Stock Analysis on Net
Stock Analysis on Net

Time Warner Inc. (NYSE:TWX)

This company has been moved to the archive! The financial data has not been updated since April 26, 2018.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

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

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Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Accounts payable 1.12 0.80 1.02 0.91 1.02
Other accrued expenses 2.57 2.85 3.05 3.44 2.83
Participations payable 3.95 3.83 3.79 4.03 3.39
Programming costs payable 1.05 1.18 1.12 1.14 1.04
Accrued compensation 1.72 1.52 1.50 1.63 1.80
Accrued interest 0.36 0.49 0.53 0.48 0.46
Accrued dividends 0.46 0.00 0.00 0.00 0.00
Accrued income taxes 0.19 0.25 0.25 0.24 0.23
Accounts payable and accrued liabilities 11.44% 10.90% 11.26% 11.87% 10.77%
Deferred revenue 1.03 0.85 0.96 0.92 1.46
Debt due within one year 7.87 2.95 0.31 1.77 0.10
Current liabilities 20.34% 14.71% 12.53% 14.55% 12.33%
Long-term debt, excluding due within one year 26.43 33.94 36.95 33.79 29.56
Deferred income taxes 2.29 4.06 3.84 3.48 3.89
Deferred revenue 0.68 0.74 0.55 0.50 0.71
Noncurrent tax and interest reserves 2.46 2.38 2.40 2.40 3.77
Participations payable 2.53 2.70 2.37 1.70 1.59
Programming costs payable 1.05 1.25 1.28 1.52 1.58
Noncurrent pension and post-retirement liabilities 1.53 1.45 1.42 1.47 1.08
Deferred compensation 0.79 0.74 0.74 0.78 0.84
Other noncurrent liabilities 0.85 1.09 0.87 1.12 0.68
Other noncurrent liabilities 9.21% 9.61% 9.08% 8.99% 9.54%
Noncurrent liabilities 38.61% 48.35% 50.43% 46.76% 43.69%
Total liabilities 58.95% 63.06% 62.96% 61.31% 56.02%
Redeemable noncontrolling interest 0.05 0.04 0.05 0.00 0.00
Common stock, $0.01 par value 0.02 0.03 0.03 0.03 0.03
Additional paid-in capital 209.62 222.51 231.86 235.99 225.62
Treasury stock, at cost -68.02 -72.00 -71.44 -67.10 -55.34
Accumulated other comprehensive loss, net -2.08 -2.29 -2.26 -1.84 -1.25
Accumulated deficit -98.55 -111.35 -121.20 -128.38 -125.07
Total Time Warner Inc. shareholders’ equity 41.00% 36.89% 36.99% 38.69% 43.98%
Noncontrolling interest 0.00 0.00 0.00 0.00 0.00
Total equity 41.00% 36.89% 36.99% 38.69% 43.98%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

Accounts payable and accrued liabilities
These liabilities fluctuated moderately over the period, starting at 10.77% in 2013, increasing to a peak of 11.87% in 2014, then declining slightly before ending at 11.44% in 2017. This indicates relative stability in short-term obligations.
Current liabilities
A general upward trend is observable, rising from 12.33% in 2013 to 20.34% in 2017, with sharp increases in debt due within one year, which escalated notably from 0.1% in 2013 to 7.87% in 2017. This suggests an increasing reliance on short-term debt financing toward the end of the period.
Long-term debt, excluding current portion
Long-term debt exhibited a rising trend from 29.56% in 2013, peaking at 36.95% in 2015, then decreasing significantly to 26.43% in 2017. The decline in long-term debt in the last two years contrasts with the increase in short-term debt, indicating a shift in debt maturity structure.
Total liabilities
Total liabilities increased from 56.02% in 2013 to a maximum of 63.06% in 2016 before declining to 58.95% in 2017. This reflects overall liabilities remaining a fairly stable proportion of the capital structure with some volatility during the middle years.
Equity section
Shareholders’ equity as a percentage of total liabilities and equity decreased from 43.98% in 2013 to a low of 36.89% in 2016, then recovered to 41% in 2017. The accumulated deficit consistently improved from -125.07% in 2013 to -98.55% in 2017, indicating the company reduced its accumulated losses over time. Treasury stock increased in cost (more negative) until 2016 before slightly decreasing in 2017, which may reflect stock repurchases with some subsequent adjustments.
Deferred and other noncurrent liabilities
These liabilities maintained relative stability as a portion of total capital structure, with minor fluctuations. Deferred income taxes and noncurrent tax and interest reserves trended downward, while noncurrent pension and post-retirement liabilities slightly increased, indicating ongoing commitments to employee benefits. Other noncurrent liabilities remained near 9% throughout the period.
Participation and programming costs payable
Participations payable showed moderate growth over the period, suggesting increasing obligations linked to participation agreements. Conversely, programming costs payable decreased, signaling either improved payment efficiency or changes in cost structure related to programming rights.
Accrued expenses
Other accrued expenses increased to a peak in 2014 and then declined steadily through 2017, possibly reflecting cost management efforts. Accrued compensation declined initially but rose again by 2017, which may indicate changing payroll or bonus expense trends.
Overall observations
The company’s capital structure demonstrated a shift from long-term to short-term debt near the end of the period. While total liabilities remained stable as a percentage of total capital, equity experienced some erosion before partial recovery. The improvement in accumulated deficit and steady comprehensive loss ratios suggest gradual financial strengthening, though some volatility in liabilities points to active financial management or changing operational requirements.