Time Magazine 2013 Annual Report Download - page 110

Download and view the complete annual report

Please find page 110 of the 2013 Time Magazine annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 146

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146

TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
As of December 31, 2013, the tax years that remain subject to examination by significant jurisdiction are as
follows:
U.S. federal .............................................. 2002 through the current period
California ............................................... 2007 through the current period
New York State ........................................... 2009 through the current period
New York City ........................................... 2009 through the current period
10. SHAREHOLDERS’ EQUITY
Common Stock Repurchase Program
For the years ended December 31, 2013, 2012 and 2011, the number of shares repurchased pursuant to
trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and their cost are as
follows (millions):
Total Number of
Shares Repurchased
Total Cost of
Shares Repurchased
2013 .............................................. 60 $ 3,700
2012 .............................................. 80 $ 3,302
2011 .............................................. 136 $ 4,618
In January 2014, Time Warner’s Board of Directors authorized up to $5.0 billion of share repurchases
beginning January 1, 2014, including amounts available under the Company’s prior stock repurchase program as
of December 31, 2013. Purchases under the stock repurchase program may be made from time to time on the
open market and in privately negotiated transactions. The size and timing of these purchases are based on a
number of factors, including price and business and market conditions.
Shares Authorized and Outstanding
At December 31, 2013, shareholders’ equity of Time Warner included 895 million shares of common stock
(net of 757 million shares of common stock held in treasury). As of December 31, 2013, Time Warner is
authorized to issue up to 750 million shares of preferred stock, up to 8.33 billion shares of common stock and up
to 600 million shares of additional series of common stock. At December 31, 2012, shareholders’ equity of Time
Warner included 932 million shares of common stock (net of 720 million shares of common stock held in
treasury).
Comprehensive Income
Comprehensive income is reported in the Consolidated Statement of Comprehensive Income and consists of
Net income and other gains and losses affecting shareholders’ equity that, under GAAP, are excluded from Net
income. For Time Warner, such items consist primarily of foreign currency translation gains (losses), unrealized
gains and losses on certain derivative financial instruments and equity securities, and changes in benefit plan
obligations.
94