Time Magazine 2015 Annual Report Download - page 93
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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Discontinued operations for the years ended December 31, 2014 and 2013 is as follows (millions, except per share
amounts):
Year Ended December 31,
2014 2013
Total revenues ............................................................ $ 1,415 $ 3,334
Pretax income (loss) ....................................................... (98) 335
Income tax benefit (provision) ................................................ 31 2
Net income (loss) .......................................................... $ (67) $ 337
Net income (loss) attributable to Time Warner Inc. shareholders ..................... $ (67) $ 337
Per share information attributable to Time Warner Inc. common shareholders:
Basic net income (loss) per common share ...................................... $ (0.07) $ 0.36
Average common shares outstanding — basic ................................... 863.3 920.0
Diluted net income (loss) per common share .................................... $ (0.07) $ 0.36
Average common shares outstanding — diluted .................................. 882.6 942.6
4. INVESTMENTS
Time Warner’s investments, by category, consist of (millions):
December 31,
2015 2014
Equity-method investments .................................................. $ 1,363 $ 898
Fair-value and other investments:
Deferred compensation investments, recorded at fair value ....................... 160 195
Deferred compensation insurance-related investments, recorded at cash surrender
value ................................................................ 402 410
Available-for-sale securities ............................................... 85 79
Equity warrants ......................................................... 179 242
Total fair-value and other investments ......................................... 826 926
Held-to-maturity securities .................................................. 268 239
Cost-method investments .................................................... 160 263
Total .................................................................... $ 2,617 $ 2,326
Available-for-sale securities are recorded at fair value in the Consolidated Balance Sheet, and the realized gains and
losses are included as a component of Other loss, net in the Consolidated Statement of Operations. The cost basis, unrealized
gains and fair market value of available-for-sale securities are set forth below (millions):
December 31,
2015 2014
Cost basis ................................................................ $ 63 $ 59
Gross unrealized gain ...................................................... 22 22
Gross unrealized loss ....................................................... — (2)
Fair value ................................................................ $ 85 $ 79
79