Time Magazine 2009 Annual Report Download - page 138
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17. ADDITIONAL FINANCIAL INFORMATION
Cash Flows
Additional financial information with respect to cash (payments) and receipts is as follows (millions):
2009 2008 2007
Years Ended December 31,
(recast) (recast)
Cash payments made for interest ....................... $ (1,114) $ (1,369) $ (1,490)
Interest income received ............................. 43 64 85
Cash interest payments, net ........................... $ (1,071) $ (1,305) $ (1,405)
Cash payments made for income taxes .................. $ (1,178) $ (696) $ (593)
Income tax refunds received .......................... 99 137 103
TWC and AOL tax sharing receipts, net
(a)
................ 241 342 1,139
Cash tax (payments) receipts, net ...................... $ (838) $ (217) $ 649
(a)
Represents net amounts received from TWC and AOL in accordance with tax sharing agreements with TWC and AOL.
The consolidated statement of cash flows for the year December 31, 2009 does not reflect approximately
$40 million of common stock repurchases that were included in other current liabilities at December 31, 2009 but
for which payment was not made until the first quarter of 2010. Additionally, the consolidated statement of cash
flows for the year December 31, 2009 does not reflect the noncash dividends of all shares of TWC and AOL
common stock held by the Company in spin-offs to Time Warner stockholders, which together reduced Time
Warner Inc. shareholders’ equity by $10.024 billion.
The consolidated statement of cash flows for the year December 31, 2008 reflects approximately $33 million of
common stock repurchases that were included in other current liabilities at December 31, 2007 but for which
payment was not made until 2008. Additionally, the consolidated statement of cash flows for the year December 31,
2007 reflects approximately $120 million of common stock repurchases that were included in other current
liabilities at December 31, 2006 but for which payment was not made until the first quarter of 2007.
The consolidated statement of cash flows for the year ended December 31, 2007 does not reflect approximately
$440 million of common stock repurchased or due from Liberty Media Corporation, indirectly attributable to the
exchange of the Braves and Leisure Arts. Specifically, the $440 million represents the fair value at the time of the
exchange of the Braves and Leisure Arts of $473 million, less a $33 million net working capital adjustment.
Interest Expense, Net
Interest expense, net, consists of (millions):
2009 2008 2007
Years Ended December 31,
(recast) (recast)
Interest income .................................... $ 138 $ 168 $ 181
Interest expense ................................... (1,293) (1,493) (1,593)
Total interest expense, net ............................ $ (1,155) $ (1,325) $ (1,412)
126
TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)