Time Magazine 2014 Annual Report Download - page 103

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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
As of December 31, 2014, the tax years that remain subject to examination by significant jurisdiction are as follows:
U.S. federal ............................................................... 2002 and 2004 through 2014
California ................................................................. 2007 through 2014
New York State ............................................................ 2009 through 2014
New York City ............................................................ 2009 through 2014
10. SHAREHOLDERS’ EQUITY
Common Stock Repurchase Program
For the years ended December 31, 2014, 2013 and 2012, 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):
Shares
Repurchased Cost of Shares
2014 ...................................................................... 77 $ 5,500
2013 ...................................................................... 60 $ 3,700
2012 ...................................................................... 80 $ 3,302
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.
In June 2014, Time Warner’s Board of Directors authorized an additional $5.0 billion of share repurchases. 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.
As of December 31, 2014, $4.500 billion remained available for purchases under the stock repurchase program.
Shares Authorized and Outstanding
At December 31, 2014, shareholders’ equity of Time Warner included 832 million shares of common stock (net of
820 million shares of common stock held in treasury). As of December 31, 2014, 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, 2013, shareholders’ equity of Time Warner included 895 million shares of
common stock (net of 757 million shares of common stock held in treasury).
Comprehensive Income (Loss)
Comprehensive income (loss) 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.
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