Time Magazine 2011 Annual Report Download - page 119

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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
16. COMMITMENTS AND CONTINGENCIES
Commitments
Time Warner’s net rent expense was $416 million in 2011, $398 million in 2010 and $408 million in 2009.
Included in such amounts was sublease income of $56 million for 2011, $46 million for 2010 and $52 million for
2009. The Company has long-term noncancelable lease commitments for office space, studio facilities and
operating equipment in various locations around the world. The minimum rental commitments under
noncancelable long-term operating leases during the next five years and thereafter are as follows (millions):
2012 ...................................................................... $ 403
2013 ...................................................................... 393
2014 ...................................................................... 371
2015 ...................................................................... 326
2016 ...................................................................... 290
Thereafter .................................................................. 568
Total ...................................................................... $ 2,351
Additionally, as of December 31, 2011, the Company has future sublease income arrangements of $287
million, which are not included in the table above.
Time Warner also has commitments under certain programming, film licensing, talent and other agreements
aggregating $24.008 billion at December 31, 2011, which are payable as follows (millions):
2012 ..................................................................... $ 5,020
2013 ..................................................................... 3,385
2014 ..................................................................... 2,791
2015 ..................................................................... 2,442
2016 ..................................................................... 2,116
Thereafter ................................................................. 8,254
Total ..................................................................... $ 24,008
Contingent Commitments
The Company also has certain contractual arrangements that would require it to make payments or provide
funding if certain circumstances occur (“contingent commitments”). Contingent commitments include contingent
consideration to be paid in connection with acquisitions and put/call arrangements on certain investment
transactions, which could require the Company to make payments to acquire certain assets or ownership
interests.
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