2014 Q1 Form 10-Q Financial Statement

#000104746914004748 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $3.570B $3.763B
YoY Change -5.13% 7.12%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $587.0M $650.0M
YoY Change -9.69% 1.25%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $587.0M $650.0M
YoY Change -9.69% 1.25%
Operating Profit $791.0M $771.0M
YoY Change 2.59% 13.88%
Interest Expense $93.00M $95.00M
YoY Change -2.11% -13.64%
% of Operating Profit 11.76% 12.32%
Other Income/Expense, Net $5.000M -$2.000M
YoY Change -350.0% -140.0%
Pretax Income $706.0M $705.0M
YoY Change 0.14% 17.7%
Income Tax $234.0M $234.0M
% Of Pretax Income 33.14% 33.19%
Net Earnings $468.0M $443.0M
YoY Change 5.64% 22.04%
Net Earnings / Revenue 13.11% 11.77%
Basic Earnings Per Share $0.80 $0.71
Diluted Earnings Per Share $0.78 $0.69
COMMON SHARES
Basic Shares Outstanding 585.0M shares 621.0M shares
Diluted Shares Outstanding 600.0M shares 638.0M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $311.0M $409.0M
Short-Term Investments
Other Short-Term Assets $469.0M $427.0M
YoY Change 9.84% -4.9%
Inventory $541.0M $569.0M
Prepaid Expenses $251.0M $266.0M
Receivables $3.301B $3.130B
Other Receivables
Total Short-Term Assets $5.077B $5.259B
YoY Change -3.46% -9.06%
LONG-TERM ASSETS
Property, Plant & Equipment $2.179B $2.215B
YoY Change -1.63% -9.89%
Goodwill $8.559B $8.568B
YoY Change -0.11% -0.72%
Intangibles $6.407B $6.494B
YoY Change -1.34% -0.93%
Long-Term Investments
YoY Change
Other Assets $2.184B $1.752B
YoY Change 24.66% 18.86%
Total Long-Term Assets $21.04B $20.85B
YoY Change 0.89% 1.17%
TOTAL ASSETS
Total Short-Term Assets $5.077B $5.259B
Total Long-Term Assets $21.04B $20.85B
Total Assets $26.12B $26.11B
YoY Change 0.02% -1.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $223.0M $232.0M
YoY Change -3.88% -31.56%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.072B $4.440B
YoY Change -8.29% 6.99%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $3.128B $3.132B
YoY Change -0.13% -5.95%
Total Long-Term Liabilities $3.128B $3.132B
YoY Change -0.13% -5.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.072B $4.440B
Total Long-Term Liabilities $3.128B $3.132B
Total Liabilities $7.200B $7.572B
YoY Change -4.91% 1.23%
SHAREHOLDERS EQUITY
Retained Earnings -$24.42B -$26.33B
YoY Change -7.23% -5.91%
Common Stock $43.23B $43.22B
YoY Change 0.02% -0.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.794B $6.930B
YoY Change 41.33% 39.35%
Treasury Stock Shares
Shareholders Equity
YoY Change
Total Liabilities & Shareholders Equity $26.12B $26.11B
YoY Change 0.02% -1.07%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $468.0M $443.0M
YoY Change 5.64% 22.04%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $501.0M $587.0M
YoY Change -14.65% -9.13%
INVESTING ACTIVITIES
Capital Expenditures $28.00M $34.00M
YoY Change -17.65% -2.86%
Acquisitions $1.000M $9.000M
YoY Change -88.89% -86.96%
Other Investing Activities -$5.000M $0.00
YoY Change -100.0%
Cash From Investing Activities -$65.00M -$54.00M
YoY Change 20.37% -61.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.032B $1.289B
YoY Change 57.64% 395.77%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$522.0M
YoY Change
NET CHANGE
Cash From Operating Activities $501.0M $587.0M
Cash From Investing Activities -$65.00M -$54.00M
Cash From Financing Activities -$522.0M
Net Change In Cash -$86.00M $533.0M
YoY Change -116.14% 297.76%
FREE CASH FLOW
Cash From Operating Activities $501.0M $587.0M
Capital Expenditures $28.00M $34.00M
Free Cash Flow $473.0M $553.0M
YoY Change -14.47% -9.49%

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CY2014Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
36000000 USD
CY2013Q1 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
75000000 USD
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
70000000 USD
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style='margin-top:0pt; margin-bottom:12pt'><font style="font-family:Times New Roman;font-size:11pt;font-style:italic;margin-left:0px;">Use of Estimates</font><font style="font-family:Times New Roman;font-size:11pt;">&#8212;The preparation of the Company's financial statements in conformity with accounting principles generally accepted in the United States </font><font style="font-family:Times New Roman;font-size:11pt;">(&#8220;GAAP&#8221;) </font><font style="font-family:Times New Roman;font-size:11pt;">requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
15000000 shares
CY2013Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
17000000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
2000000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
65.91
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
84000000 USD
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P8Y
CY2014Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
6000000 USD
CY2014Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
26000000 USD
CY2014Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
16000000 USD
CY2013Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
32000000 USD
CY2013Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
28000000 USD
CY2013Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
23000000 USD
CY2013Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
123000000 USD
CY2013Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-36000000 USD
CY2013Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-16000000 USD
CY2014Q1 cbs Acquired Program Rights
AcquiredProgramRights
1054000000 USD
CY2014Q1 cbs Released Television Programming
ReleasedTelevisionProgramming
901000000 USD
CY2014Q1 cbs In Process And Other Television Programming
InProcessAndOtherTelevisionProgramming
105000000 USD
CY2014Q1 us-gaap Theatrical Film Costs Released
TheatricalFilmCostsReleased
28000000 USD
CY2014Q1 us-gaap Theatrical Film Costs Production
TheatricalFilmCostsProduction
32000000 USD
CY2014Q1 cbs Publishing Primarily Finished Goods
PublishingPrimarilyFinishedGoods
55000000 USD
CY2014Q1 us-gaap Other Inventory
OtherInventory
1000000 USD
CY2014Q1 cbs Inventory Total
InventoryTotal
2176000000 USD
CY2013Q4 us-gaap Theatrical Film Costs Released
TheatricalFilmCostsReleased
37000000 USD
CY2013Q4 us-gaap Other Inventory
OtherInventory
1000000 USD
CY2013Q4 cbs Inventory Total
InventoryTotal
2469000000 USD
CY2013Q4 cbs In Process And Other Television Programming
InProcessAndOtherTelevisionProgramming
139000000 USD
CY2013Q4 cbs Released Television Programming
ReleasedTelevisionProgramming
878000000 USD
CY2013Q4 cbs Publishing Primarily Finished Goods
PublishingPrimarilyFinishedGoods
51000000 USD
CY2013Q4 cbs Acquired Program Rights
AcquiredProgramRights
1331000000 USD
CY2013Q4 us-gaap Theatrical Film Costs Production
TheatricalFilmCostsProduction
32000000 USD
CY2014Q1 us-gaap Deferred Gain Loss On Discontinuation Of Fair Value Hedge
DeferredGainLossOnDiscontinuationOfFairValueHedge
-17000000 USD
CY2013Q4 us-gaap Deferred Gain Loss On Discontinuation Of Fair Value Hedge
DeferredGainLossOnDiscontinuationOfFairValueHedge
-18000000 USD
CY2014Q1 us-gaap Capital Lease Obligations
CapitalLeaseObligations
109000000 USD
CY2013Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
113000000 USD
CY2014Q1 us-gaap Dividends Share Based Compensation Cash
DividendsShareBasedCompensationCash
1000000 USD
CY2014Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2014-04-01
CY2014Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-4000000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-7000000 USD
CY2014Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2000000000 USD
CY2014Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
3430000000 USD
CY2014Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
69000000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-5000000 USD
CY2014Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-7000000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2000000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3000000 USD
CY2013Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-11000000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-8000000 USD
CY2013Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-566000000 USD
CY2012Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-569000000 USD
CY2014Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.336
CY2013Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.332
CY2014Q1 us-gaap Debtor In Possession Financing Letters Of Credit Outstanding
DebtorInPossessionFinancingLettersOfCreditOutstanding
331000000 USD
CY2014Q1 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
275000000 USD
CY2013 us-gaap Liability For Asbestos And Environmental Claims Net Claims Paid
LiabilityForAsbestosAndEnvironmentalClaimsNetClaimsPaid
29000000 USD
CY2012 us-gaap Liability For Asbestos And Environmental Claims Net Claims Paid
LiabilityForAsbestosAndEnvironmentalClaimsNetClaimsPaid
21000000 USD
CY2013 us-gaap Restructuring Charges
RestructuringCharges
20000000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
12000000 USD
CY2013Q4 us-gaap Restructuring Reserve
RestructuringReserve
15000000 USD
CY2014Q1 us-gaap Restructuring Reserve
RestructuringReserve
8000000 USD
CY2014Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
7000000 USD
CY2013Q4 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
268000000 USD
CY2013Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
83000000 USD
CY2013Q4 us-gaap Foreign Currency Contracts Liability Fair Value Disclosure
ForeignCurrencyContractsLiabilityFairValueDisclosure
4000000 USD
CY2013Q4 us-gaap Foreign Currency Contract Asset Fair Value Disclosure
ForeignCurrencyContractAssetFairValueDisclosure
3000000 USD
CY2013Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
312000000 USD
CY2013Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
86000000 USD
CY2013Q4 us-gaap Guarantees Fair Value Disclosure
GuaranteesFairValueDisclosure
40000000 USD
CY2014Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
295000000 USD
CY2014Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
79000000 USD
CY2014Q1 us-gaap Guarantees Fair Value Disclosure
GuaranteesFairValueDisclosure
40000000 USD
CY2014Q1 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
252000000 USD
CY2014Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
81000000 USD
CY2014Q1 us-gaap Foreign Currency Contracts Liability Fair Value Disclosure
ForeignCurrencyContractsLiabilityFairValueDisclosure
3000000 USD
CY2014Q1 cbs Segment Operating Measure
SegmentOperatingMeasure
930000000 USD
CY2013Q1 cbs Segment Operating Measure
SegmentOperatingMeasure
916000000 USD
CY2014Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-103000000 USD
CY2013Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-93000000 USD
CY2014Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
924000000 USD
CY2014Q1 cbs Total Other Assets Noncurrent
TotalOtherAssetsNoncurrent
2258000000 USD
CY2014Q1 cbs Investments In Consolidated Subsidiaries
InvestmentsInConsolidatedSubsidiaries
0 USD
CY2014Q1 cbs Intercompany Receivables
IntercompanyReceivables
0 USD
CY2014Q1 cbs Accrued Expenses And Other Liabilities Current Condensed
AccruedExpensesAndOtherLiabilitiesCurrentCondensed
1864000000 USD
CY2014Q1 cbs Total Other Liabilities
TotalOtherLiabilities
6128000000 USD
CY2014Q1 cbs Intercompany Liabilities
IntercompanyLiabilities
0 USD
CY2014Q1 us-gaap Common Stock Value
CommonStockValue
1000000 USD
CY2014Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q4 cbs Intercompany Receivables
IntercompanyReceivables
0 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
786000000 USD
CY2013Q4 cbs Total Other Assets Noncurrent
TotalOtherAssetsNoncurrent
2092000000 USD
CY2013Q4 cbs Accrued Expenses And Other Liabilities Current Condensed
AccruedExpensesAndOtherLiabilitiesCurrentCondensed
1934000000 USD
CY2013Q4 cbs Total Other Liabilities
TotalOtherLiabilities
6274000000 USD
CY2013Q4 us-gaap Common Stock Value
CommonStockValue
1000000 USD
CY2013Q4 cbs Intercompany Liabilities
IntercompanyLiabilities
0 USD
CY2013Q4 cbs Investments In Consolidated Subsidiaries
InvestmentsInConsolidatedSubsidiaries
0 USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
5940000000 USD
CY2014Q1 cbs Increase Decrease In Intercompany Payables
IncreaseDecreaseInIntercompanyPayables
0 USD
CY2013Q1 cbs Increase Decrease In Intercompany Payables
IncreaseDecreaseInIntercompanyPayables
0 USD

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