Time Warner Inc. (NYSE:TWX)

The asset structure is characterized by a heavy concentration in noncurrent assets, which consistently represent between 78% and 81% of total assets. While the proportion of current assets grew slightly from 18.89% in 2013 to 21.99% in 2017, the overall balance sheet remains dominated by long-term intangible values and goodwill.

Current Asset Composition

Receivables, less allowances, exhibit a steady upward trend, increasing from 11.57% of total assets in 2013 to 13.58% in 2017. Cash and equivalents remained volatile without a definitive linear trend, fluctuating between a low of 2.33% in 2016 and a high of 4.14% in 2014. Inventories remained relatively stable, hovering around 3% throughout the period.

Goodwill and Intangible Assets

Goodwill constitutes the largest portion of the asset base, although its relative weight declined from 44.95% in 2013 to 40.13% in 2017. A significant reduction is observed in intangible assets subject to amortization, which fell from 2.82% to 0.85% over the five-year period. In contrast, intangible assets not subject to amortization remained relatively constant, moving from 11.22% to 10.12%.

Strategic Production and Investments

Theatrical film and television production costs saw a notable increase, rising from 6.86% in 2013 to 9.58% in 2017. Total investments also trended upward, increasing from 2.98% to 5.67% of total assets. This growth was primarily driven by equity-method investments, which rose from 1.39% to 3.86%.

Fixed Assets and Other Noncurrent Items

Property, plant and equipment, net, experienced a consistent decline from 5.63% in 2013 to 3.91% in 2017. Other assets showed a gradual increase, rising from 3.66% to 5.37% of the total asset mix by the end of the period.