Time Magazine 2014 Annual Report Download - page 134
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Reconciliation of Free Cash Flow to Cash Provided by Operations from Continuing Operations
(millions; unaudited)
Year Ended December 31,
2014 2013
(recast)
Cash provided by operations from continuing operations ...................... $ 3,681 $ 3,258
Add external costs related to mergers, acquisitions, investments or dispositions and
contingent consideration payments ...................................... 76 231
Add excess tax benefits from equity instruments ............................. 179 179
Less capital expenditures ............................................... (474) (568)
Less principal payments on capital leases .................................. (11) (9)
Free Cash Flow ....................................................... $ 3,451 $ 3,091
118