Time Magazine 2009 Annual Report Download - page 76

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TIME WARNER INC.
CONSOLIDATED STATEMENT OF EQUITY
Years Ended December 31,
(millions, except per share amounts)
Common
Stock
Paid-In
Capital
Treasury
Stock
Retained
Earnings
(Accumulated
Deficit) Total
Noncontrolling
Interests
Total
Equity
Time Warner Shareholders’
BALANCE AT DECEMBER 31, 2006 ............... $15 $170,774 $(19,140) $ (91,260) $ 60,389 $ 4,039 $ 64,428
Net income .................................. — — — 4,387 4,387 240 4,627
Foreign currency translation adjustments ............... — — — 290 290 2 292
Change in unfunded benefit obligation ................ — — — 2 2 (7) (5)
Change in realized and unrealized losses on derivative
financial instruments .......................... — — — (7) (7) — (7)
Comprehensive income .......................... — — — 4,672 4,672 235 4,907
Cash dividends ................................ — (871) — — (871) — (871)
Common stock repurchases
(a)
...................... — (211) (6,373) — (6,584) — (6,584)
Impact of adopting new accounting pronouncements
(b)
..... — 12 — 374 386 13 399
Noncontrolling interests of acquired businesses .......... — — — — — 35 35
Amounts related primarily to stock options and restricted
stock ..................................... 1 559 (13) (3) 544 — 544
BALANCE AT DECEMBER 31, 2007 ............... $16 $170,263 $(25,526) $ (86,217) $ 58,536 $ 4,322 $ 62,858
Net loss..................................... — — — (13,402) (13,402) (1,246) (14,648)
Foreign currency translation adjustments ............... — — — (956) (956) (5) (961)
Change in unrealized gain on securities ............... — — — (18) (18) — (18)
Change in unfunded benefit obligation ................ — — — (780) (780) (46) (826)
Change in realized and unrealized losses on derivative
financial instruments .......................... — — — (71) (71) — (71)
Comprehensive loss . . . .......................... — — — (15,227) (15,227) (1,297) (16,524)
Cash dividends ................................ — (901) — — (901) — (901)
Common stock repurchases........................ — — (299) — (299) — (299)
Impact of adopting new accounting pronouncements
(b)
..... — — — (13) (13) — (13)
Noncontrolling interests of acquired businesses .......... — — — — — 357 357
Amounts related primarily to stock options and restricted
stock ..................................... — 202 (11) 1 192 — 192
BALANCE AT DECEMBER 31, 2008 ............... $16 $169,564 $(25,836) $(101,456) $ 42,288 $ 3,382 $ 45,670
Net income .................................. — — — 2,468 2,468 49 2,517
Foreign currency translation adjustments ............... — — — 221 221 1 222
Change in unrealized gain on securities ............... — — — (12) (12) — (12)
Change in unfunded benefit obligation ................ — — — 183 183 — 183
Change in realized and unrealized losses on derivative
financial instruments .......................... — — — 35 35 — 35
Comprehensive income .......................... — — — 2,895 2,895 50 2,945
Cash dividends ................................ — (897) — — (897) — (897)
Common stock repurchases........................ — — (1,198) — (1,198) — (1,198)
Time Warner Cable Inc. Special Dividend .............. — — — — — (1,603) (1,603)
Time Warner Cable Inc. Spin-off .................... — (7,213) — 391 (6,822) (1,167) (7,989)
AOL Spin-off ................................. — (3,480) — 278 (3,202) — (3,202)
Repurchase of Google’s interest in AOL ............... — (155) — 164 9 (292) (283)
Noncontrolling interests of acquired businesses .......... — — — — — (27) (27)
Amounts related primarily to stock options and restricted
stock ..................................... — 310 — — 310 — 310
BALANCE AT DECEMBER 31, 2009 ............... $16 $158,129 $(27,034) $ (97,728) $ 33,383 $ 343 $ 33,726
(a)
Includes $440 million of common stock repurchased from Liberty Media Corporation, indirectly attributable to the exchange of the Atlanta Braves
baseball franchise (the “Braves”) and Leisure Arts, Inc. (“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.
(b)
For the year ended December 31, 2008, reflects the impact of adopting accounting guidance related to the accounting for collateral assignment and
endorsement split-dollar life insurance arrangements. For the year ended December 31, 2007, reflects the impact of adopting recent accounting
guidance related to the accounting for uncertainty in income taxes of $445 million, partially offset by the impact of adopting accounting guidance
related to the accounting for sabbatical leave and other similar benefits of $59 million.
See accompanying notes.
64