Time Magazine 2015 Annual Report Download - page 119

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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
14. RESTRUCTURING AND SEVERANCE COSTS
The Company’s Restructuring and severance costs primarily related to employee termination costs, ranging from
senior executives to line personnel, and other exit costs, including lease terminations and real estate consolidations.
Restructuring and severance costs expensed as incurred for the years ended December 31, 2015, 2014 and 2013 are as
follows (millions):
Year Ended December 31,
2015 2014 2013
Turner ......................................................... $ 58 $ 249 $ 93
Home Box Office ................................................ — 63 39
Warner Bros. .................................................... 1 169 49
Corporate ...................................................... 1 31 2
Total restructuring and severance costs ............................... $ 60 $ 512 $ 183
Year Ended December 31,
2015 2014 2013
2015 initiatives .................................................. $ 76 $ — $ —
2014 initiatives .................................................. (15) 506 —
2013 and prior initiatives .......................................... (1) 6 183
Total restructuring and severance costs ............................... $ 60 $ 512 $ 183
For the year ended December 31, 2015, the Company incurred costs in connection with the 2015 initiatives of $58
million at the Turner segment, $15 million at the Home Box Office segment and $3 million at Corporate. In addition, in
connection with the 2014 initiatives, the Company incurred costs of $2 million at the Warner Bros. segment, and reversed
$15 million at the Home Box Office segment and $2 million at Corporate. For the year ended December 31, 2015, the
Company also reversed $1 million at the Warner Bros. segment related to 2013 and prior initiatives. The amount recorded by
the Company in 2015 for both the 2014 initiatives and the 2013 and prior initiatives consisted of changes to estimates of
previously established accruals as well as new charges related to those initiatives.
For the year ended December 31, 2014, the Company incurred costs in connection with the 2014 initiatives of
$246 million at the Turner segment, $64 million at the Home Box Office segment, $165 million at the Warner Bros. segment
and $31 million at Corporate. In addition, in connection with the 2013 and prior initiatives, the Company incurred costs of
$3 million at the Turner segment and $4 million at the Warner Bros. segment and reversed $1 million at the Home Box
Office segment.
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