SEC Filings

10-Q
TIME WARNER INC. filed this Form 10-Q on 10/26/2017
Entire Document
 


Table of Contents

TIME WARNER INC.

SUPPLEMENTARY INFORMATION

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS – (Continued)

 

Consolidating Statement of Cash Flows

For The Nine Months Ended September 30, 2016

(Unaudited; millions)

 

                                                                                                                                      
     Parent
    Company    
    Guarantor
  Subsidiaries  
    Non-
Guarantor
  Subsidiaries  
      Eliminations       Time
Warner
  Consolidated  
 

OPERATIONS

          

Net income

   $ 3,632      $ 4,465      $ 4,060      $ (8,525)     $ 3,632   

Less Discontinued operations, net of tax

     (35)       (40)       (40)       80        (35)  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income from continuing operations

     3,597        4,425        4,020        (8,445)       3,597   

Adjustments for noncash and nonoperating items:

          

Depreciation and amortization

           78        416        —        502   

Amortization of film and television costs

     —        2,018        3,889        (23)       5,884   

Asset impairments

           —        31        —        35   

Gain on investments and other assets, net

                 (83)       (1)       (75)  

Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions

     (5,939)       (3,996)       (1,432)       11,367        —   

Equity in losses of investee companies, net of cash distributions

           —        289              293   

Equity-based compensation

     68        60        73        —        201   

Deferred income taxes

     267        223        202        (425)       267   

Changes in operating assets and liabilities, net of acquisitions

     170        (1,330)       (3,532)       (2,468)       (7,160)  

Intercompany

     —        2,582        (2,582)       —        —   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash provided by operations from continuing operations

     (1,815)       4,061        1,291              3,544   

Cash used by operations from discontinued operations

     —        —        (10)       —        (10)  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash provided by operations

     (1,815)       4,061        1,281              3,534   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

INVESTING ACTIVITIES

          

Investments in available-for-sale securities

     (2)       —        (5)       —        (7)  

Investments and acquisitions, net of cash acquired

     (23)       (54)       (898)       —        (975)  

Capital expenditures

     (8)       (55)       (207)       —        (270)  

Advances to (from) parent and consolidated subsidiaries

     4,317        (263)       —        (4,054)       —   

Other investment proceeds

     16        17        220        —        253   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash used by investing activities

     4,300        (355)       (890)       (4,054)       (999)  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FINANCING ACTIVITIES

          

Borrowings

     940        —              —        942   

Debt repayments

     (150)       (150)       (4)       —        (304)  

Proceeds from exercise of stock options

     127        —        —        —        127   

Excess tax benefit from equity instruments

     59        —        —        —        59   

Principal payments on capital leases

     —        (10)       (1)       —        (11)  

Repurchases of common stock

     (2,119)       —        —        —        (2,119)  

Dividends paid

     (954)       —        —        —        (954)  

Other financing activities

     128        (36)       (207)       (7)       (122)  

Change in due to/from parent and investment in segment

     —        (3,779)       (275)       4,054        —   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash used by financing activities

     (1,969)       (3,975)       (485)       4,047        (2,382)  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

INCREASE IN CASH AND EQUIVALENTS

     516        (269)       (94)       —        153   

CASH AND EQUIVALENTS AT BEGINNING OF PERIOD

     976        288        891        —        2,155   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CASH AND EQUIVALENTS AT END OF PERIOD

   $ 1,492      $ 19      $ 797      $ —      $ 2,308   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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