Time Magazine 2013 Annual Report Download - page 141
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Summary of Items Affecting Comparability
(millions; unaudited)
Year Ended December 31,
2013 2012
Items Affecting Comparability
Asset impairments ................................................ $ (140) $ (186)
Gains on operating assets, net ....................................... 142 9
Other operating income items ....................................... 4 (31)
Gains (losses) on investments ....................................... 61 (30)
Other
Amounts related to separation of Time Warner Cable Inc. ............... 3 4
Amounts related to separation of Warner Music Group ................. (1) (7)
Items affecting comparability relating to equity method investments ...... (30) (94)
Total other .................................................. (28) (97)
Total of above items affecting comparability ........................... 39 (335)
Income tax impact of above items(1) .................................. (34) 100
Impact of items affecting comparability on income (loss) from continuing
operations attributable to Time Warner Inc. shareholders ............... $ 5 $ (235)
(1) For the year ended December 31, 2012, includes $42 million that reflects the reversal of a valuation allowance related to the usage of
capital loss carry forwards in connection with the 2013 sale of the Company’s investment in a joint venture in Japan. The sale of such
investment closed in the first quarter of 2013.
Reconciliation of Cash Provided by Operations from Continuing Operations to Free Cash Flow
(millions; unaudited)
Year Ended December 31,
2013 2012
Cash provided by operations from continuing operations .......................... $ 3,716 $ 3,476
Add payments related to securities litigation and government investigations .......... — 3
Add external costs related to mergers, acquisitions, investments or dispositions and
contingent consideration payments ......................................... 232 33
Add excess tax benefits from equity instruments ................................ 179 83
Less capital expenditures ................................................... (602) (643)
Less principal payments on capital leases ...................................... (9) (11)
Free Cash Flow .......................................................... $ 3,516 $ 2,941
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