SEC Filings

8-K
TIME WARNER INC. filed this Form 8-K on 10/26/2017
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 September 30,     Nine Months Ended September 30,  
     2017     2016     2017     2016  

Asset impairments

   $ (9   $ (30   $ (11   $ (35

Gain (loss) on operating assets, net

     13       (12     69       77  

Costs related to the AT&T merger

     (93           (276      

Other

     (5     (14     (16     (28
  

 

 

   

 

 

   

 

 

   

 

 

 

Impact on Operating Income

     (94     (56     (234     14  

Investment gains, net

           57       255       93  

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

     (4     (8     (10     (17

Items affecting comparability relating to equity method investments

     1       1       1       (139
  

 

 

   

 

 

   

 

 

   

 

 

 

Pretax impact

     (97     (6     12       (49

Income tax impact of above items

     30       35       45       (18
  

 

 

   

 

 

   

 

 

   

 

 

 

Impact of items affecting comparability on income from continuing operations

   $ (67   $ 29     $ 57     $ (67
  

 

 

   

 

 

   

 

 

   

 

 

 

Amounts attributable to Time Warner Inc. shareholders:

        

Income from continuing operations

   $ 1,372     $ 1,472     $ 3,858     $ 3,598  

Less Impact of items affecting comparability on income from continuing operations

     (67     29       57       (67
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted income from continuing operations

   $ 1,439     $ 1,443     $ 3,801     $ 3,665  
  

 

 

   

 

 

   

 

 

   

 

 

 

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

        

Diluted income per common share from continuing operations

   $ 1.73     $ 1.87     $ 4.88     $ 4.53  

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

     (0.09     0.04       0.07       (0.08
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EPS

   $ 1.82     $ 1.83     $ 4.81     $ 4.61  
  

 

 

   

 

 

   

 

 

   

 

 

 

Average diluted common shares outstanding

     791.7       787.5       790.3       795.1  
  

 

 

   

 

 

   

 

 

   

 

 

 

Asset Impairments

During the three and nine months ended September 30, 2017, the Company recognized asset impairments, relating primarily to software, of $9 million and $11 million, respectively, which consisted of $4 million and $6 million, respectively, at the Warner Bros. segment and $5 million for both periods at the Turner segment. During the three and nine months ended September 30, 2016, the Company recognized asset impairments of $30 million and $35 million, respectively, which consisted of $25 million at Turner for both periods relating to an international broadcast license, $5 million and $6 million, respectively, at Warner Bros. relating to certain internally developed software and, for the nine months ended September 30, 2016, $4 million at Corporate relating to miscellaneous assets.

 

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