Analysis of Inventory
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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
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Inventory Disclosure
Time Warner Inc., balance sheet: inventory
US$ in millions
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).
- Programming costs, less amortization
- The programming costs decreased from $3,738 million in 2013 to $3,067 million in 2015, showing a downward trend over these three years. However, there was a notable increase afterward, reaching $3,859 million by 2017, surpassing the initial figure of 2013. This indicates a significant fluctuation with a mid-period decline followed by a recovery and growth in programming costs.
- Other inventory, primarily DVDs and Blu-ray Discs
- This category experienced a steady decline from $325 million in 2013 to $184 million in 2016. There was a marginal increase to $186 million in 2017, but it remained considerably below the 2013 level. The pattern suggests a general reduction in physical inventory related to DVDs and Blu-ray Discs over the period, with a stabilization trend in the final year.
- Inventories
- Total inventories decreased from $4,063 million in 2013 to $3,330 million in 2015, mirroring the trend seen in programming costs and supporting a reduction in stock levels. This was followed by a rebound, reaching $4,045 million in 2017, close to the initial 2013 value. The period reflects inventory management adjusting downwards initially but increasing again in later years.
- Less: Current portion of inventory
- The current portion of inventories showed a decreasing negative value from -$2,028 million in 2013 to -$1,700 million in 2014, then increased in magnitude again to -$2,401 million by 2017. The fluctuations indicate variability in the short-term portion of inventory, with a general upward pressure on current inventory liabilities towards the end of the period.
- Noncurrent inventories
- Noncurrent inventories declined steadily from $2,035 million in 2013 to $1,577 million in 2015, indicating a drawdown of long-term inventory assets. A slight recovery occurred in 2016 to $1,747 million, followed by a decrease to $1,644 million in 2017. Overall, the trend points to a reduction in noncurrent inventory assets across the period with minor cyclical fluctuations.