Stock Analysis on Net
Stock Analysis on Net

Time Warner Cable Inc. (NYSE:TWC)

This company has been moved to the archive! The financial data has not been updated since April 28, 2016.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Time Warner Cable Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2015 Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011
Accounts payable 1.33 1.17 1.17 1.31 1.13
Deferred revenue and subscriber-related liabilities 0.45 0.41 0.39 0.37 0.35
Accrued programming and content expense 2.00 1.86 1.80 1.75 1.67
Current maturities of long-term debt 0.01 2.10 3.66 3.05 4.40
Mandatorily redeemable preferred equity issued by a subsidiary 0.00 0.00 0.00 0.60 0.00
Accrued interest 0.98 1.00 1.10 1.18 1.21
Accrued compensation and benefits 0.90 0.82 0.82 0.77 0.75
Accrued insurance 0.46 0.41 0.38 0.34 0.33
Accrued dividends 0.44 0.00 0.00 0.00 0.00
Accrued sales and other taxes 0.30 0.27 0.27 0.20 0.17
Accrued franchise fees 0.29 0.31 0.32 0.34 0.34
Other accrued expenses 0.85 0.92 0.92 0.79 0.78
Other current liabilities 4.22% 3.74% 3.81% 3.61% 3.58%
Current liabilities 8.01% 9.27% 10.83% 10.69% 11.12%
Long-term debt, excluding current maturities 45.65 46.81 48.24 50.54 50.38
Mandatorily redeemable preferred equity issued by a subsidiary 0.00 0.00 0.00 0.00 0.62
Deferred income tax liabilities, net 26.04 25.90 25.06 22.65 21.12
Other liabilities 2.03 1.50 1.49 1.51 1.14
Noncurrent liabilities 73.72% 74.20% 74.78% 74.69% 73.26%
Total liabilities 81.74% 83.47% 85.61% 85.38% 84.39%
Common stock, $0.01 par value 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 15.18 14.79 14.40 15.21 16.61
Retained earnings (accumulated deficit) 3.91 2.40 -0.11 0.73 0.14
Accumulated other comprehensive income (loss), net -0.84 -0.67 0.09 -1.33 -1.16
Total TWC shareholders’ equity 18.25% 16.52% 14.38% 14.61% 15.60%
Noncontrolling interests 0.01 0.01 0.01 0.01 0.01
Total equity 18.26% 16.53% 14.39% 14.62% 15.61%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

Current Liabilities

Current liabilities as a percentage of total liabilities and equity declined consistently from 11.12% in 2011 to 8.01% in 2015. This downward trend suggests a reduction in short-term obligations relative to the company’s financing structure.

Within this category, accounts payable marked slight fluctuations but generally increased from 1.13% to 1.33%. Deferred revenue and subscriber-related liabilities also showed a steady increase from 0.35% to 0.45%, indicating growth in deferred income. Accrued programming and content expenses rose moderately from 1.67% to 2.00%, reflecting potentially increasing costs or accrual practices.

Other current liabilities showed an increase from 3.58% to 4.22%, while other accrued expenses slightly decreased from 0.78% to 0.85% after peaking mid-period. Some accrued liabilities such as accrued interest and accrued franchise fees trended downward, suggesting a reduction in these specific obligations.

Noteworthy is the sharp decline in current maturities of long-term debt from 4.40% to nearly zero (0.01%), indicating possible refinancing, repayment, or reclassification of debt structure.

Long-Term and Noncurrent Liabilities

Long-term debt excluding current maturities showed a gradual decrease from 50.38% in 2011 to 45.65% in 2015, indicative of a reduction in long-term borrowings relative to total financing. This is supported by a slight fall in total noncurrent liabilities from 73.26% to 73.72%, remaining relatively stable across the period.

Deferred income tax liabilities increased steadily from 21.12% to 26.04%, implying growing deferred tax obligations. Other liabilities also increased from 1.14% to 2.03%, indicating minor growth in miscellaneous long-term obligations.

Mandatorily redeemable preferred equity appeared only in 2012, amounting to 0.6%, but was absent in subsequent years, suggesting the redemption or elimination of this instrument.

Total Liabilities

Total liabilities as a percentage of total liabilities and equity decreased from 84.39% in 2011 to 81.74% in 2015, reflecting a slow but discernible decline in the company's leverage or debt load relative to total capitalization.

Equity

Total shareholders’ equity exhibited growth from 15.60% in 2011 to 18.25% in 2015, indicating strengthening equity base relative to the overall financing structure.

Retained earnings showed notable volatility, moving from a modest 0.14% in 2011 to negative territory at –0.11% in 2013, then rising substantially to 3.91% in 2015, signaling improvement in accumulated profits or reduced deficits.

Additional paid-in capital declined from 16.61% to 15.18%, suggesting some decrease in contributed capital or equity injections over time. Accumulated other comprehensive income (loss) was negative for most periods, ending at –0.84%, reflecting unrealized losses or adverse adjustments to comprehensive income.

Insights and Overall Trends

The overall financing structure shifted towards a modest decrease in reliance on liabilities, especially current liabilities and long-term debt, while equity strengthened moderately over the given period. The reduction in current maturities of long-term debt alongside stable noncurrent liabilities suggests debt refinancing or repayment activities aimed at managing maturities.

Increased deferred income tax liabilities and accrued expenses reflect growing long-term obligations and operational accruals, possibly associated with expanding business operations or changes in accounting estimates.

The growth in retained earnings after a dip highlights an improvement in profitability or operational results, contributing positively to equity. However, persistent negative accumulated other comprehensive income indicates ongoing unrealized losses or adverse valuation impacts.

Overall, the data suggest a gradual deleveraging and capitalization improvement, with careful management of liabilities and enhancement of shareholder value over the analyzed timeframe.