Cincinnati Bell 2013 Annual Report Download - page 250

Form 10-K/A Part IV Cincinnati Bell Inc.
CyrusOne Inc. and CyrusOne LP
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS—(continued)
We have declared cash dividends on common shares and distributions on operating partnership units for the
year ended December 31, 2013 as presented in the table below:
Record date Payment date
Cash dividend per share or Operating
Partnership units
3/29/2013 ........................................... 4/15/2013 $0.16
6/28/2013 ........................................... 7/15/2013 $0.16
9/27/2013 ........................................... 10/15/2013 $0.16
12/27/2013 .......................................... 1/10/2014 $0.16
13. Customer Leases
Customer lease arrangements customarily contain provisions that allow either for renewal or continuation
on a month-to-month arrangement. Certain leases contain early termination rights. At lease inception, early
termination is generally not deemed reasonably assured due to the significant economic penalty incurred by the
lessee to exercise its termination right and to relocate its equipment.
The future minimum lease payments to be received under non-cancelable operating leases, excluding
month-to-month arrangements and submetered power, for the next five years are shown below:
(Dollars in millions)
2014 ............................................................................... $145.4
2015 ............................................................................... 98.7
2016 ............................................................................... 69.1
2017 ............................................................................... 44.3
2018 ............................................................................... 29.7
14. Employee Benefit Plans
Prior to the IPO, some of our shared employees and retirees participated in CBI’s pension and other benefit
plans. CBI managed these plans on a combined basis for all its affiliates and funded all plan contributions. Our
employees were also eligible to participate in one of two sponsored defined contribution plans. One of these
plans was sponsored by CyrusOne and the other by CBI. Employee contributions to these plans were matched by
the sponsoring employer. Our direct and allocated contributions to these plans were $0.4 million for each of the
years ended December 31, 2012 and 2011.
CyrusOne continues to offer a retirement savings plan to its employees. CyrusOne’s matching contribution
to its retirement savings plan was less than $0.5 million for the period ended December 31, 2013, and less than
$0.1 million for the period ended January 23, 2013.
In addition, prior to the IPO, some of our shared employees participated in CBI’s sponsored health care
plans. We were unable to estimate our share of CBI’s liability for claims incurred but not reported or reported but
not paid. Our allocated costs of these plans for the years ended December 31, 2012 and 2011, were $0.1 million
and $0.8 million, respectively.
After the IPO, our employees participated in health care plans sponsored by CyrusOne, which provided
medical, dental, vision and prescription benefits. We incurred $1.6 million and $0.1 million of expenses related
to these plans for the periods ended December 31, 2013, and January 23, 2013, respectively. Effective with the
completion of the IPO on January 24, 2013, we no longer receive an allocated charge from CBI or participate in
CBI’s sponsored health care plans.
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