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Time Warner Inc. (NYSE:TWX)

Cash Flow Statement

Beginner level

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company’s balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Time Warner Inc., consolidated cash flow statement

US$ in millions

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12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Net income 5,244  3,925  3,832  3,827  3,691 
Discontinued operations, net of tax —  (11) (37) 67  (137)
Net income from continuing operations 5,244  3,914  3,795  3,894  3,554 
Depreciation and amortization 694  669  681  733  886 
Amortization of film and television costs 9,162  8,324  8,030  8,040  7,262 
Asset impairments 16  43  25  69  140 
Venezuelan foreign currency loss —  —  —  173  — 
(Gain) loss on investments and other assets, net (367) (131) 31  (464) (65)
Equity in losses of investee companies, net of cash distributions 191  324  161  232  218 
Equity-based compensation 227  277  182  219  256 
Deferred income taxes (1,010) 236  328  166  759 
Premiums paid and costs incurred on debt redemption 1,087  1,008  72  —  — 
Adjustments for noncash and nonoperating items 10,000  10,750  9,510  9,168  9,456 
Receivables (704) (1,201) (112) (403) (366)
Inventories and film costs (9,574) (8,774) (8,526) (7,789) (7,194)
Accounts payable and other liabilities 624  631  (200) 592  (492)
Other changes (496) (637) (616) (1,781) (1,242)
Changes in operating assets and liabilities, net of acquisitions (10,150) (9,981) (9,454) (9,381) (9,294)
Cash provided by operations 5,094  4,683  3,851  3,681  3,716 
Investments in available-for-sale securities (1) (9) (41) (30) (27)
Investments and acquisitions, net of cash acquired (706) (1,228) (672) (950) (485)
Capital expenditures (656) (432) (423) (474) (602)
Proceeds from Time Inc. in the Time Separation —  —  —  1,400  — 
Proceeds from the sale of Time Warner Center —  —  —  1,264  — 
Other investment proceeds 367  309  143  173  204 
Cash (used) provided by investing activities (996) (1,360) (993) 1,383  (910)
Borrowings 4,270  3,830  3,768  2,409  1,028 
Debt repayments (5,001) (3,304) (2,344) (72) (762)
Proceeds from exercise of stock options 206  172  165  338  674 
Excess tax benefit from equity instruments —  88  151  179  179 
Principal payments on capital leases (39) (14) (11) (11) (9)
Repurchases of common stock —  (2,322) (3,632) (5,504) (3,708)
Dividends paid (1,265) (1,269) (1,150) (1,109) (1,074)
Other financing activities (1,172) (1,103) (260) (173) (111)
Cash used by financing activities (3,001) (3,922) (3,313) (3,943) (3,783)
Cash used by operations from discontinued operations (15) (17) (8) (16) (2)
Cash used by investing activities from discontinued operations —  —  —  (51) — 
Cash used by financing activities from discontinued operations —  —  —  (36) — 
Effect of change in cash and equivalents of discontinued operations —  —  —  (87) — 
Cash used by discontinued operations (15) (17) (8) (190) (2)
Effect of Venezuelan exchange rate changes on cash and equivalents —  —  —  (129) — 
Increase (decrease) in cash and equivalents 1,082  (616) (463) 802  (979)
Cash and equivalents at beginning of period 1,539  2,155  2,618  1,816  2,841 
Cash and equivalents at end of period 2,621  1,539  2,155  2,618  1,862 

Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26), 10-K (filing date: 2014-02-26).

Cash flow statement item Description The company
Cash provided by operations Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Time Warner Inc.’s cash provided by operations increased from 2015 to 2016 and from 2016 to 2017.
Cash (used) provided by investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Time Warner Inc.’s cash (used) provided by investing activities decreased from 2015 to 2016 but then increased from 2016 to 2017 not reaching 2015 level.
Cash used by financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Time Warner Inc.’s cash used by financing activities decreased from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.