)
|
|
|
|
|
|
(432
|
)
|
|
n/m
|
|
|
|||||
Gain on sales of businesses
|
139
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
139
|
|
|
n/m
|
|
|
|||||
Total Operating Income
|
$
|
2,417
|
|
|
|
|
|
|
$
|
2,896
|
|
|
|
|
|
|
$
|
(479
|
)
|
|
(17
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Depreciation and Amortization:
|
|
|
|
|
|
|
|
|
|||||||
Entertainment
|
$
|
126
|
|
|
$
|
139
|
|
|
$
|
(13
|
)
|
|
(9
|
)%
|
|
Cable Networks
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
|||
Publishing
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
|||
Local Broadcasting
|
79
|
|
|
87
|
|
|
(8
|
)
|
|
(9
|
)
|
|
|||
Corporate
|
30
|
|
|
26
|
|
|
4
|
|
|
15
|
|
|
|||
Total Depreciation and Amortization
|
$
|
264
|
|
|
$
|
281
|
|
|
$
|
(17
|
)
|
|
(6
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
8,438
|
|
|
$
|
8,309
|
|
|
$
|
129
|
|
|
2
|
%
|
|
Segment Operating Income
|
$
|
1,294
|
|
|
$
|
1,316
|
|
|
$
|
(22
|
)
|
|
(2
|
)%
|
|
Segment Operating Income as a % of revenues
|
15
|
%
|
|
16
|
%
|
|
n/m
|
|
|
n/m
|
|
|
|||
Restructuring charges
|
$
|
26
|
|
|
$
|
8
|
|
|
$
|
18
|
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
126
|
|
|
$
|
139
|
|
|
$
|
(13
|
)
|
|
(9
|
)%
|
|
Capital expenditures
|
$
|
99
|
|
|
$
|
94
|
|
|
$
|
5
|
|
|
5
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
2,242
|
|
|
$
|
2,176
|
|
|
$
|
66
|
|
|
3
|
%
|
|
Segment Operating Income
|
$
|
945
|
|
|
$
|
974
|
|
|
$
|
(29
|
)
|
|
(3
|
)%
|
|
Segment Operating Income as a % of revenues
|
42
|
%
|
|
45
|
%
|
|
n/m
|
|
|
n/m
|
|
|
|||
Depreciation and amortization
|
$
|
23
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Capital expenditures
|
$
|
18
|
|
|
$
|
16
|
|
|
$
|
2
|
|
|
13
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
780
|
|
|
$
|
778
|
|
|
$
|
2
|
|
|
—
|
%
|
|
Segment Operating Income
|
$
|
114
|
|
|
$
|
101
|
|
|
$
|
13
|
|
|
13
|
%
|
|
Segment Operating Income as a % of revenues
|
15
|
%
|
|
13
|
%
|
|
n/m
|
|
|
n/m
|
|
|
|||
Restructuring charges
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Capital expenditures
|
$
|
10
|
|
|
$
|
4
|
|
|
$
|
6
|
|
|
150
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
2,607
|
|
|
$
|
2,756
|
|
|
$
|
(149
|
)
|
|
(5
|
)%
|
|
Segment Operating Income
|
$
|
765
|
|
|
$
|
878
|
|
|
$
|
(113
|
)
|
|
(13
|
)%
|
|
Segment Operating Income as a % of revenues
|
29
|
%
|
|
32
|
%
|
|
n/m
|
|
|
n/m
|
|
|
|||
Restructuring charges
|
$
|
55
|
|
|
$
|
14
|
|
|
$
|
41
|
|
|
n/m
|
|
|
Impairment charges
|
$
|
484
|
|
|
$
|
52
|
|
|
$
|
432
|
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
79
|
|
|
$
|
87
|
|
|
$
|
(8
|
)
|
|
(9
|
)%
|
|
Capital expenditures
|
$
|
50
|
|
|
$
|
65
|
|
|
$
|
(15
|
)
|
|
(23
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Segment Operating Loss
|
$
|
(275
|
)
|
|
$
|
(295
|
)
|
|
$
|
20
|
|
|
7
|
%
|
|
Restructuring charges
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
(3
|
)
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
30
|
|
|
$
|
26
|
|
|
$
|
4
|
|
|
15
|
%
|
|
Capital expenditures
|
$
|
16
|
|
|
$
|
27
|
|
|
$
|
(11
|
)
|
|
(41
|
)%
|
|
|
|
|
% of Total
|
|
|
|
% of Total
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2014
|
|
Revenues
|
|
2013
|
|
Revenues
|
|
$
|
|
%
|
|
|||||||||||||
Entertainment
|
$
|
8,309
|
|
|
|
60
|
%
|
|
|
$
|
8,645
|
|
|
|
62
|
%
|
|
|
$
|
(336
|
)
|
|
(4
|
)%
|
|
Cable Networks
|
2,176
|
|
|
|
16
|
|
|
|
2,069
|
|
|
|
15
|
|
|
|
107
|
|
|
5
|
|
|
|||
Publishing
|
778
|
|
|
|
6
|
|
|
|
809
|
|
|
|
6
|
|
|
|
(31
|
)
|
|
(4
|
)
|
|
|||
Local Broadcasting
|
2,756
|
|
|
|
20
|
|
|
|
2,696
|
|
|
|
19
|
|
|
|
60
|
|
|
2
|
|
|
|||
Corporate/Eliminations
|
(213
|
)
|
|
|
(2
|
)
|
|
|
(214
|
)
|
|
|
(2
|
)
|
|
|
1
|
|
|
—
|
|
|
|||
Total Revenues
|
$
|
13,806
|
|
|
|
100
|
%
|
|
|
$
|
14,005
|
|
|
|
100
|
%
|
|
|
$
|
(199
|
)
|
|
(1
|
)%
|
|
|
|
|
% of Total
|
|
|
|
% of Total
|
|
|
|
|||||||||||||||
|
|
|
Segment
|
|
|
|
Segment
|
|
|
|
|||||||||||||||
|
|
|
Operating
|
|
|
|
Operating
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2014
|
|
Income
|
|
2013
|
|
Income
|
|
$
|
|
%
|
|
|||||||||||||
Segment Operating Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Entertainment
|
$
|
1,316
|
|
|
|
44
|
%
|
|
|
$
|
1,605
|
|
|
|
53
|
%
|
|
|
$
|
(289
|
)
|
|
(18
|
)%
|
|
Cable Networks
|
974
|
|
|
|
33
|
|
|
|
878
|
|
|
|
29
|
|
|
|
96
|
|
|
11
|
|
|
|||
Publishing
|
101
|
|
|
|
3
|
|
|
|
107
|
|
|
|
3
|
|
|
|
(6
|
)
|
|
(6
|
)
|
|
|||
Local Broadcasting
|
878
|
|
|
|
30
|
|
|
|
812
|
|
|
|
27
|
|
|
|
66
|
|
|
8
|
|
|
|||
Corporate
|
(295
|
)
|
|
|
(10
|
)
|
|
|
(357
|
)
|
|
|
(12
|
)
|
|
|
62
|
|
|
17
|
|
|
|||
Total Segment Operating Income
|
2,974
|
|
|
|
100
|
%
|
|
|
3,045
|
|
|
|
100
|
%
|
|
|
(71
|
)
|
|
(2
|
)
|
|
|||
Restructuring charges
|
(26
|
)
|
|
|
|
|
|
(20
|
)
|
|
|
|
|
|
(6
|
)
|
|
(30
|
)
|
|
|||||
Impairment charges
|
(52
|
)
|
|
|
|
|
|
—
|
|
|
|
|
|
|
(52
|
)
|
|
n/m
|
|
|
|||||
Total Operating Income
|
$
|
2,896
|
|
|
|
|
|
|
$
|
3,025
|
|
|
|
|
|
|
$
|
(129
|
)
|
|
(4
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2014
|
|
2013
|
|
$
|
|
%
|
|
|||||||
Depreciation and Amortization:
|
|
|
|
|
|
|
|
|
|||||||
Entertainment
|
$
|
139
|
|
|
$
|
153
|
|
|
$
|
(14
|
)
|
|
(9
|
)%
|
|
Cable Networks
|
23
|
|
|
20
|
|
|
3
|
|
|
15
|
|
|
|||
Publishing
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
|||
Local Broadcasting
|
87
|
|
|
86
|
|
|
1
|
|
|
1
|
|
|
|||
Corporate
|
26
|
|
|
25
|
|
|
1
|
|
|
4
|
|
|
|||
Total Depreciation and Amortization
|
$
|
281
|
|
|
$
|
290
|
|
|
$
|
(9
|
)
|
|
(3
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2014
|
|
2013
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
8,309
|
|
|
$
|
8,645
|
|
|
$
|
(336
|
)
|
|
(4
|
)%
|
|
Segment Operating Income
|
$
|
1,316
|
|
|
$
|
1,605
|
|
|
$
|
(289
|
)
|
|
(18
|
)%
|
|
Segment Operating Income as a % of revenues
|
16
|
%
|
|
19
|
%
|
|
n/m
|
|
|
n/m
|
|
|
|||
Restructuring charges
|
$
|
8
|
|
|
$
|
12
|
|
|
$
|
(4
|
)
|
|
(33
|
)%
|
|
Depreciation and amortization
|
$
|
139
|
|
|
$
|
153
|
|
|
$
|
(14
|
)
|
|
(9
|
)%
|
|
Capital expenditures
|
$
|
94
|
|
|
$
|
101
|
|
|
$
|
(7
|
)
|
|
(7
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2014
|
|
2013
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
2,176
|
|
|
$
|
2,069
|
|
|
$
|
107
|
|
|
5
|
%
|
|
Segment Operating Income
|
$
|
974
|
|
|
$
|
878
|
|
|
$
|
96
|
|
|
11
|
%
|
|
Segment Operating Income as a % of revenues
|
45
|
%
|
|
42
|
%
|
|
n/m
|
|
|
n/m
|
|
|
|||
Restructuring charges
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
23
|
|
|
$
|
20
|
|
|
$
|
3
|
|
|
15
|
%
|
|
Capital expenditures
|
$
|
16
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
—
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2014
|
|
2013
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
778
|
|
|
$
|
809
|
|
|
$
|
(31
|
)
|
|
(4
|
)%
|
|
Segment Operating Income
|
$
|
101
|
|
|
$
|
107
|
|
|
$
|
(6
|
)
|
|
(6
|
)%
|
|
Segment Operating Income as a % of revenues
|
13
|
%
|
|
13
|
%
|
|
n/m
|
|
|
n/m
|
|
|
|||
Restructuring charges
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Depreciation and amortization
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Capital expenditures
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
—
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2014
|
|
2013
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
2,756
|
|
|
$
|
2,696
|
|
|
$
|
60
|
|
|
2
|
%
|
|
Segment Operating Income
|
$
|
878
|
|
|
$
|
812
|
|
|
$
|
66
|
|
|
8
|
%
|
|
Segment Operating Income as a % of revenues
|
32
|
%
|
|
30
|
%
|
|
n/m
|
|
|
n/m
|
|
|
|||
Restructuring charges
|
$
|
14
|
|
|
$
|
5
|
|
|
$
|
9
|
|
|
180
|
%
|
|
Impairment charges
|
$
|
52
|
|
|
$
|
—
|
|
|
$
|
52
|
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
87
|
|
|
$
|
86
|
|
|
$
|
1
|
|
|
1
|
%
|
|
Capital expenditures
|
$
|
65
|
|
|
$
|
64
|
|
|
$
|
1
|
|
|
2
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2014
|
|
2013
|
|
$
|
|
%
|
|
|||||||
Segment Operating Loss
|
$
|
(295
|
)
|
|
$
|
(357
|
)
|
|
$
|
62
|
|
|
17
|
%
|
|
Restructuring charges
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
200
|
%
|
|
Depreciation and amortization
|
$
|
26
|
|
|
$
|
25
|
|
|
$
|
1
|
|
|
4
|
%
|
|
Capital expenditures
|
$
|
27
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
—
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
At December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Current assets:
|
|
|
|
|
|
|
|
|
|||||||
Cash and cash equivalents
|
$
|
323
|
|
|
$
|
428
|
|
|
$
|
(105
|
)
|
|
(25
|
)%
|
|
Receivables, net
(a)
|
3,628
|
|
|
3,459
|
|
|
169
|
|
|
5
|
|
|
|||
Programming and other inventory
(b)
|
1,271
|
|
|
922
|
|
|
349
|
|
|
38
|
|
|
|||
Prepaid income taxes
(c)
|
101
|
|
|
161
|
|
|
(60
|
)
|
|
(37
|
)
|
|
|||
All other current assets, net
(d)
|
424
|
|
|
515
|
|
|
(91
|
)
|
|
(18
|
)
|
|
|||
Total current assets
|
$
|
5,747
|
|
|
$
|
5,485
|
|
|
$
|
262
|
|
|
5
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
At December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Intangible assets
(a)
|
$
|
5,514
|
|
|
$
|
6,008
|
|
|
$
|
(494
|
)
|
|
(8
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
At December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Other assets
(a)
|
$
|
2,661
|
|
|
$
|
2,494
|
|
|
$
|
167
|
|
|
7
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
At December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|||||||
Accounts payable
|
$
|
192
|
|
|
$
|
302
|
|
|
$
|
(110
|
)
|
|
(36
|
)%
|
|
Accrued compensation
|
315
|
|
|
333
|
|
|
(18
|
)
|
|
(5
|
)
|
|
|||
Commercial paper
|
—
|
|
|
616
|
|
|
(616
|
)
|
|
n/m
|
|
|
|||
Current portion of long-term debt
(a)
|
222
|
|
|
20
|
|
|
202
|
|
|
n/m
|
|
|
|||
All other current liabilities, net
|
2,831
|
|
|
2,762
|
|
|
69
|
|
|
2
|
|
|
|||
Current liabilities
|
$
|
3,560
|
|
|
$
|
4,033
|
|
|
$
|
(473
|
)
|
|
(12
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
At December 31,
|
2015
|
|
2014
|
|
$
|
|
%
|
|
|||||||
Long-term debt
(a)
|
$
|
8,226
|
|
|
$
|
6,476
|
|
|
$
|
1,750
|
|
|
27
|
%
|
|
|
|
|
|
|
Increase/ (Decrease)
|
|
|
|
Increase/ (Decrease)
|
||||||||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
2015 vs. 2014
|
|
2013
|
|
2014 vs. 2013
|
||||||||||||||
Cash provided by (used for) operating activities from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
1,419
|
|
|
$
|
1,210
|
|
|
|
$
|
209
|
|
|
|
$
|
1,779
|
|
|
|
$
|
(569
|
)
|
|
Discontinued operations
|
(25
|
)
|
|
65
|
|
|
|
(90
|
)
|
|
|
94
|
|
|
|
(29
|
)
|
|
|||||
Cash provided by operating activities
|
1,394
|
|
|
1,275
|
|
|
|
119
|
|
|
|
1,873
|
|
|
|
(598
|
)
|
|
|||||
Cash provided by (used for) investing activities from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
157
|
|
|
(316
|
)
|
|
|
473
|
|
|
|
(214
|
)
|
|
|
(102
|
)
|
|
|||||
Discontinued operations
|
(3
|
)
|
|
(285
|
)
|
|
|
282
|
|
|
|
(58
|
)
|
|
|
(227
|
)
|
|
|||||
Cash provided by (used for) investing activities
|
154
|
|
|
(601
|
)
|
|
|
755
|
|
|
|
(272
|
)
|
|
|
(329
|
)
|
|
|||||
Cash (used for) provided by financing activities from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
(1,653
|
)
|
|
(2,810
|
)
|
|
|
1,157
|
|
|
|
(1,912
|
)
|
|
|
(898
|
)
|
|
|||||
Discontinued operations
|
—
|
|
|
2,167
|
|
|
|
(2,167
|
)
|
|
|
—
|
|
|
|
2,167
|
|
|
|||||
Cash used for financing activities
|
(1,653
|
)
|
|
(643
|
)
|
|
|
(1,010
|
)
|
|
|
(1,912
|
)
|
|
|
1,269
|
|
|
|||||
Net (decrease) increase in cash and cash equivalents
|
$
|
(105
|
)
|
|
$
|
31
|
|
|
|
$
|
(136
|
)
|
|
|
$
|
(311
|
)
|
|
|
$
|
342
|
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Cash taxes included in operating activities from continuing operations
|
$
|
346
|
|
|
$
|
460
|
|
|
$
|
442
|
|
Excess tax benefits from the exercise of stock options and
vesting of restricted stock units, included in financing activities
|
88
|
|
|
243
|
|
|
148
|
|
|||
Cash paid for income taxes from continuing operations
|
$
|
258
|
|
|
$
|
217
|
|
|
$
|
294
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Capital expenditures
(a)
|
$
|
(193
|
)
|
|
$
|
(206
|
)
|
|
$
|
(212
|
)
|
Investments in and advances to investee companies
(b)
|
(98
|
)
|
|
(98
|
)
|
|
(176
|
)
|
|||
Proceeds from dispositions
(c)
|
385
|
|
|
7
|
|
|
164
|
|
|||
All other investing activities from continuing operations, net
|
63
|
|
|
(19
|
)
|
|
10
|
|
|||
Cash flow provided by (used for) investing activities from continuing operations
|
157
|
|
|
(316
|
)
|
|
(214
|
)
|
|||
Cash flow used for investing activities from discontinued operations
(d)
|
(3
|
)
|
|
(285
|
)
|
|
(58
|
)
|
|||
Cash flow provided by (used for) investing activities
|
$
|
154
|
|
|
$
|
(601
|
)
|
|
$
|
(272
|
)
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Repurchase of CBS Corp. Class B Common Stock
|
$
|
(2,813
|
)
|
|
$
|
(3,595
|
)
|
|
$
|
(2,185
|
)
|
Repayment of notes and debentures
|
—
|
|
|
(1,152
|
)
|
|
—
|
|
|||
Proceeds from issuance of senior notes
|
1,959
|
|
|
1,728
|
|
|
—
|
|
|||
(Repayments of) proceeds from short-term debt borrowings, net
|
(616
|
)
|
|
141
|
|
|
475
|
|
|||
Dividends
|
(300
|
)
|
|
(292
|
)
|
|
(300
|
)
|
|||
Proceeds from exercise of stock options
|
142
|
|
|
283
|
|
|
146
|
|
|||
All other financing activities from continuing operations, net
|
(25
|
)
|
|
77
|
|
|
(48
|
)
|
|||
Cash flow used for financing activities from continuing operations
|
(1,653
|
)
|
|
(2,810
|
)
|
|
(1,912
|
)
|
|||
Cash flow provided by financing activities from discontinued operations
(a)
|
—
|
|
|
2,167
|
|
|
—
|
|
|||
Cash flow used for financing activities
|
$
|
(1,653
|
)
|
|
$
|
(643
|
)
|
|
$
|
(1,912
|
)
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Net cash flow provided by operating activities
|
$
|
1,394
|
|
|
$
|
1,275
|
|
|
$
|
1,873
|
|
Capital expenditures
|
(193
|
)
|
|
(206
|
)
|
|
(212
|
)
|
|||
Exclude operating cash flow from discontinued operations
|
(25
|
)
|
|
65
|
|
|
94
|
|
|||
Free cash flow
|
$
|
1,226
|
|
|
$
|
1,004
|
|
|
$
|
1,567
|
|
At December 31,
|
2015
|
|
2014
|
||||
Commercial paper
|
$
|
—
|
|
|
$
|
616
|
|
Senior debt (1.95%-7.875% due 2016-2045)
|
8,365
|
|
|
6,399
|
|
||
Obligations under capital leases
|
83
|
|
|
97
|
|
||
Total debt
(a)
|
8,448
|
|
|
7,112
|
|
||
Less commercial paper
|
—
|
|
|
616
|
|
||
Less current portion of long-term debt
|
222
|
|
|
20
|
|
||
Total long-term debt, net of current portion
|
$
|
8,226
|
|
|
$
|
6,476
|
|
(a)
|
At
December 31, 2015 and 2014
, the senior debt balances included (i) a net unamortized discount of
$45 million
and
$21 million
, respectively, (ii) unamortized deferred financing costs of
$44 million
and
$34 million
, respectively, and (iii) an increase in the carrying value of the debt relating to previously settled fair value hedges of
$14 million
at both
December 31, 2015 and 2014
. The face value of the Company’s total debt was
$8.52 billion
at
December 31, 2015
and
$7.15 billion
at
December 31, 2014
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 and
|
||||||||||||
|
2016
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
||||||||||||||||||||||
Long-term debt
|
|
$
|
200
|
|
|
|
$
|
400
|
|
|
|
$
|
300
|
|
|
|
$
|
600
|
|
|
|
$
|
500
|
|
|
$
|
6,440
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
2021 and
|
||||||||||
|
Total
|
|
2016
|
|
2017-2018
|
|
2019-2020
|
|
thereafter
|
||||||||||
Programming and talent commitments
(a)
|
$
|
11,906
|
|
|
$
|
2,175
|
|
|
$
|
3,691
|
|
|
$
|
3,087
|
|
|
$
|
2,953
|
|
Purchase obligations
(b)
|
918
|
|
|
230
|
|
|
352
|
|
|
267
|
|
|
69
|
|
|||||
Operating leases
(c)
|
1,002
|
|
|
158
|
|
|
255
|
|
|
194
|
|
|
395
|
|
|||||
Long-term debt obligations
(d)
|
8,440
|
|
|
200
|
|
|
700
|
|
|
1,100
|
|
|
6,440
|
|
|||||
Interest commitments on long-term debt
(e)
|
5,287
|
|
|
380
|
|
|
738
|
|
|
676
|
|
|
3,493
|
|
|||||
Capital lease obligations (including interest)
(f)
|
94
|
|
|
19
|
|
|
31
|
|
|
28
|
|
|
16
|
|
|||||
Other long-term contractual obligations
(g)
|
1,389
|
|
|
—
|
|
|
1,047
|
|
|
284
|
|
|
58
|
|
|||||
Total
|
$
|
29,036
|
|
|
$
|
3,162
|
|
|
$
|
6,814
|
|
|
$
|
5,636
|
|
|
$
|
13,424
|
|
|
Discount
|
|
Perpetual Nominal
|
|
Rate
|
|
Growth Rate
|
Television stations
|
8.0%
|
|
2.5%
|
Radio stations
|
7.75%
|
|
1.0%
|
|
|
Significant Assumptions
|
|
|
Reporting Unit Fair
|
Perpetual
|
|
|
Value in Excess of
|
Nominal
|
Discount
|
Reporting Unit
|
Carrying Value
|
Growth Rate
|
Rate
|
CBS Radio
|
.4%
|
1.5%
|
8.0%
|
|
|
|
|
Reference
(Page/s)
|
Item 15(a)(1) Financial Statements:
|
|
|
||
1.
|
|
Management’s Report on Internal Control Over Financial Reporting
|
|
II-
39
|
2.
|
|
Report of Independent Registered Public Accounting Firm
|
|
II-
40
|
3.
|
|
Consolidated Statements of Operations for the years ended
December 31, 2015, 2014 and 2013
|
|
II-
41
|
4.
|
|
Consolidated Statements of Comprehensive Income for the years ended
December 31, 2015, 2014 and 2013
|
|
II-
42
|
5.
|
|
Consolidated Balance Sheets at December 31, 2015 and 2014
|
|
II-
43
|
6.
|
|
Consolidated Statements of Cash Flows for the years ended
December 31, 2015, 2014 and 2013
|
|
II-
44
|
7.
|
|
Consolidated Statements of Stockholders
’
Equity for the years ended
December 31, 2015, 2014 and 2013
|
|
II-
45
|
8.
|
|
Notes to Consolidated Financial Statements
|
|
II-
46
|
Item 15(a)(2) Financial Statement Schedule:
|
|
|
||
|
|
II. Valuation and Qualifying Accounts
|
|
F-
1
|
Item 8.
|
Financial Statements and Supplementary Data.
|
|
|
CBS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Leslie Moonves
|
|
|
|
Leslie Moonves
Chairman, President and
Chief Executive Officer
|
|
|
|
|
|
|
By:
|
/s/ Joseph R. Ianniello
|
|
|
|
Joseph R. Ianniello
Chief Operating Officer
|
|
|
|
|
|
|
By:
|
/s/ Lawrence Liding
|
|
|
|
Lawrence Liding
Executive Vice President, Controller and
Chief Accounting Officer
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Revenues
|
$
|
13,886
|
|
|
$
|
13,806
|
|
|
$
|
14,005
|
|
Costs and expenses:
|
|
|
|
|
|
||||||
Operating
|
8,324
|
|
|
8,089
|
|
|
8,124
|
|
|||
Selling, general and administrative
|
2,455
|
|
|
2,462
|
|
|
2,546
|
|
|||
Depreciation and amortization
|
264
|
|
|
281
|
|
|
290
|
|
|||
Restructuring charges (Note 5)
|
81
|
|
|
26
|
|
|
20
|
|
|||
Impairment charges (Note 3)
|
484
|
|
|
52
|
|
|
—
|
|
|||
Gain on sales of businesses (Note 3)
|
(139
|
)
|
|
—
|
|
|
—
|
|
|||
Total costs and expenses
|
11,469
|
|
|
10,910
|
|
|
10,980
|
|
|||
Operating income
|
2,417
|
|
|
2,896
|
|
|
3,025
|
|
|||
Interest expense
|
(392
|
)
|
|
(363
|
)
|
|
(375
|
)
|
|||
Interest income
|
24
|
|
|
13
|
|
|
8
|
|
|||
Loss on early extinguishment of debt (Note 9)
|
—
|
|
|
(352
|
)
|
|
—
|
|
|||
Other items, net
|
(26
|
)
|
|
(30
|
)
|
|
7
|
|
|||
Earnings from continuing operations before income taxes
and equity in loss of investee companies
|
2,023
|
|
|
2,164
|
|
|
2,665
|
|
|||
Provision for income taxes
|
(587
|
)
|
|
(762
|
)
|
|
(878
|
)
|
|||
Equity in loss of investee companies, net of tax
|
(33
|
)
|
|
(48
|
)
|
|
(49
|
)
|
|||
Net earnings from continuing operations
|
1,403
|
|
|
1,354
|
|
|
1,738
|
|
|||
Net earnings from discontinued operations, net of tax (Note 4)
|
10
|
|
|
1,605
|
|
|
141
|
|
|||
Net earnings
|
$
|
1,413
|
|
|
$
|
2,959
|
|
|
$
|
1,879
|
|
Basic net earnings per common share:
|
|
|
|
|
|
||||||
Net earnings from continuing operations
|
$
|
2.90
|
|
|
$
|
2.46
|
|
|
$
|
2.86
|
|
Net earnings from discontinued operations
|
$
|
.02
|
|
|
$
|
2.92
|
|
|
$
|
.23
|
|
Net earnings
|
$
|
2.92
|
|
|
$
|
5.38
|
|
|
$
|
3.09
|
|
|
|
|
|
|
|
||||||
Diluted net earnings per common share:
|
|
|
|
|
|
||||||
Net earnings from continuing operations
|
$
|
2.87
|
|
|
$
|
2.41
|
|
|
$
|
2.79
|
|
Net earnings from discontinued operations
|
$
|
.02
|
|
|
$
|
2.86
|
|
|
$
|
.23
|
|
Net earnings
|
$
|
2.89
|
|
|
$
|
5.27
|
|
|
$
|
3.01
|
|
|
|
|
|
|
|
||||||
Weighted average number of common shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
484
|
|
|
550
|
|
|
608
|
|
|||
Diluted
|
489
|
|
|
561
|
|
|
624
|
|
|||
|
|
|
|
|
|
||||||
Dividends per common share
|
$
|
.60
|
|
|
$
|
.54
|
|
|
$
|
.48
|
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Net earnings
|
$
|
1,413
|
|
|
$
|
2,959
|
|
|
$
|
1,879
|
|
Other comprehensive income (loss) from continuing operations, net of tax:
|
|
|
|
|
|
||||||
Cumulative translation adjustments
|
(5
|
)
|
|
(9
|
)
|
|
(2
|
)
|
|||
Net actuarial gain (loss) and prior service costs (Note 15)
|
(30
|
)
|
|
(163
|
)
|
|
207
|
|
|||
Unrealized (loss) gain on securities
|
—
|
|
|
(3
|
)
|
|
1
|
|
|||
Other comprehensive income (loss) from continuing operations, net of tax
|
(35
|
)
|
|
(175
|
)
|
|
206
|
|
|||
Other comprehensive income (loss) from discontinued operations,
before reclassifications
|
—
|
|
|
15
|
|
|
(4
|
)
|
|||
Reclassification from accumulated other comprehensive income (loss) from
discontinued operations to net earnings
|
—
|
|
|
(30
|
)
|
|
(178
|
)
|
|||
Total other comprehensive income (loss), net of tax
|
(35
|
)
|
|
(190
|
)
|
|
24
|
|
|||
Total comprehensive income
|
$
|
1,378
|
|
|
$
|
2,769
|
|
|
$
|
1,903
|
|
|
|
At December 31,
|
|
||||||
|
|
2015
|
|
2014
|
|
||||
ASSETS
|
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
323
|
|
|
$
|
428
|
|
|
Receivables, less allowances of $63 (2015) and $50 (2014)
|
|
3,628
|
|
|
3,459
|
|
|
||
Programming and other inventory (Note 6)
|
|
1,271
|
|
|
922
|
|
|
||
Prepaid income taxes
|
|
101
|
|
|
161
|
|
|
||
Prepaid expenses
|
|
175
|
|
|
129
|
|
|
||
Other current assets
|
|
249
|
|
|
386
|
|
|
||
Total current assets
|
|
5,747
|
|
|
5,485
|
|
|
||
Property and equipment
|
|
3,243
|
|
|
3,164
|
|
|
||
Less accumulated depreciation and amortization
|
|
1,838
|
|
|
1,731
|
|
|
||
Net property and equipment (Note 2)
|
|
1,405
|
|
|
1,433
|
|
|
||
Programming and other inventory (Note 6)
|
|
1,957
|
|
|
1,817
|
|
|
||
Goodwill (Note 3)
|
|
6,481
|
|
|
6,698
|
|
|
||
Intangible assets (Note 3)
|
|
5,514
|
|
|
6,008
|
|
|
||
Other assets (Note 1)
|
|
2,661
|
|
|
2,494
|
|
|
||
Total Assets
|
|
$
|
23,765
|
|
|
$
|
23,935
|
|
|
LIABILITIES AND STOCKHOLDERS
’
EQUITY
|
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
|
||||
Accounts payable
|
|
$
|
192
|
|
|
$
|
302
|
|
|
Accrued expenses
|
|
589
|
|
|
605
|
|
|
||
Accrued compensation
|
|
315
|
|
|
333
|
|
|
||
Participants’ share and royalties payable
|
|
1,013
|
|
|
999
|
|
|
||
Program rights
|
|
374
|
|
|
404
|
|
|
||
Deferred revenues
|
|
295
|
|
|
206
|
|
|
||
Commercial paper (Note 9)
|
|
—
|
|
|
616
|
|
|
||
Current portion of long-term debt (Note 9)
|
|
222
|
|
|
20
|
|
|
||
Other current liabilities
|
|
560
|
|
|
548
|
|
|
||
Total current liabilities
|
|
3,560
|
|
|
4,033
|
|
|
||
Long-term debt (Note 9)
|
|
8,226
|
|
|
6,476
|
|
|
||
Participants’ share and royalties payable
|
|
1,318
|
|
|
1,267
|
|
|
||
Pension and postretirement benefit obligations (Note 15)
|
|
1,575
|
|
|
1,564
|
|
|
||
Deferred income tax liabilities, net (Note 14)
|
|
1,509
|
|
|
1,427
|
|
|
||
Other liabilities
|
|
1,942
|
|
|
2,080
|
|
|
||
Liabilities of discontinued operations (Note 4)
|
|
72
|
|
|
118
|
|
|
||
|
|
|
|
|
|
||||
Commitments and contingencies (Note 16)
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||||
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;
826 (2015) and 818 (2014) shares issued
|
|
1
|
|
|
1
|
|
|
||
Additional paid-in capital
|
|
44,055
|
|
|
44,041
|
|
|
||
Accumulated deficit
|
|
(20,518
|
)
|
|
(21,931
|
)
|
|
||
Accumulated other comprehensive loss (Note 12)
|
|
(770
|
)
|
|
(735
|
)
|
|
||
|
|
22,768
|
|
|
21,376
|
|
|
||
Less treasury stock, at cost; 401 (2015) and 349 (2014) Class B Shares
|
|
17,205
|
|
|
14,406
|
|
|
||
Total Stockholders’ Equity
|
|
5,563
|
|
|
6,970
|
|
|
||
Total Liabilities and Stockholders
’
Equity
|
|
$
|
23,765
|
|
|
$
|
23,935
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
Operating Activities:
|
|
|
|
|
|
|
||||||
Net earnings
|
|
$
|
1,413
|
|
|
$
|
2,959
|
|
|
$
|
1,879
|
|
Less: Net earnings from discontinued operations
|
|
10
|
|
|
1,605
|
|
|
141
|
|
|||
Net earnings from continuing operations
|
|
1,403
|
|
|
1,354
|
|
|
1,738
|
|
|||
Adjustments to reconcile net earnings from continuing operations to net cash flow
provided by operating activities from continuing operations:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
264
|
|
|
281
|
|
|
290
|
|
|||
Impairment charges
|
|
484
|
|
|
52
|
|
|
—
|
|
|||
Deferred tax provision
|
|
215
|
|
|
692
|
|
|
433
|
|
|||
Stock-based compensation
|
|
174
|
|
|
154
|
|
|
222
|
|
|||
Net gain on disposition and write-down of assets
|
|
(139
|
)
|
|
(12
|
)
|
|
(3
|
)
|
|||
Equity in loss of investee companies, net of tax and distributions
|
|
36
|
|
|
57
|
|
|
57
|
|
|||
Change in assets and liabilities, net of investing and financing activities
|
|
|
|
|
|
|
||||||
Increase in receivables
|
|
(377
|
)
|
|
(600
|
)
|
|
(777
|
)
|
|||
(Increase) decrease in inventory and related program and participation liabilities, net
|
|
(497
|
)
|
|
(213
|
)
|
|
48
|
|
|||
Decrease (increase) in other assets
|
|
16
|
|
|
37
|
|
|
(16
|
)
|
|||
Decrease in accounts payable and accrued expenses
|
|
(212
|
)
|
|
(152
|
)
|
|
(135
|
)
|
|||
Decrease in pension and postretirement benefit obligations
|
|
(46
|
)
|
|
(34
|
)
|
|
(188
|
)
|
|||
Increase (decrease) in income taxes
|
|
25
|
|
|
(390
|
)
|
|
9
|
|
|||
Increase (decrease) in deferred revenue
|
|
66
|
|
|
(47
|
)
|
|
90
|
|
|||
Other, net
|
|
7
|
|
|
31
|
|
|
11
|
|
|||
Net cash flow provided by operating activities from continuing operations
|
|
1,419
|
|
|
1,210
|
|
|
1,779
|
|
|||
Net cash flow (used for) provided by operating activities from discontinued operations
|
|
(25
|
)
|
|
65
|
|
|
94
|
|
|||
Net cash flow provided by operating activities
|
|
1,394
|
|
|
1,275
|
|
|
1,873
|
|
|||
Investing Activities:
|
|
|
|
|
|
|
||||||
Acquisitions, net of cash acquired
|
|
(15
|
)
|
|
(27
|
)
|
|
(20
|
)
|
|||
Capital expenditures
|
|
(193
|
)
|
|
(206
|
)
|
|
(212
|
)
|
|||
Investments in and advances to investee companies
|
|
(98
|
)
|
|
(98
|
)
|
|
(176
|
)
|
|||
Proceeds from sale of investments
|
|
81
|
|
|
12
|
|
|
7
|
|
|||
Proceeds from dispositions
|
|
385
|
|
|
7
|
|
|
164
|
|
|||
Other investing activities
|
|
(3
|
)
|
|
(4
|
)
|
|
23
|
|
|||
Net cash flow provided by (used for) investing activities from continuing operations
|
|
157
|
|
|
(316
|
)
|
|
(214
|
)
|
|||
Net cash flow used for investing activities from discontinued operations
|
|
(3
|
)
|
|
(285
|
)
|
|
(58
|
)
|
|||
Net cash flow provided by (used for) investing activities
|
|
154
|
|
|
(601
|
)
|
|
(272
|
)
|
|||
Financing Activities:
|
|
|
|
|
|
|
||||||
(Repayments of) proceeds from short-term debt borrowings, net
|
|
(616
|
)
|
|
141
|
|
|
475
|
|
|||
Proceeds from issuance of senior notes
|
|
1,959
|
|
|
1,728
|
|
|
—
|
|
|||
Repayment of notes and debentures
|
|
—
|
|
|
(1,152
|
)
|
|
—
|
|
|||
Payment of capital lease obligations
|
|
(17
|
)
|
|
(17
|
)
|
|
(17
|
)
|
|||
Payment of contingent consideration
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|||
Dividends
|
|
(300
|
)
|
|
(292
|
)
|
|
(300
|
)
|
|||
Purchase of Company common stock
|
|
(2,813
|
)
|
|
(3,595
|
)
|
|
(2,185
|
)
|
|||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation
|
|
(96
|
)
|
|
(146
|
)
|
|
(145
|
)
|
|||
Proceeds from exercise of stock options
|
|
142
|
|
|
283
|
|
|
146
|
|
|||
Excess tax benefit from stock-based compensation
|
|
88
|
|
|
243
|
|
|
148
|
|
|||
Other financing activities
|
|
—
|
|
|
(3
|
)
|
|
(4
|
)
|
|||
Net cash flow used for financing activities from continuing operations
|
|
(1,653
|
)
|
|
(2,810
|
)
|
|
(1,912
|
)
|
|||
Net cash flow provided by financing activities from discontinued operations
|
|
—
|
|
|
2,167
|
|
|
—
|
|
|||
Net cash flow used for financing activities
|
|
(1,653
|
)
|
|
(643
|
)
|
|
(1,912
|
)
|
|||
Net (decrease) increase in cash and cash equivalents
|
|
(105
|
)
|
|
31
|
|
|
(311
|
)
|
|||
Cash and cash equivalents at beginning of year (includes $29 (2014) and $21 (2013)
of discontinued operations cash)
|
|
428
|
|
|
397
|
|
|
708
|
|
|||
Cash and cash equivalents at end of year (includes $29 (2013)
of discontinued operations cash)
|
|
$
|
323
|
|
|
$
|
428
|
|
|
$
|
397
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|||||||||
Class A Common Stock:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, beginning of year
|
38
|
|
|
$
|
—
|
|
|
39
|
|
|
$
|
—
|
|
|
43
|
|
|
$
|
—
|
|
Conversion of A shares into B shares
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|||
Balance, end of year
|
38
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
39
|
|
|
—
|
|
|||
Class B Common Stock:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, beginning of year
|
818
|
|
|
1
|
|
|
801
|
|
|
1
|
|
|
785
|
|
|
1
|
|
|||
Conversion of A shares into B shares
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|||
Restricted stock unit vests
|
4
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|||
Exercise of stock options
|
6
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|||
Retirement of treasury stock
|
(2
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|||
Balance, end of year
|
826
|
|
|
1
|
|
|
818
|
|
|
1
|
|
|
801
|
|
|
1
|
|
|||
Additional Paid-In Capital:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, beginning of year
|
|
|
44,041
|
|
|
|
|
43,474
|
|
|
|
|
43,424
|
|
||||||
Stock-based compensation
|
|
|
174
|
|
|
|
|
168
|
|
|
|
|
187
|
|
||||||
Tax benefit related to employee stock-based transactions
|
|
|
87
|
|
|
|
|
246
|
|
|
|
|
159
|
|
||||||
Exercise of stock options
|
|
|
142
|
|
|
|
|
282
|
|
|
|
|
144
|
|
||||||
Retirement of treasury stock
|
|
|
(96
|
)
|
|
|
|
(146
|
)
|
|
|
|
(145
|
)
|
||||||
Dividends
|
|
|
(293
|
)
|
|
|
|
(296
|
)
|
|
|
|
(295
|
)
|
||||||
Gain on Outdoor Americas IPO
|
|
|
—
|
|
|
|
|
313
|
|
|
|
|
—
|
|
||||||
Balance, end of year
|
|
|
44,055
|
|
|
|
|
44,041
|
|
|
|
|
43,474
|
|
||||||
Accumulated Deficit:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, beginning of year
|
|
|
(21,931
|
)
|
|
|
|
(24,890
|
)
|
|
|
|
(26,769
|
)
|
||||||
Net earnings
|
|
|
1,413
|
|
|
|
|
2,959
|
|
|
|
|
1,879
|
|
||||||
Balance, end of year
|
|
|
(20,518
|
)
|
|
|
|
(21,931
|
)
|
|
|
|
(24,890
|
)
|
||||||
Accumulated Other Comprehensive Loss:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, beginning of year
|
|
|
(735
|
)
|
|
|
|
(545
|
)
|
|
|
|
(569
|
)
|
||||||
Other comprehensive income (loss)
|
|
|
(35
|
)
|
|
|
|
(190
|
)
|
|
|
|
24
|
|
||||||
Balance, end of year
|
|
|
(770
|
)
|
|
|
|
(735
|
)
|
|
|
|
(545
|
)
|
||||||
Treasury Stock, at cost:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance beginning of year
|
349
|
|
|
(14,406
|
)
|
|
244
|
|
|
(8,074
|
)
|
|
198
|
|
|
(5,874
|
)
|
|||
Class B Common Stock purchased
|
52
|
|
|
(2,800
|
)
|
|
60
|
|
|
(3,612
|
)
|
|
46
|
|
|
(2,201
|
)
|
|||
Outdoor Americas Split-Off
|
—
|
|
|
—
|
|
|
45
|
|
|
(2,721
|
)
|
|
—
|
|
|
—
|
|
|||
Shares paid for tax withholding for stock-based compensation
|
2
|
|
|
(96
|
)
|
|
3
|
|
|
(146
|
)
|
|
3
|
|
|
(145
|
)
|
|||
Issuance of stock for deferred compensation
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||
Retirement of treasury stock
|
(2
|
)
|
|
96
|
|
|
(3
|
)
|
|
146
|
|
|
(3
|
)
|
|
145
|
|
|||
Balance, end of year
|
401
|
|
|
(17,205
|
)
|
|
349
|
|
|
(14,406
|
)
|
|
244
|
|
|
(8,074
|
)
|
|||
Total Stockholders’ Equity
|
|
|
$
|
5,563
|
|
|
|
|
$
|
6,970
|
|
|
|
|
$
|
9,966
|
|
Buildings and building improvements
|
10 to 40 years
|
Leasehold Improvements
|
Shorter of lease term or useful life
|
Equipment and other (including capital leases)
|
3 to 20 years
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
|||
(in millions)
|
|
|
|
|
|
|||
Weighted average shares for basic EPS
|
484
|
|
|
550
|
|
|
608
|
|
Dilutive effect of shares issuable under stock-based compensation plans
|
5
|
|
|
11
|
|
|
16
|
|
Weighted average shares for diluted EPS
|
489
|
|
|
561
|
|
|
624
|
|
At December 31,
|
2015
|
|
2014
|
||||
Land
|
$
|
241
|
|
|
$
|
240
|
|
Buildings
|
737
|
|
|
717
|
|
||
Capital leases
(a)
|
163
|
|
|
165
|
|
||
Equipment and other
|
2,102
|
|
|
2,042
|
|
||
|
3,243
|
|
|
3,164
|
|
||
Less accumulated depreciation and amortization
|
1,838
|
|
|
1,731
|
|
||
Net property and equipment
|
$
|
1,405
|
|
|
$
|
1,433
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Depreciation expense, including capitalized lease amortization
(a)
|
$
|
240
|
|
|
$
|
249
|
|
|
$
|
251
|
|
|
|
Balance at
|
|
|
|
Balance at
|
||||||||||
|
|
December 31, 2014
|
|
Dispositions
|
|
December 31, 2015
|
||||||||||
Entertainment:
|
|
|
|
|
|
|
|
|
|
|
||||||
Goodwill
|
|
|
$
|
9,467
|
|
|
|
$
|
(217
|
)
|
(a)
|
|
$
|
9,250
|
|
|
Accumulated impairment losses
|
|
|
(6,294
|
)
|
|
|
—
|
|
|
|
(6,294
|
)
|
|
|||
Goodwill, net of impairment
|
|
|
3,173
|
|
|
|
(217
|
)
|
|
|
2,956
|
|
|
|||
Cable Networks:
|
|
|
|
|
|
|
|
|
|
|
||||||
Goodwill
|
|
|
480
|
|
|
|
—
|
|
|
|
480
|
|
|
|||
Accumulated impairment losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||
Goodwill, net of impairment
|
|
|
480
|
|
|
|
—
|
|
|
|
480
|
|
|
|||
Publishing:
|
|
|
|
|
|
|
|
|
|
|
||||||
Goodwill
|
|
|
406
|
|
|
|
—
|
|
|
|
406
|
|
|
|||
Accumulated impairment losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||
Goodwill, net of impairment
|
|
|
406
|
|
|
|
—
|
|
|
|
406
|
|
|
|||
Local Broadcasting:
|
|
|
|
|
|
|
|
|
|
|
||||||
Goodwill
|
|
|
22,354
|
|
|
|
—
|
|
|
|
22,354
|
|
|
|||
Accumulated impairment losses
|
|
|
(19,715
|
)
|
|
|
—
|
|
|
|
(19,715
|
)
|
|
|||
Goodwill, net of impairment
|
|
|
2,639
|
|
|
|
—
|
|
|
|
2,639
|
|
|
|||
Total:
|
|
|
|
|
|
|
|
|
|
|
||||||
Goodwill
|
|
|
32,707
|
|
|
|
(217
|
)
|
|
|
32,490
|
|
|
|||
Accumulated impairment losses
|
|
|
(26,009
|
)
|
|
|
—
|
|
|
|
(26,009
|
)
|
|
|||
Goodwill, net of impairment
|
|
|
$
|
6,698
|
|
|
|
$
|
(217
|
)
|
|
|
$
|
6,481
|
|
|
|
|
Balance at
|
|
|
|
Balance at
|
||||||||||
|
|
December 31, 2013
|
|
Acquisitions
|
|
December 31, 2014
|
||||||||||
Entertainment:
|
|
|
|
|
|
|
|
|
|
|
||||||
Goodwill
|
|
|
$
|
9,467
|
|
|
|
$
|
—
|
|
|
|
$
|
9,467
|
|
|
Accumulated impairment losses
|
|
|
(6,294
|
)
|
|
|
—
|
|
|
|
(6,294
|
)
|
|
|||
Goodwill, net of impairment
|
|
|
3,173
|
|
|
|
—
|
|
|
|
3,173
|
|
|
|||
Cable Networks:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Goodwill
|
|
|
480
|
|
|
|
—
|
|
|
|
480
|
|
|
|||
Accumulated impairment losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||
Goodwill, net of impairment
|
|
|
480
|
|
|
|
—
|
|
|
|
480
|
|
|
|||
Publishing:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Goodwill
|
|
|
406
|
|
|
|
—
|
|
|
|
406
|
|
|
|||
Accumulated impairment losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||
Goodwill, net of impairment
|
|
|
406
|
|
|
|
—
|
|
|
|
406
|
|
|
|||
Local Broadcasting:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Goodwill
|
|
|
22,244
|
|
|
|
110
|
|
(a)
|
|
22,354
|
|
|
|||
Accumulated impairment losses
|
|
|
(19,715
|
)
|
|
|
—
|
|
|
|
(19,715
|
)
|
|
|||
Goodwill, net of impairment
|
|
|
2,529
|
|
|
|
110
|
|
|
|
2,639
|
|
|
|||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Goodwill
|
|
|
32,597
|
|
|
|
110
|
|
|
|
32,707
|
|
|
|||
Accumulated impairment losses
|
|
|
(26,009
|
)
|
|
|
—
|
|
|
|
(26,009
|
)
|
|
|||
Goodwill, net of impairment
|
|
|
$
|
6,588
|
|
|
|
$
|
110
|
|
|
|
$
|
6,698
|
|
|
|
|
|
Accumulated
|
|
|
||||||
At December 31, 2015
|
Gross
|
|
Amortization
|
|
Net
|
||||||
Intangible assets subject to amortization:
|
|
|
|
|
|
||||||
Trade names
|
$
|
211
|
|
|
$
|
(59
|
)
|
|
$
|
152
|
|
Other intangible assets
|
161
|
|
|
(120
|
)
|
|
41
|
|
|||
Total intangible assets subject to amortization
|
372
|
|
|
(179
|
)
|
|
193
|
|
|||
FCC licenses
|
5,321
|
|
|
—
|
|
|
5,321
|
|
|||
Total intangible assets
|
$
|
5,693
|
|
|
$
|
(179
|
)
|
|
$
|
5,514
|
|
|
|
|
Accumulated
|
|
|
||||||
At December 31, 2014
|
Gross
|
|
Amortization
|
|
Net
|
||||||
Intangible assets subject to amortization:
|
|
|
|
|
|
||||||
Trade names
|
$
|
220
|
|
|
$
|
(54
|
)
|
|
$
|
166
|
|
Other intangible assets
|
167
|
|
|
(129
|
)
|
|
38
|
|
|||
Total intangible assets subject to amortization
|
387
|
|
|
(183
|
)
|
|
204
|
|
|||
FCC licenses
|
5,804
|
|
|
—
|
|
|
5,804
|
|
|||
Total intangible assets
|
$
|
6,191
|
|
|
$
|
(183
|
)
|
|
$
|
6,008
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||||||||
Amortization expense
|
|
$
|
24
|
|
|
|
|
$
|
32
|
|
|
|
|
$
|
39
|
|
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
||||||||||||||||||||
Future amortization expense
|
|
$
|
20
|
|
|
|
|
$
|
17
|
|
|
|
|
$
|
16
|
|
|
|
|
$
|
16
|
|
|
|
|
$
|
13
|
|
|
Fair value of CBS Corp. Class B Common Stock accepted
|
|
$
|
2,721
|
|
(44,723,131 shares at $60.85 per share on July 16, 2014)
|
|
|
||
Carrying value of Outdoor Americas
|
|
(1,162
|
)
|
|
Accumulated other comprehensive income
|
|
30
|
|
|
Transaction costs
|
|
(32
|
)
|
|
Net gain on split-off of Outdoor Americas
|
|
$
|
1,557
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Revenues from discontinued operations
|
$
|
—
|
|
|
$
|
677
|
|
|
$
|
1,695
|
|
Earnings (loss) from discontinued operations
|
$
|
17
|
|
|
$
|
79
|
|
|
$
|
(12
|
)
|
Income tax provision
|
(7
|
)
|
|
(26
|
)
|
|
—
|
|
|||
Earnings (loss) from discontinued operations, net of tax
|
10
|
|
|
53
|
|
|
(12
|
)
|
|||
Gain on disposal
|
—
|
|
|
1,557
|
|
|
159
|
|
|||
Income tax provision
|
—
|
|
|
—
|
|
|
(6
|
)
|
|||
Gain on disposal, net of tax
|
—
|
|
|
1,557
|
|
|
153
|
|
|||
Less: Net earnings from discontinued operations attributable to noncontrolling interest, net of tax
|
—
|
|
|
5
|
|
|
—
|
|
|||
Net earnings from discontinued operations attributable to CBS Corp.
|
$
|
10
|
|
|
$
|
1,605
|
|
|
$
|
141
|
|
|
Balance at
|
|
2015
|
|
2015
|
|
Balance at
|
||||||||||||||
|
December 31, 2014
|
|
Charges
|
|
Settlements
|
|
December 31, 2015
|
||||||||||||||
Entertainment
|
|
$
|
6
|
|
|
|
$
|
26
|
|
|
|
$
|
(13
|
)
|
|
|
|
$
|
19
|
|
|
Local Broadcasting
|
|
10
|
|
|
|
55
|
|
|
|
(31
|
)
|
|
|
|
34
|
|
|
||||
Corporate
|
|
2
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
|
1
|
|
|
||||
Total
|
|
$
|
18
|
|
|
|
$
|
81
|
|
|
|
$
|
(45
|
)
|
|
|
|
$
|
54
|
|
|
|
2014
|
|
2014
|
|
Balance at
|
||||||||||
|
Charges
|
|
Settlements
|
|
December 31, 2014
|
||||||||||
Entertainment
|
$
|
8
|
|
|
|
$
|
(2
|
)
|
|
|
|
$
|
6
|
|
|
Publishing
|
1
|
|
|
|
(1
|
)
|
|
|
|
—
|
|
|
|||
Local Broadcasting
|
14
|
|
|
|
(4
|
)
|
|
|
|
10
|
|
|
|||
Corporate
|
3
|
|
|
|
(1
|
)
|
|
|
|
2
|
|
|
|||
Total
|
$
|
26
|
|
|
|
$
|
(8
|
)
|
|
|
|
$
|
18
|
|
|
At December 31,
|
2015
|
|
2014
|
||||
Acquired program rights
|
$
|
1,533
|
|
|
$
|
1,187
|
|
Internally produced programming:
|
|
|
|
||||
Released
|
1,261
|
|
|
1,121
|
|
||
In process and other
|
392
|
|
|
384
|
|
||
Publishing, primarily finished goods
|
42
|
|
|
47
|
|
||
Total programming and other inventory
|
3,228
|
|
|
2,739
|
|
||
Less current portion
|
1,271
|
|
|
922
|
|
||
Total noncurrent programming and other inventory
|
$
|
1,957
|
|
|
$
|
1,817
|
|
At December 31,
|
2015
|
|
2014
|
||||
Receivables
|
$
|
115
|
|
|
$
|
107
|
|
Other assets (Receivables, noncurrent)
|
38
|
|
|
76
|
|
||
Total amounts due from Viacom Inc.
|
$
|
153
|
|
|
$
|
183
|
|
At December 31,
|
2015
|
|
2014
|
||||
Commercial paper
|
$
|
—
|
|
|
$
|
616
|
|
7.625% Senior Debentures due 2016
|
200
|
|
|
200
|
|
||
1.95% Senior Notes due 2017
|
398
|
|
|
397
|
|
||
4.625% Senior Notes due 2018
|
309
|
|
|
313
|
|
||
2.30% Senior Notes due 2019
|
609
|
|
|
596
|
|
||
5.75% Senior Notes due 2020
|
498
|
|
|
498
|
|
||
4.30% Senior Notes due 2021
|
299
|
|
|
299
|
|
||
3.375% Senior Notes due 2022
|
694
|
|
|
693
|
|
||
7.875% Debentures due 2023
|
186
|
|
|
186
|
|
||
7.125% Senior Notes due 2023
(b)
|
46
|
|
|
46
|
|
||
3.70% Senior Notes due 2024
|
596
|
|
|
595
|
|
||
3.50% Senior Notes due 2025
|
585
|
|
|
—
|
|
||
4.00% Senior Notes due 2026
|
781
|
|
|
—
|
|
||
7.875% Senior Debentures due 2030
|
833
|
|
|
833
|
|
||
5.50% Senior Debentures due 2033
|
425
|
|
|
425
|
|
||
5.90% Senior Notes due 2040
|
297
|
|
|
297
|
|
||
4.85% Senior Notes due 2042
|
484
|
|
|
484
|
|
||
4.90% Senior Notes due 2044
|
538
|
|
|
537
|
|
||
4.60% Senior Notes due 2045
|
587
|
|
|
—
|
|
||
Obligations under capital leases
|
83
|
|
|
97
|
|
||
Total debt
(c)
|
8,448
|
|
|
7,112
|
|
||
Less commercial paper
|
—
|
|
|
616
|
|
||
Less current portion
|
222
|
|
|
20
|
|
||
Total long-term debt, net of current portion
|
$
|
8,226
|
|
|
$
|
6,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 and
|
||||||||||||
|
2016
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
||||||||||||||||||||||
Long-term debt
|
|
$
|
200
|
|
|
|
$
|
400
|
|
|
|
$
|
300
|
|
|
|
$
|
600
|
|
|
|
$
|
500
|
|
|
$
|
6,440
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
Financial Statement Account
|
||||||||
Non-designated foreign exchange contracts
|
|
$
|
22
|
|
|
|
|
$
|
6
|
|
|
|
Other items, net
|
|
|
|
|
|
|
|
|
|
|
||||
Designated interest rate swaps
|
|
$
|
7
|
|
|
|
|
$
|
3
|
|
|
|
Interest expense
|
At December 31, 2015
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Foreign currency hedges
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
13
|
|
Total Assets
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
13
|
|
Liabilities:
|
|
|
|
|
|
|
$
|
—
|
|
||||||
Deferred compensation
|
$
|
—
|
|
|
$
|
312
|
|
|
$
|
—
|
|
|
$
|
312
|
|
Total Liabilities
|
$
|
—
|
|
|
$
|
312
|
|
|
$
|
—
|
|
|
$
|
312
|
|
At December 31, 2014
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Investments
|
$
|
80
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
80
|
|
Foreign currency hedges
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
||||
Total Assets
|
$
|
80
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
86
|
|
Liabilities:
|
|
|
|
|
|
|
$
|
—
|
|
||||||
Deferred compensation
|
$
|
—
|
|
|
$
|
307
|
|
|
$
|
—
|
|
|
$
|
307
|
|
Foreign currency hedges
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
309
|
|
|
$
|
—
|
|
|
$
|
309
|
|
|
Continuing Operations
|
|
Discontinued Operations
|
|
|
||||||||||||||
|
|
|
Net Actuarial
|
|
|
|
|
|
Accumulated
|
||||||||||
|
Cumulative
|
|
Gain (Loss)
|
|
Unrealized
|
|
Other
|
|
Other
|
||||||||||
|
Translation
|
|
and Prior
|
|
Gain on
|
|
Comprehensive
|
|
Comprehensive
|
||||||||||
|
Adjustments
|
|
Service Cost
|
|
Securities
|
|
Income (Loss)
|
(a)
|
Loss
|
||||||||||
At December 31, 2012
|
$
|
168
|
|
|
$
|
(936
|
)
|
|
$
|
2
|
|
|
$
|
197
|
|
|
$
|
(569
|
)
|
Other comprehensive income (loss) before reclassifications
|
(2
|
)
|
|
163
|
|
|
1
|
|
|
(4
|
)
|
|
158
|
|
|||||
Reclassifications to net earnings
|
—
|
|
|
44
|
|
(b)
|
—
|
|
|
(178
|
)
|
(c)
|
(134
|
)
|
|||||
Other comprehensive income (loss)
|
(2
|
)
|
|
207
|
|
|
1
|
|
|
(182
|
)
|
|
24
|
|
|||||
At December 31, 2013
|
166
|
|
|
(729
|
)
|
|
3
|
|
|
15
|
|
|
(545
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
(9
|
)
|
|
(189
|
)
|
|
—
|
|
|
15
|
|
|
(183
|
)
|
|||||
Reclassifications to net earnings
|
—
|
|
|
26
|
|
(b)
|
(3
|
)
|
|
(30
|
)
|
(c)
|
(7
|
)
|
|||||
Other comprehensive loss
|
(9
|
)
|
|
(163
|
)
|
|
(3
|
)
|
|
(15
|
)
|
|
(190
|
)
|
|||||
At December 31, 2014
|
157
|
|
|
(892
|
)
|
|
—
|
|
|
—
|
|
|
(735
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
(5
|
)
|
|
(66
|
)
|
|
—
|
|
|
—
|
|
|
(71
|
)
|
|||||
Reclassifications to net earnings
|
—
|
|
|
36
|
|
(b)
|
—
|
|
|
—
|
|
|
36
|
|
|||||
Other comprehensive loss
|
(5
|
)
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
|||||
At December 31, 2015
|
$
|
152
|
|
|
$
|
(922
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(770
|
)
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
RSUs
|
$
|
143
|
|
|
$
|
131
|
|
|
$
|
129
|
|
Stock options
|
31
|
|
|
23
|
|
|
93
|
|
|||
Stock-based compensation expense, before income taxes
|
174
|
|
|
154
|
|
|
222
|
|
|||
Related tax benefit
|
(67
|
)
|
|
(60
|
)
|
|
(86
|
)
|
|||
Stock-based compensation expense, net of tax benefit
|
$
|
107
|
|
|
$
|
94
|
|
|
$
|
136
|
|
|
|
|
|
|
Weighted Average
|
|||||
|
RSUs
|
|
Grant Date Fair Value
|
|||||||
Non-vested at December 31, 2014
|
|
6,700,094
|
|
|
|
|
$
|
45.26
|
|
|
Granted
|
|
2,994,745
|
|
|
|
|
$
|
59.11
|
|
|
Vested
|
|
(3,579,992
|
)
|
|
|
|
$
|
40.50
|
|
|
Forfeited
|
|
(369,767
|
)
|
|
|
|
$
|
53.94
|
|
|
Non-vested at December 31, 2015
|
|
5,745,080
|
|
|
|
|
$
|
54.88
|
|
|
|
2015
|
|
2014
|
|
2013
|
|||
Expected dividend yield
|
1.25
|
%
|
|
1.25
|
%
|
|
1.49
|
%
|
Expected stock price volatility
|
31.45
|
%
|
|
33.06
|
%
|
|
34.86
|
%
|
Risk-free interest rate
|
1.63
|
%
|
|
1.60
|
%
|
|
.97
|
%
|
Expected term of options (years)
|
5.00
|
|
|
5.00
|
|
|
5.00
|
|
|
|
|
|
|
Weighted Average
|
|||||
|
Stock Options
|
|
Exercise Price
|
|||||||
Outstanding at December 31, 2014
|
|
15,634,317
|
|
|
|
|
$
|
33.12
|
|
|
Granted
|
|
1,885,683
|
|
|
|
|
$
|
59.41
|
|
|
Exercised
|
|
(5,723,239
|
)
|
|
|
|
$
|
24.88
|
|
|
Forfeited or expired
|
|
(491,726
|
)
|
|
|
|
$
|
31.60
|
|
|
Outstanding at December 31, 2015
|
|
11,305,035
|
|
|
|
|
$
|
41.75
|
|
|
Exercisable at December 31, 2015
|
|
6,199,611
|
|
|
|
|
$
|
31.40
|
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Cash received from stock option exercises
|
$
|
142
|
|
|
$
|
283
|
|
|
$
|
146
|
|
Tax benefit of stock option exercises
|
$
|
74
|
|
|
$
|
200
|
|
|
$
|
88
|
|
Intrinsic value of stock option exercises
|
$
|
192
|
|
|
$
|
517
|
|
|
$
|
229
|
|
|
Outstanding
|
|
Exercisable
|
||||||||||||||||
|
|
|
Remaining
|
|
Weighted
|
|
|
|
Weighted
|
||||||||||
Range of
|
Number
|
|
Contractual
|
|
Average
|
|
Number
|
|
Average
|
||||||||||
Exercise Price
|
of Options
|
|
Life (Years)
|
|
Exercise Price
|
|
of Options
|
|
Exercise Price
|
||||||||||
$5 to 9.99
|
676,135
|
|
|
1.24
|
|
|
$
|
5.25
|
|
|
|
676,135
|
|
|
|
$
|
5.25
|
|
|
$10 to 19.99
|
488,744
|
|
|
2.42
|
|
|
$
|
14.10
|
|
|
|
488,744
|
|
|
|
$
|
14.10
|
|
|
$20 to 29.99
|
2,744,846
|
|
|
3.86
|
|
|
$
|
27.83
|
|
|
|
2,322,791
|
|
|
|
$
|
27.54
|
|
|
$30 to 39.99
|
1,339,775
|
|
|
4.69
|
|
|
$
|
34.08
|
|
|
|
1,168,110
|
|
|
|
$
|
34.03
|
|
|
$40 to 49.99
|
2,219,630
|
|
|
5.17
|
|
|
$
|
44.28
|
|
|
|
971,946
|
|
|
|
$
|
44.36
|
|
|
$50 to 59.99
|
1,817,150
|
|
|
7.01
|
|
|
$
|
59.54
|
|
|
|
44,672
|
|
|
|
$
|
59.58
|
|
|
$60 to 69.99
|
2,018,755
|
|
|
6.07
|
|
|
$
|
65.86
|
|
|
|
527,213
|
|
|
|
$
|
65.91
|
|
|
|
11,305,035
|
|
|
|
|
|
|
|
|
6,199,611
|
|
|
|
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
United States
|
$
|
1,599
|
|
|
$
|
1,790
|
|
|
$
|
2,283
|
|
Foreign
|
424
|
|
|
374
|
|
|
382
|
|
|||
Total
|
$
|
2,023
|
|
|
$
|
2,164
|
|
|
$
|
2,665
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
227
|
|
|
$
|
(14
|
)
|
|
$
|
310
|
|
State and local
|
54
|
|
|
22
|
|
|
74
|
|
|||
Foreign
|
91
|
|
|
62
|
|
|
61
|
|
|||
|
372
|
|
|
70
|
|
|
445
|
|
|||
Deferred
|
215
|
|
|
692
|
|
|
433
|
|
|||
Provision for income taxes
|
$
|
587
|
|
|
$
|
762
|
|
|
$
|
878
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Taxes on income at U.S. federal statutory rate
|
$
|
708
|
|
|
$
|
758
|
|
|
$
|
933
|
|
State and local taxes, net of federal tax benefit
|
55
|
|
|
93
|
|
|
101
|
|
|||
Effect of foreign operations
|
(100
|
)
|
|
(90
|
)
|
|
(92
|
)
|
|||
Sales of businesses
|
(42
|
)
|
|
—
|
|
|
—
|
|
|||
Audit settlements, net
|
(9
|
)
|
|
(7
|
)
|
|
(17
|
)
|
|||
Other, net
(a)
|
(25
|
)
|
|
8
|
|
|
(47
|
)
|
|||
Provision for income taxes
|
$
|
587
|
|
|
$
|
762
|
|
|
$
|
878
|
|
At December 31,
|
2015
|
|
2014
|
||||
Deferred income tax assets:
|
|
|
|
||||
Reserves and other accrued liabilities
|
$
|
699
|
|
|
$
|
743
|
|
Pension, postretirement and other employee benefits
|
801
|
|
|
794
|
|
||
Tax credit and loss carryforwards
|
953
|
|
|
628
|
|
||
Other
|
108
|
|
|
113
|
|
||
Total deferred income tax assets
|
2,561
|
|
|
2,278
|
|
||
Valuation allowance
|
(919
|
)
|
|
(575
|
)
|
||
Deferred income tax assets, net
|
1,642
|
|
|
1,703
|
|
||
Deferred income tax liabilities:
|
|
|
|
||||
Intangible assets
|
(2,391
|
)
|
|
(2,432
|
)
|
||
Unbilled licensing receivables
|
(599
|
)
|
|
(532
|
)
|
||
Property, equipment and other assets
|
(157
|
)
|
|
(151
|
)
|
||
Total deferred income tax liabilities
|
(3,147
|
)
|
|
(3,115
|
)
|
||
Deferred income tax liabilities, net
|
$
|
(1,505
|
)
|
|
$
|
(1,412
|
)
|
At January 1, 2013
|
$
|
172
|
|
Additions for current year tax positions
|
11
|
|
|
Additions for prior year tax positions
|
14
|
|
|
Reductions for prior year tax positions
|
(40
|
)
|
|
Cash settlements
|
(17
|
)
|
|
Statute of limitations lapses
|
(1
|
)
|
|
At December 31, 2013
|
139
|
|
|
Additions for current year tax positions
|
14
|
|
|
Additions for prior year tax positions
|
31
|
|
|
Reductions for prior year tax positions
|
(26
|
)
|
|
Cash settlements
|
(16
|
)
|
|
Statute of limitations lapses
|
(2
|
)
|
|
At December 31, 2014
|
140
|
|
|
Additions for current year tax positions
|
14
|
|
|
Additions for prior year tax positions
|
6
|
|
|
Reductions for prior year tax positions
|
(32
|
)
|
|
Cash settlements
|
(23
|
)
|
|
Statute of limitations lapses
|
(1
|
)
|
|
At December 31, 2015
|
$
|
104
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
||||||||
Benefit obligation, beginning of year
|
$
|
5,323
|
|
|
$
|
5,022
|
|
|
$
|
562
|
|
|
$
|
589
|
|
Service cost
|
31
|
|
|
31
|
|
|
—
|
|
|
—
|
|
||||
Interest cost
|
209
|
|
|
237
|
|
|
20
|
|
|
25
|
|
||||
Actuarial (gain) loss
|
(210
|
)
|
|
444
|
|
|
(45
|
)
|
|
5
|
|
||||
Benefits paid
|
(416
|
)
|
|
(396
|
)
|
|
(66
|
)
|
|
(74
|
)
|
||||
Participants’ contributions
|
—
|
|
|
—
|
|
|
11
|
|
|
11
|
|
||||
Retiree Medicare drug subsidy
|
—
|
|
|
—
|
|
|
4
|
|
|
6
|
|
||||
Settlements
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Cumulative translation adjustments
|
(26
|
)
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
||||
Benefit obligation, end of year
|
$
|
4,911
|
|
|
$
|
5,323
|
|
|
$
|
486
|
|
|
$
|
562
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Change in plan assets:
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets, beginning of year
|
$
|
4,224
|
|
|
$
|
4,184
|
|
|
$
|
5
|
|
|
$
|
5
|
|
Actual return on plan assets
|
(99
|
)
|
|
402
|
|
|
—
|
|
|
—
|
|
||||
Employer contributions
|
52
|
|
|
50
|
|
|
50
|
|
|
57
|
|
||||
Benefits paid
|
(416
|
)
|
|
(396
|
)
|
|
(66
|
)
|
|
(74
|
)
|
||||
Participants’ contributions
|
—
|
|
|
—
|
|
|
11
|
|
|
11
|
|
||||
Retiree Medicare drug subsidy
|
—
|
|
|
—
|
|
|
4
|
|
|
6
|
|
||||
Settlements
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Cumulative translation adjustments
|
(27
|
)
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
||||
Fair value of plan assets, end of year
|
$
|
3,734
|
|
|
$
|
4,224
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
At December 31,
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Funded status at end of year
|
$
|
(1,177
|
)
|
|
$
|
(1,099
|
)
|
|
$
|
(482
|
)
|
|
$
|
(557
|
)
|
Amounts recognized on the Consolidated Balance Sheets:
|
|
|
|
|
|
|
|
||||||||
Other assets
|
$
|
17
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Current liabilities
|
(51
|
)
|
|
(50
|
)
|
|
(50
|
)
|
|
(57
|
)
|
||||
Noncurrent liabilities
|
(1,143
|
)
|
|
(1,064
|
)
|
|
(432
|
)
|
|
(500
|
)
|
||||
Net amounts recognized
|
$
|
(1,177
|
)
|
|
$
|
(1,099
|
)
|
|
$
|
(482
|
)
|
|
$
|
(557
|
)
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
At December 31,
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net actuarial (loss) gain
|
$
|
(1,848
|
)
|
|
$
|
(1,774
|
)
|
|
$
|
246
|
|
|
$
|
222
|
|
Net prior service cost
|
(9
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
||||
Share of equity investee
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
(1,858
|
)
|
|
(1,785
|
)
|
|
246
|
|
|
222
|
|
||||
Deferred income taxes
|
734
|
|
|
706
|
|
|
(44
|
)
|
|
(35
|
)
|
||||
Net amount recognized in accumulated other
comprehensive income (loss)
|
$
|
(1,124
|
)
|
|
$
|
(1,079
|
)
|
|
$
|
202
|
|
|
$
|
187
|
|
At December 31,
|
2015
|
|
2014
|
||||
Projected benefit obligation
|
$
|
4,795
|
|
|
$
|
5,200
|
|
Accumulated benefit obligation
|
$
|
4,717
|
|
|
$
|
5,111
|
|
Fair value of plan assets
|
$
|
3,602
|
|
|
$
|
4,085
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||||||
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
Components of net periodic cost:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service cost
|
$
|
31
|
|
|
$
|
31
|
|
|
$
|
38
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
209
|
|
|
237
|
|
|
211
|
|
|
20
|
|
|
25
|
|
|
26
|
|
||||||
Expected return on plan assets
|
(261
|
)
|
|
(262
|
)
|
|
(271
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of actuarial losses (gains)
|
79
|
|
|
63
|
|
|
85
|
|
|
(21
|
)
|
|
(21
|
)
|
|
(16
|
)
|
||||||
Amortization of prior service cost (credit)
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||
Net periodic cost
|
$
|
59
|
|
|
$
|
70
|
|
|
$
|
64
|
|
|
$
|
(1
|
)
|
|
$
|
3
|
|
|
$
|
9
|
|
|
Pension
|
|
Postretirement
|
||||||||
Year Ended December 31, 2015
|
Benefits
|
|
Benefits
|
||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
45
|
|
|
|||
Actuarial (loss) gain
|
|
$
|
(154
|
)
|
|
|
|
$
|
45
|
|
|
Amortization of actuarial losses (gains)
(a)
|
|
79
|
|
|
|
|
(21
|
)
|
|
||
Amortization of prior service cost (credit)
(a)
|
|
1
|
|
|
|
|
—
|
|
|
||
Cumulative translation adjustments
|
|
1
|
|
|
|
|
—
|
|
|
||
|
|
(73
|
)
|
|
|
|
24
|
|
|
||
Deferred income taxes
|
|
28
|
|
|
|
|
(9
|
)
|
|
||
Recognized in other comprehensive income, net of tax
|
|
$
|
(45
|
)
|
|
|
|
$
|
15
|
|
|
|
Pension
|
|
Postretirement
|
||||||||
|
Benefits
|
|
Benefits
|
||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||
Weighted average assumptions used to determine benefit obligations at December 31:
|
|
|
|
|
|
|
|
||||
Discount rate
|
4.6
|
%
|
|
4.1
|
%
|
|
4.2
|
%
|
|
3.8
|
%
|
Rate of compensation increase
|
3.0
|
%
|
|
3.0
|
%
|
|
N/A
|
|
|
N/A
|
|
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
|
|
|
|
|
|
|
|
||||
Discount rate
|
4.1
|
%
|
|
4.9
|
%
|
|
3.8
|
%
|
|
4.5
|
%
|
Expected long-term return on plan assets
|
6.5
|
%
|
|
6.5
|
%
|
|
2.0
|
%
|
|
2.0
|
%
|
Rate of compensation increase
|
3.0
|
%
|
|
3.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|
2015
|
|
2014
|
||
Projected health care cost trend rate
|
7.0
|
%
|
|
7.0
|
%
|
Ultimate trend rate
|
5.0
|
%
|
|
5.0
|
%
|
Year ultimate trend rate is achieved
|
2021
|
|
|
2019
|
|
|
One Percentage
|
|
One Percentage
|
||||||||
|
Point Increase
|
|
Point Decrease
|
||||||||
Effect on total service and interest cost components
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Effect on the accumulated postretirement benefit obligation
|
|
$
|
7
|
|
|
|
|
$
|
(7
|
)
|
|
At December 31, 2015
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash and cash equivalents
(a)
|
$
|
3
|
|
|
$
|
72
|
|
|
$
|
—
|
|
|
$
|
75
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
|
|||||||
U.S. treasury securities
|
118
|
|
|
—
|
|
|
—
|
|
|
118
|
|
||||
Government-related securities
|
29
|
|
|
266
|
|
|
—
|
|
|
295
|
|
||||
Corporate bonds
(b)
|
—
|
|
|
2,208
|
|
|
—
|
|
|
2,208
|
|
||||
Mortgage-backed and asset-backed securities
|
—
|
|
|
114
|
|
|
2
|
|
|
116
|
|
||||
Equity securities:
(c)
|
|
|
|
|
|
|
|
|
|||||||
U.S. large capitalization
|
233
|
|
|
322
|
|
|
—
|
|
|
555
|
|
||||
U.S. small capitalization
|
70
|
|
|
2
|
|
|
—
|
|
|
72
|
|
||||
International equity
(d)
|
—
|
|
|
230
|
|
|
—
|
|
|
230
|
|
||||
Limited partnerships
|
—
|
|
|
—
|
|
|
43
|
|
|
43
|
|
||||
Other
|
—
|
|
|
22
|
|
|
—
|
|
|
22
|
|
||||
Total Assets
|
$
|
453
|
|
|
$
|
3,236
|
|
|
$
|
45
|
|
|
$
|
3,734
|
|
At December 31, 2014
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash and cash equivalents
(a)
|
$
|
5
|
|
|
$
|
43
|
|
|
$
|
—
|
|
|
$
|
48
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
||||||||
U.S. treasury securities
|
139
|
|
|
—
|
|
|
—
|
|
|
139
|
|
||||
Government-related securities
|
49
|
|
|
301
|
|
|
—
|
|
|
350
|
|
||||
Corporate bonds
(b)
|
—
|
|
|
2,560
|
|
|
—
|
|
|
2,560
|
|
||||
Mortgage-backed and asset-backed securities
|
—
|
|
|
116
|
|
|
3
|
|
|
119
|
|
||||
Equity securities:
(c)
|
|
|
|
|
|
|
|
|
|||||||
U.S. large capitalization
|
258
|
|
|
349
|
|
|
—
|
|
|
607
|
|
||||
U.S. small capitalization
|
74
|
|
|
2
|
|
|
—
|
|
|
76
|
|
||||
International equity
(d)
|
—
|
|
|
242
|
|
|
—
|
|
|
242
|
|
||||
Limited partnerships
|
—
|
|
|
—
|
|
|
56
|
|
|
56
|
|
||||
Other
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
||||
Total Assets
|
$
|
525
|
|
|
$
|
3,640
|
|
|
$
|
59
|
|
|
$
|
4,224
|
|
|
Limited
Partnerships
|
|
Mortgage-backed
Securities
|
|
Total
|
||||||||||||
At January 1, 2014
|
|
$
|
55
|
|
|
|
|
$
|
4
|
|
|
|
|
$
|
59
|
|
|
Actual return related to investments held at end of year
|
|
1
|
|
|
|
|
—
|
|
|
|
|
1
|
|
|
|||
Contributions and distributions, net
|
|
—
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|||
At December 31, 2014
|
|
56
|
|
|
|
|
3
|
|
|
|
|
59
|
|
|
|||
Contributions and distributions, net
|
|
(13
|
)
|
|
|
|
(1
|
)
|
|
|
|
(14
|
)
|
|
|||
At December 31, 2015
|
|
$
|
43
|
|
|
|
|
$
|
2
|
|
|
|
|
$
|
45
|
|
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021-2025
|
||||||||||||
Pension
|
$
|
432
|
|
|
$
|
380
|
|
|
$
|
371
|
|
|
$
|
363
|
|
|
$
|
355
|
|
|
$
|
1,650
|
|
Postretirement
|
$
|
60
|
|
|
$
|
58
|
|
|
$
|
56
|
|
|
$
|
54
|
|
|
$
|
51
|
|
|
$
|
213
|
|
Retiree Medicare drug subsidy
|
$
|
(8
|
)
|
|
$
|
(8
|
)
|
|
$
|
(8
|
)
|
|
$
|
(8
|
)
|
|
$
|
(7
|
)
|
|
$
|
(34
|
)
|
|
|
Employer
Identification
|
|
Pension
Protection Act
|
|
|
|
|
|
|
|
Expiration
Date of
Collective-
|
|||||||
|
|
Number/Pension
|
|
Zone Status
(a)
|
|
Company Contributions
|
|
Bargaining
|
|||||||||||
Pension Plan
|
|
Plan Number
|
|
2015
|
2014
|
|
2015
|
|
2014
|
|
2013
|
|
Agreement
|
||||||
AFTRA Retirement Plan
(b)
|
|
13-6414972-001
|
|
Green
|
Green
|
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
7
|
|
|
(c)
|
Directors Guild of America - Producer
|
|
95-2892780-001
|
|
Green
|
Green
|
|
6
|
|
|
5
|
|
|
5
|
|
|
6/30/2017
|
|||
Producer-Writers Guild of America
|
|
95-2216351-001
|
|
Green
|
Green
|
|
11
|
|
|
10
|
|
|
8
|
|
|
5/1/2017
|
|||
Screen Actors Guild - Producers
|
|
95-2110997-001
|
|
Green
|
Green
|
|
9
|
|
|
7
|
|
|
7
|
|
|
6/30/2017
|
|||
Motion Picture Industry
|
|
95-1810805-001
|
|
Green
|
Green
|
|
10
|
|
|
8
|
|
|
7
|
|
|
(d)
|
|||
Other Plans
|
|
|
|
|
|
|
9
|
|
|
10
|
|
|
8
|
|
|
|
|||
|
|
Total contributions
|
|
$
|
52
|
|
|
$
|
47
|
|
|
$
|
42
|
|
|
|
|
Programming and Talent
|
|
Purchase Obligations
|
|
Other Long-Term Contractual Obligations
|
||||||||
2016
|
$
|
2,175
|
|
|
$
|
230
|
|
|
|
$
|
—
|
|
|
2017
|
1,980
|
|
|
198
|
|
|
|
648
|
|
|
|||
2018
|
1,711
|
|
|
154
|
|
|
|
399
|
|
|
|||
2019
|
1,688
|
|
|
132
|
|
|
|
196
|
|
|
|||
2020
|
1,399
|
|
|
135
|
|
|
|
88
|
|
|
|||
2021 and thereafter
|
2,953
|
|
|
69
|
|
|
|
58
|
|
|
|||
Total
|
$
|
11,906
|
|
|
$
|
918
|
|
|
|
$
|
1,389
|
|
|
|
Leases
|
||||||
|
Capital
|
|
Operating
|
||||
2016
|
$
|
19
|
|
|
$
|
158
|
|
2017
|
16
|
|
|
134
|
|
||
2018
|
15
|
|
|
121
|
|
||
2019
|
14
|
|
|
108
|
|
||
2020
|
14
|
|
|
86
|
|
||
2021 and thereafter
|
16
|
|
|
395
|
|
||
Total minimum payments
|
$
|
94
|
|
|
$
|
1,002
|
|
Less amounts representing interest
|
11
|
|
|
|
|||
Present value of minimum payments
|
$
|
83
|
|
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Entertainment
|
$
|
8,438
|
|
|
$
|
8,309
|
|
|
$
|
8,645
|
|
Cable Networks
|
2,242
|
|
|
2,176
|
|
|
2,069
|
|
|||
Publishing
|
780
|
|
|
778
|
|
|
809
|
|
|||
Local Broadcasting
|
2,607
|
|
|
2,756
|
|
|
2,696
|
|
|||
Corporate/Eliminations
|
(181
|
)
|
|
(213
|
)
|
|
(214
|
)
|
|||
Total Revenues
|
$
|
13,886
|
|
|
$
|
13,806
|
|
|
$
|
14,005
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Intercompany Revenues:
|
|
|
|
|
|
||||||
Entertainment
|
$
|
178
|
|
|
$
|
206
|
|
|
$
|
208
|
|
Cable Networks
|
—
|
|
|
1
|
|
|
—
|
|
|||
Local Broadcasting
|
15
|
|
|
18
|
|
|
17
|
|
|||
Total Intercompany Revenues
|
$
|
193
|
|
|
$
|
225
|
|
|
$
|
225
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Segment Operating Income (Loss):
|
|
|
|
|
|
||||||
Entertainment
|
$
|
1,294
|
|
|
$
|
1,316
|
|
|
$
|
1,605
|
|
Cable Networks
|
945
|
|
|
974
|
|
|
878
|
|
|||
Publishing
|
114
|
|
|
101
|
|
|
107
|
|
|||
Local Broadcasting
|
765
|
|
|
878
|
|
|
812
|
|
|||
Corporate
|
(275
|
)
|
|
(295
|
)
|
|
(357
|
)
|
|||
Total Segment Operating Income
|
2,843
|
|
|
2,974
|
|
|
3,045
|
|
|||
Restructuring charges
|
(81
|
)
|
|
(26
|
)
|
|
(20
|
)
|
|||
Impairment charges
|
(484
|
)
|
|
(52
|
)
|
|
—
|
|
|||
Gain on sales of businesses
|
139
|
|
|
—
|
|
|
—
|
|
|||
Operating income
|
2,417
|
|
|
2,896
|
|
|
3,025
|
|
|||
Interest expense
|
(392
|
)
|
|
(363
|
)
|
|
(375
|
)
|
|||
Interest income
|
24
|
|
|
13
|
|
|
8
|
|
|||
Loss on early extinguishment of debt
|
—
|
|
|
(352
|
)
|
|
—
|
|
|||
Other items, net
|
(26
|
)
|
|
(30
|
)
|
|
7
|
|
|||
Earnings from continuing operations before income taxes and
equity in loss of investee companies
|
2,023
|
|
|
2,164
|
|
|
2,665
|
|
|||
Provision for income taxes
|
(587
|
)
|
|
(762
|
)
|
|
(878
|
)
|
|||
Equity in loss of investee companies, net of tax
|
(33
|
)
|
|
(48
|
)
|
|
(49
|
)
|
|||
Net earnings from continuing operations
|
1,403
|
|
|
1,354
|
|
|
1,738
|
|
|||
Net earnings from discontinued operations, net of tax
|
10
|
|
|
1,605
|
|
|
141
|
|
|||
Net earnings
|
$
|
1,413
|
|
|
$
|
2,959
|
|
|
$
|
1,879
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Depreciation and Amortization:
|
|
|
|
|
|
|
|
|
|||
Entertainment
|
$
|
126
|
|
|
$
|
139
|
|
|
$
|
153
|
|
Cable Networks
|
23
|
|
|
23
|
|
|
20
|
|
|||
Publishing
|
6
|
|
|
6
|
|
|
6
|
|
|||
Local Broadcasting
|
79
|
|
|
87
|
|
|
86
|
|
|||
Corporate
|
30
|
|
|
26
|
|
|
25
|
|
|||
Total Depreciation and Amortization
|
$
|
264
|
|
|
$
|
281
|
|
|
$
|
290
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Stock-based Compensation:
|
|
|
|
|
|
||||||
Entertainment
|
$
|
61
|
|
|
$
|
56
|
|
|
$
|
56
|
|
Cable Networks
|
11
|
|
|
9
|
|
|
8
|
|
|||
Publishing
|
4
|
|
|
4
|
|
|
4
|
|
|||
Local Broadcasting
|
28
|
|
|
28
|
|
|
27
|
|
|||
Corporate
|
70
|
|
|
57
|
|
|
127
|
|
|||
Total Stock-based Compensation
|
$
|
174
|
|
|
$
|
154
|
|
|
$
|
222
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Capital Expenditures:
|
|
|
|
|
|
||||||
Entertainment
|
$
|
99
|
|
|
$
|
94
|
|
|
$
|
101
|
|
Cable Networks
|
18
|
|
|
16
|
|
|
16
|
|
|||
Publishing
|
10
|
|
|
4
|
|
|
4
|
|
|||
Local Broadcasting
|
50
|
|
|
65
|
|
|
64
|
|
|||
Corporate
|
16
|
|
|
27
|
|
|
27
|
|
|||
Total Capital Expenditures
|
$
|
193
|
|
|
$
|
206
|
|
|
$
|
212
|
|
At December 31,
|
2015
|
|
2014
|
||||
Assets:
|
|
|
|
||||
Entertainment
|
$
|
10,910
|
|
|
$
|
10,580
|
|
Cable Networks
|
2,369
|
|
|
2,131
|
|
||
Publishing
|
880
|
|
|
877
|
|
||
Local Broadcasting
|
9,105
|
|
|
9,575
|
|
||
Corporate
|
476
|
|
|
733
|
|
||
Discontinued operations
|
25
|
|
|
39
|
|
||
Total Assets
|
$
|
23,765
|
|
|
$
|
23,935
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Revenues by Type:
|
|
|
|
|
|
||||||
Advertising
|
$
|
7,018
|
|
|
$
|
7,204
|
|
|
$
|
7,525
|
|
Content licensing and distribution
|
3,903
|
|
|
3,990
|
|
|
3,997
|
|
|||
Affiliate and subscription fees
|
2,724
|
|
|
2,362
|
|
|
2,221
|
|
|||
Other
|
241
|
|
|
250
|
|
|
262
|
|
|||
Total Revenues
|
$
|
13,886
|
|
|
$
|
13,806
|
|
|
$
|
14,005
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Revenues:
(a)
|
|
|
|
|
|
||||||
United States
|
$
|
11,882
|
|
|
$
|
12,013
|
|
|
$
|
12,178
|
|
International
|
2,004
|
|
|
1,793
|
|
|
1,827
|
|
|||
Total Revenues
|
$
|
13,886
|
|
|
$
|
13,806
|
|
|
$
|
14,005
|
|
At December 31,
|
2015
|
|
2014
|
||||
Long-lived Assets:
(a)
|
|
|
|
||||
United States
|
$
|
17,375
|
|
|
$
|
17,848
|
|
International
|
357
|
|
|
328
|
|
||
Total Long-lived Assets
|
$
|
17,732
|
|
|
$
|
18,176
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Cash paid for interest
(a)
|
$
|
349
|
|
|
$
|
707
|
|
|
$
|
360
|
|
|
|
|
|
|
|
||||||
Cash paid for income taxes:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
258
|
|
|
$
|
217
|
|
|
$
|
294
|
|
Discontinued operations
|
25
|
|
|
42
|
|
|
92
|
|
|||
Total
|
$
|
283
|
|
|
$
|
259
|
|
|
$
|
386
|
|
Year Ended December 31,
|
2015
|
|
2014
|
|
2013
|
||||||
Noncash investing and financing activities:
|
|
|
|
|
|
||||||
Shares received in Split-Off (Note 4)
|
$
|
—
|
|
|
$
|
2,721
|
|
|
$
|
—
|
|
Equipment acquired under capitalized leases
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
58
|
|
Radio station swap (Note 3)
|
$
|
—
|
|
|
$
|
262
|
|
|
$
|
—
|
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
|
||||||||||
2015
(a) (b)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Total Year
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Entertainment
|
$
|
2,261
|
|
|
$
|
1,785
|
|
|
$
|
1,932
|
|
|
$
|
2,460
|
|
|
$
|
8,438
|
|
Cable Networks
|
539
|
|
|
615
|
|
|
526
|
|
|
562
|
|
|
2,242
|
|
|||||
Publishing
|
145
|
|
|
199
|
|
|
203
|
|
|
233
|
|
|
780
|
|
|||||
Local Broadcasting
|
596
|
|
|
654
|
|
|
638
|
|
|
719
|
|
|
2,607
|
|
|||||
Corporate/Eliminations
|
(41
|
)
|
|
(34
|
)
|
|
(42
|
)
|
|
(64
|
)
|
|
(181
|
)
|
|||||
Total Revenues
|
$
|
3,500
|
|
|
$
|
3,219
|
|
|
$
|
3,257
|
|
|
$
|
3,910
|
|
|
$
|
13,886
|
|
Segment Operating Income (Loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
Entertainment
|
$
|
346
|
|
|
$
|
262
|
|
|
$
|
339
|
|
|
$
|
347
|
|
|
$
|
1,294
|
|
Cable Networks
|
251
|
|
|
220
|
|
|
246
|
|
|
228
|
|
|
945
|
|
|||||
Publishing
|
12
|
|
|
25
|
|
|
43
|
|
|
34
|
|
|
114
|
|
|||||
Local Broadcasting
|
161
|
|
|
198
|
|
|
174
|
|
|
232
|
|
|
765
|
|
|||||
Corporate
|
(68
|
)
|
|
(64
|
)
|
|
(49
|
)
|
|
(94
|
)
|
|
(275
|
)
|
|||||
Total Segment Operating Income
|
702
|
|
|
641
|
|
|
753
|
|
|
747
|
|
|
2,843
|
|
|||||
Restructuring charges
|
—
|
|
|
(55
|
)
|
|
—
|
|
|
(26
|
)
|
|
(81
|
)
|
|||||
Impairment charge
|
—
|
|
|
—
|
|
|
—
|
|
|
(484
|
)
|
|
(484
|
)
|
|||||
Gain on sales of businesses
|
19
|
|
|
—
|
|
|
—
|
|
|
120
|
|
|
139
|
|
|||||
Total Operating Income
|
$
|
721
|
|
|
$
|
586
|
|
|
$
|
753
|
|
|
$
|
357
|
|
|
$
|
2,417
|
|
Net earnings from continuing operations
|
$
|
394
|
|
|
$
|
332
|
|
|
$
|
426
|
|
|
$
|
251
|
|
|
$
|
1,403
|
|
Net earnings
|
$
|
394
|
|
|
$
|
332
|
|
|
$
|
426
|
|
|
$
|
261
|
|
|
$
|
1,413
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic net earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings from continuing operations
|
$
|
.79
|
|
|
$
|
.68
|
|
|
$
|
.89
|
|
|
$
|
.54
|
|
|
$
|
2.90
|
|
Net earnings
|
$
|
.79
|
|
|
$
|
.68
|
|
|
$
|
.89
|
|
|
$
|
.56
|
|
|
$
|
2.92
|
|
Diluted net earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings from continuing operations
|
$
|
.78
|
|
|
$
|
.67
|
|
|
$
|
.88
|
|
|
$
|
.53
|
|
|
$
|
2.87
|
|
Net earnings
|
$
|
.78
|
|
|
$
|
.67
|
|
|
$
|
.88
|
|
|
$
|
.55
|
|
|
$
|
2.89
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average number of common shares
|
|
|
|
|
|
|
|
|
|
||||||||||
outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
498
|
|
|
490
|
|
|
480
|
|
|
469
|
|
|
484
|
|
|||||
Diluted
|
506
|
|
|
495
|
|
|
484
|
|
|
474
|
|
|
489
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends per common share
|
$
|
.15
|
|
|
$
|
.15
|
|
|
$
|
.15
|
|
|
$
|
.15
|
|
|
$
|
.60
|
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
|
||||||||||
2014
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Total Year
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Entertainment
|
$
|
2,303
|
|
|
$
|
1,835
|
|
|
$
|
1,911
|
|
|
$
|
2,260
|
|
|
$
|
8,309
|
|
Cable Networks
|
537
|
|
|
516
|
|
|
624
|
|
|
499
|
|
|
2,176
|
|
|||||
Publishing
|
153
|
|
|
211
|
|
|
199
|
|
|
215
|
|
|
778
|
|
|||||
Local Broadcasting
|
626
|
|
|
665
|
|
|
680
|
|
|
785
|
|
|
2,756
|
|
|||||
Corporate/Eliminations
|
(49
|
)
|
|
(39
|
)
|
|
(47
|
)
|
|
(78
|
)
|
|
(213
|
)
|
|||||
Total Revenues
|
$
|
3,570
|
|
|
$
|
3,188
|
|
|
$
|
3,367
|
|
|
$
|
3,681
|
|
|
$
|
13,806
|
|
Segment Operating Income (Loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
Entertainment
|
$
|
420
|
|
|
$
|
341
|
|
|
$
|
302
|
|
|
$
|
253
|
|
|
$
|
1,316
|
|
Cable Networks
|
254
|
|
|
213
|
|
|
266
|
|
|
241
|
|
|
974
|
|
|||||
Publishing
|
11
|
|
|
23
|
|
|
42
|
|
|
25
|
|
|
101
|
|
|||||
Local Broadcasting
|
179
|
|
|
215
|
|
|
192
|
|
|
292
|
|
|
878
|
|
|||||
Corporate
|
(73
|
)
|
|
(62
|
)
|
|
(56
|
)
|
|
(104
|
)
|
|
(295
|
)
|
|||||
Total Segment Operating Income
|
791
|
|
|
730
|
|
|
746
|
|
|
707
|
|
|
2,974
|
|
|||||
Restructuring charges
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
—
|
|
|
(26
|
)
|
|||||
Impairment charge
|
—
|
|
|
—
|
|
|
(52
|
)
|
|
—
|
|
|
(52
|
)
|
|||||
Total Operating Income
|
$
|
791
|
|
|
$
|
730
|
|
|
$
|
668
|
|
|
$
|
707
|
|
|
$
|
2,896
|
|
Net earnings from continuing operations
|
$
|
462
|
|
|
$
|
418
|
|
|
$
|
72
|
|
|
$
|
402
|
|
|
$
|
1,354
|
|
Net earnings
|
$
|
468
|
|
|
$
|
439
|
|
|
$
|
1,639
|
|
|
$
|
413
|
|
|
$
|
2,959
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic net earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings from continuing operations
|
$
|
.79
|
|
|
$
|
.73
|
|
|
$
|
.14
|
|
|
$
|
.78
|
|
|
$
|
2.46
|
|
Net earnings
|
$
|
.80
|
|
|
$
|
.77
|
|
|
$
|
3.08
|
|
|
$
|
.80
|
|
|
$
|
5.38
|
|
Diluted net earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings from continuing operations
|
$
|
.77
|
|
|
$
|
.72
|
|
|
$
|
.13
|
|
|
$
|
.77
|
|
|
$
|
2.41
|
|
Net earnings
|
$
|
.78
|
|
|
$
|
.76
|
|
|
$
|
3.03
|
|
|
$
|
.79
|
|
|
$
|
5.27
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average number of common shares
|
|
|
|
|
|
|
|
|
|
||||||||||
outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
585
|
|
|
570
|
|
|
532
|
|
|
515
|
|
|
550
|
|
|||||
Diluted
|
600
|
|
|
581
|
|
|
541
|
|
|
523
|
|
|
561
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends per common share
|
$
|
.12
|
|
|
$
|
.12
|
|
|
$
|
.15
|
|
|
$
|
.15
|
|
|
$
|
.54
|
|
|
Statement of Operations
|
||||||||||||||||||
|
For the Year Ended December 31, 2015
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Revenues
|
$
|
148
|
|
|
$
|
11
|
|
|
$
|
13,727
|
|
|
$
|
—
|
|
|
$
|
13,886
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating
|
65
|
|
|
5
|
|
|
8,254
|
|
|
—
|
|
|
8,324
|
|
|||||
Selling, general and administrative
|
46
|
|
|
244
|
|
|
2,165
|
|
|
—
|
|
|
2,455
|
|
|||||
Depreciation and amortization
|
6
|
|
|
20
|
|
|
238
|
|
|
—
|
|
|
264
|
|
|||||
Restructuring charges
|
—
|
|
|
—
|
|
|
81
|
|
|
—
|
|
|
81
|
|
|||||
Impairment charge
|
—
|
|
|
—
|
|
|
484
|
|
|
—
|
|
|
484
|
|
|||||
Gain on sales of businesses
|
(117
|
)
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(139
|
)
|
|||||
Total costs and expenses
|
—
|
|
|
269
|
|
|
11,200
|
|
|
—
|
|
|
11,469
|
|
|||||
Operating income (loss)
|
148
|
|
|
(258
|
)
|
|
2,527
|
|
|
—
|
|
|
2,417
|
|
|||||
Interest (expense) income, net
|
(486
|
)
|
|
(403
|
)
|
|
521
|
|
|
—
|
|
|
(368
|
)
|
|||||
Other items, net
|
(3
|
)
|
|
9
|
|
|
(32
|
)
|
|
—
|
|
|
(26
|
)
|
|||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies
|
(341
|
)
|
|
(652
|
)
|
|
3,016
|
|
|
—
|
|
|
2,023
|
|
|||||
Benefit (provision) for income taxes
|
160
|
|
|
215
|
|
|
(962
|
)
|
|
—
|
|
|
(587
|
)
|
|||||
Equity in earnings (loss) of investee companies,
net of tax
|
1,593
|
|
|
1,090
|
|
|
(33
|
)
|
|
(2,683
|
)
|
|
(33
|
)
|
|||||
Net earnings from continuing operations
|
1,412
|
|
|
653
|
|
|
2,021
|
|
|
(2,683
|
)
|
|
1,403
|
|
|||||
Net earnings from discontinued operations, net of tax
|
1
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
10
|
|
|||||
Net earnings
|
$
|
1,413
|
|
|
$
|
653
|
|
|
$
|
2,030
|
|
|
$
|
(2,683
|
)
|
|
$
|
1,413
|
|
Total comprehensive income
|
$
|
1,378
|
|
|
$
|
660
|
|
|
$
|
2,030
|
|
|
$
|
(2,690
|
)
|
|
$
|
1,378
|
|
|
Statement of Operations
|
||||||||||||||||||
|
For the Year Ended December 31, 2014
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Revenues
|
$
|
159
|
|
|
$
|
11
|
|
|
$
|
13,636
|
|
|
$
|
—
|
|
|
$
|
13,806
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating
|
68
|
|
|
6
|
|
|
8,015
|
|
|
—
|
|
|
8,089
|
|
|||||
Selling, general and administrative
|
61
|
|
|
255
|
|
|
2,146
|
|
|
—
|
|
|
2,462
|
|
|||||
Depreciation and amortization
|
6
|
|
|
16
|
|
|
259
|
|
|
—
|
|
|
281
|
|
|||||
Restructuring charges
|
—
|
|
|
3
|
|
|
23
|
|
|
—
|
|
|
26
|
|
|||||
Impairment charge
|
—
|
|
|
—
|
|
|
52
|
|
|
—
|
|
|
52
|
|
|||||
Total costs and expenses
|
135
|
|
|
280
|
|
|
10,495
|
|
|
—
|
|
|
10,910
|
|
|||||
Operating income (loss)
|
24
|
|
|
(269
|
)
|
|
3,141
|
|
|
—
|
|
|
2,896
|
|
|||||
Interest (expense) income, net
|
(443
|
)
|
|
(383
|
)
|
|
476
|
|
|
—
|
|
|
(350
|
)
|
|||||
Loss on early extinguishment of debt
|
(351
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(352
|
)
|
|||||
Other items, net
|
(1
|
)
|
|
4
|
|
|
(33
|
)
|
|
—
|
|
|
(30
|
)
|
|||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies
|
(771
|
)
|
|
(648
|
)
|
|
3,583
|
|
|
—
|
|
|
2,164
|
|
|||||
Benefit (provision) for income taxes
|
280
|
|
|
229
|
|
|
(1,271
|
)
|
|
—
|
|
|
(762
|
)
|
|||||
Equity in earnings (loss) of investee companies,
net of tax
|
3,444
|
|
|
1,270
|
|
|
(48
|
)
|
|
(4,714
|
)
|
|
(48
|
)
|
|||||
Net earnings from continuing operations
|
2,953
|
|
|
851
|
|
|
2,264
|
|
|
(4,714
|
)
|
|
1,354
|
|
|||||
Net earnings (loss) from discontinued operations, net of tax
|
6
|
|
|
(1
|
)
|
|
1,600
|
|
|
—
|
|
|
1,605
|
|
|||||
Net earnings
|
$
|
2,959
|
|
|
$
|
850
|
|
|
$
|
3,864
|
|
|
$
|
(4,714
|
)
|
|
$
|
2,959
|
|
Total comprehensive income
|
$
|
2,769
|
|
|
$
|
857
|
|
|
$
|
3,819
|
|
|
$
|
(4,676
|
)
|
|
$
|
2,769
|
|
|
Statement of Operations
|
||||||||||||||||||
|
For the Year Ended December 31, 2013
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Revenues
|
$
|
145
|
|
|
$
|
11
|
|
|
$
|
13,849
|
|
|
$
|
—
|
|
|
$
|
14,005
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating
|
69
|
|
|
8
|
|
|
8,047
|
|
|
—
|
|
|
8,124
|
|
|||||
Selling, general and administrative
|
65
|
|
|
323
|
|
|
2,158
|
|
|
—
|
|
|
2,546
|
|
|||||
Depreciation and amortization
|
6
|
|
|
14
|
|
|
270
|
|
|
—
|
|
|
290
|
|
|||||
Restructuring charges
|
—
|
|
|
1
|
|
|
19
|
|
|
—
|
|
|
20
|
|
|||||
Total costs and expenses
|
140
|
|
|
346
|
|
|
10,494
|
|
|
—
|
|
|
10,980
|
|
|||||
Operating income (loss)
|
5
|
|
|
(335
|
)
|
|
3,355
|
|
|
—
|
|
|
3,025
|
|
|||||
Interest (expense) income, net
|
(457
|
)
|
|
(369
|
)
|
|
459
|
|
|
—
|
|
|
(367
|
)
|
|||||
Other items, net
|
—
|
|
|
4
|
|
|
3
|
|
|
—
|
|
|
7
|
|
|||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies
|
(452
|
)
|
|
(700
|
)
|
|
3,817
|
|
|
—
|
|
|
2,665
|
|
|||||
Benefit (provision) for income taxes
|
152
|
|
|
235
|
|
|
(1,265
|
)
|
|
—
|
|
|
(878
|
)
|
|||||
Equity in earnings (loss) of investee companies,
net of tax
|
2,170
|
|
|
1,288
|
|
|
(49
|
)
|
|
(3,458
|
)
|
|
(49
|
)
|
|||||
Net earnings from continuing operations
|
1,870
|
|
|
823
|
|
|
2,503
|
|
|
(3,458
|
)
|
|
1,738
|
|
|||||
Net earnings (loss) from discontinued operations, net of tax
|
9
|
|
|
(5
|
)
|
|
137
|
|
|
—
|
|
|
141
|
|
|||||
Net earnings
|
$
|
1,879
|
|
|
$
|
818
|
|
|
$
|
2,640
|
|
|
$
|
(3,458
|
)
|
|
$
|
1,879
|
|
Total comprehensive income
|
$
|
1,903
|
|
|
$
|
815
|
|
|
$
|
2,463
|
|
|
$
|
(3,278
|
)
|
|
$
|
1,903
|
|
|
Balance Sheet
|
||||||||||||||||||
|
At December 31, 2015
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
267
|
|
|
$
|
1
|
|
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
323
|
|
Receivables, net
|
28
|
|
|
2
|
|
|
3,598
|
|
|
—
|
|
|
3,628
|
|
|||||
Programming and other inventory
|
3
|
|
|
3
|
|
|
1,265
|
|
|
—
|
|
|
1,271
|
|
|||||
Prepaid expenses and other current assets
|
192
|
|
|
26
|
|
|
337
|
|
|
(30
|
)
|
|
525
|
|
|||||
Total current assets
|
490
|
|
|
32
|
|
|
5,255
|
|
|
(30
|
)
|
|
5,747
|
|
|||||
Property and equipment
|
46
|
|
|
180
|
|
|
3,017
|
|
|
—
|
|
|
3,243
|
|
|||||
Less accumulated depreciation and amortization
|
20
|
|
|
118
|
|
|
1,700
|
|
|
—
|
|
|
1,838
|
|
|||||
Net property and equipment
|
26
|
|
|
62
|
|
|
1,317
|
|
|
—
|
|
|
1,405
|
|
|||||
Programming and other inventory
|
6
|
|
|
9
|
|
|
1,942
|
|
|
—
|
|
|
1,957
|
|
|||||
Goodwill
|
98
|
|
|
62
|
|
|
6,321
|
|
|
—
|
|
|
6,481
|
|
|||||
Intangible assets
|
—
|
|
|
—
|
|
|
5,514
|
|
|
—
|
|
|
5,514
|
|
|||||
Investments in consolidated subsidiaries
|
42,744
|
|
|
12,775
|
|
|
—
|
|
|
(55,519
|
)
|
|
—
|
|
|||||
Other assets
|
163
|
|
|
11
|
|
|
2,487
|
|
|
—
|
|
|
2,661
|
|
|||||
Intercompany
|
—
|
|
|
2,248
|
|
|
23,988
|
|
|
(26,236
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
43,527
|
|
|
$
|
15,199
|
|
|
$
|
46,824
|
|
|
$
|
(81,785
|
)
|
|
$
|
23,765
|
|
Liabilities and Stockholders
’
Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
187
|
|
|
$
|
—
|
|
|
$
|
192
|
|
Participants
’
share and royalties payable
|
—
|
|
|
—
|
|
|
1,013
|
|
|
—
|
|
|
1,013
|
|
|||||
Program rights
|
4
|
|
|
4
|
|
|
366
|
|
|
—
|
|
|
374
|
|
|||||
Current portion of long-term debt
|
206
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
222
|
|
|||||
Accrued expenses and other current liabilities
|
418
|
|
|
230
|
|
|
1,141
|
|
|
(30
|
)
|
|
1,759
|
|
|||||
Total current liabilities
|
629
|
|
|
238
|
|
|
2,723
|
|
|
(30
|
)
|
|
3,560
|
|
|||||
Long-term debt
|
8,113
|
|
|
—
|
|
|
113
|
|
|
—
|
|
|
8,226
|
|
|||||
Other liabilities
|
2,986
|
|
|
252
|
|
|
3,178
|
|
|
—
|
|
|
6,416
|
|
|||||
Intercompany
|
26,236
|
|
|
—
|
|
|
—
|
|
|
(26,236
|
)
|
|
—
|
|
|||||
Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock
|
—
|
|
|
—
|
|
|
126
|
|
|
(126
|
)
|
|
—
|
|
|||||
Common stock
|
1
|
|
|
123
|
|
|
590
|
|
|
(713
|
)
|
|
1
|
|
|||||
Additional paid-in capital
|
44,055
|
|
|
—
|
|
|
60,894
|
|
|
(60,894
|
)
|
|
44,055
|
|
|||||
Retained earnings (deficit)
|
(20,518
|
)
|
|
14,913
|
|
|
(16,081
|
)
|
|
1,168
|
|
|
(20,518
|
)
|
|||||
Accumulated other comprehensive income (loss)
|
(770
|
)
|
|
4
|
|
|
81
|
|
|
(85
|
)
|
|
(770
|
)
|
|||||
|
22,768
|
|
|
15,040
|
|
|
45,610
|
|
|
(60,650
|
)
|
|
22,768
|
|
|||||
Less treasury stock, at cost
|
17,205
|
|
|
331
|
|
|
4,800
|
|
|
(5,131
|
)
|
|
17,205
|
|
|||||
Total Stockholders
’
Equity
|
5,563
|
|
|
14,709
|
|
|
40,810
|
|
|
(55,519
|
)
|
|
5,563
|
|
|||||
Total Liabilities and Stockholders
’
Equity
|
$
|
43,527
|
|
|
$
|
15,199
|
|
|
$
|
46,824
|
|
|
$
|
(81,785
|
)
|
|
$
|
23,765
|
|
|
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
|
|
|
373
|
|
|
(30
|
)
|
|
676
|
|
|||||
Total current assets
|
402
|
|
|
33
|
|
|
5,080
|
|
|
(30
|
)
|
|
5,485
|
|
|||||
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
|
185
|
|
|
17
|
|
|
2,292
|
|
|
—
|
|
|
2,494
|
|
|||||
Intercompany
|
—
|
|
|
2,726
|
|
|
21,772
|
|
|
(24,498
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
41,862
|
|
|
$
|
14,595
|
|
|
$
|
44,835
|
|
|
$
|
(77,357
|
)
|
|
$
|
23,935
|
|
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
|
6,349
|
|
|
—
|
|
|
127
|
|
|
—
|
|
|
6,476
|
|
|||||
Other liabilities
|
3,029
|
|
|
249
|
|
|
3,178
|
|
|
—
|
|
|
6,456
|
|
|||||
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
|
$
|
41,862
|
|
|
$
|
14,595
|
|
|
$
|
44,835
|
|
|
$
|
(77,357
|
)
|
|
$
|
23,935
|
|
|
Statement of Cash Flows
|
||||||||||||||||||
|
For the Year Ended December 31, 2015
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Net cash flow (used for) provided by operating activities
|
$
|
(634
|
)
|
|
$
|
(201
|
)
|
|
$
|
2,229
|
|
|
$
|
—
|
|
|
$
|
1,394
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
|||||
Capital expenditures
|
—
|
|
|
(16
|
)
|
|
(177
|
)
|
|
—
|
|
|
(193
|
)
|
|||||
Investments in and advances to investee companies
|
—
|
|
|
—
|
|
|
(98
|
)
|
|
—
|
|
|
(98
|
)
|
|||||
Proceeds from sale of investments
|
79
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
81
|
|
|||||
Proceeds from dispositions
|
318
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
385
|
|
|||||
Other investing activities
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||
Net cash flow provided by (used for) investing activities from continuing operations
|
394
|
|
|
(16
|
)
|
|
(221
|
)
|
|
—
|
|
|
157
|
|
|||||
Net cash flow used for investing activities from discontinued operations
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||
Net cash flow provided by (used for) investing activities
|
391
|
|
|
(16
|
)
|
|
(221
|
)
|
|
—
|
|
|
154
|
|
|||||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Repayments of short-term debt borrowings, net
|
(616
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(616
|
)
|
|||||
Proceeds from issuance of senior notes
|
1,959
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,959
|
|
|||||
Payment of capital lease obligations
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
|||||
Dividends
|
(300
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(300
|
)
|
|||||
Purchase of Company common stock
|
(2,813
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,813
|
)
|
|||||
Payment of payroll taxes in lieu of issuing shares
for stock-based compensation
|
(96
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(96
|
)
|
|||||
Proceeds from exercise of stock options
|
142
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
142
|
|
|||||
Excess tax benefit from stock-based compensation
|
88
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|||||
Increase (decrease) in intercompany payables
|
2,083
|
|
|
217
|
|
|
(2,300
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash flow provided by (used for) financing activities
|
447
|
|
|
217
|
|
|
(2,317
|
)
|
|
—
|
|
|
(1,653
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
204
|
|
|
—
|
|
|
(309
|
)
|
|
—
|
|
|
(105
|
)
|
|||||
Cash and cash equivalents at beginning of year
|
63
|
|
|
1
|
|
|
364
|
|
|
—
|
|
|
428
|
|
|||||
Cash and cash equivalents at end of year
|
$
|
267
|
|
|
$
|
1
|
|
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
323
|
|
|
Statement of Cash Flows
|
||||||||||||||||||
|
For the Year Ended December 31, 2014
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Net cash flow (used for) provided by operating activities
|
$
|
(1,107
|
)
|
|
$
|
(194
|
)
|
|
$
|
2,576
|
|
|
$
|
—
|
|
|
$
|
1,275
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
(27
|
)
|
|||||
Capital expenditures
|
—
|
|
|
(27
|
)
|
|
(179
|
)
|
|
—
|
|
|
(206
|
)
|
|||||
Investments in and advances to investee companies
|
—
|
|
|
—
|
|
|
(98
|
)
|
|
—
|
|
|
(98
|
)
|
|||||
Proceeds from sale of investments
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
|||||
Proceeds from dispositions
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|||||
Other investing activities
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||||
Net cash flow used for investing activities from continuing operations
|
(4
|
)
|
|
(27
|
)
|
|
(285
|
)
|
|
—
|
|
|
(316
|
)
|
|||||
Net cash flow used for investing activities from discontinued operations
|
(29
|
)
|
|
—
|
|
|
(256
|
)
|
|
—
|
|
|
(285
|
)
|
|||||
Net cash flow used for investing activities
|
(33
|
)
|
|
(27
|
)
|
|
(541
|
)
|
|
—
|
|
|
(601
|
)
|
|||||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from short-term debt borrowings, net
|
141
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
141
|
|
|||||
Proceeds from issuance of senior notes
|
1,728
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,728
|
|
|||||
Repayment of notes and debentures
|
(1,146
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(1,152
|
)
|
|||||
Payment of capital lease obligations
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
|||||
Dividends
|
(292
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(292
|
)
|
|||||
Purchase of Company common stock
|
(3,595
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,595
|
)
|
|||||
Payment of payroll taxes in lieu of issuing shares
for stock-based compensation
|
(146
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(146
|
)
|
|||||
Proceeds from exercise of stock options
|
283
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
283
|
|
|||||
Excess tax benefit from stock-based compensation
|
243
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
243
|
|
|||||
Other financing activities
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||
Increase (decrease) in intercompany payables
|
3,921
|
|
|
221
|
|
|
(4,142
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash flow provided by (used for) financing activities from continuing operations
|
1,134
|
|
|
221
|
|
|
(4,165
|
)
|
|
—
|
|
|
(2,810
|
)
|
|||||
Net cash flow (used for) provided by financing activities from discontinued operations
|
(11
|
)
|
|
—
|
|
|
2,178
|
|
|
—
|
|
|
2,167
|
|
|||||
Net cash flow provided by (used for) financing activities
|
1,123
|
|
|
221
|
|
|
(1,987
|
)
|
|
—
|
|
|
(643
|
)
|
|||||
Net (decrease) increase in cash and cash equivalents
|
(17
|
)
|
|
—
|
|
|
48
|
|
|
—
|
|
|
31
|
|
|||||
Cash and cash equivalents at beginning of year
(includes $29 of discontinued operations cash)
|
80
|
|
|
1
|
|
|
316
|
|
|
—
|
|
|
397
|
|
|||||
Cash and cash equivalents at end of year
|
$
|
63
|
|
|
$
|
1
|
|
|
$
|
364
|
|
|
$
|
—
|
|
|
$
|
428
|
|
|
Statement of Cash Flows
|
||||||||||||||||||
|
For the Year Ended December 31, 2013
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Net cash flow (used for) provided by operating activities
|
$
|
(934
|
)
|
|
$
|
(187
|
)
|
|
$
|
2,994
|
|
|
$
|
—
|
|
|
$
|
1,873
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
(20
|
)
|
|||||
Capital expenditures
|
—
|
|
|
(27
|
)
|
|
(185
|
)
|
|
—
|
|
|
(212
|
)
|
|||||
Investments in and advances to investee companies
|
—
|
|
|
—
|
|
|
(176
|
)
|
|
—
|
|
|
(176
|
)
|
|||||
Proceeds from sale of investments
|
—
|
|
|
1
|
|
|
6
|
|
|
—
|
|
|
7
|
|
|||||
Proceeds from dispositions
|
—
|
|
|
—
|
|
|
164
|
|
|
—
|
|
|
164
|
|
|||||
Other investing activities
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|||||
Net cash flow provided by (used for) investing activities from continuing operations
|
23
|
|
|
(26
|
)
|
|
(211
|
)
|
|
—
|
|
|
(214
|
)
|
|||||
Net cash flow used for investing activities from discontinued operations
|
—
|
|
|
—
|
|
|
(58
|
)
|
|
—
|
|
|
(58
|
)
|
|||||
Net cash flow provided by (used for) investing activities
|
23
|
|
|
(26
|
)
|
|
(269
|
)
|
|
—
|
|
|
(272
|
)
|
|||||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from short-term debt borrowings, net
|
475
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
475
|
|
|||||
Payment of capital lease obligations
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
|||||
Payment of contingent consideration
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
(30
|
)
|
|||||
Dividends
|
(300
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(300
|
)
|
|||||
Purchase of Company common stock
|
(2,185
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,185
|
)
|
|||||
Payment of payroll taxes in lieu of issuing shares
for stock-based compensation
|
(145
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(145
|
)
|
|||||
Proceeds from exercise of stock options
|
146
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
146
|
|
|||||
Excess tax benefit from stock-based compensation
|
148
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
148
|
|
|||||
Other financing activities
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||||
Increase (decrease) in intercompany payables
|
2,602
|
|
|
213
|
|
|
(2,815
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash flow provided by (used for) financing activities
|
737
|
|
|
213
|
|
|
(2,862
|
)
|
|
—
|
|
|
(1,912
|
)
|
|||||
Net decrease in cash and cash equivalents
|
(174
|
)
|
|
—
|
|
|
(137
|
)
|
|
—
|
|
|
(311
|
)
|
|||||
Cash and cash equivalents at beginning of year
(includes $21 of discontinued operations cash)
|
254
|
|
|
1
|
|
|
453
|
|
|
—
|
|
|
708
|
|
|||||
Cash and cash equivalents at end of year
(includes $29 of discontinued operations cash)
|
$
|
80
|
|
|
$
|
1
|
|
|
$
|
316
|
|
|
$
|
—
|
|
|
$
|
397
|
|
Item 9.
|
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.
|
Item 9B.
|
Other Information.
|
Item 10.
|
Directors, Executive Officers and Corporate Governance.
|
Item 11.
|
Executive Compensation.
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
Item 13.
|
Certain Relationships and Related Transactions and Director Independence.
|
Item 14.
|
Principal Accounting Fees and Services.
|
Item 15.
|
Exhibits, Financial Statement Schedules.
|
(b)
|
Exhibits.
|
|
|
CBS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Leslie Moonves
|
|
|
|
Leslie Moonves
Chairman, President and
Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Director
|
|
February 12, 2016
|
|
Charles K. Gifford
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 12, 2016
|
|
Leonard Goldberg
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 12, 2016
|
|
Bruce S. Gordon
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 12, 2016
|
|
Linda M. Griego
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 12, 2016
|
|
Arnold Kopelson
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 12, 2016
|
|
Doug Morris
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 12, 2016
|
|
Shari Redstone
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director,
Chairman Emeritus
|
|
February 12, 2016
|
|
Sumner M. Redstone
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 12, 2016
|
|
Frederic V. Salerno
|
|
|
|||
|
|
|
|
|
|
*By:
|
/s/ Lawrence P. Tu
|
|
|
|
February 12, 2016
|
|
Lawrence P. Tu
Attorney-in-Fact
for Directors
|
|
|
Exhibit No.
|
Description of Document
|
||
(3)
|
|
Articles of Incorporation and Bylaws
|
|
|
(a)
|
Amended and Restated Certificate of Incorporation of CBS Corporation effective December 31, 2005 (incorporated by reference to Exhibit 3(a) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2005) (File No. 001‑09553).
|
|
|
(b)
|
Amended and Restated Bylaws of CBS Corporation effective December 11, 2014 (incorporated by reference to Exhibit 3(b) to the Current Report on Form 8‑K filed by CBS Corporation on December 17, 2014) (File No. 001‑09553).
|
|
(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)
|
CBS Corporation 2004 Long‑Term Management Incentive Plan (as amended and restated through May 25, 2006) (incorporated by reference to Exhibit 10 to the Quarterly Report on Form 10‑Q of CBS Corporation for the quarter ended June 30, 2006) (File No. 001‑09553).*
|
|
|
(b)
|
CBS Corporation 2009 Long‑Term Incentive Plan (as amended and restated May 23, 2013) (incorporated by reference to Exhibit 10(c) to the Quarterly Report on Form 10‑Q of CBS Corporation for the quarter ended June 30, 2013) (File No. 001‑09553).*
|
|
|
(c)
|
Forms of Certificate and Terms and Conditions for equity awards for:
|
|
|
|
(i)
|
Stock Options (granted prior to 2010) (incorporated by reference to Exhibit 10(c)(i) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2011) (File No. 001‑09553).*
|
|
|
(ii)
|
Stock Options (granted in 2010 and thereafter) (incorporated by reference to Exhibit 10(c)(ii) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2011) (File No. 001‑09553).*
|
Exhibit No.
|
Description of Document
|
||
|
|
(iii)
|
Performance‑Based Restricted Share Units with Time Vesting and Performance Vesting (incorporated by reference to Exhibit 10(c)(v) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2011) (File No. 001‑09553).*
|
|
|
(iv)
|
Restricted Share Units with Time Vesting (incorporated by reference to Exhibit 10(c)(vii) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2011) (File No. 001‑09553).*
|
|
(d)
|
CBS Corporation Senior Executive Short‑Term Incentive Plan (as amended and restated as of December 31, 2005) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2005) (File No. 001‑09553) (as amended by the First Amendment to the CBS Corporation Senior Executive Short‑Term Incentive Plan effective January 1, 2009) (incorporated by reference to Exhibit 10(d) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2008) (File No. 001‑09553).*
|
|
|
(e)
|
CBS Retirement Excess Pension Plan (as amended and restated as of December 31, 2005) (incorporated by reference to Exhibit 10(o) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2005) (File No. 001‑09553) (as Part A was amended by Amendment No. 1 as of January 1, 2009) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2010) (File No. 001‑09553) (as amended by Part B, effective as of January 1, 2009, as amended and restated as of January 1, 2012) (incorporated by reference to Exhibit 10(e) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2012) (File No. 001‑09553).*
|
|
|
(f)
|
CBS Excess 401(k) Plan for Designated Senior Executives (as amended and restated as of December 31, 2005) (incorporated by reference to Exhibit 10(p) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2005) (File No. 001‑09553) (as amended by Part B effective January 1, 2009) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2008) (File No. 001‑09553) (as Part B was amended by Amendment No. 1 as of January 1, 2009) (incorporated by reference to Exhibit 10(b) to the Quarterly Report on Form 10‑Q of CBS Corporation for the quarter ended March 31, 2010) (File No. 001‑09553) (as Part B was amended by Amendment No. 2 as of January 1, 2009) (incorporated by reference to Exhibit 10(h) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2010 (File No. 001‑09553) (as Part A was amended by Amendment No. 1 as of January 1, 2014) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2013) (File No. 001‑09553) (as Part B was amended by Amendment No. 3 as of January 1, 2014) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2013) (File No. 001‑09553) (as Part A was amended by Amendment No. 2 as of February 1, 2015) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553), (as Part B was amended by Amendment No. 4 as of February 1, 2015) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553), (as Part A was amended by Amendment No. 3 as of January 1, 2015) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553), (as Part B was amended by Amendment No. 5 as of January 1, 2015) (incorporated by reference to Exhibit 10(f) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553).*
|
Exhibit No.
|
Description of Document
|
||
|
(g)
|
CBS Bonus Deferral Plan for Designated Senior Executives (as amended and restated as of December 31, 2005) (incorporated by reference to Exhibit 10(q) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2005) (File No. 001‑09553) (as amended by Part B effective January 1, 2009) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2008) (File No. 001‑09553) (as Part B was amended by Amendment No. 1 as of January 1, 2009) (incorporated by reference to Exhibit 10(c) to the Quarterly Report on Form 10‑Q of CBS Corporation for the quarter ended March 31, 2010) (File No. 001‑09553) (as Part B was amended by Amendment No. 2 as of January 1, 2009) (incorporated by reference to Exhibit 10(i) to the Annual Report on Form 10‑ K of CBS Corporation for the fiscal year ended December 31, 2010) (File No. 001‑09553) (as Part A was amended by Amendment No. 1 as of January 1, 2014) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2013) (File No. 001‑09553) (as Part B was amended by Amendment No. 3 as of January 1, 2014) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2013) (File No. 001‑09553) (as Part A was amended by Amendment No. 2 as of January 1, 2015) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553), (as Part B was amended by Amendment No. 4 as of January 1, 2015) (incorporated by reference to Exhibit 10(g) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553).*
|
|
|
(h)
|
Summary of CBS Corporation Compensation for Outside Directors (as of January 28, 2016) (filed herewith).*
|
|
|
(i)
|
Form of Director Indemnification Agreement (incorporated by reference to Exhibit 10 to the Current Report on Form 8‑K of CBS Corporation filed September 18, 2009) (File No. 001‑09553).*
|
|
|
(j)
|
Former Viacom Deferred Compensation Plan for Non‑Employee Directors (as amended and restated as of October 14, 2003) (incorporated by reference to Exhibit 10(e) to the Annual Report on Form 10‑K of Former Viacom for the fiscal year ended December 31, 2003) (File No. 001‑09553).*
|
|
|
(k)
|
CBS Corporation Deferred Compensation Plan for Outside Directors (as amended and restated as of January 29, 2015) (incorporated by reference to Exhibit 10(k) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553).*
|
|
|
(l)
|
CBS Corporation 2000 Stock Option Plan for Outside Directors (as amended and restated through January 29, 2014) (incorporated by reference to Exhibit 10(l) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2013) (File No. 001‑09553).*
|
|
|
(m)
|
CBS Corporation 2005 RSU Plan for Outside Directors (as amended and restated through January 29, 2015) (incorporated by reference to Exhibit 10(m) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553).*
|
|
|
(n)
|
CBS Corporation 2015 Equity Plan for Outside Directors (effective May 21, 2015) (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended June 30, 2015) (File No. 001-09553).*
|
|
|
(o)
|
Employment Agreement dated December 29, 2005 between CBS Corporation and Sumner M. Redstone (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8‑K of Former Viacom filed December 30, 2005) (File No. 001‑09553), as amended by a Letter Agreement dated March 13, 2007 (incorporated by reference to Exhibit 10 to the Current Report on Form 8‑K of CBS Corporation filed March 16, 2007) (File No. 001‑09553), as amended by a 409A Letter Agreement dated December 10, 2008 (incorporated by reference to Exhibit 10(m) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2008) (File No. 001‑09553).*
|
Exhibit No.
|
Description of Document
|
||
|
(p)
|
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 (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended March 31, 2015) (File No. 001-09553).*
|
|
|
(q)
|
Letter Agreement dated December 11, 2014 between CBS Corporation and Leslie Moonves amending and restating the Letter Agreement dated May 2, 2012 between CBS Corporation and Leslie Moonves (incorporated by reference to Exhibit 10(p) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553).*
Certain portions of this exhibit have been omitted pursuant to a confidential treatment order granted by the Securities and Exchange Commission.
|
|
|
(r)
|
Employment Agreement dated as of June 4, 2013 between CBS Corporation and Joseph R. Ianniello (incorporated by reference to Exhibit 10(a) to the Quarterly Report on Form 10‑Q of CBS Corporation for the quarter ended June 30, 2013) (File No. 001‑09553).*
|
|
|
(s)
|
Employment Agreement dated as of June 7, 2013 between CBS Corporation and Anthony G. Ambrosio (incorporated by reference to Exhibit 10(b) to the Quarterly Report on Form 10‑Q of CBS Corporation for the quarter ended June 30, 2013) (File No. 001‑09553), as amended by a Letter Agreement dated February 6, 2015 (incorporated by reference to Exhibit 10(r) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553).*
|
|
|
(t)
|
Employment Agreement dated as of July 1, 2013 between CBS Corporation and Gil Schwartz (filed herewith), as amended by a Letter Agreement dated August 25, 2014 (filed herewith).*
|
|
|
(u)
|
Employment Agreement dated December 17, 2015 (effective as of July 1, 2016) between CBS Corporation and Gil Schwartz (filed herewith).*
|
|
|
(v)
|
Employment Agreement dated as of November 11, 2013 between CBS Corporation and Lawrence Tu (incorporated by reference to Exhibit 10(s) to the Annual Report on Form 10-K of CBS Corporation for the year ended December 31, 2014) (File No. 001-09553).*
|
|
|
(w)
|
CBS Corporation plans assumed by Former Viacom after the merger with former CBS Corporation, consisting of the following:
|
|
|
|
(i)
|
CBS Supplemental Executive Retirement Plan (as amended as of April 1, 1999) (incorporated by reference to Exhibit 10(h) to the Quarterly Report on Form 10‑Q of CBS for the quarter ended September 30, 1999) (File No. 001‑00977) (as amended by Part B, effective as of January 1, 2009, as amended and restated as of January 1, 2012) (incorporated by reference to Exhibit 10(t)(i) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2012) (File No. 001‑09553).*
|
|
|
(ii)
|
CBS Bonus Supplemental Executive Retirement Plan (as amended as of April 1, 1999) (incorporated by reference to Exhibit 10(i) to the Quarterly Report on Form 10‑Q of CBS for the quarter ended September 30, 1999) (File No. 001‑00977) (as amended by Part B, effective as of January 1, 2009, as amended and restated as of January 1, 2012) (incorporated by reference to Exhibit 10(t)(ii) to the Annual Report on Form 10‑K of CBS Corporation for the fiscal year ended December 31, 2012) (File No. 001‑09553).*
|
|
|
(iii)
|
CBS Supplemental Employee Investment Fund (as amended as of January 1, 1998) (incorporated by reference to Exhibit 10(j) to the Quarterly Report on Form 10‑Q of CBS for the quarter ended September 30, 1999) (File No. 001‑00977).*
|
Col. A
|
|
Col. B
|
|
Col. C
|
|
|
Col. D
|
|
Col. E
|
|||||||||||||||||||||||||||
Description
|
|
Balance at Beginning of Period
|
|
Balance Acquired through Acquisitions
|
|
Charged to Costs and Expenses
|
|
Charged to Other Accounts
|
|
Deductions
|
|
Balance at End of Period
|
||||||||||||||||||||||||
Allowance for doubtful accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Year ended December 31, 2015
|
|
|
$
|
50
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
13
|
|
|
|
|
$
|
15
|
|
(a)
|
|
|
$
|
15
|
|
|
|
|
$
|
63
|
|
|
Year ended December 31, 2014
|
|
|
$
|
60
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
9
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
19
|
|
|
|
|
$
|
50
|
|
|
Year ended December 31, 2013
|
|
|
$
|
62
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
14
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
16
|
|
|
|
|
$
|
60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Valuation allowance on deferred tax assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Year ended December 31, 2015
|
|
|
$
|
575
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
398
|
|
(b)
|
|
|
$
|
—
|
|
|
|
|
$
|
54
|
|
|
|
|
$
|
919
|
|
|
Year ended December 31, 2014
|
|
|
$
|
634
|
|
|
|
|
$
|
1
|
|
|
|
|
$
|
36
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
96
|
|
|
|
|
$
|
575
|
|
|
Year ended December 31, 2013
|
|
|
$
|
240
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
450
|
|
(c)
|
|
|
$
|
—
|
|
|
|
|
$
|
56
|
|
|
|
|
$
|
634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Reserves for inventory obsolescence:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Year ended December 31, 2015
|
|
|
$
|
30
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
10
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
17
|
|
|
|
|
$
|
23
|
|
|
Year ended December 31, 2014
|
|
|
$
|
35
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
8
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
13
|
|
|
|
|
$
|
30
|
|
|
Year ended December 31, 2013
|
|
|
$
|
32
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
15
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
12
|
|
|
|
|
$
|
35
|
|
|
Dear Gil:
|
as of July 1, 2013
|
|
|
|
Very truly yours,
|
||
|
|
|
|
|
|
|
|
|
CBS CORPORATION
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Anthony G. Ambrosio
|
|
|
|
|
|
Name:
|
Anthony G. Ambrosio
|
ACCEPTED AND AGREED:
|
|
Title:
|
Executive Vice President,
|
||
|
|
|
|
|
Human Resources and
|
|
|
|
|
|
Administration
|
|
|
|
|
|
|
/s/ Gil Schwartz
|
|
|
|
|
|
Gil Schwartz
|
|
|
|
|
|
|
|
|
|
|
|
Dated:
|
6/17/13
|
|
|
|
|
Dear Gil:
|
August 25, 2014
|
|
|
|
Very truly yours,
|
||
|
|
|
|
|
|
|
|
|
CBS CORPORATION
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Anthony G. Ambrosio
|
|
|
|
|
|
Anthony G. Ambrosio
|
|
ACCEPTED AND AGREED:
|
|
Senior Executive Vice President
|
|||
|
|
|
|
Chief Administrative Officer
|
|
|
|
|
|
and Chief Human Resources Officer
|
|
|
|
|
|
|
|
/s/ Gil Schwartz
|
|
|
|
|
|
Gil Schwartz
|
|
|
|
|
|
|
|
|
|
|
|
Dated:
|
8/26/14
|
|
|
|
|
Dear Gil:
|
as of July 1, 2016
|
|
|
|
Very truly yours,
|
||
|
|
|
|
|
|
|
|
|
CBS CORPORATION
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Anthony G. Ambrosio
|
|
|
|
|
|
Name:
|
Anthony G. Ambrosio
|
|
|
Title:
|
Senior Executive Vice President,
|
||
|
|
|
|
|
Chief Administrative Officer and
|
|
|
|
|
|
Chief Human Resources Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dated:
|
17 Dec. 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCEPTED AND AGREED:
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Gil Schwartz
|
|
|
|
|
|
Gil Schwartz
|
|
|
|
|
|
|
|
|
|
|
|
Dated:
|
December 16, 2015
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||||
|
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||
Earnings from continuing operations before income
taxes and equity in loss of investee companies
|
$
|
2,023
|
|
$
|
2,164
|
|
$
|
2,665
|
|
$
|
2,357
|
|
$
|
1,983
|
|
Add:
|
|
|
|
|
|
||||||||||
Distributions from investee companies
|
3
|
|
9
|
|
8
|
|
11
|
|
6
|
|
|||||
Interest expense, net of capitalized interest
|
392
|
|
363
|
|
375
|
|
401
|
|
433
|
|
|||||
1/3 of rental expense
|
70
|
|
69
|
|
70
|
|
68
|
|
68
|
|
|||||
Total earnings from continuing operations
|
$
|
2,488
|
|
$
|
2,605
|
|
$
|
3,118
|
|
$
|
2,837
|
|
$
|
2,490
|
|
|
|
|
|
|
|
||||||||||
Fixed charges:
|
|
|
|
|
|
||||||||||
Interest expense, net of capitalized interest
|
$
|
392
|
|
$
|
363
|
|
$
|
375
|
|
$
|
401
|
|
$
|
433
|
|
1/3 of rental expense
|
70
|
|
69
|
|
70
|
|
68
|
|
68
|
|
|||||
Total fixed charges
|
$
|
462
|
|
$
|
432
|
|
$
|
445
|
|
$
|
469
|
|
$
|
501
|
|
Ratio of earnings to fixed charges
|
5.4
|
x
|
6.0
|
x
|
7.0
|
x
|
6.0
|
x
|
5.0
|
x
|
Subsidiary Name
|
Place of Incorporation or Organization
|
13 Investments LLC
|
Louisiana
|
13 Productions LLC
|
Louisiana
|
13 Radio Corporation
|
Delaware
|
90210 Productions, Inc.
|
California
|
A.S. Payroll Company, Inc.
|
California
|
Aaron Spelling Productions, Inc.
|
California
|
Acorn Pipe Line Company
|
Texas
|
Acorn Properties, Inc.
|
Texas
|
Acorn Trading Company
|
Texas
|
Addax Music Co., Inc.
|
Delaware
|
Aetrax International Corporation
|
Delaware
|
Ages Electronics, Inc.
|
Delaware
|
Ages Entertainment Software LLC
|
Delaware
|
All is Forgiven Productions (General Partnership)
|
California
|
All Media Inc.
|
Delaware
|
ALTSIM Inc.
|
Delaware
|
Amadea Film Productions, Inc.
|
Texas
|
Amazing Race Productions Inc.
|
Delaware
|
Antilles Oil Company, Inc.
|
Puerto Rico
|
A-R Acquisition Corp.
|
Delaware
|
Armacost Music LLC
|
Delaware
|
Around the Block Productions, Inc.
|
Delaware
|
Aspenfair Music, Inc.
|
California
|
Atlanta Television Station WUPA Inc.
|
Delaware
|
Audio House, Inc., The
|
California
|
Avery Productions LLC
|
Delaware
|
BAPP Acquisition Corporation
|
Delaware
|
Barrington Songs LLC
|
Delaware
|
Bay County Energy Systems, Inc.
|
Delaware
|
Bay Resource Management, Inc.
|
Delaware
|
Beverlyfax Music, Inc.
|
California
|
Big Ticket Music Inc.
|
Delaware
|
Big Ticket Pictures Inc.
|
Delaware
|
Big Ticket Productions Inc.
|
Delaware
|
Big Ticket Television Inc.
|
Delaware
|
Blackrock Insurance Corporation
|
New York
|
Blue Cow Inc.
|
Delaware
|
Bombay Hook LLC
|
Delaware
|
Bonneville Wind Corporation
|
Utah
|
Subsidiary Name
|
Place of Incorporation or Organization
|
Branded Productions, Inc.
|
California
|
Brentwood Pictures Inc.
|
Delaware
|
Brotherhood Productions, Inc.
|
Rhode Island
|
Bruin Music Company
|
Delaware
|
Buster Productions Inc.
|
Delaware
|
C&W Land Corporation
|
New Jersey
|
C-28 FCC Licensee Subsidiary, LLC
|
Delaware
|
Caroline Films Productions, Inc.
|
California
|
CBS/CTS Inc.
|
Delaware
|
CBS/Westinghouse of PA Inc.
|
Delaware
|
CBS (PDI) Distribution Inc.
|
Delaware
|
CBS 247 Inc.
|
Delaware
|
CBS Advertiser Services Inc.
|
Delaware
|
CBS AJV Inc.
|
Delaware
|
CBS Asia Inc.
|
Delaware
|
CBS Broadcast International Asia Inc.
|
New York
|
CBS Broadcasting Inc.
|
New York
|
CBS Broadcasting West Inc.
|
Delaware
|
CBS Channel 10/55 Inc.
|
Delaware
|
CBS Communications Services Inc.
|
Delaware
|
CBS Communications Technology Group Inc.
|
Delaware
|
CBS Consumer Products Inc.
|
Delaware
|
CBS Corporate Services Inc.
|
Delaware
|
CBS CW Network Partner LLC
|
Delaware
|
CBS DBS Inc.
|
Delaware
|
CBS DEC Inc.
|
Delaware
|
CBS Domains Inc.
|
Virginia
|
CBS EcoMedia Inc.
|
Delaware
|
CBS Employee Services Inc.
|
Delaware
|
CBS Executive Services Corporation
|
Delaware
|
CBS Film Funding Company Inc.
|
Delaware
|
CBS Films Inc.
|
Delaware
|
CBS Films Distribution Inc.
|
Delaware
|
CBS Films Productions Inc.
|
Delaware
|
CBS First Run Development Company Inc.
|
Delaware
|
CBS First Run Limited
|
Delaware
|
CBS Foundation Inc.
|
New York
|
CBS General Entertainment Australia Inc.
|
Delaware
|
CBS Home Entertainment Inc.
|
Delaware
|
CBS Holdings (Mexico) Inc.
|
Delaware
|
CBS IDA Inc.
|
Delaware
|
CBS Interactive Inc.
|
Delaware
|
CBS Interactive Media Inc.
|
Delaware
|
CBS International Inc.
|
Delaware
|
CBS IRB Acquisition Inc.
|
Delaware
|
CBS Japan Inc.
|
Delaware
|
Subsidiary Name
|
Place of Incorporation or Organization
|
CBS K-Band Inc.
|
Delaware
|
CBS Last FM Holding Inc.
|
Delaware
|
CBS LITV LLC
|
Delaware
|
CBS-Lux Holding LLC
|
Delaware
|
CBS Lyrics Inc.
|
Delaware
|
CBS Mass Media Corporation
|
Delaware
|
CBS MaxPreps Inc.
|
California
|
CBS Media Realty Corporation
|
New York
|
CBS Music LLC
|
Delaware
|
CBS News Communications Inc.
|
New York
|
CBS News Inc.
|
Delaware
|
CBS Operations Inc.
|
Delaware
|
CBS Operations Investments Inc.
|
Delaware
|
CBS Operations Services Inc.
|
Delaware
|
CBS Outdoor Investments Inc.
|
Delaware
|
CBS Overseas Inc.
|
New York
|
CBS Overseas Productions Two Inc.
|
Delaware
|
CBS Phoenix Inc.
|
Delaware
|
CBS Pictures Overseas Inc.
|
Delaware
|
CBS PNW Sports Inc.
|
Delaware
|
CBS Radio Annapolis Holdings Inc.
|
Delaware
|
CBS Radio Annapolis LLC
|
Delaware
|
CBS Radio East Holdings Corporation
|
Delaware
|
CBS Radio East Inc.
|
Delaware
|
CBS Radio Holdings Corp. of Massachusetts
|
Delaware
|
CBS Radio Holdings Corp. of Orlando
|
Delaware
|
CBS Radio Inc.
|
Delaware
|
CBS Radio Inc. of Atlanta
|
Delaware
|
CBS Radio Inc. of Baltimore
|
New York
|
CBS Radio Inc. of Boston
|
Delaware
|
CBS Radio Inc. of Detroit
|
Delaware
|
CBS Radio Inc. of Glendale
|
Delaware
|
CBS Radio Inc. of Illinois
|
Delaware
|
CBS Radio Inc. of Los Angeles
|
Delaware
|
CBS Radio Inc. of Maryland
|
Delaware
|
CBS Radio Inc. of Michigan
|
Delaware
|
CBS Radio Inc. of Northern California
|
Delaware
|
CBS Radio Inc. of Washington
|
Delaware
|
CBS Radio Inc. of Washington, D.C.
|
Delaware
|
CBS Radio KFRC-AM Inc.
|
Delaware
|
CBS Radio KMVQ-FM Inc.
|
Delaware
|
CBS Radio Media Corporation
|
Delaware
|
CBS Radio Network Inc.
|
Delaware
|
CBS Radio of Chicago LLC
|
Delaware
|
CBS Radio of Sacramento Inc.
|
Pennsylvania
|
CBS Radio Promotions Group Inc.
|
Delaware
|
Subsidiary Name
|
Place of Incorporation or Organization
|
CBS Radio Sales Company
|
Delaware
|
CBS Radio Services Inc.
|
Delaware
|
CBS Radio Stations Inc.
|
Delaware
|
CBS Radio Technical Services Inc.
|
Delaware
|
CBS Radio Texas Inc.
|
Delaware
|
CBS Radio Tower Inc.
|
Delaware
|
CBS Radio Ventures, Inc.
|
Delaware
|
CBS Radio WLIF, Inc.
|
Maryland
|
CBS Radio WLIF-AM, Inc.
|
Maryland
|
CBS Radio WPGC(AM) Inc.
|
Delaware
|
CBS Receivables Funding II Corporation
|
Delaware
|
CBS Receivables Funding III Corporation
|
Delaware
|
CBS Records Inc.
|
Delaware
|
CBS Retail Stores Inc.
|
Delaware
|
CBS–Sac Music Inc.
|
Delaware
|
CBS Satellite News Inc.
|
Delaware
|
CBS Services Inc.
|
Delaware
|
CBS Shopping Inc.
|
Delaware
|
CBS Sports Inc.
|
Delaware
|
CBS Sports Radio Network Inc.
|
Delaware
|
CBS Stations Group of Texas LLC
|
Delaware
|
CBS Stock Holdings I Inc.
|
Delaware
|
CBS Stock Holdings II Inc.
|
Delaware
|
CBS Studios Inc.
|
Delaware
|
CBS Studios Networks Inc.
|
New York
|
CBS Studios Overseas Productions Inc.
|
Delaware
|
CBS Studios Productions LLC
|
Delaware
|
CBS Subsidiary Management Corp.
|
Delaware
|
CBS Survivor Productions, Inc.
|
Delaware
|
CBS Technology Corporation
|
Delaware
|
CBS Television Licenses LLC
|
Delaware
|
CBS Television Service Inc.
|
Delaware
|
CBS Television Stations Inc.
|
Delaware
|
CBS Temp Services Inc.
|
Delaware
|
CBS TVG Inc.
|
Delaware
|
CBS UAC Corporation
|
Delaware
|
CBS Worldwide Distribution Inc.
|
Delaware
|
CBS World Wide Ltd.
|
New York
|
CCG Ventures, Inc.
|
Delaware
|
Central Fidelity Insurance Company
|
Vermont
|
Centurion Satellite Broadcast Inc.
|
Delaware
|
Championship Productions Inc.
|
Delaware
|
Channel 28 Television Station, Inc.
|
Delaware
|
Channel 34 Television Station LLC
|
Delaware
|
Charter Crude Oil Company
|
Texas
|
Charter Futures Trading Company
|
Texas
|
Subsidiary Name
|
Place of Incorporation or Organization
|
Charter Media Company
|
Delaware
|
Charter Oil Company
|
Florida
|
Charter Oil Services, Inc.
|
Texas
|
Chazo Productions Inc.
|
Delaware
|
CIOC Remediation Trust
|
Delaware
|
CIOC LLC
|
Delaware
|
Classless Inc.
|
Delaware
|
Clicker Media Inc.
|
Delaware
|
CNET Investments, Inc.
|
Delaware
|
Columbia Television, Inc.
|
New York
|
Comanche Moon Productions Inc.
|
New Mexico
|
Commissioner.com, Inc.
|
New York
|
Compelling Music LLC
|
California
|
Concord Entertainment Inc.
|
Delaware
|
Consolidated Caguas Corporation
|
Delaware
|
Cross Step Productions Inc.
|
Delaware
|
CSTV Networks, Inc.
|
Delaware
|
CSTV Online, Inc.
|
Delaware
|
CSTV Regional, LLC
|
Delaware
|
CSTV-A, LLC
|
Delaware
|
CSTV-B, LLC
|
Delaware
|
Danni Productions LLC
|
Louisiana
|
Davis Circle Productions Inc.
|
Delaware
|
Delaware Resource Beneficiary, Inc.
|
Delaware
|
Delaware Resource Lessee Trust
|
Delaware
|
Delaware Resource Management, Inc.
|
Delaware
|
Desilu Productions Inc.
|
Delaware
|
Detroit Television Station WKBD Inc.
|
Virginia
|
Digital Video Ops Inc.
|
Delaware
|
Dotspotter Inc.
|
Delaware
|
Dutchess Resource Management, Inc.
|
Delaware
|
Dynamic Soap, Inc.
|
California
|
Eagle Direct, Inc.
|
Delaware
|
Elite Productions Inc.
|
Delaware
|
Elysium Productions Inc.
|
Delaware
|
Energy Development Associates Inc.
|
Delaware
|
EPI Music LLC
|
California
|
Erica Film Productions, Inc.
|
California
|
ET Media Group Inc.
|
Delaware
|
Eventful, Inc.
|
Delaware
|
Evergreen Programs LLC
|
New York
|
EWB Corporation
|
Delaware
|
Eye Creative Media Group Inc.
|
Delaware
|
Eye Explorations Inc.
|
Delaware
|
Eye Net Works Inc.
|
Delaware
|
Eye Productions Inc.
|
Delaware
|
Subsidiary Name
|
Place of Incorporation or Organization
|
Fifty-Sixth Century Antrim Iron Company, Inc.
|
Delaware
|
Film Intex Corporation
|
Delaware
|
Films Ventures (Fiji) Inc.
|
Delaware
|
First Hotel Investment Corporation
|
Delaware
|
Forty-Fourth Century Corporation
|
Delaware
|
Four Crowns, Inc.
|
Delaware
|
French Street Management LLC
|
Delaware
|
Front Street Management Inc.
|
Delaware
|
G&W Leasing Company
|
Delaware
|
G&W Natural Resources Company, Inc.
|
Delaware
|
Games Exchange Inc.
|
Delaware
|
Gateway Fleet Company
|
Pennsylvania
|
Glendale Property Corp.
|
Delaware
|
Glory Productions Inc.
|
Delaware
|
Gloucester Titanium Company, Inc.
|
Delaware
|
GNS Productions Inc.
|
Delaware
|
GolfWeb
|
California
|
Gorgen, Inc.
|
California
|
Grammar Productions Inc.
|
Delaware
|
Granite Productions Inc.
|
California
|
Granville Pictures Inc.
|
Delaware
|
Green Tiger Press, Inc.
|
California
|
Group W Television Stations, L.P.
|
Delaware
|
Gulf & Western Indonesia, Inc.
|
Delaware
|
H R Acquisition Corp.
|
Delaware
|
Hamilton Projects, Inc.
|
New York
|
Hit Radio, Inc.
|
New York
|
Image Edit, Inc.
|
Delaware
|
IMR Acquisition Corp.
|
Delaware
|
INFCO Network Inc.
|
Delaware
|
Infinity Broadcasting Corporation
|
Delaware
|
Inside Edition Inc.
|
New York
|
Interstitial Programs Inc.
|
Delaware
|
Irvine Games Inc.
|
Delaware
|
Irvine Games USA Inc.
|
Delaware
|
Jumbo Ticket Songs Inc.
|
Delaware
|
Just U Productions, Inc.
|
California
|
K.W. M., Inc.
|
Delaware
|
Kalen Productions Inc.
|
Delaware
|
Katled Systems Inc.
|
Delaware
|
Kilo Mining Corporation
|
Pennsylvania
|
King World Corporation
|
Delaware
|
King World Development Inc.
|
California
|
King World Direct Inc.
|
Delaware
|
King World Media Sales Inc.
|
Delaware
|
King World Merchandising, Inc.
|
Delaware
|
Subsidiary Name
|
Place of Incorporation or Organization
|
King World Productions, Inc.
|
Delaware
|
King World Studios West Inc.
|
California
|
King World/CC Inc.
|
New York
|
Kristina Productions Inc.
|
Delaware
|
KUTV Holdings, Inc.
|
Delaware
|
KW Development Inc.
|
California
|
KWP/RR Inc.
|
New York
|
KWP Studios Inc.
|
California
|
KWTS Productions Inc.
|
California
|
Large Ticket Songs Inc.
|
Delaware
|
Laurel Entertainment LLC
|
Delaware
|
Levitt Property Managers, Inc.
|
California
|
Liliana Productions Inc.
|
Delaware
|
Lincoln Point Productions Inc.
|
Delaware
|
Los Angeles Television Station KCAL LLC
|
Delaware
|
Low Key Productions Inc.
|
Delaware
|
LT Holdings Inc.
|
Delaware
|
Maarten Investerings Partnership
|
New York
|
Magical Jade Productions Inc.
|
Delaware
|
Magic Molehill Productions, Inc.
|
California
|
Matlock Company, The
|
Delaware
|
Mattalex LLC
|
Delaware
|
Melrose Productions Inc.
|
California
|
Meredith Productions LLC
|
Delaware
|
Merlot Film Productions, Inc.
|
California
|
Merritt Inc.
|
Delaware
|
Miami Television Station WBFS Inc.
|
Delaware
|
MVP.com Sports, Inc.
|
Delaware
|
Narrabeen Productions Inc.
|
Delaware
|
New Jersey Zinc Exploration Company, The
|
Delaware
|
Nicki Film Productions, Inc.
|
Delaware
|
North Shore Productions Inc.
|
Delaware
|
NTA Films, Inc.
|
New York
|
O Good Songs Company
|
California
|
O’Connor Combustor Corporation
|
California
|
OM/TV Productions Inc.
|
Delaware
|
On Broadband Networks LLC
|
Delaware
|
Orange Ball Networks Subsidiary PRC LLC
|
Delaware
|
Orange Square Inc.
|
Delaware
|
OurChart.com LLC
|
Delaware
|
Our Home Productions Inc.
|
Delaware
|
Outdoor TDI LLC
|
Delaware
|
Outlet Networks Inc.
|
Delaware
|
Part-Time Productions Inc.
|
Delaware
|
PCCGW Company, Inc.
|
Delaware
|
PCI Canada Inc.
|
Delaware
|
Subsidiary Name
|
Place of Incorporation or Organization
|
PCI Network Partner II Inc.
|
Delaware
|
PCI Network Partner Inc.
|
Delaware
|
Permutation Productions Inc.
|
Delaware
|
Philadelphia Television Station WPSG Inc.
|
Delaware
|
Pittsburgh Television Station WPCW Inc.
|
Delaware
|
PMV Productions, Inc.
|
Delaware
|
Possible Productions Inc.
|
Delaware
|
Possum Point Incorporated
|
Delaware
|
Pottle Productions, Inc.
|
California
|
Preye, Inc.
|
California
|
Proxy Music LLC
|
California
|
Quemahoning Coal Processing Company
|
Pennsylvania
|
Radford Studio Center Inc.
|
California
|
Raquel Productions Inc.
|
Delaware
|
Real TV Music Inc.
|
Delaware
|
Recovery Ventures Inc.
|
Delaware
|
Republic Distribution LLC
|
Delaware
|
Republic Entertainment LLC
|
Delaware
|
Republic Pictures Enterprises LLC
|
Delaware
|
Republic Pictures Productions LLC
|
California
|
RH Productions Inc.
|
California
|
RTV News Inc.
|
Delaware
|
RTV News Music Inc.
|
Delaware
|
Sacramento Television Stations Inc.
|
Delaware
|
Salton Sea Songs LLC
|
Delaware
|
San Francisco Television Station KBCW Inc.
|
Virginia
|
Saucon Valley Iron and Railroad Company, The
|
Pennsylvania
|
SBX Acquisition Corp.
|
Delaware
|
Scott-Mattson Farms, Inc.
|
Florida
|
Ship House, Inc.
|
Florida
|
SHOtunes Music LLC
|
Delaware
|
Show Works Productions Inc.
|
Delaware
|
Showtime Digital Inc.
|
Delaware
|
Showtime Live Entertainment Inc.
|
Delaware
|
Showtime Marketing Inc.
|
Delaware
|
Showtime Melodies Inc.
|
Delaware
|
Showtime Networks Inc.
|
Delaware
|
Showtime Networks Inc. (U.K.)
|
Delaware
|
Showtime Networks Satellite Programming Company
|
Delaware
|
Showtime Online Inc.
|
Delaware
|
Showtime Pictures Development Company
|
Delaware
|
Showtime Satellite Networks Inc.
|
Delaware
|
Showtime Songs Inc.
|
Delaware
|
Showtime/Sundance Holding Company Inc.
|
Delaware
|
SIFO One Inc.
|
Delaware
|
SIFO Two Inc.
|
Delaware
|
Subsidiary Name
|
Place of Incorporation or Organization
|
Tube Mill, Inc.
|
Alabama
|
TV Guide Online Holdings LLC
|
Delaware
|
TV Scoop Inc.
|
Delaware
|
UCGI, Inc.
|
Delaware
|
UPN (general partnership)
|
Delaware
|
UPN Holding Company, Inc.
|
California
|
UPN Properties, Inc.
|
California
|
Ureal Productions Inc.
|
Delaware
|
VE Development Company
|
Delaware
|
VE Drive Inc.
|
Delaware
|
VE Television Inc.
|
Delaware
|
VI Services Corporation
|
Delaware
|
VISI Services Inc.
|
Delaware
|
Visions Productions, Inc.
|
New York
|
VJK Inc.
|
Delaware
|
VNM Inc.
|
Delaware
|
VP Direct Inc.
|
Delaware
|
VPix Inc.
|
Delaware
|
VP Programs Inc.
|
California
|
VSC Compositions LLC
|
New York
|
VSC Music LLC
|
New York
|
Waste Resource Energy, Inc.
|
Delaware
|
WBCE Corp.
|
New York
|
WCC FSC I, Inc.
|
Delaware
|
WCC Project Corp.
|
Delaware
|
Westgate Pictures Inc.
|
Delaware
|
Westinghouse Aircraft Leasing Inc.
|
Delaware
|
Westinghouse Asset Management Inc.
|
Delaware
|
Westinghouse Canada Holdings L.L.C.
|
Delaware
|
Westinghouse CBS Holding Company, Inc.
|
Delaware
|
Westinghouse Electric Corporation
|
Delaware
|
Westinghouse Environmental Management Company of Ohio, Inc.
|
Delaware
|
Westinghouse Hanford Company
|
Delaware
|
Westinghouse Holdings Corporation
|
Delaware
|
Westinghouse Idaho Nuclear Company, Inc.
|
Delaware
|
Westinghouse Investment Corporation
|
Delaware
|
Westinghouse Licensing Corporation
|
Pennsylvania
|
Westinghouse Reinvestment Company, L.L.C.
|
Delaware
|
Westinghouse World Investment Corporation
|
Delaware
|
W-F Productions, Inc.
|
Delaware
|
Wilshire Entertainment Inc.
|
Delaware
|
Wilshire/Hauser Company
|
Delaware
|
World Volleyball League, Inc.
|
New York
|
Worldvision Enterprises LLC
|
New York
|
Worldvision Enterprises (United Kingdom) Ltd.
|
New York
|
Subsidiary Name
|
Place of Incorporation or Organization
|
Worldvision Enterprises of Canada, Limited
|
New York
|
Worldvision Home Video LLC
|
New York
|
WPIC Corporation
|
Delaware
|
WT Animal Music Inc.
|
Delaware
|
WT Productions Inc.
|
Delaware
|
York Resource Energy Systems, Inc.
|
Delaware
|
Young Reader’s Press, Inc.
|
Delaware
|
Subsidiary Name
|
Place of Incorporation
|
14 Hours Productions Inc.
|
Canada (Ontario)
|
4400 Productions Inc.
|
Canada (B.C.)
|
1928778 Ontario Inc.
|
Canada (Ontario)
|
Abaco Farms Limited
|
Bahamas
|
AG Films Canada Inc.
|
Canada (Ontario)
|
Audioscrobbler Limited
|
United Kingdom
|
Bahamas Underwriters Services Limited
|
Bahamas
|
Cania Productions Inc.
|
Canada (Ontario)
|
Cayman Overseas Reinsurance Association
|
Cayman Islands
|
CBS-CSI International B.V.
|
Netherlands
|
CBS Broadcast International B.V.
|
Netherlands
|
CBS Broadcast-Kingworld - CBS Lux Holding LLC S.C.S.
|
Luxembourg
|
CBS Broadcast International of Canada Ltd.
|
Canada (Ontario)
|
CBS Broadcast Services Limited
|
United Kingdom
|
CBS Canada Co.
|
Canada (Nova Scotia)
|
CBS Canada Holdings Co.
|
Canada (Nova Scotia)
|
CBS Canadian Film and Television Inc.
|
Canada (Ontario)
|
CBS CSI Distribution - CBS Lux Holding LLC S.C.S.
|
Luxembourg
|
CBS EMEA Limited
|
United Kingdom
|
CBS Enterprises (UK) Limited
|
United Kingdom
|
CBS Films Canadian Productions Inc.
|
Canada (Ontario)
|
CBS Holdings (Bermuda) 2 Ltd.
|
Bermuda
|
CBS Holding (Germany) B.V.
|
Netherlands
|
CBS Holdings (Germany) II B.V.
|
Netherlands
|
CBS Interactive Limited
|
United Kingdom
|
CBS Interactive Pte Ltd.
|
Singapore
|
CBS Interactive Pty. Ltd.
|
Australia
|
CBS International (Netherlands) B.V.
|
Netherlands
|
CBS International Holdings B.V.
|
Netherlands
|
CBS International Sales Holdings B.V.
|
Netherlands
|
CBS International Television (UK) Limited
|
United Kingdom
|
CBS International Television Australia Pty Limited
|
Australia
|
Subsidiary Name
|
Place of Incorporation
|
CBS International Television Italia Srl
|
Italy
|
CBS International Television Japan GK
|
Japan
|
CBS Luxembourg S.a.r.l.
|
Luxembourg
|
CBS Outdoor Metro Services Limited
|
United Kingdom
|
CBS S AG
|
Switzerland
|
CBS Pimco UK
|
United Kingdom
|
CBS Showtime – CBS Lux Holding LLC S.C.S.
|
Luxembourg
|
CBS Studios International GmbH
|
Germany
|
CBS Studios – CBS Lux Holding LLC S.C.S.
|
Luxembourg
|
CBS UK
|
United Kingdom
|
CBS UK Channels Limited
|
United Kingdom
|
CBS UK Productions Limited
|
United Kingdom
|
CBS SEA Channels Pte. Ltd.
|
Singapore
|
CBS Worldvision – CBS Lux Holding LLC S.C.S.
|
Luxembourg
|
CBS Worldwide Ltd.
|
Bermuda
|
Channel Community Networks Corporation
|
Canada (Ontario)
|
Channel Services SA
|
Switzerland
|
Charter Oil (Bahamas) Limited
|
Bahamas
|
Charter Oil Specialties Limited
|
Bahamas
|
Chuanmei Information Technologies (Shanghai) Co., Ltd.
|
China
|
CNET (Beijing) Information Technology Co., Ltd.
|
China
|
CN Pilot Productions Inc.
|
Canada (Ontario)
|
Columbia Broadcasting Systems Limited
|
Cyprus
|
Danger Productions Inc.
|
Canada (Ontario)
|
dFactory Sarl
|
Switzerland
|
Famous Players Investments B.V.
|
Netherlands
|
First Cut Productions Inc.
|
Canada (B.C.)
|
GFB Productions Inc.
|
Canada (Ontario)
|
Grand Bahama Petroleum Company Limited
|
Bahamas
|
Grande Alliance Co. Ltd.
|
Cayman Islands
|
Granville Canadian Productions Inc.
|
Canada (Ontario)
|
Gravity Productions Inc.
|
Canada (B.C.)
|
Gulf & Western do Brazil Industria e Comercio Limitada (in liquidation)
|
Brazil
|
Gulf & Western International N.V.
|
Netherlands Antilles
|
Gulf & Western Limited
|
Bahamas
|
International Raw Materials Limited
|
Bahamas
|
King & Maxwell Productions Inc.
|
Canada (B.C.)
|
Last.FM Acquisition Limited
|
United Kingdom
|
Last.FM Limited
|
United Kingdom
|
LS Productions Inc.
|
Canada (Ontario)
|
Mayday Productions Inc.
|
Canada (Ontario)
|
New Coral Ltd.
|
Cayman Islands
|
New Providence Assurance Company Limited
|
Bahamas
|
PC Home Cayman Ltd.
|
Cayman Islands
|
Pocket Books of Canada, Ltd.
|
Canada (Federal)
|
Subsidiary Name
|
Place of Incorporation
|
Prospect Company Ltd.
|
Cayman Islands
|
PTC Holdings C.V.
|
Netherlands
|
R.G.L. Realty Limited
|
United Kingdom
|
Republic Pictures Corporation of Canada Ltd.
|
Canada (Ontario)
|
Sagia Productions Inc.
|
Canada (Ontario)
|
SF Films Inc.
|
Canada (Ontario)
|
Showtime Canada ULC
|
Canada (Alberta)
|
Showtime Distribution B.V.
|
Netherlands
|
Simon & Schuster (Australia) Pty. Limited
|
Australia
|
Simon & Schuster (UK) Limited
|
UK
|
Simon & Schuster of Canada (1976) Ltd.
|
Canada (Federal)
|
Simon & Schuster Publishers India Private Limited
|
India
|
Spelling Television (Canada) Inc.
|
Canada (B.C.)
|
Spelling Television Quebec Inc.
|
Canada (Federal)
|
St. Francis Ltd.
|
Cayman Islands
|
St. Ives Company Ltd.
|
Cayman Islands
|
Streak Productions Inc.
|
Canada (Ontario)
|
TB Productions Inc.
|
Canada (Ontario)
|
Tele-Vu Ltee.
|
Canada (Federal)
|
TMI International B.V.
|
Netherlands
|
Ultra Productions Inc.
|
Canada (Ontario)
|
VBC Pilot Productions Inc.
|
Canada (B.C.)
|
Viper Productions Inc.
|
Canada (B.C.)
|
Westinghouse Corporate Resources
|
United Kingdom
|
Woburn Insurance Ltd.
|
Bermuda
|
Worldvision Enterprises (France) SARL
|
France
|
Worldvision Enterprises de Venezuela
|
Venezuela
|
Worldvision Enterprises Latino-Americana, S.A.
|
Panama
|
Worldvision Filmes do Brasil, Ltda.
|
Brazil
|
WVI Films B.V.
|
Netherlands
|
YP Productions Inc.
|
Canada (Ontario)
|
/s/PricewaterhouseCoopers LLP
|
|
New York, New York
|
|
February 12, 2016
|
|
|
Sign:
|
/s/ David R. Andelman
|
|
|
|
||
|
|
||
|
Print Name:
David R. Andelman
|
|
Sign:
|
/s/ Joseph A. Califano, Jr.
|
|
|
|
||
|
|
||
|
Print Name:
Joseph A. Califano, Jr.
|
|
Sign:
|
/s/ William S. Cohen
|
|
|
|
||
|
Print Name:
William S. Cohen
|
|
Sign:
|
/s/ Gary L. Countryman
|
|
|
|
|
|
|
|
||
|
Print Name:
Gary L. Countryman
|
|
Sign:
|
/s/ Charles K. Gifford
|
|
|
|
||
|
|
||
|
Print Name:
Charles K. Gifford
|
|
Sign:
|
/s/ Leonard Goldberg
|
|
|
|
||
|
|
||
|
Print Name:
Leonard Goldberg
|
|
Sign:
|
/s/ Bruce S. Gordon
|
|
|
|
||
|
|
||
|
Print Name:
Bruce S. Gordon
|
|
Sign:
|
/s/ Linda M. Griego
|
|
|
|
||
|
|
||
|
Print Name:
Linda M. Griego
|
|
Sign:
|
/s/ Arnold Kopelson
|
|
|
|
||
|
|
||
|
Print Name:
Arnold Kopelson
|
|
Sign:
|
/s/ Doug Morris
|
|
|
|
||
|
|
||
|
Print Name:
Doug Morris
|
|
Sign:
|
/s/ Shari Redstone
|
|
|
|
|
|
|
|
||
|
Print Name:
Shari Redstone
|
|
Sign:
|
/s/ Sumner M. Redstone
|
|
|
|
||
|
|
||
|
Print Name:
Sumner M. Redstone
|
|
Sign:
|
/s/ Frederic V. Salerno
|
|
|
|
||
|
|
||
|
Print Name:
Frederic V. Salerno
|
1.
|
I have reviewed this annual report on Form 10-K 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.
|
|
/s/ Leslie Moonves
|
|
Leslie Moonves
Chairman, President and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K 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.
|
|
/s/ Joseph R. Ianniello
|
|
Joseph R. Ianniello
Chief Operating Officer
|
/s/ Leslie Moonves
|
|
Leslie Moonves
February 12, 2016
|
|
/s/ Joseph R. Ianniello
|
|
Joseph R. Ianniello
February 12, 2016
|
|