Time Warner Cable Inc. (NYSE:TWC)

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Time Warner Cable Inc., adjusted total assets

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Total assets	49,277)	48,501)	48,273)	49,809)	48,276)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	681)	740)	724)	689)	696)
Add: Allowance for doubtful accounts	94)	109)	77)	65)	62)
Less: Current deferred income tax assets²	—)	269)	334)	317)	267)
After Adjustment
Adjusted total assets	50,052)	49,081)	48,740)	50,246)	48,767)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Current deferred income tax assets. See details »

The financial trajectory of total assets between 2011 and 2015 reveals a period of fluctuation followed by a steady recovery. Total assets experienced an initial increase in 2012, followed by a contraction in 2013, before demonstrating a consistent upward trend in the subsequent two years.

Asset Value Trends: Total assets reached a mid-period peak of 49,809 million US$ in 2012, subsequently dropping to 48,273 million US$ in 2013. A recovery phase followed, with assets increasing to 49,277 million US$ by the end of 2015.
Analysis of Adjusted Total Assets: Adjusted total assets mirrored the movements of reported total assets, consistently maintaining a higher valuation across all five years. This adjusted figure reached its peak in 2015 at 50,052 million US$, following a pattern of growth identical to that of the primary asset figures.
Adjustment Variance: A consistent positive variance is observed between total assets and adjusted total assets. The magnitude of this adjustment increased over the analyzed period, expanding from 491 million US$ in 2011 to 775 million US$ in 2015, suggesting that the adjustments applied to the asset base became more significant toward the end of the period.

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Time Warner Cable Inc., adjusted current liabilities

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Current liabilities	3,949)	4,497)	5,226)	5,325)	5,370)
Adjustments
Less: Current deferred revenue and subscriber-related liabilities	224)	198)	188)	183)	169)
Less: Current restructuring reserves	7)	6)	40)	26)	30)
After Adjustment
Adjusted current liabilities	3,718)	4,293)	4,998)	5,116)	5,171)

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).

A consistent downward trajectory is observed in both reported current liabilities and adjusted current liabilities over the five-year period from 2011 to 2015. The rate of decline was gradual between 2011 and 2013, followed by a more pronounced acceleration in reductions during 2014 and 2015.

Current Liabilities Trend: Total current liabilities decreased from US$ 5,370 million in 2011 to US$ 3,949 million in 2015, representing an overall reduction of approximately 26.5%. The most significant contraction occurred between 2013 and 2014, with a decrease of US$ 729 million in a single fiscal year.
Adjusted Current Liabilities Trend: Adjusted current liabilities followed a nearly identical pattern, declining from US$ 5,171 million in 2011 to US$ 3,718 million in 2015. This constitutes a total decrease of approximately 28.1% over the observed timeframe.
Variance Analysis: The gap between reported and adjusted current liabilities remained relatively stable throughout the period. The adjustment amount ranged from a minimum of US$ 199 million in 2011 to a maximum of US$ 231 million in 2015. This consistency suggests that the adjustments were based on recurring items rather than volatile or one-time events.

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Time Warner Cable Inc., adjusted total liabilities

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Total liabilities	40,278)	40,484)	41,326)	42,526)	40,739)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	681)	740)	724)	689)	696)
Less: Noncurrent deferred income tax liabilities²	12,830)	12,560)	12,098)	11,280)	10,198)
Less: Deferred revenue and subscriber-related liabilities	224)	198)	188)	183)	169)
Less: Restructuring reserves	12)	8)	43)	27)	33)
After Adjustment
Adjusted total liabilities	27,893)	28,458)	29,721)	31,725)	31,035)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Noncurrent deferred income tax liabilities. See details »

Between 2011 and 2015, a divergent trend is observed between total liabilities and adjusted total liabilities. While nominal total liabilities remained relatively stable with minor fluctuations, adjusted total liabilities exhibited a more pronounced and consistent decline following a peak in 2012.

Total Liabilities Trend: Total liabilities increased from 40,739 million US dollars in 2011 to a peak of 42,526 million US dollars in 2012. Following this peak, a gradual downward trajectory was established, with balances declining steadily to 40,278 million US dollars by December 31, 2015. This suggests a relatively controlled overall liability profile over the five-year period.
Adjusted Total Liabilities Trend: Adjusted total liabilities mirrored the initial increase seen in total liabilities, rising to 31,725 million US dollars in 2012. However, a more aggressive reduction occurred from 2013 onward, with the balance falling to 27,893 million US dollars by 2015. The contraction in adjusted liabilities is more significant than that of the nominal total liabilities, indicating a targeted reduction in the specific obligations included in the adjusted metric.
Variance and Adjustment Analysis: The gap between total liabilities and adjusted total liabilities widened progressively over the analyzed timeframe. In 2011, the difference was 9,704 million US dollars, but this variance increased each year, reaching 12,385 million US dollars by 2015. This expanding delta indicates that the components being adjusted out of the total liability figure grew in proportion to the total debt load, suggesting an increase in non-adjusted liability items relative to the adjusted core liabilities.

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Time Warner Cable Inc., adjusted total TWC shareholders’ equity

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Total TWC shareholders’ equity	8,995)	8,013)	6,943)	7,279)	7,530)
Adjustments
Less: Deferred income tax assets (liabilities), net¹	(12,830)	(12,291)	(11,764)	(10,963)	(9,931)
Add: Allowance for doubtful accounts	94)	109)	77)	65)	62)
Add: Deferred revenue and subscriber-related liabilities	224)	198)	188)	183)	169)
Add: Restructuring reserves	12)	8)	43)	27)	33)
Add: Noncontrolling interests	4)	4)	4)	4)	7)
After Adjustment
Adjusted total equity	22,159)	20,623)	19,019)	18,521)	17,732)

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).

¹ Deferred income tax assets (liabilities), net. See details »

The equity positions between 2011 and 2015 exhibit a divergence in trajectory between reported shareholders' equity and adjusted total equity. While the reported equity experienced a period of volatility and contraction before recovering, the adjusted figure maintained a consistent upward trend throughout the entire five-year period.

Total Shareholders' Equity Trends: A downward trend is observed from 2011 to 2013, with equity decreasing from 7,530 million US$ to a low of 6,943 million US$. This was followed by a significant recovery starting in 2014, with values rising to 8,013 million US$ and eventually reaching 8,995 million US$ by December 31, 2015.
Adjusted Total Equity Growth: Adjusted total equity demonstrated uninterrupted growth over the analyzed timeframe. Starting at 17,732 million US$ in 2011, the value increased annually, reaching 22,159 million US$ by 2015. The most substantial growth occurred between 2013 and 2015, where the annual increases exceeded 1,500 million US$ per year.
Analysis of Equity Adjustments: The variance between total shareholders' equity and adjusted total equity expanded over time. The difference grew from 10,202 million US$ in 2011 to 13,164 million US$ in 2015. This indicates that the adjustments applied to the equity base increased in magnitude, contributing more significantly to the adjusted total equity than to the reported base equity.

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Time Warner Cable Inc., adjusted capitalization table

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Current maturities of long-term debt	5)	1,017)	1,767)	1,518)	2,122)
Long-term debt, excluding current maturities	22,497)	22,701)	23,285)	25,171)	24,320)
Total reported debt	22,502)	23,718)	25,052)	26,689)	26,442)
Total TWC shareholders’ equity	8,995)	8,013)	6,943)	7,279)	7,530)
Total reported capital	31,497)	31,731)	31,995)	33,968)	33,972)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	681)	740)	724)	689)	696)
Adjusted total debt	23,183)	24,458)	25,776)	27,378)	27,138)
Adjustments to Equity
Less: Deferred income tax assets (liabilities), net²	(12,830)	(12,291)	(11,764)	(10,963)	(9,931)
Add: Allowance for doubtful accounts	94)	109)	77)	65)	62)
Add: Deferred revenue and subscriber-related liabilities	224)	198)	188)	183)	169)
Add: Restructuring reserves	12)	8)	43)	27)	33)
Add: Noncontrolling interests	4)	4)	4)	4)	7)
Adjusted total equity	22,159)	20,623)	19,019)	18,521)	17,732)
After Adjustment
Adjusted total capital	45,342)	45,081)	44,795)	45,899)	44,870)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred income tax assets (liabilities), net. See details »

A comprehensive review of the capitalization figures from 2011 to 2015 reveals a strategic reduction in leverage and a significant divergence between reported and adjusted financial positions. While reported capital showed a general decline over the five-year period, the adjusted capital remained relatively stable, indicating that adjustments to the balance sheet fundamentally altered the perception of the company's capital structure.

Debt Obligations: A consistent downward trend is observed in both reported and adjusted debt. Total reported debt decreased from 26,442 million US dollars in 2011 to 22,502 million US dollars by 2015. The adjusted total debt followed a near-identical trajectory, peaking in 2012 at 27,378 million US dollars before declining steadily to 23,183 million US dollars. This indicates a sustained effort to reduce the total debt burden over the observed period.
Equity Growth and Adjustments: Reported shareholders' equity experienced a period of volatility, declining from 7,530 million US dollars in 2011 to a low of 6,943 million US dollars in 2013, before recovering to 8,995 million US dollars in 2015. In contrast, adjusted total equity demonstrated aggressive and uninterrupted growth, rising from 17,732 million US dollars in 2011 to 22,159 million US dollars in 2015. The substantial gap between reported and adjusted equity suggests that significant off-balance sheet items or accounting adjustments were applied to strengthen the equity position.
Capitalization Trends: Total reported capital exhibited a decline, moving from 33,972 million US dollars in 2011 to 31,497 million US dollars in 2015. However, the adjusted total capital remained remarkably stable, starting at 44,870 million US dollars and ending at 45,342 million US dollars. This stability in adjusted capital, despite the decline in reported debt and capital, is primarily driven by the significant increase in adjusted equity, which offset the reductions in debt.

The data indicates a shift toward a more equity-heavy capitalization structure when adjustments are considered. The transition from a declining reported capital base to a stable adjusted capital base suggests that the adjustments provided a more optimistic view of the company's solvency and financial cushioning than the reported figures alone would imply.

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Time Warner Cable Inc., adjusted revenue

US$ in millions

12 months ended:	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Revenue	23,697)	22,812)	22,120)	21,386)	19,675)
Adjustment
Add: Increase (decrease) in deferred revenue and subscriber-related liabilities	26)	10)	5)	14)	6)
After Adjustment
Adjusted revenue	23,723)	22,822)	22,125)	21,400)	19,681)

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).

A consistent upward trajectory is observed in both reported and adjusted revenue figures between 2011 and 2015. Reported revenue increased from 19,675 million USD in 2011 to 23,697 million USD by 2015, representing sustained growth over the five-year period.

Revenue Growth Patterns: Reported revenue exhibited steady year-over-year increases, with the most significant growth occurring between 2011 and 2012. This growth trend continued linearly through 2015, indicating a stable expansion of the top line.
Adjusted Revenue Correlation: Adjusted revenue mirrored the growth path of reported revenue with high precision, rising from 19,681 million USD in 2011 to 23,723 million USD in 2015. The near-perfect correlation suggests that the factors necessitating adjustments did not fluctuate in a manner that altered the overall growth trend.
Analysis of Revenue Adjustments: The variance between reported and adjusted revenue remained immaterial throughout the period. The absolute difference ranged from a minimum of 5 million USD in 2013 to a maximum of 26 million USD in 2015. Given the scale of total revenues, these adjustments represent a negligible percentage of the total, indicating that reported figures were highly representative of adjusted performance.

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Time Warner Cable Inc., adjusted net income attributable to TWC shareholders

US$ in millions

12 months ended:	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
As Reported
Net income attributable to TWC shareholders	1,844)	2,031)	1,954)	2,155)	1,665)
Adjustments
Add: Deferred income tax expense (benefit)¹	593)	756)	363)	562)	638)
Add: Increase (decrease) in allowance for doubtful accounts	(15)	32)	12)	3)	(12)
Add: Increase (decrease) in deferred revenue and subscriber-related liabilities	26)	10)	5)	14)	6)
Add: Increase (decrease) in restructuring reserves	4)	(35)	16)	(6)	11)
Add: Other comprehensive income (loss)	(90)	(368)	707)	(104)	(268)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	—)	—)	—)	4)	2)
After Adjustment
Adjusted net income	2,362)	2,426)	3,057)	2,628)	2,042)

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).

¹ Deferred income tax expense (benefit). See details »

An analysis of the financial results from 2011 to 2015 reveals a consistent discrepancy between reported net income attributable to shareholders and adjusted net income. Adjusted net income remained higher than reported net income across all five observed years, indicating the presence of significant non-recurring charges or accounting adjustments that negatively impacted the reported bottom line.

Reported Net Income Trends: Reported net income exhibited volatility throughout the period. An initial increase was observed from 2011 to 2012, where figures rose from 1,665 million to 2,155 million US$. This was followed by a decline in 2013 to 1,954 million US$, a slight recovery in 2014 to 2,031 million US$, and a final decrease to 1,844 million US$ by the end of 2015.
Adjusted Net Income Trends: Adjusted net income followed a different trajectory, showing a steady growth phase from 2011 through 2013, peaking at 3,057 million US$. Following this peak, a notable contraction occurred in 2014, with values dropping to 2,426 million US$, followed by a marginal decrease to 2,362 million US$ in 2015.
Analysis of Income Divergence: The variance between reported and adjusted net income fluctuated significantly. The gap was most pronounced in 2013, where adjusted net income exceeded reported net income by 1,103 million US$, suggesting substantial one-time expenses or non-cash charges during that fiscal year. In other years, the divergence was more moderate, ranging between approximately 377 million and 518 million US$.

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