Time Magazine 2015 Annual Report Download - page 73

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TIME WARNER INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
(millions)
2015 2014 2013
OPERATIONS
Net income ........................................................... $ 3,832 $ 3,827 $ 3,691
Less Discontinued operations, net of tax .................................... (37) 67 (337)
Net income from continuing operations ..................................... 3,795 3,894 3,354
Adjustments for noncash and nonoperating items:
Depreciation and amortization .......................................... 681 733 759
Amortization of film and television costs.................................. 8,030 8,040 7,262
Asset impairments ................................................... 25 69 61
Venezuelan foreign currency loss ........................................ — 173 —
Gain on investments and other assets, net ................................. (32) (464) (65)
Equity in losses of investee companies, net of cash distributions ............... 161 232 216
Equity-based compensation ............................................ 182 219 238
Deferred income taxes ................................................ 328 166 759
Changes in operating assets and liabilities, net of acquisitions:
Receivables ......................................................... (112) (403) (434)
Inventories and film costs .............................................. (8,526) (7,789) (7,226)
Accounts payable and other liabilities .................................... (200) 592 (416)
Other changes ....................................................... (481) (1,781) (1,250)
Cash provided by operations from continuing operations ....................... 3,851 3,681 3,258
INVESTING ACTIVITIES
Investments in available-for-sale securities .................................. (41) (30) (27)
Investments and acquisitions, net of cash acquired ............................ (672) (950) (495)
Capital expenditures .................................................... (423) (474) (568)
Investment 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 from continuing operations ........... (993) 1,383 (887)
FINANCING ACTIVITIES
Borrowings ........................................................... 3,768 2,409 1,028
Debt repayments ....................................................... (2,344) (72) (762)
Proceeds from 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 from continuing operations .................... (3,313) (3,943) (3,783)
Cash provided (used) by continuing operations ............................... (455) 1,121 (1,412)
Cash provided (used) by operations from discontinued operations ................ (8) (16) 456
Cash used by investing activities from discontinued operations .................. — (51) (23)
Cash used by financing activities from discontinued operations .................. — (36) —
Effect of change in cash and equivalents of discontinued operations .............. — (87) 35
Cash provided (used) by discontinued operations ............................. (8) (190) 468
Effect of Venezuelan exchange rate changes on cash and equivalents ............. — (129) —
INCREASE (DECREASE) IN CASH AND EQUIVALENTS ................. (463) 802 (944)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD ................ 2,618 1,816 2,760
CASH AND EQUIVALENTS AT END OF PERIOD ....................... $ 2,155 $ 2,618 $ 1,816
See accompanying notes.
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