Time Magazine 2012 Annual Report Download - page 113

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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, 2012, 2011 and 2010 are as
follows (millions):
Year Ended December 31,
2012 2011 2010
Networks ..................................................... $ 67 $ 52 $ 6
Film and TV Entertainment ....................................... 23 41 30
Publishing .................................................... 27 18 61
Corporate ..................................................... 2 2 —
Total restructuring and severance costs .............................. $ 119 $ 113 $ 97
Year Ended December 31,
2012 2011 2010
2012 activity .................................................. $ 101 $ — $ —
2011 activity .................................................. 13 97 —
2010 and prior activity ........................................... 5 16 97
Restructuring and severance costs .................................. $ 119 $ 113 $ 97
2012 Initiatives
For the year ended December 31, 2012, the Company incurred $101 million in Restructuring and severance
costs primarily related to various employee terminations and other exit activities, including $67 million at the
Networks segment, $10 million at the Film and TV Entertainment segment, $22 million at the Publishing
segment and $2 million at Corporate.
2011 Initiatives
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 $52 million at the
Networks segment, $23 million at the Film and TV Entertainment segment, $20 million at the Publishing
segment and $2 million at Corporate.
During the year ended December 31, 2012, the Company incurred $13 million in Restructuring and
severance costs at the Film and TV Entertainment segment relating to the 2011 restructuring initiatives.
2010 and Prior Year Initiatives
For the year ended December 31, 2010, the Company incurred $97 million in Restructuring and severance
costs primarily related to various employee terminations and other exit activities, including $6 million at the
Networks segment, $30 million at the Film and TV Entertainment segment and $61 million at the Publishing
segment.
During the years ended December 31, 2012 and December 31, 2011, the Company also incurred additional
charges related to the restructuring initiatives that were undertaken in 2010 and prior years as a result of changes in
estimates of previously established accruals. During the year ended December 31, 2012, the Company incurred
$5 million in Restructuring and severance costs at the Publishing segment related to the 2010 and prior year
97