Time Magazine 2015 Annual Report Download - page 71

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TIME WARNER INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31,
(millions, except per share amounts)
2015 2014 2013
Revenues .................................................. $ 28,118 $ 27,359 $ 26,461
Costs of revenues ............................................ (16,154) (15,875) (14,935)
Selling, general and administrative .............................. (4,824) (5,190) (4,934)
Amortization of intangible assets ............................... (189) (202) (209)
Restructuring and severance costs ............................... (60) (512) (183)
Asset impairments ........................................... (25) (69) (61)
Gain (loss) on operating assets, net .............................. (1) 464 129
Operating income ........................................... 6,865 5,975 6,268
Interest expense, net ......................................... (1,163) (1,169) (1,189)
Other loss, net .............................................. (256) (127) (111)
Income from continuing operations before income taxes ............. 5,446 4,679 4,968
Income tax provision ......................................... (1,651) (785) (1,614)
Income from continuing operations ............................. 3,795 3,894 3,354
Discontinued operations, net of tax .............................. 37 (67) 337
Net income ................................................. 3,832 3,827 3,691
Less Net loss attributable to noncontrolling interests ................ 1 — —
Net income attributable to Time Warner Inc. shareholders ........... $ 3,833 $ 3,827 $ 3,691
Amounts attributable to Time Warner Inc. shareholders:
Income from continuing operations ............................. $ 3,796 $ 3,894 $ 3,354
Discontinued operations, net of tax .............................. 37 (67) 337
Net income ................................................. $ 3,833 $ 3,827 $ 3,691
Per share information attributable to Time Warner Inc. common
shareholders:
Basic income per common share from continuing operations ......... $ 4.64 $ 4.49 $ 3.63
Discontinued operations ...................................... 0.05 (0.07) 0.36
Basic net income per common share ............................. $ 4.69 $ 4.42 $ 3.99
Average basic common shares outstanding ........................ 814.9 863.3 920.0
Diluted income per common share from continuing operations ........ $ 4.58 $ 4.41 $ 3.56
Discontinued operations ...................................... 0.04 (0.07) 0.36
Diluted net income per common share ........................... $ 4.62 $ 4.34 $ 3.92
Average diluted common shares outstanding ...................... 829.5 882.6 942.6
Cash dividends declared per share of common stock ................ $ 1.40 $ 1.27 $ 1.15
See accompanying notes.
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