Time Magazine 2014 Annual Report Download - page 88

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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Summary of Discontinued Operations
Discontinued operations primarily reflects the Company’s former Time Inc. segment. In addition, during 2013, the
Company recognized additional net tax benefits of $137 million associated with certain foreign tax attributes of the Warner
Music Group, which the Company disposed of in 2004.
Discontinued operations for the years ended December 31, 2014, 2013 and 2012 is as follows (millions, except per share
amounts):
Year Ended December 31,
2014 2013 2012
Total revenues ........................................... $ 1,415 $ 3,334 $ 3,404
Pretax income (loss) ....................................... (98) 335 415
Income tax benefit (provision) ............................... 31 2 (156)
Net income (loss) ......................................... $ (67) $ 337 $ 259
Net income (loss) attributable to Time Warner Inc. shareholders .... $ (67) $ 337 $ 259
Per share information attributable to Time Warner Inc.
common shareholders:
Basic net income (loss) per common share ..................... $ (0.07) $ 0.36 $ 0.28
Average common shares outstanding — basic ................... 863.3 920.0 954.4
Diluted net income (loss) per common share .................... $ (0.07) $ 0.36 $ 0.27
Average common shares outstanding — diluted ................. 882.6 942.6 976.3
4. INVESTMENTS
Time Warner’s investments, by category, consist of (millions):
December 31,
2014 2013
(recast)
Equity-method investments ............................................... $ 898 $ 936
Fair-value and other investments:
Deferred compensation investments, recorded at fair value ..................... 195 248
Deferred compensation insurance-related investments, recorded at cash
surrender value ..................................................... 410 397
Available-for-sale securities ............................................. 79 96
Equity Warrants ...................................................... 242 -
Total fair-value and other investments ....................................... 926 741
Held-to-maturity securities ................................................ 239 -
Cost-method investments ................................................. 263 332
Total ................................................................. $ 2,326 $ 2,009
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