Time Magazine 2013 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 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.
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION – (Continued)
Switzerland, the United Kingdom and the U.S. In addition, 18 of these financial institutions have been identified
by international regulators as among the 29 financial institutions that they deem to be systemically important.
None of the financial institutions in the Revolving Credit Facilities account for more than 8% of the aggregate
undrawn loan commitments.
Commercial Paper Program
The Company has a commercial paper program, which was established on February 16, 2011 on a private
placement basis, under which Time Warner may issue unsecured commercial paper notes up to a maximum
aggregate amount not to exceed the unused committed capacity under the Revolving Credit Facilities, which
support the commercial paper program.
Additional Information
The obligations of each of the borrowers under the Revolving Credit Facilities and the obligations of Time
Warner under the commercial paper program and the Company’s outstanding publicly issued debt are directly or
indirectly guaranteed on an unsecured basis by Historic TW Inc., Home Box Office and Turner (other than $2
billion of debt publicly issued by Time Warner in 2006, which is not guaranteed by Home Box Office). See
Note 8, “Long-Term Debt and Other Financing Arrangements,” to the accompanying consolidated financial
statements for additional information regarding the Company’s outstanding debt and other financing
arrangements, including certain information about maturities, interest rates, covenants, rating triggers and bank
credit agreement leverage ratios relating to such debt and financing arrangements.
Contractual and Other Obligations
Contractual Obligations
In addition to the financing arrangements discussed above, the Company has obligations under certain
contractual arrangements to make future payments for goods and services. These contractual obligations secure
the future rights to various assets and services to be used in the normal course of operations. For example, the
Company is contractually committed to make certain minimum lease payments for the use of property under
operating lease agreements. In accordance with applicable accounting rules, the future rights and obligations
pertaining to certain firm commitments, such as operating lease obligations and certain purchase obligations
under contracts, are not reflected as assets or liabilities in the accompanying Consolidated Balance Sheet.
49