Time Magazine 2011 Annual Report Download - page 115

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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
14. RESTRUCTURING AND SEVERANCE COSTS
The Company’s Restructuring and severance costs primarily related to employee termination costs, ranging
from senior executives to line personnel, and other exit costs, including lease terminations. Restructuring and
severance costs expensed as incurred by segment for the years ended December 31, 2011, 2010 and 2009 are as
follows (millions):
Year Ended December 31,
2011 2010 2009
Networks ..................................................... $ 52 $ 6 $ 8
Filmed Entertainment ........................................... 41 30 105
Publishing .................................................... 18 61 99
Corporate ..................................................... 2 — —
Total restructuring and severance costs .............................. $ 113 $ 97 $ 212
Year Ended December 31,
2011 2010 2009
2011 activity .................................................. $ 97 $ — $ —
2010 activity .................................................. 10 56 —
2009 and prior activity ........................................... 6 41 212
Restructuring and severance costs .................................. $ 113 $ 97 $ 212
2011 Activity
For the year ended December 31, 2011, the Company incurred $97 million in Restructuring and severance
costs primarily related to various employee terminations and other exit activities, including $23 million at the
Filmed Entertainment segment, $20 million at the Publishing segment, $52 million at the Networks segment and
$2 million at Corporate.
2010 Activity
For the year ended December 31, 2010, the Company incurred $56 million in Restructuring and severance
costs primarily related to various employee terminations and other exit activities, including $11 million at the
Filmed Entertainment segment, $39 million at the Publishing segment and $6 million at the Networks segment.
During the year ended December 31, 2011, the Company incurred $11 million at the Filmed Entertainment
segment and reversed $1 million at the Publishing segment related to 2010 restructuring initiatives as a result of
changes in estimates of previously established accruals.
2009 and Prior Activity
For the year ended December 31, 2009, the Company incurred $212 million in Restructuring and severance
costs primarily related to various employee terminations and other exit activities, including $105 million at the
Filmed Entertainment segment, $99 million at the Publishing segment and $8 million at the Networks segment.
In addition, during the years ended December 31, 2011 and December 31, 2010, the Company incurred
additional charges related to 2009 restructuring initiatives as a result of changes in estimates of previously
established accruals. During the year ended December 31, 2011, the Company incurred $7 million at the Filmed
Entertainment segment and reversed $1 million at the Publishing segment. During the year ended December 31,
2010, the Company incurred $19 million at the Filmed Entertainment segment and $22 million at the Publishing
segment.
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