Time Magazine 2015 Annual Report Download - page 60

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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,
2015 2014 2013
Investments in available-for-sale securities ........................ $ (41) $ (30) $ (27)
Investments and acquisitions, net of cash acquired:
Hudson Yards ............................................. (304) (102) —
iStreamPlanet ............................................. (148) — —
CME .................................................... — (396) (288)
Eyeworks ................................................ — (267) —
All other ................................................. (220) (185) (207)
Capital expenditures ........................................ (423) (474) (568)
Proceeds from available-for-sale securities ........................ 2 25 33
Proceeds from Time Inc. in the Time Separation .................... — 1,400 —
Proceeds from the sale of Time Warner Center ..................... — 1,264 —
Other investment proceeds ..................................... 141 148 170
Cash provided (used) by investing activities ....................... $ (993) $ 1,383 $ (887)
The change in Cash provided (used) by investing activities from continuing operations for the years ended December
31, 2015 and 2014 was primarily due to proceeds received in 2014 in connection with the Time Separation and from the sale
of space in Time Warner Center. The remaining change in Cash provided (used) by investing activities from continuing
operations for the years ended December 31, 2015 and 2014 was primarily due to the change in investment and acquisition
spending.
Financing Activities from Continuing Operations
Details of Cash used by financing activities from continuing operations are as follows (millions):
Year Ended December 31,
2015 2014 2013
Borrowings ................................................. $ 3,768 $ 2,409 $ 1,028
Debt repayments ............................................. (2,344) (72) (762)
Proceeds from the exercise of stock options ....................... 165 338 674
Excess tax benefit from equity instruments ........................ 151 179 179
Principal payments on capital leases ............................. (11) (11) (9)
Repurchases of common stock .................................. (3,632) (5,504) (3,708)
Dividends paid .............................................. (1,150) (1,109) (1,074)
Other financing activities ...................................... (260) (173) (111)
Cash used by financing activities ................................ $ (3,313) $ (3,943) $ (3,783)
Cash used by financing activities from continuing operations for the year ended December 31, 2015 decreased
primarily due to a decrease in Repurchases of common stock and an increase in Borrowings, partially offset by an increase in
Debt repayments. During the year ended December 31, 2015, the Company issued approximately 5 million shares of
common stock and received $165 million in connection with the exercise of stock options. At December 31, 2015,
substantially all of the approximately 21 million exercisable stock options outstanding on such date had exercise prices below
the closing price of the Company’s common stock on the New York Stock Exchange.
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