Time Magazine 2009 Annual Report Download - page 123

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Restructuring Costs Expensed
The Company’s restructuring costs primarily related to employee termination costs and ranged from senior
executives to line personnel. Restructuring costs expensed as incurred by segment for the years ended December 31,
2009, 2008 and 2007 are as follows (millions):
2009 2008 2007
Years Ended December 31,
(recast) (recast)
Networks ............................................. $ 8 $ (3) $ 37
Filmed Entertainment .................................... 105 142 —
Publishing ............................................ 99 176 67
Corporate ............................................. — 12 10
Total restructuring costs .................................. $ 212 $ 327 $ 114
2009 2008 2007
Years Ended December 31,
(recast) (recast)
2009 restructuring activity ................................ $ 198 $ — $ —
2008 restructuring activity ................................ 14 329 —
2007 and prior restructuring activity ......................... — (2) 114
Restructuring costs ...................................... $ 212 $ 327 $ 114
2009 Restructuring Activity
For the year ended December 31, 2009, the Company incurred $198 million in restructuring costs primarily
related to various employee terminations and other exit activities, including $100 million at the Filmed
Entertainment segment, $90 million at the Publishing segment and $8 million at the Networks segment.
Employee termination costs occurred across each of the segments and ranged from senior executives to line
personnel.
2008 Restructuring Activity
For the year ended December 31, 2008, the Company incurred $329 million in restructuring costs primarily
related to various employee terminations and other exit activities, including $142 million at the Filmed
Entertainment segment, $176 million at the Publishing segment, and $11 million at Corporate. Employee
termination costs occurred across each of the segments and ranged from senior executives to line personnel.
In addition, during the year ended December 31, 2009, the Company incurred $5 million at the Filmed
Entertainment segment and $9 million at the Publishing segment related to 2008 restructuring initiatives as a result
of changes in estimates of previously established restructuring accruals.
2007 and Prior Restructuring Activity
For the year ended December 31, 2007, the Company incurred $114 million in restructuring costs primarily
related to various employee terminations and other exit activities, including $37 million at the Networks segment,
$67 million at the Publishing segment, which includes $10 million of costs related to the shutdown of LIFE and
Business 2.0 magazines, and $10 million at Corporate. Employee termination costs occurred across each of the
segments and ranged from senior executives to line personnel, including severance related to senior management
changes at HBO.
111
TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)