SEC Filings

10-Q
TIME WARNER INC. filed this Form 10-Q on 08/02/2017
Entire Document
 


Table of Contents

TIME WARNER INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION – (Continued)

 

Investing Activities

Details of Cash used by investing activities are as follows (millions):

 

     Six Months Ended June 30,
     2017   2016

Investments in available-for-sale securities

   $     $ (7

Investments and acquisitions, net of cash acquired:

    

Hudson Yards development project

     (184     (130

All other

     (176     (156

Capital expenditures

     (202     (162

Other investment proceeds, including available-for-sale securities

     336       241  
  

 

 

 

 

 

 

 

Cash used by investing activities

   $            (226   $            (214
  

 

 

 

 

 

 

 

The increase in Cash used by investing activities for the six months ended June 30, 2017 was primarily due to increases in investments and acquisitions, net of cash and capital expenditures, partially offset by higher other investment proceeds, including available-for-sale securities. Other investment proceeds, including available-for-sale securities, for the six months ended June 30, 2017 primarily related to the sale of the Turner segment’s interest in the joint venture that owns the Omni Atlanta hotel, and other investment proceeds, including available-for-sale securities, for the six months ended June 30, 2016 primarily related to CME’s repayment of CME’s senior secured notes and the term loan Time Warner provided CME in 2014.

Financing Activities

Details of Cash used by financing activities are as follows (millions):

 

     Six Months Ended June 30,
     2017   2016

Borrowings

   $     $ 942  

Debt repayments

     (1,396     (304

Proceeds from the exercise of stock options

     100       81  

Excess tax benefit from equity instruments

           40  

Principal payments on capital leases

     (11     (7

Repurchases of common stock

           (1,407

Dividends paid

     (632     (640

Other financing activities

     (122     (116
  

 

 

 

 

 

 

 

Cash used by financing activities from continuing operations

   $         (2,061   $         (1,411
  

 

 

 

 

 

 

 

Cash used by financing activities for the six months ended June 30, 2017 increased primarily due to an increase in Debt repayments, partially offset by the impact of the discontinuation of share repurchases under the stock repurchase program in connection with the Company’s entry into the Merger Agreement.

 

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