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x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
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For the fiscal year ended December 31, 2017
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|
OR
|
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|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
to
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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
|
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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
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Emerging growth company
o
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Item 1.
|
Business.
|
•
|
ENTERTAINMENT: The Entertainment segment is composed of the
CBS
®
Television Network; CBS Television Studios
®
; CBS Studios International
™
and CBS Television Distribution
™
; Network Ten
®
; CBS Interactive
™
; CBS Films
®
; and the Company’s digital streaming services,
CBS All Access
®
and
CBSN
®
.
|
•
|
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 MEDIA: The Local Media segment is composed of CBS Television Stations, the Company’s 29 owned broadcast television stations; and CBS Local Digital Media™, which operates local Websites including content from the Company’s television stations.
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Television
Market and Market Rank
(1)
|
|
Stations
|
Type
|
Network Affiliation
|
CBS Local Digital Media
(2)
Websites
|
New York, NY (#1)
|
|
WCBS‑TV
|
UHF
|
CBS
|
newyork.cbslocal.com
|
|
|
WLNY‑TV
|
UHF
|
Independent
|
|
|
|
|
|
|
|
Los Angeles, CA
(#2)
|
|
KCAL‑TV
|
VHF
|
Independent
|
losangeles.cbslocal.com
|
|
|
KCBS‑TV
|
UHF
|
CBS
|
|
|
|
|
|
|
|
Chicago, IL (#3)
|
|
WBBM‑TV
|
VHF
|
CBS
|
chicago.cbslocal.com
|
|
|
|
|
|
|
Philadelphia, PA (#4)
|
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KYW‑TV
|
UHF
|
CBS
|
philadelphia.cbslocal.com
|
|
|
WPSG‑TV
|
UHF
|
The CW
|
|
|
|
|
|
|
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Dallas‑Fort Worth, TX (#5)
|
|
KTVT‑TV
|
UHF
|
CBS
|
dfw.cbslocal.com
|
|
|
KTXA‑TV
|
UHF
|
Independent
|
|
|
|
|
|
|
|
San Francisco, CA (#8)
|
|
KPIX‑TV
|
UHF
|
CBS
|
sanfrancisco.cbslocal.com
|
|
|
KBCW‑TV
|
UHF
|
The CW
|
|
|
|
|
|
|
|
Atlanta, GA (#9)
|
|
WUPA-TV
|
UHF
|
The CW
|
atlanta.cbslocal.com
|
|
|
|
|
|
|
Boston, MA (#10)
|
|
WBZ‑TV
|
UHF
|
CBS
|
boston.cbslocal.com
|
|
|
WSBK‑TV
|
UHF
|
MyNetworkTV
|
|
|
|
|
|
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|
Seattle‑Tacoma, WA (#12)
|
|
KSTW‑TV
|
VHF
|
The CW
|
seattle.cbslocal.com
|
|
|
|
|
|
|
Tampa‑St. Petersburg, FL (#13)
|
|
WTOG‑TV
|
UHF
|
The CW
|
tampa.cbslocal.com
|
|
|
|
|
|
|
Detroit, MI (#14)
|
|
WKBD‑TV
|
UHF
|
The CW
|
detroit.cbslocal.com
|
|
|
WWJ‑TV
|
UHF
|
CBS
|
|
|
|
|
|
|
|
Minneapolis, MN (#15)
|
|
WCCO‑TV
|
UHF
|
CBS
|
minnesota.cbslocal.com
|
|
|
KCCW‑TV
(3)
|
VHF
|
CBS
|
|
|
|
|
|
|
|
Miami-Ft. Lauderdale, FL (#16)
|
|
WFOR‑TV
|
UHF
|
CBS
|
miami.cbslocal.com
|
|
|
WBFS‑TV
|
UHF
|
MyNetworkTV
|
|
|
|
|
|
|
|
Denver, CO (#17)
|
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KCNC‑TV
|
UHF
|
CBS
|
denver.cbslocal.com
|
|
|
|
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Sacramento, CA (#20)
|
|
KOVR-TV
|
UHF
|
CBS
|
sacramento.cbslocal.com
|
|
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KMAX-TV
|
UHF
|
The CW
|
|
|
|
|
|
|
|
Pittsburgh, PA (#24)
|
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KDKA-TV
|
UHF
|
CBS
|
pittsburgh.cbslocal.com
|
|
|
WPCW-TV
|
VHF
|
The CW
|
|
|
|
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Baltimore, MD (#26)
|
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WJZ‑TV
|
VHF
|
CBS
|
baltimore.cbslocal.com
|
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Indianapolis, IN (#28)
|
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WBXI-CA
(4)
|
UHF
|
Independent
|
|
|
|
|
|
|
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|
|
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(1)
|
Television market (DMA) rankings based on Nielsen Media Research Local Market Universe Estimates, September 2017.
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(2)
|
The Company’s television stations’ Websites, which are operated by the CBS Local Digital Media group, promote the stations’ programming and provide news, traffic, weather, entertainment and sports information, among other services for their local communities.
|
(3)
|
KCCW-TV is operated as a satellite station of WCCO-TV.
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(4)
|
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
|
|
68
|
|
Chairman of the Board, President and Chief Executive Officer
|
Anthony G. Ambrosio
|
|
57
|
|
Senior Executive Vice President, Chief Administrative Officer and
Chief Human Resources Officer
|
Jonathan H. Anschell
|
|
49
|
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Executive Vice President, Deputy General Counsel and Secretary
|
Joseph R. Ianniello
|
|
50
|
|
Chief Operating Officer
|
Richard M. Jones
|
|
52
|
|
Executive Vice President and General Tax Counsel
|
Lawrence Liding
|
|
49
|
|
Executive Vice President, Controller and Chief Accounting Officer
|
Gil Schwartz
|
|
66
|
|
Senior Executive Vice President and Chief Communications Officer
|
Lawrence P. Tu
|
|
63
|
|
Senior Executive Vice President and Chief Legal Officer
|
|
|
|
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|
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
|
||||||||
|
|
|
|
|
|
|
|
||||||||
2017
|
|
|
|
|
|
|
|
||||||||
1st quarter
|
$
|
70.68
|
|
|
$
|
62.25
|
|
|
$
|
69.60
|
|
|
$
|
61.95
|
|
2nd quarter
|
$
|
71.07
|
|
|
$
|
61.01
|
|
|
$
|
70.10
|
|
|
$
|
59.72
|
|
3rd quarter
|
$
|
68.86
|
|
|
$
|
57.45
|
|
|
$
|
68.75
|
|
|
$
|
56.91
|
|
4th quarter
|
$
|
61.70
|
|
|
$
|
53.00
|
|
|
$
|
60.77
|
|
|
$
|
52.75
|
|
2016
|
|
|
|
|
|
|
|
||||||||
1st quarter
|
$
|
59.99
|
|
|
$
|
46.86
|
|
|
$
|
55.38
|
|
|
$
|
41.36
|
|
2nd quarter
|
$
|
61.77
|
|
|
$
|
53.13
|
|
|
$
|
57.89
|
|
|
$
|
50.53
|
|
3rd quarter
|
$
|
61.51
|
|
|
$
|
49.92
|
|
|
$
|
58.22
|
|
|
$
|
48.88
|
|
4th quarter
|
$
|
66.99
|
|
|
$
|
55.27
|
|
|
$
|
65.09
|
|
|
$
|
54.35
|
|
(in millions, except per share amounts)
|
Total
Number of
Shares
Purchased
(a)
|
|
Average
Price Per
Share
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Programs
|
|
Remaining
Authorization
|
||||||||||||
October 1, 2017 - October 31, 2017
|
|
—
|
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
|
$
|
3,057
|
|
|
November 1, 2017 - November 30, 2017
|
|
17.9
|
|
|
|
$
|
56.40
|
|
|
|
(a)
|
|
|
|
|
$
|
3,057
|
|
|
December 1, 2017 - December 31, 2017
|
|
—
|
|
|
|
$
|
—
|
|
|
|
—
|
|
|
|
|
$
|
3,057
|
|
|
Total
|
|
17.9
|
|
|
|
|
|
|
(a)
|
|
|
|
|
$
|
3,057
|
|
|
December 31,
|
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
CBS Corp. Class A Common Stock
|
$100
|
$169
|
$151
|
$141
|
$178
|
$166
|
CBS Corp. Class B Common Stock
|
$100
|
$169
|
$148
|
$128
|
$174
|
$164
|
S&P 500
|
$100
|
$132
|
$151
|
$153
|
$171
|
$206
|
Peer Group
(a)
|
$100
|
$151
|
$181
|
$171
|
$190
|
$202
|
Item 6.
|
Selected Financial Data.
|
|
Year Ended December 31,
(a)
|
||||||||||||||||||
|
2017
(b) (c) (d) (e)
|
|
2016
(b) (c)
|
|
2015
(b)
(f)
|
|
2014
(b) (e)
|
|
2013
|
||||||||||
Revenues
|
$
|
13,692
|
|
|
$
|
13,166
|
|
|
$
|
12,671
|
|
|
$
|
12,519
|
|
|
$
|
12,713
|
|
Operating income
|
$
|
2,423
|
|
|
$
|
2,621
|
|
|
$
|
2,658
|
|
|
$
|
2,590
|
|
|
$
|
2,663
|
|
Net earnings from continuing operations
|
$
|
1,309
|
|
|
$
|
1,552
|
|
|
$
|
1,554
|
|
|
$
|
1,151
|
|
|
$
|
1,520
|
|
Net earnings (loss) from discontinued operations,
net of tax
|
$
|
(952
|
)
|
|
$
|
(291
|
)
|
|
$
|
(141
|
)
|
|
$
|
1,808
|
|
|
$
|
359
|
|
Net earnings
|
$
|
357
|
|
|
$
|
1,261
|
|
|
$
|
1,413
|
|
|
$
|
2,959
|
|
|
$
|
1,879
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic net earnings (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings from continuing operations
|
$
|
3.26
|
|
|
$
|
3.50
|
|
|
$
|
3.21
|
|
|
$
|
2.09
|
|
|
$
|
2.50
|
|
Net earnings (loss) from discontinued
operations
|
$
|
(2.37
|
)
|
|
$
|
(.66
|
)
|
|
$
|
(.29
|
)
|
|
$
|
3.29
|
|
|
$
|
.59
|
|
Net earnings
|
$
|
.89
|
|
|
$
|
2.84
|
|
|
$
|
2.92
|
|
|
$
|
5.38
|
|
|
$
|
3.09
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted net earnings (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings from continuing operations
|
$
|
3.22
|
|
|
$
|
3.46
|
|
|
$
|
3.18
|
|
|
$
|
2.05
|
|
|
$
|
2.44
|
|
Net earnings (loss) from discontinued
operations
|
$
|
(2.34
|
)
|
|
$
|
(.65
|
)
|
|
$
|
(.29
|
)
|
|
$
|
3.22
|
|
|
$
|
.58
|
|
Net earnings
|
$
|
.88
|
|
|
$
|
2.81
|
|
|
$
|
2.89
|
|
|
$
|
5.27
|
|
|
$
|
3.01
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends per common share
|
$
|
.72
|
|
|
$
|
.66
|
|
|
$
|
.60
|
|
|
$
|
.54
|
|
|
$
|
.48
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
At Year End:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
20,830
|
|
|
$
|
19,642
|
|
|
$
|
18,695
|
|
|
$
|
18,372
|
|
|
$
|
17,191
|
|
Discontinued operations
|
13
|
|
|
4,596
|
|
|
5,070
|
|
|
5,563
|
|
|
9,014
|
|
|||||
Total assets
|
$
|
20,843
|
|
|
$
|
24,238
|
|
|
$
|
23,765
|
|
|
$
|
23,935
|
|
|
$
|
26,205
|
|
Total debt:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
10,162
|
|
|
$
|
9,375
|
|
|
$
|
8,448
|
|
|
$
|
7,112
|
|
|
$
|
6,403
|
|
Discontinued operations
|
—
|
|
|
1,345
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|||||
Total debt
|
$
|
10,162
|
|
|
$
|
10,720
|
|
|
$
|
8,448
|
|
|
$
|
7,112
|
|
|
$
|
6,417
|
|
Total Stockholders’ Equity
|
$
|
1,978
|
|
|
$
|
3,689
|
|
|
$
|
5,563
|
|
|
$
|
6,970
|
|
|
$
|
9,966
|
|
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,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
GAAP:
|
|
|
|
|
|
|
|
|
|||||||
Revenues
|
$
|
13,692
|
|
|
$
|
13,166
|
|
|
$
|
526
|
|
|
4
|
%
|
|
Operating income
|
$
|
2,423
|
|
|
$
|
2,621
|
|
|
$
|
(198
|
)
|
|
(8
|
)%
|
|
Net earnings from continuing operations
|
$
|
1,309
|
|
|
$
|
1,552
|
|
|
$
|
(243
|
)
|
|
(16
|
)%
|
|
Net earnings
|
$
|
357
|
|
|
$
|
1,261
|
|
|
$
|
(904
|
)
|
|
(72
|
)%
|
|
Diluted EPS from continuing operations
|
$
|
3.22
|
|
|
$
|
3.46
|
|
|
$
|
(.24
|
)
|
|
(7
|
)%
|
|
Diluted EPS
|
$
|
.88
|
|
|
$
|
2.81
|
|
|
$
|
(1.93
|
)
|
|
(69
|
)%
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-GAAP:
(a)
|
|
|
|
|
|
|
|
|
|||||||
Adjusted operating income
|
$
|
2,819
|
|
|
$
|
2,861
|
|
|
$
|
(42
|
)
|
|
(1
|
)%
|
|
Adjusted net earnings from continuing operations
|
$
|
1,705
|
|
|
$
|
1,663
|
|
|
$
|
42
|
|
|
3
|
%
|
|
Adjusted net earnings
|
$
|
1,791
|
|
|
$
|
1,840
|
|
|
$
|
(49
|
)
|
|
(3
|
)%
|
|
Adjusted diluted EPS from continuing operations
|
$
|
4.19
|
|
|
$
|
3.71
|
|
|
$
|
.48
|
|
|
13
|
%
|
|
Adjusted diluted EPS
|
$
|
4.40
|
|
|
$
|
4.11
|
|
|
$
|
.29
|
|
|
7
|
%
|
|
|
Total Number
of Shares
(in millions)
|
|
Average Price
Per Share
|
|
Dollar Value
of Shares Repurchased
|
|
Remaining Authorization
|
|||||||||||||||
Share repurchase program
|
|
16.2
|
|
|
|
|
$
|
64.70
|
|
|
|
|
$
|
1,050
|
|
|
|
|
$
|
3,057
|
|
|
Shares retired in split-off of CBS Radio
|
|
17.9
|
|
|
|
|
$
|
56.40
|
|
|
|
|
1,007
|
|
|
|
|
|
|
|||
Total
|
|
34.1
|
|
|
|
|
$
|
60.35
|
|
|
|
|
$
|
2,057
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Dividends per share
|
|
$
|
.72
|
|
|
$
|
.66
|
|
|
$
|
.06
|
|
|
9
|
%
|
|
Total dividends
|
|
$
|
289
|
|
|
$
|
294
|
|
|
$
|
(5
|
)
|
|
(2
|
)%
|
|
|
|
|
|
||||
Year Ended December 31,
|
2017
|
|
2016
|
||||
Operating income
|
$
|
2,423
|
|
|
$
|
2,621
|
|
Discrete items:
|
|
|
|
||||
Pension settlement charges
|
352
|
|
|
211
|
|
||
Restructuring and merger and acquisition-related costs
|
63
|
|
|
38
|
|
||
Other operating items, net
(a)
|
(19
|
)
|
|
(9
|
)
|
||
Adjusted operating income
|
$
|
2,819
|
|
|
$
|
2,861
|
|
|
Net Earnings from Continuing Operations
|
|
Diluted EPS from Continuing Operations
(f)
|
|
||||||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
||||||||
Reported (GAAP)
|
$
|
1,309
|
|
|
$
|
1,552
|
|
|
$
|
3.22
|
|
|
$
|
3.46
|
|
|
Discrete items:
|
|
|
|
|
|
|
|
|
||||||||
Pension settlement charges
(net of a tax benefit of $115 million in 2017 and $81 million in 2016)
|
237
|
|
|
130
|
|
|
.58
|
|
|
.29
|
|
|
||||
Restructuring and merger and acquisition-related costs
(net of a tax benefit of $24 million in 2017 and $15 million in 2016) |
39
|
|
|
23
|
|
|
.10
|
|
|
.05
|
|
|
||||
Other operating items, net (net of a tax benefit of $4 million in 2017 and a tax provision of $4 million in 2016)
(a)
|
(23
|
)
|
|
(5
|
)
|
|
(.06
|
)
|
|
(.01
|
)
|
|
||||
Loss on early extinguishment of debt
(net of a tax benefit of $18 million)
|
31
|
|
|
—
|
|
|
.08
|
|
|
—
|
|
|
||||
Write-down of investments
(net of a tax benefit of $3 million in 2017)
(b)
|
5
|
|
|
10
|
|
|
.01
|
|
|
.02
|
|
|
||||
Federal tax reform
(c)
|
129
|
|
|
—
|
|
|
.32
|
|
|
—
|
|
|
||||
Tax items
(d)
|
(22
|
)
|
|
(47
|
)
|
|
(.05
|
)
|
|
(.10
|
)
|
|
||||
Adjusted (Non-GAAP)
|
$
|
1,705
|
|
|
$
|
1,663
|
|
|
$
|
4.19
|
|
|
$
|
3.71
|
|
|
|
Net Earnings
|
|
Diluted EPS
(f)
|
|
||||||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
||||||||
Reported (GAAP)
|
$
|
357
|
|
|
$
|
1,261
|
|
|
$
|
.88
|
|
|
$
|
2.81
|
|
|
Discrete items:
|
|
|
|
|
|
|
|
|
||||||||
Pension settlement charges
(net of a tax benefit of $115 million in 2017 and $81 million in 2016)
|
237
|
|
|
130
|
|
|
.58
|
|
|
.29
|
|
|
||||
Restructuring and merger and acquisition-related costs
(net of a tax benefit of $24 million in 2017 and $15 million in 2016) |
39
|
|
|
23
|
|
|
.10
|
|
|
.05
|
|
|
||||
Other operating items, net (net of a tax benefit of $4 million in 2017 and a tax provision of $4 million in 2016)
(a)
|
(23
|
)
|
|
(5
|
)
|
|
(.06
|
)
|
|
(.01
|
)
|
|
||||
Loss on early extinguishment of debt
(net of a tax benefit of $18 million)
|
31
|
|
|
—
|
|
|
.08
|
|
|
—
|
|
|
||||
Write-down of investments
(net of a tax benefit of $3 million in 2017)
(b)
|
5
|
|
|
10
|
|
|
.01
|
|
|
.02
|
|
|
||||
Federal tax reform
(c)
|
129
|
|
|
—
|
|
|
.32
|
|
|
—
|
|
|
||||
Tax items
(d)
|
(64
|
)
|
|
(11
|
)
|
|
(.16
|
)
|
|
(.02
|
)
|
|
||||
Discontinued operations items
(e)
|
1,080
|
|
|
432
|
|
|
2.65
|
|
|
.96
|
|
|
||||
Adjusted (Non-GAAP)
|
$
|
1,791
|
|
|
$
|
1,840
|
|
|
$
|
4.40
|
|
|
$
|
4.11
|
|
|
Revenues by Type
|
|
|
% of Total
|
|
|
|
% of Total
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2017
|
|
Revenues
|
|
2016
|
|
Revenues
|
|
$
|
|
%
|
|
|||||||||||||
Advertising
|
$
|
5,753
|
|
|
|
42
|
%
|
|
|
$
|
6,288
|
|
|
|
48
|
%
|
|
|
$
|
(535
|
)
|
|
(9
|
)%
|
|
Content licensing and distribution
|
3,952
|
|
|
|
29
|
|
|
|
3,673
|
|
|
|
28
|
|
|
|
279
|
|
|
8
|
|
|
|||
Affiliate and subscription fees
|
3,758
|
|
|
|
27
|
|
|
|
2,978
|
|
|
|
22
|
|
|
|
780
|
|
|
26
|
|
|
|||
Other
|
229
|
|
|
|
2
|
|
|
|
227
|
|
|
|
2
|
|
|
|
2
|
|
|
1
|
|
|
|||
Total Revenues
|
$
|
13,692
|
|
|
|
100
|
%
|
|
|
$
|
13,166
|
|
|
|
100
|
%
|
|
|
$
|
526
|
|
|
4
|
%
|
|
|
|
|
|
% of
|
|
|
|
% of
|
|
||||||||||
Year Ended December 31,
|
|
2017
|
|
International
|
|
2016
|
|
International
|
|
||||||||||
United Kingdom
|
|
$
|
300
|
|
|
|
15
|
%
|
|
|
$
|
279
|
|
|
|
15
|
%
|
|
|
Other Europe
|
|
735
|
|
|
|
37
|
|
|
|
717
|
|
|
|
39
|
|
|
|
||
Canada
|
|
279
|
|
|
|
14
|
|
|
|
256
|
|
|
|
14
|
|
|
|
||
Asia
|
|
210
|
|
|
|
10
|
|
|
|
190
|
|
|
|
10
|
|
|
|
||
Australia
|
|
166
|
|
|
|
8
|
|
|
|
167
|
|
|
|
9
|
|
|
|
||
Other
|
|
327
|
|
|
|
16
|
|
|
|
240
|
|
|
|
13
|
|
|
|
||
Total International Revenues
|
|
$
|
2,017
|
|
|
|
100
|
%
|
|
|
$
|
1,849
|
|
|
|
100
|
%
|
|
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
|||||||||||||||
Operating Expenses by Type
|
|
|
Operating
|
|
|
|
Operating
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2017
|
|
Expenses
|
|
2016
|
|
Expenses
|
|
$
|
|
%
|
|
|||||||||||||
Programming
|
$
|
3,156
|
|
|
|
37
|
%
|
|
|
$
|
2,941
|
|
|
|
37
|
%
|
|
|
$
|
215
|
|
|
7
|
%
|
|
Production
|
2,873
|
|
|
|
34
|
|
|
|
2,658
|
|
|
|
34
|
|
|
|
215
|
|
|
8
|
|
|
|||
Participation, distribution and
royalty
|
1,050
|
|
|
|
13
|
|
|
|
1,058
|
|
|
|
13
|
|
|
|
(8
|
)
|
|
(1
|
)
|
|
|||
Other
|
1,359
|
|
|
|
16
|
|
|
|
1,299
|
|
|
|
16
|
|
|
|
60
|
|
|
5
|
|
|
|||
Total Operating Expenses
|
$
|
8,438
|
|
|
|
100
|
%
|
|
|
$
|
7,956
|
|
|
|
100
|
%
|
|
|
$
|
482
|
|
|
6
|
%
|
|
|
|
|
% of
|
|
|
|
% of
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2017
|
|
Revenues
|
|
2016
|
|
Revenues
|
|
$
|
|
%
|
|
|||||||||||||
Selling, general and administrative
expenses
|
$
|
2,212
|
|
|
|
16
|
%
|
|
|
$
|
2,124
|
|
|
|
16
|
%
|
|
|
$
|
88
|
|
|
4
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Depreciation and amortization
|
$
|
223
|
|
|
$
|
225
|
|
|
$
|
(2
|
)
|
|
(1
|
)%
|
|
|
Balance at
|
|
2017
|
|
2017
|
|
Balance at
|
||||||||||||||
|
December 31, 2016
|
|
Charges
|
|
Settlements
|
|
December 31, 2017
|
||||||||||||||
Entertainment
|
|
$
|
20
|
|
|
|
$
|
44
|
|
|
|
$
|
(18
|
)
|
|
|
|
$
|
46
|
|
|
Cable Networks
|
|
4
|
|
|
|
—
|
|
|
|
(3
|
)
|
|
|
|
1
|
|
|
||||
Publishing
|
|
1
|
|
|
|
5
|
|
|
|
(3
|
)
|
|
|
|
3
|
|
|
||||
Local Media
|
|
12
|
|
|
|
12
|
|
|
|
(7
|
)
|
|
|
|
17
|
|
|
||||
Corporate
|
|
2
|
|
|
|
2
|
|
|
|
(1
|
)
|
|
|
|
3
|
|
|
||||
Total
|
|
$
|
39
|
|
|
|
$
|
63
|
|
|
|
$
|
(32
|
)
|
|
|
|
$
|
70
|
|
|
|
Balance at
|
|
2016
|
|
2016
|
|
Balance at
|
||||||||||||||
|
December 31, 2015
|
|
Charges
|
|
Settlements
|
|
December 31, 2016
|
||||||||||||||
Entertainment
|
|
$
|
19
|
|
|
|
$
|
16
|
|
|
|
$
|
(15
|
)
|
|
|
|
$
|
20
|
|
|
Cable Networks
|
|
—
|
|
|
|
4
|
|
|
|
—
|
|
|
|
|
4
|
|
|
||||
Publishing
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
|
1
|
|
|
||||
Local Media
|
|
11
|
|
|
|
6
|
|
|
|
(5
|
)
|
|
|
|
12
|
|
|
||||
Corporate
|
|
1
|
|
|
|
3
|
|
|
|
(2
|
)
|
|
|
|
2
|
|
|
||||
Total
|
|
$
|
31
|
|
|
|
$
|
30
|
|
|
|
$
|
(22
|
)
|
|
|
|
$
|
39
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Interest expense
|
$
|
(457
|
)
|
|
$
|
(411
|
)
|
|
$
|
46
|
|
|
11
|
%
|
|
Interest income
|
$
|
64
|
|
|
$
|
32
|
|
|
$
|
32
|
|
|
100
|
%
|
|
|
|
|
Weighted Average
|
|
|
|
Weighted Average
|
|
||||||||||
At December 31,
|
2017
|
|
Interest Rate
|
|
2016
|
|
Interest Rate
|
|
||||||||||
Total long-term debt
|
$
|
9,426
|
|
|
|
4.26
|
%
|
|
|
$
|
8,850
|
|
|
|
4.47
|
%
|
|
|
Commercial paper
|
$
|
679
|
|
|
|
1.88
|
%
|
|
|
$
|
450
|
|
|
|
0.98
|
%
|
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
Increase/(Decrease)
|
|||||||
Provision for income taxes, including interest and before other
discrete items
|
$
|
(565
|
)
|
|
$
|
(686
|
)
|
|
|
(18
|
)%
|
|
Excess tax benefits from stock-based compensation
(a)
|
44
|
|
|
—
|
|
|
|
|
|
|||
Other discrete items
(b)
|
17
|
|
|
58
|
|
|
|
|
|
|||
Federal tax reform
(c)
|
(129
|
)
|
|
—
|
|
|
|
|
|
|||
Provision for income taxes
|
$
|
(633
|
)
|
|
$
|
(628
|
)
|
|
|
1
|
%
|
|
Effective income tax rate
|
32.0
|
%
|
|
28.2
|
%
|
|
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Domestic
|
$
|
(61
|
)
|
|
$
|
(67
|
)
|
|
$
|
6
|
|
|
9
|
%
|
|
International
|
2
|
|
|
(8
|
)
|
|
10
|
|
|
125
|
%
|
|
|||
Tax benefit
|
22
|
|
|
25
|
|
|
(3
|
)
|
|
(12
|
)
|
|
|||
Equity in loss of investee companies, net of tax
|
$
|
(37
|
)
|
|
$
|
(50
|
)
|
|
$
|
13
|
|
|
26
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Net earnings from continuing operations
|
$
|
1,309
|
|
|
$
|
1,552
|
|
|
$
|
(243
|
)
|
|
(16
|
)%
|
|
Diluted EPS from continuing operations
|
$
|
3.22
|
|
|
$
|
3.46
|
|
|
$
|
(.24
|
)
|
|
(7
|
)%
|
|
Fair value of CBS Corp. Class B Common Stock accepted
|
|
|
||
(17,854,689 shares at $56.40 per share on November 16, 2017)
|
|
$
|
1,007
|
|
Carrying value of CBS Radio
(a)
|
|
(1,112
|
)
|
|
Net loss on split-off of CBS Radio
|
|
$
|
(105
|
)
|
Year Ended December 31, 2017
|
CBS Radio
|
|
Other
|
|
Total
|
||||||
Revenues
|
$
|
1,018
|
|
|
$
|
—
|
|
|
$
|
1,018
|
|
Costs and expenses:
|
|
|
|
|
|
||||||
Operating
|
364
|
|
|
—
|
|
|
364
|
|
|||
Selling, general and administrative
|
446
|
|
|
(1
|
)
|
|
445
|
|
|||
Market value adjustment
|
980
|
|
(a)
|
—
|
|
|
980
|
|
|||
Restructuring charges
|
7
|
|
(b)
|
—
|
|
|
7
|
|
|||
Total costs and expenses
|
1,797
|
|
|
(1
|
)
|
|
1,796
|
|
|||
Operating income (loss)
|
(779
|
)
|
|
1
|
|
|
(778
|
)
|
|||
Interest expense
|
(70
|
)
|
|
—
|
|
|
(70
|
)
|
|||
Earnings (loss) from discontinued operations
|
(849
|
)
|
|
1
|
|
|
(848
|
)
|
|||
Income tax benefit (provision)
|
(55
|
)
|
|
45
|
|
(c)
|
(10
|
)
|
|||
Earnings (loss) from discontinued operations, net of tax
|
(904
|
)
|
|
46
|
|
|
(858
|
)
|
|||
Net gain (loss) on disposal
|
(109
|
)
|
|
13
|
|
|
(96
|
)
|
|||
Income tax benefit (provision)
|
4
|
|
|
(2
|
)
|
|
2
|
|
|||
Net gain (loss) on disposal, net of tax
|
(105
|
)
|
|
11
|
|
(d)
|
(94
|
)
|
|||
Net earnings (loss) from discontinued operations, net of tax
|
$
|
(1,009
|
)
|
|
$
|
57
|
|
|
$
|
(952
|
)
|
First Quarter 2017
|
|
$
|
(715
|
)
|
Second Quarter 2017
|
|
(365
|
)
|
|
Third Quarter 2017
|
|
100
|
|
|
|
|
$
|
(980
|
)
|
Year Ended December 31, 2016
|
CBS Radio
|
|
Other
(b)
|
|
Total
|
||||||
Revenues
|
$
|
1,220
|
|
|
$
|
—
|
|
|
$
|
1,220
|
|
Costs and expenses:
|
|
|
|
|
|
||||||
Operating
|
397
|
|
|
—
|
|
|
397
|
|
|||
Selling, general and administrative
|
497
|
|
|
—
|
|
|
497
|
|
|||
Depreciation and amortization
|
26
|
|
|
—
|
|
|
26
|
|
|||
Restructuring charges
|
8
|
|
(a)
|
—
|
|
|
8
|
|
|||
Impairment charge
|
444
|
|
|
—
|
|
|
444
|
|
|||
Total costs and expenses
|
1,372
|
|
|
—
|
|
|
1,372
|
|
|||
Operating loss
|
(152
|
)
|
|
—
|
|
|
(152
|
)
|
|||
Interest expense
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
|||
Other income
|
2
|
|
|
—
|
|
|
2
|
|
|||
Loss from discontinued operations
|
(167
|
)
|
|
—
|
|
|
(167
|
)
|
|||
Income tax provision
|
(88
|
)
|
|
(36
|
)
|
|
(124
|
)
|
|||
Net loss from discontinued operations, net of tax
|
$
|
(255
|
)
|
|
$
|
(36
|
)
|
|
$
|
(291
|
)
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Net earnings
|
$
|
357
|
|
|
$
|
1,261
|
|
|
$
|
(904
|
)
|
|
(72
|
)%
|
|
Diluted EPS
|
$
|
.88
|
|
|
$
|
2.81
|
|
|
$
|
(1.93
|
)
|
|
(69
|
)%
|
|
Revenues by Type
|
|
|
% of Total
|
|
|
|
% of Total
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2016
|
|
Revenues
|
|
2015
|
|
Revenues
|
|
$
|
|
%
|
|
|||||||||||||
Advertising
|
$
|
6,288
|
|
|
|
48
|
%
|
|
|
$
|
5,824
|
|
|
|
46
|
%
|
|
|
$
|
464
|
|
|
8
|
%
|
|
Content licensing and distribution
|
3,673
|
|
|
|
28
|
|
|
|
3,903
|
|
|
|
31
|
|
|
|
(230
|
)
|
|
(6
|
)
|
|
|||
Affiliate and subscription fees
|
2,978
|
|
|
|
22
|
|
|
|
2,724
|
|
|
|
21
|
|
|
|
254
|
|
|
9
|
|
|
|||
Other
|
227
|
|
|
|
2
|
|
|
|
220
|
|
|
|
2
|
|
|
|
7
|
|
|
3
|
|
|
|||
Total Revenues
|
$
|
13,166
|
|
|
|
100
|
%
|
|
|
$
|
12,671
|
|
|
|
100
|
%
|
|
|
$
|
495
|
|
|
4
|
%
|
|
|
|
|
|
% of
|
|
|
|
% of
|
|
||||||||||
Year Ended December 31,
|
|
2016
|
|
International
|
|
2015
|
|
International
|
|
||||||||||
United Kingdom
|
|
$
|
279
|
|
|
|
15
|
%
|
|
|
$
|
345
|
|
|
|
17
|
%
|
|
|
Other Europe
|
|
717
|
|
|
|
39
|
|
|
|
691
|
|
|
|
35
|
|
|
|
||
Canada
|
|
256
|
|
|
|
14
|
|
|
|
286
|
|
|
|
14
|
|
|
|
||
Asia
|
|
190
|
|
|
|
10
|
|
|
|
236
|
|
|
|
12
|
|
|
|
||
Other
|
|
407
|
|
|
|
22
|
|
|
|
446
|
|
|
|
22
|
|
|
|
||
Total International Revenues
|
|
$
|
1,849
|
|
|
|
100
|
%
|
|
|
$
|
2,004
|
|
|
|
100
|
%
|
|
|
|
|
|
% of Total
|
|
|
|
% of Total
|
|
|
|
|||||||||||||||
Operating Expenses by Type
|
|
|
Operating
|
|
|
|
Operating
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2016
|
|
Expense
|
|
2015
|
|
Expense
|
|
$
|
|
%
|
|
|||||||||||||
Programming
|
$
|
2,941
|
|
|
|
37
|
%
|
|
|
$
|
2,892
|
|
|
|
37
|
%
|
|
|
$
|
49
|
|
|
2
|
%
|
|
Production
|
2,658
|
|
|
|
34
|
|
|
|
2,604
|
|
|
|
33
|
|
|
|
54
|
|
|
2
|
|
|
|||
Participation, distribution and
royalty
|
1,058
|
|
|
|
13
|
|
|
|
1,109
|
|
|
|
14
|
|
|
|
(51
|
)
|
|
(5
|
)
|
|
|||
Other
|
1,299
|
|
|
|
16
|
|
|
|
1,306
|
|
|
|
16
|
|
|
|
(7
|
)
|
|
(1
|
)
|
|
|||
Total Operating Expenses
|
$
|
7,956
|
|
|
|
100
|
%
|
|
|
$
|
7,911
|
|
|
|
100
|
%
|
|
|
$
|
45
|
|
|
1
|
%
|
|
|
|
|
% of
|
|
|
|
% of
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2016
|
|
Revenues
|
|
2015
|
|
Revenues
|
|
$
|
|
%
|
|
|||||||||||||
Selling, general and administrative
expenses
|
$
|
2,124
|
|
|
|
16
|
%
|
|
|
$
|
1,961
|
|
|
|
15
|
%
|
|
|
$
|
163
|
|
|
8
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
Depreciation and amortization
|
$
|
225
|
|
|
$
|
235
|
|
|
$
|
(10
|
)
|
|
(4
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
Interest expense
|
$
|
(411
|
)
|
|
$
|
(392
|
)
|
|
$
|
19
|
|
|
5
|
%
|
|
Interest income
|
$
|
32
|
|
|
$
|
24
|
|
|
$
|
8
|
|
|
33
|
%
|
|
|
|
|
Weighted Average
|
|
|
|
Weighted Average
|
|
||||||||||
At December 31,
|
2016
|
|
Interest Rate
|
|
2015
|
|
Interest Rate
|
|
||||||||||
Total long-term debt
|
$
|
8,850
|
|
|
|
4.47
|
%
|
|
|
$
|
8,365
|
|
|
|
4.68
|
%
|
|
|
Commercial paper
|
$
|
450
|
|
|
|
0.98
|
%
|
|
|
$
|
—
|
|
|
|
n/a
|
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
Tax provision
|
$
|
(628
|
)
|
|
$
|
(676
|
)
|
|
$
|
(48
|
)
|
|
(7
|
)%
|
|
Effective tax rate
|
28.2
|
%
|
|
29.9
|
%
|
|
|
|
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
Domestic
|
$
|
(67
|
)
|
|
$
|
(60
|
)
|
|
$
|
(7
|
)
|
|
(12
|
)%
|
|
International
|
(8
|
)
|
|
4
|
|
|
(12
|
)
|
|
n/m
|
|
|
|||
Tax benefit
|
25
|
|
|
22
|
|
|
3
|
|
|
14
|
%
|
|
|||
Equity in loss of investee companies, net of tax
|
$
|
(50
|
)
|
|
$
|
(34
|
)
|
|
$
|
(16
|
)
|
|
(47
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
Net earnings from continuing operations
|
$
|
1,552
|
|
|
$
|
1,554
|
|
|
$
|
(2
|
)
|
|
—
|
%
|
|
Diluted EPS from continuing operations
|
$
|
3.46
|
|
|
$
|
3.18
|
|
|
$
|
.28
|
|
|
9
|
%
|
|
Year Ended December 31, 2015
|
CBS Radio
|
|
Other
(a)
|
|
Total
|
||||||
Revenues
|
$
|
1,223
|
|
|
$
|
—
|
|
|
$
|
1,223
|
|
Costs and expenses:
|
|
|
|
|
|
||||||
Operating
|
415
|
|
|
—
|
|
|
415
|
|
|||
Selling, general and administrative
|
500
|
|
|
—
|
|
|
500
|
|
|||
Depreciation and amortization
|
29
|
|
|
—
|
|
|
29
|
|
|||
Restructuring charges
|
36
|
|
|
—
|
|
|
36
|
|
|||
Impairment charge
|
484
|
|
|
—
|
|
|
484
|
|
|||
Total costs and expenses
|
1,464
|
|
|
—
|
|
|
1,464
|
|
|||
Operating loss
|
(241
|
)
|
|
—
|
|
|
(241
|
)
|
|||
Other income
|
1
|
|
|
—
|
|
|
1
|
|
|||
Loss from discontinued operations
|
(240
|
)
|
|
—
|
|
|
(240
|
)
|
|||
Income tax benefit
|
89
|
|
|
—
|
|
|
89
|
|
|||
Loss from discontinued operations, net of tax
|
(151
|
)
|
|
—
|
|
|
(151
|
)
|
|||
Net gain on disposal
|
—
|
|
|
17
|
|
|
17
|
|
|||
Income tax provision
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|||
Net gain on disposal, net of tax
|
—
|
|
|
10
|
|
|
10
|
|
|||
Net earnings (loss) from discontinued operations, net of tax
|
$
|
(151
|
)
|
|
$
|
10
|
|
|
$
|
(141
|
)
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
Net earnings
|
$
|
1,261
|
|
|
$
|
1,413
|
|
|
$
|
(152
|
)
|
|
(11
|
)%
|
|
Diluted EPS
|
$
|
2.81
|
|
|
$
|
2.89
|
|
|
$
|
(.08
|
)
|
|
(3
|
)%
|
|
|
|
|
% of Total
|
|
|
|
% of Total
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2017
|
|
Revenues
|
|
2016
|
|
Revenues
|
|
$
|
|
%
|
|
|||||||||||||
Entertainment
|
$
|
9,164
|
|
|
|
67
|
%
|
|
|
$
|
8,877
|
|
|
|
67
|
%
|
|
|
$
|
287
|
|
|
3
|
%
|
|
Cable Networks
|
2,501
|
|
|
|
18
|
|
|
|
2,160
|
|
|
|
16
|
|
|
|
341
|
|
|
16
|
|
|
|||
Publishing
|
830
|
|
|
|
6
|
|
|
|
767
|
|
|
|
6
|
|
|
|
63
|
|
|
8
|
|
|
|||
Local Media
|
1,668
|
|
|
|
12
|
|
|
|
1,779
|
|
|
|
14
|
|
|
|
(111
|
)
|
|
(6
|
)
|
|
|||
Corporate/Eliminations
|
(471
|
)
|
|
|
(3
|
)
|
|
|
(417
|
)
|
|
|
(3
|
)
|
|
|
(54
|
)
|
|
(13
|
)
|
|
|||
Total Revenues
|
$
|
13,692
|
|
|
|
100
|
%
|
|
|
$
|
13,166
|
|
|
|
100
|
%
|
|
|
$
|
526
|
|
|
4
|
%
|
|
|
|
|
% of Total
|
|
|
|
% of Total
|
|
|
|
|||||||||||||||
|
|
|
Segment
|
|
|
|
Segment
|
|
|
|
|||||||||||||||
|
|
|
Operating
|
|
|
|
Operating
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2017
|
|
Income
|
|
2016
|
|
Income
|
|
$
|
|
%
|
|
|||||||||||||
Segment Operating Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Entertainment
|
$
|
1,554
|
|
|
|
55
|
%
|
|
|
$
|
1,519
|
|
|
|
53
|
%
|
|
|
$
|
35
|
|
|
2
|
%
|
|
Cable Networks
|
996
|
|
|
|
35
|
|
|
|
959
|
|
|
|
33
|
|
|
|
37
|
|
|
4
|
|
|
|||
Publishing
|
132
|
|
|
|
5
|
|
|
|
119
|
|
|
|
4
|
|
|
|
13
|
|
|
11
|
|
|
|||
Local Media
|
492
|
|
|
|
18
|
|
|
|
618
|
|
|
|
22
|
|
|
|
(126
|
)
|
|
(20
|
)
|
|
|||
Corporate
|
(355
|
)
|
|
|
(13
|
)
|
|
|
(354
|
)
|
|
|
(12
|
)
|
|
|
(1
|
)
|
|
—
|
|
|
|||
Total Segment Operating Income
|
2,819
|
|
|
|
100
|
%
|
|
|
2,861
|
|
|
|
100
|
%
|
|
|
(42
|
)
|
|
(1
|
)
|
|
|||
Pension settlement charges
|
(352
|
)
|
|
|
|
|
|
(211
|
)
|
|
|
|
|
|
(141
|
)
|
|
(67
|
)
|
|
|||||
Restructuring and merger and
acquisition-related costs
|
(63
|
)
|
|
|
|
|
|
(38
|
)
|
|
|
|
|
|
(25
|
)
|
|
(66
|
)
|
|
|||||
Other operating items, net
|
19
|
|
|
|
|
|
|
9
|
|
|
|
|
|
|
10
|
|
|
111
|
|
|
|||||
Total Operating Income
|
$
|
2,423
|
|
|
|
|
|
|
$
|
2,621
|
|
|
|
|
|
|
$
|
(198
|
)
|
|
(8
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Depreciation and Amortization:
|
|
|
|
|
|
|
|
|
|||||||
Entertainment
|
$
|
115
|
|
|
$
|
117
|
|
|
$
|
(2
|
)
|
|
(2
|
)%
|
|
Cable Networks
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
|||
Publishing
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
|||
Local Media
|
45
|
|
|
44
|
|
|
1
|
|
|
2
|
|
|
|||
Corporate
|
34
|
|
|
35
|
|
|
(1
|
)
|
|
(3
|
)
|
|
|||
Total Depreciation and Amortization
|
$
|
223
|
|
|
$
|
225
|
|
|
$
|
(2
|
)
|
|
(1
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
9,164
|
|
|
$
|
8,877
|
|
|
$
|
287
|
|
|
3
|
%
|
|
Segment Operating Income
|
$
|
1,554
|
|
|
$
|
1,519
|
|
|
$
|
35
|
|
|
2
|
%
|
|
Segment Operating Income as a % of revenues
|
17
|
%
|
|
17
|
%
|
|
|
|
|
|
|
||||
Restructuring charges
|
$
|
44
|
|
|
$
|
16
|
|
|
$
|
28
|
|
|
175
|
%
|
|
Depreciation and amortization
|
$
|
115
|
|
|
$
|
117
|
|
|
$
|
(2
|
)
|
|
(2
|
)%
|
|
Capital expenditures
|
$
|
98
|
|
|
$
|
98
|
|
|
$
|
—
|
|
|
—
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
2,501
|
|
|
$
|
2,160
|
|
|
$
|
341
|
|
|
16
|
%
|
|
Segment Operating Income
|
$
|
996
|
|
|
$
|
959
|
|
|
$
|
37
|
|
|
4
|
%
|
|
Segment Operating Income as a % of revenues
|
40
|
%
|
|
44
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
(4
|
)
|
|
(100
|
)%
|
|
Depreciation and amortization
|
$
|
23
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Capital expenditures
|
$
|
20
|
|
|
$
|
19
|
|
|
$
|
1
|
|
|
5
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
830
|
|
|
$
|
767
|
|
|
$
|
63
|
|
|
8
|
%
|
|
Segment Operating Income
|
$
|
132
|
|
|
$
|
119
|
|
|
$
|
13
|
|
|
11
|
%
|
|
Segment Operating Income as a % of revenues
|
16
|
%
|
|
16
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
5
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Capital expenditures
|
$
|
5
|
|
|
$
|
9
|
|
|
$
|
(4
|
)
|
|
(44
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
1,668
|
|
|
$
|
1,779
|
|
|
$
|
(111
|
)
|
|
(6
|
)%
|
|
Segment Operating Income
|
$
|
492
|
|
|
$
|
618
|
|
|
$
|
(126
|
)
|
|
(20
|
)%
|
|
Segment Operating Income as a % of revenues
|
29
|
%
|
|
35
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
12
|
|
|
$
|
6
|
|
|
$
|
6
|
|
|
100
|
%
|
|
Depreciation and amortization
|
$
|
45
|
|
|
$
|
44
|
|
|
$
|
1
|
|
|
2
|
%
|
|
Capital expenditures
|
$
|
32
|
|
|
$
|
37
|
|
|
$
|
(5
|
)
|
|
(14
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Segment Operating Loss
|
$
|
(355
|
)
|
|
$
|
(354
|
)
|
|
$
|
(1
|
)
|
|
—
|
%
|
|
Restructuring charges
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
(1
|
)
|
|
(33
|
)%
|
|
Depreciation and amortization
|
$
|
34
|
|
|
$
|
35
|
|
|
$
|
(1
|
)
|
|
(3
|
)%
|
|
Capital expenditures
|
$
|
30
|
|
|
$
|
33
|
|
|
$
|
(3
|
)
|
|
(9
|
)%
|
|
|
|
|
% of Total
|
|
|
|
% of Total
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2016
|
|
Revenues
|
|
2015
|
|
Revenues
|
|
$
|
|
%
|
|
|||||||||||||
Entertainment
|
$
|
8,877
|
|
|
|
67
|
%
|
|
|
$
|
8,438
|
|
|
|
67
|
%
|
|
|
$
|
439
|
|
|
5
|
%
|
|
Cable Networks
|
2,160
|
|
|
|
16
|
|
|
|
2,242
|
|
|
|
18
|
|
|
|
(82
|
)
|
|
(4
|
)
|
|
|||
Publishing
|
767
|
|
|
|
6
|
|
|
|
780
|
|
|
|
6
|
|
|
|
(13
|
)
|
|
(2
|
)
|
|
|||
Local Media
|
1,779
|
|
|
|
14
|
|
|
|
1,592
|
|
|
|
12
|
|
|
|
187
|
|
|
12
|
|
|
|||
Corporate/Eliminations
|
(417
|
)
|
|
|
(3
|
)
|
|
|
(381
|
)
|
|
|
(3
|
)
|
|
|
(36
|
)
|
|
(9
|
)
|
|
|||
Total Revenues
|
$
|
13,166
|
|
|
|
100
|
%
|
|
|
$
|
12,671
|
|
|
|
100
|
%
|
|
|
$
|
495
|
|
|
4
|
%
|
|
|
|
|
% of Total
|
|
|
|
% of Total
|
|
|
|
|||||||||||||||
|
|
|
Segment
|
|
|
|
Segment
|
|
|
|
|||||||||||||||
|
|
|
Operating
|
|
|
|
Operating
|
|
Increase/(Decrease)
|
|
|||||||||||||||
Year Ended December 31,
|
2016
|
|
Income
|
|
2015
|
|
Income
|
|
$
|
|
%
|
|
|||||||||||||
Segment Operating Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Entertainment
|
$
|
1,519
|
|
|
|
53
|
%
|
|
|
$
|
1,294
|
|
|
|
51
|
%
|
|
|
$
|
225
|
|
|
17
|
%
|
|
Cable Networks
|
959
|
|
|
|
33
|
|
|
|
945
|
|
|
|
37
|
|
|
|
14
|
|
|
1
|
|
|
|||
Publishing
|
119
|
|
|
|
4
|
|
|
|
114
|
|
|
|
4
|
|
|
|
5
|
|
|
4
|
|
|
|||
Local Media
|
618
|
|
|
|
22
|
|
|
|
487
|
|
|
|
19
|
|
|
|
131
|
|
|
27
|
|
|
|||
Corporate
|
(354
|
)
|
|
|
(12
|
)
|
|
|
(276
|
)
|
|
|
(11
|
)
|
|
|
(78
|
)
|
|
(28
|
)
|
|
|||
Total Segment Operating Income
|
2,861
|
|
|
|
100
|
%
|
|
|
2,564
|
|
|
|
100
|
%
|
|
|
297
|
|
|
12
|
|
|
|||
Pension settlement charge
|
(211
|
)
|
|
|
|
|
|
—
|
|
|
|
|
|
|
(211
|
)
|
|
n/m
|
|
|
|||||
Restructuring and merger and
acquisition-related costs
|
(38
|
)
|
|
|
|
|
|
(45
|
)
|
|
|
|
|
|
7
|
|
|
16
|
|
|
|||||
Other operating items, net
|
9
|
|
|
|
|
|
|
139
|
|
|
|
|
|
|
(130
|
)
|
|
(94
|
)
|
|
|||||
Total Operating Income
|
$
|
2,621
|
|
|
|
|
|
|
$
|
2,658
|
|
|
|
|
|
|
$
|
(37
|
)
|
|
(1
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
Depreciation and Amortization:
|
|
|
|
|
|
|
|
|
|||||||
Entertainment
|
$
|
117
|
|
|
$
|
126
|
|
|
$
|
(9
|
)
|
|
(7
|
)%
|
|
Cable Networks
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
|||
Publishing
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
|||
Local Media
|
44
|
|
|
48
|
|
|
(4
|
)
|
|
(8
|
)
|
|
|||
Corporate
|
35
|
|
|
32
|
|
|
3
|
|
|
9
|
|
|
|||
Total Depreciation and Amortization
|
$
|
225
|
|
|
$
|
235
|
|
|
$
|
(10
|
)
|
|
(4
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
8,877
|
|
|
$
|
8,438
|
|
|
$
|
439
|
|
|
5
|
%
|
|
Segment Operating Income
|
$
|
1,519
|
|
|
$
|
1,294
|
|
|
$
|
225
|
|
|
17
|
%
|
|
Segment Operating Income as a % of revenues
|
17
|
%
|
|
15
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
16
|
|
|
$
|
26
|
|
|
$
|
(10
|
)
|
|
(38
|
)%
|
|
Depreciation and amortization
|
$
|
117
|
|
|
$
|
126
|
|
|
$
|
(9
|
)
|
|
(7
|
)%
|
|
Capital expenditures
|
$
|
98
|
|
|
$
|
99
|
|
|
$
|
(1
|
)
|
|
(1
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
2,160
|
|
|
$
|
2,242
|
|
|
$
|
(82
|
)
|
|
(4
|
)%
|
|
Segment Operating Income
|
$
|
959
|
|
|
$
|
945
|
|
|
$
|
14
|
|
|
1
|
%
|
|
Segment Operating Income as a % of revenues
|
44
|
%
|
|
42
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
23
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Capital expenditures
|
$
|
19
|
|
|
$
|
18
|
|
|
$
|
1
|
|
|
6
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
767
|
|
|
$
|
780
|
|
|
$
|
(13
|
)
|
|
(2
|
)%
|
|
Segment Operating Income
|
$
|
119
|
|
|
$
|
114
|
|
|
$
|
5
|
|
|
4
|
%
|
|
Segment Operating Income as a % of revenues
|
16
|
%
|
|
15
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Capital expenditures
|
$
|
9
|
|
|
$
|
10
|
|
|
$
|
(1
|
)
|
|
(10
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
1,779
|
|
|
$
|
1,592
|
|
|
$
|
187
|
|
|
12
|
%
|
|
Segment Operating Income
|
$
|
618
|
|
|
$
|
487
|
|
|
$
|
131
|
|
|
27
|
%
|
|
Segment Operating Income as a % of revenues
|
35
|
%
|
|
31
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
6
|
|
|
$
|
19
|
|
|
$
|
(13
|
)
|
|
(68
|
)%
|
|
Depreciation and amortization
|
$
|
44
|
|
|
$
|
48
|
|
|
$
|
(4
|
)
|
|
(8
|
)%
|
|
Capital expenditures
|
$
|
37
|
|
|
$
|
28
|
|
|
$
|
9
|
|
|
32
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Year Ended December 31,
|
2016
|
|
2015
|
|
$
|
|
%
|
|
|||||||
Segment Operating Loss
|
$
|
(354
|
)
|
|
$
|
(276
|
)
|
|
$
|
(78
|
)
|
|
(28
|
)%
|
|
Restructuring charges
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
35
|
|
|
$
|
32
|
|
|
$
|
3
|
|
|
9
|
%
|
|
Capital expenditures
(a)
|
$
|
33
|
|
|
$
|
16
|
|
|
$
|
17
|
|
|
106
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
At December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Current assets:
|
|
|
|
|
|
|
|
|
|||||||
Cash and cash equivalents
|
$
|
285
|
|
|
$
|
598
|
|
|
$
|
(313
|
)
|
|
(52
|
)%
|
|
Receivables, net
(a)
|
3,697
|
|
|
3,314
|
|
|
383
|
|
|
12
|
|
|
|||
Programming and other inventory
(b)
|
1,828
|
|
|
1,427
|
|
|
401
|
|
|
28
|
|
|
|||
Prepaid income taxes
|
78
|
|
|
30
|
|
|
48
|
|
|
160
|
|
|
|||
Current assets of discontinued operations
(c)
|
1
|
|
|
305
|
|
|
(304
|
)
|
|
(100
|
)
|
|
|||
All other current assets, net
|
384
|
|
|
389
|
|
|
(5
|
)
|
|
(1
|
)
|
|
|||
Total current assets
|
$
|
6,273
|
|
|
$
|
6,063
|
|
|
$
|
210
|
|
|
3
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
At December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Other assets
(a)
|
$
|
2,840
|
|
|
$
|
2,707
|
|
|
$
|
133
|
|
|
5
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
At December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Assets of discontinued operations
(a)
|
$
|
12
|
|
|
$
|
4,291
|
|
|
$
|
(4,279
|
)
|
|
(100
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
At December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|||||||
Accounts payable
(a)
|
$
|
231
|
|
|
$
|
148
|
|
|
$
|
83
|
|
|
56
|
%
|
|
Accrued compensation
|
343
|
|
|
369
|
|
|
(26
|
)
|
|
(7
|
)
|
|
|||
Participants’ share and royalties payable
|
986
|
|
|
1,024
|
|
|
(38
|
)
|
|
(4
|
)
|
|
|||
Program rights
(b)
|
373
|
|
|
290
|
|
|
83
|
|
|
29
|
|
|
|||
Commercial paper
(c)
|
679
|
|
|
450
|
|
|
229
|
|
|
51
|
|
|
|||
All other current liabilities, net
|
1,360
|
|
|
1,427
|
|
|
(67
|
)
|
|
(5
|
)
|
|
|||
Current liabilities
|
$
|
3,972
|
|
|
$
|
3,708
|
|
|
$
|
264
|
|
|
7
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
At December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Long-term debt
(a)
|
$
|
9,464
|
|
|
$
|
8,902
|
|
|
$
|
562
|
|
|
6
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
At December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Pension and postretirement benefit obligations
(a)
|
$
|
1,328
|
|
|
$
|
1,769
|
|
|
$
|
(441
|
)
|
|
(25
|
)%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
At December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Other liabilities
(a)
|
$
|
2,155
|
|
|
$
|
1,807
|
|
|
$
|
348
|
|
|
19
|
%
|
|
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
At December 31,
|
2017
|
|
2016
|
|
$
|
|
%
|
|
|||||||
Liabilities of discontinued operations
(a)
|
$
|
42
|
|
|
$
|
2,451
|
|
|
$
|
(2,409
|
)
|
|
(98
|
)%
|
|
|
|
|
|
|
Increase/ (Decrease)
|
|
|
|
Increase/ (Decrease)
|
||||||||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
2017 vs. 2016
|
|
2015
|
|
2016 vs. 2015
|
||||||||||||||
Cash provided by operating activities from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
793
|
|
|
$
|
1,454
|
|
|
|
$
|
(661
|
)
|
|
|
$
|
1,189
|
|
|
|
$
|
265
|
|
|
Discontinued operations
|
94
|
|
|
231
|
|
|
|
(137
|
)
|
|
|
205
|
|
|
|
26
|
|
|
|||||
Cash provided by operating activities
|
887
|
|
|
1,685
|
|
|
|
(798
|
)
|
|
|
1,394
|
|
|
|
291
|
|
|
|||||
Cash (used for) provided by investing activities from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
(523
|
)
|
|
(334
|
)
|
|
|
(189
|
)
|
|
|
179
|
|
|
|
(513
|
)
|
|
|||||
Discontinued operations
|
(24
|
)
|
|
(6
|
)
|
|
|
(18
|
)
|
|
|
(25
|
)
|
|
|
19
|
|
|
|||||
Cash (used for) provided by investing activities
|
(547
|
)
|
|
(340
|
)
|
|
|
(207
|
)
|
|
|
154
|
|
|
|
(494
|
)
|
|
|||||
Cash used for financing activities
|
(677
|
)
|
|
(1,046
|
)
|
|
|
369
|
|
|
|
(1,653
|
)
|
|
|
607
|
|
|
|||||
Net (decrease) increase in cash and cash equivalents
|
$
|
(337
|
)
|
|
$
|
299
|
|
|
|
$
|
(636
|
)
|
|
|
$
|
(105
|
)
|
|
|
$
|
404
|
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Cash taxes included in operating activities from continuing operations
|
$
|
365
|
|
|
$
|
390
|
|
|
$
|
287
|
|
Less: Excess tax benefits from the exercise of stock options and
vesting of restricted stock units, included in financing activities
|
—
|
|
|
17
|
|
|
88
|
|
|||
Cash paid for income taxes from continuing operations
|
$
|
365
|
|
|
$
|
373
|
|
|
$
|
199
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Acquisitions (including acquired television library), net of cash acquired
(a)
|
$
|
(270
|
)
|
|
$
|
(92
|
)
|
|
$
|
(12
|
)
|
Capital expenditures
(b)
|
(185
|
)
|
|
(196
|
)
|
|
(171
|
)
|
|||
Investments in and advances to investee companies
(c)
|
(110
|
)
|
|
(81
|
)
|
|
(98
|
)
|
|||
Proceeds from dispositions
(d)
|
11
|
|
|
20
|
|
|
383
|
|
|||
All other investing activities from continuing operations, net
|
31
|
|
|
15
|
|
|
77
|
|
|||
Cash flow (used for) provided by investing activities from
continuing operations
|
(523
|
)
|
|
(334
|
)
|
|
179
|
|
|||
Cash flow used for investing activities from discontinued operations
|
(24
|
)
|
|
(6
|
)
|
|
(25
|
)
|
|||
Cash flow (used for) provided by investing activities
|
$
|
(547
|
)
|
|
$
|
(340
|
)
|
|
$
|
154
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Repurchase of CBS Corp. Class B Common Stock
|
$
|
(1,111
|
)
|
|
$
|
(2,997
|
)
|
|
$
|
(2,813
|
)
|
Proceeds from (repayments of) short-term debt borrowings, net
|
229
|
|
|
450
|
|
|
(616
|
)
|
|||
Proceeds from issuance of senior notes
|
1,773
|
|
|
684
|
|
|
1,959
|
|
|||
Repayment of senior notes and debentures
|
(1,244
|
)
|
|
(199
|
)
|
|
—
|
|
|||
Proceeds from debt borrowings of CBS Radio
|
40
|
|
|
1,452
|
|
|
—
|
|
|||
Repayment of debt borrowings of CBS Radio
|
(43
|
)
|
|
(110
|
)
|
|
—
|
|
|||
Dividends
|
(296
|
)
|
|
(288
|
)
|
|
(300
|
)
|
|||
Payment of payroll taxes in lieu of issuing shares for
stock-based compensation |
(89
|
)
|
|
(58
|
)
|
|
(96
|
)
|
|||
Proceeds from exercise of stock options
|
91
|
|
|
21
|
|
|
142
|
|
|||
All other financing activities, net
|
(27
|
)
|
|
(1
|
)
|
|
71
|
|
|||
Cash flow used for financing activities
|
$
|
(677
|
)
|
|
$
|
(1,046
|
)
|
|
$
|
(1,653
|
)
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Net cash flow provided by operating activities
|
$
|
887
|
|
|
$
|
1,685
|
|
|
$
|
1,394
|
|
Capital expenditures
|
(185
|
)
|
|
(196
|
)
|
|
(171
|
)
|
|||
Exclude discretionary pension plan contributions,
net of tax of $219 million
|
(381
|
)
|
|
—
|
|
|
—
|
|
|||
Exclude operating cash flow from discontinued operations
|
94
|
|
|
231
|
|
|
205
|
|
|||
Free cash flow
|
$
|
989
|
|
|
$
|
1,258
|
|
|
$
|
1,018
|
|
At December 31,
|
2017
|
|
2016
|
||||
Commercial paper
|
$
|
679
|
|
|
$
|
450
|
|
Senior debt (1.95%-7.875% due 2017-2045)
|
9,426
|
|
|
8,850
|
|
||
Obligations under capital leases
|
57
|
|
|
75
|
|
||
Total debt
(a)
|
10,162
|
|
|
9,375
|
|
||
Less commercial paper
|
679
|
|
|
450
|
|
||
Less current portion of long-term debt
|
19
|
|
|
23
|
|
||
Total long-term debt, net of current portion
|
$
|
9,464
|
|
|
$
|
8,902
|
|
(a)
|
At
December 31, 2017 and 2016
, the senior debt balances included (i) a net unamortized discount of
$65 million
and
$52 million
, respectively, (ii) unamortized deferred financing costs of
$47 million
and
$43 million
, respectively, and (iii) a
$3 million
decrease and a
$5 million
increase, respectively, in the carrying value of the debt relating to previously settled fair value hedges. The face value of the Company’s total debt was
$10.28 billion
at
December 31, 2017
and
$9.47 billion
at
December 31, 2016
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 and
|
||||||||||||
|
2018
|
2019
|
2020
|
2021
|
2022
|
Thereafter
|
||||||||||||||||||||||
Long-term debt
|
|
$
|
—
|
|
|
|
$
|
600
|
|
|
|
$
|
—
|
|
|
|
$
|
300
|
|
|
|
$
|
700
|
|
|
$
|
7,940
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
2023 and
|
||||||||||
|
Total
|
|
2018
|
|
2019-2020
|
|
2021-2022
|
|
thereafter
|
||||||||||
Programming and talent commitments
(a)
|
$
|
10,414
|
|
|
$
|
2,281
|
|
|
$
|
4,063
|
|
|
$
|
3,276
|
|
|
$
|
794
|
|
Purchase obligations
(b)
|
790
|
|
|
218
|
|
|
423
|
|
|
78
|
|
|
71
|
|
|||||
Operating leases
(c)
|
1,122
|
|
|
155
|
|
|
240
|
|
|
200
|
|
|
527
|
|
|||||
Long-term debt obligations
(d)
|
9,540
|
|
|
—
|
|
|
600
|
|
|
1,000
|
|
|
7,940
|
|
|||||
Interest commitments on long-term debt
(e)
|
5,122
|
|
|
406
|
|
|
793
|
|
|
741
|
|
|
3,182
|
|
|||||
Capital lease obligations (including interest)
(f)
|
62
|
|
|
19
|
|
|
27
|
|
|
16
|
|
|
—
|
|
|||||
Other long-term contractual obligations
(g)
|
1,834
|
|
|
—
|
|
|
1,081
|
|
|
425
|
|
|
328
|
|
|||||
Total
|
$
|
28,884
|
|
|
$
|
3,079
|
|
|
$
|
7,227
|
|
|
$
|
5,736
|
|
|
$
|
12,842
|
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 8.
|
Financial Statements and Supplementary Data.
|
|
|
|
|
Reference
(Page/s)
|
Item 15(a)(1) Financial Statements:
|
|
|
||
1.
|
|
Management’s Report on Internal Control Over Financial Reporting
|
|
II-
46
|
2.
|
|
Report of Independent Registered Public Accounting Firm
|
|
II-
47
|
3.
|
|
Consolidated Statements of Operations for the years ended
December 31, 2017, 2016 and 2015
|
|
II-
49
|
4.
|
|
Consolidated Statements of Comprehensive Income for the years ended
December 31, 2017, 2016 and 2015
|
|
II-
50
|
5.
|
|
Consolidated Balance Sheets at December 31, 2017 and 2016
|
|
II-
51
|
6.
|
|
Consolidated Statements of Cash Flows for the years ended
December 31, 2017, 2016 and 2015
|
|
II-
52
|
7.
|
|
Consolidated Statements of Stockholders
’
Equity for the years ended
December 31, 2017, 2016 and 2015
|
|
II-
53
|
8.
|
|
Notes to Consolidated Financial Statements
|
|
II-
54
|
Item 15(a)(2) Financial Statement Schedule:
|
|
|
||
|
|
II. Valuation and Qualifying Accounts for the years ended
December 31, 2017, 2016 and 2015
|
|
F-
1
|
|
|
CBS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Leslie Moonves
|
|
|
|
Leslie Moonves
Chairman of the Board, 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,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues
|
$
|
13,692
|
|
|
$
|
13,166
|
|
|
$
|
12,671
|
|
Costs and expenses:
|
|
|
|
|
|
||||||
Operating
|
8,438
|
|
|
7,956
|
|
|
7,911
|
|
|||
Selling, general and administrative
|
2,212
|
|
|
2,124
|
|
|
1,961
|
|
|||
Depreciation and amortization
|
223
|
|
|
225
|
|
|
235
|
|
|||
Pension settlement charges (Note 15)
|
352
|
|
|
211
|
|
|
—
|
|
|||
Restructuring and merger and acquisition-related costs (Note 5)
|
63
|
|
|
38
|
|
|
45
|
|
|||
Other operating items, net
|
(19
|
)
|
|
(9
|
)
|
|
(139
|
)
|
|||
Total costs and expenses
|
11,269
|
|
|
10,545
|
|
|
10,013
|
|
|||
Operating income
|
2,423
|
|
|
2,621
|
|
|
2,658
|
|
|||
Interest expense
|
(457
|
)
|
|
(411
|
)
|
|
(392
|
)
|
|||
Interest income
|
64
|
|
|
32
|
|
|
24
|
|
|||
Loss on early extinguishment of debt
|
(49
|
)
|
|
—
|
|
|
—
|
|
|||
Other items, net
|
(2
|
)
|
|
(12
|
)
|
|
(26
|
)
|
|||
Earnings from continuing operations before income taxes
and equity in loss of investee companies
|
1,979
|
|
|
2,230
|
|
|
2,264
|
|
|||
Provision for income taxes
|
(633
|
)
|
|
(628
|
)
|
|
(676
|
)
|
|||
Equity in loss of investee companies, net of tax
|
(37
|
)
|
|
(50
|
)
|
|
(34
|
)
|
|||
Net earnings from continuing operations
|
1,309
|
|
|
1,552
|
|
|
1,554
|
|
|||
Net loss from discontinued operations, net of tax (Note 4)
|
(952
|
)
|
|
(291
|
)
|
|
(141
|
)
|
|||
Net earnings
|
$
|
357
|
|
|
$
|
1,261
|
|
|
$
|
1,413
|
|
Basic net earnings (loss) per common share:
|
|
|
|
|
|
||||||
Net earnings from continuing operations
|
$
|
3.26
|
|
|
$
|
3.50
|
|
|
$
|
3.21
|
|
Net loss from discontinued operations
|
$
|
(2.37
|
)
|
|
$
|
(.66
|
)
|
|
$
|
(.29
|
)
|
Net earnings
|
$
|
.89
|
|
|
$
|
2.84
|
|
|
$
|
2.92
|
|
|
|
|
|
|
|
||||||
Diluted net earnings (loss) per common share:
|
|
|
|
|
|
||||||
Net earnings from continuing operations
|
$
|
3.22
|
|
|
$
|
3.46
|
|
|
$
|
3.18
|
|
Net loss from discontinued operations
|
$
|
(2.34
|
)
|
|
$
|
(.65
|
)
|
|
$
|
(.29
|
)
|
Net earnings
|
$
|
.88
|
|
|
$
|
2.81
|
|
|
$
|
2.89
|
|
|
|
|
|
|
|
||||||
Weighted average number of common shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
401
|
|
|
444
|
|
|
484
|
|
|||
Diluted
|
407
|
|
|
448
|
|
|
489
|
|
|||
|
|
|
|
|
|
||||||
Dividends per common share
|
$
|
.72
|
|
|
$
|
.66
|
|
|
$
|
.60
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net earnings
|
$
|
357
|
|
|
$
|
1,261
|
|
|
$
|
1,413
|
|
Other comprehensive income (loss) from continuing operations, net of tax:
|
|
|
|
|
|
||||||
Cumulative translation adjustments
|
8
|
|
|
(1
|
)
|
|
(5
|
)
|
|||
Net actuarial gain (loss) and prior service costs (Note 15)
|
97
|
|
|
4
|
|
|
(30
|
)
|
|||
Total other comprehensive income (loss), net of tax
|
105
|
|
|
3
|
|
|
(35
|
)
|
|||
Total comprehensive income
|
$
|
462
|
|
|
$
|
1,264
|
|
|
$
|
1,378
|
|
|
|
At December 31,
|
|
||||||
|
|
2017
|
|
2016
|
|
||||
ASSETS
|
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
285
|
|
|
$
|
598
|
|
|
Receivables, less allowances of $49 (2017) and $60 (2016)
|
|
3,697
|
|
|
3,314
|
|
|
||
Programming and other inventory (Note 6)
|
|
1,828
|
|
|
1,427
|
|
|
||
Prepaid income taxes
|
|
78
|
|
|
30
|
|
|
||
Prepaid expenses
|
|
194
|
|
|
185
|
|
|
||
Other current assets
|
|
190
|
|
|
204
|
|
|
||
Current assets of discontinued operations (Note 4)
|
|
1
|
|
|
305
|
|
|
||
Total current assets
|
|
6,273
|
|
|
6,063
|
|
|
||
Property and equipment
|
|
3,051
|
|
|
2,935
|
|
|
||
Less accumulated depreciation and amortization
|
|
1,771
|
|
|
1,694
|
|
|
||
Net property and equipment (Note 2)
|
|
1,280
|
|
|
1,241
|
|
|
||
Programming and other inventory (Note 6)
|
|
2,881
|
|
|
2,439
|
|
|
||
Goodwill (Note 3)
|
|
4,891
|
|
|
4,864
|
|
|
||
Intangible assets (Note 3)
|
|
2,666
|
|
|
2,633
|
|
|
||
Other assets (Note 1)
|
|
2,840
|
|
|
2,707
|
|
|
||
Assets of discontinued operations (Note 4)
|
|
12
|
|
|
4,291
|
|
|
||
Total Assets
|
|
$
|
20,843
|
|
|
$
|
24,238
|
|
|
LIABILITIES AND STOCKHOLDERS
’
EQUITY
|
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
|
||||
Accounts payable
|
|
$
|
231
|
|
|
$
|
148
|
|
|
Accrued expenses
|
|
578
|
|
|
632
|
|
|
||
Accrued compensation
|
|
343
|
|
|
369
|
|
|
||
Participants’ share and royalties payable
|
|
986
|
|
|
1,024
|
|
|
||
Program rights
|
|
373
|
|
|
290
|
|
|
||
Deferred revenues
|
|
219
|
|
|
152
|
|
|
||
Commercial paper (Note 9)
|
|
679
|
|
|
450
|
|
|
||
Current portion of long-term debt (Note 9)
|
|
19
|
|
|
23
|
|
|
||
Other current liabilities
|
|
512
|
|
|
465
|
|
|
||
Current liabilities of discontinued operations (Note 4)
|
|
32
|
|
|
155
|
|
|
||
Total current liabilities
|
|
3,972
|
|
|
3,708
|
|
|
||
Long-term debt (Note 9)
|
|
9,464
|
|
|
8,902
|
|
|
||
Participants’ share and royalties payable
|
|
1,424
|
|
|
1,322
|
|
|
||
Pension and postretirement benefit obligations (Note 15)
|
|
1,328
|
|
|
1,769
|
|
|
||
Deferred income tax liabilities, net (Note 14)
|
|
480
|
|
|
590
|
|
|
||
Other liabilities
|
|
2,155
|
|
|
1,807
|
|
|
||
Liabilities of discontinued operations (Note 4)
|
|
42
|
|
|
2,451
|
|
|
||
|
|
|
|
|
|
||||
Commitments and contingencies (Note 16)
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||||
Stockholders’ Equity:
|
|
|
|
|
|
||||
Class A Common Stock, par value $.001 per share; 375 shares authorized;
38 (2017 and 2016) shares issued
|
|
—
|
|
|
—
|
|
|
||
Class B Common Stock, par value $.001 per share; 5,000 shares authorized;
834 (2017) and 829 (2016) shares issued
|
|
1
|
|
|
1
|
|
|
||
Additional paid-in capital
|
|
43,797
|
|
|
43,913
|
|
|
||
Accumulated deficit
|
|
(18,900
|
)
|
|
(19,257
|
)
|
|
||
Accumulated other comprehensive loss (Note 12)
|
|
(662
|
)
|
|
(767
|
)
|
|
||
|
|
24,236
|
|
|
23,890
|
|
|
||
Less treasury stock, at cost; 489 (2017) and 455 (2016) Class B Shares
|
|
22,258
|
|
|
20,201
|
|
|
||
Total Stockholders’ Equity
|
|
1,978
|
|
|
3,689
|
|
|
||
Total Liabilities and Stockholders
’
Equity
|
|
$
|
20,843
|
|
|
$
|
24,238
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Operating Activities:
|
|
|
|
|
|
|
||||||
Net earnings
|
|
$
|
357
|
|
|
$
|
1,261
|
|
|
$
|
1,413
|
|
Less: Net loss from discontinued operations
|
|
(952
|
)
|
|
(291
|
)
|
|
(141
|
)
|
|||
Net earnings from continuing operations
|
|
1,309
|
|
|
1,552
|
|
|
1,554
|
|
|||
Adjustments to reconcile net earnings from continuing operations to net cash flow
provided by operating activities from continuing operations:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
223
|
|
|
225
|
|
|
235
|
|
|||
Deferred tax (benefit) provision
|
|
(188
|
)
|
|
144
|
|
|
445
|
|
|||
Stock-based compensation
|
|
179
|
|
|
165
|
|
|
157
|
|
|||
Redemption of debt
|
|
42
|
|
|
—
|
|
|
—
|
|
|||
Net gain on disposition and write-down of assets
|
|
(9
|
)
|
|
(18
|
)
|
|
(139
|
)
|
|||
Equity in loss of investee companies, net of tax and distributions
|
|
38
|
|
|
53
|
|
|
37
|
|
|||
Change in assets and liabilities, net of investing and financing activities
|
|
|
|
|
|
|
||||||
(Increase) decrease in receivables
|
|
(268
|
)
|
|
36
|
|
|
(376
|
)
|
|||
Increase in inventory and related program and participation liabilities, net
|
|
(723
|
)
|
|
(804
|
)
|
|
(498
|
)
|
|||
(Increase) decrease in other assets
|
|
(52
|
)
|
|
(85
|
)
|
|
23
|
|
|||
(Decrease) increase in accounts payable and accrued expenses
|
|
(35
|
)
|
|
23
|
|
|
(220
|
)
|
|||
(Decrease) increase in pension and postretirement benefit obligations
|
|
(238
|
)
|
|
205
|
|
|
(46
|
)
|
|||
Increase (decrease) in income taxes
|
|
456
|
|
|
94
|
|
|
(56
|
)
|
|||
Increase (decrease) in deferred revenue
|
|
54
|
|
|
(137
|
)
|
|
66
|
|
|||
Other, net
|
|
5
|
|
|
1
|
|
|
7
|
|
|||
Net cash flow provided by operating activities from continuing operations
|
|
793
|
|
|
1,454
|
|
|
1,189
|
|
|||
Net cash flow provided by operating activities from discontinued operations
|
|
94
|
|
|
231
|
|
|
205
|
|
|||
Net cash flow provided by operating activities
|
|
887
|
|
|
1,685
|
|
|
1,394
|
|
|||
Investing Activities:
|
|
|
|
|
|
|
||||||
Acquisitions (including acquired television library), net of cash acquired
|
|
(270
|
)
|
|
(92
|
)
|
|
(12
|
)
|
|||
Capital expenditures
|
|
(185
|
)
|
|
(196
|
)
|
|
(171
|
)
|
|||
Investments in and advances to investee companies
|
|
(110
|
)
|
|
(81
|
)
|
|
(98
|
)
|
|||
Proceeds from sale of investments
|
|
10
|
|
|
—
|
|
|
80
|
|
|||
Proceeds from dispositions
|
|
11
|
|
|
20
|
|
|
383
|
|
|||
Other investing activities
|
|
21
|
|
|
15
|
|
|
(3
|
)
|
|||
Net cash flow (used for) provided by investing activities from continuing operations
|
|
(523
|
)
|
|
(334
|
)
|
|
179
|
|
|||
Net cash flow used for investing activities from discontinued operations
|
|
(24
|
)
|
|
(6
|
)
|
|
(25
|
)
|
|||
Net cash flow (used for) provided by investing activities
|
|
(547
|
)
|
|
(340
|
)
|
|
154
|
|
|||
Financing Activities:
|
|
|
|
|
|
|
||||||
Proceeds from (repayments of) short-term debt borrowings, net
|
|
229
|
|
|
450
|
|
|
(616
|
)
|
|||
Proceeds from issuance of senior notes
|
|
1,773
|
|
|
684
|
|
|
1,959
|
|
|||
Repayment of senior notes and debentures
|
|
(1,244
|
)
|
|
(199
|
)
|
|
—
|
|
|||
Proceeds from debt borrowings of CBS Radio
|
|
40
|
|
|
1,452
|
|
|
—
|
|
|||
Repayment of debt borrowings of CBS Radio
|
|
(43
|
)
|
|
(110
|
)
|
|
—
|
|
|||
Payment of capital lease obligations
|
|
(18
|
)
|
|
(18
|
)
|
|
(17
|
)
|
|||
Dividends
|
|
(296
|
)
|
|
(288
|
)
|
|
(300
|
)
|
|||
Purchase of Company common stock
|
|
(1,111
|
)
|
|
(2,997
|
)
|
|
(2,813
|
)
|
|||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation
|
|
(89
|
)
|
|
(58
|
)
|
|
(96
|
)
|
|||
Proceeds from exercise of stock options
|
|
91
|
|
|
21
|
|
|
142
|
|
|||
Excess tax benefit from stock-based compensation
|
|
—
|
|
|
17
|
|
|
88
|
|
|||
Other financing activities
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash flow used for financing activities
|
|
(677
|
)
|
|
(1,046
|
)
|
|
(1,653
|
)
|
|||
Net (decrease) increase in cash and cash equivalents
|
|
(337
|
)
|
|
299
|
|
|
(105
|
)
|
|||
Cash and cash equivalents at beginning of year
(includes $24 (2017) and $6 (2016 and 2015) of discontinued operations cash)
|
|
622
|
|
|
323
|
|
|
428
|
|
|||
Cash and cash equivalents at end of year
(includes $24 (2016) and $6 (2015) of discontinued operations cash)
|
|
$
|
285
|
|
|
$
|
622
|
|
|
$
|
323
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|||||||||
Class A Common Stock:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, beginning of year
|
38
|
|
|
$
|
—
|
|
|
38
|
|
|
$
|
—
|
|
|
38
|
|
|
$
|
—
|
|
Conversion of A shares into B shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance, end of year
|
38
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|||
Class B Common Stock:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, beginning of year
|
829
|
|
|
1
|
|
|
826
|
|
|
1
|
|
|
818
|
|
|
1
|
|
|||
Conversion of A shares into B shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Restricted stock unit vests
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|||
Exercise of stock options
|
3
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|||
Retirement of treasury stock
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|||
Balance, end of year
|
834
|
|
|
1
|
|
|
829
|
|
|
1
|
|
|
826
|
|
|
1
|
|
|||
Additional Paid-In Capital:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, beginning of year
|
|
|
43,913
|
|
|
|
|
44,055
|
|
|
|
|
44,041
|
|
||||||
Stock-based compensation
|
|
|
181
|
|
|
|
|
177
|
|
|
|
|
174
|
|
||||||
Tax benefit related to employee
stock-based transactions
|
|
|
—
|
|
|
|
|
12
|
|
|
|
|
87
|
|
||||||
Exercise of stock options
|
|
|
92
|
|
|
|
|
21
|
|
|
|
|
142
|
|
||||||
Retirement of treasury stock
|
|
|
(89
|
)
|
|
|
|
(58
|
)
|
|
|
|
(96
|
)
|
||||||
Dividends
|
|
|
(289
|
)
|
|
|
|
(294
|
)
|
|
|
|
(293
|
)
|
||||||
Decrease in noncontrolling interest
|
|
|
(11
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
||||||
Balance, end of year
|
|
|
43,797
|
|
|
|
|
43,913
|
|
|
|
|
44,055
|
|
||||||
Accumulated Deficit:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, beginning of year
|
|
|
(19,257
|
)
|
|
|
|
(20,518
|
)
|
|
|
|
(21,931
|
)
|
||||||
Net earnings
|
|
|
357
|
|
|
|
|
1,261
|
|
|
|
|
1,413
|
|
||||||
Balance, end of year
|
|
|
(18,900
|
)
|
|
|
|
(19,257
|
)
|
|
|
|
(20,518
|
)
|
||||||
Accumulated Other Comprehensive Loss:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, beginning of year
|
|
|
(767
|
)
|
|
|
|
(770
|
)
|
|
|
|
(735
|
)
|
||||||
Other comprehensive income (loss)
|
|
|
105
|
|
|
|
|
3
|
|
|
|
|
(35
|
)
|
||||||
Balance, end of year
|
|
|
(662
|
)
|
|
|
|
(767
|
)
|
|
|
|
(770
|
)
|
||||||
Treasury Stock, at cost:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance beginning of year
|
455
|
|
|
(20,201
|
)
|
|
401
|
|
|
(17,205
|
)
|
|
349
|
|
|
(14,406
|
)
|
|||
Class B Common Stock purchased
|
16
|
|
|
(1,050
|
)
|
|
54
|
|
|
(2,997
|
)
|
|
52
|
|
|
(2,800
|
)
|
|||
CBS Radio Split-Off
|
18
|
|
|
(1,007
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Shares paid for tax withholding for
stock-based compensation
|
1
|
|
|
(89
|
)
|
|
1
|
|
|
(58
|
)
|
|
2
|
|
|
(96
|
)
|
|||
Issuance of stock for deferred compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||
Retirement of treasury stock
|
(1
|
)
|
|
89
|
|
|
(1
|
)
|
|
58
|
|
|
(2
|
)
|
|
96
|
|
|||
Balance, end of year
|
489
|
|
|
(22,258
|
)
|
|
455
|
|
|
(20,201
|
)
|
|
401
|
|
|
(17,205
|
)
|
|||
Total Stockholders’ Equity
|
|
|
$
|
1,978
|
|
|
|
|
$
|
3,689
|
|
|
|
|
$
|
5,563
|
|
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,
|
2017
|
|
2016
|
|
2015
|
|||
(in millions)
|
|
|
|
|
|
|||
Weighted average shares for basic EPS
|
401
|
|
|
444
|
|
|
484
|
|
Dilutive effect of shares issuable under stock-based compensation plans
|
6
|
|
|
4
|
|
|
5
|
|
Weighted average shares for diluted EPS
|
407
|
|
|
448
|
|
|
489
|
|
At December 31,
|
2017
|
|
2016
|
||||
Land
|
$
|
193
|
|
|
$
|
195
|
|
Buildings
|
769
|
|
|
733
|
|
||
Capital leases
(a)
|
162
|
|
|
164
|
|
||
Equipment and other
|
1,927
|
|
|
1,843
|
|
||
|
3,051
|
|
|
2,935
|
|
||
Less accumulated depreciation and amortization
|
1,771
|
|
|
1,694
|
|
||
Net property and equipment
|
$
|
1,280
|
|
|
$
|
1,241
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Depreciation expense, including capitalized lease amortization
(a)
|
$
|
203
|
|
|
$
|
205
|
|
|
$
|
212
|
|
|
|
Balance at
|
|
|
|
|
|
|
Balance at
|
||||||||||||
|
|
December 31, 2016
|
|
Acquisitions
|
|
|
Dispositions
|
|
December 31, 2017
|
||||||||||||
Entertainment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
|
|
$
|
9,300
|
|
|
|
$
|
23
|
|
(a)
|
|
$
|
—
|
|
|
|
$
|
9,323
|
|
|
Accumulated impairment losses
|
|
|
(6,294
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,294
|
)
|
|
||||
Goodwill, net of impairment
|
|
|
3,006
|
|
|
|
23
|
|
|
|
—
|
|
|
|
3,029
|
|
|
||||
Cable Networks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
|
|
480
|
|
|
|
—
|
|
|
|
—
|
|
|
|
480
|
|
|
||||
Accumulated impairment losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
||||
Goodwill, net of impairment
|
|
|
480
|
|
|
|
—
|
|
|
|
—
|
|
|
|
480
|
|
|
||||
Publishing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
|
|
431
|
|
|
|
4
|
|
(b)
|
|
—
|
|
|
|
435
|
|
|
||||
Accumulated impairment losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
||||
Goodwill, net of impairment
|
|
|
431
|
|
|
|
4
|
|
|
|
—
|
|
|
|
435
|
|
|
||||
Local Media:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
|
|
8,007
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,007
|
|
|
||||
Accumulated impairment losses
|
|
|
(7,060
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(7,060
|
)
|
|
||||
Goodwill, net of impairment
|
|
|
947
|
|
|
|
—
|
|
|
|
—
|
|
|
|
947
|
|
|
||||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
|
|
18,218
|
|
|
|
27
|
|
|
|
—
|
|
|
|
18,245
|
|
|
||||
Accumulated impairment losses
|
|
|
(13,354
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(13,354
|
)
|
|
||||
Goodwill, net of impairment
|
|
|
$
|
4,864
|
|
|
|
$
|
27
|
|
|
|
$
|
—
|
|
|
|
$
|
4,891
|
|
|
|
|
Balance at
|
|
|
|
|
|
|
Balance at
|
||||||||||||
|
|
December 31, 2015
|
|
Acquisitions
|
|
|
Dispositions
|
|
December 31, 2016
|
||||||||||||
Entertainment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
|
|
$
|
9,250
|
|
|
|
$
|
52
|
|
(c)
|
|
$
|
(2
|
)
|
(d)
|
|
$
|
9,300
|
|
|
Accumulated impairment losses
|
|
|
(6,294
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,294
|
)
|
|
||||
Goodwill, net of impairment
|
|
|
2,956
|
|
|
|
52
|
|
|
|
(2
|
)
|
|
|
3,006
|
|
|
||||
Cable Networks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
|
|
480
|
|
|
|
—
|
|
|
|
—
|
|
|
|
480
|
|
|
||||
Accumulated impairment losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
||||
Goodwill, net of impairment
|
|
|
480
|
|
|
|
—
|
|
|
|
—
|
|
|
|
480
|
|
|
||||
Publishing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
|
|
406
|
|
|
|
25
|
|
(b)
|
|
—
|
|
|
|
431
|
|
|
||||
Accumulated impairment losses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
||||
Goodwill, net of impairment
|
|
|
406
|
|
|
|
25
|
|
|
|
—
|
|
|
|
431
|
|
|
||||
Local Media:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
|
|
8,007
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,007
|
|
|
||||
Accumulated impairment losses
|
|
|
(7,060
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(7,060
|
)
|
|
||||
Goodwill, net of impairment
|
|
|
947
|
|
|
|
—
|
|
|
|
—
|
|
|
|
947
|
|
|
||||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
|
|
18,143
|
|
|
|
77
|
|
|
|
(2
|
)
|
|
|
18,218
|
|
|
||||
Accumulated impairment losses
|
|
|
(13,354
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(13,354
|
)
|
|
||||
Goodwill, net of impairment
|
|
|
$
|
4,789
|
|
|
|
$
|
77
|
|
|
|
$
|
(2
|
)
|
|
|
$
|
4,864
|
|
|
|
|
|
Accumulated
|
|
|
||||||
At December 31, 2017
|
Gross
|
|
Amortization
|
|
Net
|
||||||
Intangible assets subject to amortization:
|
190
|
|
|
|
|
|
|||||
Trade names
|
$
|
190
|
|
|
$
|
(51
|
)
|
|
$
|
139
|
|
Other intangible assets
|
134
|
|
|
(101
|
)
|
|
33
|
|
|||
Total intangible assets subject to amortization
|
324
|
|
|
(152
|
)
|
|
172
|
|
|||
FCC licenses
|
2,441
|
|
|
—
|
|
|
2,441
|
|
|||
International broadcast licenses
(a)
|
53
|
|
|
—
|
|
|
53
|
|
|||
Total intangible assets
|
$
|
2,818
|
|
|
$
|
(152
|
)
|
|
$
|
2,666
|
|
|
|
|
Accumulated
|
|
|
||||||
At December 31, 2016
|
Gross
|
|
Amortization
|
|
Net
|
||||||
Intangible assets subject to amortization:
|
|
|
|
|
|
||||||
Trade names
|
$
|
188
|
|
|
$
|
(41
|
)
|
|
$
|
147
|
|
Other intangible assets
|
147
|
|
|
(107
|
)
|
|
40
|
|
|||
Total intangible assets subject to amortization
|
335
|
|
|
(148
|
)
|
|
187
|
|
|||
FCC licenses
|
2,446
|
|
|
—
|
|
|
2,446
|
|
|||
Total intangible assets
|
$
|
2,781
|
|
|
$
|
(148
|
)
|
|
$
|
2,633
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Amortization expense
|
|
$
|
20
|
|
|
|
|
$
|
20
|
|
|
|
|
$
|
23
|
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||||||||||||||
Future amortization expense
|
|
$
|
19
|
|
|
|
|
$
|
18
|
|
|
|
|
$
|
15
|
|
|
|
|
$
|
13
|
|
|
|
|
$
|
12
|
|
|
Fair value of CBS Corp. Class B Common Stock accepted
|
|
|
|
|
(17,854,689 shares at $56.40 per share on November 16, 2017)
|
|
$
|
1,007
|
|
Carrying value of CBS Radio
(a)
|
|
(1,112
|
)
|
|
Net loss on split-off of CBS Radio
|
|
$
|
(105
|
)
|
Year Ended December 31, 2017
|
CBS Radio
|
|
Other
|
|
Total
|
||||||||
Revenues
|
$
|
1,018
|
|
|
|
$
|
—
|
|
|
|
$
|
1,018
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
||||||
Operating
|
364
|
|
|
|
—
|
|
|
|
364
|
|
|||
Selling, general and administrative
|
446
|
|
|
|
(1
|
)
|
|
|
445
|
|
|||
Market value adjustment
|
980
|
|
(a)
|
|
—
|
|
|
|
980
|
|
|||
Restructuring charges
|
7
|
|
(b)
|
|
—
|
|
|
|
7
|
|
|||
Total costs and expenses
|
1,797
|
|
|
|
(1
|
)
|
|
|
1,796
|
|
|||
Operating income (loss)
|
(779
|
)
|
|
|
1
|
|
|
|
(778
|
)
|
|||
Interest expense
|
(70
|
)
|
|
|
—
|
|
|
|
(70
|
)
|
|||
Earnings (loss) from discontinued operations
|
(849
|
)
|
|
|
1
|
|
|
|
(848
|
)
|
|||
Income tax benefit (provision)
|
(55
|
)
|
|
|
45
|
|
(c)
|
|
(10
|
)
|
|||
Earnings (loss) from discontinued operations, net of tax
|
(904
|
)
|
|
|
46
|
|
|
|
(858
|
)
|
|||
Net gain (loss) on disposal
|
(109
|
)
|
|
|
13
|
|
|
|
(96
|
)
|
|||
Income tax benefit (provision)
|
4
|
|
|
|
(2
|
)
|
|
|
2
|
|
|||
Net gain (loss) on disposal, net of tax
|
(105
|
)
|
|
|
11
|
|
(d)
|
|
(94
|
)
|
|||
Net earnings (loss) from discontinued operations, net of tax
|
$
|
(1,009
|
)
|
|
|
$
|
57
|
|
|
|
$
|
(952
|
)
|
First Quarter 2017
|
|
$
|
(715
|
)
|
Second Quarter 2017
|
|
(365
|
)
|
|
Third Quarter 2017
|
|
100
|
|
|
|
|
$
|
(980
|
)
|
Year Ended December 31, 2016
|
CBS Radio
|
|
Other
(b)
|
|
Total
|
||||||||
Revenues
|
$
|
1,220
|
|
|
|
$
|
—
|
|
|
|
$
|
1,220
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
||||||
Operating
|
397
|
|
|
|
—
|
|
|
|
397
|
|
|||
Selling, general and administrative
|
497
|
|
|
|
—
|
|
|
|
497
|
|
|||
Depreciation and amortization
|
26
|
|
|
|
—
|
|
|
|
26
|
|
|||
Restructuring charges
|
8
|
|
(a)
|
|
—
|
|
|
|
8
|
|
|||
Impairment charge
|
444
|
|
|
|
—
|
|
|
|
444
|
|
|||
Total costs and expenses
|
1,372
|
|
|
|
—
|
|
|
|
1,372
|
|
|||
Operating loss
|
(152
|
)
|
|
|
—
|
|
|
|
(152
|
)
|
|||
Interest expense
|
(17
|
)
|
|
|
—
|
|
|
|
(17
|
)
|
|||
Other income
|
2
|
|
|
|
—
|
|
|
|
2
|
|
|||
Loss from discontinued operations
|
(167
|
)
|
|
|
—
|
|
|
|
(167
|
)
|
|||
Income tax provision
|
(88
|
)
|
|
|
(36
|
)
|
|
|
(124
|
)
|
|||
Net loss from discontinued operations, net of tax
|
$
|
(255
|
)
|
|
|
$
|
(36
|
)
|
|
|
$
|
(291
|
)
|
Year Ended December 31, 2015
|
CBS Radio
|
|
Other
(b)
|
|
Total
|
||||||||
Revenues
|
$
|
1,223
|
|
|
|
$
|
—
|
|
|
|
$
|
1,223
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
||||||
Operating
|
415
|
|
|
|
—
|
|
|
|
415
|
|
|||
Selling, general and administrative
|
500
|
|
|
|
—
|
|
|
|
500
|
|
|||
Depreciation and amortization
|
29
|
|
|
|
—
|
|
|
|
29
|
|
|||
Restructuring charges
|
36
|
|
(a)
|
|
—
|
|
|
|
36
|
|
|||
Impairment charge
|
484
|
|
|
|
—
|
|
|
|
484
|
|
|||
Total costs and expenses
|
1,464
|
|
|
|
—
|
|
|
|
1,464
|
|
|||
Operating loss
|
(241
|
)
|
|
|
—
|
|
|
|
(241
|
)
|
|||
Other income
|
1
|
|
|
|
—
|
|
|
|
1
|
|
|||
Loss from discontinued operations
|
(240
|
)
|
|
|
—
|
|
|
|
(240
|
)
|
|||
Income tax benefit
|
89
|
|
|
|
—
|
|
|
|
89
|
|
|||
Loss from discontinued operations, net of tax
|
(151
|
)
|
|
|
—
|
|
|
|
(151
|
)
|
|||
Net gain on disposal
|
—
|
|
|
|
17
|
|
|
|
17
|
|
|||
Income tax provision
|
—
|
|
|
|
(7
|
)
|
|
|
(7
|
)
|
|||
Net gain on disposal, net of tax
|
—
|
|
|
|
10
|
|
|
|
10
|
|
|||
Net earnings (loss) from discontinued operations, net of tax
|
$
|
(151
|
)
|
|
|
$
|
10
|
|
|
|
$
|
(141
|
)
|
At December 31,
|
2017
(a)
|
|
2016
|
||||
Receivables, net
|
$
|
—
|
|
|
$
|
244
|
|
Other current assets
|
1
|
|
|
61
|
|
||
Goodwill
|
—
|
|
|
1,285
|
|
||
Intangible assets
|
—
|
|
|
2,832
|
|
||
Net property and equipment
|
—
|
|
|
145
|
|
||
Other assets
|
12
|
|
|
29
|
|
||
Total Assets
|
$
|
13
|
|
|
$
|
4,596
|
|
Current portion of long-term debt
|
$
|
—
|
|
|
$
|
10
|
|
Other current liabilities
|
32
|
|
|
145
|
|
||
Long-term debt
|
—
|
|
|
1,335
|
|
||
Deferred income tax liabilities
|
—
|
|
|
998
|
|
||
Other liabilities
|
42
|
|
|
118
|
|
||
Total Liabilities
|
$
|
74
|
|
|
$
|
2,606
|
|
Term Loan due October 2023, net of discount
|
|
$
|
955
|
|
|
7.250% Senior Notes due November 2024
|
|
400
|
|
|
|
Revolving Credit Facility
|
|
10
|
|
|
|
Deferred financing costs
|
|
(20
|
)
|
|
|
Total long-term debt, including current portion
|
|
$
|
1,345
|
|
|
|
Balance at
|
|
2017
|
|
2017
|
|
Balance at
|
||||||||||||||
|
December 31, 2016
|
|
Charges
|
|
Settlements
|
|
December 31, 2017
|
||||||||||||||
Entertainment
|
|
$
|
20
|
|
|
|
$
|
44
|
|
|
|
$
|
(18
|
)
|
|
|
|
$
|
46
|
|
|
Cable Networks
|
|
4
|
|
|
|
—
|
|
|
|
(3
|
)
|
|
|
|
1
|
|
|
||||
Publishing
|
|
1
|
|
|
|
5
|
|
|
|
(3
|
)
|
|
|
|
3
|
|
|
||||
Local Media
|
|
12
|
|
|
|
12
|
|
|
|
(7
|
)
|
|
|
|
17
|
|
|
||||
Corporate
|
|
2
|
|
|
|
2
|
|
|
|
(1
|
)
|
|
|
|
3
|
|
|
||||
Total
|
|
$
|
39
|
|
|
|
$
|
63
|
|
|
|
$
|
(32
|
)
|
|
|
|
$
|
70
|
|
|
|
Balance at
|
|
2016
|
|
2016
|
|
Balance at
|
||||||||||||||
|
December 31, 2015
|
|
Charges
|
|
Settlements
|
|
December 31, 2016
|
||||||||||||||
Entertainment
|
|
$
|
19
|
|
|
|
$
|
16
|
|
|
|
$
|
(15
|
)
|
|
|
|
$
|
20
|
|
|
Cable Networks
|
|
—
|
|
|
|
4
|
|
|
|
—
|
|
|
|
|
4
|
|
|
||||
Publishing
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
|
1
|
|
|
||||
Local Media
|
|
11
|
|
|
|
6
|
|
|
|
(5
|
)
|
|
|
|
12
|
|
|
||||
Corporate
|
|
1
|
|
|
|
3
|
|
|
|
(2
|
)
|
|
|
|
2
|
|
|
||||
Total
|
|
$
|
31
|
|
|
|
$
|
30
|
|
|
|
$
|
(22
|
)
|
|
|
|
$
|
39
|
|
|
At December 31,
|
2017
|
|
2016
|
||||
Acquired program rights
|
$
|
2,234
|
|
|
$
|
1,773
|
|
Acquired television library
|
99
|
|
|
—
|
|
||
Internally produced programming:
|
|
|
|
||||
Released
|
1,780
|
|
|
1,746
|
|
||
In process and other
|
543
|
|
|
298
|
|
||
Publishing, primarily finished goods
|
53
|
|
|
49
|
|
||
Total programming and other inventory
|
4,709
|
|
|
3,866
|
|
||
Less current portion
|
1,828
|
|
|
1,427
|
|
||
Total noncurrent programming and other inventory
|
$
|
2,881
|
|
|
$
|
2,439
|
|
At December 31,
|
2017
|
|
2016
|
||||
Receivables
|
$
|
93
|
|
|
$
|
113
|
|
Other assets (Receivables, noncurrent)
|
11
|
|
|
35
|
|
||
Total amounts due from Viacom Inc.
|
$
|
104
|
|
|
$
|
148
|
|
At December 31,
|
2017
|
|
2016
|
||||
Commercial paper
|
$
|
679
|
|
|
$
|
450
|
|
1.95% Senior Notes due 2017
|
—
|
|
|
399
|
|
||
4.625% Senior Notes due 2018
|
—
|
|
|
305
|
|
||
2.30% Senior Notes due 2019
|
604
|
|
|
606
|
|
||
5.75% Senior Notes due 2020
|
—
|
|
|
499
|
|
||
4.30% Senior Notes due 2021
|
299
|
|
|
299
|
|
||
3.375% Senior Notes due 2022
|
696
|
|
|
695
|
|
||
2.50% Senior Notes due 2023
|
396
|
|
|
—
|
|
||
2.90% Senior Notes due 2023
|
395
|
|
|
—
|
|
||
7.875% Debentures due 2023
|
187
|
|
|
187
|
|
||
7.125% Senior Notes due 2023
(b)
|
46
|
|
|
46
|
|
||
3.70% Senior Notes due 2024
|
597
|
|
|
596
|
|
||
3.50% Senior Notes due 2025
|
589
|
|
|
587
|
|
||
4.00% Senior Notes due 2026
|
785
|
|
|
783
|
|
||
2.90% Senior Notes due 2027
|
684
|
|
|
683
|
|
||
3.375% Senior Notes due 2028
|
493
|
|
|
—
|
|
||
3.70% Senior Notes due 2028
|
489
|
|
|
—
|
|
||
7.875% Senior Debentures due 2030
|
832
|
|
|
833
|
|
||
5.50% Senior Debentures due 2033
|
425
|
|
|
425
|
|
||
5.90% Senior Notes due 2040
|
297
|
|
|
297
|
|
||
4.85% Senior Notes due 2042
|
485
|
|
|
485
|
|
||
4.90% Senior Notes due 2044
|
539
|
|
|
538
|
|
||
4.60% Senior Notes due 2045
|
588
|
|
|
587
|
|
||
Obligations under capital leases
|
57
|
|
|
75
|
|
||
Total debt
(c)
|
10,162
|
|
|
9,375
|
|
||
Less commercial paper
|
679
|
|
|
450
|
|
||
Less current portion
|
19
|
|
|
23
|
|
||
Total long-term debt, net of current portion
|
$
|
9,464
|
|
|
$
|
8,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 and
|
||||||||||||
|
2018
|
2019
|
2020
|
2021
|
2022
|
Thereafter
|
||||||||||||||||||||||
Long-term debt
|
|
$
|
—
|
|
|
|
$
|
600
|
|
|
|
$
|
—
|
|
|
|
$
|
300
|
|
|
|
$
|
700
|
|
|
$
|
7,940
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
Financial Statement Account
|
||||||||
Non-designated foreign exchange contracts
|
|
$
|
(27
|
)
|
|
|
|
$
|
33
|
|
|
|
Other items, net
|
At December 31, 2017
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Foreign currency hedges
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Total Assets
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Liabilities:
|
|
|
|
|
|
|
$
|
—
|
|
||||||
Deferred compensation
|
$
|
—
|
|
|
$
|
363
|
|
|
$
|
—
|
|
|
$
|
363
|
|
Foreign currency hedges
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
373
|
|
|
$
|
—
|
|
|
$
|
373
|
|
At December 31, 2016
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Foreign currency hedges
|
$
|
—
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
34
|
|
Total Assets
|
$
|
—
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
34
|
|
Liabilities:
|
|
|
|
|
|
|
$
|
—
|
|
||||||
Deferred compensation
|
$
|
—
|
|
|
$
|
347
|
|
|
$
|
—
|
|
|
$
|
347
|
|
Foreign currency hedges
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
348
|
|
|
$
|
—
|
|
|
$
|
348
|
|
|
|
|
Net Actuarial
|
|
Accumulated
|
||||||
|
Cumulative
|
|
Loss and
|
|
Other
|
||||||
|
Translation
|
|
Prior
|
|
Comprehensive
|
||||||
|
Adjustments
|
|
Service Cost
|
|
Loss
|
||||||
At December 31, 2014
|
$
|
157
|
|
|
$
|
(892
|
)
|
|
$
|
(735
|
)
|
Other comprehensive loss before reclassifications
|
(5
|
)
|
|
(66
|
)
|
|
(71
|
)
|
|||
Reclassifications to net earnings
|
—
|
|
|
36
|
|
(a)
|
36
|
|
|||
Other comprehensive loss
|
(5
|
)
|
|
(30
|
)
|
|
(35
|
)
|
|||
At December 31, 2015
|
152
|
|
|
(922
|
)
|
|
(770
|
)
|
|||
Other comprehensive loss before reclassifications
|
(1
|
)
|
|
(165
|
)
|
|
(166
|
)
|
|||
Reclassifications to net earnings
|
—
|
|
|
169
|
|
(a)
|
169
|
|
|||
Other comprehensive income (loss)
|
(1
|
)
|
|
4
|
|
|
3
|
|
|||
At December 31, 2016
|
151
|
|
|
(918
|
)
|
|
(767
|
)
|
|||
Other comprehensive income (loss) before reclassifications
|
6
|
|
|
(173
|
)
|
|
(167
|
)
|
|||
Reclassifications to net earnings
|
2
|
|
|
270
|
|
(a)
|
272
|
|
|||
Other comprehensive income
|
8
|
|
|
97
|
|
|
105
|
|
|||
At December 31, 2017
|
$
|
159
|
|
|
$
|
(821
|
)
|
|
$
|
(662
|
)
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
RSUs and PSUs
|
$
|
152
|
|
|
$
|
137
|
|
|
$
|
129
|
|
Stock options
|
27
|
|
|
28
|
|
|
28
|
|
|||
Stock-based compensation expense, before income taxes
|
179
|
|
|
165
|
|
|
157
|
|
|||
Related tax benefit
|
(69
|
)
|
|
(63
|
)
|
|
(61
|
)
|
|||
Stock-based compensation expense, net of tax benefit
|
$
|
110
|
|
|
$
|
102
|
|
|
$
|
96
|
|
|
|
|
|
|
Weighted Average
|
|||||
|
RSUs
|
|
Grant Date Fair Value
|
|||||||
Non-vested at December 31, 2016
|
|
6,457,620
|
|
|
|
|
$
|
52.57
|
|
|
Granted
|
|
2,506,607
|
|
|
|
|
$
|
66.59
|
|
|
Vested
|
|
(2,892,533
|
)
|
|
|
|
$
|
52.69
|
|
|
Forfeited
|
|
(747,707
|
)
|
|
|
|
$
|
59.04
|
|
|
Non-vested at December 31, 2017
|
|
5,323,987
|
|
|
|
|
$
|
58.19
|
|
|
|
2017
|
|
2016
|
|
2015
|
|||
Expected dividend yield
|
1.09
|
%
|
|
1.31
|
%
|
|
1.25
|
%
|
Expected stock price volatility
|
29.89
|
%
|
|
32.55
|
%
|
|
31.45
|
%
|
Risk-free interest rate
|
2.00
|
%
|
|
1.35
|
%
|
|
1.63
|
%
|
Expected term of options (years)
|
5.00
|
|
|
5.00
|
|
|
5.00
|
|
|
|
|
|
|
Weighted Average
|
|||||
|
Stock Options
|
|
Exercise Price
|
|||||||
Outstanding at December 31, 2016
|
|
11,911,647
|
|
|
|
|
$
|
44.14
|
|
|
Granted
|
|
1,361,464
|
|
|
|
|
$
|
66.31
|
|
|
Exercised
|
|
(2,940,667
|
)
|
|
|
|
$
|
31.12
|
|
|
Forfeited or expired
|
|
(218,608
|
)
|
|
|
|
$
|
59.04
|
|
|
Outstanding at December 31, 2017
|
|
10,113,836
|
|
|
|
|
$
|
50.59
|
|
|
Exercisable at December 31, 2017
|
|
6,376,286
|
|
|
|
|
$
|
46.30
|
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Cash received from stock option exercises
|
$
|
91
|
|
|
$
|
21
|
|
|
$
|
142
|
|
Tax benefit of stock option exercises
|
$
|
36
|
|
|
$
|
14
|
|
|
$
|
74
|
|
Intrinsic value of stock option exercises
|
$
|
96
|
|
|
$
|
37
|
|
|
$
|
192
|
|
|
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
|
25,465
|
|
|
1.08
|
|
|
$
|
5.72
|
|
|
|
25,465
|
|
|
|
$
|
5.72
|
|
|
$10 to 19.99
|
174,668
|
|
|
0.95
|
|
|
$
|
14.46
|
|
|
|
174,668
|
|
|
|
$
|
14.46
|
|
|
$20 to 29.99
|
1,086,770
|
|
|
1.70
|
|
|
$
|
26.62
|
|
|
|
1,086,770
|
|
|
|
$
|
26.62
|
|
|
$30 to 39.99
|
791,703
|
|
|
2.82
|
|
|
$
|
34.27
|
|
|
|
791,703
|
|
|
|
$
|
34.27
|
|
|
$40 to 49.99
|
3,213,930
|
|
|
4.61
|
|
|
$
|
45.17
|
|
|
|
1,977,910
|
|
|
|
$
|
44.77
|
|
|
$50 to 59.99
|
1,635,410
|
|
|
5.13
|
|
|
$
|
59.54
|
|
|
|
772,552
|
|
|
|
$
|
59.54
|
|
|
$60 to 69.99
|
3,185,890
|
|
|
5.38
|
|
|
$
|
66.04
|
|
|
|
1,547,218
|
|
|
|
$
|
65.89
|
|
|
|
10,113,836
|
|
|
|
|
|
|
|
|
6,376,286
|
|
|
|
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
United States
|
$
|
1,441
|
|
|
$
|
1,803
|
|
|
$
|
1,840
|
|
Foreign
|
538
|
|
|
427
|
|
|
424
|
|
|||
Total
|
$
|
1,979
|
|
|
$
|
2,230
|
|
|
$
|
2,264
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
720
|
|
|
$
|
359
|
|
|
$
|
110
|
|
State and local
|
38
|
|
|
64
|
|
|
30
|
|
|||
Foreign
|
63
|
|
|
61
|
|
|
91
|
|
|||
|
821
|
|
|
484
|
|
|
231
|
|
|||
Deferred
|
(188
|
)
|
|
144
|
|
|
445
|
|
|||
Provision for income taxes
|
$
|
633
|
|
|
$
|
628
|
|
|
$
|
676
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Taxes on income at U.S. federal statutory rate
|
$
|
693
|
|
|
$
|
780
|
|
|
$
|
792
|
|
State and local taxes, net of federal tax benefit
|
47
|
|
|
59
|
|
|
55
|
|
|||
Effect of foreign operations
|
(162
|
)
|
|
(112
|
)
|
|
(100
|
)
|
|||
Impact of federal tax legislation
|
129
|
|
|
—
|
|
|
—
|
|
|||
Excess tax benefits from stock-based compensation
|
(44
|
)
|
|
—
|
|
|
—
|
|
|||
Domestic production deduction
|
(31
|
)
|
|
(42
|
)
|
|
(25
|
)
|
|||
Sales of businesses
|
—
|
|
|
—
|
|
|
(42
|
)
|
|||
Audit settlements, net
|
—
|
|
|
—
|
|
|
(9
|
)
|
|||
Other, net
(a)
|
1
|
|
|
(57
|
)
|
|
5
|
|
|||
Provision for income taxes
|
$
|
633
|
|
|
$
|
628
|
|
|
$
|
676
|
|
At December 31,
|
2017
|
|
2016
|
||||
Deferred income tax assets:
|
|
|
|
||||
Reserves and other accrued liabilities
|
$
|
391
|
|
|
$
|
671
|
|
Pension, postretirement and other employee benefits
|
478
|
|
|
843
|
|
||
Tax credit and loss carryforwards
|
835
|
|
|
966
|
|
||
Other
|
70
|
|
|
113
|
|
||
Total deferred income tax assets
|
1,774
|
|
|
2,593
|
|
||
Valuation allowance
|
(974
|
)
|
|
(928
|
)
|
||
Deferred income tax assets, net
|
800
|
|
|
1,665
|
|
||
Deferred income tax liabilities:
|
|
|
|
||||
Intangible assets
|
(847
|
)
|
|
(1,469
|
)
|
||
Unbilled licensing receivables
|
(291
|
)
|
|
(636
|
)
|
||
Property, equipment and other assets
|
(86
|
)
|
|
(140
|
)
|
||
Total deferred income tax liabilities
|
(1,224
|
)
|
|
(2,245
|
)
|
||
Deferred income tax liabilities, net
|
$
|
(424
|
)
|
|
$
|
(580
|
)
|
At January 1, 2015
|
$
|
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
|
|
|
Additions for current year tax positions
|
9
|
|
|
Additions for prior year tax positions
|
4
|
|
|
Reductions for prior year tax positions
|
(8
|
)
|
|
Cash settlements
|
(6
|
)
|
|
Statute of limitations lapses
|
(1
|
)
|
|
At December 31, 2016
|
102
|
|
|
Additions for current year tax positions
|
50
|
|
|
Additions for prior year tax positions
|
39
|
|
|
Reductions for prior year tax positions
|
(41
|
)
|
|
Cash settlements
|
(5
|
)
|
|
Statute of limitations lapses
|
(7
|
)
|
|
At December 31, 2017
|
$
|
138
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
||||||||
Benefit obligation, beginning of year
|
$
|
4,660
|
|
|
$
|
4,911
|
|
|
$
|
447
|
|
|
$
|
486
|
|
Service cost
|
29
|
|
|
29
|
|
|
—
|
|
|
—
|
|
||||
Interest cost
|
191
|
|
|
215
|
|
|
18
|
|
|
20
|
|
||||
Actuarial loss (gain)
|
337
|
|
|
353
|
|
|
19
|
|
|
(5
|
)
|
||||
Benefits paid
|
(326
|
)
|
|
(328
|
)
|
|
(73
|
)
|
|
(69
|
)
|
||||
Participants’ contributions
|
—
|
|
|
—
|
|
|
10
|
|
|
11
|
|
||||
Retiree Medicare drug subsidy
|
—
|
|
|
—
|
|
|
3
|
|
|
4
|
|
||||
Settlements
|
(862
|
)
|
|
(518
|
)
|
|
—
|
|
|
—
|
|
||||
Cumulative translation adjustments
|
11
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Benefit obligation, end of year
|
$
|
4,040
|
|
|
$
|
4,660
|
|
|
$
|
424
|
|
|
$
|
447
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Change in plan assets:
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets, beginning of year
|
$
|
3,244
|
|
|
$
|
3,734
|
|
|
$
|
4
|
|
|
$
|
4
|
|
Actual return on plan assets
|
328
|
|
|
305
|
|
|
—
|
|
|
—
|
|
||||
Employer contributions
|
650
|
|
|
52
|
|
|
56
|
|
|
54
|
|
||||
Benefits paid
|
(326
|
)
|
|
(328
|
)
|
|
(73
|
)
|
|
(69
|
)
|
||||
Participants’ contributions
|
—
|
|
|
—
|
|
|
10
|
|
|
11
|
|
||||
Retiree Medicare drug subsidy
|
—
|
|
|
—
|
|
|
3
|
|
|
4
|
|
||||
Settlements
|
(862
|
)
|
|
(518
|
)
|
|
—
|
|
|
—
|
|
||||
Cumulative translation adjustments
|
12
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Fair value of plan assets, end of year
|
$
|
3,046
|
|
|
$
|
3,244
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
At December 31,
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Funded status at end of year
|
$
|
(994
|
)
|
|
$
|
(1,416
|
)
|
|
$
|
(424
|
)
|
|
$
|
(443
|
)
|
Amounts recognized on the Consolidated Balance Sheets:
|
|
|
|
|
|
|
|
||||||||
Other assets
|
$
|
12
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Current liabilities
|
(53
|
)
|
|
(53
|
)
|
|
(49
|
)
|
|
(50
|
)
|
||||
Noncurrent liabilities
|
(953
|
)
|
|
(1,376
|
)
|
|
(375
|
)
|
|
(393
|
)
|
||||
Net amounts recognized
|
$
|
(994
|
)
|
|
$
|
(1,416
|
)
|
|
$
|
(424
|
)
|
|
$
|
(443
|
)
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
At December 31,
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net actuarial (loss) gain
|
$
|
(1,583
|
)
|
|
$
|
(1,827
|
)
|
|
$
|
189
|
|
|
$
|
230
|
|
Net prior service cost
|
(6
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
||||
Share of equity investee
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
(1,591
|
)
|
|
(1,835
|
)
|
|
189
|
|
|
230
|
|
||||
Deferred income taxes
|
606
|
|
|
725
|
|
|
(25
|
)
|
|
(38
|
)
|
||||
Net amount recognized in accumulated other
comprehensive income (loss)
|
$
|
(985
|
)
|
|
$
|
(1,110
|
)
|
|
$
|
164
|
|
|
$
|
192
|
|
At December 31,
|
2017
|
|
2016
|
||||
Projected benefit obligation
|
$
|
3,933
|
|
|
$
|
4,558
|
|
Accumulated benefit obligation
|
$
|
3,852
|
|
|
$
|
4,485
|
|
Fair value of plan assets
|
$
|
2,928
|
|
|
$
|
3,129
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||||||
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Components of net periodic cost:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service cost
|
$
|
29
|
|
|
$
|
29
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
191
|
|
|
215
|
|
|
209
|
|
|
18
|
|
|
20
|
|
|
20
|
|
||||||
Expected return on plan assets
|
(201
|
)
|
|
(227
|
)
|
|
(261
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of actuarial losses (gains)
|
101
|
|
|
84
|
|
|
79
|
|
|
(22
|
)
|
|
(21
|
)
|
|
(21
|
)
|
||||||
Amortization of prior service cost
|
2
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Settlements
|
352
|
|
|
211
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic cost
|
$
|
474
|
|
|
$
|
313
|
|
|
$
|
59
|
|
|
$
|
(4
|
)
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
Pension
|
|
Postretirement
|
||||||||
Year Ended December 31, 2017
|
Benefits
|
|
Benefits
|
||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
45
|
|
|
|||
Actuarial loss
|
|
$
|
(210
|
)
|
|
|
|
$
|
(19
|
)
|
|
Amortization of actuarial losses (gains)
(a)
|
|
101
|
|
|
|
|
(22
|
)
|
|
||
Amortization of prior service cost
(a)
|
|
2
|
|
|
|
|
—
|
|
|
||
Settlements
(a)
|
|
352
|
|
|
|
|
—
|
|
|
||
Cumulative translation adjustments
|
|
(1
|
)
|
|
|
|
—
|
|
|
||
|
|
244
|
|
|
|
|
(41
|
)
|
|
||
Deferred income taxes
|
|
(119
|
)
|
|
|
|
13
|
|
|
||
Recognized in other comprehensive income (loss), net of tax
|
|
$
|
125
|
|
|
|
|
$
|
(28
|
)
|
|
|
Pension
|
|
Postretirement
|
||||||||
|
Benefits
|
|
Benefits
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Weighted average assumptions used to determine benefit obligations at December 31:
|
|
|
|
|
|
|
|
||||
Discount rate
|
3.9
|
%
|
|
4.3
|
%
|
|
3.9
|
%
|
|
4.1
|
%
|
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
|
4.3
|
%
|
|
4.6
|
%
|
|
4.1
|
%
|
|
4.2
|
%
|
Expected long-term return on plan assets
|
6.4
|
%
|
|
6.4
|
%
|
|
2.0
|
%
|
|
2.0
|
%
|
Rate of compensation increase
|
3.0
|
%
|
|
3.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|
2017
|
|
2016
|
||
Projected health care cost trend rate
|
7.0
|
%
|
|
6.6
|
%
|
Ultimate trend rate
|
5.0
|
%
|
|
5.0
|
%
|
Year ultimate trend rate is achieved
|
2023
|
|
|
2021
|
|
|
One Percentage
|
|
One Percentage
|
||||||||
|
Point Increase
|
|
Point Decrease
|
||||||||
Effect on total service and interest cost components
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Effect on the accumulated postretirement benefit obligation
|
|
$
|
6
|
|
|
|
|
$
|
(5
|
)
|
|
At December 31, 2017
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash and cash equivalents
(a)
|
$
|
8
|
|
|
$
|
80
|
|
|
$
|
—
|
|
|
$
|
88
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
|
|||||||
U.S. treasury securities
|
135
|
|
|
—
|
|
|
—
|
|
|
135
|
|
||||
Government-related securities
|
12
|
|
|
238
|
|
|
—
|
|
|
250
|
|
||||
Corporate bonds
(b)
|
—
|
|
|
1,657
|
|
|
—
|
|
|
1,657
|
|
||||
Mortgage-backed and asset-backed securities
|
—
|
|
|
97
|
|
|
1
|
|
|
98
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|||||||
U.S. large capitalization
|
175
|
|
|
3
|
|
|
—
|
|
|
178
|
|
||||
U.S. small capitalization
|
43
|
|
|
—
|
|
|
—
|
|
|
43
|
|
||||
International equity
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||
Other
|
—
|
|
|
43
|
|
|
—
|
|
|
43
|
|
||||
Total assets in fair value hierarchy
|
$
|
373
|
|
|
$
|
2,121
|
|
|
$
|
1
|
|
|
$
|
2,495
|
|
Common collective funds measured at net asset value
(c) (d)
|
|
|
|
|
|
|
519
|
|
|||||||
Limited partnerships measured at net asset value
(c)
|
|
|
|
|
|
|
32
|
|
|||||||
Investments, at fair value
|
|
|
|
|
|
|
$
|
3,046
|
|
At December 31, 2016
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash and cash equivalents
(a)
|
$
|
11
|
|
|
$
|
53
|
|
|
$
|
—
|
|
|
$
|
64
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
||||||||
U.S. treasury securities
|
132
|
|
|
—
|
|
|
—
|
|
|
132
|
|
||||
Government-related securities
|
18
|
|
|
207
|
|
|
—
|
|
|
225
|
|
||||
Corporate bonds
(b)
|
—
|
|
|
1,895
|
|
|
—
|
|
|
1,895
|
|
||||
Mortgage-backed and asset-backed securities
|
—
|
|
|
135
|
|
|
2
|
|
|
137
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
|||||||
U.S. large capitalization
|
187
|
|
|
3
|
|
|
—
|
|
|
190
|
|
||||
U.S. small capitalization
|
64
|
|
|
—
|
|
|
—
|
|
|
64
|
|
||||
International equity
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||
Other
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
||||
Total assets in fair value hierarchy
|
$
|
412
|
|
|
$
|
2,278
|
|
|
$
|
2
|
|
|
$
|
2,692
|
|
Common collective funds measured at net asset value
(c) (d)
|
|
|
|
|
|
|
521
|
|
|||||||
Limited partnerships measured at net asset value
(c)
|
|
|
|
|
|
|
31
|
|
|||||||
Investments, at fair value
|
|
|
|
|
|
|
$
|
3,244
|
|
|
|
Mortgage-backed
Securities
|
||||
At January 1, 2016
|
|
|
$
|
2
|
|
|
Contributions and distributions, net
|
|
|
—
|
|
|
|
At December 31, 2016
|
|
|
2
|
|
|
|
Contributions and distributions, net
|
|
|
(1
|
)
|
|
|
At December 31, 2017
|
|
|
$
|
1
|
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023-2027
|
||||||||||||
Pension
|
$
|
448
|
|
|
$
|
266
|
|
|
$
|
263
|
|
|
$
|
261
|
|
|
$
|
258
|
|
|
$
|
1,229
|
|
Postretirement
|
$
|
54
|
|
|
$
|
52
|
|
|
$
|
49
|
|
|
$
|
46
|
|
|
$
|
43
|
|
|
$
|
172
|
|
Retiree Medicare drug subsidy
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
|
$
|
(5
|
)
|
|
$
|
(22
|
)
|
|
Programming and Talent
|
|
Purchase Obligations
|
|
Other Long-Term Contractual Obligations
|
||||||||
2018
|
$
|
2,281
|
|
|
$
|
218
|
|
|
|
$
|
—
|
|
|
2019
|
2,310
|
|
|
226
|
|
|
|
661
|
|
|
|||
2020
|
1,753
|
|
|
197
|
|
|
|
420
|
|
|
|||
2021
|
1,692
|
|
|
56
|
|
|
|
256
|
|
|
|||
2022
|
1,584
|
|
|
22
|
|
|
|
169
|
|
|
|||
2023 and thereafter
|
794
|
|
|
71
|
|
|
|
328
|
|
|
|||
Total
|
$
|
10,414
|
|
|
$
|
790
|
|
|
|
$
|
1,834
|
|
|
|
Leases
|
||||||
|
Capital
|
|
Operating
|
||||
2018
|
$
|
19
|
|
|
$
|
155
|
|
2019
|
14
|
|
|
129
|
|
||
2020
|
13
|
|
|
111
|
|
||
2021
|
11
|
|
|
104
|
|
||
2022
|
5
|
|
|
96
|
|
||
2023 and thereafter
|
—
|
|
|
527
|
|
||
Total minimum payments
|
$
|
62
|
|
|
$
|
1,122
|
|
Less amounts representing interest
|
5
|
|
|
|
|||
Present value of minimum payments
|
$
|
57
|
|
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Entertainment
|
$
|
9,164
|
|
|
$
|
8,877
|
|
|
$
|
8,438
|
|
Cable Networks
|
2,501
|
|
|
2,160
|
|
|
2,242
|
|
|||
Publishing
|
830
|
|
|
767
|
|
|
780
|
|
|||
Local Media
|
1,668
|
|
|
1,779
|
|
|
1,592
|
|
|||
Corporate/Eliminations
|
(471
|
)
|
|
(417
|
)
|
|
(381
|
)
|
|||
Total Revenues
|
$
|
13,692
|
|
|
$
|
13,166
|
|
|
$
|
12,671
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Intercompany Revenues:
|
|
|
|
|
|
||||||
Entertainment
|
$
|
480
|
|
|
$
|
434
|
|
|
$
|
384
|
|
Cable Networks
|
1
|
|
|
1
|
|
|
—
|
|
|||
Local Media
|
13
|
|
|
8
|
|
|
9
|
|
|||
Total Intercompany Revenues
|
$
|
494
|
|
|
$
|
443
|
|
|
$
|
393
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Segment Operating Income (Loss):
|
|
|
|
|
|
||||||
Entertainment
|
$
|
1,554
|
|
|
$
|
1,519
|
|
|
$
|
1,294
|
|
Cable Networks
|
996
|
|
|
959
|
|
|
945
|
|
|||
Publishing
|
132
|
|
|
119
|
|
|
114
|
|
|||
Local Media
|
492
|
|
|
618
|
|
|
487
|
|
|||
Corporate
|
(355
|
)
|
|
(354
|
)
|
|
(276
|
)
|
|||
Total Segment Operating Income
|
2,819
|
|
|
2,861
|
|
|
2,564
|
|
|||
Pension settlement charges
|
(352
|
)
|
|
(211
|
)
|
|
—
|
|
|||
Restructuring and merger and acquisition-related costs
|
(63
|
)
|
|
(38
|
)
|
|
(45
|
)
|
|||
Other operating items, net
|
19
|
|
|
9
|
|
|
139
|
|
|||
Operating income
|
2,423
|
|
|
2,621
|
|
|
2,658
|
|
|||
Interest expense
|
(457
|
)
|
|
(411
|
)
|
|
(392
|
)
|
|||
Interest income
|
64
|
|
|
32
|
|
|
24
|
|
|||
Loss on early extinguishment of debt
|
(49
|
)
|
|
—
|
|
|
—
|
|
|||
Other items, net
|
(2
|
)
|
|
(12
|
)
|
|
(26
|
)
|
|||
Earnings from continuing operations before income taxes and
equity in loss of investee companies
|
1,979
|
|
|
2,230
|
|
|
2,264
|
|
|||
Provision for income taxes
|
(633
|
)
|
|
(628
|
)
|
|
(676
|
)
|
|||
Equity in loss of investee companies, net of tax
|
(37
|
)
|
|
(50
|
)
|
|
(34
|
)
|
|||
Net earnings from continuing operations
|
1,309
|
|
|
1,552
|
|
|
1,554
|
|
|||
Net loss from discontinued operations, net of tax
|
(952
|
)
|
|
(291
|
)
|
|
(141
|
)
|
|||
Net earnings
|
$
|
357
|
|
|
$
|
1,261
|
|
|
$
|
1,413
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Depreciation and Amortization:
|
|
|
|
|
|
|
|
|
|||
Entertainment
|
$
|
115
|
|
|
$
|
117
|
|
|
$
|
126
|
|
Cable Networks
|
23
|
|
|
23
|
|
|
23
|
|
|||
Publishing
|
6
|
|
|
6
|
|
|
6
|
|
|||
Local Media
|
45
|
|
|
44
|
|
|
48
|
|
|||
Corporate
|
34
|
|
|
35
|
|
|
32
|
|
|||
Total Depreciation and Amortization
|
$
|
223
|
|
|
$
|
225
|
|
|
$
|
235
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Stock-based Compensation:
|
|
|
|
|
|
||||||
Entertainment
|
$
|
66
|
|
|
$
|
61
|
|
|
$
|
61
|
|
Cable Networks
|
12
|
|
|
12
|
|
|
11
|
|
|||
Publishing
|
5
|
|
|
4
|
|
|
4
|
|
|||
Local Media
|
12
|
|
|
12
|
|
|
11
|
|
|||
Corporate
|
84
|
|
|
76
|
|
|
70
|
|
|||
Total Stock-based Compensation
|
$
|
179
|
|
|
$
|
165
|
|
|
$
|
157
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Capital Expenditures:
|
|
|
|
|
|
||||||
Entertainment
|
$
|
98
|
|
|
$
|
98
|
|
|
$
|
99
|
|
Cable Networks
|
20
|
|
|
19
|
|
|
18
|
|
|||
Publishing
|
5
|
|
|
9
|
|
|
10
|
|
|||
Local Media
|
32
|
|
|
37
|
|
|
28
|
|
|||
Corporate
|
30
|
|
|
33
|
|
|
16
|
|
|||
Total Capital Expenditures
|
$
|
185
|
|
|
$
|
196
|
|
|
$
|
171
|
|
At December 31,
|
2017
|
|
2016
|
||||
Assets:
|
|
|
|
||||
Entertainment
|
$
|
12,626
|
|
|
$
|
11,262
|
|
Cable Networks
|
2,878
|
|
|
2,618
|
|
||
Publishing
|
906
|
|
|
880
|
|
||
Local Media
|
4,042
|
|
|
4,065
|
|
||
Corporate/Eliminations
|
378
|
|
|
817
|
|
||
Discontinued operations
|
13
|
|
|
4,596
|
|
||
Total Assets
|
$
|
20,843
|
|
|
$
|
24,238
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues by Type:
|
|
|
|
|
|
||||||
Advertising
|
$
|
5,753
|
|
|
$
|
6,288
|
|
|
$
|
5,824
|
|
Content licensing and distribution
|
3,952
|
|
|
3,673
|
|
|
3,903
|
|
|||
Affiliate and subscription fees
|
3,758
|
|
|
2,978
|
|
|
2,724
|
|
|||
Other
|
229
|
|
|
227
|
|
|
220
|
|
|||
Total Revenues
|
$
|
13,692
|
|
|
$
|
13,166
|
|
|
$
|
12,671
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
(a)
|
|
|
|
|
|
||||||
United States
|
$
|
11,675
|
|
|
$
|
11,317
|
|
|
$
|
10,667
|
|
International
|
2,017
|
|
|
1,849
|
|
|
2,004
|
|
|||
Total Revenues
|
$
|
13,692
|
|
|
$
|
13,166
|
|
|
$
|
12,671
|
|
At December 31,
|
2017
|
|
2016
|
||||
Long-lived Assets:
(a)
|
|
|
|
||||
United States
|
$
|
13,699
|
|
|
$
|
17,476
|
|
International
|
495
|
|
|
407
|
|
||
Total Long-lived Assets
|
$
|
14,194
|
|
|
$
|
17,883
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Cash paid for interest:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
448
|
|
|
$
|
407
|
|
|
$
|
349
|
|
Discontinued operations
|
70
|
|
|
8
|
|
|
—
|
|
|||
Total
|
$
|
518
|
|
|
$
|
415
|
|
|
$
|
349
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Cash paid for income taxes:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
365
|
|
|
$
|
373
|
|
|
$
|
199
|
|
Discontinued operations
|
26
|
|
|
119
|
|
|
84
|
|
|||
Total
|
$
|
391
|
|
|
$
|
492
|
|
|
$
|
283
|
|
Year Ended December 31,
|
2017
|
|
2016
|
|
2015
|
||||||
Noncash investing and financing activities:
|
|
|
|
|
|
||||||
Shares received in split-off of CBS Radio (Note 4)
|
$
|
1,007
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Noncash additions to property and equipment
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Equipment acquired under capitalized leases
|
$
|
5
|
|
|
$
|
10
|
|
|
$
|
3
|
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
|
||||||||||
2017
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
(b) (c)
|
|
Total Year
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Entertainment
|
$
|
2,347
|
|
|
$
|
2,184
|
|
|
$
|
1,815
|
|
|
$
|
2,818
|
|
|
$
|
9,164
|
|
Cable Networks
|
543
|
|
|
571
|
|
|
840
|
|
|
547
|
|
|
2,501
|
|
|||||
Publishing
|
161
|
|
|
206
|
|
|
228
|
|
|
235
|
|
|
830
|
|
|||||
Local Media
|
409
|
|
|
412
|
|
|
397
|
|
|
450
|
|
|
1,668
|
|
|||||
Corporate/Eliminations
|
(117
|
)
|
|
(116
|
)
|
|
(109
|
)
|
|
(129
|
)
|
|
(471
|
)
|
|||||
Total Revenues
|
$
|
3,343
|
|
|
$
|
3,257
|
|
|
$
|
3,171
|
|
|
$
|
3,921
|
|
|
$
|
13,692
|
|
Segment Operating Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Entertainment
|
$
|
398
|
|
|
$
|
346
|
|
|
$
|
345
|
|
|
$
|
465
|
|
|
$
|
1,554
|
|
Cable Networks
|
248
|
|
|
253
|
|
|
294
|
|
|
201
|
|
|
996
|
|
|||||
Publishing
|
14
|
|
|
28
|
|
|
46
|
|
|
44
|
|
|
132
|
|
|||||
Local Media
|
123
|
|
|
127
|
|
|
105
|
|
|
137
|
|
|
492
|
|
|||||
Corporate
|
(79
|
)
|
|
(85
|
)
|
|
(83
|
)
|
|
(108
|
)
|
|
(355
|
)
|
|||||
Total Segment Operating Income
|
704
|
|
|
669
|
|
|
707
|
|
|
739
|
|
|
2,819
|
|
|||||
Pension settlement charge
|
—
|
|
|
—
|
|
|
—
|
|
|
(352
|
)
|
|
(352
|
)
|
|||||
Restructuring charges
|
—
|
|
|
—
|
|
|
—
|
|
|
(63
|
)
|
|
(63
|
)
|
|||||
Other operating items, net
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
19
|
|
|||||
Total Operating Income
|
$
|
704
|
|
|
$
|
669
|
|
|
$
|
707
|
|
|
$
|
343
|
|
|
$
|
2,423
|
|
Net earnings from continuing operations
|
$
|
454
|
|
|
$
|
397
|
|
|
$
|
418
|
|
|
$
|
40
|
|
|
$
|
1,309
|
|
Net earnings (loss)
(a)
|
$
|
(252
|
)
|
|
$
|
58
|
|
|
$
|
592
|
|
|
$
|
(41
|
)
|
|
$
|
357
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic net earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings from continuing operations
|
$
|
1.11
|
|
|
$
|
.98
|
|
|
$
|
1.04
|
|
|
$
|
.10
|
|
|
$
|
3.26
|
|
Net earnings (loss)
|
$
|
(.61
|
)
|
|
$
|
.14
|
|
|
$
|
1.48
|
|
|
$
|
(.10
|
)
|
|
$
|
.89
|
|
Diluted net earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings from continuing operations
|
$
|
1.09
|
|
|
$
|
.97
|
|
|
$
|
1.03
|
|
|
$
|
.10
|
|
|
$
|
3.22
|
|
Net earnings (loss)
|
$
|
(.61
|
)
|
|
$
|
.14
|
|
|
$
|
1.46
|
|
|
$
|
(.10
|
)
|
|
$
|
.88
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average number of common shares
|
|
|
|
|
|
|
|
|
|
||||||||||
outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
410
|
|
|
405
|
|
|
401
|
|
|
391
|
|
|
401
|
|
|||||
Diluted
|
416
|
|
|
410
|
|
|
406
|
|
|
395
|
|
|
407
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends per common share
|
$
|
.18
|
|
|
$
|
.18
|
|
|
$
|
.18
|
|
|
$
|
.18
|
|
|
$
|
.72
|
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
|
||||||||||
2016
(a)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
(b) (c)
|
|
Total Year
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Entertainment
|
$
|
2,587
|
|
|
$
|
1,947
|
|
|
$
|
1,949
|
|
|
$
|
2,394
|
|
|
$
|
8,877
|
|
Cable Networks
|
525
|
|
|
536
|
|
|
598
|
|
|
501
|
|
|
2,160
|
|
|||||
Publishing
|
145
|
|
|
187
|
|
|
226
|
|
|
209
|
|
|
767
|
|
|||||
Local Media
|
448
|
|
|
396
|
|
|
409
|
|
|
526
|
|
|
1,779
|
|
|||||
Corporate/Eliminations
|
(117
|
)
|
|
(90
|
)
|
|
(98
|
)
|
|
(112
|
)
|
|
(417
|
)
|
|||||
Total Revenues
|
$
|
3,588
|
|
|
$
|
2,976
|
|
|
$
|
3,084
|
|
|
$
|
3,518
|
|
|
$
|
13,166
|
|
Segment Operating Income (Loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
Entertainment
|
$
|
449
|
|
|
$
|
351
|
|
|
$
|
348
|
|
|
$
|
371
|
|
|
$
|
1,519
|
|
Cable Networks
|
228
|
|
|
227
|
|
|
285
|
|
|
219
|
|
|
959
|
|
|||||
Publishing
|
13
|
|
|
26
|
|
|
44
|
|
|
36
|
|
|
119
|
|
|||||
Local Media
|
150
|
|
|
130
|
|
|
122
|
|
|
216
|
|
|
618
|
|
|||||
Corporate
|
(84
|
)
|
|
(83
|
)
|
|
(78
|
)
|
|
(109
|
)
|
|
(354
|
)
|
|||||
Total Segment Operating Income
|
756
|
|
|
651
|
|
|
721
|
|
|
733
|
|
|
2,861
|
|
|||||
Pension settlement charge
|
—
|
|
|
—
|
|
|
—
|
|
|
(211
|
)
|
|
(211
|
)
|
|||||
Restructuring and merger and
acquisition-related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(38
|
)
|
|
(38
|
)
|
|||||
Other operating items, net
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|||||
Total Operating Income
|
$
|
765
|
|
|
$
|
651
|
|
|
$
|
721
|
|
|
$
|
484
|
|
|
$
|
2,621
|
|
Net earnings from continuing operations
|
$
|
442
|
|
|
$
|
373
|
|
|
$
|
466
|
|
|
$
|
271
|
|
|
$
|
1,552
|
|
Net earnings (loss)
|
$
|
473
|
|
|
$
|
423
|
|
|
$
|
478
|
|
|
$
|
(113
|
)
|
|
$
|
1,261
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic net earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings from continuing operations
|
$
|
.96
|
|
|
$
|
.83
|
|
|
$
|
1.05
|
|
|
$
|
.64
|
|
|
$
|
3.50
|
|
Net earnings (loss)
|
$
|
1.03
|
|
|
$
|
.94
|
|
|
$
|
1.08
|
|
|
$
|
(.27
|
)
|
|
$
|
2.84
|
|
Diluted net earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings from continuing operations
|
$
|
.95
|
|
|
$
|
.82
|
|
|
$
|
1.04
|
|
|
$
|
.63
|
|
|
$
|
3.46
|
|
Net earnings (loss)
|
$
|
1.02
|
|
|
$
|
.93
|
|
|
$
|
1.07
|
|
|
$
|
(.26
|
)
|
|
$
|
2.81
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average number of common shares
|
|
|
|
|
|
|
|
|
|
||||||||||
outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
459
|
|
|
451
|
|
|
442
|
|
|
424
|
|
|
444
|
|
|||||
Diluted
|
464
|
|
|
455
|
|
|
446
|
|
|
429
|
|
|
448
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends per common share
|
$
|
.15
|
|
|
$
|
.15
|
|
|
$
|
.18
|
|
|
$
|
.18
|
|
|
$
|
.66
|
|
|
Statement of Operations
|
||||||||||||||||||
|
For the Year Ended December 31, 2017
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Revenues
|
$
|
172
|
|
|
$
|
10
|
|
|
$
|
13,510
|
|
|
$
|
—
|
|
|
$
|
13,692
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating
|
95
|
|
|
6
|
|
|
8,337
|
|
|
—
|
|
|
8,438
|
|
|||||
Selling, general and administrative
|
87
|
|
|
286
|
|
|
1,839
|
|
|
—
|
|
|
2,212
|
|
|||||
Depreciation and amortization
|
5
|
|
|
23
|
|
|
195
|
|
|
—
|
|
|
223
|
|
|||||
Pension settlement charge
|
352
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
352
|
|
|||||
Restructuring charges
|
—
|
|
|
2
|
|
|
61
|
|
|
—
|
|
|
63
|
|
|||||
Other operating items, net
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(19
|
)
|
|||||
Total costs and expenses
|
539
|
|
|
317
|
|
|
10,413
|
|
|
—
|
|
|
11,269
|
|
|||||
Operating income (loss)
|
(367
|
)
|
|
(307
|
)
|
|
3,097
|
|
|
—
|
|
|
2,423
|
|
|||||
Interest (expense) income, net
|
(509
|
)
|
|
(486
|
)
|
|
602
|
|
|
—
|
|
|
(393
|
)
|
|||||
Loss on early extinguishment of debt
|
(49
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49
|
)
|
|||||
Other items, net
|
1
|
|
|
(42
|
)
|
|
39
|
|
|
—
|
|
|
(2
|
)
|
|||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies
|
(924
|
)
|
|
(835
|
)
|
|
3,738
|
|
|
—
|
|
|
1,979
|
|
|||||
Benefit (provision) for income taxes
|
266
|
|
|
240
|
|
|
(1,139
|
)
|
|
—
|
|
|
(633
|
)
|
|||||
Equity in earnings (loss) of investee companies,
net of tax
|
1,014
|
|
|
1,374
|
|
|
(37
|
)
|
|
(2,388
|
)
|
|
(37
|
)
|
|||||
Net earnings from continuing operations
|
356
|
|
|
779
|
|
|
2,562
|
|
|
(2,388
|
)
|
|
1,309
|
|
|||||
Net earnings (loss) from discontinued operations, net of tax
|
1
|
|
|
(5
|
)
|
|
(948
|
)
|
|
—
|
|
|
(952
|
)
|
|||||
Net earnings
|
$
|
357
|
|
|
$
|
774
|
|
|
$
|
1,614
|
|
|
$
|
(2,388
|
)
|
|
$
|
357
|
|
Total comprehensive income
|
$
|
462
|
|
|
$
|
763
|
|
|
$
|
1,640
|
|
|
$
|
(2,403
|
)
|
|
$
|
462
|
|
|
Statement of Operations
|
||||||||||||||||||
|
For the Year Ended December 31, 2016
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Revenues
|
$
|
181
|
|
|
$
|
12
|
|
|
$
|
12,973
|
|
|
$
|
—
|
|
|
$
|
13,166
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating
|
67
|
|
|
6
|
|
|
7,883
|
|
|
—
|
|
|
7,956
|
|
|||||
Selling, general and administrative
|
80
|
|
|
297
|
|
|
1,747
|
|
|
—
|
|
|
2,124
|
|
|||||
Depreciation and amortization
|
5
|
|
|
23
|
|
|
197
|
|
|
—
|
|
|
225
|
|
|||||
Pension settlement charge
|
211
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
211
|
|
|||||
Restructuring and merger and acquisition-related costs
|
—
|
|
|
2
|
|
|
36
|
|
|
—
|
|
|
38
|
|
|||||
Other operating items, net
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|||||
Total costs and expenses
|
363
|
|
|
328
|
|
|
9,854
|
|
|
—
|
|
|
10,545
|
|
|||||
Operating income (loss)
|
(182
|
)
|
|
(316
|
)
|
|
3,119
|
|
|
—
|
|
|
2,621
|
|
|||||
Interest (expense) income, net
|
(502
|
)
|
|
(433
|
)
|
|
556
|
|
|
—
|
|
|
(379
|
)
|
|||||
Other items, net
|
(3
|
)
|
|
19
|
|
|
(28
|
)
|
|
—
|
|
|
(12
|
)
|
|||||
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies
|
(687
|
)
|
|
(730
|
)
|
|
3,647
|
|
|
—
|
|
|
2,230
|
|
|||||
Benefit (provision) for income taxes
|
212
|
|
|
224
|
|
|
(1,064
|
)
|
|
—
|
|
|
(628
|
)
|
|||||
Equity in earnings (loss) of investee companies,
net of tax
|
1,736
|
|
|
1,077
|
|
|
(50
|
)
|
|
(2,813
|
)
|
|
(50
|
)
|
|||||
Net earnings from continuing operations
|
1,261
|
|
|
571
|
|
|
2,533
|
|
|
(2,813
|
)
|
|
1,552
|
|
|||||
Net loss from discontinued operations, net of tax
|
—
|
|
|
(1
|
)
|
|
(290
|
)
|
|
—
|
|
|
(291
|
)
|
|||||
Net earnings
|
$
|
1,261
|
|
|
$
|
570
|
|
|
$
|
2,243
|
|
|
$
|
(2,813
|
)
|
|
$
|
1,261
|
|
Total comprehensive income
|
$
|
1,264
|
|
|
$
|
595
|
|
|
$
|
2,212
|
|
|
$
|
(2,807
|
)
|
|
$
|
1,264
|
|
|
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
|
|
|
$
|
12,512
|
|
|
$
|
—
|
|
|
$
|
12,671
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating
|
65
|
|
|
5
|
|
|
7,841
|
|
|
—
|
|
|
7,911
|
|
|||||
Selling, general and administrative
|
46
|
|
|
243
|
|
|
1,672
|
|
|
—
|
|
|
1,961
|
|
|||||
Depreciation and amortization
|
6
|
|
|
20
|
|
|
209
|
|
|
—
|
|
|
235
|
|
|||||
Restructuring charges
|
—
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
45
|
|
|||||
Other operating items, net
|
(117
|
)
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(139
|
)
|
|||||
Total costs and expenses
|
—
|
|
|
268
|
|
|
9,745
|
|
|
—
|
|
|
10,013
|
|
|||||
Operating income (loss)
|
148
|
|
|
(257
|
)
|
|
2,767
|
|
|
—
|
|
|
2,658
|
|
|||||
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
|
)
|
|
(651
|
)
|
|
3,256
|
|
|
—
|
|
|
2,264
|
|
|||||
Benefit (provision) for income taxes
|
160
|
|
|
215
|
|
|
(1,051
|
)
|
|
—
|
|
|
(676
|
)
|
|||||
Equity in earnings (loss) of investee companies,
net of tax
|
1,593
|
|
|
1,090
|
|
|
(34
|
)
|
|
(2,683
|
)
|
|
(34
|
)
|
|||||
Net earnings from continuing operations
|
1,412
|
|
|
654
|
|
|
2,171
|
|
|
(2,683
|
)
|
|
1,554
|
|
|||||
Net earnings (loss) from discontinued operations, net of tax
|
1
|
|
|
(1
|
)
|
|
(141
|
)
|
|
—
|
|
|
(141
|
)
|
|||||
Net earnings
|
$
|
1,413
|
|
|
$
|
653
|
|
|
$
|
2,030
|
|
|
$
|
(2,683
|
)
|
|
$
|
1,413
|
|
Total comprehensive income
|
$
|
1,378
|
|
|
$
|
660
|
|
|
$
|
2,030
|
|
|
$
|
(2,690
|
)
|
|
$
|
1,378
|
|
|
Balance Sheet
|
||||||||||||||||||
|
At December 31, 2017
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
173
|
|
|
$
|
—
|
|
|
$
|
112
|
|
|
$
|
—
|
|
|
$
|
285
|
|
Receivables, net
|
29
|
|
|
2
|
|
|
3,666
|
|
|
—
|
|
|
3,697
|
|
|||||
Programming and other inventory
|
3
|
|
|
3
|
|
|
1,822
|
|
|
—
|
|
|
1,828
|
|
|||||
Prepaid expenses and other current assets
|
130
|
|
|
28
|
|
|
340
|
|
|
(36
|
)
|
|
462
|
|
|||||
Current assets of discontinued operations
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Total current assets
|
335
|
|
|
33
|
|
|
5,941
|
|
|
(36
|
)
|
|
6,273
|
|
|||||
Property and equipment
|
49
|
|
|
217
|
|
|
2,785
|
|
|
—
|
|
|
3,051
|
|
|||||
Less accumulated depreciation and amortization
|
27
|
|
|
163
|
|
|
1,581
|
|
|
—
|
|
|
1,771
|
|
|||||
Net property and equipment
|
22
|
|
|
54
|
|
|
1,204
|
|
|
—
|
|
|
1,280
|
|
|||||
Programming and other inventory
|
3
|
|
|
4
|
|
|
2,874
|
|
|
—
|
|
|
2,881
|
|
|||||
Goodwill
|
98
|
|
|
62
|
|
|
4,731
|
|
|
—
|
|
|
4,891
|
|
|||||
Intangible assets
|
—
|
|
|
—
|
|
|
2,666
|
|
|
—
|
|
|
2,666
|
|
|||||
Investments in consolidated subsidiaries
|
45,504
|
|
|
15,225
|
|
|
—
|
|
|
(60,729
|
)
|
|
—
|
|
|||||
Other assets
|
162
|
|
|
5
|
|
|
2,673
|
|
|
—
|
|
|
2,840
|
|
|||||
Intercompany
|
—
|
|
|
1,221
|
|
|
29,562
|
|
|
(30,783
|
)
|
|
—
|
|
|||||
Assets of discontinued operations
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
|||||
Total Assets
|
$
|
46,124
|
|
|
$
|
16,604
|
|
|
$
|
49,663
|
|
|
$
|
(91,548
|
)
|
|
$
|
20,843
|
|
Liabilities and Stockholders
’
Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
1
|
|
|
$
|
30
|
|
|
$
|
200
|
|
|
$
|
—
|
|
|
$
|
231
|
|
Participants
’
share and royalties payable
|
—
|
|
|
—
|
|
|
986
|
|
|
—
|
|
|
986
|
|
|||||
Program rights
|
4
|
|
|
4
|
|
|
365
|
|
|
—
|
|
|
373
|
|
|||||
Commercial paper
|
679
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
679
|
|
|||||
Current portion of long-term debt
|
2
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
19
|
|
|||||
Accrued expenses and other current liabilities
|
352
|
|
|
264
|
|
|
1,072
|
|
|
(36
|
)
|
|
1,652
|
|
|||||
Current liabilities of discontinued operations
|
—
|
|
|
5
|
|
|
27
|
|
|
—
|
|
|
32
|
|
|||||
Total current liabilities
|
1,038
|
|
|
303
|
|
|
2,667
|
|
|
(36
|
)
|
|
3,972
|
|
|||||
Long-term debt
|
9,378
|
|
|
—
|
|
|
86
|
|
|
—
|
|
|
9,464
|
|
|||||
Other liabilities
|
2,947
|
|
|
234
|
|
|
2,206
|
|
|
—
|
|
|
5,387
|
|
|||||
Liabilities of discontinued operations
|
—
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
42
|
|
|||||
Intercompany
|
30,783
|
|
|
—
|
|
|
—
|
|
|
(30,783
|
)
|
|
—
|
|
|||||
Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock
|
—
|
|
|
—
|
|
|
126
|
|
|
(126
|
)
|
|
—
|
|
|||||
Common stock
|
1
|
|
|
123
|
|
|
590
|
|
|
(713
|
)
|
|
1
|
|
|||||
Additional paid-in capital
|
43,797
|
|
|
—
|
|
|
60,894
|
|
|
(60,894
|
)
|
|
43,797
|
|
|||||
Retained earnings (deficit)
|
(18,900
|
)
|
|
16,257
|
|
|
(12,224
|
)
|
|
(4,033
|
)
|
|
(18,900
|
)
|
|||||
Accumulated other comprehensive income (loss)
|
(662
|
)
|
|
18
|
|
|
76
|
|
|
(94
|
)
|
|
(662
|
)
|
|||||
|
24,236
|
|
|
16,398
|
|
|
49,462
|
|
|
(65,860
|
)
|
|
24,236
|
|
|||||
Less treasury stock, at cost
|
22,258
|
|
|
331
|
|
|
4,800
|
|
|
(5,131
|
)
|
|
22,258
|
|
|||||
Total Stockholders
’
Equity
|
1,978
|
|
|
16,067
|
|
|
44,662
|
|
|
(60,729
|
)
|
|
1,978
|
|
|||||
Total Liabilities and Stockholders
’
Equity
|
$
|
46,124
|
|
|
$
|
16,604
|
|
|
$
|
49,663
|
|
|
$
|
(91,548
|
)
|
|
$
|
20,843
|
|
|
Balance Sheet
|
||||||||||||||||||
|
At December 31, 2016
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
321
|
|
|
$
|
—
|
|
|
$
|
277
|
|
|
$
|
—
|
|
|
$
|
598
|
|
Receivables, net
|
27
|
|
|
2
|
|
|
3,285
|
|
|
—
|
|
|
3,314
|
|
|||||
Programming and other inventory
|
3
|
|
|
3
|
|
|
1,421
|
|
|
—
|
|
|
1,427
|
|
|||||
Prepaid expenses and other current assets
|
102
|
|
|
55
|
|
|
297
|
|
|
(35
|
)
|
|
419
|
|
|||||
Current assets of discontinued operations
|
—
|
|
|
—
|
|
|
305
|
|
|
—
|
|
|
305
|
|
|||||
Total current assets
|
453
|
|
|
60
|
|
|
5,585
|
|
|
(35
|
)
|
|
6,063
|
|
|||||
Property and equipment
|
47
|
|
|
201
|
|
|
2,687
|
|
|
—
|
|
|
2,935
|
|
|||||
Less accumulated depreciation and amortization
|
25
|
|
|
140
|
|
|
1,529
|
|
|
—
|
|
|
1,694
|
|
|||||
Net property and equipment
|
22
|
|
|
61
|
|
|
1,158
|
|
|
—
|
|
|
1,241
|
|
|||||
Programming and other inventory
|
5
|
|
|
7
|
|
|
2,427
|
|
|
—
|
|
|
2,439
|
|
|||||
Goodwill
|
98
|
|
|
62
|
|
|
4,704
|
|
|
—
|
|
|
4,864
|
|
|||||
Intangible assets
|
—
|
|
|
—
|
|
|
2,633
|
|
|
—
|
|
|
2,633
|
|
|||||
Investments in consolidated subsidiaries
|
44,473
|
|
|
13,853
|
|
|
—
|
|
|
(58,326
|
)
|
|
—
|
|
|||||
Other assets
|
150
|
|
|
8
|
|
|
2,549
|
|
|
—
|
|
|
2,707
|
|
|||||
Intercompany
|
—
|
|
|
1,785
|
|
|
26,976
|
|
|
(28,761
|
)
|
|
—
|
|
|||||
Assets of discontinued operations
|
—
|
|
|
3
|
|
|
4,288
|
|
|
—
|
|
|
4,291
|
|
|||||
Total Assets
|
$
|
45,201
|
|
|
$
|
15,839
|
|
|
$
|
50,320
|
|
|
$
|
(87,122
|
)
|
|
$
|
24,238
|
|
Liabilities and Stockholders
’
Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
144
|
|
|
$
|
—
|
|
|
$
|
148
|
|
Participants’ share and royalties payable
|
—
|
|
|
—
|
|
|
1,024
|
|
|
—
|
|
|
1,024
|
|
|||||
Program rights
|
4
|
|
|
4
|
|
|
282
|
|
|
—
|
|
|
290
|
|
|||||
Commercial paper
|
450
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
450
|
|
|||||
Current portion of long-term debt
|
6
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
23
|
|
|||||
Accrued expenses and other current liabilities
|
421
|
|
|
284
|
|
|
948
|
|
|
(35
|
)
|
|
1,618
|
|
|||||
Current liabilities of discontinued operations
|
—
|
|
|
—
|
|
|
155
|
|
|
—
|
|
|
155
|
|
|||||
Total current liabilities
|
882
|
|
|
291
|
|
|
2,570
|
|
|
(35
|
)
|
|
3,708
|
|
|||||
Long-term debt
|
8,798
|
|
|
—
|
|
|
104
|
|
|
—
|
|
|
8,902
|
|
|||||
Other liabilities
|
3,071
|
|
|
244
|
|
|
2,173
|
|
|
—
|
|
|
5,488
|
|
|||||
Liabilities of discontinued operations
|
—
|
|
|
—
|
|
|
2,451
|
|
|
—
|
|
|
2,451
|
|
|||||
Intercompany
|
28,761
|
|
|
—
|
|
|
—
|
|
|
(28,761
|
)
|
|
—
|
|
|||||
Stockholders
’
Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock
|
—
|
|
|
—
|
|
|
126
|
|
|
(126
|
)
|
|
—
|
|
|||||
Common stock
|
1
|
|
|
123
|
|
|
590
|
|
|
(713
|
)
|
|
1
|
|
|||||
Additional paid-in capital
|
43,913
|
|
|
—
|
|
|
60,894
|
|
|
(60,894
|
)
|
|
43,913
|
|
|||||
Retained earnings (deficit)
|
(19,257
|
)
|
|
15,483
|
|
|
(13,838
|
)
|
|
(1,645
|
)
|
|
(19,257
|
)
|
|||||
Accumulated other comprehensive income (loss)
|
(767
|
)
|
|
29
|
|
|
50
|
|
|
(79
|
)
|
|
(767
|
)
|
|||||
|
23,890
|
|
|
15,635
|
|
|
47,822
|
|
|
(63,457
|
)
|
|
23,890
|
|
|||||
Less treasury stock, at cost
|
20,201
|
|
|
331
|
|
|
4,800
|
|
|
(5,131
|
)
|
|
20,201
|
|
|||||
Total Stockholders’ Equity
|
3,689
|
|
|
15,304
|
|
|
43,022
|
|
|
(58,326
|
)
|
|
3,689
|
|
|||||
Total Liabilities and Stockholders
’
Equity
|
$
|
45,201
|
|
|
$
|
15,839
|
|
|
$
|
50,320
|
|
|
$
|
(87,122
|
)
|
|
$
|
24,238
|
|
|
Statement of Cash Flows
|
||||||||||||||||||
|
For the Year Ended December 31, 2017
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Net cash flow (used for) provided by operating activities
|
$
|
(1,491
|
)
|
|
$
|
(203
|
)
|
|
$
|
2,581
|
|
|
$
|
—
|
|
|
$
|
887
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisitions (including acquired television library),
net of cash acquired
|
—
|
|
|
—
|
|
|
(270
|
)
|
|
—
|
|
|
(270
|
)
|
|||||
Capital expenditures
|
—
|
|
|
(30
|
)
|
|
(155
|
)
|
|
—
|
|
|
(185
|
)
|
|||||
Investments in and advances to investee companies
|
—
|
|
|
—
|
|
|
(110
|
)
|
|
—
|
|
|
(110
|
)
|
|||||
Proceeds from sale of investments
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|||||
Proceeds from dispositions
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|||||
Other investing activities
|
22
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||
Net cash flow provided by (used for) investing activities from continuing operations
|
22
|
|
|
(31
|
)
|
|
(514
|
)
|
|
—
|
|
|
(523
|
)
|
|||||
Net cash flow provided by (used for) investing activities from discontinued operations
|
1
|
|
|
(5
|
)
|
|
(20
|
)
|
|
—
|
|
|
(24
|
)
|
|||||
Net cash flow provided by (used for) investing activities
|
23
|
|
|
(36
|
)
|
|
(534
|
)
|
|
—
|
|
|
(547
|
)
|
|||||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from short-term debt borrowings, net
|
229
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
229
|
|
|||||
Proceeds from issuance of senior notes
|
1,773
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,773
|
|
|||||
Repayment of senior notes
|
(1,244
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,244
|
)
|
|||||
Proceeds from debt borrowings of CBS Radio
|
—
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
40
|
|
|||||
Repayment of debt borrowings of CBS Radio
|
—
|
|
|
—
|
|
|
(43
|
)
|
|
—
|
|
|
(43
|
)
|
|||||
Payment of capital lease obligations
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
|||||
Dividends
|
(296
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(296
|
)
|
|||||
Purchase of Company common stock
|
(1,111
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,111
|
)
|
|||||
Payment of payroll taxes in lieu of issuing shares
for stock-based compensation
|
(89
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(89
|
)
|
|||||
Proceeds from exercise of stock options
|
91
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91
|
|
|||||
Other financing activities
|
(1
|
)
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(9
|
)
|
|||||
Increase (decrease) in intercompany payables
|
1,968
|
|
|
239
|
|
|
(2,207
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash flow provided by (used for) financing activities
|
1,320
|
|
|
239
|
|
|
(2,236
|
)
|
|
—
|
|
|
(677
|
)
|
|||||
Net decrease in cash and cash equivalents
|
(148
|
)
|
|
—
|
|
|
(189
|
)
|
|
—
|
|
|
(337
|
)
|
|||||
Cash and cash equivalents at beginning of year
(includes $24 of discontinued operations cash) |
321
|
|
|
—
|
|
|
301
|
|
|
—
|
|
|
622
|
|
|||||
Cash and cash equivalents at end of year
|
$
|
173
|
|
|
$
|
—
|
|
|
$
|
112
|
|
|
$
|
—
|
|
|
$
|
285
|
|
|
Statement of Cash Flows
|
||||||||||||||||||
|
For the Year Ended December 31, 2016
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Net cash flow (used for) provided by operating activities
|
$
|
(846
|
)
|
|
$
|
(157
|
)
|
|
$
|
2,688
|
|
|
$
|
—
|
|
|
$
|
1,685
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisitions
|
—
|
|
|
—
|
|
|
(92
|
)
|
|
—
|
|
|
(92
|
)
|
|||||
Capital expenditures
|
—
|
|
|
(33
|
)
|
|
(163
|
)
|
|
—
|
|
|
(196
|
)
|
|||||
Investments in and advances to investee companies
|
—
|
|
|
—
|
|
|
(81
|
)
|
|
—
|
|
|
(81
|
)
|
|||||
Proceeds from dispositions
|
(4
|
)
|
|
—
|
|
|
24
|
|
|
—
|
|
|
20
|
|
|||||
Other investing activities
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|||||
Net cash flow provided by (used for) investing activities from continuing operations
|
11
|
|
|
(33
|
)
|
|
(312
|
)
|
|
—
|
|
|
(334
|
)
|
|||||
Net cash flow used for investing activities from discontinued operations
|
—
|
|
|
(1
|
)
|
|
(5
|
)
|
|
—
|
|
|
(6
|
)
|
|||||
Net cash flow provided by (used for) investing activities
|
11
|
|
|
(34
|
)
|
|
(317
|
)
|
|
—
|
|
|
(340
|
)
|
|||||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from short-term debt borrowings, net
|
450
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
450
|
|
|||||
Proceeds from issuance of senior notes
|
684
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
684
|
|
|||||
Repayment of senior debentures
|
(199
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(199
|
)
|
|||||
Proceeds from debt borrowings of CBS Radio
|
—
|
|
|
—
|
|
|
1,452
|
|
|
—
|
|
|
1,452
|
|
|||||
Repayment of debt borrowings of CBS Radio
|
—
|
|
|
—
|
|
|
(110
|
)
|
|
—
|
|
|
(110
|
)
|
|||||
Payment of capital lease obligations
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
|||||
Dividends
|
(288
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(288
|
)
|
|||||
Purchase of Company common stock
|
(2,997
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,997
|
)
|
|||||
Payment of payroll taxes in lieu of issuing shares
for stock-based compensation
|
(58
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(58
|
)
|
|||||
Proceeds from exercise of stock options
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||
Excess tax benefit from stock-based compensation
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|||||
Increase (decrease) in intercompany payables
|
3,259
|
|
|
190
|
|
|
(3,449
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash flow provided by (used for) financing activities
|
889
|
|
|
190
|
|
|
(2,125
|
)
|
|
—
|
|
|
(1,046
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
54
|
|
|
(1
|
)
|
|
246
|
|
|
—
|
|
|
299
|
|
|||||
Cash and cash equivalents at beginning of year
(includes $6 of discontinued operations cash) |
267
|
|
|
1
|
|
|
55
|
|
|
—
|
|
|
323
|
|
|||||
Cash and cash equivalents at end of year
(includes $24 of discontinued operations cash) |
$
|
321
|
|
|
$
|
—
|
|
|
$
|
301
|
|
|
$
|
—
|
|
|
$
|
622
|
|
|
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
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
|||||
Capital expenditures
|
—
|
|
|
(16
|
)
|
|
(155
|
)
|
|
—
|
|
|
(171
|
)
|
|||||
Investments in and advances to investee companies
|
—
|
|
|
—
|
|
|
(98
|
)
|
|
—
|
|
|
(98
|
)
|
|||||
Proceeds from sale of investments
|
79
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
80
|
|
|||||
Proceeds from dispositions
|
318
|
|
|
—
|
|
|
65
|
|
|
—
|
|
|
383
|
|
|||||
Other investing activities
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||
Net cash flow provided by (used for) investing activities from continuing operations
|
394
|
|
|
(16
|
)
|
|
(199
|
)
|
|
—
|
|
|
179
|
|
|||||
Net cash flow used for investing activities from discontinued operations
|
(3
|
)
|
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(25
|
)
|
|||||
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
(includes $6 of discontinued operations cash)
|
63
|
|
|
1
|
|
|
364
|
|
|
—
|
|
|
428
|
|
|||||
Cash and cash equivalents at end of year
(includes $6 of discontinued operations cash)
|
$
|
267
|
|
|
$
|
1
|
|
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
323
|
|
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.
|
Item 16.
|
Form 10-K Summary.
|
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, 2017
|
|
|
$
|
60
|
|
|
|
|
$
|
1
|
|
|
|
|
$
|
5
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
17
|
|
|
|
|
$
|
49
|
|
|
Year ended December 31, 2016
|
|
|
$
|
59
|
|
|
|
|
$
|
1
|
|
|
|
|
$
|
12
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
12
|
|
|
|
|
$
|
60
|
|
|
Year ended December 31, 2015
|
|
|
$
|
47
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
9
|
|
|
|
|
$
|
15
|
|
(a)
|
|
|
$
|
12
|
|
|
|
|
$
|
59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Valuation allowance on deferred tax assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Year ended December 31, 2017
|
|
|
$
|
928
|
|
|
|
|
$
|
218
|
|
|
|
|
$
|
143
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
315
|
|
|
|
|
$
|
974
|
|
|
Year ended December 31, 2016
|
|
|
$
|
914
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
41
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
27
|
|
|
|
|
$
|
928
|
|
|
Year ended December 31, 2015
|
|
|
$
|
574
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
394
|
|
(b)
|
|
|
$
|
—
|
|
|
|
|
$
|
54
|
|
|
|
|
$
|
914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Reserves for inventory obsolescence:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Year ended December 31, 2017
|
|
|
$
|
19
|
|
|
|
|
$
|
1
|
|
|
|
|
$
|
6
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
7
|
|
|
|
|
$
|
19
|
|
|
Year ended December 31, 2016
|
|
|
$
|
23
|
|
|
|
|
$
|
1
|
|
|
|
|
$
|
2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
7
|
|
|
|
|
$
|
19
|
|
|
Year ended December 31, 2015
|
|
|
$
|
30
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
10
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
17
|
|
|
|
|
$
|
23
|
|
|
Exhibit No.
|
Description of Document
|
||
(2)
|
|
Plan of acquisition, reorganization, arrangement, liquidation or succession
|
|
|
(a)
|
Agreement and Plan of Merger, dated as of February 2, 2017, among CBS Corporation, CBS Radio Inc., Entercom Communications Corp. and Constitution Merger Sub Corp. (incorporated by reference to
Exhibit 2.2
to the Current Report on Form 8‑K of CBS Corporation filed February 2, 2017), as amended by Amendment No. 1 dated as of July 10, 2017 (incorporated by reference to
Exhibit 2.1
to the Current Report on Form 8-K of CBS Corporation filed July 10, 2017) and Amendment No. 2 dated as of September 13, 2017 (incorporated by reference to
Exhibit 2.1
to the Current Report on Form 8-K of CBS Corporation filed September 13, 2017) (File No. 001‑09553).
|
|
|
(b)
|
Master Separation Agreement, dated February 2, 2017, between CBS Corporation and CBS Radio Inc. (incorporated by reference to
Exhibit 2.1
to the Current Report on Form 8‑K of CBS Corporation filed February 2, 2017) (File No. 001‑09553).
|
|
(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 of CBS Corporation filed 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”) among 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 of CBS Corporation filed November 3, 2008 (Registration No. 333‑154962) (File No. 001‑09553).
|
|
|
(b)
|
First Supplemental Indenture to 2008 Indenture dated as of April 5, 2010 among 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 of CBS Corporation filed 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 paragraph (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 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).*
|
|
|
(b)
|
Forms of Certificate and Terms and Conditions for equity awards for:
|
|
|
|
(i)
|
Stock Options (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
|
||
|
|
(ii)
|
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).*
|
|
|
(iii)
|
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).*
|
|
(c)
|
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).*
|
|
|
(d)
|
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).*
|
|
|
(e)
|
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 as of 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) (as Part A was amended by Amendment No. 4 as of October 2, 2017) (filed herewith) (as Part B was amended by Amendment No. 6 as of October 2, 2017) (
filed herewith
).*
|
Exhibit No.
|
Description of Document
|
||
|
(f)
|
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 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, 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 fiscal 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 fiscal year ended December 31, 2014) (File No. 001-09553) (as Part A was amended by Amendment No. 3 as of October 2, 2017) (filed herewith) (as Part B was amended by Amendment No. 5 as of October 2, 2017) (
filed herewith
).*
|
|
|
(g)
|
Summary of CBS Corporation Compensation for Outside Directors (as of January 28, 2016) (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, 2015) (File No. 001-09553).*
|
|
|
(h)
|
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).*
|
|
|
(i)
|
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).*
|
|
|
(j)
|
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 fiscal year ended December 31, 2014) (File No. 001-09553).*
|
|
|
(k)
|
CBS Corporation 2000 Stock Option Plan for Outside Directors (as amended and restated through December 14, 2016) (incorporated by reference to
Exhibit 10(k)
to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2016) (File No. 001-09553).*
|
|
|
(l)
|
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 fiscal year ended December 31, 2014) (File No. 001-09553).*
|
|
|
(m)
|
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).*
|
Exhibit No.
|
Description of Document
|
||
|
(n)
|
Employment Agreement dated May 19, 2017 between CBS Corporation and Leslie Moonves (incorporated by reference to
Exhibit 10(a)
to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended June 30, 2017) (File No. 001-09553).*
|
|
|
(o)
|
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 fiscal 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.
|
|
|
(p)
|
Employment Agreement dated as of July 1, 2017 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 September 30, 2017) (File No. 001-09553).*
|
|
|
(q)
|
Employment Agreement dated as of September 29, 2016 between CBS Corporation and Anthony G. Ambrosio (incorporated by reference to
Exhibit 10(a)
to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended September 30, 2016), as amended by Letter Agreement dated August 4, 2017 (incorporated by reference to
Exhibit 10(c)
to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended September 30, 2017) (File No. 001-09553).*
|
|
|
(r)
|
Employment Agreement dated as of July 1, 2016 between CBS Corporation and Gil Schwartz (incorporated by reference to
Exhibit 10(u)
to the Annual Report on Form 10-K of CBS Corporation for the fiscal year ended December 31, 2015), as amended by Letter Agreement dated August 4, 2017 (incorporated by reference to
Exhibit 10(d)
to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended September 30, 2017) (File No. 001-09553), as amended by Letter Agreement dated January 11, 2018 (
filed herewith
).*
|
|
|
(s)
|
Employment Agreement dated as of June 1, 2017 between CBS Corporation and Lawrence P. Tu (incorporated by reference to
Exhibit 10(b)
to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended September 30, 2017) (File No. 001-09553).*
|
|
|
(t)
|
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).*
|
|
(u)
|
CBS Corporation Matching Gifts Program for Directors (incorporated by reference to
Exhibit 10(t)
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
|
||
|
(v)
|
Amended and Restated $2.5 Billion Credit Agreement, dated as of June 9, 2016, among CBS Corporation; CBS Operations Inc.; the Subsidiary Borrowers Parties thereto; the Lenders named therein; JPMorgan Chase Bank, N.A., as Administrative Agent; Citibank, N.A., as Syndication Agent; and Bank of America, N.A., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners, LLC, and Wells Fargo Bank, N.A., as Co‑Documentation Agents (incorporated by reference to
Exhibit 10.1
to the Current Report on Form 8-K of CBS Corporation filed June 10, 2016) (File No. 001-09553).
|
|
|
(w)
|
CBS Radio Inc. $1.06 Billion Credit Agreement, dated as of October 17, 2016, among CBS Radio Inc., the guarantors party thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Collateral Agent, Swing Line Lender and an L/C Issuer; and J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs Bank USA, Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Joint Lead Arrangers and as Joint Book Runners; Deutsche Bank Securities Inc. and Citigroup Global Markets Inc., as Co-Syndication Agents; and J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Wells Fargo Bank, N.A., Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Co-Documentation Agents (incorporated by reference to
Exhibit 10.1
to the Current Report on Form 8-K of CBS Corporation filed October 18, 2016) (File No. 001-09553), as amended by Amendment No. 1, dated as of March 3, 2017 (incorporated by reference to
Exhibit 10(a)
to the Quarterly Report on Form 10-Q of CBS Corporation for the quarter ended March 31, 2017) (File No. 001-09553).
|
|
|
(x)
|
Separation Agreement dated as of December 19, 2005 by and between Former Viacom and New Viacom Corp. (incorporated by reference to
Exhibit 10.1
to the Current Report on Form 8‑K of Former Viacom filed December 21, 2005) (File No. 001‑09553).
|
|
|
(y)
|
Tax Matters Agreement dated as of December 30, 2005 by and between Former Viacom and New Viacom Corp. (incorporated by reference to
Exhibit 10.1
to the Current Report on Form 8‑K of CBS Corporation filed January 5, 2006) (File No. 001‑09553).
|
|
(12)
|
|
Statement re Computations of Ratios
(
filed herewith
).
|
|
(21)
|
|
Subsidiaries of CBS Corporation
(
filed herewith
).
|
|
(23)
|
|
Consents of Experts and Counsel
|
|
|
(a)
|
Consent of PricewaterhouseCoopers LLP (
filed herewith
).
|
|
(24)
|
|
Powers of Attorney
(
filed herewith
).
|
|
(31)
|
|
Rule 13a‑14(a)/15d‑14(a) Certifications
|
|
|
(a)
|
Certification of the Chief Executive Officer of CBS Corporation pursuant to Rule 13a‑14(a) or 15d‑14(a), as adopted pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002 (
filed herewith
).
|
|
|
(b)
|
Certification of the Chief Financial Officer of CBS Corporation pursuant to Rule 13a‑14(a) or 15d‑14(a), as adopted pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002 (
filed herewith
).
|
|
(32)
|
|
Section 1350 Certifications
|
|
|
(a)
|
Certification of the Chief Executive Officer of CBS Corporation furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002 (
furnished herewith
).
|
|
|
(b)
|
Certification of the Chief Financial Officer of CBS Corporation furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002 (
furnished herewith
).
|
|
(101)
|
|
Interactive Data File
|
|
|
|
101. INS XBRL Instance Document.
101. SCH XBRL Taxonomy Extension Schema.
101. CAL XBRL Taxonomy Extension Calculation Linkbase.
101. DEF XBRL Taxonomy Extension Definition Linkbase.
101. LAB XBRL Taxonomy Extension Label Linkbase.
101. PRE XBRL Taxonomy Extension Presentation Linkbase.
|
|
|
CBS CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ Leslie Moonves
|
|
|
|
Leslie Moonves
Chairman of the Board, President and
Chief Executive Officer
|
|
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
*
|
|
Director
|
|
February 16, 2018
|
|
Charles K. Gifford
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 16, 2018
|
|
Leonard Goldberg
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 16, 2018
|
|
Bruce S. Gordon
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 16, 2018
|
|
Linda M. Griego
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 16, 2018
|
|
Robert N. Klieger
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 16, 2018
|
|
Arnold Kopelson
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 16, 2018
|
|
Martha L. Minow
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 16, 2018
|
|
Doug Morris
|
|
|
|||
|
|
|
|
|
|
*
|
|
Director
|
|
February 16, 2018
|
|
Shari Redstone
|
|
|
|||
|
|
|
|
|
|
*By:
|
/s/ Lawrence P. Tu
|
|
|
|
February 16, 2018
|
|
Lawrence P. Tu
Attorney-in-Fact
for Directors
|
|
|
1.
|
Section 6.2(b) of the Plan is hereby deleted in its entirety and amended and restated as follows:
|
1.
|
Section 4.2(b) of the Plan is hereby deleted in its entirety and amended and restated as follows:
|
Dear Gil:
|
January 11, 2018
|
|
|
|
Very truly yours,
|
||||
|
|
|
CBS CORPORATION
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ Anthony G. Ambrosio
|
||||
|
|
|
Name:
|
Anthony G. Ambrosio
|
|||
|
|
|
Title:
|
Senior Executive Vice President,
|
|||
|
|
|
|
Chief Administrative Officer &
|
|||
|
|
|
|
Chief Human Resources Officer
|
|||
|
|
|
|
|
|
|
|
ACCEPTED AND AGREED:
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Gil Schwartz
|
|
|
|
|
|
|
|
Gil Schwartz
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dated:
|
1/11/18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||||
|
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||
Earnings from continuing operations before income
taxes and equity in loss of investee companies
|
$
|
1,979
|
|
$
|
2,230
|
|
$
|
2,264
|
|
$
|
1,858
|
|
$
|
2,303
|
|
Add:
|
|
|
|
|
|
||||||||||
Distributions from investee companies
|
1
|
|
3
|
|
3
|
|
9
|
|
8
|
|
|||||
Interest expense, net of capitalized interest
|
457
|
|
411
|
|
392
|
|
363
|
|
375
|
|
|||||
1/3 of rental expense
|
60
|
|
56
|
|
58
|
|
57
|
|
55
|
|
|||||
Total earnings from continuing operations
|
$
|
2,497
|
|
$
|
2,700
|
|
$
|
2,717
|
|
$
|
2,287
|
|
$
|
2,741
|
|
|
|
|
|
|
|
||||||||||
Fixed charges:
|
|
|
|
|
|
||||||||||
Interest expense, net of capitalized interest
|
$
|
457
|
|
$
|
411
|
|
$
|
392
|
|
$
|
363
|
|
$
|
375
|
|
1/3 of rental expense
|
60
|
|
56
|
|
58
|
|
57
|
|
55
|
|
|||||
Total fixed charges
|
$
|
517
|
|
$
|
467
|
|
$
|
450
|
|
$
|
420
|
|
$
|
430
|
|
Ratio of earnings to fixed charges
|
4.8
|
x
|
5.8
|
x
|
6.0
|
x
|
5.4
|
x
|
6.4
|
x
|
Subsidiary Name
|
Place of Incorporation or Organization
|
13 Investments LLC
|
Louisiana
|
13 Productions LLC
|
Louisiana
|
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 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
|
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
|
Branded Productions, Inc.
|
California
|
Brentwood Pictures Inc.
|
Delaware
|
Brotherhood Productions, Inc.
|
Rhode Island
|
Subsidiary Name
|
Place of Incorporation or Organization
|
Bruin Music Company
|
Delaware
|
Buster Productions Inc.
|
Delaware
|
C-28 FCC Licensee Subsidiary, LLC
|
Delaware
|
Caroline Films Productions, Inc.
|
California
|
CBS/CTS Airport Network Inc.
|
Delaware
|
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 All Access International LLC
|
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.
|
New York
|
CBS K-Band Inc.
|
Delaware
|
Subsidiary Name
|
Place of Incorporation or Organization
|
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 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 Stations Group of Texas LLC
|
Delaware
|
CBS Stock Holdings I 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
|
Subsidiary Name
|
Place of Incorporation or Organization
|
CBT Sports, LLC
|
Delaware
|
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
|
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
|
Dutch Holding I LLC
|
Delaware
|
Dutch Holding II LLC
|
Delaware
|
Dutchess Resource Management, Inc.
|
Delaware
|
Dynamic Soap, Inc.
|
California
|
Eagle Direct, Inc.
|
Delaware
|
Elite Productions Inc.
|
Delaware
|
Subsidiary Name
|
Place of Incorporation or Organization
|
Elysium Productions Inc.
|
Delaware
|
Energy Development Associates Inc.
|
Delaware
|
EPI Music LLC
|
California
|
Erica Film Productions, Inc.
|
California
|
ET Media Group Inc.
|
Delaware
|
Evergreen Programs LLC
|
New York
|
EWB Corporation
|
Delaware
|
Eye Creative Media Group Inc.
|
Delaware
|
Eye Explorations Inc.
|
Delaware
|
Eye Productions Inc.
|
Delaware
|
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
|
Gramofair 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
|
Image Edit, Inc.
|
Delaware
|
IMR Acquisition Corp.
|
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
|
Subsidiary Name
|
Place of Incorporation or Organization
|
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
|
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
|
Late Night Cartoons Inc.
|
Delaware
|
Laurel Entertainment LLC
|
Delaware
|
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.
|
California
|
North Shore Productions Inc.
|
California
|
NTA Films, Inc.
|
New York
|
O Good Songs Company
|
California
|
O’Connor Combustor Corporation
|
California
|
OM/TV Productions Inc.
|
Delaware
|
Subsidiary Name
|
Place of Incorporation or Organization
|
On Broadband Networks LLC
|
Delaware
|
Orange Ball Networks Subsidiary PRC LLC
|
Delaware
|
OurChart.com LLC
|
Delaware
|
Our Home Productions Inc.
|
Delaware
|
Outlet Networks Inc.
|
Delaware
|
Part-Time Productions Inc.
|
Delaware
|
PCCGW Company, Inc.
|
Delaware
|
PCI Canada Inc.
|
Delaware
|
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
|
Subsidiary Name
|
Place of Incorporation or Organization
|
Showtime Networks Inc. (U.K.)
|
Delaware
|
Showtime Networks Satellite Programming Company
|
California
|
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
|
Simon & Schuster Digital Sales Inc.
|
Delaware
|
Simon & Schuster Global Services Inc.
|
Delaware
|
Simon & Schuster India LLC
|
Delaware
|
Simon & Schuster International Inc.
|
Delaware
|
Simon & Schuster, Inc.
|
New York
|
SN Digital LLC
|
Delaware
|
SNI/SI Networks LLC
|
Delaware
|
Soapmusic Company
|
Delaware
|
Solar Service Company
|
Delaware
|
SongFair Inc.
|
Delaware
|
Spelling Daytime Songs Inc.
|
Delaware
|
Spelling Daytime Television Inc.
|
Delaware
|
Spelling Entertainment Group LLC
|
Delaware
|
Spelling Entertainment LLC
|
Delaware
|
Spelling Satellite Networks Inc.
|
California
|
Spelling Television Inc.
|
Delaware
|
SportsLine.com, Inc.
|
Delaware
|
St. Johns Realty Investors
|
Delaware
|
Starfish Productions Inc.
|
Florida
|
Stargate Acquisition Corp. One
|
Delaware
|
Stat Crew Software, Inc.
|
Ohio
|
Stranglehold Productions, Inc.
|
California
|
Sunset Beach Productions, Inc.
|
Delaware
|
Survivor Productions, LLC
|
Delaware
|
Swift Justice Productions Inc.
|
Delaware
|
T&R Payroll Company
|
Delaware
|
Taylor Forge Memphis, Inc.
|
Delaware
|
TDI Worldwide Investments Inc.
|
Delaware
|
Television Station KTXA Inc.
|
Virginia
|
Television Station WTCN LLC
|
Delaware
|
The CW Television Stations Inc.
|
Delaware
|
The Late Show Inc.
|
Delaware
|
They Productions Inc.
|
Delaware
|
Things of the Wild Songs Inc.
|
Delaware
|
Third Century Company
|
Delaware
|
Thirteenth Century Corporation
|
Delaware
|
Subsidiary Name
|
Place of Incorporation or Organization
|
Thirtieth Century Corporation
|
Delaware
|
Timber Purchase Company
|
Florida
|
Toe-to-Toe Productions Inc.
|
Delaware
|
Torand Payroll Company
|
Delaware
|
Torand Productions Inc.
|
Delaware
|
Total Warehouse Services Corporation
|
Delaware
|
Trans-American Resources, Inc.
|
Delaware
|
TSM Services Inc.
|
Delaware
|
Tube Mill, Inc.
|
Alabama
|
TV Guide Online Holdings LLC
|
Delaware
|
TV Scoop 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
|
Subsidiary Name
|
Place of Incorporation or Organization
|
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
|
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 Australia Holding B.V.
|
Netherlands
|
CBS Broadcast International B.V.
|
Netherlands
|
CBS Broadcast Kingworld Distribution CV
|
Netherlands
|
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 CV
|
Netherlands
|
CBS EMEA Limited
|
United Kingdom
|
CBS Enterprises (UK) Limited
|
United Kingdom
|
CBS Films Canadian Productions Inc.
|
Canada (Ontario)
|
CBS Holding (Germany) B.V.
|
Netherlands
|
Subsidiary Name
|
Place of Incorporation
|
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 GmbH
|
Germany
|
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
|
CBS International Television Italia Srl
|
Italy
|
CBS International Television Japan GK
|
Japan
|
CBS Luxembourg S.a.r.l.
|
Luxembourg
|
CBS Netherlands Global Holding B.V.
|
Netherlands
|
CBS Netherlands Asia Pacific Holding B.V.
|
Netherlands
|
CBS Netherlands Worldwide B.V.
|
Netherlands
|
CBS Network Ten B.V.
|
Netherlands
|
CBS Outdoor Metro Services Limited
|
United Kingdom
|
CBS S AG
|
Switzerland
|
CBS Pimco UK
|
United Kingdom
|
CBS Showtime Distribution C.V.
|
Netherlands
|
CBS Studios Distribution C.V.
|
Netherlands
|
CBS UK
|
United Kingdom
|
CBS UK Channels Limited
|
United Kingdom
|
CBS UK Productions Limited
|
United Kingdom
|
CBS SEA Channels Pte. Ltd.
|
Singapore
|
CBS Studios Netherlands Holding B.V.
|
Netherlands
|
CBS Worldwide Distribution C.V.
|
Netherlands
|
Channel Community Networks Corporation
|
Canada (Ontario)
|
Channel Services GmbH
|
Switzerland
|
Channel Services Holdings B.V.
|
Netherlands
|
Charter Oil (Bahamas) Limited
|
Bahamas
|
Charter Oil Specialties Limited
|
Bahamas
|
Chuanmei Information Technologies (Shanghai) 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.)
|
Subsidiary Name
|
Place of Incorporation
|
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
|
KAPCAN1 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)
|
Most Watched Media C.V.
|
Netherlands
|
Most Watched Media Holdings C.V.kkff
|
Netherlands
|
Network Ten Pty Limited
|
Australia
|
Network Ten (Adelaide) Pty Limited
|
Australia
|
Network Ten (Brisbane) Pty Limited
|
Australia
|
Network Ten (Melbourne) Pty Limited
|
Australia
|
Network Ten (Perty) Pty Limited
|
Australia
|
Network Ten ( Sydney) Pty Limited
|
Australia
|
New Coral Ltd.
|
Cayman Islands
|
New Providence Assurance Company Limited
|
Bahamas
|
PC Home Cayman Ltd.
|
Cayman Islands
|
Pocket Books of Canada, Ltd.
|
Canada (Federal)
|
Prospect Company Ltd.
|
Cayman Islands
|
R.G.L. Realty Limited
|
United Kingdom
|
Republic Pictures Corporation of Canada Ltd.
|
Canada (Ontario)
|
Sagia Productions Inc.
|
Canada (Ontario)
|
Salvation Productions Inc.
|
Canada (B.C.)
|
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 (Ontario)
|
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.)
|
Woburn Insurance Ltd.
|
Bermuda
|
Subsidiary Name
|
Place of Incorporation
|
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
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February 16, 2018
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/s/ David R. Andelman
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Print Name:
David R. Andelman
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/s/ Joseph A. Califano, Jr.
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Joseph A. Califano, Jr.
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/s/ William S. Cohen
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William S. Cohen
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/s/ Gary L. Countryman
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Gary L. Countryman
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/s/ Charles K. Gifford
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Charles K. Gifford
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/s/ Leonard Goldberg
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Leonard Goldberg
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/s/ Bruce S. Gordon
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Bruce S. Gordon
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/s/ Linda M. Griego
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Linda M. Griego
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/s/ Robert N. Klieger
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Robert N. Klieger
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/s/ Arnold Kopelson
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Arnold Kopelson
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/s/ Martha L. Minow
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Print Name:
Martha L. Minow
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/s/ Doug Morris
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Print Name:
Doug Morris
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Sign:
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/s/ Shari Redstone
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Print Name:
Shari Redstone
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1.
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I have reviewed this annual report on Form 10-K of CBS Corporation;
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2.
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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 fourth 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)
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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
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(b)
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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.
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/s/ Leslie Moonves
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Leslie Moonves
Chairman of the Board, President and Chief Executive Officer
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1.
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I have reviewed this annual report on Form 10-K of CBS Corporation;
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
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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):
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(a)
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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
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(b)
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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.
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/s/ Joseph R. Ianniello
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Joseph R. Ianniello
Chief Operating Officer
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/s/ Leslie Moonves
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Leslie Moonves
February 16, 2018
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/s/ Joseph R. Ianniello
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Joseph R. Ianniello
February 16, 2018
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