Time Magazine 2014 Annual Report Download - page 69

Download and view the complete annual report

Please find page 69 of the 2014 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 138

  • 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

TIME WARNER INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
(millions)
2014 2013 2012
(recast) (recast)
OPERATIONS
Net income ........................................................ $ 3,827 $ 3,691 $ 2,922
Less Discontinued operations, net of tax ................................. 67 (337) (259)
Net income from continuing operations .................................. 3,894 3,354 2,663
Adjustments for noncash and nonoperating items:
Depreciation and amortization ....................................... 733 759 765
Amortization of film and television costs ............................... 8,040 7,262 7,210
Asset impairments ................................................. 69 61 180
Venezuelan foreign currency loss ..................................... 173 - -
Gain on investments and other assets, net ............................... (464) (65) (10)
Equity in losses of investee companies, net of cash distributions ............. 232 216 221
Equity-based compensation .......................................... 219 238 195
Deferred income taxes .............................................. 166 759 (161)
Changes in operating assets and liabilities, net of acquisitions:
Receivables ...................................................... (403) (434) (433)
Inventories and film costs ........................................... (7,789) (7,226) (7,564)
Accounts payable and other liabilities ................................. 592 (416) 58
Other changes .................................................... (1,781) (1,250) (137)
Cash provided by operations from continuing operations .................... 3,681 3,258 2,987
INVESTING ACTIVITIES
Investments in available-for-sale securities ............................... (30) (27) (37)
Investments and acquisitions, net of cash acquired .......................... (950) (495) (660)
Capital expenditures ................................................. (474) (568) (609)
Investment 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 from continuing operations ........ 1,383 (887) (1,220)
FINANCING ACTIVITIES
Borrowings ........................................................ 2,409 1,028 1,039
Debt repayments .................................................... (72) (762) (686)
Proceeds from 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 from continuing operations ................. (3,943) (3,783) (2,831)
Cash provided (used) by continuing operations ............................ 1,121 (1,412) (1,064)
Cash provided (used) by operations from discontinued operations ............. (16) 456 455
Cash used by investing activities from discontinued operations ................ (51) (23) (26)
Cash used by financing activities from discontinued operations ............... (36) - -
Effect of change in cash and equivalents of discontinued operations ............ (87) 35 14
Cash provided (used) by discontinued operations ........................... (190) 468 443
Effect of Venezuelan exchange rate changes on cash and equivalents ........... (129) - -
INCREASE (DECREASE) IN CASH AND EQUIVALENTS .............. 802 (944) (621)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD ............. 1,816 2,760 3,381
CASH AND EQUIVALENTS AT END OF PERIOD ..................... $ 2,618 $ 1,816 $ 2,760
See accompanying notes.
53