Time Magazine 2015 Annual Report Download - page 126

Download and view the complete annual report

Please find page 126 of the 2015 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 140

  • 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
  • 139
  • 140

TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
17. RELATED PARTY TRANSACTIONS
The Company has entered into certain transactions in the ordinary course of business with unconsolidated investees
accounted for under the equity method of accounting. The transactions that generate revenue and expenses primarily relate to
the licensing by the Warner Bros. segment of television programming to The CW broadcast network and certain international
networks, including networks owned by CME. Transactions that generate interest income and other, net relate to financing
transactions with CME. Receivables due from related parties were $110 million and $166 million at December 31, 2015 and
2014, respectively. Payables due to related parties were immaterial at December 31, 2015 and 2014, respectively. Amounts
included in the consolidated financial statements resulting from transactions with related parties consist of (millions):
Year Ended December 31,
2015 2014 2013
Revenues ................................................ $ 390 $ 404 $ 464
Expenses ................................................ (5) (8) (35)
Interest income ........................................... 126 62 —
Other income, net ......................................... 17 16 8
18. ADDITIONAL FINANCIAL INFORMATION
Additional financial information with respect to cash payments and receipts, Interest expense, net, Other loss, net,
Accounts payable and accrued liabilities and Other noncurrent liabilities is as follows (millions):
Year Ended December 31,
2015 2014 2013
Cash Flows
Cash payments made for interest .............................. $ (1,262) $ (1,274) $ (1,202)
Interest income received .................................... 35 50 44
Cash interest payments, net .................................. $ (1,227) $ (1,224) $ (1,158)
Cash payments made for income taxes ......................... $ (1,135) $ (1,602) $ (1,174)
Income tax refunds received ................................. 142 108 87
TWC tax sharing payments (a) ............................... (4) — —
Cash tax payments, net ..................................... $ (997) $ (1,494) $ (1,087)
(a) Represents net amounts paid to TWC in accordance with a tax sharing agreement with TWC.
Year Ended December 31,
2015 2014 2013
Interest Expense, Net
Interest income ........................................... $ 219 $ 184 $ 92
Interest expense ........................................... (1,382) (1,353) (1,281)
Total interest expense, net ................................... $ (1,163) $ (1,169) $ (1,189)
Year Ended December 31,
2015 2014 2013
Other Loss, Net
Investment gains (losses), net ................................ $ (31) $ 30 $ 61
Loss on equity method investees .............................. (123) (153) (150)
Premiums paid and costs incurred on debt redemption ............. (72) — —
Other ................................................... (30) (4) (22)
Total other loss, net ........................................ $ (256) $ (127) $ (111)
112