Time Magazine 2014 Annual Report Download - page 58

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TIME WARNER INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION – (Continued)
Investing Activities from Continuing Operations
Details of Cash provided (used) by investing activities from continuing operations are as follows (millions):
Year Ended December 31,
2014 2013 2012
(recast) (recast)
Investments in available-for-sale securities .................... $ (30) $ (27) $ (37)
Investments and acquisitions, net of cash acquired:
CME ................................................ (396) (288) (171)
Eyeworks ............................................. (267) - -
Bleacher Report ........................................ - - (170)
All other .............................................. (287) (207) (319)
Capital expenditures ...................................... (474) (568) (609)
Proceeds from available-for-sale securities .................... 25 33 1
Proceeds from Time Inc. in the Time Separation ................ 1,400 - -
Proceeds from the sale of Time Warner Center ................. 1,264 - -
Other investment proceeds ................................. 148 170 85
Cash provided (used) by investing activities ................... $ 1,383 $ (887) $ (1,220)
The change in Cash provided (used) by investing activities from continuing operations for the year ended December 31,
2014 was primarily due to cash received in connection with the Time Separation and proceeds from the sale of space in Time
Warner Center, partially offset by higher investments and acquisition spending. Included in Investments and acquisitions, net
for the year ended December 31, 2014 is $102 million of payments related to the Company’s plan to move its Corporate
headquarters and its New York City-based employees to the Hudson Yards development on the west side of Manhattan.
Cash used by investing activities for the year ended December 31, 2013 decreased primarily due to lower investments and
acquisitions spending and higher other investment and sale proceeds, including the sale of the Company’s investment in a
theater joint venture in Japan.
Financing Activities from Continuing Operations
Details of Cash used by financing activities from continuing operations are as follows (millions):
Year Ended December 31,
2014 2013 2012
(recast) (recast)
Borrowings ............................................. $ 2,409 $ 1,028 $ 1,039
Debt repayments ......................................... (72) (762) (686)
Proceeds from the exercise of stock options .................... 338 674 1,107
Excess tax benefit from equity instruments .................... 179 179 83
Principal payments on capital leases .......................... (11) (9) (11)
Repurchases of common stock .............................. (5,504) (3,708) (3,272)
Dividends paid ........................................... (1,109) (1,074) (1,011)
Other financing activities .................................. (173) (111) (80)
Cash used by financing activities ............................ $ (3,943) $ (3,783) $ (2,831)
Cash used by financing activities from continuing operations for the year ended December 31, 2014 increased primarily
due to higher Repurchases of common stock and lower Proceeds from the exercise of stock options, partially offset by an
increase in Borrowings and lower Debt repayments. During the year ended December 31, 2014, the Company issued
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