SEC Filings

8-K
TIME WARNER INC. filed this Form 8-K on 08/02/2017
Entire Document
 


TIME WARNER INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

(Unaudited; millions, except per share amounts)

Reconciliation of

Adjusted EPS to Diluted Income per Common Share from Continuing Operations attributable to Time Warner Inc.

common shareholders

 

                                                                                                   
     Three Months Ended June 30,      Six Months Ended June 30,
     2017      2016      2017     

2016

 Asset impairments

   $ (1)      $ (2)      $ (2)      $               (5)

 Gain on operating assets, net

     49         89         56       89 

 Costs related to the AT&T merger

     (101)        —         (183)      — 

 Other

     (10)        (1)        (11)      (14)
  

 

 

    

 

 

    

 

 

    

 

 Impact on Operating Income

     (63)        86         (140)      70 

 Investment gains, net

     96         47         255       36 

 Amounts related to the separation or disposition of
former Time Warner segments

     (2)        (5)        (6)      (9)

 Items affecting comparability relating to equity
method investments

            (149)        —       (140)
  

 

 

    

 

 

    

 

 

    

 

 Pretax impact

     32         (21)        109       (43)

 Income tax impact of above items

     (24)        (57)        15       (53)
  

 

 

    

 

 

    

 

 

    

 

 Impact of items affecting comparability on income
from continuing operations

   $      $ (78)      $ 124       $             (96)
  

 

 

    

 

 

    

 

 

    

 

           

 Amounts attributable to Time Warner Inc.

 shareholders:

 Income from continuing operations

   $ 1,062       $ 952       $ 2,486       $         2,126 

 Less Impact of items affecting comparability on
income from continuing operations

            (78)        124       (96)
  

 

 

    

 

 

    

 

 

    

 

 Adjusted income from continuing operations

   $ 1,054       $ 1,030       $ 2,362       $         2,222 
  

 

 

    

 

 

    

 

 

    

 

 Per share information attributable to Time
 Warner Inc. common shareholders:

           

 Diluted income per common share from continuing
operations

   $ 1.34       $ 1.20       $ 3.15       $           2.66 

 Less Impact of items affecting comparability on
diluted income per common share from continuing
operations

     0.01         (0.09)        0.16       (0.12)
  

 

 

    

 

 

    

 

 

    

 

 Adjusted EPS

   $ 1.33       $ 1.29       $ 2.99       $           2.78 
  

 

 

    

 

 

    

 

 

    

 

 Average diluted common shares outstanding

     790.0         795.4         789.7       798.8 
  

 

 

    

 

 

    

 

 

    

 

Asset Impairments

During the three and six months ended June 30, 2017, the Company recognized miscellaneous asset impairments of $1 million and $2 million, respectively, at the Warner Bros. segment. During the three and six months ended June 30, 2016, the Company recognized miscellaneous asset impairments of $2 million and $4 million, respectively, at Corporate, and, for the six months ended June 30, 2016, $1 million at the Warner Bros. segment.

Gain on Operating Assets, Net

During the three and six months ended June 30, 2017, the Company recognized a $49 million gain on the sale of an Atlanta broadcast television station at the Turner segment. During the six months ended June 30, 2017, the Company also recognized miscellaneous gains of $6 million at the Turner segment and $1 million at the Warner Bros. segment. For the three and six months

 

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