|TIME WARNER INC. filed this Form 10-Q on 08/02/2017|
TIME WARNER INC.
MANAGEMENTS DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (Continued)
Current Financial Condition
At June 30, 2017, Time Warner had $22.998 billion of debt and $1.705 billion of Cash and equivalents, resulting in net debt of $21.293 billion, compared to $24.339 billion of debt and $1.539 billion of Cash and equivalents, or net debt of $22.800 billion, at December 31, 2016. At June 30, 2017, Total equity was $25.989 billion compared to $24.337 billion at December 31, 2016.
The following table shows the significant items contributing to the decrease in net debt from December 31, 2016 to June 30, 2017 (millions):
For the six months ended June 30, 2017 and 2016, Cash and equivalents increased by $166 million and $341 million, respectively. Components of these changes are discussed below in more detail.
Details of Cash provided by operations are as follows (millions):
Cash provided by operations for the six months ended June 30, 2017 increased primarily due to a decrease in cash used by working capital, which was mainly due to changes in accounts receivable reflecting higher cash collections and the timing of production spending. For the six months ended June 30, 2016, all other net, including working capital changes was favorably impacted by approximately $280 million related to CMEs repayment of its senior secured notes and the term loan Time Warner provided CME in 2014.