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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CBS Corp | NYSE:CBS.A | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 43.12 | 0 | 01:00:00 |
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☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
|
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04-2949533
|
||
(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
|
||
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51 W. 52nd Street,
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New York,
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New York
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10019
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
|
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Trading Symbols
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Name of each exchange on which registered
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||||
Class A Common Stock, $0.001 par value
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CBS.A
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New York Stock Exchange
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Class B Common Stock, $0.001 par value
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|
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CBS
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New York Stock Exchange
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
|
☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Page
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PART I – FINANCIAL INFORMATION
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Item 1.
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||
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Item 1.
|
Financial Statements.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues
|
$
|
3,809
|
|
|
$
|
3,466
|
|
|
$
|
7,976
|
|
|
$
|
7,227
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Operating
|
2,509
|
|
|
2,184
|
|
|
5,257
|
|
|
4,584
|
|
||||
Selling, general and administrative
|
545
|
|
|
532
|
|
|
1,118
|
|
|
1,056
|
|
||||
Depreciation and amortization
|
53
|
|
|
56
|
|
|
106
|
|
|
112
|
|
||||
Restructuring and other corporate matters (Note 3)
|
7
|
|
|
35
|
|
|
121
|
|
|
44
|
|
||||
Gain on sale of assets (Note 1)
|
—
|
|
|
—
|
|
|
(549
|
)
|
|
—
|
|
||||
Total costs and expenses
|
3,114
|
|
|
2,807
|
|
|
6,053
|
|
|
5,796
|
|
||||
Operating income
|
695
|
|
|
659
|
|
|
1,923
|
|
|
1,431
|
|
||||
Interest expense
|
(115
|
)
|
|
(116
|
)
|
|
(232
|
)
|
|
(234
|
)
|
||||
Interest income
|
12
|
|
|
14
|
|
|
26
|
|
|
31
|
|
||||
Other items, net
|
(21
|
)
|
|
(24
|
)
|
|
(42
|
)
|
|
(35
|
)
|
||||
Earnings before income taxes and equity in loss of
investee companies
|
571
|
|
|
533
|
|
|
1,675
|
|
|
1,193
|
|
||||
(Provision) benefit for income taxes
|
(119
|
)
|
|
(113
|
)
|
|
377
|
|
|
(248
|
)
|
||||
Equity in loss of investee companies, net of tax
|
(12
|
)
|
|
(20
|
)
|
|
(29
|
)
|
|
(34
|
)
|
||||
Net earnings
|
$
|
440
|
|
|
$
|
400
|
|
|
$
|
2,023
|
|
|
$
|
911
|
|
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|
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|
|
|
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|
||||||||
Basic net earnings per common share
|
$
|
1.18
|
|
|
$
|
1.06
|
|
|
$
|
5.41
|
|
|
$
|
2.40
|
|
|
|
|
|
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|
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|
||||||||
Diluted net earnings per common share
|
$
|
1.17
|
|
|
$
|
1.05
|
|
|
$
|
5.38
|
|
|
$
|
2.38
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
374
|
|
|
378
|
|
|
374
|
|
|
380
|
|
||||
Diluted
|
376
|
|
|
381
|
|
|
376
|
|
|
383
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net earnings
|
$
|
440
|
|
|
$
|
400
|
|
|
$
|
2,023
|
|
|
$
|
911
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Cumulative translation adjustments
|
(1
|
)
|
|
(8
|
)
|
|
2
|
|
|
(14
|
)
|
||||
Amortization of net actuarial loss
|
13
|
|
|
15
|
|
|
27
|
|
|
30
|
|
||||
Total other comprehensive income, net of tax
|
12
|
|
|
7
|
|
|
29
|
|
|
16
|
|
||||
Total comprehensive income
|
$
|
452
|
|
|
$
|
407
|
|
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$
|
2,052
|
|
|
$
|
927
|
|
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At
|
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At
|
||||||||
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June 30, 2019
|
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December 31, 2018
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
216
|
|
|
|
|
$
|
322
|
|
|
Receivables, less allowances of $46 (2019) and $41 (2018)
|
|
3,795
|
|
|
|
|
4,041
|
|
|
||
Programming and other inventory (Note 4)
|
|
1,945
|
|
|
|
|
1,988
|
|
|
||
Prepaid income taxes
|
|
—
|
|
|
|
|
27
|
|
|
||
Prepaid expenses
|
|
158
|
|
|
|
|
149
|
|
|
||
Other current assets
|
|
222
|
|
|
|
|
225
|
|
|
||
Total current assets
|
|
6,336
|
|
|
|
|
6,752
|
|
|
||
Property and equipment
|
|
2,931
|
|
|
|
|
2,926
|
|
|
||
Less accumulated depreciation and amortization
|
|
1,754
|
|
|
|
|
1,717
|
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|
||
Net property and equipment
|
|
1,177
|
|
|
|
|
1,209
|
|
|
||
Programming and other inventory (Note 4)
|
|
4,269
|
|
|
|
|
3,883
|
|
|
||
Goodwill
|
|
5,062
|
|
|
|
|
4,920
|
|
|
||
Intangible assets
|
|
2,660
|
|
|
|
|
2,638
|
|
|
||
Operating lease assets (Note 12)
|
|
922
|
|
|
|
|
—
|
|
|
||
Deferred income tax assets, net
|
|
785
|
|
|
|
|
29
|
|
|
||
Other assets
|
|
2,624
|
|
|
|
|
2,395
|
|
|
||
Assets held for sale
|
|
—
|
|
|
|
|
33
|
|
|
||
Total Assets
|
|
$
|
23,835
|
|
|
|
|
$
|
21,859
|
|
|
|
|
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS
’
EQUITY
|
|
|
|
|
|
|
|
|
|
||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
214
|
|
|
|
|
$
|
201
|
|
|
Accrued compensation
|
|
217
|
|
|
|
|
346
|
|
|
||
Participants’ share and royalties payable
|
|
1,188
|
|
|
|
|
1,177
|
|
|
||
Accrued programming and production costs
|
|
590
|
|
|
|
|
704
|
|
|
||
Income taxes payable
|
|
113
|
|
|
|
|
—
|
|
|
||
Commercial paper (Note 6)
|
|
—
|
|
|
|
|
674
|
|
|
||
Accrued expenses and other current liabilities
|
|
1,521
|
|
|
|
|
1,471
|
|
|
||
Total current liabilities
|
|
3,843
|
|
|
|
|
4,573
|
|
|
||
Long-term debt (Note 6)
|
|
9,359
|
|
|
|
|
9,465
|
|
|
||
Pension and postretirement benefit obligations
|
|
1,366
|
|
|
|
|
1,388
|
|
|
||
Deferred income tax liabilities, net
|
|
535
|
|
|
|
|
399
|
|
|
||
Noncurrent operating lease liabilities (Note 12)
|
|
858
|
|
|
|
|
—
|
|
|
||
Other liabilities
|
|
3,121
|
|
|
|
|
3,230
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
Stockholders
’
Equity:
|
|
|
|
|
|
|
|
|
|
||
Class A Common Stock, par value $.001 per share; 375 shares authorized;
23 (2019) and 35 (2018) shares issued |
|
—
|
|
|
|
|
—
|
|
|
||
Class B Common Stock, par value $.001 per share; 5,000 shares authorized;
852 (2019) and 838 (2018) shares issued |
|
1
|
|
|
|
|
1
|
|
|
||
Additional paid-in capital
|
|
43,534
|
|
|
|
|
43,637
|
|
|
||
Accumulated deficit
|
|
(15,002
|
)
|
|
|
|
(17,201
|
)
|
|
||
Accumulated other comprehensive loss (Note 8)
|
|
(922
|
)
|
|
|
|
(775
|
)
|
|
||
|
|
27,611
|
|
|
|
|
25,662
|
|
|
||
Less treasury stock, at cost; 500 (2019 and 2018) Class B shares
|
|
22,858
|
|
|
|
|
22,858
|
|
|
||
Total Stockholders
’
Equity
|
|
4,753
|
|
|
|
|
2,804
|
|
|
||
Total Liabilities and Stockholders
’
Equity
|
|
$
|
23,835
|
|
|
|
|
$
|
21,859
|
|
|
|
Six Months Ended
|
||||||
|
June 30,
|
||||||
|
2019
|
|
2018
|
||||
Operating Activities:
|
|
|
|
||||
Net earnings
|
$
|
2,023
|
|
|
$
|
911
|
|
Adjustments to reconcile net earnings to net cash flow provided by operating activities
from continuing operations:
|
|
|
|
|
|
||
Depreciation and amortization
|
106
|
|
|
112
|
|
||
Deferred tax (benefit) provision
|
(607
|
)
|
|
40
|
|
||
Stock-based compensation
|
75
|
|
|
91
|
|
||
Equity in loss of investee companies, net of tax and distributions
|
29
|
|
|
34
|
|
||
Gain on sale of assets
|
(549
|
)
|
|
—
|
|
||
Change in assets and liabilities, net of investing and financing activities
|
(763
|
)
|
|
(143
|
)
|
||
Net cash flow provided by operating activities from continuing operations
|
314
|
|
|
1,045
|
|
||
Net cash flow used for operating activities from discontinued operations
|
—
|
|
|
(2
|
)
|
||
Net cash flow provided by operating activities
|
314
|
|
|
1,043
|
|
||
Investing Activities:
|
|
|
|
|
|
||
Investments in and advances to investee companies
|
(72
|
)
|
|
(71
|
)
|
||
Capital expenditures
|
(60
|
)
|
|
(62
|
)
|
||
Acquisitions, net of cash acquired
|
(39
|
)
|
|
(29
|
)
|
||
Proceeds from dispositions
|
736
|
|
|
—
|
|
||
Proceeds from sale of investments
|
15
|
|
|
—
|
|
||
Other investing activities
|
2
|
|
|
2
|
|
||
Net cash flow provided by (used for) investing activities from continuing operations
|
582
|
|
|
(160
|
)
|
||
Net cash flow used for investing activities from discontinued operations
|
—
|
|
|
(23
|
)
|
||
Net cash flow provided by (used for) investing activities
|
582
|
|
|
(183
|
)
|
||
Financing Activities:
|
|
|
|
|
|
||
Repayments of short-term debt borrowings, net
|
(674
|
)
|
|
(309
|
)
|
||
Proceeds from issuance of senior notes
|
493
|
|
|
—
|
|
||
Repayment of senior notes
|
(600
|
)
|
|
—
|
|
||
Payment of finance lease obligations
|
(6
|
)
|
|
(8
|
)
|
||
Payment of contingent consideration
|
(3
|
)
|
|
(5
|
)
|
||
Dividends
|
(138
|
)
|
|
(140
|
)
|
||
Purchase of Company common stock
|
(14
|
)
|
|
(394
|
)
|
||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation
|
(43
|
)
|
|
(58
|
)
|
||
Acquisition of noncontrolling interest
|
(26
|
)
|
|
—
|
|
||
Proceeds from exercise of stock options
|
11
|
|
|
22
|
|
||
Other financing activities
|
—
|
|
|
(1
|
)
|
||
Net cash flow used for financing activities
|
(1,000
|
)
|
|
(893
|
)
|
||
Net decrease in cash, cash equivalents and restricted cash
|
(104
|
)
|
|
(33
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
(includes $120 (2019) and $0 (2018) of restricted cash)
|
442
|
|
|
285
|
|
||
Cash, cash equivalents and restricted cash at end of period
(includes $122 (2019) and $0 (2018) of restricted cash)
|
$
|
338
|
|
|
$
|
252
|
|
Supplemental disclosure of cash flow information
|
|
|
|
|
|
||
Cash paid for interest
|
$
|
220
|
|
|
$
|
231
|
|
Cash paid for income taxes
|
$
|
317
|
|
|
$
|
31
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Class A Common Stock:
|
|
|
|
|
|
|
|
||||||||
Balance, beginning and end of period
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Class B Common Stock:
|
|
|
|
|
|
|
|
||||||||
Balance, beginning and end of period
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||
Additional Paid-In Capital:
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
43,582
|
|
|
43,743
|
|
|
43,637
|
|
|
43,797
|
|
||||
Stock-based compensation
|
36
|
|
|
47
|
|
|
75
|
|
|
98
|
|
||||
Exercise of stock options
|
—
|
|
|
6
|
|
|
11
|
|
|
22
|
|
||||
Retirement of treasury stock
|
(6
|
)
|
|
(7
|
)
|
|
(43
|
)
|
|
(59
|
)
|
||||
Dividends
|
(68
|
)
|
|
(69
|
)
|
|
(136
|
)
|
|
(138
|
)
|
||||
Acquisition of noncontrolling interest
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
||||
Balance, end of period
|
43,534
|
|
|
43,720
|
|
|
43,534
|
|
|
43,720
|
|
||||
Accumulated Deficit:
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
(15,442
|
)
|
|
(18,650
|
)
|
|
(17,201
|
)
|
|
(18,900
|
)
|
||||
Net earnings
|
440
|
|
|
400
|
|
|
2,023
|
|
|
911
|
|
||||
Adoption of new revenue recognition standard
|
—
|
|
|
—
|
|
|
—
|
|
|
(261
|
)
|
||||
Reclassification of income tax effects of the Tax Reform Act (Note 1)
|
—
|
|
|
—
|
|
|
176
|
|
|
—
|
|
||||
Balance, end of period
|
(15,002
|
)
|
|
(18,250
|
)
|
|
(15,002
|
)
|
|
(18,250
|
)
|
||||
Accumulated Other Comprehensive Loss:
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
(934
|
)
|
|
(653
|
)
|
|
(775
|
)
|
|
(662
|
)
|
||||
Other comprehensive income
|
12
|
|
|
7
|
|
|
29
|
|
|
16
|
|
||||
Reclassification of income tax effects of the Tax Reform Act (Note 1)
|
—
|
|
|
—
|
|
|
(176
|
)
|
|
—
|
|
||||
Balance, end of period
|
(922
|
)
|
|
(646
|
)
|
|
(922
|
)
|
|
(646
|
)
|
||||
Treasury Stock, at cost:
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
(22,858
|
)
|
|
(22,458
|
)
|
|
(22,858
|
)
|
|
(22,258
|
)
|
||||
Class B Common Stock purchased
|
—
|
|
|
(200
|
)
|
|
—
|
|
|
(400
|
)
|
||||
Shares paid for tax withholding for stock-based compensation
|
(6
|
)
|
|
(7
|
)
|
|
(43
|
)
|
|
(59
|
)
|
||||
Retirement of treasury stock
|
6
|
|
|
7
|
|
|
43
|
|
|
59
|
|
||||
Balance, end of period
|
(22,858
|
)
|
|
(22,658
|
)
|
|
(22,858
|
)
|
|
(22,658
|
)
|
||||
Total Stockholders’ Equity
|
$
|
4,753
|
|
|
$
|
2,167
|
|
|
$
|
4,753
|
|
|
$
|
2,167
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
(in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Weighted average shares for basic EPS
|
374
|
|
|
378
|
|
|
374
|
|
|
380
|
|
Dilutive effect of shares issuable under stock-based
compensation plans
|
2
|
|
|
3
|
|
|
2
|
|
|
3
|
|
Weighted average shares for diluted EPS
|
376
|
|
|
381
|
|
|
376
|
|
|
383
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
RSUs and PSUs
|
$
|
33
|
|
|
$
|
41
|
|
|
$
|
66
|
|
|
$
|
79
|
|
Stock options
|
3
|
|
|
6
|
|
|
9
|
|
|
12
|
|
||||
Stock-based compensation expense, before income taxes
|
36
|
|
|
47
|
|
|
75
|
|
|
91
|
|
||||
Related tax benefit
|
(10
|
)
|
|
(12
|
)
|
|
(19
|
)
|
|
(23
|
)
|
||||
Stock-based compensation expense, net of tax benefit
|
$
|
26
|
|
|
$
|
35
|
|
|
$
|
56
|
|
|
$
|
68
|
|
|
Balance at
|
|
2019
|
|
2019
|
|
Balance at
|
||||||||||||||||
|
December 31, 2018
|
|
Charges
|
|
Settlements
|
|
June 30, 2019
|
||||||||||||||||
Entertainment
|
|
$
|
31
|
|
|
|
|
$
|
48
|
|
|
|
|
$
|
(23
|
)
|
|
|
|
$
|
56
|
|
|
Cable Networks
|
|
—
|
|
|
|
|
5
|
|
|
|
|
—
|
|
|
|
|
5
|
|
|
||||
Publishing
|
|
2
|
|
|
|
|
5
|
|
|
|
|
(1
|
)
|
|
|
|
6
|
|
|
||||
Local Media
|
|
23
|
|
|
|
|
28
|
|
|
|
|
(11
|
)
|
|
|
|
40
|
|
|
||||
Corporate
|
|
12
|
|
|
|
|
22
|
|
|
|
|
(15
|
)
|
|
|
|
19
|
|
|
||||
Total
|
|
$
|
68
|
|
|
|
|
$
|
108
|
|
|
|
|
$
|
(50
|
)
|
|
|
|
$
|
126
|
|
|
|
Balance at
|
|
2018
|
|
2018
|
|
Balance at
|
||||||||||||||||
|
December 31, 2017
|
|
Charges
|
|
Settlements
|
|
December 31, 2018
|
||||||||||||||||
Entertainment
|
|
$
|
39
|
|
|
|
|
$
|
27
|
|
|
|
|
$
|
(35
|
)
|
|
|
|
$
|
31
|
|
|
Publishing
|
|
3
|
|
|
|
|
1
|
|
|
|
|
(2
|
)
|
|
|
|
2
|
|
|
||||
Local Media
|
|
11
|
|
|
|
|
18
|
|
|
|
|
(6
|
)
|
|
|
|
23
|
|
|
||||
Corporate
|
|
2
|
|
|
|
|
21
|
|
|
|
|
(11
|
)
|
|
|
|
12
|
|
|
||||
Total
|
|
$
|
55
|
|
|
|
|
$
|
67
|
|
|
|
|
$
|
(54
|
)
|
|
|
|
$
|
68
|
|
|
|
At
|
|
At
|
||||||||
|
June 30, 2019
|
|
December 31, 2018
|
||||||||
Acquired program rights
|
|
$
|
2,480
|
|
|
|
|
$
|
2,400
|
|
|
Acquired television library
|
|
99
|
|
|
|
|
99
|
|
|
||
Internally produced programming:
|
|
|
|
|
|
|
|
||||
Released
|
|
2,839
|
|
|
|
|
2,477
|
|
|
||
In process and other
|
|
731
|
|
|
|
|
839
|
|
|
||
Publishing, primarily finished goods
|
|
65
|
|
|
|
|
56
|
|
|
||
Total programming and other inventory
|
|
6,214
|
|
|
|
|
5,871
|
|
|
||
Less current portion
|
|
1,945
|
|
|
|
|
1,988
|
|
|
||
Total noncurrent programming and other inventory
|
|
$
|
4,269
|
|
|
|
|
$
|
3,883
|
|
|
|
At
|
|
At
|
||||||||
|
June 30, 2019
|
|
December 31, 2018
|
||||||||
Receivables
|
|
$
|
28
|
|
|
|
|
$
|
38
|
|
|
Other assets (Receivables, noncurrent)
|
|
15
|
|
|
|
|
23
|
|
|
||
Total amounts due from Viacom
|
|
$
|
43
|
|
|
|
|
$
|
61
|
|
|
|
At
|
|
At
|
||||||||
|
June 30, 2019
|
|
December 31, 2018
|
||||||||
Commercial paper
|
|
$
|
—
|
|
|
|
|
$
|
674
|
|
|
Senior debt (2.30% - 7.875% due 2019 - 2045)
(a)
|
|
9,332
|
|
|
|
|
9,435
|
|
|
||
Obligations under finance leases
|
|
38
|
|
|
|
|
43
|
|
|
||
Total debt
|
|
9,370
|
|
|
|
|
10,152
|
|
|
||
Less commercial paper
|
|
—
|
|
|
|
|
674
|
|
|
||
Less current portion of long-term debt
|
|
11
|
|
|
|
|
13
|
|
|
||
Total long-term debt, net of current portion
|
|
$
|
9,359
|
|
|
|
|
$
|
9,465
|
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
Three Months Ended June 30,
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Components of net periodic cost:
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
7
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
39
|
|
|
37
|
|
|
3
|
|
|
4
|
|
||||
Expected return on plan assets
|
(38
|
)
|
|
(45
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of actuarial loss (gain)
(a)
|
23
|
|
|
24
|
|
|
(4
|
)
|
|
(4
|
)
|
||||
Net periodic cost
|
$
|
31
|
|
|
$
|
24
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
Six Months Ended June 30,
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Components of net periodic cost:
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
14
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
78
|
|
|
74
|
|
|
7
|
|
|
8
|
|
||||
Expected return on plan assets
|
(76
|
)
|
|
(90
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of actuarial loss (gain)
(a)
|
46
|
|
|
48
|
|
|
(9
|
)
|
|
(9
|
)
|
||||
Net periodic cost
|
$
|
62
|
|
|
$
|
48
|
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
|
Cumulative
Translation
Adjustments
|
|
Net Actuarial
Loss and Prior
Service Cost
|
|
Accumulated
Other
Comprehensive Loss
|
||||||||
At December 31, 2018
|
$
|
133
|
|
|
$
|
(908
|
)
|
|
|
$
|
(775
|
)
|
|
Other comprehensive income before reclassifications
|
2
|
|
|
—
|
|
|
|
2
|
|
|
|||
Reclassifications to net earnings
|
—
|
|
|
27
|
|
(a)
|
|
27
|
|
|
|||
Other comprehensive income
|
2
|
|
|
27
|
|
|
|
29
|
|
|
|||
Tax effects reclassified to accumulated deficit
|
—
|
|
|
(176
|
)
|
(b)
|
|
(176
|
)
|
|
|||
At June 30, 2019
|
$
|
135
|
|
|
$
|
(1,057
|
)
|
|
|
$
|
(922
|
)
|
|
|
Cumulative
Translation
Adjustments
|
|
Net Actuarial
Loss and Prior
Service Cost
|
|
Accumulated
Other
Comprehensive Loss
|
||||||||
At December 31, 2017
|
$
|
159
|
|
|
$
|
(821
|
)
|
|
|
$
|
(662
|
)
|
|
Other comprehensive loss before reclassifications
|
(14
|
)
|
|
—
|
|
|
|
(14
|
)
|
|
|||
Reclassifications to net earnings
|
—
|
|
|
30
|
|
(a)
|
|
30
|
|
|
|||
Other comprehensive income (loss)
|
(14
|
)
|
|
30
|
|
|
|
16
|
|
|
|||
At June 30, 2018
|
$
|
145
|
|
|
$
|
(791
|
)
|
|
|
$
|
(646
|
)
|
|
(a)
|
Reflects amortization of net actuarial losses (see Note
7
). Amounts are net of tax benefits of
$10 million
and
$9 million
for the
six months ended
June 30, 2019 and 2018
, respectively.
|
(b)
|
Reflects the reclassification of certain income tax effects of the Tax Reform Act on items within accumulated other comprehensive loss to accumulated deficit upon the adoption of new FASB guidance (see Note
1
).
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Provision for income taxes before discrete items
|
$
|
(128
|
)
|
|
$
|
(111
|
)
|
|
$
|
(240
|
)
|
|
$
|
(245
|
)
|
Tax benefit from transfer of assets
(a)
|
—
|
|
|
—
|
|
|
768
|
|
|
—
|
|
||||
Provision for gain on sale of assets
(b)
|
—
|
|
|
—
|
|
|
(163
|
)
|
|
—
|
|
||||
Other discrete items
|
9
|
|
|
(2
|
)
|
|
12
|
|
|
(3
|
)
|
||||
(Provision) benefit for income taxes
|
$
|
(119
|
)
|
|
(113
|
)
|
|
$
|
377
|
|
|
$
|
(248
|
)
|
|
Effective income tax rate
|
20.8
|
%
|
|
21.2
|
%
|
|
(22.5
|
)%
|
|
20.8
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
|
||||||||||||
|
June 30,
|
|
June 30,
|
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Financial Statement Account
|
||||||||
Non-designated foreign exchange contracts
|
$
|
3
|
|
|
$
|
17
|
|
|
$
|
2
|
|
|
$
|
13
|
|
Other items, net
|
At June 30, 2019
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Foreign currency hedges
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Total Assets
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Deferred compensation
|
$
|
—
|
|
|
$
|
326
|
|
|
$
|
—
|
|
|
$
|
326
|
|
Foreign currency hedges
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
327
|
|
|
$
|
—
|
|
|
$
|
327
|
|
At December 31, 2018
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Foreign currency hedges
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
15
|
|
Total Assets
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
15
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Deferred compensation
|
$
|
—
|
|
|
$
|
336
|
|
|
$
|
—
|
|
|
$
|
336
|
|
Foreign currency hedges
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
337
|
|
|
$
|
—
|
|
|
$
|
337
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Entertainment
|
$
|
2,741
|
|
|
$
|
2,402
|
|
|
$
|
5,917
|
|
|
$
|
5,155
|
|
Cable Networks
|
562
|
|
|
553
|
|
|
1,114
|
|
|
1,124
|
|
||||
Publishing
|
218
|
|
|
207
|
|
|
382
|
|
|
367
|
|
||||
Local Media
|
423
|
|
|
420
|
|
|
880
|
|
|
835
|
|
||||
Corporate/Eliminations
|
(135
|
)
|
|
(116
|
)
|
|
(317
|
)
|
|
(254
|
)
|
||||
Total Revenues
|
$
|
3,809
|
|
|
$
|
3,466
|
|
|
$
|
7,976
|
|
|
$
|
7,227
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Intercompany Revenues:
|
|
|
|
|
|
|
|
||||||||
Entertainment
|
$
|
135
|
|
|
$
|
118
|
|
|
$
|
318
|
|
|
$
|
257
|
|
Cable Networks
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
Local Media
|
6
|
|
|
5
|
|
|
11
|
|
|
10
|
|
||||
Total Intercompany Revenues
|
$
|
142
|
|
|
$
|
123
|
|
|
$
|
331
|
|
|
$
|
267
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Segment Operating Income (Loss):
|
|
|
|
|
|
|
|
||||||||
Entertainment
|
$
|
426
|
|
|
$
|
367
|
|
|
$
|
956
|
|
|
$
|
853
|
|
Cable Networks
|
185
|
|
|
245
|
|
|
360
|
|
|
481
|
|
||||
Publishing
|
33
|
|
|
31
|
|
|
50
|
|
|
47
|
|
||||
Local Media
|
130
|
|
|
128
|
|
|
268
|
|
|
246
|
|
||||
Corporate
|
(72
|
)
|
|
(77
|
)
|
|
(139
|
)
|
|
(152
|
)
|
||||
Restructuring and other corporate matters
|
(7
|
)
|
|
(35
|
)
|
|
(121
|
)
|
|
(44
|
)
|
||||
Gain on sale of assets
|
—
|
|
|
—
|
|
|
549
|
|
|
—
|
|
||||
Operating income
|
695
|
|
|
659
|
|
|
1,923
|
|
|
1,431
|
|
||||
Interest expense
|
(115
|
)
|
|
(116
|
)
|
|
(232
|
)
|
|
(234
|
)
|
||||
Interest income
|
12
|
|
|
14
|
|
|
26
|
|
|
31
|
|
||||
Other items, net
|
(21
|
)
|
|
(24
|
)
|
|
(42
|
)
|
|
(35
|
)
|
||||
Earnings before income taxes and equity in loss of
investee companies
|
571
|
|
|
533
|
|
|
1,675
|
|
|
1,193
|
|
||||
(Provision) benefit for income taxes
|
(119
|
)
|
|
(113
|
)
|
|
377
|
|
|
(248
|
)
|
||||
Equity in loss of investee companies, net of tax
|
(12
|
)
|
|
(20
|
)
|
|
(29
|
)
|
|
(34
|
)
|
||||
Net earnings
|
$
|
440
|
|
|
$
|
400
|
|
|
$
|
2,023
|
|
|
$
|
911
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Depreciation and Amortization:
|
|
|
|
|
|
|
|
||||||||
Entertainment
|
$
|
29
|
|
|
$
|
32
|
|
|
$
|
59
|
|
|
$
|
63
|
|
Cable Networks
|
6
|
|
|
4
|
|
|
10
|
|
|
9
|
|
||||
Publishing
|
2
|
|
|
2
|
|
|
3
|
|
|
3
|
|
||||
Local Media
|
9
|
|
|
11
|
|
|
20
|
|
|
22
|
|
||||
Corporate
|
7
|
|
|
7
|
|
|
14
|
|
|
15
|
|
||||
Total Depreciation and Amortization
|
$
|
53
|
|
|
$
|
56
|
|
|
$
|
106
|
|
|
$
|
112
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Stock-based Compensation:
|
|
|
|
|
|
|
|
||||||||
Entertainment
|
$
|
17
|
|
|
$
|
16
|
|
|
$
|
33
|
|
|
$
|
31
|
|
Cable Networks
|
3
|
|
|
3
|
|
|
6
|
|
|
6
|
|
||||
Publishing
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Local Media
|
3
|
|
|
3
|
|
|
6
|
|
|
6
|
|
||||
Corporate
|
12
|
|
|
24
|
|
|
28
|
|
|
46
|
|
||||
Total Stock-based Compensation
|
$
|
36
|
|
|
$
|
47
|
|
|
$
|
75
|
|
|
$
|
91
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Capital Expenditures:
|
|
|
|
|
|
|
|
||||||||
Entertainment
|
$
|
23
|
|
|
$
|
20
|
|
|
$
|
43
|
|
|
$
|
38
|
|
Cable Networks
|
1
|
|
|
3
|
|
|
4
|
|
|
6
|
|
||||
Publishing
|
2
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Local Media
|
5
|
|
|
5
|
|
|
7
|
|
|
9
|
|
||||
Corporate
|
2
|
|
|
3
|
|
|
4
|
|
|
7
|
|
||||
Total Capital Expenditures
|
$
|
33
|
|
|
$
|
32
|
|
|
$
|
60
|
|
|
$
|
62
|
|
|
At
|
|
At
|
||||||||
|
June 30, 2019
|
|
December 31, 2018
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||
Entertainment
(a)
|
|
$
|
14,816
|
|
|
|
|
$
|
13,579
|
|
|
Cable Networks
|
|
3,238
|
|
|
|
|
2,693
|
|
|
||
Publishing
|
|
1,231
|
|
|
|
|
1,054
|
|
|
||
Local Media
|
|
4,156
|
|
|
|
|
4,037
|
|
|
||
Corporate/Eliminations
|
|
381
|
|
|
|
|
484
|
|
|
||
Discontinued operations
|
|
13
|
|
|
|
|
12
|
|
|
||
Total Assets
|
|
$
|
23,835
|
|
|
|
|
$
|
21,859
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
Revenues by Type
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Advertising
|
$
|
1,424
|
|
|
$
|
1,327
|
|
|
$
|
3,468
|
|
|
$
|
3,060
|
|
Content licensing and distribution:
|
|
|
|
|
|
|
|
||||||||
Programming
|
1,006
|
|
|
889
|
|
|
1,805
|
|
|
1,724
|
|
||||
Publishing
|
218
|
|
|
207
|
|
|
382
|
|
|
367
|
|
||||
Affiliate and subscription fees
|
1,113
|
|
|
989
|
|
|
2,224
|
|
|
1,968
|
|
||||
Other
|
48
|
|
|
54
|
|
|
97
|
|
|
108
|
|
||||
Total Revenues
|
$
|
3,809
|
|
|
$
|
3,466
|
|
|
$
|
7,976
|
|
|
$
|
7,227
|
|
|
Leases
|
||||||
|
Operating
|
|
Finance
|
||||
Right-of-Use Assets
|
|
|
|
||||
Operating lease assets
|
$
|
922
|
|
|
$
|
—
|
|
Property and equipment, net
|
$
|
—
|
|
|
$
|
34
|
|
|
|
|
|
||||
Lease Liabilities
|
|
|
|
||||
Accrued expenses and other current liabilities
|
$
|
146
|
|
|
$
|
12
|
|
Noncurrent operating lease liabilities
|
858
|
|
|
—
|
|
||
Long-term debt
|
—
|
|
|
26
|
|
||
Total lease liabilities
|
$
|
1,004
|
|
|
$
|
38
|
|
|
Leases
|
||||
|
Operating
|
|
Finance
|
||
Weighted average remaining lease term
|
9 years
|
|
|
4 years
|
|
|
|
|
|
||
Weighted average discount rate
|
4.3
|
%
|
|
4.2
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30, 2019
|
|
June 30, 2019
|
||||||||
Operating lease cost
(a) (b)
|
|
$
|
54
|
|
|
|
|
$
|
108
|
|
|
Finance lease cost:
|
|
|
|
|
|
|
|
||||
Amortization of right-of-use assets
|
|
3
|
|
|
|
|
6
|
|
|
||
Interest expense on lease liabilities
|
|
1
|
|
|
|
|
1
|
|
|
||
Short-term lease cost
(b) (c)
|
|
24
|
|
|
|
|
41
|
|
|
||
Variable lease cost
(d)
|
|
5
|
|
|
|
|
11
|
|
|
||
Sublease income
|
|
(6
|
)
|
|
|
|
(12
|
)
|
|
||
Total lease cost
|
|
$
|
81
|
|
|
|
|
$
|
155
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30, 2019
|
|
June 30, 2019
|
||||||||
Cash paid for amounts included in lease liabilities
|
|
|
|
|
|
|
|
||||
Operating cash flows from operating leases
|
|
$
|
53
|
|
|
|
|
$
|
107
|
|
|
Financing cash flows from finance leases
|
|
$
|
3
|
|
|
|
|
$
|
6
|
|
|
|
|
|
|
|
|
|
|
||||
Noncash additions to operating lease assets
|
|
$
|
32
|
|
|
|
|
$
|
166
|
|
|
|
Leases
|
||||||
|
Operating
|
|
Finance
|
||||
2019 (July 1 through December 31)
|
$
|
104
|
|
|
$
|
7
|
|
2020
|
168
|
|
|
12
|
|
||
2021
|
157
|
|
|
11
|
|
||
2022
|
133
|
|
|
7
|
|
||
2023
|
120
|
|
|
2
|
|
||
2024 and thereafter
|
568
|
|
|
2
|
|
||
Total minimum payments
|
1,250
|
|
|
41
|
|
||
Less amounts representing interest
|
246
|
|
|
3
|
|
||
Present value of minimum payments
|
$
|
1,004
|
|
|
$
|
38
|
|
|
Leases
|
||||||
|
Operating
|
|
Finance
|
||||
2019
|
$
|
174
|
|
|
$
|
13
|
|
2020
|
129
|
|
|
12
|
|
||
2021
|
122
|
|
|
11
|
|
||
2022
|
110
|
|
|
7
|
|
||
2023
|
101
|
|
|
2
|
|
||
2024 and thereafter
|
465
|
|
|
2
|
|
||
Total minimum payments
|
$
|
1,101
|
|
|
$
|
47
|
|
Less amounts representing interest
|
|
|
4
|
|
|||
Present value of minimum payments
|
|
|
|
$
|
43
|
|
2019 (July 1 through December 31)
|
$
|
27
|
|
2020
|
52
|
|
|
2021
|
48
|
|
|
2022
|
44
|
|
|
2023
|
43
|
|
|
2024 and thereafter
|
85
|
|
|
Total
|
$
|
299
|
|
|
Statement of Operations
|
||||||||||||||||||
|
For the Three Months Ended June 30, 2019
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Revenues
|
$
|
43
|
|
|
$
|
2
|
|
|
$
|
3,764
|
|
|
$
|
—
|
|
|
$
|
3,809
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating
|
24
|
|
|
1
|
|
|
2,484
|
|
|
—
|
|
|
2,509
|
|
|||||
Selling, general and administrative
|
12
|
|
|
68
|
|
|
465
|
|
|
—
|
|
|
545
|
|
|||||
Depreciation and amortization
|
1
|
|
|
5
|
|
|
47
|
|
|
—
|
|
|
53
|
|
|||||
Restructuring and other corporate matters
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||
Total costs and expenses
|
37
|
|
|
81
|
|
|
2,996
|
|
|
—
|
|
|
3,114
|
|
|||||
Operating income (loss)
|
6
|
|
|
(79
|
)
|
|
768
|
|
|
—
|
|
|
695
|
|
|||||
Interest (expense) income, net
|
(138
|
)
|
|
(137
|
)
|
|
172
|
|
|
—
|
|
|
(103
|
)
|
|||||
Other items, net
|
(10
|
)
|
|
(9
|
)
|
|
(2
|
)
|
|
—
|
|
|
(21
|
)
|
|||||
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies
|
(142
|
)
|
|
(225
|
)
|
|
938
|
|
|
—
|
|
|
571
|
|
|||||
Benefit (provision) for income taxes
|
32
|
|
|
50
|
|
|
(201
|
)
|
|
—
|
|
|
(119
|
)
|
|||||
Equity in earnings (loss) of investee companies, net of tax
|
550
|
|
|
402
|
|
|
(12
|
)
|
|
(952
|
)
|
|
(12
|
)
|
|||||
Net earnings
|
$
|
440
|
|
|
$
|
227
|
|
|
$
|
725
|
|
|
$
|
(952
|
)
|
|
$
|
440
|
|
Total comprehensive income
|
$
|
452
|
|
|
$
|
232
|
|
|
$
|
720
|
|
|
$
|
(952
|
)
|
|
$
|
452
|
|
|
Statement of Operations
|
||||||||||||||||||
|
For the Six Months Ended June 30, 2019
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Revenues
|
$
|
89
|
|
|
$
|
5
|
|
|
$
|
7,882
|
|
|
$
|
—
|
|
|
$
|
7,976
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating
|
50
|
|
|
2
|
|
|
5,205
|
|
|
—
|
|
|
5,257
|
|
|||||
Selling, general and administrative
|
26
|
|
|
125
|
|
|
967
|
|
|
—
|
|
|
1,118
|
|
|||||
Depreciation and amortization
|
2
|
|
|
10
|
|
|
94
|
|
|
—
|
|
|
106
|
|
|||||
Restructuring and other corporate matters
|
3
|
|
|
30
|
|
|
88
|
|
|
—
|
|
|
121
|
|
|||||
Gain on sale of assets
|
—
|
|
|
—
|
|
|
(549
|
)
|
|
—
|
|
|
(549
|
)
|
|||||
Total costs and expenses
|
81
|
|
|
167
|
|
|
5,805
|
|
|
—
|
|
|
6,053
|
|
|||||
Operating income (loss)
|
8
|
|
|
(162
|
)
|
|
2,077
|
|
|
—
|
|
|
1,923
|
|
|||||
Interest (expense) income, net
|
(275
|
)
|
|
(268
|
)
|
|
337
|
|
|
—
|
|
|
(206
|
)
|
|||||
Other items, net
|
(18
|
)
|
|
(20
|
)
|
|
(4
|
)
|
|
—
|
|
|
(42
|
)
|
|||||
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies
|
(285
|
)
|
|
(450
|
)
|
|
2,410
|
|
|
—
|
|
|
1,675
|
|
|||||
Benefit from income taxes
|
61
|
|
|
96
|
|
|
220
|
|
|
—
|
|
|
377
|
|
|||||
Equity in earnings (loss) of investee companies, net of tax
|
2,247
|
|
|
344
|
|
|
(29
|
)
|
|
(2,591
|
)
|
|
(29
|
)
|
|||||
Net earnings (loss)
|
$
|
2,023
|
|
|
$
|
(10
|
)
|
|
$
|
2,601
|
|
|
$
|
(2,591
|
)
|
|
$
|
2,023
|
|
Total comprehensive income (loss)
|
$
|
2,052
|
|
|
$
|
(7
|
)
|
|
$
|
2,592
|
|
|
$
|
(2,585
|
)
|
|
$
|
2,052
|
|
|
Statement of Operations
|
||||||||||||||||||
|
For the Three Months Ended June 30, 2018
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Revenues
|
$
|
44
|
|
|
$
|
2
|
|
|
$
|
3,420
|
|
|
$
|
—
|
|
|
$
|
3,466
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating
|
23
|
|
|
1
|
|
|
2,160
|
|
|
—
|
|
|
2,184
|
|
|||||
Selling, general and administrative
|
12
|
|
|
68
|
|
|
452
|
|
|
—
|
|
|
532
|
|
|||||
Depreciation and amortization
|
1
|
|
|
5
|
|
|
50
|
|
|
—
|
|
|
56
|
|
|||||
Restructuring and other corporate matters
|
—
|
|
|
16
|
|
|
19
|
|
|
—
|
|
|
35
|
|
|||||
Total costs and expenses
|
36
|
|
|
90
|
|
|
2,681
|
|
|
—
|
|
|
2,807
|
|
|||||
Operating income (loss)
|
8
|
|
|
(88
|
)
|
|
739
|
|
|
—
|
|
|
659
|
|
|||||
Interest (expense) income, net
|
(133
|
)
|
|
(126
|
)
|
|
157
|
|
|
—
|
|
|
(102
|
)
|
|||||
Other items, net
|
(9
|
)
|
|
14
|
|
|
(29
|
)
|
|
—
|
|
|
(24
|
)
|
|||||
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies
|
(134
|
)
|
|
(200
|
)
|
|
867
|
|
|
—
|
|
|
533
|
|
|||||
Benefit (provision) for income taxes
|
28
|
|
|
42
|
|
|
(183
|
)
|
|
—
|
|
|
(113
|
)
|
|||||
Equity in earnings (loss) of investee companies, net of tax
|
506
|
|
|
351
|
|
|
(20
|
)
|
|
(857
|
)
|
|
(20
|
)
|
|||||
Net earnings
|
$
|
400
|
|
|
$
|
193
|
|
|
$
|
664
|
|
|
$
|
(857
|
)
|
|
$
|
400
|
|
Total comprehensive income
|
$
|
407
|
|
|
$
|
202
|
|
|
$
|
644
|
|
|
$
|
(846
|
)
|
|
$
|
407
|
|
|
Statement of Operations
|
||||||||||||||||||
|
For the Six Months Ended June 30, 2018
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Revenues
|
$
|
87
|
|
|
$
|
5
|
|
|
$
|
7,135
|
|
|
$
|
—
|
|
|
$
|
7,227
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating
|
48
|
|
|
2
|
|
|
4,534
|
|
|
—
|
|
|
4,584
|
|
|||||
Selling, general and administrative
|
25
|
|
|
132
|
|
|
899
|
|
|
—
|
|
|
1,056
|
|
|||||
Depreciation and amortization
|
2
|
|
|
11
|
|
|
99
|
|
|
—
|
|
|
112
|
|
|||||
Restructuring and other corporate matters
|
—
|
|
|
25
|
|
|
19
|
|
|
—
|
|
|
44
|
|
|||||
Total costs and expenses
|
75
|
|
|
170
|
|
|
5,551
|
|
|
—
|
|
|
5,796
|
|
|||||
Operating income (loss)
|
12
|
|
|
(165
|
)
|
|
1,584
|
|
|
—
|
|
|
1,431
|
|
|||||
Interest (expense) income, net
|
(263
|
)
|
|
(248
|
)
|
|
308
|
|
|
—
|
|
|
(203
|
)
|
|||||
Other items, net
|
(16
|
)
|
|
12
|
|
|
(31
|
)
|
|
—
|
|
|
(35
|
)
|
|||||
Earnings (loss) before income taxes and equity in earnings (loss) of investee companies
|
(267
|
)
|
|
(401
|
)
|
|
1,861
|
|
|
—
|
|
|
1,193
|
|
|||||
Benefit (provision) for income taxes
|
55
|
|
|
83
|
|
|
(386
|
)
|
|
—
|
|
|
(248
|
)
|
|||||
Equity in earnings (loss) of investee companies, net of tax
|
1,123
|
|
|
764
|
|
|
(34
|
)
|
|
(1,887
|
)
|
|
(34
|
)
|
|||||
Net earnings
|
$
|
911
|
|
|
$
|
446
|
|
|
$
|
1,441
|
|
|
$
|
(1,887
|
)
|
|
$
|
911
|
|
Total comprehensive income
|
$
|
927
|
|
|
$
|
448
|
|
|
$
|
1,424
|
|
|
$
|
(1,872
|
)
|
|
$
|
927
|
|
|
Balance Sheet
|
||||||||||||||||||
|
At June 30, 2019
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
205
|
|
|
$
|
—
|
|
|
$
|
216
|
|
Receivables, net
|
21
|
|
|
1
|
|
|
3,773
|
|
|
—
|
|
|
3,795
|
|
|||||
Programming and other inventory
|
2
|
|
|
2
|
|
|
1,941
|
|
|
—
|
|
|
1,945
|
|
|||||
Prepaid expenses and other current assets
|
6
|
|
|
40
|
|
|
367
|
|
|
(33
|
)
|
|
380
|
|
|||||
Total current assets
|
40
|
|
|
43
|
|
|
6,286
|
|
|
(33
|
)
|
|
6,336
|
|
|||||
Property and equipment
|
30
|
|
|
227
|
|
|
2,674
|
|
|
—
|
|
|
2,931
|
|
|||||
Less accumulated depreciation and amortization
|
14
|
|
|
194
|
|
|
1,546
|
|
|
—
|
|
|
1,754
|
|
|||||
Net property and equipment
|
16
|
|
|
33
|
|
|
1,128
|
|
|
—
|
|
|
1,177
|
|
|||||
Programming and other inventory
|
4
|
|
|
3
|
|
|
4,262
|
|
|
—
|
|
|
4,269
|
|
|||||
Goodwill
|
98
|
|
|
62
|
|
|
4,902
|
|
|
—
|
|
|
5,062
|
|
|||||
Intangible assets
|
—
|
|
|
—
|
|
|
2,660
|
|
|
—
|
|
|
2,660
|
|
|||||
Operating lease assets
|
5
|
|
|
110
|
|
|
807
|
|
|
—
|
|
|
922
|
|
|||||
Investments in consolidated subsidiaries
|
50,017
|
|
|
17,246
|
|
|
—
|
|
|
(67,263
|
)
|
|
—
|
|
|||||
Deferred income tax assets, net
|
—
|
|
|
—
|
|
|
785
|
|
|
—
|
|
|
785
|
|
|||||
Other assets
|
292
|
|
|
—
|
|
|
2,332
|
|
|
—
|
|
|
2,624
|
|
|||||
Intercompany
|
—
|
|
|
104
|
|
|
33,255
|
|
|
(33,359
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
50,472
|
|
|
$
|
17,601
|
|
|
$
|
56,417
|
|
|
$
|
(100,655
|
)
|
|
$
|
23,835
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
4
|
|
|
$
|
9
|
|
|
$
|
201
|
|
|
$
|
—
|
|
|
$
|
214
|
|
Participants’ share and royalties payable
|
—
|
|
|
—
|
|
|
1,188
|
|
|
—
|
|
|
1,188
|
|
|||||
Accrued programming and production costs
|
3
|
|
|
2
|
|
|
585
|
|
|
—
|
|
|
590
|
|
|||||
Accrued expenses and other current liabilities
|
451
|
|
|
254
|
|
|
1,179
|
|
|
(33
|
)
|
|
1,851
|
|
|||||
Total current liabilities
|
458
|
|
|
265
|
|
|
3,153
|
|
|
(33
|
)
|
|
3,843
|
|
|||||
Long-term debt
|
9,287
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
9,359
|
|
|||||
Noncurrent operating lease liabilities
|
5
|
|
|
104
|
|
|
749
|
|
|
—
|
|
|
858
|
|
|||||
Other liabilities
|
2,610
|
|
|
211
|
|
|
2,201
|
|
|
—
|
|
|
5,022
|
|
|||||
Intercompany
|
33,359
|
|
|
—
|
|
|
—
|
|
|
(33,359
|
)
|
|
—
|
|
|||||
Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock
|
—
|
|
|
—
|
|
|
126
|
|
|
(126
|
)
|
|
—
|
|
|||||
Common stock
|
1
|
|
|
123
|
|
|
590
|
|
|
(713
|
)
|
|
1
|
|
|||||
Additional paid-in capital
|
43,534
|
|
|
—
|
|
|
60,894
|
|
|
(60,894
|
)
|
|
43,534
|
|
|||||
Retained earnings (accumulated deficit)
|
(15,002
|
)
|
|
17,204
|
|
|
(6,604
|
)
|
|
(10,600
|
)
|
|
(15,002
|
)
|
|||||
Accumulated other comprehensive income (loss)
|
(922
|
)
|
|
25
|
|
|
36
|
|
|
(61
|
)
|
|
(922
|
)
|
|||||
|
27,611
|
|
|
17,352
|
|
|
55,042
|
|
|
(72,394
|
)
|
|
27,611
|
|
|||||
Less treasury stock, at cost
|
22,858
|
|
|
331
|
|
|
4,800
|
|
|
(5,131
|
)
|
|
22,858
|
|
|||||
Total Stockholders’ Equity
|
4,753
|
|
|
17,021
|
|
|
50,242
|
|
|
(67,263
|
)
|
|
4,753
|
|
|||||
Total Liabilities and Stockholders’ Equity
|
$
|
50,472
|
|
|
$
|
17,601
|
|
|
$
|
56,417
|
|
|
$
|
(100,655
|
)
|
|
$
|
23,835
|
|
|
Balance Sheet
|
||||||||||||||||||
|
At December 31, 2018
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
148
|
|
|
$
|
—
|
|
|
$
|
174
|
|
|
$
|
—
|
|
|
$
|
322
|
|
Receivables, net
|
27
|
|
|
1
|
|
|
4,013
|
|
|
—
|
|
|
4,041
|
|
|||||
Programming and other inventory
|
2
|
|
|
2
|
|
|
1,984
|
|
|
—
|
|
|
1,988
|
|
|||||
Prepaid expenses and other current assets
|
81
|
|
|
46
|
|
|
310
|
|
|
(36
|
)
|
|
401
|
|
|||||
Total current assets
|
258
|
|
|
49
|
|
|
6,481
|
|
|
(36
|
)
|
|
6,752
|
|
|||||
Property and equipment
|
31
|
|
|
223
|
|
|
2,672
|
|
|
—
|
|
|
2,926
|
|
|||||
Less accumulated depreciation and amortization
|
14
|
|
|
184
|
|
|
1,519
|
|
|
—
|
|
|
1,717
|
|
|||||
Net property and equipment
|
17
|
|
|
39
|
|
|
1,153
|
|
|
—
|
|
|
1,209
|
|
|||||
Programming and other inventory
|
5
|
|
|
4
|
|
|
3,874
|
|
|
—
|
|
|
3,883
|
|
|||||
Goodwill
|
98
|
|
|
62
|
|
|
4,760
|
|
|
—
|
|
|
4,920
|
|
|||||
Intangible assets
|
—
|
|
|
—
|
|
|
2,638
|
|
|
—
|
|
|
2,638
|
|
|||||
Investments in consolidated subsidiaries
|
47,600
|
|
|
16,901
|
|
|
—
|
|
|
(64,501
|
)
|
|
—
|
|
|||||
Deferred income tax assets, net
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
29
|
|
|||||
Other assets
|
281
|
|
|
—
|
|
|
2,114
|
|
|
—
|
|
|
2,395
|
|
|||||
Assets held for sale
|
—
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|||||
Intercompany
|
—
|
|
|
526
|
|
|
31,686
|
|
|
(32,212
|
)
|
|
—
|
|
|||||
Total Assets
|
$
|
48,259
|
|
|
$
|
17,581
|
|
|
$
|
52,768
|
|
|
$
|
(96,749
|
)
|
|
$
|
21,859
|
|
Liabilities and Stockholders
’
Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
5
|
|
|
$
|
31
|
|
|
$
|
165
|
|
|
$
|
—
|
|
|
$
|
201
|
|
Participants’ share and royalties payable
|
—
|
|
|
—
|
|
|
1,177
|
|
|
—
|
|
|
1,177
|
|
|||||
Accrued programming and production costs
|
3
|
|
|
2
|
|
|
699
|
|
|
—
|
|
|
704
|
|
|||||
Commercial paper
|
674
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
674
|
|
|||||
Accrued expenses and other current liabilities
|
396
|
|
|
308
|
|
|
1,149
|
|
|
(36
|
)
|
|
1,817
|
|
|||||
Total current liabilities
|
1,078
|
|
|
341
|
|
|
3,190
|
|
|
(36
|
)
|
|
4,573
|
|
|||||
Long-term debt
|
9,388
|
|
|
—
|
|
|
77
|
|
|
—
|
|
|
9,465
|
|
|||||
Other liabilities
|
2,777
|
|
|
212
|
|
|
2,028
|
|
|
—
|
|
|
5,017
|
|
|||||
Intercompany
|
32,212
|
|
|
—
|
|
|
—
|
|
|
(32,212
|
)
|
|
—
|
|
|||||
Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Preferred stock
|
—
|
|
|
—
|
|
|
126
|
|
|
(126
|
)
|
|
—
|
|
|||||
Common stock
|
1
|
|
|
123
|
|
|
590
|
|
|
(713
|
)
|
|
1
|
|
|||||
Additional paid-in capital
|
43,637
|
|
|
—
|
|
|
60,894
|
|
|
(60,894
|
)
|
|
43,637
|
|
|||||
Retained earnings (accumulated deficit)
|
(17,201
|
)
|
|
17,214
|
|
|
(9,381
|
)
|
|
(7,833
|
)
|
|
(17,201
|
)
|
|||||
Accumulated other comprehensive income (loss)
|
(775
|
)
|
|
22
|
|
|
44
|
|
|
(66
|
)
|
|
(775
|
)
|
|||||
|
25,662
|
|
|
17,359
|
|
|
52,273
|
|
|
(69,632
|
)
|
|
25,662
|
|
|||||
Less treasury stock, at cost
|
22,858
|
|
|
331
|
|
|
4,800
|
|
|
(5,131
|
)
|
|
22,858
|
|
|||||
Total Stockholders’ Equity
|
2,804
|
|
|
17,028
|
|
|
47,473
|
|
|
(64,501
|
)
|
|
2,804
|
|
|||||
Total Liabilities and Stockholders’ Equity
|
$
|
48,259
|
|
|
$
|
17,581
|
|
|
$
|
52,768
|
|
|
$
|
(96,749
|
)
|
|
$
|
21,859
|
|
|
Statement of Cash Flows
|
||||||||||||||||||
|
For the Six Months Ended June 30, 2019
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Net cash flow (used for) provided by operating activities
|
$
|
(525
|
)
|
|
$
|
(223
|
)
|
|
$
|
1,062
|
|
|
$
|
—
|
|
|
$
|
314
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Investments in and advances to investee companies
|
—
|
|
|
—
|
|
|
(72
|
)
|
|
—
|
|
|
(72
|
)
|
|||||
Capital expenditures
|
—
|
|
|
(4
|
)
|
|
(56
|
)
|
|
—
|
|
|
(60
|
)
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
—
|
|
|
(39
|
)
|
|||||
Proceeds from dispositions
|
—
|
|
|
—
|
|
|
736
|
|
|
—
|
|
|
736
|
|
|||||
Proceeds from sale of investments
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|||||
Other investing activities
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Net cash flow provided by (used for) investing activities
|
2
|
|
|
(4
|
)
|
|
584
|
|
|
—
|
|
|
582
|
|
|||||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Repayments of short-term debt borrowings, net
|
(674
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(674
|
)
|
|||||
Proceeds from issuance of senior notes
|
493
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
493
|
|
|||||
Repayment of senior notes
|
(600
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(600
|
)
|
|||||
Payment of finance lease obligations
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|||||
Payment of contingent consideration
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|||||
Dividends
|
(138
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(138
|
)
|
|||||
Purchase of Company common stock
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|||||
Payment of payroll taxes in lieu of issuing
shares for stock-based compensation
|
(43
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(43
|
)
|
|||||
Acquisition of noncontrolling interest
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
—
|
|
|
(26
|
)
|
|||||
Proceeds from exercise of stock options
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|||||
Increase (decrease) in intercompany payables
|
1,353
|
|
|
227
|
|
|
(1,580
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash flow provided by (used for) financing activities
|
388
|
|
|
227
|
|
|
(1,615
|
)
|
|
—
|
|
|
(1,000
|
)
|
|||||
Net (decrease) increase in cash, cash equivalents and restricted cash
|
(135
|
)
|
|
—
|
|
|
31
|
|
|
—
|
|
|
(104
|
)
|
|||||
Cash, cash equivalents and restricted cash at beginning
of period (includes $120 of restricted cash)
|
268
|
|
|
—
|
|
|
174
|
|
|
—
|
|
|
442
|
|
|||||
Cash, cash equivalents and restricted cash at end
of period (includes $122 of restricted cash)
|
$
|
133
|
|
|
$
|
—
|
|
|
$
|
205
|
|
|
$
|
—
|
|
|
$
|
338
|
|
|
Statement of Cash Flows
|
||||||||||||||||||
|
For the Six Months Ended June 30, 2018
|
||||||||||||||||||
|
CBS Corp.
|
|
CBS
Operations
Inc.
|
|
Non-
Guarantor
Affiliates
|
|
Eliminations
|
|
CBS Corp.
Consolidated
|
||||||||||
Net cash flow (used for) provided by operating activities
|
$
|
(234
|
)
|
|
$
|
(130
|
)
|
|
$
|
1,407
|
|
|
$
|
—
|
|
|
$
|
1,043
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investments in and advances to investee companies
|
—
|
|
|
—
|
|
|
(71
|
)
|
|
—
|
|
|
(71
|
)
|
|||||
Capital expenditures
|
—
|
|
|
(7
|
)
|
|
(55
|
)
|
|
—
|
|
|
(62
|
)
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
—
|
|
|
(29
|
)
|
|||||
Other investing activities
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Net cash flow provided by (used for) investing activities from continuing operations
|
2
|
|
|
(7
|
)
|
|
(155
|
)
|
|
—
|
|
|
(160
|
)
|
|||||
Net cash flow used for investing activities from discontinued operations
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|||||
Net cash flow used for investing activities
|
(21
|
)
|
|
(7
|
)
|
|
(155
|
)
|
|
—
|
|
|
(183
|
)
|
|||||
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Repayments of short-term debt borrowings, net
|
(309
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(309
|
)
|
|||||
Payment of finance lease obligations
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|||||
Payment of contingent consideration
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
|||||
Dividends
|
(140
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(140
|
)
|
|||||
Purchase of Company common stock
|
(394
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(394
|
)
|
|||||
Payment of payroll taxes in lieu of issuing
shares for stock-based compensation
|
(58
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(58
|
)
|
|||||
Proceeds from exercise of stock options
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|||||
Other financing activities
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Increase (decrease) in intercompany payables
|
1,068
|
|
|
137
|
|
|
(1,205
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash flow provided by (used for) financing activities
|
188
|
|
|
137
|
|
|
(1,218
|
)
|
|
—
|
|
|
(893
|
)
|
|||||
Net (decrease) increase in cash and cash equivalents
|
(67
|
)
|
|
—
|
|
|
34
|
|
|
—
|
|
|
(33
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
173
|
|
|
—
|
|
|
112
|
|
|
—
|
|
|
285
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
106
|
|
|
$
|
—
|
|
|
$
|
146
|
|
|
$
|
—
|
|
|
$
|
252
|
|
Item 2.
|
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)
|
|
|||||||||
Three Months Ended June 30,
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
GAAP:
|
|
|
|
|
|
|
|
|
|||||||
Revenues
|
$
|
3,809
|
|
|
$
|
3,466
|
|
|
$
|
343
|
|
|
10
|
%
|
|
Operating income
|
$
|
695
|
|
|
$
|
659
|
|
|
$
|
36
|
|
|
5
|
%
|
|
Net earnings
|
$
|
440
|
|
|
$
|
400
|
|
|
$
|
40
|
|
|
10
|
%
|
|
Diluted EPS
|
$
|
1.17
|
|
|
$
|
1.05
|
|
|
$
|
.12
|
|
|
11
|
%
|
|
Net cash flow (used for) provided by operating
activities
|
$
|
(124
|
)
|
|
$
|
326
|
|
|
$
|
(450
|
)
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Non-GAAP:
(a)
|
|
|
|
|
|
|
|
|
|||||||
Adjusted operating income
|
$
|
702
|
|
|
$
|
694
|
|
|
$
|
8
|
|
|
1
|
%
|
|
Adjusted net earnings
|
$
|
435
|
|
|
$
|
427
|
|
|
$
|
8
|
|
|
2
|
%
|
|
Adjusted diluted EPS
|
$
|
1.16
|
|
|
$
|
1.12
|
|
|
$
|
.04
|
|
|
4
|
%
|
|
Free cash flow
|
$
|
(157
|
)
|
|
$
|
296
|
|
|
$
|
(453
|
)
|
|
n/m
|
|
|
Consolidated results of operations
|
|
|
|
|
Increase/(Decrease)
|
|
|||||||||
Six Months Ended June 30,
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
GAAP:
|
|
|
|
|
|
|
|
|
|||||||
Revenues
|
$
|
7,976
|
|
|
$
|
7,227
|
|
|
$
|
749
|
|
|
10
|
%
|
|
Operating income
|
$
|
1,923
|
|
|
$
|
1,431
|
|
|
$
|
492
|
|
|
34
|
%
|
|
Net earnings
|
$
|
2,023
|
|
|
$
|
911
|
|
|
$
|
1,112
|
|
|
122
|
%
|
|
Diluted EPS
|
$
|
5.38
|
|
|
$
|
2.38
|
|
|
$
|
3.00
|
|
|
126
|
%
|
|
Net cash flow provided by operating activities
|
$
|
314
|
|
|
$
|
1,043
|
|
|
$
|
(729
|
)
|
|
(70
|
)%
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Non-GAAP:
(a)
|
|
|
|
|
|
|
|
|
|||||||
Adjusted operating income
|
$
|
1,495
|
|
|
$
|
1,475
|
|
|
$
|
20
|
|
|
1
|
%
|
|
Adjusted net earnings
|
$
|
950
|
|
|
$
|
945
|
|
|
$
|
5
|
|
|
1
|
%
|
|
Adjusted diluted EPS
|
$
|
2.53
|
|
|
$
|
2.47
|
|
|
$
|
.06
|
|
|
2
|
%
|
|
Free cash flow
|
$
|
254
|
|
|
$
|
983
|
|
|
$
|
(729
|
)
|
|
(74
|
)%
|
|
|
Three Months Ended June 30, 2019
|
|||||||||||||||||||
|
Reported
|
|
Corporate Matters
(a)
|
|
Gain on Sale
of Asset
(b)
|
|
Adjusted
|
|
||||||||||||
Operating income
|
$
|
695
|
|
|
|
$
|
7
|
|
|
|
|
$
|
—
|
|
|
|
$
|
702
|
|
|
Interest expense
|
(115
|
)
|
|
|
—
|
|
|
|
|
—
|
|
|
|
(115
|
)
|
|
||||
Interest income
|
12
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
12
|
|
|
||||
Other items, net
|
(21
|
)
|
|
|
—
|
|
|
|
|
—
|
|
|
|
(21
|
)
|
|
||||
Earnings before income taxes and equity in loss of investee companies
|
571
|
|
|
|
7
|
|
|
|
|
—
|
|
|
|
578
|
|
|
||||
Provision for income taxes
|
(119
|
)
|
|
|
(2
|
)
|
|
|
|
—
|
|
|
|
(121
|
)
|
|
||||
Equity in loss of investee companies, net of tax
|
(12
|
)
|
|
|
—
|
|
|
|
|
(10
|
)
|
|
|
(22
|
)
|
|
||||
Net earnings
|
$
|
440
|
|
|
|
$
|
5
|
|
|
|
|
$
|
(10
|
)
|
|
|
$
|
435
|
|
|
Diluted EPS
|
$
|
1.17
|
|
|
|
$
|
.01
|
|
|
|
|
$
|
(.03
|
)
|
|
|
$
|
1.16
|
|
|
|
Three Months Ended June 30, 2018
|
|||||||||||||
|
Reported
|
|
Restructuring and Other Corporate Matters
(a)
|
|
Adjusted
|
|
||||||||
Operating income
|
$
|
659
|
|
|
|
$
|
35
|
|
|
|
$
|
694
|
|
|
Interest expense
|
(116
|
)
|
|
|
—
|
|
|
|
(116
|
)
|
|
|||
Interest income
|
14
|
|
|
|
—
|
|
|
|
14
|
|
|
|||
Other items, net
|
(24
|
)
|
|
|
—
|
|
|
|
(24
|
)
|
|
|||
Earnings before income taxes and equity in loss of investee companies
|
533
|
|
|
|
35
|
|
|
|
568
|
|
|
|||
Provision for income taxes
|
(113
|
)
|
|
|
(8
|
)
|
|
|
(121
|
)
|
|
|||
Equity in loss of investee companies, net of tax
|
(20
|
)
|
|
|
—
|
|
|
|
(20
|
)
|
|
|||
Net earnings
|
$
|
400
|
|
|
|
$
|
27
|
|
|
|
$
|
427
|
|
|
Diluted EPS
|
$
|
1.05
|
|
|
|
$
|
.07
|
|
|
|
$
|
1.12
|
|
|
|
Six Months Ended June 30, 2019
|
|
||||||||||||||||||||||
|
Reported
|
|
Restructuring and Other Corporate Matters
(a)
|
|
Gain on Sale of Assets
(b)
|
|
Tax
Item
(c)
|
|
Adjusted
|
|
||||||||||||||
Operating income
|
$
|
1,923
|
|
|
|
$
|
121
|
|
|
|
|
$
|
(549
|
)
|
|
|
$
|
—
|
|
|
$
|
1,495
|
|
|
Interest expense
|
(232
|
)
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
(232
|
)
|
|
|||||
Interest income
|
26
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
26
|
|
|
|||||
Other items, net
|
(42
|
)
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
(42
|
)
|
|
|||||
Earnings before income taxes and equity in loss of investee companies
|
1,675
|
|
|
|
121
|
|
|
|
|
(549
|
)
|
|
|
—
|
|
|
1,247
|
|
|
|||||
Benefit (provision) for income taxes
|
377
|
|
|
|
(30
|
)
|
|
|
|
163
|
|
|
|
(768
|
)
|
|
(258
|
)
|
|
|||||
Equity in loss of investee companies, net of tax
|
(29
|
)
|
|
|
—
|
|
|
|
|
(10
|
)
|
|
|
—
|
|
|
(39
|
)
|
|
|||||
Net earnings
|
$
|
2,023
|
|
|
|
$
|
91
|
|
|
|
|
$
|
(396
|
)
|
|
|
$
|
(768
|
)
|
|
$
|
950
|
|
|
Diluted EPS
|
$
|
5.38
|
|
|
|
$
|
.24
|
|
|
|
|
$
|
(1.05
|
)
|
|
|
$
|
(2.04
|
)
|
|
$
|
2.53
|
|
|
|
Six Months Ended June 30, 2018
|
|
||||||||||||
|
Reported
|
|
Restructuring and Other Corporate Matters
(a)
|
|
Adjusted
|
|
||||||||
Operating income
|
$
|
1,431
|
|
|
|
$
|
44
|
|
|
|
$
|
1,475
|
|
|
Interest expense
|
(234
|
)
|
|
|
—
|
|
|
|
(234
|
)
|
|
|||
Interest income
|
31
|
|
|
|
—
|
|
|
|
31
|
|
|
|||
Other items, net
|
(35
|
)
|
|
|
—
|
|
|
|
(35
|
)
|
|
|||
Earnings before income taxes and equity in loss of investee companies
|
1,193
|
|
|
|
44
|
|
|
|
1,237
|
|
|
|||
Provision for income taxes
|
(248
|
)
|
|
|
(10
|
)
|
|
|
(258
|
)
|
|
|||
Equity in loss of investee companies, net of tax
|
(34
|
)
|
|
|
—
|
|
|
|
(34
|
)
|
|
|||
Net earnings
|
$
|
911
|
|
|
|
$
|
34
|
|
|
|
$
|
945
|
|
|
Diluted EPS
|
$
|
2.38
|
|
|
|
$
|
.09
|
|
|
|
$
|
2.47
|
|
|
|
Three Months Ended June 30,
|
|
|||||||||||||||||||
|
|
|
% of Total
Revenues
|
|
|
|
% of Total
Revenues
|
|
Increase/(Decrease)
|
|
|||||||||||
Revenues by Type
|
2019
|
|
|
2018
|
|
|
$
|
|
%
|
|
|||||||||||
Advertising
|
$
|
1,424
|
|
|
38
|
%
|
|
$
|
1,327
|
|
|
38
|
%
|
|
$
|
97
|
|
|
7
|
%
|
|
Content licensing and distribution
|
1,224
|
|
|
32
|
|
|
1,096
|
|
|
32
|
|
|
128
|
|
|
12
|
|
|
|||
Affiliate and subscription fees
|
1,113
|
|
|
29
|
|
|
989
|
|
|
28
|
|
|
124
|
|
|
13
|
|
|
|||
Other
|
48
|
|
|
1
|
|
|
54
|
|
|
2
|
|
|
(6
|
)
|
|
(11
|
)
|
|
|||
Total Revenues
|
$
|
3,809
|
|
|
100
|
%
|
|
$
|
3,466
|
|
|
100
|
%
|
|
$
|
343
|
|
|
10
|
%
|
|
|
Six Months Ended June 30,
|
|
|||||||||||||||||||
|
|
|
% of Total
Revenues
|
|
|
|
% of Total
Revenues
|
|
Increase/(Decrease)
|
|
|||||||||||
Revenues by Type
|
2019
|
|
|
2018
|
|
|
$
|
|
%
|
|
|||||||||||
Advertising
|
$
|
3,468
|
|
|
44
|
%
|
|
$
|
3,060
|
|
|
42
|
%
|
|
$
|
408
|
|
|
13
|
%
|
|
Content licensing and distribution
|
2,187
|
|
|
27
|
|
|
2,091
|
|
|
29
|
|
|
96
|
|
|
5
|
|
|
|||
Affiliate and subscription fees
|
2,224
|
|
|
28
|
|
|
1,968
|
|
|
27
|
|
|
256
|
|
|
13
|
|
|
|||
Other
|
97
|
|
|
1
|
|
|
108
|
|
|
2
|
|
|
(11
|
)
|
|
(10
|
)
|
|
|||
Total Revenues
|
$
|
7,976
|
|
|
100
|
%
|
|
$
|
7,227
|
|
|
100
|
%
|
|
$
|
749
|
|
|
10
|
%
|
|
|
Three Months Ended June 30,
|
|
|||||||||||||||||||
|
|
|
% of Operating Expenses
|
|
|
|
% of Operating Expenses
|
|
Increase/(Decrease)
|
|
|||||||||||
Operating Expenses by Type
|
2019
|
|
|
2018
|
|
|
$
|
|
%
|
|
|||||||||||
Programming
|
$
|
665
|
|
|
27
|
%
|
|
$
|
579
|
|
|
27
|
%
|
|
$
|
86
|
|
|
15
|
%
|
|
Production
|
1,000
|
|
|
40
|
|
|
902
|
|
|
41
|
|
|
98
|
|
|
11
|
|
|
|||
Participation, distribution and royalty
|
433
|
|
|
17
|
|
|
331
|
|
|
15
|
|
|
102
|
|
|
31
|
|
|
|||
Other
|
411
|
|
|
16
|
|
|
372
|
|
|
17
|
|
|
39
|
|
|
10
|
|
|
|||
Total Operating Expenses
|
$
|
2,509
|
|
|
100
|
%
|
|
$
|
2,184
|
|
|
100
|
%
|
|
$
|
325
|
|
|
15
|
%
|
|
|
Six Months Ended June 30,
|
|
|||||||||||||||||||
|
|
|
% of Operating Expenses
|
|
|
|
% of Operating Expenses
|
|
Increase/(Decrease)
|
|
|||||||||||
Operating Expenses by Type
|
2019
|
|
|
2018
|
|
|
$
|
|
%
|
|
|||||||||||
Programming
|
$
|
1,879
|
|
|
36
|
%
|
|
$
|
1,547
|
|
|
34
|
%
|
|
$
|
332
|
|
|
21
|
%
|
|
Production
|
1,821
|
|
|
35
|
|
|
1,661
|
|
|
36
|
|
|
160
|
|
|
10
|
|
|
|||
Participation, distribution and royalty
|
763
|
|
|
14
|
|
|
653
|
|
|
14
|
|
|
110
|
|
|
17
|
|
|
|||
Other
|
794
|
|
|
15
|
|
|
723
|
|
|
16
|
|
|
71
|
|
|
10
|
|
|
|||
Total Operating Expenses
|
$
|
5,257
|
|
|
100
|
%
|
|
$
|
4,584
|
|
|
100
|
%
|
|
$
|
673
|
|
|
15
|
%
|
|
|
Three Months Ended June 30,
|
||||||||||||||||||||||
|
2019
|
|
% of Revenues
|
|
2018
|
|
% of Revenues
|
|
Increase/(Decrease)
|
|
|||||||||||||
Selling, general and administrative expenses
|
$
|
545
|
|
|
|
14
|
%
|
|
|
$
|
532
|
|
|
|
15
|
%
|
|
|
|
2
|
%
|
|
|
|
Six Months Ended June 30,
|
|
|||||||||||||||||||||
|
2019
|
|
% of Revenues
|
|
2018
|
|
% of Revenues
|
|
Increase/(Decrease)
|
|
|||||||||||||
Selling, general and administrative expenses
|
$
|
1,118
|
|
|
|
14
|
%
|
|
|
$
|
1,056
|
|
|
|
15
|
%
|
|
|
|
6
|
%
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
|
||||||||||||||
Depreciation and amortization
|
$
|
53
|
|
|
$
|
56
|
|
|
|
(5
|
)%
|
|
|
$
|
106
|
|
|
$
|
112
|
|
|
|
(5
|
)%
|
|
|
|
Balance at
|
|
2019
|
|
2019
|
|
Balance at
|
||||||||||||||||
|
December 31, 2018
|
|
Charges
|
|
Settlements
|
|
June 30, 2019
|
||||||||||||||||
Entertainment
|
|
$
|
31
|
|
|
|
|
$
|
48
|
|
|
|
|
$
|
(23
|
)
|
|
|
|
$
|
56
|
|
|
Cable Networks
|
|
—
|
|
|
|
|
5
|
|
|
|
|
—
|
|
|
|
|
5
|
|
|
||||
Publishing
|
|
2
|
|
|
|
|
5
|
|
|
|
|
(1
|
)
|
|
|
|
6
|
|
|
||||
Local Media
|
|
23
|
|
|
|
|
28
|
|
|
|
|
(11
|
)
|
|
|
|
40
|
|
|
||||
Corporate
|
|
12
|
|
|
|
|
22
|
|
|
|
|
(15
|
)
|
|
|
|
19
|
|
|
||||
Total
|
|
$
|
68
|
|
|
|
|
$
|
108
|
|
|
|
|
$
|
(50
|
)
|
|
|
|
$
|
126
|
|
|
|
Balance at
|
|
2018
|
|
2018
|
|
Balance at
|
||||||||||||||||
|
December 31, 2017
|
|
Charges
|
|
Settlements
|
|
December 31, 2018
|
||||||||||||||||
Entertainment
|
|
$
|
39
|
|
|
|
|
$
|
27
|
|
|
|
|
$
|
(35
|
)
|
|
|
|
$
|
31
|
|
|
Publishing
|
|
3
|
|
|
|
|
1
|
|
|
|
|
(2
|
)
|
|
|
|
2
|
|
|
||||
Local Media
|
|
11
|
|
|
|
|
18
|
|
|
|
|
(6
|
)
|
|
|
|
23
|
|
|
||||
Corporate
|
|
2
|
|
|
|
|
21
|
|
|
|
|
(11
|
)
|
|
|
|
12
|
|
|
||||
Total
|
|
$
|
55
|
|
|
|
|
$
|
67
|
|
|
|
|
$
|
(54
|
)
|
|
|
|
$
|
68
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
|
||||||||||||||
Interest expense
|
$
|
(115
|
)
|
|
$
|
(116
|
)
|
|
|
(1
|
)%
|
|
|
$
|
(232
|
)
|
|
$
|
(234
|
)
|
|
|
(1
|
)%
|
|
|
Interest income
|
$
|
12
|
|
|
$
|
14
|
|
|
|
(14
|
)%
|
|
|
$
|
26
|
|
|
$
|
31
|
|
|
|
(16
|
)%
|
|
|
|
At June 30,
|
||||||||||||||||
|
|
|
Weighted Average
|
|
|
|
Weighted Average
|
||||||||||
|
2019
|
|
Interest Rate
|
|
2018
|
|
Interest Rate
|
||||||||||
Senior debt
|
$
|
9,332
|
|
|
|
4.38
|
%
|
|
|
$
|
9,430
|
|
|
|
4.26
|
%
|
|
Commercial paper
|
$
|
—
|
|
|
|
—
|
%
|
|
|
$
|
370
|
|
|
|
2.42
|
%
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
||||||||
Pension and postretirement benefit costs
|
$
|
(23
|
)
|
|
$
|
(16
|
)
|
|
$
|
(46
|
)
|
|
$
|
(31
|
)
|
|
Foreign exchange gains (losses)
|
2
|
|
|
(5
|
)
|
|
4
|
|
|
(1
|
)
|
|
||||
Loss from investments
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
||||
Other items, net
|
$
|
(21
|
)
|
|
$
|
(24
|
)
|
|
$
|
(42
|
)
|
|
$
|
(35
|
)
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|||||||||||||||||||
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
|
||||||||||
Provision for income taxes before
discrete items
|
$
|
(128
|
)
|
|
$
|
(111
|
)
|
|
15
|
%
|
|
$
|
(240
|
)
|
|
$
|
(245
|
)
|
|
(2
|
)%
|
|
Tax benefit from transfer of assets
(a)
|
—
|
|
|
—
|
|
|
|
|
768
|
|
|
—
|
|
|
|
|
||||||
Provision for gain on sale of assets
(b)
|
—
|
|
|
—
|
|
|
|
|
(163
|
)
|
|
—
|
|
|
|
|
||||||
Other discrete items
|
9
|
|
|
(2
|
)
|
|
|
|
|
12
|
|
|
(3
|
)
|
|
|
|
|
||||
(Provision) benefit for income taxes
|
$
|
(119
|
)
|
|
(113
|
)
|
|
5
|
%
|
|
$
|
377
|
|
|
$
|
(248
|
)
|
|
n/m
|
|
|
|
Effective income tax rate
|
20.8
|
%
|
|
21.2
|
%
|
|
|
|
(22.5
|
)%
|
|
20.8
|
%
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
|
||||||||||||||
Equity in loss of investee companies,
net of tax
|
$
|
(12
|
)
|
|
$
|
(20
|
)
|
|
|
(40
|
)%
|
|
|
$
|
(29
|
)
|
|
$
|
(34
|
)
|
|
|
(15
|
)%
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
|
||||||||||||||
Net earnings
|
$
|
440
|
|
|
$
|
400
|
|
|
|
10
|
%
|
|
|
$
|
2,023
|
|
|
$
|
911
|
|
|
|
122
|
%
|
|
|
Diluted EPS
|
$
|
1.17
|
|
|
$
|
1.05
|
|
|
|
11
|
%
|
|
|
$
|
5.38
|
|
|
$
|
2.38
|
|
|
|
126
|
%
|
|
|
|
Three Months Ended June 30,
|
|||||||||||||||||||||
|
|
% of Total
Revenues
|
|
|
% of Total
Revenues
|
Increase/(Decrease)
|
|
|||||||||||||||
|
2019
|
|
2018
|
$
|
|
%
|
|
|||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Entertainment
|
$
|
2,741
|
|
|
72
|
%
|
|
|
$
|
2,402
|
|
|
69
|
%
|
|
$
|
339
|
|
|
14
|
%
|
|
Cable Networks
|
562
|
|
|
15
|
|
|
|
553
|
|
|
16
|
|
|
9
|
|
|
2
|
|
|
|||
Publishing
|
218
|
|
|
6
|
|
|
|
207
|
|
|
6
|
|
|
11
|
|
|
5
|
|
|
|||
Local Media
|
423
|
|
|
11
|
|
|
|
420
|
|
|
12
|
|
|
3
|
|
|
1
|
|
|
|||
Corporate/Eliminations
|
(135
|
)
|
|
(4
|
)
|
|
|
(116
|
)
|
|
(3
|
)
|
|
(19
|
)
|
|
(16
|
)
|
|
|||
Total Revenues
|
$
|
3,809
|
|
|
100
|
%
|
|
|
$
|
3,466
|
|
|
100
|
%
|
|
$
|
343
|
|
|
10
|
%
|
|
|
Three Months Ended June 30,
|
|||||||||||||||||||||
|
|
% of Total
Segment
Operating
Income
|
|
|
% of Total
Segment
Operating
Income
|
|
|
|||||||||||||||
|
|
|
|
Increase/(Decrease)
|
|
|||||||||||||||||
|
2019
|
|
2018
|
$
|
|
%
|
|
|||||||||||||||
Segment Operating Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Entertainment
|
$
|
426
|
|
|
61
|
%
|
|
|
$
|
367
|
|
|
53
|
%
|
|
$
|
59
|
|
|
16
|
%
|
|
Cable Networks
|
185
|
|
|
26
|
|
|
|
245
|
|
|
35
|
|
|
(60
|
)
|
|
(24
|
)
|
|
|||
Publishing
|
33
|
|
|
5
|
|
|
|
31
|
|
|
5
|
|
|
2
|
|
|
6
|
|
|
|||
Local Media
|
130
|
|
|
18
|
|
|
|
128
|
|
|
18
|
|
|
2
|
|
|
2
|
|
|
|||
Corporate
|
(72
|
)
|
|
(10
|
)
|
|
|
(77
|
)
|
|
(11
|
)
|
|
5
|
|
|
6
|
|
|
|||
Total Segment Operating Income
|
702
|
|
|
100
|
%
|
|
|
694
|
|
|
100
|
%
|
|
8
|
|
|
1
|
|
|
|||
Restructuring and other corporate matters
|
(7
|
)
|
|
|
|
|
(35
|
)
|
|
|
|
28
|
|
|
n/m
|
|
|
|||||
Total Operating Income
|
$
|
695
|
|
|
|
|
|
|
$
|
659
|
|
|
|
|
|
$
|
36
|
|
|
5
|
%
|
|
|
Three Months Ended June 30,
|
||||||||||||||
|
|
|
Increase/(Decrease)
|
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
Depreciation and Amortization:
|
|
|
|
|
|
|
|
|
|||||||
Entertainment
|
$
|
29
|
|
|
$
|
32
|
|
|
$
|
(3
|
)
|
|
(9
|
)%
|
|
Cable Networks
|
6
|
|
|
4
|
|
|
2
|
|
|
50
|
|
|
|||
Publishing
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
|||
Local Media
|
9
|
|
|
11
|
|
|
(2
|
)
|
|
(18
|
)
|
|
|||
Corporate
|
7
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
|||
Total Depreciation and Amortization
|
$
|
53
|
|
|
$
|
56
|
|
|
$
|
(3
|
)
|
|
(5
|
)%
|
|
|
Six Months Ended June 30,
|
|
||||||||||||||||||||
|
|
% of Total
Revenues
|
|
|
% of Total
Revenues
|
Increase/(Decrease)
|
|
|||||||||||||||
|
2019
|
|
2018
|
$
|
|
%
|
|
|||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Entertainment
|
$
|
5,917
|
|
|
74
|
%
|
|
|
$
|
5,155
|
|
|
71
|
%
|
|
$
|
762
|
|
|
15
|
%
|
|
Cable Networks
|
1,114
|
|
|
14
|
|
|
|
1,124
|
|
|
16
|
|
|
(10
|
)
|
|
(1
|
)
|
|
|||
Publishing
|
382
|
|
|
5
|
|
|
|
367
|
|
|
5
|
|
|
15
|
|
|
4
|
|
|
|||
Local Media
|
880
|
|
|
11
|
|
|
|
835
|
|
|
12
|
|
|
45
|
|
|
5
|
|
|
|||
Corporate/Eliminations
|
(317
|
)
|
|
(4
|
)
|
|
|
(254
|
)
|
|
(4
|
)
|
|
(63
|
)
|
|
(25
|
)
|
|
|||
Total Revenues
|
$
|
7,976
|
|
|
100
|
%
|
|
|
$
|
7,227
|
|
|
100
|
%
|
|
$
|
749
|
|
|
10
|
%
|
|
|
Six Months Ended June 30,
|
|
||||||||||||||||||||
|
|
% of Total
Segment
Operating
Income
|
|
|
% of Total
Segment
Operating
Income
|
|
|
|||||||||||||||
|
|
|
|
Increase/(Decrease)
|
|
|||||||||||||||||
|
2019
|
|
2018
|
$
|
|
%
|
|
|||||||||||||||
Segment Operating Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Entertainment
|
$
|
956
|
|
|
64
|
%
|
|
|
$
|
853
|
|
|
58
|
%
|
|
$
|
103
|
|
|
12
|
%
|
|
Cable Networks
|
360
|
|
|
24
|
|
|
|
481
|
|
|
32
|
|
|
(121
|
)
|
|
(25
|
)
|
|
|||
Publishing
|
50
|
|
|
3
|
|
|
|
47
|
|
|
3
|
|
|
3
|
|
|
6
|
|
|
|||
Local Media
|
268
|
|
|
18
|
|
|
|
246
|
|
|
17
|
|
|
22
|
|
|
9
|
|
|
|||
Corporate
|
(139
|
)
|
|
(9
|
)
|
|
|
(152
|
)
|
|
(10
|
)
|
|
13
|
|
|
9
|
|
|
|||
Total Segment Operating Income
|
1,495
|
|
|
100
|
%
|
|
|
1,475
|
|
|
100
|
%
|
|
20
|
|
|
1
|
|
|
|||
Restructuring and other corporate matters
|
(121
|
)
|
|
|
|
|
(44
|
)
|
|
|
|
(77
|
)
|
|
n/m
|
|
|
|||||
Gain on sale of assets
|
549
|
|
|
|
|
|
—
|
|
|
|
|
549
|
|
|
n/m
|
|
|
|||||
Total Operating Income
|
$
|
1,923
|
|
|
|
|
|
$
|
1,431
|
|
|
|
|
$
|
492
|
|
|
34
|
%
|
|
|
Six Months Ended June 30,
|
||||||||||||||
|
|
|
Increase/(Decrease)
|
|
|||||||||||
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
Depreciation and Amortization:
|
|
|
|
|
|
|
|
|
|||||||
Entertainment
|
$
|
59
|
|
|
$
|
63
|
|
|
$
|
(4
|
)
|
|
(6
|
)%
|
|
Cable Networks
|
10
|
|
|
9
|
|
|
1
|
|
|
11
|
|
|
|||
Publishing
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
|||
Local Media
|
20
|
|
|
22
|
|
|
(2
|
)
|
|
(9
|
)
|
|
|||
Corporate
|
14
|
|
|
15
|
|
|
(1
|
)
|
|
(7
|
)
|
|
|||
Total Depreciation and Amortization
|
$
|
106
|
|
|
$
|
112
|
|
|
$
|
(6
|
)
|
|
(5
|
)%
|
|
|
Three Months Ended June 30,
|
||||||||||||||
|
|
|
Increase/(Decrease)
|
|
|||||||||||
Entertainment
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
2,741
|
|
|
$
|
2,402
|
|
|
$
|
339
|
|
|
14
|
%
|
|
Segment Operating Income
|
$
|
426
|
|
|
$
|
367
|
|
|
$
|
59
|
|
|
16
|
%
|
|
Segment Operating Income as a % of revenues
|
16
|
%
|
|
15
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
(6
|
)
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
29
|
|
|
$
|
32
|
|
|
$
|
(3
|
)
|
|
(9
|
)%
|
|
Capital expenditures
|
$
|
23
|
|
|
$
|
20
|
|
|
$
|
3
|
|
|
15
|
%
|
|
|
Six Months Ended June 30,
|
||||||||||||||
|
|
|
Increase/(Decrease)
|
|
|||||||||||
Entertainment
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
5,917
|
|
|
$
|
5,155
|
|
|
$
|
762
|
|
|
15
|
%
|
|
Segment Operating Income
|
$
|
956
|
|
|
$
|
853
|
|
|
$
|
103
|
|
|
12
|
%
|
|
Segment Operating Income as a % of revenues
|
16
|
%
|
|
17
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
48
|
|
|
$
|
6
|
|
|
$
|
42
|
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
59
|
|
|
$
|
63
|
|
|
$
|
(4
|
)
|
|
(6
|
)%
|
|
Capital expenditures
|
$
|
43
|
|
|
$
|
38
|
|
|
$
|
5
|
|
|
13
|
%
|
|
|
Three Months Ended June 30,
|
||||||||||||||
|
|
|
Increase/(Decrease)
|
|
|||||||||||
Cable Networks
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
562
|
|
|
$
|
553
|
|
|
$
|
9
|
|
|
2
|
%
|
|
Segment Operating Income
|
$
|
185
|
|
|
$
|
245
|
|
|
$
|
(60
|
)
|
|
(24
|
)%
|
|
Segment Operating Income as a % of revenues
|
33
|
%
|
|
44
|
%
|
|
|
|
|
|
|||||
Depreciation and amortization
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
2
|
|
|
50
|
%
|
|
Capital expenditures
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
(2
|
)
|
|
(67
|
)%
|
|
|
Six Months Ended June 30,
|
||||||||||||||
|
|
|
Increase/(Decrease)
|
|
|||||||||||
Cable Networks
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
1,114
|
|
|
$
|
1,124
|
|
|
$
|
(10
|
)
|
|
(1
|
)%
|
|
Segment Operating Income
|
$
|
360
|
|
|
$
|
481
|
|
|
$
|
(121
|
)
|
|
(25
|
)%
|
|
Segment Operating Income as a % of revenues
|
32
|
%
|
|
43
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
10
|
|
|
$
|
9
|
|
|
$
|
1
|
|
|
11
|
%
|
|
Capital expenditures
|
$
|
4
|
|
|
$
|
6
|
|
|
$
|
(2
|
)
|
|
(33
|
)%
|
|
|
Three Months Ended June 30,
|
||||||||||||||
|
|
|
Increase/(Decrease)
|
|
|||||||||||
Publishing
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
218
|
|
|
$
|
207
|
|
|
$
|
11
|
|
|
5
|
%
|
|
Segment Operating Income
|
$
|
33
|
|
|
$
|
31
|
|
|
$
|
2
|
|
|
6
|
%
|
|
Segment Operating Income as a % of revenues
|
15
|
%
|
|
15
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Capital expenditures
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
100
|
%
|
|
|
Six Months Ended June 30,
|
||||||||||||||
|
|
|
Increase/(Decrease)
|
|
|||||||||||
Publishing
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
382
|
|
|
$
|
367
|
|
|
$
|
15
|
|
|
4
|
%
|
|
Segment Operating Income
|
$
|
50
|
|
|
$
|
47
|
|
|
$
|
3
|
|
|
6
|
%
|
|
Segment Operating Income as a % of revenues
|
13
|
%
|
|
13
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
5
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Capital expenditures
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
—
|
%
|
|
|
Three Months Ended June 30,
|
||||||||||||||
|
|
|
Increase/(Decrease)
|
|
|||||||||||
Local Media
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
423
|
|
|
$
|
420
|
|
|
$
|
3
|
|
|
1
|
%
|
|
Segment Operating Income
|
$
|
130
|
|
|
$
|
128
|
|
|
$
|
2
|
|
|
2
|
%
|
|
Segment Operating Income as a % of revenues
|
31
|
%
|
|
30
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
(11
|
)
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
9
|
|
|
$
|
11
|
|
|
$
|
(2
|
)
|
|
(18
|
)%
|
|
Capital expenditures
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
—
|
%
|
|
|
Six Months Ended June 30,
|
||||||||||||||
|
|
|
Increase/(Decrease)
|
|
|||||||||||
Local Media
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
Revenues
|
$
|
880
|
|
|
$
|
835
|
|
|
$
|
45
|
|
|
5
|
%
|
|
Segment Operating Income
|
$
|
268
|
|
|
$
|
246
|
|
|
$
|
22
|
|
|
9
|
%
|
|
Segment Operating Income as a % of revenues
|
30
|
%
|
|
29
|
%
|
|
|
|
|
|
|||||
Restructuring charges
|
$
|
28
|
|
|
$
|
11
|
|
|
$
|
17
|
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
20
|
|
|
$
|
22
|
|
|
$
|
(2
|
)
|
|
(9
|
)%
|
|
Capital expenditures
|
$
|
7
|
|
|
$
|
9
|
|
|
$
|
(2
|
)
|
|
(22
|
)%
|
|
|
Three Months Ended June 30,
|
||||||||||||||
|
|
|
Increase/(Decrease)
|
|
|||||||||||
Corporate
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
Segment Operating Loss
|
$
|
(72
|
)
|
|
$
|
(77
|
)
|
|
$
|
5
|
|
|
6
|
%
|
|
Restructuring charges
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
(7
|
)
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Capital expenditures
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
(1
|
)
|
|
(33
|
)%
|
|
|
Six Months Ended June 30,
|
||||||||||||||
|
|
|
Increase/(Decrease)
|
|
|||||||||||
Corporate
|
2019
|
|
2018
|
|
$
|
|
%
|
|
|||||||
Segment Operating Loss
|
$
|
(139
|
)
|
|
$
|
(152
|
)
|
|
$
|
13
|
|
|
9
|
%
|
|
Restructuring charges
|
$
|
22
|
|
|
$
|
7
|
|
|
$
|
15
|
|
|
n/m
|
|
|
Depreciation and amortization
|
$
|
14
|
|
|
$
|
15
|
|
|
$
|
(1
|
)
|
|
(7
|
)%
|
|
Capital expenditures
|
$
|
4
|
|
|
$
|
7
|
|
|
$
|
(3
|
)
|
|
(43
|
)%
|
|
|
At
|
|
At
|
|
Increase/(Decrease)
|
|
|||||||||||||
|
June 30, 2019
|
|
December 31, 2018
|
|
$
|
|
%
|
|
|||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cash and cash equivalents
|
|
$
|
216
|
|
|
|
|
$
|
322
|
|
|
|
$
|
(106
|
)
|
|
(33
|
)%
|
|
Receivables, net
(a)
|
|
3,795
|
|
|
|
|
4,041
|
|
|
|
(246
|
)
|
|
(6
|
)
|
|
|||
Programming and other inventory
|
|
1,945
|
|
|
|
|
1,988
|
|
|
|
(43
|
)
|
|
(2
|
)
|
|
|||
Prepaid income taxes
|
|
—
|
|
|
|
|
27
|
|
|
|
(27
|
)
|
|
(100
|
)
|
|
|||
All other current assets
|
|
380
|
|
|
|
|
374
|
|
|
|
6
|
|
|
2
|
|
|
|||
Total current assets
|
|
$
|
6,336
|
|
|
|
|
$
|
6,752
|
|
|
|
$
|
(416
|
)
|
|
(6
|
)%
|
|
|
At
|
|
At
|
|
Increase/(Decrease)
|
|
|||||||||||||
|
June 30, 2019
|
|
December 31, 2018
|
|
$
|
|
%
|
|
|||||||||||
Programming and other inventory
(a)
|
|
$
|
4,269
|
|
|
|
|
$
|
3,883
|
|
|
|
$
|
386
|
|
|
10
|
%
|
|
Goodwill
(b)
|
|
$
|
5,062
|
|
|
|
|
$
|
4,920
|
|
|
|
$
|
142
|
|
|
3
|
%
|
|
Operating lease assets
(c)
|
|
$
|
922
|
|
|
|
|
$
|
—
|
|
|
|
$
|
922
|
|
|
n/m
|
|
|
Deferred income tax assets, net
(d)
|
|
$
|
785
|
|
|
|
|
$
|
29
|
|
|
|
$
|
756
|
|
|
n/m
|
|
|
Other assets
(e)
|
|
$
|
2,624
|
|
|
|
|
$
|
2,395
|
|
|
|
$
|
229
|
|
|
10
|
%
|
|
Assets held for sale
(f)
|
|
$
|
—
|
|
|
|
|
$
|
33
|
|
|
|
$
|
(33
|
)
|
|
(100
|
)%
|
|
|
At
|
|
At
|
|
Increase/(Decrease)
|
|
|||||||||||||
|
June 30, 2019
|
|
December 31, 2018
|
|
$
|
|
%
|
|
|||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Accounts payable
|
|
$
|
214
|
|
|
|
|
$
|
201
|
|
|
|
$
|
13
|
|
|
6
|
%
|
|
Accrued compensation
(a)
|
|
217
|
|
|
|
|
346
|
|
|
|
(129
|
)
|
|
(37
|
)
|
|
|||
Participants’ share and royalties
payable
|
|
1,188
|
|
|
|
|
1,177
|
|
|
|
11
|
|
|
1
|
|
|
|||
Accrued programming and
production costs
(b)
|
|
590
|
|
|
|
|
704
|
|
|
|
(114
|
)
|
|
(16
|
)
|
|
|||
Income taxes payable
(c)
|
|
113
|
|
|
|
|
—
|
|
|
|
113
|
|
|
n/m
|
|
|
|||
Commercial paper
|
|
—
|
|
|
|
|
674
|
|
|
|
(674
|
)
|
|
(100
|
)
|
|
|||
Accrued expenses and other current
liabilities
(d)
|
|
1,521
|
|
|
|
|
1,471
|
|
|
|
50
|
|
|
3
|
|
|
|||
Total current liabilities
|
|
$
|
3,843
|
|
|
|
|
$
|
4,573
|
|
|
|
$
|
(730
|
)
|
|
(16
|
)%
|
|
|
At
|
|
At
|
|
Increase/(Decrease)
|
|
|||||||||||||
|
June 30, 2019
|
|
December 31, 2018
|
|
$
|
|
%
|
|
|||||||||||
Deferred income tax liabilities, net
(a)
|
|
$
|
535
|
|
|
|
|
$
|
399
|
|
|
|
$
|
136
|
|
|
34
|
%
|
|
Noncurrent operating lease liabilities
(b)
|
|
$
|
858
|
|
|
|
|
$
|
—
|
|
|
|
$
|
858
|
|
|
n/m
|
|
|
Other liabilities
(c)
|
|
$
|
3,121
|
|
|
|
|
$
|
3,230
|
|
|
|
$
|
(109
|
)
|
|
(3
|
)%
|
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
Increase/(Decrease)
|
||||||||
Net cash flow provided by (used for) operating activities from:
|
|
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
314
|
|
|
$
|
1,045
|
|
|
|
$
|
(731
|
)
|
|
Discontinued operations
|
—
|
|
|
(2
|
)
|
|
|
2
|
|
|
|||
Net cash flow provided by operating activities
|
314
|
|
|
1,043
|
|
|
|
(729
|
)
|
|
|||
Net cash flow provided by (used for) investing activities from:
|
|
|
|
|
|
|
|
||||||
Continuing operations
|
582
|
|
|
(160
|
)
|
|
|
742
|
|
|
|||
Discontinued operations
|
—
|
|
|
(23
|
)
|
|
|
23
|
|
|
|||
Net cash flow provided by (used for) investing activities
|
582
|
|
|
(183
|
)
|
|
|
765
|
|
|
|||
Net cash flow used for financing activities
|
(1,000
|
)
|
|
(893
|
)
|
|
|
(107
|
)
|
|
|||
Net decrease in cash, cash equivalents and restricted cash
|
$
|
(104
|
)
|
|
$
|
(33
|
)
|
|
|
$
|
(71
|
)
|
|
|
Six Months Ended June 30,
|
||||||||||
|
2019
|
|
2018
|
||||||||
Investments in and advances to investee companies
(a)
|
|
$
|
(72
|
)
|
|
|
|
$
|
(71
|
)
|
|
Capital expenditures
|
|
(60
|
)
|
|
|
|
(62
|
)
|
|
||
Acquisitions, net of cash acquired
(b)
|
|
(39
|
)
|
|
|
|
(29
|
)
|
|
||
Proceeds from dispositions
(c)
|
|
736
|
|
|
|
|
—
|
|
|
||
All other investing activities, net
|
|
17
|
|
|
|
|
2
|
|
|
||
Net cash flow provided by (used for) investing activities from continuing operations
|
|
582
|
|
|
|
|
(160
|
)
|
|
||
Net cash flow used for investing activities from discontinued operations
|
|
—
|
|
|
|
|
(23
|
)
|
|
||
Net cash flow provided by (used for) investing activities
|
|
$
|
582
|
|
|
|
|
$
|
(183
|
)
|
|
|
Six Months Ended June 30,
|
||||||||||
|
2019
|
|
2018
|
||||||||
Repayments of short-term debt borrowings, net
|
|
$
|
(674
|
)
|
|
|
|
$
|
(309
|
)
|
|
Proceeds from issuance of senior notes
|
|
493
|
|
|
|
|
—
|
|
|
||
Repayment of senior notes
|
|
(600
|
)
|
|
|
|
—
|
|
|
||
Dividends
|
|
(138
|
)
|
|
|
|
(140
|
)
|
|
||
Repurchase of CBS Corp. Class B Common Stock
|
|
(14
|
)
|
|
|
|
(394
|
)
|
|
||
Payment of payroll taxes in lieu of issuing shares for stock-based compensation
|
|
(43
|
)
|
|
|
|
(58
|
)
|
|
||
Acquisition of noncontrolling interest
(a)
|
|
(26
|
)
|
|
|
|
—
|
|
|
||
All other financing activities, net
|
|
2
|
|
|
|
|
8
|
|
|
||
Net cash flow used for financing activities
|
|
$
|
(1,000
|
)
|
|
|
|
$
|
(893
|
)
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net cash flow (used for) provided by operating activities
|
$
|
(124
|
)
|
|
$
|
326
|
|
|
$
|
314
|
|
|
$
|
1,043
|
|
Capital expenditures
|
(33
|
)
|
|
(32
|
)
|
|
(60
|
)
|
|
(62
|
)
|
||||
Less: Operating cash flow from discontinued operations
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Free cash flow
|
$
|
(157
|
)
|
|
$
|
296
|
|
|
$
|
254
|
|
|
$
|
983
|
|
|
At
|
|
At
|
||||||||
|
June 30, 2019
|
|
December 31, 2018
|
||||||||
Commercial paper
|
|
$
|
—
|
|
|
|
|
$
|
674
|
|
|
Senior debt (2.30% – 7.875% due 2019 – 2045)
(a)
|
|
9,332
|
|
|
|
|
9,435
|
|
|
||
Obligations under finance leases
|
|
38
|
|
|
|
|
43
|
|
|
||
Total debt
|
|
9,370
|
|
|
|
|
10,152
|
|
|
||
Less commercial paper
|
|
—
|
|
|
|
|
674
|
|
|
||
Less current portion of long-term debt
|
|
11
|
|
|
|
|
13
|
|
|
||
Total long-term debt, net of current portion
|
|
$
|
9,359
|
|
|
|
|
$
|
9,465
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 4.
|
Controls and Procedures.
|
Item 1.
|
Legal Proceedings.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
Item 6.
|
Exhibits.
|
Exhibit No.
|
Description of Document
|
||
(4
|
)
|
|
Instruments defining the rights of security holders, including indentures
|
|
(a)
|
Amended and Restated Senior Indenture dated as of November 3, 2008 (“2008 Indenture”) between CBS Corporation, CBS Operations Inc., and The Bank of New York Mellon, as senior trustee (incorporated by reference to
Exhibit 4.1
to the Registration Statement on Form S-3 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 between CBS Corporation, CBS Operations Inc., and Deutsche Bank Trust Company Americas, as senior trustee (incorporated by reference to
Exhibit 4.3
to the Current Report on Form 8-K 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 section (b)(4)(iii)(A) of Item 601 of Regulation S-K. CBS Corporation hereby agrees to furnish copies of these instruments to the Securities and Exchange Commission upon request.
|
|
(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 - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
101. SCH Inline XBRL Taxonomy Extension Schema.
|
|
|
|
101. CAL Inline XBRL Taxonomy Extension Calculation Linkbase.
|
|
|
|
101. DEF Inline XBRL Taxonomy Extension Definition Linkbase.
|
|
|
|
101. LAB Inline XBRL Taxonomy Extension Label Linkbase.
|
|
|
|
101. PRE Inline XBRL Taxonomy Extension Presentation Linkbase.
|
|
|
|
|
|
(104
|
)
|
|
Cover Page Interactive Data File
- the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
CBS CORPORATION
(Registrant)
|
|
|
Date: August 8, 2019
|
/s/ Christina Spade
|
|
Christina Spade
Executive Vice President,
Chief Financial Officer
|
|
|
Date: August 8, 2019
|
/s/ David F. Byrnes
|
|
David F. Byrnes
Senior Vice President, Controller and
Chief Accounting Officer
|
1 Year CBS Chart |
1 Month CBS Chart |
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