Time Warner Inc., balance sheet: debt

US$ in millions

	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
Debt due within one year	5,450)	1,947)	198)	1,118)	66)
Long-term debt, excluding due within one year	18,294)	22,392)	23,594)	21,376)	20,099)
Total debt (carrying amount)	23,744)	24,339)	23,792)	22,494)	20,165)

Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).

The analysis of the debt data over the five-year period reveals distinct trends and fluctuations in both short-term and long-term debt components.

Debt due within one year: This item started at a relatively low level of 66 million USD at the end of 2013. There was a significant increase in 2014 to 1,118 million USD, followed by a decline back to 198 million USD in 2015. The amount then rose sharply again in 2016 to 1,947 million USD and further escalated substantially to 5,450 million USD by the end of 2017. This pattern indicates considerable variability and a growing reliance on short-term borrowings or liabilities approaching maturity within a year in the later years.
Long-term debt, excluding due within one year: The long-term debt consistently increased from 20,099 million USD in 2013 to 23,594 million USD in 2015, representing a steady growth phase. However, there was a slight decline in 2016 to 22,392 million USD, followed by a more pronounced decrease to 18,294 million USD in 2017. This decreasing trend in the last two years may suggest debt repayments, refinancing, or shifts in capital structure strategy.
Total debt (carrying amount): Total debt reflected a general upward trend from 20,165 million USD in 2013 to a peak of 24,339 million USD in 2016. Nonetheless, despite the increase in short-term debt observed in 2017, total debt slightly declined to 23,744 million USD at the end of that year. This indicates that the reduction in long-term debt more than offset the rise in short-term borrowings.

In summary, the data evidences a strategic shift in the composition of debt, with long-term debt decreasing in the latter years and short-term debt rising sharply, especially by the end of 2017. The overall total debt, however, remained relatively stable towards the end of the period after a phase of increase, reflecting potential debt restructuring or changes in financing approaches.

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	Dec 31, 2017
Selected Financial Data (US$ in millions)
Total debt (fair value)	25,327)
Financial Ratio
Debt, fair value to carrying amount ratio	1.07

Based on: 10-K (reporting date: 2017-12-31).

Weighted-average interest rate on total debt: 4.32%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.32%	23,744)	1,026)
Total	23,744)	1,026)
4.32%

Based on: 10-K (reporting date: 2017-12-31).

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,026 ÷ 23,744 = 4.32%

Time Warner Inc. (NYSE:TWX)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt