If C* is acting on an affine variety X, then X is close to a cone over a polarized projective variety (Y,L). For higher-dimensional torus actions, the situation can be described by a polyhedral divisor on some Y. This means that the coefficients of the divisor are polyhedra in the dual of the character lattice of the torus T. This polyhedral divisor encodes all information about the T-orbit decomposition of X; deforming the divisor leads to deformations of X, and X can be understood as the contraction of a degenerate toric bundle over Y. If X is the Cox ring of a Mori dream space Y, then we consider the action of the Picard torus. The corresponding polyhedral divisor D lives on this Y or a modification of it, and its combinatorial structure reflects the birational geometry of X. If Y is a surface, then D is related to the Zariski decomposition of the divisors on Y.