Time Magazine 2014 Annual Report Download - page 122

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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
17. RELATED PARTY TRANSACTIONS
The Company has entered into certain transactions in the ordinary course of business with unconsolidated investees
accounted for under the equity method of accounting. These transactions have been executed on terms comparable to the
terms of transactions with unrelated third parties. The revenue and expense transactions primarily relate to the licensing of
television programming to The CW broadcast network and certain international networks, including networks owned by
CME, by the Warner Bros. segment. Interest income and other, net relate to transactions with CME. Receivables due from
related parties were $166 million and $185 million at December 31, 2014 and 2013, respectively. Payables due to related
parties were immaterial at December 31, 2014 and 2013, respectively. Revenues and expenses resulting from transactions
with related parties consist of (millions):
Year Ended December 31,
2014 2013 2012
(recast) (recast)
Revenues .............................................. $ 404 $ 464 $ 498
Expenses .............................................. (8) (35) (60)
Interest income ......................................... 51 - -
Other, net ............................................. 16 8 -
18. ADDITIONAL FINANCIAL INFORMATION
Additional financial information with respect to cash payments and receipts, Interest expense, net, Other loss, net,
Accounts payable and accrued liabilities and Other noncurrent liabilities is as follows (millions):
Year Ended December 31,
2014 2013 2012
(recast) (recast)
Cash Flows
Cash payments made for interest ........................... $ (1,274) $ (1,202) $ (1,262)
Interest income received .................................. 50 44 42
Cash interest payments, net ............................... $ (1,224) $ (1,158) $ (1,220)
Cash payments made for income taxes ....................... $ (1,602) $ (1,174) $ (1,261)
Income tax refunds received ............................... 108 87 78
TWC tax sharing payments(a) .............................. - - (6)
Cash tax payments, net ................................... $ (1,494) $ (1,087) $ (1,189)
(a) Represents net amounts paid to TWC in accordance with a tax sharing agreement with TWC.
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