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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

Microsoft Excel
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).

The capital structure of the organization experienced a period of increasing leverage from 2013 through 2016, followed by a partial reduction in total liabilities by the end of 2017. Total liabilities as a percentage of total liabilities and equity rose from 56.02% in 2013 to a peak of 63.06% in 2016, before declining to 58.95% in 2017. Correspondingly, total equity fluctuated inversely, reaching a low of 36.89% in 2016 before recovering to 41.00% in 2017.

Debt Maturity and Liquidity Trends
A significant shift in the debt profile is observed between 2016 and 2017. While long-term debt, excluding portions due within one year, peaked in 2015 at 36.95% and declined to 26.43% by 2017, there was a sharp increase in debt due within one year, which rose from 2.95% in 2016 to 7.87% in 2017. This suggests a migration of long-term obligations into current liabilities. Consequently, total current liabilities increased from 14.71% in 2016 to 20.34% in 2017.
Noncurrent Liability Analysis
Noncurrent liabilities exhibited a peak in 2015 at 50.43% before trending downward to 38.61% in 2017. This decline is primarily driven by the reduction in long-term debt. Other noncurrent liabilities and deferred income taxes remained relatively stable or declined, with deferred income taxes dropping from a high of 4.06% in 2016 to 2.29% in 2017.
Equity Component Dynamics
The equity section is characterized by substantial contra-equity accounts. Treasury stock, at cost, increased as a percentage of the total balance sheet from -55.34% in 2013 to -72.00% in 2016, indicating aggressive share repurchase activity, before slightly moderating to -68.02% in 2017. Additionally, the accumulated deficit showed a steady improvement, narrowing from -125.07% in 2013 to -98.55% in 2017, which contributes to the overall increase in total equity observed in the final year.
Operational Liability Stability
Accounts payable and accrued liabilities remained remarkably consistent throughout the five-year period, fluctuating within a narrow range between 10.77% and 11.87%. Individual components such as participations payable and programming costs payable remained stable, suggesting that operational payment cycles were well-managed and proportional to the overall balance sheet size.

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