Time Magazine 2009 Annual Report Download - page 73

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TIME WARNER INC.
CONSOLIDATED BALANCE SHEET
(millions, except per share amounts)
December 31,
2009
December 31,
2008
(recast)
ASSETS
Current assets
Cash and equivalents ............................................. $ 4,800 $ 1,099
Receivables, less allowances of $2,253 and $2,229 ....................... 5,111 5,171
Inventories ..................................................... 1,779 1,842
Deferred income taxes ............................................ 670 565
Prepaid expenses and other current assets .............................. 647 730
Current assets of discontinued operations............................... — 7,215
Total current assets ............................................... 13,007 16,622
Noncurrent inventories and film costs ................................. 5,777 5,339
Investments, including available-for-sale securities ........................ 1,181 1,027
Property, plant and equipment, net ................................... 3,963 4,105
Intangible assets subject to amortization, net ............................ 3,068 3,195
Intangible assets not subject to amortization ............................ 7,836 7,728
Goodwill ...................................................... 29,795 30,267
Other assets .................................................... 1,103 1,202
Noncurrent assets of discontinued operations ............................ — 44,574
Total assets..................................................... $ 65,730 $114,059
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities ............................... $ 7,897 $ 7,779
Deferred revenue ................................................ 786 872
Debt due within one year .......................................... 59 2,041
Current liabilities of discontinued operations ............................ 23 3,447
Total current liabilities ............................................ 8,765 14,139
Long-term debt.................................................. 15,357 19,855
Deferred income taxes ............................................ 1,598 1,161
Deferred revenue ................................................ 269 266
Other noncurrent liabilities ......................................... 6,015 6,719
Noncurrent liabilities of discontinued operations ......................... — 26,249
Commitments and Contingencies (Note 15)
Equity
Common stock, $0.01 par value, 1.634 billion and 1.630 billion shares issued and
1.157 billion and 1.196 billion shares outstanding ...................... 16 16
Paid-in-capital .................................................. 158,129 169,564
Treasury stock, at cost (477 million and 434 million shares) . . . ............. (27,034) (25,836)
Accumulated other comprehensive loss, net ............................. (580) (1,676)
Accumulated deficit .............................................. (97,148) (99,780)
Total Time Warner Inc. shareholders’ equity ............................ 33,383 42,288
Noncontrolling interests (including $0 and $3,030 attributable to discontinued
operations) ................................................... 343 3,382
Total equity .................................................... 33,726 45,670
Total liabilities and equity .......................................... $ 65,730 $114,059
See accompanying notes.
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