Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Time Warner Inc., consolidated balance sheet: assets
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).
The financial data over the five-year period exhibits several notable trends in asset composition and valuations.
- Liquidity and Current Assets
- Cash and equivalents show fluctuation, increasing from 1,862 million USD in 2013 to a peak of 2,618 million USD in 2014, then declining noticeably to 1,539 million USD in 2016 before rising again to 2,621 million USD in 2017. Receivables experienced a slight decline from 7,868 million USD in 2013 to 7,411 million USD in 2015, followed by consistent growth reaching 9,401 million USD by 2017. Inventories initially decrease from 2,028 million USD to 1,700 million USD in 2014, then steadily increase to 2,401 million USD in 2017. Prepaid expenses and other current assets increased substantially until 2015, peaking at 1,194 million USD, then declined to 796 million USD in 2017. Overall, current assets grew from 12,844 million USD in 2013 to 15,219 million USD in 2017, demonstrating an upward trend after some intermediate fluctuations.
- Noncurrent Inventories and Production Costs
- Noncurrent inventories show a consistent decline from 2,035 million USD in 2013 to 1,644 million USD in 2017. Conversely, theatrical film and television production costs increased steadily, from 4,664 million USD to 6,631 million USD over the same period. Combined, these two categories rose from 6,699 million USD to 8,275 million USD, indicating growing investments in content production assets.
- Investments
- Equity-method investments displayed a significant upward trajectory, growing from 947 million USD in 2013 to 2,669 million USD in 2017, marking strong expansion in this asset class. Fair-value and other investments fluctuated, increasing overall from 742 million USD to 1,026 million USD. Held-to-maturity securities were reported only in 2014 and 2015 with moderate amounts but absent in later years. Cost-method investments declined from 335 million USD in 2013 to a low of 160 million USD in 2015, then moderately recovered to 229 million USD by 2017. Total investments, including available-for-sale securities, increased steadily from 2,024 million USD in 2013 to 3,924 million USD in 2017, reflecting a broadening investment portfolio.
- Property, Plant, Equipment and Intangible Assets
- Property, plant and equipment net values declined sharply from 3,825 million USD in 2013 to 2,510 million USD in 2016, with a slight recovery to 2,707 million USD in 2017. Intangible assets subject to amortization consistently decreased from 1,920 million USD to 585 million USD over the period, indicative of ongoing amortization without significant additions. Intangible assets not subject to amortization remained relatively stable around 7,000 million USD, showing negligible change. Goodwill declined notably from 30,563 million USD in 2013 to 27,565 million USD in 2014, then stabilized around 27,700 million USD through 2017. These trends suggest amortization and possible asset write-downs or disposals, with goodwill reduction primarily concentrated between 2013 and 2014.
- Other Assets and Noncurrent Assets
- Other assets demonstrated steady growth from 2,490 million USD to 3,717 million USD, indicating incremental accumulation of miscellaneous assets. Noncurrent assets decreased from 55,150 million USD in 2013 to 50,079 million USD in 2014, followed by gradual increases reaching 53,990 million USD in 2017. This pattern suggests a temporary contraction in long-term asset holdings with subsequent recovery.
- Total Assets
- Total assets fell from 67,994 million USD in 2013 to 63,259 million USD in 2014, then experienced a steady increase, reaching 69,209 million USD in 2017. This indicates an overall asset growth after an initial reduction, reflecting a recovery and expansion phase.
In summary, the data reveals a dynamic asset structure characterized by fluctuations in liquidity and current assets, steady growth in production-related assets and investments, and a general decline in amortizable intangible assets. There is evidence of both contraction and recovery in property, plant, and equipment. The reduction in goodwill and intangible amortizable assets may reflect impairment or restructuring activities during the period. Total asset levels suggest an initial contraction followed by progressive growth through the end of the period.