Warner Media (TWX) 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 28, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	TWX
Entity Registrant Name	TIME WARNER INC.
Entity Central Index Key	1,105,705
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		815,581,421

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and equivalents	$ 3,122	$ 2,618
Receivables, less allowances of $860 and $1,152	8,004	7,720
Inventories	1,640	1,700
Deferred income taxes	184	184
Prepaid expenses and other current assets	860	958
Total current assets	13,810	13,180
Noncurrent inventories and theatrical film and television production costs	6,597	6,841
Investments, including available-for-sale securities	2,132	2,326
Property, plant and equipment, net	2,567	2,655
Intangible assets subject to amortization, net	1,036	1,141
Intangible assets not subject to amortization	7,030	7,032
Goodwill	27,575	27,565
Other assets	2,678	2,519
Total assets	63,425	63,259
Current liabilities
Accounts payable and accrued liabilities	7,059	7,507
Deferred revenue	623	579
Debt due within one year	1,513	1,118
Total current liabilities	9,195	9,204
Long-term debt	22,281	21,376
Deferred income taxes	2,109	2,204
Deferred revenue	307	315
Other noncurrent liabilities	$ 5,508	$ 5,684
Commitments and Contingencies (Note 14)
Equity
Common stock, $0.01 par value, 1.652 billion and 1.652 billion shares issued and 817 million and 832 million shares outstanding	$ 17	$ 17
Additional paid-in capital	148,572	149,282
Treasury stock, at cost (835 million and 820 million shares)	(43,895)	(42,445)
Accumulated other comprehensive loss, net	(1,396)	(1,164)
Accumulated deficit	(79,273)	(81,214)
Total equity	24,025	24,476
Total liabilities and equity	$ 63,425	$ 63,259

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets
Allowances	$ 860	$ 1,152
Equity
Time Warner common stock, par value	$ 0.01	$ 0.01
Time Warner common stock, shares issued	1,652	1,652
Time Warner common stock, shares outstanding	817	832
Treasury stock, shares	835	820

Consolidated Statement Of Opera

Consolidated Statement Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenues	$ 7,348	$ 6,788	$ 14,475	$ 13,591
Costs of revenues	(4,188)	(3,925)	(8,276)	(7,776)
Selling, general and administrative	(1,248)	(1,217)	(2,437)	(2,487)
Amortization of intangible assets	(43)	(50)	(91)	(100)
Restructuring and severance costs	(10)	(17)	(22)	(43)
Asset impairments	0	(14)	(1)	(26)
Gain (loss) on operating assets, net	0	2	(3)	456
Operating income	1,859	1,567	3,645	3,615
Interest expense, net	(286)	(296)	(580)	(561)
Other income (loss), net	(125)	6	(242)	(5)
Income from continuing operations before income taxes	1,448	1,277	2,823	3,049
Income tax provision	(477)	(434)	(919)	(841)
Income from continuing operations	971	843	1,904	2,208
Discontinued operations, net of tax	0	7	37	(66)
Net income	$ 971	$ 850	$ 1,941	$ 2,142
Per share information:
Basic income per common share from continuing operations (in dollars per share)	$ 1.18	$ 0.96	$ 2.30	$ 2.49
Discontinued operations (in dollars per share)	0	0.01	0.05	(0.07)
Basic net income per common share (in dollars per share)	$ 1.18	$ 0.97	$ 2.35	$ 2.42
Average basic common shares outstanding (in shares)	821.6	874.8	825.5	882.9
Diluted income per common share from continuing operations (in dollars per share)	$ 1.16	$ 0.94	$ 2.26	$ 2.45
Discontinued operations (in dollars per share)	0	0.01	0.05	(0.08)
Diluted net income per common share (in dollars per share)	$ 1.16	$ 0.95	$ 2.31	$ 2.37
Average diluted common shares outstanding (in shares)	836.3	894.2	841.1	902.4
Cash dividends declared per share of common stock (in dollars per share)	$ 0.3500	$ 0.3175	$ 0.7000	$ 0.6350

Consolidated Statement Of Compr

Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 971	$ 850	$ 1,941	$ 2,142
Foreign currency translation:
Unrealized gains (losses) occurring during the period	(42)	2	(244)	(18)
Reclassification adjustment for losses realized in net income	0	0	5	0
Change in foreign currency translation	(42)	2	(239)	(18)
Securities:
Unrealized gains (losses) on securities occurring during the period	1	(2)	5	(5)
Reclassification adjustment for gains realized in net income	0	(5)	0	(5)
Net gains (losses) on securities	1	(7)	5	(10)
Benefit obligations:
Unrealized losses occurring during the period	(9)	(31)	(1)	(37)
Reclassification adjustment for losses realized in net income	5	6	11	11
Change in benefit obligations	(4)	(25)	10	(26)
Derivative financial instruments:
Unrealized gains (losses) occurring during the period	(45)	(7)	18	(1)
Reclassification adjustment for (gains) losses realized in net income	1	4	(26)	(1)
Change in derivative financial instruments	(44)	(3)	(8)	(2)
Other comprehensive loss	(89)	(33)	(232)	(56)
Comprehensive income	$ 882	$ 817	$ 1,709	$ 2,086

Consolidated Statement Of Cash

Consolidated Statement Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATIONS
Net income	$ 1,941	$ 2,142
Less Discontinued operations, net of tax	(37)	66
Net income from continuing operations	1,904	2,208
Adjustments for noncash and nonoperating items:
Depreciation and amortization	334	368
Amortization of film and television costs	4,087	3,913
Asset impairments	1	26
Gain on investments and other assets, net	(20)	(477)
Equity in losses of investee companies, net of cash distributions	116	54
Equity-based compensation	135	126
Deferred income taxes	(80)	(312)
Changes in operating assets and liabilities, net of acquisitions	(4,677)	(3,849)
Cash provided by operations from continuing operations	1,800	2,057
INVESTING ACTIVITIES
Investments in available-for-sale securities	(32)	(28)
Investments and acquisitions, net of cash acquired	(152)	(861)
Capital expenditures	(154)	(206)
Investment proceeds from available-for-sale securities	0	16
Proceeds from Time Inc. in the Time Separation	0	1,400
Proceeds from the sale of Time Warner Center	0	1,264
Other investment proceeds	109	122
Cash provided (used) by investing activities from continuing operations	(229)	1,707
FINANCING ACTIVITIES
Borrowings	2,106	2,401
Debt repayments	(804)	(15)
Proceeds from exercise of stock options	121	182
Excess tax benefit from equity instruments	120	95
Principal payments on capital leases	(5)	(5)
Repurchases of common stock	(1,804)	(2,876)
Dividends paid	(584)	(568)
Other financing activities	(217)	(125)
Cash used by financing activities from continuing operations	(1,067)	(911)
Cash provided by continuing operations	504	2,853
Cash used by operations from discontinued operations	0	(15)
Cash used by investing activities from discontinued operations	0	(51)
Cash used by financing activities from discontinued operations	0	(36)
Effect of change in cash and equivalents of discontinued operations	0	(87)
Cash used by discontinued operations	0	(189)
INCREASE IN CASH AND EQUIVALENTS	504	2,664
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	2,618	1,816
CASH AND EQUIVALENTS AT END OF PERIOD	$ 3,122	$ 4,480

Consolidated Statement Of Equit

Consolidated Statement Of Equity $ in Millions	USD ($)
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2013	$ 29,904
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,142
Other comprehensive loss attributable to continuing operations	(78)
Other comprehensive income attributable to discontinued operations	22
Amounts related to the Time Separation	(2,797)
Cash dividends	(568)
Common stock repurchases	(3,000)
Amounts related primarily to stock options and restricted stock units	282
BALANCE AT END OF PERIOD at Jun. 30, 2014	25,907
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2014	24,476
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,941
Other comprehensive loss attributable to continuing operations	(232)
Other comprehensive income attributable to discontinued operations	0
Amounts related to the Time Separation	0
Cash dividends	(584)
Common stock repurchases	(1,800)
Amounts related primarily to stock options and restricted stock units	224
BALANCE AT END OF PERIOD at Jun. 30, 2015	$ 24,025

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Time Warner Inc. (“Time Warner” or the “Company”) is a leading media and entertainment company, whose businesses include television networks, and film and TV entertainment. Time Warner classifies its operations into three reportable segments: Turner : consisting principally of cable networks and digital media properties; Home Box Office : consisting principally of premium pay television services domestically and premium pay and basic tier television services internationally; and Warner Bros. : consisting principally of television, feature film, home video and videogame production and distribution. Basis of Presentation Interim Financial Statements The consolidated financial statements are unaudited; however, in the opinion of management, they contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. generally accepted accounting principles (“GAAP”) applicable to interim periods. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements of Time Warner included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “ 2014 Form 10-K”). Basis of Consolidation The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of entities in which Time Warner has a controlling interest (“subsidiaries”). Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include accounting for asset impairments, multiple-element transactions, allowances for doubtful accounts, depreciation and amortization, the determination of ultimate revenues as it relates to amortization of capitalized film and programming costs and participations and residuals, home video and videogames product returns, business combinations, pension and other postretirement benefits, equity-based compensation, income taxes, contingencies, litigation matters, reporting revenue for certain transactions on a gross versus net basis, and the determination of whether the Company should consolidate certain entities. Venezuela Currency Certain of the Company’s divisions conduct business with third parties located in Venezuela and, as a result, the Company holds net monetary assets denominated in Venezuelan Bolivares Fuertes (“VEF”) that primarily consist of cash and accounts receivable. As of December 31, 2014 , the Company used the SICAD 2 exchange rate to remeasure its VEF-denominated monetary assets. Because of Venezuelan government-imposed restrictions on the exchange of VEF into foreign currency in Venezuela, the Company has not been able to convert VEF earned in Venezuela into U.S. Dollars through the Venezuelan government’s foreign currency exchanges. On February 10, 2015, Venezuelan government officials announced changes to Venezuela’s foreign currency exchange system. Those changes included the elimination of the SICAD 2 exchange due to the merger of the SICAD 1 and SICAD 2 exchanges into a single SICAD exchange as well as the creation of the Simadi exchange, which is a new free market foreign currency exchange. On their initial date of activity, the exchange rates published by the Central Bank of Venezuela were 12 VEF to each U.S. Dollar for the SICAD exchange and 170 VEF to each U.S. Dollar for the Simadi exchange. Given the restrictions associated with the official government rate and the SICAD exchange, starting on February 10, 2015, the Company began to use the Simadi exchange rate to remeasure its VEF-denominated transactions and balances and recognized a pretax foreign exchange loss of $22 million in the Consolidated Statement of Operations during the quarter ended March 31, 2015. Approximately $15 million of such loss related to cash balances. Accounting Guidance Adopted in 2015 Fair Value Measurement During the second quarter of 2015, the Company early adopted guidance that eliminated the requirement to categorize within the fair value hierarchy all investments for which net asset value per share was used as a practical expedient to measure fair value. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. Discontinued Operations In April 2014, guidance was issued that changes the requirements for reporting discontinued operations. Under this new guidance, a discontinued operation is (i) a component of an entity or group of components that has been disposed of or is classified as held for sale and represents a strategic shift that has had or will have a major effect on an entity’s operations and financial results or (ii) an acquired business that is classified as held for sale on the acquisition date. This guidance also requires expanded or new disclosures for discontinued operations, individually material disposals that do not meet the definition of a discontinued operation, an entity’s continuing involvement with a discontinued operation following disposal and retained equity method investments in a discontinued operation. This guidance became effective on a prospective basis for the Company on January 1, 2015 and did not have a material impact on the Company’s consolidated financial statements. Accounting Guidance Not Yet Adopted Revenue Recognition In May 2014, guidance was issued that establishes a new revenue recognition framework in GAAP for all companies and industries. The core principle of the guidance is that an entity should recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive for those goods or services. The guidance includes a five-step framework to determine the timing and amount of revenue to recognize related to contracts with customers. In addition, this guidance requires new or expanded disclosures related to the judgments made by companies when following this framework. Based on the current guidance, the new framework will become effective on either a full or modified retrospective basis for the Company on January 1, 2017. The Company is evaluating the impact the guidance will have on its consolidated financial statements. Consolidation In February 2015, guidance was issued that changes how companies evaluate entities for consolidation. The changes primarily relate to (i) the identification of variable interests related to fees paid to decision makers or service providers, (ii) how entities determine whether limited partnerships or similar entities are variable interest entities, (iii) how related parties and de facto agents are considered in the primary beneficiary determination, and (iv) the elimination of the presumption that a general partner controls a limited partnership. This guidance will become effective for the Company on January 1, 2016 on either a modified retrospective or full retrospective basis. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements. Debt Issuance Costs In April 2015, guidance was issued that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a deduction from the carrying amount of such debt. This guidance will become effective for the Company on January 1, 2016 on a retrospective basis. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements. Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, guidance was issued that clarifies how fees paid by a customer in a cloud computing arrangement are accounted for. The guidance provides that if a cloud computing arrangement includes a software license, the arrangement should be accounted for in a manner consistent with the acquisition of other software licenses. The guidance also provides that if a cloud computing arrangement does not include a software license, the arrangement should be accounted for as a service contract. This guidance will become effective for the Company on January 1, 2016 and the Company is currently evaluating the impact the guidance will have on its consolidated financial statements. Subsequent Event On July 28, 2015, Time Warner issued € 700 million aggregate principal amount of 1.95% Notes due 2023 under a shelf registration statement (the “July 2015 Debt Offering”). The securities issued in the July 2015 Debt Offering are guaranteed, on an unsecured basis, by Historic TW Inc. (“Historic TW”). In addition, Turner and Home Box Office guarantee, on an unsecured basis, Historic TW's guarantee of the securities. The net proceeds from the issuance of the notes will be used for general corporate purposes.

Business Dispositions and Acqui

Business Dispositions and Acquisitions	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
BUSINESS DISPOSITIONS AND ACQUISITIONS	BUSINESS DISPOSITIONS AND ACQUISITIONS Summary of Discontinued Operations Discontinued operations, net of tax, for the six months ended June 30, 2015 was income of $37 million ( $0.05 of diluted net income per common share), primarily related to the final resolution of a tax indemnification obligation associated with the disposition of Warner Music Group in 2004. During 2014, the Company completed the legal and structural separation of Time Inc. With the completion of the separation, the Company disposed of its Time Inc. segment in its entirety and ceased to consolidate Time Inc.’s financial position and results of operations in its consolidated financial statements. Accordingly, the Company has presented the financial position and results of operations of its former Time Inc. segment as discontinued operations in the consolidated financial statements for all periods presented. Financial data for discontinued operations is as follows for three and six months ended June 30, 2014 (millions, except per share amounts): Three Months Ended Six Months Ended 6/30/14 6/30/14 Total revenues $ 670 $ 1,415 Pretax income (loss) 15 (97 ) Income tax benefit (provision) (8 ) 31 Net income (loss) $ 7 $ (66 ) Per share information: Basic net income (loss) per common share $ 0.01 $ (0.07 ) Average common shares outstanding — basic 874.8 882.9 Diluted net income (loss) per common share $ 0.01 $ (0.08 ) Average common shares outstanding — diluted 894.2 902.4

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
INVESTMENTS	INVESTMENTS Investment in Hudson Yards Development Project During the first quarter of 2015, the Company finalized agreements relating to the construction and development of office and studio space in the Hudson Yards development on the west side of Manhattan in order to move its Corporate headquarters and New York City-based employees to the new space. The Company will fund its proportionate share of the costs for the construction and development through a limited liability corporation (“LLC”) that is controlled by the developer and managed by an affiliate of the developer. As of June 30, 2015 , the Company’s investment in the LLC, which is accounted for under the equity method of accounting, is approximately $164 million and is included in Investments, including available-for-sale securities in the Consolidated Balance Sheet. Based on current construction cost estimates and space projections, the Company expects to invest an additional $1.9 billion in the Hudson Yards development project through 2019. Central European Media Enterprises Ltd. As of June 30, 2015 , the Company had an approximate 49.5% voting interest in Central European Media Enterprises Ltd.’s (“CME”) common stock and an approximate 75.6% economic interest in CME on a diluted basis. As of June 30, 2015 , the Company owned 61.4 million shares of CME’s Class A common stock and 1 share of Series A convertible preferred stock, which is convertible into 11.2 million shares of CME’s Class A common stock and votes with the Class A common stock on an as-converted basis. The Company accounts for its investment in CME’s Class A common stock and Series A convertible preferred stock under the equity method of accounting. As of June 30, 2015 , the Company owned shares of CME’s Series B convertible redeemable preferred shares, which may be converted into 95.9 million shares of CME’s Class A common stock at the Company’s option at any time after June 25, 2016. The Company accounts for its investment in CME’s Series B convertible redeemable preferred shares under the cost method of accounting. As of June 30, 2015 , the Company owned 3.4 million senior secured notes due 2017 (the "Senior Secured Notes"), each consisting of an initial $100 principal amount plus accrued interest of 15% . The Senior Secured Notes are accounted for at their amortized cost and classified as held-to-maturity in the Consolidated Balance Sheet. As of June 30, 2015 , the Company held 101 million warrants to purchase one share of CME Class A common stock. The warrants issued to Time Warner have a four -year term and an exercise price of $1.00 per share, do not contain any voting rights and are not exercisable until May 2016. The warrants are subject to a limited right whereby the Company can exercise any of its warrants earlier solely to own up to 49.9% of CME’s Class A common stock. The warrants are carried at fair value in the Consolidated Balance Sheet. The initial fair value of the warrants was recognized as a discount to the Senior Secured Notes and the term loan provided by the Company to CME (as described below) and a deferred gain related to the revolving credit facility provided by the Company to CME (as described below). Time Warner has also provided CME a $115 million revolving credit facility and a $30 million term loan that both mature on December 1, 2017. CME can pay accrued interest on the amounts outstanding under the revolving credit facility and term loan either in cash or by adding the amount of accrued interest to the outstanding principal amount of the term loan or revolving credit facility, as applicable. As of June 30, 2015 , there were no amounts outstanding under the revolving credit facility and the carrying value of amounts outstanding under the term loan was $17 million and is classified as other assets in the Consolidated Balance Sheet. On November 14, 2014, Time Warner and CME entered into an agreement pursuant to which Time Warner agreed to assist CME in refinancing $261 million aggregate principal amount of its Senior Convertible Notes due 2015 (the “2015 Notes”) and €240 million aggregate principal amount of its Senior Notes due 2017 (the “2017 Notes”). In connection with this agreement, CME entered into a €251 million senior unsecured term loan that matures on November 1, 2017 (the “2017 Term Loan”) with third-party financial institutions the same day. Time Warner has guaranteed CME’s obligations under the 2017 Term Loan for a fee equal to 8.5% less the interest rate on the 2017 Term Loan. The fee is payable to Time Warner in cash or in kind at CME’s option. CME used the proceeds of the 2017 Term Loan to redeem the 2017 Notes. CME also entered into unsecured interest rate hedge arrangements to protect against changes in the applicable interest rate on the 2017 Term Loan during its term. Time Warner has also guaranteed CME’s obligations under the hedge arrangements. Upon maturity of the 2015 Notes in November 2015, Time Warner will, at its option, either (i) guarantee a Euro-equivalent $261 million unsecured term loan due November 1, 2019 (the “2015 Term Loan”) obtained by CME from one or more third-party financial institutions, for a fee equal to 8.5% less the interest rate on the 2015 Term Loan or (ii) provide a Euro-equivalent $261 million senior secured term loan that matures on November 1, 2019 directly to CME, with an 8.5% interest rate (the “Time Warner Loan”). The guarantee fee or interest payments, as applicable, will be paid to Time Warner in cash or in kind at CME’s option. Not later than the maturity of the 2015 Term Loan or the Time Warner Loan, as applicable, Time Warner also will earn a commitment fee of $9 million , which will accrue interest at 8.5% from the date of the 2015 Term Loan or Time Warner Loan, as applicable, until paid.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS A fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). The following table presents information about assets and liabilities required to be carried at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , respectively (millions): June 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Trading securities: Diversified equity securities (a) $ 187 $ — $ — $ 187 $ 232 $ 5 $ — $ 237 Available-for-sale securities: Equity securities 23 — — 23 19 — — 19 Debt securities — 89 — 89 — 60 — 60 Derivatives: Foreign exchange contracts — 67 — 67 — 61 — 61 Other — — 139 139 — — 247 247 Liabilities: Derivatives: Foreign exchange contracts — — — — — (3 ) — (3 ) Other — — (7 ) (7 ) — — (6 ) (6 ) Total $ 210 $ 156 $ 132 $ 498 $ 251 $ 123 $ 241 $ 615 _________________________ (a) Consists of investments related to deferred compensation. The Company primarily applies the market approach for valuing recurring fair value measurements. As of June 30, 2015 , assets and liabilities valued using significant unobservable inputs (Level 3) primarily related to a $137 million asset related to warrants to purchase shares of Class A common stock of CME. The Company estimates the fair value of these warrants using a Monte Carlo Simulation model. Significant unobservable inputs used in the fair value measurement at June 30, 2015 are an expected term of 2.07 years and an expected volatility of approximately 80% . As of both June 30, 2015 and 2014 , the other Level 3 assets and liabilities consisted of assets related to equity instruments held by employees of a former subsidiary of the Company, liabilities for contingent consideration and options to redeem securities. The following table reconciles the beginning and ending balances of net derivative assets and liabilities classified as Level 3 and identifies the total gains (losses) the Company recognized during the six months ended June 30, 2015 and 2014 on such assets and liabilities that were included in the Consolidated Balance Sheet as of June 30, 2015 and 2014 (millions): June 30, 2015 June 30, 2014 Balance as of the beginning of the period $ 241 $ 1 Total losses, net: Included in operating income (1 ) — Included in other income (loss), net (106 ) (2 ) Included in other comprehensive loss — — Purchases — 213 Settlements (2 ) (15 ) Issuances — 16 Transfers in and/or out of Level 3 — — Balance as of the end of the period $ 132 $ 213 Net loss for the period included in net income related to assets and liabilities still held as of the end of the period $ (107 ) $ (1 ) Other Financial Instruments The Company’s other financial instruments, including debt, are not required to be carried at fair value. Based on the interest rates prevailing at June 30, 2015 , the fair value of Time Warner’s debt exceeded its carrying value by approximately $2.874 billion and, based on interest rates prevailing at December 31, 2014 , the fair value of Time Warner’s debt exceeded its carrying value by approximately $4.251 billion . The fair value of Time Warner’s debt was considered a Level 2 measurement as it was based on observable market inputs such as current interest rates and, where available, actual sales transactions. Unrealized gains or losses on debt do not result in the realization or expenditure of cash and generally are not recognized in the consolidated financial statements unless the debt is retired prior to its maturity. Information as of June 30, 2015 about the Company’s investments in CME that are not required to be carried at fair value on a recurring basis is as follows (millions): Carrying Value Fair Value Fair Value Hierarchy Class A common stock (a) $ — $ 158 Level 1 Series B convertible redeemable preferred shares $ — $ 209 Level 2 Senior secured notes $ 199 $ 401 Level 2 _________________________ (a) Includes one share of Series A convertible preferred stock. The fair values of the Company’s investments in CME’s Class A common stock (including Series A convertible preferred stock) and Series B convertible redeemable preferred shares are primarily determined by reference to the June 30, 2015 closing price of CME’s common stock. The fair value of the Company’s investment in CME’s Senior Secured Notes is primarily determined by reference to observable sales transactions. The carrying value for the majority of the Company’s other financial instruments approximates fair value due to the short-term nature of the financial instruments or because the financial instruments are of a longer-term nature and are recorded on a discounted basis. Non-Financial Instruments The majority of the Company’s non-financial instruments, which include goodwill, intangible assets, inventories and property, plant and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or at least annually for goodwill and indefinite-lived intangible assets), a non-financial instrument is required to be evaluated for impairment. If the Company determines that the non-financial instrument is impaired, the Company would be required to write down the non-financial instrument to its fair value. During the three and six months ended June 30, 2014, the Company performed impairment reviews of certain intangible assets at international subsidiaries of Turner and Home Box Office. As a result, during the three and six months ended June 30, 2014, the Company recorded noncash impairments of $5 million to write down the value of these assets to $7 million . The resulting fair value measurements were considered to be Level 3 measurements and were determined using a discounted cash flow (“DCF”) methodology with assumptions for cash flows associated with the use and eventual disposition of the assets. During the three and six months ended June 30, 2015 and June 30, 2014 , the Company also performed fair value measurements related to certain theatrical films and television programs. In determining the fair value of its theatrical films, the Company employs a DCF methodology that includes cash flow estimates of a film’s ultimate revenue and costs as well as a discount rate. The discount rate utilized in the DCF analysis is based on the weighted average cost of capital of the respective business (e.g., Warner Bros.) plus a risk premium representing the risk associated with producing a particular theatrical film. The fair value of any theatrical films and television programs that management plans to abandon is zero . Because the primary determination of fair value is determined using a DCF model, the resulting fair value is considered a Level 3 measurement. The following table presents certain theatrical film and television production costs, which were recorded as inventory in the Consolidated Balance Sheet, that were written down to fair value (millions): Carrying value before writedown Carrying value after writedown Fair value measurements made during the three months ended June 30,: 2015 $ 112 $ 73 2014 $ 4 $ — Fair value measurements made during the six months ended June 30,: 2015 $ 288 $ 210 2014 $ 188 $ 140

Inventories and Theatrical Film

Inventories and Theatrical Film and Television Production Costs	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
INVENTORIES AND THEATRICAL FILM AND TELEVISION PRODUCTION COSTS	INVENTORIES AND THEATRICAL FILM AND TELEVISION PRODUCTION COSTS Inventories and theatrical film and television production costs consist of (millions): June 30, 2015 December 31, Inventories: Programming costs, less amortization $ 3,028 $ 3,251 Other inventory, primarily DVDs and Blu-ray Discs 250 228 Total inventories 3,278 3,479 Less: current portion of inventory (1,640 ) (1,700 ) Total noncurrent inventories 1,638 1,779 Theatrical film production costs: (a) Released, less amortization 594 641 Completed and not released 308 379 In production 1,175 1,266 Development and pre-production 132 105 Television production costs: (a) Released, less amortization 1,614 1,251 Completed and not released 244 521 In production 871 889 Development and pre-production 21 10 Total theatrical film and television production costs 4,959 5,062 Total noncurrent inventories and theatrical film and television production costs $ 6,597 $ 6,841 _________________________ (a) Does not include $730 million and $797 million of acquired film library intangible assets as of June 30, 2015 and December 31, 2014 , respectively, which are included in Intangible assets subject to amortization, net in the Consolidated Balance Sheet.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS Time Warner uses derivative instruments, primarily forward contracts, to manage the risk associated with the volatility of future cash flows denominated in foreign currencies and changes in fair value resulting from changes in foreign currency exchange rates. The principal currencies being hedged include the British Pound, Euro, Australian Dollar and Canadian Dollar. Time Warner uses foreign exchange contracts that generally have maturities of three to 18 months to hedge various foreign exchange exposures, including the following: (i) variability in foreign-currency-denominated cash flows, such as the hedges of unremitted or forecasted royalty and license fees owed to Time Warner’s domestic companies for the sale or anticipated sale of U.S. copyrighted products abroad or cash flows for certain film production costs denominated in a foreign currency (i.e., cash flow hedges), and (ii) currency risk associated with foreign-currency-denominated operating assets and liabilities (i.e., fair value hedges). The Company also enters into derivative contracts that economically hedge certain of its foreign currency risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. These economic hedges are used primarily to offset the change in certain foreign currency denominated long-term receivables and certain foreign-currency-denominated debt due to changes in the underlying foreign exchange rates. Net gains and losses from hedging activities recognized in the Consolidated Statement of Operations were as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Gains (losses) recognized in: Costs of revenues $ (15 ) $ (11 ) $ 51 $ (11 ) Selling, general and administrative 3 1 9 3 Other income (loss), net (4 ) (5 ) (10 ) (9 ) Included in Other loss, net is the impact of hedge ineffectiveness and forward points and option premiums, which are excluded from the assessment of hedge effectiveness. Such amounts were not material. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions and has entered into collateral agreements with certain of these counterparties to further protect the Company in the event of deterioration of the credit quality of such counterparties on outstanding transactions. Additionally, netting provisions are included in agreements in situations where the Company executes multiple contracts with the same counterparty. For such foreign exchange contracts, the Company offsets the fair values of the amounts owed to or due from the same counterparty and classifies the net amount as a net asset or net liability within Prepaid expenses and other current assets or Accounts payable and accrued liabilities, respectively, in the Consolidated Balance Sheet. The following is a summary of amounts recorded in the Consolidated Balance Sheet pertaining to Time Warner’s use of foreign currency derivatives at June 30, 2015 and December 31, 2014 (millions): June 30, 2015 (a) December 31, Prepaid expenses and other current assets $ 67 $ 61 Accounts payable and accrued liabilities — (3 ) ________________________ (a) Includes $183 million ( $149 million of qualifying hedges and $34 million of economic hedges) and $116 million ( $102 million of qualifying hedges and $14 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively. (b) Includes $139 million ( $92 million of qualifying hedges and $47 million of economic hedges) and $81 million ( $65 million of qualifying hedges and $16 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively. At June 30, 2015 and December 31, 2014 , $8 million and $20 million , respectively, of gains related to cash flow hedges are recorded in Accumulated other comprehensive loss, net and are expected to be recognized in earnings at the same time the hedged items affect earnings. Included in Accumulated other comprehensive loss, net at June 30, 2015 and December 31, 2014 are net gains of $12 million and net losses of $5 million , respectively, related to hedges of cash flows associated with films that are not expected to be released within the next twelve months.

Long Term Debt and Other Financ

Long Term Debt and Other Financing Arrangements	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
LONG TERM DEBT AND OTHER FINANCING ARRANGEMENTS	LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS Debt Offering and Tender Offer On June 4, 2015, Time Warner issued $2.1 billion aggregate principal amount of debt securities under a shelf registration statement, consisting of $1.5 billion aggregate principal amount of 3.60% Notes due 2025 and $600 million aggregate principal amount of 4.85% Debentures due 2045 (the “June 2015 Debt Offering”). The securities issued in the June 2015 Debt Offering are guaranteed, on an unsecured basis, by Historic TW. In addition, Turner and Home Box Office guarantee, on an unsecured basis, Historic TW’s guarantee of the securities. The net proceeds to the Company from the June 2015 Debt Offering were $2.083 billion , after deducting underwriting discounts and offering expenses. The Company used a portion of the net proceeds from the June 2015 Debt Offering to retire at maturity the $1.0 billion aggregate principal amount outstanding of its 3.15% Notes due July 15, 2015. The remainder of the net proceeds will be used for general corporate purposes, including share repurchases. In June 2015, Time Warner purchased $687 million aggregate principal amount of the $1.0 billion aggregate principal amount outstanding of its 5.875% Notes due 2016 (the “2016 Notes”) through a tender offer. The premiums paid and costs incurred in connection with the purchase of the 2016 Notes were $51 million and recorded in Other income (loss), net in the Consolidated Statement of Operations.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS’ EQUITY Common Stock Repurchase Program In January 2014, Time Warner’s Board of Directors authorized up to $5.0 billion of share repurchases beginning January 1, 2014, including amounts available under the Company’s prior stock repurchase program as of December 31, 2013. In June 2014, Time Warner’s Board of Directors authorized an additional $5.0 billion of share repurchases. Purchases under the stock repurchase program may be made from time to time on the open market and in privately negotiated transactions. The size and timing of these purchases are based on a number of factors, including price and business and market conditions. From January 1, 2015 through June 30, 2015 , the Company repurchased approximately 21 million shares of common stock for approximately $1.800 billion pursuant to trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. As of June 30, 2015 , $2.700 billion remained under the stock repurchase program. Comprehensive Income (Loss) Comprehensive income (loss) is reported in the Consolidated Statement of Comprehensive Income and consists of Net income and other gains and losses affecting shareholders’ equity that, under GAAP, are excluded from Net income. For Time Warner, such items consist primarily of foreign currency translation gains (losses), unrealized gains and losses on certain derivative financial instruments and equity securities, and changes in benefit plan obligations. The following summary sets forth the activity within Other comprehensive loss (millions): Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Pretax Tax (provision) benefit Net of tax Pretax Tax (provision) benefit Net of tax Unrealized losses on foreign currency translation $ (48 ) $ 6 $ (42 ) $ (262 ) $ 18 $ (244 ) Reclassification adjustment for losses on foreign currency translation realized in net income (a) — — — 5 — 5 Unrealized gains on securities 1 — 1 7 (2 ) 5 Unrealized losses on benefit obligations (12 ) 3 (9 ) (3 ) 2 (1 ) Reclassification adjustment for losses on benefit obligations realized in net income (c) 9 (4 ) 5 17 (6 ) 11 Unrealized gains (losses) on derivative financial instruments (69 ) 24 (45 ) 28 (10 ) 18 Reclassification adjustment for (gains) losses on derivative financial instruments realized in net income (d) 2 (1 ) 1 (40 ) 14 (26 ) Other comprehensive loss $ (117 ) $ 28 $ (89 ) $ (248 ) $ 16 $ (232 ) Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Pretax Tax (provision) benefit Net of tax Pretax Tax (provision) benefit Net of tax Unrealized gains (losses) on foreign currency translation $ 4 $ (2 ) $ 2 $ (12 ) $ (6 ) $ (18 ) Unrealized losses on securities (4 ) 2 (2 ) (9 ) 4 (5 ) Reclassification adjustment for gains on securities realized in net income (b) (8 ) 3 (5 ) (8 ) 3 (5 ) Unrealized losses on benefit obligations (44 ) 13 (31 ) (52 ) 15 (37 ) Reclassification adjustment for losses on benefit obligations realized in net income (c) 10 (4 ) 6 17 (6 ) 11 Unrealized losses on derivative financial instruments (11 ) 4 (7 ) (1 ) — (1 ) Reclassification adjustment for (gains) losses on derivative financial instruments realized in net income (d) 6 (2 ) 4 (1 ) — (1 ) Other comprehensive loss $ (47 ) $ 14 $ (33 ) $ (66 ) $ 10 $ (56 ) _________________________ (a) Pretax (gains) losses included in Gain (loss) on operating assets, net. (b) Pretax (gains) losses included in Other income (loss), net. (c) Pretax (gains) losses included in Selling, general and administrative expenses. (d) Pretax (gains) losses included in Selling, general and administrative expenses and Costs of revenues are as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Selling, general and administrative expenses $ (3 ) $ (1 ) $ (9 ) $ (3 ) Costs of revenues 5 7 (31 ) 2

Income Per Common Share

Income Per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
INCOME PER COMMON SHARE	INCOME PER COMMON SHARE Set forth below is a reconciliation of Basic and Diluted income per common share from continuing operations (millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income from continuing operations $ 971 $ 843 $ 1,904 $ 2,208 Income allocated to participating securities (3 ) (4 ) (5 ) (7 ) Income from continuing operations — basic $ 968 $ 839 $ 1,899 $ 2,201 Average basic common shares outstanding 821.6 874.8 825.5 882.9 Dilutive effect of equity awards 14.7 19.4 15.6 19.5 Average diluted common shares outstanding 836.3 894.2 841.1 902.4 Antidilutive common share equivalents excluded from computation 4 1 4 1 Income per common share from continuing operations: Basic $ 1.18 $ 0.96 $ 2.30 $ 2.49 Diluted $ 1.16 $ 0.94 $ 2.26 $ 2.45

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION The table below summarizes the weighted-average assumptions used to value stock options at their grant date and the weighted-average grant date fair value per share: Six Months Ended June 30, 2015 2014 Expected volatility 25.1 % 28.0 % Expected term to exercise from grant date 5.80 years 5.92 years Risk-free rate 1.8 % 1.9 % Expected dividend yield 1.7 % 1.9 % Weighted average grant date fair value per option $ 18.38 $ 15.61 The following table sets forth the weighted-average grant date fair value of restricted stock units (“RSUs”) and target performance stock units (“PSUs”) granted during the period. For PSUs, the Company applies mark-to-market accounting that is reflected in the grant date fair values presented because for accounting purposes, the service inception date is deemed to precede the grant date for accounting purposes: Six Months Ended June 30, 2015 2014 RSUs $ 83.91 $ 65.33 PSUs 93.88 97.11 The following table sets forth the number of stock options, RSUs and target PSUs granted (millions): Six Months Ended June 30, 2015 2014 Stock options 3.0 1.0 RSUs 2.0 2.6 PSUs 0.1 0.2 Compensation expense recognized for equity-based awards is as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 RSUs and PSUs $ 37 $ 33 $ 110 $ 107 Stock options 8 4 25 19 Total impact on operating income $ 45 $ 37 $ 135 $ 126 Tax benefit recognized $ 16 $ 12 $ 48 $ 45 Total unrecognized compensation cost related to unvested RSUs and target PSUs as of June 30, 2015 , without taking into account expected forfeitures, is $244 million and is expected to be recognized over a weighted-average period between one and two years . Total unrecognized compensation cost related to unvested stock option awards as of June 30, 2015 , without taking into account expected forfeitures, is $78 million and is expected to be recognized over a weighted-average period between one and two years .

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
BENEFIT PLANS	BENEFIT PLANS Components of Net Periodic Benefit Costs A summary of the components of the net periodic benefit costs from continuing operations recognized for substantially all of Time Warner’s defined benefit pension plans for the three and six months ended June 30, 2015 and 2014 is as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost $ 1 $ — $ 2 $ 1 Interest cost 21 27 42 49 Expected return on plan assets (23 ) (27 ) (46 ) (50 ) Amortization of net loss 4 4 9 7 Net periodic benefit costs (a) $ 3 $ 4 $ 7 $ 7 Contributions $ 9 $ 9 $ 16 $ 17 _________________________ (a) Excludes net periodic benefit costs related to discontinued operations of $2 million and $3 million during the three and six months ended June 30, 2015 , respectively, and $1 million during the six months ended June 30, 2014 .

Restructuring and Severance Cos

Restructuring and Severance Costs	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND SEVERANCE COSTS	RESTRUCTURING AND SEVERANCE COSTS The Company’s Restructuring and severance costs primarily related to employee termination costs, ranging from senior executives to line personnel, and other exit costs, including lease terminations and real estate consolidations. Restructuring and severance costs expensed as incurred for the three and six months ended June 30, 2015 and 2014 are as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Turner $ 10 $ 12 $ 18 $ 24 Home Box Office 4 1 5 9 Warner Bros. (1 ) 3 2 5 Corporate (3 ) 1 (3 ) 5 Total restructuring and severance costs $ 10 $ 17 $ 22 $ 43 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 2015 activity $ 13 $ — $ 22 $ — 2014 and prior activity (3 ) 17 — 43 Total restructuring and severance costs $ 10 $ 17 $ 22 $ 43 Selected information relating to accrued restructuring and severance costs is as follows (millions): Employee Terminations Other Exit Costs Total Remaining liability as of December 31, 2014 $ 525 $ 9 $ 534 Net accruals 12 10 22 Foreign currency translation adjustment (3 ) — (3 ) Cash paid (198 ) (4 ) (202 ) Remaining liability as of June 30, 2015 $ 336 $ 15 $ 351 As of June 30, 2015 , of the remaining $351 million liability, $273 million was classified as a current liability in the Consolidated Balance Sheet, with the remaining $78 million classified as a long-term liability. Amounts classified as long-term are expected to be paid through 2018.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Time Warner classifies its operations into three reportable segments: Turner : consisting principally of cable networks and digital media properties; Home Box Office : consisting principally of premium pay television services domestically and premium pay and basic tier television services internationally; and Warner Bros. : consisting principally of television, feature film, home video and videogame production and distribution. Time Warner’s reportable segments have been determined in accordance with its internal management structure and the financial information that is evaluated regularly by the Company’s chief operating decision maker. In the ordinary course of business, Time Warner’s reportable segments enter into transactions with one another. The most common types of intersegment transactions include the Warner Bros. segment generating revenues by licensing television and theatrical programming to the Turner and Home Box Office segments. These intersegment transactions are recorded by each segment at estimated fair value as if the transactions were with third parties and, therefore, affect segment performance. While intersegment transactions are treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses or assets recognized by the segment that is the counterparty to the transaction) are eliminated in consolidation and, therefore, do not affect consolidated results. Information as to the Revenues, intersegment revenues, Operating Income (Loss) and Assets of Time Warner’s reportable segments is set forth below (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues Turner $ 2,827 $ 2,750 $ 5,537 $ 5,343 Home Box Office 1,438 1,417 2,836 2,756 Warner Bros. 3,298 2,870 6,497 5,936 Intersegment eliminations (215 ) (249 ) (395 ) (444 ) Total revenues $ 7,348 $ 6,788 $ 14,475 $ 13,591 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Intersegment Revenues Turner $ 34 $ 37 $ 58 $ 57 Home Box Office 11 10 18 19 Warner Bros. 170 202 319 368 Total intersegment revenues $ 215 $ 249 $ 395 $ 444 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Operating Income (Loss) Turner $ 1,130 $ 929 $ 2,238 $ 1,829 Home Box Office 508 548 966 1,012 Warner Bros. 341 234 665 603 Corporate (89 ) (137 ) (193 ) 172 Intersegment eliminations (31 ) (7 ) (31 ) (1 ) Total operating income $ 1,859 $ 1,567 $ 3,645 $ 3,615 June 30, 2015 December 31, Assets Turner $ 25,481 $ 25,271 Home Box Office 14,085 13,869 Warner Bros. 20,223 20,559 Corporate 3,636 3,560 Total assets $ 63,425 $ 63,259

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Commitments Six Flags In connection with the Company’s former investment in the Six Flags theme parks located in Georgia and Texas (collectively, the “Parks”), in 1997, certain subsidiaries of the Company (including Historic TW and, in connection with the separation of Time Warner Cable Inc. in 2009, Warner Bros. Entertainment Inc.) agreed to guarantee (the “Six Flags Guarantee”) certain obligations of the partnerships that hold the Parks (the “Partnerships”) for the benefit of the limited partners in such Partnerships, including: annual payments made at the Parks or to the limited partners and additional obligations at the end of the respective terms for the Partnerships in 2027 and 2028 (the “Guaranteed Obligations”). The aggregate undiscounted estimated future cash flow requirements covered by the Six Flags Guarantee over the remaining term (through 2028) are $914 million (for a net present value of $426 million ). To date, no payments have been made by the Company pursuant to the Six Flags Guarantee. Six Flags Entertainment Corporation (formerly known as Six Flags, Inc. and Premier Parks Inc.) (“Six Flags”), which has the controlling interest in the Parks, has agreed, pursuant to a subordinated indemnity agreement (the “Subordinated Indemnity Agreement”), to guarantee the performance of the Guaranteed Obligations when due and to indemnify Historic TW, among others, if the Six Flags Guarantee is called upon. If Six Flags defaults in its indemnification obligations, Historic TW has the right to acquire control of the managing partner of the Parks. Six Flags’ obligations to Historic TW are further secured by its interest in all limited partnership units held by Six Flags. Because the Six Flags Guarantee existed prior to December 31, 2002 and no modifications to the arrangements have been made since the date the guarantee came into existence, the Company is required to continue to account for the Guaranteed Obligations as a contingent liability. Based on its evaluation of the current facts and circumstances surrounding the Guaranteed Obligations and the Subordinated Indemnity Agreement, the Company is unable to predict the loss, if any, that may be incurred under the Guaranteed Obligations, and no liability for the arrangements has been recognized at June 30, 2015 . Because of the specific circumstances surrounding the arrangements and the fact that no active or observable market exists for this type of financial guarantee, the Company is unable to determine a current fair value for the Guaranteed Obligations and related Subordinated Indemnity Agreement. Contingencies In the ordinary course of business, the Company and its subsidiaries are defendants in or parties to various legal claims, actions and proceedings. These claims, actions and proceedings are at varying stages of investigation, arbitration or adjudication, and involve a variety of areas of law. On April 4, 2007, the National Labor Relations Board (“NLRB”) issued a complaint against CNN America Inc. (“CNN America”) and Team Video Services, LLC (“Team Video”) related to CNN America’s December 2003 and January 2004 terminations of its contractual relationships with Team Video, under which Team Video had provided electronic newsgathering services in Washington, DC and New York, NY. The National Association of Broadcast Employees and Technicians, under which Team Video’s employees were unionized, initially filed charges of unfair labor practices with the NLRB in February 2004, alleging that CNN America and Team Video were joint employers, that CNN America was a successor employer to Team Video, and/or that CNN America discriminated in its hiring practices to avoid becoming a successor employer or due to specific individuals’ union affiliation or activities. In the complaint, the NLRB sought, among other things, the reinstatement of certain union members and monetary damages. On November 19, 2008, the presiding NLRB Administrative Law Judge (“ALJ”) issued a non-binding recommended decision and order finding CNN America liable. On September 15, 2014, a three-member panel of the NLRB affirmed the ALJ’s decision and adopted the ALJ’s order with certain modifications. On September 16, 2014, CNN America filed a notice of appeal with the U.S. Court of Appeals for the D.C. Circuit. On November 12, 2014, both CNN America and the NLRB General Counsel filed motions with the NLRB for reconsideration of the panel’s decision. On December 17, 2014, CNN America’s appeal to the U.S. Court of Appeals was placed on hold pending resolution of the motions for reconsideration. On March 20, 2015, the NLRB granted the NLRB General Counsel’s motion for reconsideration to correct certain inadvertent errors in the panel’s decision, and it denied CNN America’s motion for reconsideration. On July 9, 2015, CNN America filed a notice of appeal with the U.S. Court of Appeals for the D.C. Circuit regarding the panel’s decision and the denial of CNN America’s motion for reconsideration, which notice of appeal supersedes CNN America’s earlier notice of appeal. In April 2013, the Internal Revenue Service (the “IRS”) Appeals Division issued a notice of deficiency to the Company relating to the appropriate tax characterization of stock warrants received from Google Inc. in 2002. On May 6, 2013, the Company filed a petition with the United States Tax Court seeking a redetermination of the deficiency set forth in the notice. The Company’s petition asserts that the IRS erred in determining that the stock warrants were taxable upon exercise (in 2004) rather than at the date of grant based on, among other things, a misapplication of Section 83 of the Internal Revenue Code. In December 2014, the Company reached a preliminary agreement with the IRS to resolve the issues raised in the notice of deficiency. Final resolution of these issues is subject to agreement regarding certain necessary computations and the preparation and execution of definitive documentation. The Company establishes an accrued liability for legal claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. For matters disclosed above for which a loss is probable or reasonably possible, the Company has estimated a range of possible loss. The Company believes the estimate of the aggregate range of possible loss for such matters in excess of accrued liabilities is between $0 and $130 million at June 30, 2015 . The estimated aggregate range of possible loss is subject to significant judgment and a variety of assumptions. The matters represented in the estimated aggregate range of possible loss will change from time to time and actual results may vary significantly from the current estimate. In view of the inherent difficulty of predicting the outcome of litigation and claims, the Company often cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each pending matter may be. An adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. Income Tax Uncertainties During the six months ended June 30, 2015 , the Company recorded net decreases to income tax reserves of approximately $54 million , of which approximately $12 million impacted the Company’s effective tax rate. During the six months ended June 30, 2015 , the Company recorded net increases to interest reserves related to the income tax reserves of approximately $29 million . In the Company’s judgment, uncertainties related to certain tax matters are reasonably possible of being resolved during the next twelve months. The effect of such resolution, which could vary based on the final terms and timing of actual settlements with taxing authorities, is estimated to be a reduction of recorded unrecognized tax benefits ranging from $0 to $80 million , most of which would decrease the Company’s effective tax rate.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has entered into certain transactions in the ordinary course of business with unconsolidated investees accounted for under the equity method of accounting. These transactions have been executed on terms comparable to the terms of transactions with unrelated third parties. The transactions that generate revenue and expenses primarily relate to the licensing by the Warner Bros. segment of television programming to The CW broadcast network and certain international networks, including networks owned by CME. Transactions that generate interest income and other, net relate to financing transactions with CME. Amounts included in the consolidated financial statements resulting from transactions with related parties consist of (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ 89 $ 108 $ 223 $ 224 Expenses — (2 ) (2 ) (4 ) Interest income 31 19 60 19 Other income, net 4 4 8 8

Additional Financial Informatio

Additional Financial Information	6 Months Ended
	Jun. 30, 2015
Additional Financial Information [Abstract]
ADDITIONAL FINANCIAL INFORMATION	ADDITIONAL FINANCIAL INFORMATION Additional financial information with respect to cash payments and receipts, Interest expense, net, Other income (loss), net, Accounts payable and accrued liabilities and Other noncurrent liabilities is as follows (millions): Six Months Ended June 30, 2015 2014 Cash Flows Cash payments made for interest $ (649 ) $ (629 ) Interest income received 22 39 Cash interest payments, net $ (627 ) $ (590 ) Cash payments made for income taxes $ (737 ) $ (990 ) Income tax refunds received 82 40 Cash tax payments, net $ (655 ) $ (950 ) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Interest Expense, Net Interest income $ 58 $ 38 $ 109 $ 100 Interest expense (344 ) (334 ) (689 ) (661 ) Total interest expense, net $ (286 ) $ (296 ) $ (580 ) $ (561 ) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Other Income (Loss), Net Investment gains (losses), net $ (26 ) $ 26 $ (85 ) $ 21 Loss on equity method investees (46 ) (21 ) (95 ) (20 ) Premiums paid and costs incurred on debt redemption (51 ) — (51 ) — Other (2 ) 1 (11 ) (6 ) Total other income (loss), net $ (125 ) $ 6 $ (242 ) $ (5 ) June 30, 2015 December 31, Accounts Payable and Accrued Liabilities Accounts payable $ 623 $ 574 Accrued expenses 1,774 2,173 Participations payable 2,711 2,551 Programming costs payable 764 722 Accrued compensation 743 1,034 Accrued interest 300 303 Accrued income taxes 144 150 Total accounts payable and accrued liabilities $ 7,059 $ 7,507 June 30, 2015 December 31, Other Noncurrent Liabilities Noncurrent tax and interest reserves $ 1,569 $ 1,520 Participations payable 1,119 1,076 Programming costs payable 848 959 Noncurrent pension and post-retirement liabilities 909 928 Deferred compensation 446 491 Other noncurrent liabilities 617 710 Total other noncurrent liabilities $ 5,508 $ 5,684 Accounting for Collaborative Arrangements The Company’s collaborative arrangements primarily relate to arrangements entered into with third parties to jointly finance and distribute theatrical productions and the arrangement entered into with CBS Broadcasting, Inc. (“CBS”) and The National Collegiate Athletic Association (the “NCAA”) that provides Turner and CBS with exclusive television, Internet and wireless rights to the NCAA Division I Men’s Basketball Championship events (the “NCAA Tournament”) in the United States and its territories and possessions through 2024. For the Company’s collaborative arrangements entered into with third parties to jointly finance and distribute theatrical productions, net participation costs of $121 million and $187 million were recorded in Costs of revenues for the three months ended June 30, 2015 and 2014 , respectively, and $ 248 million and $ 305 million were recorded in Costs of revenues for the six months ended June 30, 2015 and 2014 , respectively. The aggregate programming rights fee, production costs, advertising revenues and sponsorship revenues related to the NCAA Tournament and related programming are shared equally by Turner and CBS. However, if the amount paid for the programming rights fee and production costs, in any given year, exceeds advertising and sponsorship revenues for that year, CBS’ share of such shortfall is limited to specified annual amounts, ranging from approximately $90 million to $30 million .

Supplementary Information - Con

Supplementary Information - Condensed Consolidating Financial Statements	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Financial Information of Parent Company Only Disclosure [Text Block]	Overview Set forth below are condensed consolidating financial statements presenting the financial position, results of operations and cash flows of (i) Time Warner Inc. (the “Parent Company”), (ii) Historic TW Inc. (in its own capacity and as successor by merger to Time Warner Companies, Inc.), Home Box Office, Inc., and Turner Broadcasting System, Inc., each a wholly owned subsidiary of the Parent Company (collectively, the “Guarantor Subsidiaries”), on a combined basis, (iii) the direct and indirect non-guarantor subsidiaries of the Parent Company (the “Non-Guarantor Subsidiaries”), on a combined basis, and (iv) the eliminations necessary to arrive at the information for Time Warner Inc. on a consolidated basis. The Guarantor Subsidiaries fully and unconditionally, jointly and severally guarantee securities issued under certain of the Company’s indentures on an unsecured basis. There are no legal or regulatory restrictions on the Parent Company’s ability to obtain funds from any of its wholly owned subsidiaries through dividends, loans or advances. Basis of Presentation In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) the Parent Company’s interests in the Guarantor Subsidiaries and (ii) the Guarantor Subsidiaries’ interests in the Non-Guarantor Subsidiaries, where applicable, even though all such subsidiaries meet the requirements to be consolidated under U.S. generally accepted accounting principles. All intercompany balances and transactions between the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries have been eliminated, as shown in the column “Eliminations.” The Parent Company’s accounting bases in all subsidiaries, including goodwill and identified intangible assets, have been “pushed down” to the applicable subsidiaries. Corporate overhead expenses have been reflected as expenses of the Parent Company and have not been allocated to the Guarantor Subsidiaries or the Non-Guarantor Subsidiaries. Interest income (expense) is determined based on outstanding debt and the relevant intercompany amounts at the respective subsidiary. All direct and indirect domestic subsidiaries are included in Time Warner Inc.’s consolidated U.S. tax return. In the condensed consolidating financial statements, tax (provision) benefit has been allocated based on each such subsidiary’s relative pretax income to the consolidated pretax income. With respect to the use of certain consolidated tax attributes (principally operating and capital loss carryforwards), such benefits have been allocated to the respective subsidiary that generated the taxable income permitting such use (i.e., pro-rata based on where the income was generated). For example, to the extent a Non-Guarantor Subsidiary generated a gain on the sale of a business for which the Parent Company utilized tax attributes to offset such gain, the tax attribute benefit would be allocated to that Non-Guarantor Subsidiary. Deferred taxes of the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries have been determined based on the temporary differences between the book and tax basis of the respective assets and liabilities of the applicable entities. Certain transfers of cash between subsidiaries and their parent companies and intercompany dividends are reflected as cash flows from investing and financing activities in the accompanying Condensed Consolidating Statements of Cash Flows. All other intercompany activity is reflected in cash flows from operations. Management believes that the allocations and adjustments noted above are reasonable. However, such allocations and adjustments may not be indicative of the actual amounts that would have been incurred had the Parent Company, Guarantor Subsidiaries and Non-Guarantor Subsidiaries operated independently. Consolidating Balance Sheet June 30, 2015 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated ASSETS Current assets Cash and equivalents $ 2,044 $ 109 $ 969 $ — $ 3,122 Receivables, net 20 1,063 6,936 (15 ) 8,004 Inventories — 456 1,187 (3 ) 1,640 Deferred income taxes 184 42 7 (49 ) 184 Prepaid expenses and other current assets 263 70 527 — 860 Total current assets 2,511 1,740 9,626 (67 ) 13,810 Noncurrent inventories and theatrical film and television production costs — 1,896 4,775 (74 ) 6,597 Investments in amounts due to and from consolidated subsidiaries 44,835 10,798 12,578 (68,211 ) — Investments, including available-for-sale securities 195 408 1,531 (2 ) 2,132 Property, plant and equipment, net 79 369 2,119 — 2,567 Intangible assets subject to amortization, net — — 1,036 — 1,036 Intangible assets not subject to amortization — 2,007 5,023 — 7,030 Goodwill — 9,880 17,695 — 27,575 Other assets 428 165 2,085 — 2,678 Total assets $ 48,048 $ 27,263 $ 56,468 $ (68,354 ) $ 63,425 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities $ 619 $ 868 $ 5,640 $ (68 ) $ 7,059 Deferred revenue — 53 589 (19 ) 623 Debt due within one year 1,345 160 8 — 1,513 Total current liabilities 1,964 1,081 6,237 (87 ) 9,195 Long-term debt 18,176 3,870 235 — 22,281 Deferred income taxes 2,109 2,325 1,775 (4,100 ) 2,109 Deferred revenue — 4 321 (18 ) 307 Other noncurrent liabilities 1,774 1,797 3,041 (1,104 ) 5,508 Equity Due to (from) Time Warner Inc. and subsidiaries — (45,896 ) 5,388 40,508 — Other shareholders’ equity 24,025 64,082 39,471 (103,553 ) 24,025 Total equity 24,025 18,186 44,859 (63,045 ) 24,025 Total liabilities and equity $ 48,048 $ 27,263 $ 56,468 $ (68,354 ) $ 63,425 Consolidating Balance Sheet December 31, 2014 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated ASSETS Current assets Cash and equivalents $ 1,623 $ 290 $ 705 $ — $ 2,618 Receivables, net 93 996 6,638 (7 ) 7,720 Inventories — 453 1,247 — 1,700 Deferred income taxes 184 42 7 (49 ) 184 Prepaid expenses and other current assets 360 120 478 — 958 Total current assets 2,260 1,901 9,075 (56 ) 13,180 Noncurrent inventories and theatrical film and television production costs — 1,744 5,182 (85 ) 6,841 Investments in amounts due to and from consolidated subsidiaries 44,407 11,333 12,369 (68,109 ) — Investments, including available-for-sale securities 186 417 1,723 — 2,326 Property, plant and equipment, net 73 377 2,205 — 2,655 Intangible assets subject to amortization, net — — 1,141 — 1,141 Intangible assets not subject to amortization — 2,007 5,025 — 7,032 Goodwill — 9,880 17,685 — 27,565 Other assets 429 156 1,934 — 2,519 Total assets $ 47,355 $ 27,815 $ 56,339 $ (68,250 ) $ 63,259 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities $ 744 $ 953 $ 5,990 $ (180 ) $ 7,507 Deferred revenue — 57 549 (27 ) 579 Debt due within one year 1,100 9 9 — 1,118 Total current liabilities 1,844 1,019 6,548 (207 ) 9,204 Long-term debt 17,108 4,006 262 — 21,376 Deferred income taxes 2,204 2,443 1,840 (4,283 ) 2,204 Deferred revenue — 17 322 (24 ) 315 Other noncurrent liabilities 1,723 1,844 3,179 (1,062 ) 5,684 Equity Due to (from) Time Warner Inc. and subsidiaries — (43,026 ) 6,668 36,358 — Other shareholders’ equity 24,476 61,512 37,520 (99,032 ) 24,476 Total equity 24,476 18,486 44,188 (62,674 ) 24,476 Total liabilities and equity $ 47,355 $ 27,815 $ 56,339 $ (68,250 ) $ 63,259 Consolidating Statement of Operations For The Three Months Ended June 30, 2015 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 1,830 $ 5,680 $ (162 ) $ 7,348 Costs of revenues — (780 ) (3,535 ) 127 (4,188 ) Selling, general and administrative (84 ) (292 ) (903 ) 31 (1,248 ) Amortization of intangible assets — — (43 ) — (43 ) Restructuring and severance costs — (10 ) — — (10 ) Operating income (84 ) 748 1,199 (4 ) 1,859 Equity in pretax income (loss) of consolidated subsidiaries 1,848 1,199 488 (3,535 ) — Interest expense, net (247 ) (78 ) 37 2 (286 ) Other income (loss), net (69 ) 20 (73 ) (3 ) (125 ) Income from continuing operations before income taxes 1,448 1,889 1,651 (3,540 ) 1,448 Income tax provision (477 ) (592 ) (545 ) 1,137 (477 ) Net income $ 971 $ 1,297 $ 1,106 $ (2,403 ) $ 971 Comprehensive income $ 882 $ 1,308 $ 1,016 $ (2,324 ) $ 882 Consolidating Statement of Operations For The Three Months Ended June 30, 2014 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 1,788 $ 5,177 $ (177 ) $ 6,788 Costs of revenues — (786 ) (3,294 ) 155 (3,925 ) Selling, general and administrative (126 ) (215 ) (898 ) 22 (1,217 ) Amortization of intangible assets — — (50 ) — (50 ) Restructuring and severance costs (1 ) (6 ) (10 ) — (17 ) Asset impairments — — (14 ) — (14 ) Gain (loss) on operating assets, net — — 2 — 2 Operating income (127 ) 781 913 — 1,567 Equity in pretax income (loss) of consolidated subsidiaries 1,625 920 539 (3,084 ) — Interest expense, net (236 ) (77 ) 15 2 (296 ) Other income (loss), net 15 6 (14 ) (1 ) 6 Income from continuing operations before income taxes 1,277 1,630 1,453 (3,083 ) 1,277 Income tax provision (434 ) (540 ) (491 ) 1,031 (434 ) Income from continuing operations 843 1,090 962 (2,052 ) 843 Discontinued operations, net of tax 7 (2 ) 10 (8 ) 7 Net income $ 850 $ 1,088 $ 972 $ (2,060 ) 850 Comprehensive income $ 817 $ 1,062 $ 970 $ (2,032 ) 817 Consolidating Statement of Operations For The Six Months Ended June 30, 2015 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 3,632 $ 11,220 $ (377 ) $ 14,475 Costs of revenues — (1,662 ) (6,929 ) 315 (8,276 ) Selling, general and administrative (184 ) (548 ) (1,759 ) 54 (2,437 ) Amortization of intangible assets — — (91 ) — (91 ) Restructuring and severance costs — (14 ) (8 ) — (22 ) Asset impairments — — (1 ) — (1 ) Gain (loss) on operating assets, net — — (3 ) — (3 ) Operating income (184 ) 1,408 2,429 (8 ) 3,645 Equity in pretax income (loss) of consolidated subsidiaries 3,590 2,431 930 (6,951 ) — Interest expense, net (492 ) (156 ) 64 4 (580 ) Other income (loss), net (91 ) 23 (170 ) (4 ) (242 ) Income from continuing operations before income taxes 2,823 3,706 3,253 (6,959 ) 2,823 Income tax provision (919 ) (1,145 ) (1,064 ) 2,209 (919 ) Income from continuing operations 1,904 2,561 2,189 (4,750 ) 1,904 Discontinued operations, net of tax 37 37 37 (74 ) 37 Net income $ 1,941 $ 2,598 $ 2,226 $ (4,824 ) $ 1,941 Comprehensive income $ 1,709 $ 2,508 $ 1,988 $ (4,496 ) $ 1,709 Consolidating Statement of Operations For The Six Months Ended June 30, 2014 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 3,512 $ 10,446 $ (367 ) $ 13,591 Costs of revenues — (1,612 ) (6,488 ) 324 (7,776 ) Selling, general and administrative (239 ) (479 ) (1,812 ) 43 (2,487 ) Amortization of intangible assets — — (100 ) — (100 ) Restructuring and severance costs (4 ) (20 ) (19 ) — (43 ) Asset impairments (6 ) — (20 ) — (26 ) Gain (loss) on operating assets, net — — 456 — 456 Operating income (249 ) 1,401 2,463 — 3,615 Equity in pretax income (loss) of consolidated subsidiaries 3,761 2,052 997 (6,810 ) — Interest expense, net (468 ) (118 ) 21 4 (561 ) Other income (loss), net 5 15 (24 ) (1 ) (5 ) Income from continuing operations before income taxes 3,049 3,350 3,457 (6,807 ) 3,049 Income tax provision (841 ) (1,117 ) (962 ) 2,079 (841 ) Income from continuing operations 2,208 2,233 2,495 (4,728 ) 2,208 Discontinued operations, net of tax (66 ) (41 ) (63 ) 104 (66 ) Net income $ 2,142 $ 2,192 $ 2,432 $ (4,624 ) 2,142 Comprehensive income $ 2,086 $ 2,147 $ 2,380 $ (4,527 ) 2,086 Consolidating Statement of Cash Flows For The Six Months Ended June 30, 2015 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated OPERATIONS Net income $ 1,941 $ 2,598 $ 2,226 $ (4,824 ) $ 1,941 Less Discontinued operations, net of tax (37 ) (37 ) (37 ) 74 (37 ) Net income from continuing operations 1,904 2,561 2,189 (4,750 ) 1,904 Adjustments for noncash and nonoperating items: Depreciation and amortization 6 54 274 — 334 Amortization of film and television costs — 1,318 2,782 (13 ) 4,087 Asset impairments — — 1 — 1 Gain on investments and other assets, net 6 (20 ) (6 ) — (20 ) Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions (3,590 ) (2,431 ) (930 ) 6,951 — Equity in losses of investee companies, net of cash distributions (4 ) — 118 2 116 Equity-based compensation 45 38 52 — 135 Deferred income taxes (80 ) (101 ) (44 ) 145 (80 ) Changes in operating assets and liabilities, net of acquisitions 224 (314 ) (2,253 ) (2,334 ) (4,677 ) Intercompany — 1,224 (1,224 ) — — Cash provided by operations from continuing operations (1,489 ) 2,329 959 1 1,800 INVESTING ACTIVITIES Investments in available-for-sale securities (16 ) — (16 ) — (32 ) Investments and acquisitions, net of cash acquired (17 ) (1 ) (134 ) — (152 ) Capital expenditures (16 ) (29 ) (109 ) — (154 ) Advances to (from) parent and consolidated subsidiaries 2,818 344 1 (3,163 ) — Other investment proceeds 25 72 12 — 109 Cash provided (used) by investing activities from continuing operations 2,794 386 (246 ) (3,163 ) (229 ) FINANCING ACTIVITIES Borrowings 2,096 — 10 — 2,106 Debt repayments (787 ) — (17 ) — (804 ) Proceeds from exercise of stock options 121 — — — 121 Excess tax benefit from equity instruments 120 — — — 120 Principal payments on capital leases — (5 ) — — (5 ) Repurchases of common stock (1,804 ) — — — (1,804 ) Dividends paid (584 ) — — — (584 ) Other financing activities (53 ) (20 ) (144 ) — (217 ) Change in due to/from parent and investment in segment — (2,871 ) (291 ) 3,162 — Cash used by financing activities from continuing operations (891 ) (2,896 ) (442 ) 3,162 (1,067 ) Cash provided by continuing operations 414 (181 ) 271 — 504 Cash used by operations from discontinued operations 7 — (7 ) — — Cash used by discontinued operations 7 — (7 ) — — INCREASE IN CASH AND EQUIVALENTS 421 (181 ) 264 — 504 CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 1,623 290 705 — 2,618 CASH AND EQUIVALENTS AT END OF PERIOD $ 2,044 $ 109 $ 969 $ — $ 3,122 Consolidating Statement of Cash Flows For The Six Months Ended June 30, 2014 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated OPERATIONS Net income $ 2,142 $ 2,192 $ 2,432 $ (4,624 ) $ 2,142 Less Discontinued operations, net of tax 66 41 63 (104 ) 66 Net income from continuing operations 2,208 2,233 2,495 (4,728 ) 2,208 Adjustments for noncash and nonoperating items: Depreciation and amortization 9 58 301 — 368 Amortization of film and television costs — 1,280 2,655 (22 ) 3,913 Asset impairments 6 — 20 — 26 Gain on investments and other assets, net (15 ) (7 ) (455 ) — (477 ) Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions (3,761 ) (2,052 ) (997 ) 6,810 — Equity in losses of investee companies, net of cash distributions 1 (6 ) 59 — 54 Equity-based compensation 41 39 46 — 126 Deferred income taxes (312 ) (270 ) (333 ) 603 (312 ) Changes in operating assets and liabilities, net of acquisitions 359 (429 ) (1,148 ) (2,631 ) (3,849 ) Intercompany — 1,518 (1,518 ) — — Cash provided by operations from continuing operations (1,464 ) 2,364 1,125 32 2,057 INVESTING ACTIVITIES Investments in available-for-sale securities (5 ) — (23 ) — (28 ) Investments and acquisitions, net of cash acquired (19 ) (2 ) (840 ) — (861 ) Capital expenditures (18 ) (32 ) (156 ) — (206 ) Investment proceeds from available-for-sale securities 13 3 — — 16 Proceeds from Time Inc. in the Time Separation 590 — 810 — 1,400 Proceeds from the sale of Time Warner Center — — 1,264 — 1,264 Advances to (from) parent and consolidated subsidiaries 3,946 5,336 — (9,282 ) — Other investment proceeds 43 85 12 (18 ) 122 Cash provided (used) by investing activities from continuing operations 4,550 5,390 1,067 (9,300 ) 1,707 FINANCING ACTIVITIES Borrowings 2,118 — 283 — 2,401 Debt repayments — — (15 ) — (15 ) Proceeds from exercise of stock options 182 — — — 182 Excess tax benefit from equity instruments 95 — — — 95 Principal payments on capital leases — (4 ) (1 ) — (5 ) Repurchases of common stock (2,876 ) — — — (2,876 ) Dividends paid (568 ) — — — (568 ) Other financing activities 61 (40 ) (136 ) (10 ) (125 ) Change in due to/from parent and investment in segment — (7,571 ) (1,707 ) 9,278 — Cash used by financing activities from continuing operations (988 ) (7,615 ) (1,576 ) 9,268 (911 ) Cash provided by continuing operations 2,098 139 616 — 2,853 Cash used by operations from discontinued operations — — (15 ) — (15 ) Cash used by investing activities from discontinued operations 318 18 (51 ) (336 ) (51 ) Cash used by financing activities from discontinued operations — — (372 ) 336 (36 ) Effect of change in cash and equivalents of discontinued operations — — (87 ) — (87 ) Cash used by discontinued operations 318 18 (525 ) — (189 ) INCREASE IN CASH AND EQUIVALENTS 2,416 157 91 — 2,664 CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 1,039 148 629 — 1,816 CASH AND EQUIVALENTS AT END OF PERIOD $ 3,455 $ 305 $ 720 $ — $ 4,480

Description of Business and B25

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of entities in which Time Warner has a controlling interest (“subsidiaries”). Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include accounting for asset impairments, multiple-element transactions, allowances for doubtful accounts, depreciation and amortization, the determination of ultimate revenues as it relates to amortization of capitalized film and programming costs and participations and residuals, home video and videogames product returns, business combinations, pension and other postretirement benefits, equity-based compensation, income taxes, contingencies, litigation matters, reporting revenue for certain transactions on a gross versus net basis, and the determination of whether the Company should consolidate certain entities.
New Accounting Guidance	Accounting Guidance Adopted in 2015 Fair Value Measurement During the second quarter of 2015, the Company early adopted guidance that eliminated the requirement to categorize within the fair value hierarchy all investments for which net asset value per share was used as a practical expedient to measure fair value. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. Discontinued Operations In April 2014, guidance was issued that changes the requirements for reporting discontinued operations. Under this new guidance, a discontinued operation is (i) a component of an entity or group of components that has been disposed of or is classified as held for sale and represents a strategic shift that has had or will have a major effect on an entity’s operations and financial results or (ii) an acquired business that is classified as held for sale on the acquisition date. This guidance also requires expanded or new disclosures for discontinued operations, individually material disposals that do not meet the definition of a discontinued operation, an entity’s continuing involvement with a discontinued operation following disposal and retained equity method investments in a discontinued operation. This guidance became effective on a prospective basis for the Company on January 1, 2015 and did not have a material impact on the Company’s consolidated financial statements. Accounting Guidance Not Yet Adopted Revenue Recognition In May 2014, guidance was issued that establishes a new revenue recognition framework in GAAP for all companies and industries. The core principle of the guidance is that an entity should recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive for those goods or services. The guidance includes a five-step framework to determine the timing and amount of revenue to recognize related to contracts with customers. In addition, this guidance requires new or expanded disclosures related to the judgments made by companies when following this framework. Based on the current guidance, the new framework will become effective on either a full or modified retrospective basis for the Company on January 1, 2017. The Company is evaluating the impact the guidance will have on its consolidated financial statements. Consolidation In February 2015, guidance was issued that changes how companies evaluate entities for consolidation. The changes primarily relate to (i) the identification of variable interests related to fees paid to decision makers or service providers, (ii) how entities determine whether limited partnerships or similar entities are variable interest entities, (iii) how related parties and de facto agents are considered in the primary beneficiary determination, and (iv) the elimination of the presumption that a general partner controls a limited partnership. This guidance will become effective for the Company on January 1, 2016 on either a modified retrospective or full retrospective basis. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements. Debt Issuance Costs In April 2015, guidance was issued that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a deduction from the carrying amount of such debt. This guidance will become effective for the Company on January 1, 2016 on a retrospective basis. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements. Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, guidance was issued that clarifies how fees paid by a customer in a cloud computing arrangement are accounted for. The guidance provides that if a cloud computing arrangement includes a software license, the arrangement should be accounted for in a manner consistent with the acquisition of other software licenses. The guidance also provides that if a cloud computing arrangement does not include a software license, the arrangement should be accounted for as a service contract. This guidance will become effective for the Company on January 1, 2016 and the Company is currently evaluating the impact the guidance will have on its consolidated financial statements.
Long-Lived Assets	The majority of the Company’s non-financial instruments, which include goodwill, intangible assets, inventories and property, plant and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or at least annually for goodwill and indefinite-lived intangible assets), a non-financial instrument is required to be evaluated for impairment. If the Company determines that the non-financial instrument is impaired, the Company would be required to write down the non-financial instrument to its fair value.
Cost of Sales	In determining the fair value of its theatrical films, the Company employs a DCF methodology that includes cash flow estimates of a film’s ultimate revenue and costs as well as a discount rate. The discount rate utilized in the DCF analysis is based on the weighted average cost of capital of the respective business (e.g., Warner Bros.) plus a risk premium representing the risk associated with producing a particular theatrical film. The fair value of any theatrical films and television programs that management plans to abandon is zero . Because the primary determination of fair value is determined using a DCF model, the resulting fair value is considered a Level 3 measurement.
Derivatives, Offsetting Fair Value Amounts	For such foreign exchange contracts, the Company offsets the fair values of the amounts owed to or due from the same counterparty and classifies the net amount as a net asset or net liability within Prepaid expenses and other current assets or Accounts payable and accrued liabilities, respectively, in the Consolidated Balance Sheet.

Business Dispositions and Acq26

Business Dispositions and Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of Financial Data for Discontinued Operations	Financial data for discontinued operations is as follows for three and six months ended June 30, 2014 (millions, except per share amounts): Three Months Ended Six Months Ended 6/30/14 6/30/14 Total revenues $ 670 $ 1,415 Pretax income (loss) 15 (97 ) Income tax benefit (provision) (8 ) 31 Net income (loss) $ 7 $ (66 ) Per share information: Basic net income (loss) per common share $ 0.01 $ (0.07 ) Average common shares outstanding — basic 874.8 882.9 Diluted net income (loss) per common share $ 0.01 $ (0.08 ) Average common shares outstanding — diluted 894.2 902.4

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs	The following table presents information about assets and liabilities required to be carried at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , respectively (millions): June 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Trading securities: Diversified equity securities (a) $ 187 $ — $ — $ 187 $ 232 $ 5 $ — $ 237 Available-for-sale securities: Equity securities 23 — — 23 19 — — 19 Debt securities — 89 — 89 — 60 — 60 Derivatives: Foreign exchange contracts — 67 — 67 — 61 — 61 Other — — 139 139 — — 247 247 Liabilities: Derivatives: Foreign exchange contracts — — — — — (3 ) — (3 ) Other — — (7 ) (7 ) — — (6 ) (6 ) Total $ 210 $ 156 $ 132 $ 498 $ 251 $ 123 $ 241 $ 615 _________________________ (a) Consists of investments related to deferred compensation
Level 3 Asset and Liability Reconciliation	The following table reconciles the beginning and ending balances of net derivative assets and liabilities classified as Level 3 and identifies the total gains (losses) the Company recognized during the six months ended June 30, 2015 and 2014 on such assets and liabilities that were included in the Consolidated Balance Sheet as of June 30, 2015 and 2014 (millions): June 30, 2015 June 30, 2014 Balance as of the beginning of the period $ 241 $ 1 Total losses, net: Included in operating income (1 ) — Included in other income (loss), net (106 ) (2 ) Included in other comprehensive loss — — Purchases — 213 Settlements (2 ) (15 ) Issuances — 16 Transfers in and/or out of Level 3 — — Balance as of the end of the period $ 132 $ 213 Net loss for the period included in net income related to assets and liabilities still held as of the end of the period $ (107 ) $ (1 )
Carrying Value Fair Value, by investment	Information as of June 30, 2015 about the Company’s investments in CME that are not required to be carried at fair value on a recurring basis is as follows (millions): Carrying Value Fair Value Fair Value Hierarchy Class A common stock (a) $ — $ 158 Level 1 Series B convertible redeemable preferred shares $ — $ 209 Level 2 Senior secured notes $ 199 $ 401 Level 2 _________________________ (a) Includes one share of Series A convertible preferred stock.
Fair Value Measurements, Nonrecurring	The following table presents certain theatrical film and television production costs, which were recorded as inventory in the Consolidated Balance Sheet, that were written down to fair value (millions): Carrying value before writedown Carrying value after writedown Fair value measurements made during the three months ended June 30,: 2015 $ 112 $ 73 2014 $ 4 $ — Fair value measurements made during the six months ended June 30,: 2015 $ 288 $ 210 2014 $ 188 $ 140

Inventories and Theatrical Fi28

Inventories and Theatrical Film and Television Production Costs (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories and Theatrical Film and Television Production Costs	Inventories and theatrical film and television production costs consist of (millions): June 30, 2015 December 31, Inventories: Programming costs, less amortization $ 3,028 $ 3,251 Other inventory, primarily DVDs and Blu-ray Discs 250 228 Total inventories 3,278 3,479 Less: current portion of inventory (1,640 ) (1,700 ) Total noncurrent inventories 1,638 1,779 Theatrical film production costs: (a) Released, less amortization 594 641 Completed and not released 308 379 In production 1,175 1,266 Development and pre-production 132 105 Television production costs: (a) Released, less amortization 1,614 1,251 Completed and not released 244 521 In production 871 889 Development and pre-production 21 10 Total theatrical film and television production costs 4,959 5,062 Total noncurrent inventories and theatrical film and television production costs $ 6,597 $ 6,841 _________________________ (a) Does not include $730 million and $797 million of acquired film library intangible assets as of June 30, 2015 and December 31, 2014 , respectively, which are included in Intangible assets subject to amortization, net in the Consolidated Balance Sheet.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Hedging Activities Net Gains and Losses Recognized	Net gains and losses from hedging activities recognized in the Consolidated Statement of Operations were as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Gains (losses) recognized in: Costs of revenues $ (15 ) $ (11 ) $ 51 $ (11 ) Selling, general and administrative 3 1 9 3 Other income (loss), net (4 ) (5 ) (10 ) (9 )
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following is a summary of amounts recorded in the Consolidated Balance Sheet pertaining to Time Warner’s use of foreign currency derivatives at June 30, 2015 and December 31, 2014 (millions): June 30, 2015 (a) December 31, Prepaid expenses and other current assets $ 67 $ 61 Accounts payable and accrued liabilities — (3 ) ________________________ (a) Includes $183 million ( $149 million of qualifying hedges and $34 million of economic hedges) and $116 million ( $102 million of qualifying hedges and $14 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively. (b) Includes $139 million ( $92 million of qualifying hedges and $47 million of economic hedges) and $81 million ( $65 million of qualifying hedges and $16 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Comprehensive Income (Loss)	The following summary sets forth the activity within Other comprehensive loss (millions): Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Pretax Tax (provision) benefit Net of tax Pretax Tax (provision) benefit Net of tax Unrealized losses on foreign currency translation $ (48 ) $ 6 $ (42 ) $ (262 ) $ 18 $ (244 ) Reclassification adjustment for losses on foreign currency translation realized in net income (a) — — — 5 — 5 Unrealized gains on securities 1 — 1 7 (2 ) 5 Unrealized losses on benefit obligations (12 ) 3 (9 ) (3 ) 2 (1 ) Reclassification adjustment for losses on benefit obligations realized in net income (c) 9 (4 ) 5 17 (6 ) 11 Unrealized gains (losses) on derivative financial instruments (69 ) 24 (45 ) 28 (10 ) 18 Reclassification adjustment for (gains) losses on derivative financial instruments realized in net income (d) 2 (1 ) 1 (40 ) 14 (26 ) Other comprehensive loss $ (117 ) $ 28 $ (89 ) $ (248 ) $ 16 $ (232 ) Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Pretax Tax (provision) benefit Net of tax Pretax Tax (provision) benefit Net of tax Unrealized gains (losses) on foreign currency translation $ 4 $ (2 ) $ 2 $ (12 ) $ (6 ) $ (18 ) Unrealized losses on securities (4 ) 2 (2 ) (9 ) 4 (5 ) Reclassification adjustment for gains on securities realized in net income (b) (8 ) 3 (5 ) (8 ) 3 (5 ) Unrealized losses on benefit obligations (44 ) 13 (31 ) (52 ) 15 (37 ) Reclassification adjustment for losses on benefit obligations realized in net income (c) 10 (4 ) 6 17 (6 ) 11 Unrealized losses on derivative financial instruments (11 ) 4 (7 ) (1 ) — (1 ) Reclassification adjustment for (gains) losses on derivative financial instruments realized in net income (d) 6 (2 ) 4 (1 ) — (1 ) Other comprehensive loss $ (47 ) $ 14 $ (33 ) $ (66 ) $ 10 $ (56 ) _________________________ (a) Pretax (gains) losses included in Gain (loss) on operating assets, net. (b) Pretax (gains) losses included in Other income (loss), net. (c) Pretax (gains) losses included in Selling, general and administrative expenses. (d) Pretax (gains) losses included in Selling, general and administrative expenses and Costs of revenues are as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Selling, general and administrative expenses $ (3 ) $ (1 ) $ (9 ) $ (3 ) Costs of revenues 5 7 (31 ) 2
Reclassification out of Accumulated Other Comprehensive Income	(d) Pretax (gains) losses included in Selling, general and administrative expenses and Costs of revenues are as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Selling, general and administrative expenses $ (3 ) $ (1 ) $ (9 ) $ (3 ) Costs of revenues 5 7 (31 ) 2

Income Per Common Share (Tables

Income Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Income Per Common Share	Set forth below is a reconciliation of Basic and Diluted income per common share from continuing operations (millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income from continuing operations $ 971 $ 843 $ 1,904 $ 2,208 Income allocated to participating securities (3 ) (4 ) (5 ) (7 ) Income from continuing operations — basic $ 968 $ 839 $ 1,899 $ 2,201 Average basic common shares outstanding 821.6 874.8 825.5 882.9 Dilutive effect of equity awards 14.7 19.4 15.6 19.5 Average diluted common shares outstanding 836.3 894.2 841.1 902.4 Antidilutive common share equivalents excluded from computation 4 1 4 1 Income per common share from continuing operations: Basic $ 1.18 $ 0.96 $ 2.30 $ 2.49 Diluted $ 1.16 $ 0.94 $ 2.26 $ 2.45

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Assumptions Used to Value Option Grants	The table below summarizes the weighted-average assumptions used to value stock options at their grant date and the weighted-average grant date fair value per share: Six Months Ended June 30, 2015 2014 Expected volatility 25.1 % 28.0 % Expected term to exercise from grant date 5.80 years 5.92 years Risk-free rate 1.8 % 1.9 % Expected dividend yield 1.7 % 1.9 % Weighted average grant date fair value per option $ 18.38 $ 15.61
Share-based Compensation Arrangement by Share-based Payment Award, RSUs and Target PSUs, Grants in Period, Weighted Average Grant Date Fair Value	The following table sets forth the weighted-average grant date fair value of restricted stock units (“RSUs”) and target performance stock units (“PSUs”) granted during the period. For PSUs, the Company applies mark-to-market accounting that is reflected in the grant date fair values presented because for accounting purposes, the service inception date is deemed to precede the grant date for accounting purposes: Six Months Ended June 30, 2015 2014 RSUs $ 83.91 $ 65.33 PSUs 93.88 97.11
Schedule of Share-based Compensation, Number of Awards Granted	The following table sets forth the number of stock options, RSUs and target PSUs granted (millions): Six Months Ended June 30, 2015 2014 Stock options 3.0 1.0 RSUs 2.0 2.6 PSUs 0.1 0.2
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	Compensation expense recognized for equity-based awards is as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 RSUs and PSUs $ 37 $ 33 $ 110 $ 107 Stock options 8 4 25 19 Total impact on operating income $ 45 $ 37 $ 135 $ 126 Tax benefit recognized $ 16 $ 12 $ 48 $ 45

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs	A summary of the components of the net periodic benefit costs from continuing operations recognized for substantially all of Time Warner’s defined benefit pension plans for the three and six months ended June 30, 2015 and 2014 is as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost $ 1 $ — $ 2 $ 1 Interest cost 21 27 42 49 Expected return on plan assets (23 ) (27 ) (46 ) (50 ) Amortization of net loss 4 4 9 7 Net periodic benefit costs (a) $ 3 $ 4 $ 7 $ 7 Contributions $ 9 $ 9 $ 16 $ 17 _________________________ (a) Excludes net periodic benefit costs related to discontinued operations of $2 million and $3 million during the three and six months ended June 30, 2015 , respectively, and $1 million during the six months ended June 30, 2014 .

Restructuring and Severance C34

Restructuring and Severance Costs (Tables)	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Severance Costs	Restructuring and severance costs expensed as incurred for the three and six months ended June 30, 2015 and 2014 are as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Turner $ 10 $ 12 $ 18 $ 24 Home Box Office 4 1 5 9 Warner Bros. (1 ) 3 2 5 Corporate (3 ) 1 (3 ) 5 Total restructuring and severance costs $ 10 $ 17 $ 22 $ 43 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 2015 activity $ 13 $ — $ 22 $ — 2014 and prior activity (3 ) 17 — 43 Total restructuring and severance costs $ 10 $ 17 $ 22 $ 43
Selected Information	Selected information relating to accrued restructuring and severance costs is as follows (millions): Employee Terminations Other Exit Costs Total Remaining liability as of December 31, 2014 $ 525 $ 9 $ 534 Net accruals 12 10 22 Foreign currency translation adjustment (3 ) — (3 ) Cash paid (198 ) (4 ) (202 ) Remaining liability as of June 30, 2015 $ 336 $ 15 $ 351

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information as to the Revenues, intersegment revenues, Operating Income (Loss) and Assets of Time Warner’s reportable segments is set forth below (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues Turner $ 2,827 $ 2,750 $ 5,537 $ 5,343 Home Box Office 1,438 1,417 2,836 2,756 Warner Bros. 3,298 2,870 6,497 5,936 Intersegment eliminations (215 ) (249 ) (395 ) (444 ) Total revenues $ 7,348 $ 6,788 $ 14,475 $ 13,591 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Intersegment Revenues Turner $ 34 $ 37 $ 58 $ 57 Home Box Office 11 10 18 19 Warner Bros. 170 202 319 368 Total intersegment revenues $ 215 $ 249 $ 395 $ 444 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Operating Income (Loss) Turner $ 1,130 $ 929 $ 2,238 $ 1,829 Home Box Office 508 548 966 1,012 Warner Bros. 341 234 665 603 Corporate (89 ) (137 ) (193 ) 172 Intersegment eliminations (31 ) (7 ) (31 ) (1 ) Total operating income $ 1,859 $ 1,567 $ 3,645 $ 3,615 June 30, 2015 December 31, Assets Turner $ 25,481 $ 25,271 Home Box Office 14,085 13,869 Warner Bros. 20,223 20,559 Corporate 3,636 3,560 Total assets $ 63,425 $ 63,259

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Amounts included in the consolidated financial statements resulting from transactions with related parties consist of (millions): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ 89 $ 108 $ 223 $ 224 Expenses — (2 ) (2 ) (4 ) Interest income 31 19 60 19 Other income, net 4 4 8 8

Additional Financial Informat37

Additional Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Additional Financial Information [Abstract]
Cash Flows	Additional financial information with respect to cash payments and receipts, Interest expense, net, Other income (loss), net, Accounts payable and accrued liabilities and Other noncurrent liabilities is as follows (millions): Six Months Ended June 30, 2015 2014 Cash Flows Cash payments made for interest $ (649 ) $ (629 ) Interest income received 22 39 Cash interest payments, net $ (627 ) $ (590 ) Cash payments made for income taxes $ (737 ) $ (990 ) Income tax refunds received 82 40 Cash tax payments, net $ (655 ) $ (950 )
Interest Expense, Net	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Interest Expense, Net Interest income $ 58 $ 38 $ 109 $ 100 Interest expense (344 ) (334 ) (689 ) (661 ) Total interest expense, net $ (286 ) $ (296 ) $ (580 ) $ (561 )
Other Income (Loss), Net	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Other Income (Loss), Net Investment gains (losses), net $ (26 ) $ 26 $ (85 ) $ 21 Loss on equity method investees (46 ) (21 ) (95 ) (20 ) Premiums paid and costs incurred on debt redemption (51 ) — (51 ) — Other (2 ) 1 (11 ) (6 ) Total other income (loss), net $ (125 ) $ 6 $ (242 ) $ (5 )
Accounts Payable and Accrued Liabilities	June 30, 2015 December 31, Accounts Payable and Accrued Liabilities Accounts payable $ 623 $ 574 Accrued expenses 1,774 2,173 Participations payable 2,711 2,551 Programming costs payable 764 722 Accrued compensation 743 1,034 Accrued interest 300 303 Accrued income taxes 144 150 Total accounts payable and accrued liabilities $ 7,059 $ 7,507
Other Noncurrent Liabilities	June 30, 2015 December 31, Other Noncurrent Liabilities Noncurrent tax and interest reserves $ 1,569 $ 1,520 Participations payable 1,119 1,076 Programming costs payable 848 959 Noncurrent pension and post-retirement liabilities 909 928 Deferred compensation 446 491 Other noncurrent liabilities 617 710 Total other noncurrent liabilities $ 5,508 $ 5,684

Description of Business and B38

Description of Business and Basis of Presentation (Details) € in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2015USD ($)	Jun. 30, 2015segment	Jul. 28, 2015EUR (€)	Feb. 10, 2015$ / VEF
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | segment		3
Subsequent Event [Member] | Notes One And Ninety Five Hundredths Percent Due Two Thousand Twenty Three [Member]
Debt Instrument [Line Items]
Debt instrument, face amount | €			€ 700
Stated interest rate (percent)			1.95%
SICAD Exchange Venezuelan bolivar fuerte [Member]
Multiple Foreign Currency Exchange Rates [Abstract]
Foreign currency exchange rate | $ / VEF				12
Simadi Exchange Venezuelan bolivar fuerte [Member]
Multiple Foreign Currency Exchange Rates [Abstract]
Foreign currency exchange rate | $ / VEF				170
Venezuelan foreign currency loss	$ 22
Effect of Venezuelan exchange rate changes on cash and cash equivalents	$ 15

Business Dispositions and Acq39

Business Dispositions and Acquisitions - Dispositions (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Total revenues		$ 670		$ 1,415
Pretax income (loss)		15		(97)
Income tax benefit (provision)		(8)		31
Net income (loss)	$ 0	$ 7	$ 37	$ (66)
Per share information:
Basic net income (loss) per common share (in dollars per share)	$ 0	$ 0.01	$ 0.05	$ (0.07)
Average common shares outstanding - basic (in shares)	821.6	874.8	825.5	882.9
Diluted net income (loss) per common share (in dollars per share)	$ 0	$ 0.01	$ 0.05	$ (0.08)
Average common shares outstanding - diluted (in shares)	836.3	894.2	841.1	902.4
Warner Music Group [Member]
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Net income (loss)			$ 37
Per share information:
Diluted net income (loss) per common share (in dollars per share)			$ 0.05

Investments (Details)

Investments (Details) $ / shares in Units, € in Millions, warrant in Millions, note in Millions	Nov. 14, 2014USD ($)	Jun. 30, 2015USD ($)warrantnote$ / sharesshares	Nov. 14, 2014EUR (€)
CME Loans Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Initial loans receivable with fixed rates of interest		$ 30,000,000
Loans receivable with fixed rates of interest		17,000,000
Time Warner Inc Revolving Credit Facility with CME [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		115,000,000
Long-term line of credit		0
Hudson Yards [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments		164,000,000
Equity method investment, expected investment		1,900,000,000
CME Equity Investment [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 0
Equity method investment, ownership percentage		49.50%
Class A common stock, number of shares owned | shares		61,400,000
Series A convertible preferred stock, number of shares owned | shares		1
Convertible preferred stock, shares issued upon conversion | shares		11,200,000
CME refinancing of aggregate principal of senior convertible notes due 2015	$ 261,000,000
CME refinancing of aggregate principal of senior notes due 2017 | €			€ 240
CME senior unsecured term loan | €			€ 251
CME term loan guarantee fee (percent)	8.50%
Term loan option		$ 261,000,000
Term loan option, unsecured term loan guarantee fee (percent)		8.50%
Term loan option, senior secured term loan fee (percent)		8.50%
Term loan option, commitment fee		$ 9,000,000
Term loan option, commitment fee interest rate (percent)		8.50%
CME Rights Offering [Member]
Class of Warrant or Right [Line Items]
Economic interest percentage		75.60%
Number of securities called by each warrant | shares		1
Warrant term		4 years
Exercise price of warrants (in dollars per share) | $ / shares		$ 1
Maximum voting interest prior to warrants becoming legally exercisable (percent)		49.90%
CME Rights Offering [Member] | Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants held | warrant		101
CME Rights Offering [Member] | CME Senior Secured Notes [Member]
Class of Warrant or Right [Line Items]
Notes owned at end of period | note		3.4
Rights offering unit senior secured note principal		$ 100
Stated interest rate (percent)		15.00%

Investments (Series B Convertib

Investments (Series B Convertible Redeemable Preferred Shares) (Details) shares in Millions	Jun. 30, 2015shares
Series B convertible redeemable preferred shares [Member]
Schedule of Cost-method Investments [Line Items]
Class B convertible redeemable preferred shares, number of shares at end of period	95.9

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivatives:
Foreign exchange contracts	$ 67,000,000		$ 67,000,000		$ 61,000,000
Derivatives:
Foreign exchange contracts	0		0		(3,000,000)
Class A common stock [Member]
Other Financial Instruments Numeric [Abstract]
Class A common stock, carrying value	$ 0		$ 0
Series A convertible preferred stock, number of shares owned	1		1
Series B convertible redeemable preferred shares [Member]
Other Financial Instruments Numeric [Abstract]
Series B convertible redeemable preferred shares, carrying value	$ 0		$ 0
CME Senior Secured Notes [Member]
Other Financial Instruments Numeric [Abstract]
Senior secured notes, carrying value	199,000,000		199,000,000
Fair Value, Measurements, Recurring [Member]
Trading securities:
Diversified equity securities	187,000,000		187,000,000		237,000,000
Available-for-sale securities:
Equity securities	23,000,000		23,000,000		19,000,000
Debt securities	89,000,000		89,000,000		60,000,000
Derivatives:
Foreign exchange contracts	67,000,000		67,000,000		61,000,000
Other	139,000,000		139,000,000		247,000,000
Derivatives:
Foreign exchange contracts	0		0		(3,000,000)
Other	(7,000,000)		(7,000,000)		(6,000,000)
Fair Value, Net Asset (Liability)	498,000,000		498,000,000		615,000,000
Derivatives [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance as of the beginning of the period			241,000,000	$ 1,000,000
Total losses, net:
Included in other comprehensive loss			0	0
Purchases			0	213,000,000
Settlements			(2,000,000)	(15,000,000)
Issuances			0	16,000,000
Transfers in and/or out of Level 3			0	0
Balance as of the end of the period	132,000,000	$ 213,000,000	132,000,000	213,000,000
Net loss for the period included in net income related to assets and liabilities still held as of the end of the period			(107,000,000)	(1,000,000)
Operating Income (Loss) [Member] | Derivatives [Member]
Total losses, net:
Included in earnings			(1,000,000)	0
Other Nonoperating Income (Expense) [Member] | Derivatives [Member]
Total losses, net:
Included in earnings			(106,000,000)	(2,000,000)
Level 1 [Member] | Class A common stock [Member]
Other Financial Instruments Numeric [Abstract]
Class A common stock, fair value	158,000,000		158,000,000
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Trading securities:
Diversified equity securities	187,000,000		187,000,000		232,000,000
Available-for-sale securities:
Equity securities	23,000,000		23,000,000		19,000,000
Debt securities	0		0		0
Derivatives:
Foreign exchange contracts	0		0		0
Other	0		0		0
Derivatives:
Foreign exchange contracts	0		0		0
Other	0		0		0
Fair Value, Net Asset (Liability)	210,000,000		210,000,000		251,000,000
Level 2 [Member]
Other Financial Instruments Numeric [Abstract]
Difference between carrying value and fair value of debt	2,874,000,000		2,874,000,000		4,251,000,000
Level 2 [Member] | Series B convertible redeemable preferred shares [Member]
Other Financial Instruments Numeric [Abstract]
Series B convertible redeemable preferred shares, fair value	209,000,000		209,000,000
Level 2 [Member] | CME Senior Secured Notes [Member]
Other Financial Instruments Numeric [Abstract]
Senior secured notes, fair value	401,000,000		401,000,000
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Trading securities:
Diversified equity securities	0		0		5,000,000
Available-for-sale securities:
Equity securities	0		0		0
Debt securities	89,000,000		89,000,000		60,000,000
Derivatives:
Foreign exchange contracts	67,000,000		67,000,000		61,000,000
Other	0		0		0
Derivatives:
Foreign exchange contracts	0		0		(3,000,000)
Other	0		0		0
Fair Value, Net Asset (Liability)	156,000,000		156,000,000		123,000,000
Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Trading securities:
Diversified equity securities	0		0		0
Available-for-sale securities:
Equity securities	0		0		0
Debt securities	0		0		0
Derivatives:
Foreign exchange contracts	0		0		0
Other	139,000,000		139,000,000		247,000,000
Derivatives:
Foreign exchange contracts	0		0		0
Other	(7,000,000)		(7,000,000)		(6,000,000)
Fair Value, Net Asset (Liability)	132,000,000		132,000,000		$ 241,000,000
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Warrant [Member] | CME Rights Offering [Member]
Derivatives:
Equity warrants	137,000,000		$ 137,000,000
Fair value assumptions, expected term			2 years 26 days
Fair value assumptions, expected volatility rate (percent)			80.00%
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Non Financial Instruments Numeric [Abstract]
Fair value of film costs to be abandoned	0		$ 0
Theatrical film and television production costs, carrying value in inventory prior to write down	112,000,000	4,000,000	288,000,000	188,000,000
Theatrical film and television production costs, carrying value in inventory subsequent to write down	$ 73,000,000	0	$ 210,000,000	140,000,000
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Certain Intangible Assets [Member] | Turner and HBO [Member]
Non Financial Instruments Numeric [Abstract]
Noncash impairments of intangible assets (excluding Goodwill)		5,000,000		5,000,000
Value of assets after impairment		$ 7,000,000		$ 7,000,000

Inventories and Theatrical Fi43

Inventories and Theatrical Film and Television Production Costs (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Inventories:
Programming costs, less amortization	$ 3,028	$ 3,251
Other inventory, primarily DVDs and Blu-ray Discs	250	228
Total inventories	3,278	3,479
Less: current portion of inventory	(1,640)	(1,700)
Total noncurrent inventories	1,638	1,779
Theatrical film production costs:
Released, less amortization	594	641
Completed and not released	308	379
In production	1,175	1,266
Development and pre-production	132	105
Television production costs:
Released, less amortization	1,614	1,251
Completed and not released	244	521
In production	871	889
Development and pre-production	21	10
Total theatrical film and television production costs	4,959	5,062
Total noncurrent inventories and theatrical film and television production costs	6,597	6,841
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	1,036	1,141
Film Libraries [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	$ 730	$ 797

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Gains (losses) recognized in:
Recognized in Costs of revenues	$ (15)	$ (11)	$ 51	$ (11)
Recognized in Selling, general and administrative	3	1	9	3
Recognized in Other income (loss), net	(4)	$ (5)	(10)	$ (9)
Derivatives, Fair Value [Line Items]
Prepaid expenses and other current assets	67		67		$ 61
Accounts payable and accrued liabilities	0		0		(3)
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Cash flow hedge gains (losses) recorded in accumulated OCI	8		8		20
Cash flow hedge gains (losses) recorded in accumulated OCI deferred gains (losses)	12		$ 12		(5)
Foreign Currency Derivatives [Member]
Derivatives, Fair Value [Line Items]
Derivative, lower maturity range			3 months
Derivative, higher maturity range			18 months
Derivative asset, fair value, gross	183		$ 183		139
Derivative liability, fair value, gross	116		116		81
Foreign Currency Derivatives [Member] | Qualifying Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross	149		149		92
Derivative liability, fair value, gross	102		102		65
Foreign Currency Derivatives [Member] | Economic Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross	34		34		47
Derivative liability, fair value, gross	$ 14		$ 14		$ 16

Long Term Debt and Other Fina45

Long Term Debt and Other Financing Arrangements (Details) - USD ($)	Jul. 15, 2015	Jun. 04, 2015	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Premiums paid and costs incurred on debt redemption				$ (51,000,000)	$ 0	$ (51,000,000)	$ 0
June 2015 Debt Offering [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 2,100,000,000
Proceeds from issuance of long-term debt		2,083,000,000
Notes 3.60% Due 2025 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,500,000,000
Stated interest rate (percent)		3.60%
Debentures 4.85% Due 2045 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 600,000,000
Stated interest rate (percent)		4.85%
2016 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 1,000,000,000	$ 1,000,000,000		$ 1,000,000,000
Stated interest rate (percent)			5.875%	5.875%		5.875%
Aggregate principal amount repurchased			$ 687,000,000
Premiums paid and costs incurred on debt redemption			$ (51,000,000)
Subsequent Event [Member] | Notes 3.15% Due 2015 [Member]
Debt Instrument [Line Items]
Stated interest rate (percent)	3.15%
Aggregate principal amount repurchased	$ 1,000,000,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jan. 31, 2014
Equity, Class of Treasury Stock [Line Items]
Common stock repurchases			$ 1,800,000,000	$ 3,000,000,000
Treasury stock, shares acquired			21
Stock repurchase program, remaining authorized repurchase amount	$ 2,700,000,000		$ 2,700,000,000
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) on foreign currency translation, Pretax	(48,000,000)	$ 4,000,000	(262,000,000)	(12,000,000)
Unrealized gains (losses) on foreign currency translation, Tax (provision) benefit	6,000,000	(2,000,000)	18,000,000	(6,000,000)
Unrealized gains (losses) on foreign currency translation, Net of tax	(42,000,000)	2,000,000	(244,000,000)	(18,000,000)
Reclassification adjustment for (gains) losses on foreign currency translation realized in net income, Pretax	0		5,000,000
Reclassification adjustment for (gains) losses on foreign currency translation realized in net income, Tax (provision) benefit	0		0
Reclassification adjustment for (gains) losses on foreign currency translation realized in net income, Net of tax	0	0	5,000,000	0
Unrealized gains (losses) on securities, Pretax	1,000,000	(4,000,000)	7,000,000	(9,000,000)
Unrealized gains (losses) on securities, Tax (provision) benefit	0	2,000,000	(2,000,000)	4,000,000
Unrealized gains (losses) on securities, Net of tax	1,000,000	(2,000,000)	5,000,000	(5,000,000)
Reclassification adjustment for (gains) losses on securities realized in net income, Pretax		(8,000,000)		(8,000,000)
Reclassification adjustment for (gains) losses on securities realized in net income, Tax (provision) benefit		3,000,000		3,000,000
Reclassification adjustment for (gains) losses on securities realized in net income, Net of tax	0	(5,000,000)	0	(5,000,000)
Unrealized gains (losses) on benefit obligations, Pretax	(12,000,000)	(44,000,000)	(3,000,000)	(52,000,000)
Unrealized gains (losses) on benefit obligations, Tax (provision) benefit	3,000,000	13,000,000	2,000,000	15,000,000
Unrealized gains (losses) on benefit obligations, Net of tax	(9,000,000)	(31,000,000)	(1,000,000)	(37,000,000)
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Pretax	9,000,000	10,000,000	17,000,000	17,000,000
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Tax (provision) benefit	(4,000,000)	(4,000,000)	(6,000,000)	(6,000,000)
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Net of tax	5,000,000	6,000,000	11,000,000	11,000,000
Unrealized gains (losses) on derivative financial instruments, Pretax	(69,000,000)	(11,000,000)	28,000,000	(1,000,000)
Unrealized gains (losses) on derivative financial instruments, Tax (provision) benefit	24,000,000	4,000,000	(10,000,000)	0
Unrealized gains (losses) on derivative financial instruments, Net of tax	(45,000,000)	(7,000,000)	18,000,000	(1,000,000)
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Pretax	2,000,000	6,000,000	(40,000,000)	(1,000,000)
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Tax (provision) benefit	(1,000,000)	(2,000,000)	14,000,000	0
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Net of tax	1,000,000	4,000,000	(26,000,000)	(1,000,000)
Other comprehensive income (loss), Pretax	(117,000,000)	(47,000,000)	(248,000,000)	(66,000,000)
Other comprehensive income (loss), Tax (provision) benefit	28,000,000	14,000,000	16,000,000	10,000,000
Other comprehensive loss	(89,000,000)	(33,000,000)	(232,000,000)	(56,000,000)
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Selling, general and administrative expenses	1,248,000,000	1,217,000,000	2,437,000,000	2,487,000,000
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Costs of revenues	4,188,000,000	3,925,000,000	8,276,000,000	7,776,000,000
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Other income (loss)	125,000,000	(6,000,000)	242,000,000	5,000,000
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Gain (loss) on operating assets, net	0	(2,000,000)	3,000,000	(456,000,000)
January 2014 Plan [Member]
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount					$ 5,000,000,000
June 2014 Plan [Member]
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount		5,000,000,000		5,000,000,000
Accumulated Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Gain (loss) on operating assets, net	0		5,000,000
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Other income (loss)		(8,000,000)		(8,000,000)
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Selling, general and administrative expenses	9,000,000	10,000,000	17,000,000	17,000,000
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Selling, general and administrative expenses	(3,000,000)	(1,000,000)	(9,000,000)	(3,000,000)
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Costs of revenues	$ 5,000,000	$ 7,000,000	$ (31,000,000)	$ 2,000,000

Income Per Common Share (Detail

Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Income from continuing operations	$ 971	$ 843	$ 1,904	$ 2,208
Income allocated to participating securities	(3)	(4)	(5)	(7)
Income from continuing operations — basic	$ 968	$ 839	$ 1,899	$ 2,201
Average basic common shares outstanding (in shares)	821.6	874.8	825.5	882.9
Dilutive effect of equity awards (in shares)	14.7	19.4	15.6	19.5
Average diluted common shares outstanding (in shares)	836.3	894.2	841.1	902.4
Antidilutive common share equivalents excluded from computation (in shares)	4	1	4	1
Income per common share from continuing operations - basic (in dollars per share)	$ 1.18	$ 0.96	$ 2.30	$ 2.49
Income per common share from continuing operations - diluted (in dollars per share)	$ 1.16	$ 0.94	$ 2.26	$ 2.45

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility (percent)			25.10%	28.00%
Expected term to exercise from grant date			5 years 9 months 18 days	5 years 11 months 1 day
Risk-free rate (percent)			1.80%	1.90%
Expected dividend yield (percent)			1.70%	1.90%
Weighted average grant date fair value per option (in dollars per share)			$ 18.38	$ 15.61
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	$ 45	$ 37	$ 135	$ 126
Tax benefit recognized	16	12	$ 48	$ 45
Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average grant date fair value of units granted (in dollars per share)			$ 83.91	$ 65.33
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of units granted (in shares)			2	2.6
Performance Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average grant date fair value of units granted (in dollars per share)			$ 93.88	$ 97.11
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of units granted (in shares)			0.1	0.2
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of stock options granted (in shares)			3	1
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	8	4	$ 25	$ 19
Unrecognized compensation cost	78		$ 78
Stock Option [Member] | Minimum [Member]
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Unrecognized compensation cost, weighted-average period for recognition			1 year
Stock Option [Member] | Maximum [Member]
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Unrecognized compensation cost, weighted-average period for recognition			2 years
Restricted stock units and performance stock units [Member]
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	37	$ 33	$ 110	$ 107
Unrecognized compensation cost	$ 244		$ 244
Restricted stock units and performance stock units [Member] | Minimum [Member]
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Unrecognized compensation cost, weighted-average period for recognition			1 year
Restricted stock units and performance stock units [Member] | Maximum [Member]
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Unrecognized compensation cost, weighted-average period for recognition			2 years

Benefit Plans (Details)

Benefit Plans (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Components of Net Periodic Benefit Costs [Abstract]
Service cost	$ 1	$ 0	$ 2	$ 1
Interest cost	21	27	42	49
Expected return on plan assets	(23)	(27)	(46)	(50)
Amortization of net loss	4	4	9	7
Net periodic benefit costs	3	4	7	7
Contributions	9	$ 9	16	17
Net periodic benefit costs, related to discontinued operations	$ 2		$ 3	$ 1

Restructuring and Severance C50

Restructuring and Severance Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	$ 10	$ 17	$ 22	$ 43
2015 activity [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	13	0	22	0
2014 and prior activity [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	(3)	17	0	43
Corporate [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	(3)	1	(3)	5
Turner [Member] | Operating Segments [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	10	12	18	24
Home Box Office [Member] | Operating Segments [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	4	1	5	9
Warner Bros. [Member] | Operating Segments [Member]
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	$ (1)	$ 3	$ 2	$ 5

Restructuring and Severance C51

Restructuring and Severance Costs (Accrued Restructuring and Severance Costs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance			$ 534
Net accruals	$ 10	$ 17	22	$ 43
Foreign currency translation adjustment			(3)
Cash paid			(202)
Remaining liability, ending balance	351		351
Restructuring Reserve [Abstract]
Restructuring reserve, current	273		273
Restructuring reserve, long-term	78		78
Employee Terminations [Member]
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance			525
Net accruals			12
Foreign currency translation adjustment			(3)
Cash paid			(198)
Remaining liability, ending balance	336		336
Other Exit Costs [Member]
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance			9
Net accruals			10
Foreign currency translation adjustment			0
Cash paid			(4)
Remaining liability, ending balance	$ 15		$ 15

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Total revenues	$ 7,348	$ 6,788	$ 14,475	$ 13,591
Total operating income (loss)	1,859	1,567	3,645	3,615
Total assets	63,425		63,425		$ 63,259
Corporate [Member]
Segment Reporting Information [Line Items]
Total operating income (loss)	(89)	(137)	(193)	172
Total assets	3,636		3,636		3,560
Intersegment eliminations [Member]
Segment Reporting Information [Line Items]
Total revenues	(215)	(249)	(395)	(444)
Total operating income (loss)	(31)	(7)	(31)	(1)
Turner [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	2,827	2,750	5,537	5,343
Total operating income (loss)	1,130	929	2,238	1,829
Total assets	25,481		25,481		25,271
Turner [Member] | Intersegment eliminations [Member]
Segment Reporting Information [Line Items]
Total revenues	(34)	(37)	(58)	(57)
Home Box Office [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	1,438	1,417	2,836	2,756
Total operating income (loss)	508	548	966	1,012
Total assets	14,085		14,085		13,869
Home Box Office [Member] | Intersegment eliminations [Member]
Segment Reporting Information [Line Items]
Total revenues	(11)	(10)	(18)	(19)
Warner Bros. [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	3,298	2,870	6,497	5,936
Total operating income (loss)	341	234	665	603
Total assets	20,223		20,223		$ 20,559
Warner Bros. [Member] | Intersegment eliminations [Member]
Segment Reporting Information [Line Items]
Total revenues	$ (170)	$ (202)	$ (319)	$ (368)

Commitments and Contingencies -

Commitments and Contingencies - Six Flags (Details) - Jun. 30, 2015 - Six Flags [Member] - USD ($)	Total
Other Commitments [Line Items]
Six Flags, net present value	$ 426,000,000
Six Flags, guarantee payments made	0
Six Flags, guarantor obligations, current carrying value	0
Financial Guarantee [Member]
Other Commitments [Line Items]
Aggregate undiscounted contingent commitment	$ 914,000,000

Commitments and Contingencies54

Commitments and Contingencies - Contingencies (Details)	Jun. 30, 2015USD ($)
Minimum [Member]
Loss Contingencies [Line Items]
Loss contingency, range of possible loss, not accrued	$ 0
Maximum [Member]
Loss Contingencies [Line Items]
Loss contingency, range of possible loss, not accrued	$ 130,000,000

Commitments and Contingencies55

Commitments and Contingencies - Tax Uncertainties (Details)	Jun. 30, 2015USD ($)
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits, decreases to income tax reserves	$ 54,000,000
Unrecognized tax benefits, decreases to income tax reserves that impacted effective tax rate	(12,000,000)
Unrecognized tax benefits, increases to interest reserves related to income tax reserves	29,000,000
Estimated decrease in unrecognized tax benefits, lower range	0
Estimated decrease in unrecognized tax benefits, upper range	$ 80,000,000

Related Party Transactions (Det

Related Party Transactions (Details) - Equity Method Investee [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Revenues	$ 89	$ 108	$ 223	$ 224
Expenses	0	(2)	(2)	(4)
Interest income	31	19	60	19
Other income, net	$ 4	$ 4	$ 8	$ 8

Additional Financial Informat57

Additional Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Cash Flows [Abstract]
Cash payments made for interest			$ (649)	$ (629)
Interest income received			22	39
Cash interest payments, net			(627)	(590)
Cash payments made for income taxes			(737)	(990)
Income tax refunds received			82	40
Cash tax payments, net			(655)	(950)
Interest Expense, Net [Abstract]
Interest income	$ 58	$ 38	109	100
Interest expense	(344)	(334)	(689)	(661)
Total interest expense, net	(286)	(296)	(580)	(561)
Other Income (Loss), Net [Abstract]
Investment gains (losses), net	(26)	26	(85)	21
Loss on equity method investees	(46)	(21)	(95)	(20)
Premiums paid and costs incurred on debt redemption	(51)	0	(51)	0
Other	(2)	1	(11)	(6)
Total other income (loss), net	(125)	6	(242)	(5)
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	623		623		$ 574
Accrued expenses	1,774		1,774		2,173
Participations payable	2,711		2,711		2,551
Programming costs payable	764		764		722
Accrued compensation	743		743		1,034
Accrued interest	300		300		303
Accrued income taxes	144		144		150
Total accounts payable and accrued liabilities	7,059		7,059		7,507
Other Noncurrent Liabilities [Abstract]
Noncurrent tax and interest reserves	1,569		1,569		1,520
Participations payable	1,119		1,119		1,076
Programming costs payable	848		848		959
Noncurrent pension and post-retirement liabilities	909		909		928
Deferred compensation	446		446		491
Other noncurrent liabilities	617		617		710
Total other noncurrent liabilities	5,508		5,508		$ 5,684
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, income statement classifications and amounts, costs of revenue	121	$ 187	248	$ 305
Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, shortfall	90		90
Minimum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, shortfall	$ 30		$ 30

Supplementary Information - C58

Supplementary Information - Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Current assets
Cash and equivalents	$ 3,122	$ 2,618	$ 4,480	$ 1,816
Receivables, net	8,004	7,720
Inventories	1,640	1,700
Deferred income taxes	184	184
Prepaid expenses and other current assets	860	958
Total current assets	13,810	13,180
Noncurrent inventories and theatrical film and television production costs	6,597	6,841
Investments in amounts due to and from consolidated subsidiaries	0	0
Investments, including available-for-sale securities	2,132	2,326
Property, plant and equipment, net	2,567	2,655
Intangible assets subject to amortization, net	1,036	1,141
Intangible assets not subject to amortization	7,030	7,032
Goodwill	27,575	27,565
Other assets	2,678	2,519
Total assets	63,425	63,259
Current liabilities
Accounts payable and accrued liabilities	7,059	7,507
Deferred revenue	623	579
Debt due within one year	1,513	1,118
Total current liabilities	9,195	9,204
Long-term debt	22,281	21,376
Deferred income taxes	2,109	2,204
Deferred revenue	307	315
Other noncurrent liabilities	5,508	5,684
Equity
Due to (from) Time Warner Inc. and subsidiaries	0	0
Other shareholders’ equity	24,025	24,476
Total equity	24,025	24,476	25,907	29,904
Total liabilities and equity	63,425	63,259
Consolidation, Eliminations [Member]
Current assets
Cash and equivalents	0	0	0	0
Receivables, net	(15)	(7)
Inventories	(3)	0
Deferred income taxes	(49)	(49)
Prepaid expenses and other current assets	0	0
Total current assets	(67)	(56)
Noncurrent inventories and theatrical film and television production costs	(74)	(85)
Investments in amounts due to and from consolidated subsidiaries	(68,211)	(68,109)
Investments, including available-for-sale securities	(2)	0
Property, plant and equipment, net	0	0
Intangible assets subject to amortization, net	0	0
Intangible assets not subject to amortization	0	0
Goodwill	0	0
Other assets	0	0
Total assets	(68,354)	(68,250)
Current liabilities
Accounts payable and accrued liabilities	(68)	(180)
Deferred revenue	(19)	(27)
Debt due within one year	0	0
Total current liabilities	(87)	(207)
Long-term debt	0	0
Deferred income taxes	(4,100)	(4,283)
Deferred revenue	(18)	(24)
Other noncurrent liabilities	(1,104)	(1,062)
Equity
Due to (from) Time Warner Inc. and subsidiaries	40,508	36,358
Other shareholders’ equity	(103,553)	(99,032)
Total equity	(63,045)	(62,674)
Total liabilities and equity	(68,354)	(68,250)
Parent Company [Member]
Current assets
Cash and equivalents	2,044	1,623	3,455	1,039
Receivables, net	20	93
Inventories	0	0
Deferred income taxes	184	184
Prepaid expenses and other current assets	263	360
Total current assets	2,511	2,260
Noncurrent inventories and theatrical film and television production costs	0	0
Investments in amounts due to and from consolidated subsidiaries	44,835	44,407
Investments, including available-for-sale securities	195	186
Property, plant and equipment, net	79	73
Intangible assets subject to amortization, net	0	0
Intangible assets not subject to amortization	0	0
Goodwill	0	0
Other assets	428	429
Total assets	48,048	47,355
Current liabilities
Accounts payable and accrued liabilities	619	744
Deferred revenue	0	0
Debt due within one year	1,345	1,100
Total current liabilities	1,964	1,844
Long-term debt	18,176	17,108
Deferred income taxes	2,109	2,204
Deferred revenue	0	0
Other noncurrent liabilities	1,774	1,723
Equity
Due to (from) Time Warner Inc. and subsidiaries	0	0
Other shareholders’ equity	24,025	24,476
Total equity	24,025	24,476
Total liabilities and equity	48,048	47,355
Guarantor Subsidiaries [Member]
Current assets
Cash and equivalents	109	290	305	148
Receivables, net	1,063	996
Inventories	456	453
Deferred income taxes	42	42
Prepaid expenses and other current assets	70	120
Total current assets	1,740	1,901
Noncurrent inventories and theatrical film and television production costs	1,896	1,744
Investments in amounts due to and from consolidated subsidiaries	10,798	11,333
Investments, including available-for-sale securities	408	417
Property, plant and equipment, net	369	377
Intangible assets subject to amortization, net	0	0
Intangible assets not subject to amortization	2,007	2,007
Goodwill	9,880	9,880
Other assets	165	156
Total assets	27,263	27,815
Current liabilities
Accounts payable and accrued liabilities	868	953
Deferred revenue	53	57
Debt due within one year	160	9
Total current liabilities	1,081	1,019
Long-term debt	3,870	4,006
Deferred income taxes	2,325	2,443
Deferred revenue	4	17
Other noncurrent liabilities	1,797	1,844
Equity
Due to (from) Time Warner Inc. and subsidiaries	(45,896)	(43,026)
Other shareholders’ equity	64,082	61,512
Total equity	18,186	18,486
Total liabilities and equity	27,263	27,815
Non-Guarantor Subsidiaries [Member]
Current assets
Cash and equivalents	969	705	$ 720	$ 629
Receivables, net	6,936	6,638
Inventories	1,187	1,247
Deferred income taxes	7	7
Prepaid expenses and other current assets	527	478
Total current assets	9,626	9,075
Noncurrent inventories and theatrical film and television production costs	4,775	5,182
Investments in amounts due to and from consolidated subsidiaries	12,578	12,369
Investments, including available-for-sale securities	1,531	1,723
Property, plant and equipment, net	2,119	2,205
Intangible assets subject to amortization, net	1,036	1,141
Intangible assets not subject to amortization	5,023	5,025
Goodwill	17,695	17,685
Other assets	2,085	1,934
Total assets	56,468	56,339
Current liabilities
Accounts payable and accrued liabilities	5,640	5,990
Deferred revenue	589	549
Debt due within one year	8	9
Total current liabilities	6,237	6,548
Long-term debt	235	262
Deferred income taxes	1,775	1,840
Deferred revenue	321	322
Other noncurrent liabilities	3,041	3,179
Equity
Due to (from) Time Warner Inc. and subsidiaries	5,388	6,668
Other shareholders’ equity	39,471	37,520
Total equity	44,859	44,188
Total liabilities and equity	$ 56,468	$ 56,339

Supplementary Information - C59

Supplementary Information - Condensed Consolidating Financial Statements - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenues	$ 7,348	$ 6,788	$ 14,475	$ 13,591
Costs of revenues	(4,188)	(3,925)	(8,276)	(7,776)
Selling, general and administrative	(1,248)	(1,217)	(2,437)	(2,487)
Amortization of intangible assets	(43)	(50)	(91)	(100)
Restructuring and severance costs	(10)	(17)	(22)	(43)
Asset impairments	0	(14)	(1)	(26)
Gain (loss) on operating assets, net	0	2	(3)	456
Operating income	1,859	1,567	3,645	3,615
Equity in pretax income (loss) of consolidated subsidiaries	0	0	0	0
Interest expense, net	(286)	(296)	(580)	(561)
Other income (loss), net	(125)	6	(242)	(5)
Income from continuing operations before income taxes	1,448	1,277	2,823	3,049
Income tax provision	(477)	(434)	(919)	(841)
Income from continuing operations	971	843	1,904	2,208
Discontinued operations, net of tax	0	7	37	(66)
Net income	971	850	1,941	2,142
Comprehensive income	882	817	1,709	2,086
Consolidation, Eliminations [Member]
Income Statement [Abstract]
Revenues	(162)	(177)	(377)	(367)
Costs of revenues	127	155	315	324
Selling, general and administrative	31	22	54	43
Amortization of intangible assets	0	0	0	0
Restructuring and severance costs	0	0	0	0
Asset impairments		0	0	0
Gain (loss) on operating assets, net		0	0	0
Operating income	(4)	0	(8)	0
Equity in pretax income (loss) of consolidated subsidiaries	(3,535)	(3,084)	(6,951)	(6,810)
Interest expense, net	2	2	4	4
Other income (loss), net	(3)	(1)	(4)	(1)
Income from continuing operations before income taxes	(3,540)	(3,083)	(6,959)	(6,807)
Income tax provision	1,137	1,031	2,209	2,079
Income from continuing operations		(2,052)	(4,750)	(4,728)
Discontinued operations, net of tax		(8)	(74)	104
Net income	(2,403)	(2,060)	(4,824)	(4,624)
Comprehensive income	(2,324)	(2,032)	(4,496)	(4,527)
Parent Company [Member]
Income Statement [Abstract]
Revenues	0	0	0	0
Costs of revenues	0	0	0	0
Selling, general and administrative	(84)	(126)	(184)	(239)
Amortization of intangible assets	0	0	0	0
Restructuring and severance costs	0	(1)	0	(4)
Asset impairments		0	0	(6)
Gain (loss) on operating assets, net		0	0	0
Operating income	(84)	(127)	(184)	(249)
Equity in pretax income (loss) of consolidated subsidiaries	1,848	1,625	3,590	3,761
Interest expense, net	(247)	(236)	(492)	(468)
Other income (loss), net	(69)	15	(91)	5
Income from continuing operations before income taxes	1,448	1,277	2,823	3,049
Income tax provision	(477)	(434)	(919)	(841)
Income from continuing operations		843	1,904	2,208
Discontinued operations, net of tax		7	37	(66)
Net income	971	850	1,941	2,142
Comprehensive income	882	817	1,709	2,086
Guarantor Subsidiaries [Member]
Income Statement [Abstract]
Revenues	1,830	1,788	3,632	3,512
Costs of revenues	(780)	(786)	(1,662)	(1,612)
Selling, general and administrative	(292)	(215)	(548)	(479)
Amortization of intangible assets	0	0	0	0
Restructuring and severance costs	(10)	(6)	(14)	(20)
Asset impairments		0	0	0
Gain (loss) on operating assets, net		0	0	0
Operating income	748	781	1,408	1,401
Equity in pretax income (loss) of consolidated subsidiaries	1,199	920	2,431	2,052
Interest expense, net	(78)	(77)	(156)	(118)
Other income (loss), net	20	6	23	15
Income from continuing operations before income taxes	1,889	1,630	3,706	3,350
Income tax provision	(592)	(540)	(1,145)	(1,117)
Income from continuing operations		1,090	2,561	2,233
Discontinued operations, net of tax		(2)	37	(41)
Net income	1,297	1,088	2,598	2,192
Comprehensive income	1,308	1,062	2,508	2,147
Non-Guarantor Subsidiaries [Member]
Income Statement [Abstract]
Revenues	5,680	5,177	11,220	10,446
Costs of revenues	(3,535)	(3,294)	(6,929)	(6,488)
Selling, general and administrative	(903)	(898)	(1,759)	(1,812)
Amortization of intangible assets	(43)	(50)	(91)	(100)
Restructuring and severance costs	0	(10)	(8)	(19)
Asset impairments		(14)	(1)	(20)
Gain (loss) on operating assets, net		2	(3)	456
Operating income	1,199	913	2,429	2,463
Equity in pretax income (loss) of consolidated subsidiaries	488	539	930	997
Interest expense, net	37	15	64	21
Other income (loss), net	(73)	(14)	(170)	(24)
Income from continuing operations before income taxes	1,651	1,453	3,253	3,457
Income tax provision	(545)	(491)	(1,064)	(962)
Income from continuing operations		962	2,189	2,495
Discontinued operations, net of tax		10	37	(63)
Net income	1,106	972	2,226	2,432
Comprehensive income	$ 1,016	$ 970	$ 1,988	$ 2,380

Supplementary Information - C60

Supplementary Information - Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
OPERATIONS
Net income	$ 971	$ 850	$ 1,941	$ 2,142
Less Discontinued operations, net of tax	0	(7)	(37)	66
Net income from continuing operations			1,904	2,208
Adjustments for noncash and nonoperating items:
Depreciation and amortization			334	368
Amortization of film and television costs			4,087	3,913
Asset impairments	0	14	1	26
Gain on investments and other assets, net			(20)	(477)
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions			0	0
Equity in losses of investee companies, net of cash distributions			116	54
Equity-based compensation			135	126
Deferred income taxes			(80)	(312)
Changes in operating assets and liabilities, net of acquisitions			(4,677)	(3,849)
Intercompany			0	0
Cash provided by operations from continuing operations			1,800	2,057
INVESTING ACTIVITIES
Investments in available-for-sale securities			(32)	(28)
Investments and acquisitions, net of cash acquired			(152)	(861)
Capital expenditures			(154)	(206)
Investment proceeds from available-for-sale securities			0	16
Proceeds from Time Inc. in the Time Separation			0	1,400
Proceeds from the sale of Time Warner Center			0	1,264
Advances to (from) parent and consolidated subsidiaries			0	0
Other investment proceeds			109	122
Cash provided (used) by investing activities from continuing operations			(229)	1,707
FINANCING ACTIVITIES
Borrowings			2,106	2,401
Debt repayments			(804)	(15)
Proceeds from exercise of stock options			121	182
Excess tax benefit from equity instruments			120	95
Principal payments on capital leases			(5)	(5)
Repurchases of common stock			(1,804)	(2,876)
Dividends paid			(584)	(568)
Other financing activities			(217)	(125)
Change in due to/from parent and investment in segment			0	0
Cash used by financing activities from continuing operations			(1,067)	(911)
Cash provided by continuing operations			504	2,853
Cash used by operations from discontinued operations			0	(15)
Cash used by investing activities from discontinued operations			0	(51)
Cash used by financing activities from discontinued operations			0	(36)
Effect of change in cash and equivalents of discontinued operations			0	(87)
Cash used by discontinued operations			0	(189)
INCREASE IN CASH AND EQUIVALENTS			504	2,664
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			2,618	1,816
CASH AND EQUIVALENTS AT END OF PERIOD	3,122	4,480	3,122	4,480
Consolidation, Eliminations [Member]
OPERATIONS
Net income	(2,403)	(2,060)	(4,824)	(4,624)
Less Discontinued operations, net of tax		8	74	(104)
Net income from continuing operations			(4,750)	(4,728)
Adjustments for noncash and nonoperating items:
Depreciation and amortization			0	0
Amortization of film and television costs			(13)	(22)
Asset impairments		0	0	0
Gain on investments and other assets, net			0	0
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions			6,951	6,810
Equity in losses of investee companies, net of cash distributions			2	0
Equity-based compensation			0	0
Deferred income taxes			145	603
Changes in operating assets and liabilities, net of acquisitions			(2,334)	(2,631)
Intercompany			0	0
Cash provided by operations from continuing operations			1	32
INVESTING ACTIVITIES
Investments in available-for-sale securities			0	0
Investments and acquisitions, net of cash acquired			0	0
Capital expenditures			0	0
Investment proceeds from available-for-sale securities				0
Proceeds from Time Inc. in the Time Separation				0
Proceeds from the sale of Time Warner Center				0
Advances to (from) parent and consolidated subsidiaries			(3,163)	(9,282)
Other investment proceeds			0	(18)
Cash provided (used) by investing activities from continuing operations			(3,163)	(9,300)
FINANCING ACTIVITIES
Borrowings			0	0
Debt repayments			0	0
Proceeds from exercise of stock options			0	0
Excess tax benefit from equity instruments			0	0
Principal payments on capital leases			0	0
Repurchases of common stock			0	0
Dividends paid			0	0
Other financing activities			0	(10)
Change in due to/from parent and investment in segment			3,162	9,278
Cash used by financing activities from continuing operations			3,162	9,268
Cash provided by continuing operations			0	0
Cash used by operations from discontinued operations			0	0
Cash used by investing activities from discontinued operations				(336)
Cash used by financing activities from discontinued operations				336
Effect of change in cash and equivalents of discontinued operations				0
Cash used by discontinued operations			0	0
INCREASE IN CASH AND EQUIVALENTS			0	0
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			0	0
CASH AND EQUIVALENTS AT END OF PERIOD	0	0	0	0
Parent Company [Member]
OPERATIONS
Net income	971	850	1,941	2,142
Less Discontinued operations, net of tax		(7)	(37)	66
Net income from continuing operations			1,904	2,208
Adjustments for noncash and nonoperating items:
Depreciation and amortization			6	9
Amortization of film and television costs			0	0
Asset impairments		0	0	6
Gain on investments and other assets, net			6	(15)
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions			(3,590)	(3,761)
Equity in losses of investee companies, net of cash distributions			(4)	1
Equity-based compensation			45	41
Deferred income taxes			(80)	(312)
Changes in operating assets and liabilities, net of acquisitions			224	359
Intercompany			0	0
Cash provided by operations from continuing operations			(1,489)	(1,464)
INVESTING ACTIVITIES
Investments in available-for-sale securities			(16)	(5)
Investments and acquisitions, net of cash acquired			(17)	(19)
Capital expenditures			(16)	(18)
Investment proceeds from available-for-sale securities				13
Proceeds from Time Inc. in the Time Separation				590
Proceeds from the sale of Time Warner Center				0
Advances to (from) parent and consolidated subsidiaries			2,818	3,946
Other investment proceeds			25	43
Cash provided (used) by investing activities from continuing operations			2,794	4,550
FINANCING ACTIVITIES
Borrowings			2,096	2,118
Debt repayments			(787)	0
Proceeds from exercise of stock options			121	182
Excess tax benefit from equity instruments			120	95
Principal payments on capital leases			0	0
Repurchases of common stock			(1,804)	(2,876)
Dividends paid			(584)	(568)
Other financing activities			(53)	61
Change in due to/from parent and investment in segment			0	0
Cash used by financing activities from continuing operations			(891)	(988)
Cash provided by continuing operations			414	2,098
Cash used by operations from discontinued operations			7	0
Cash used by investing activities from discontinued operations				318
Cash used by financing activities from discontinued operations				0
Effect of change in cash and equivalents of discontinued operations				0
Cash used by discontinued operations			7	318
INCREASE IN CASH AND EQUIVALENTS			421	2,416
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			1,623	1,039
CASH AND EQUIVALENTS AT END OF PERIOD	2,044	3,455	2,044	3,455
Guarantor Subsidiaries [Member]
OPERATIONS
Net income	1,297	1,088	2,598	2,192
Less Discontinued operations, net of tax		2	(37)	41
Net income from continuing operations			2,561	2,233
Adjustments for noncash and nonoperating items:
Depreciation and amortization			54	58
Amortization of film and television costs			1,318	1,280
Asset impairments		0	0	0
Gain on investments and other assets, net			(20)	(7)
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions			(2,431)	(2,052)
Equity in losses of investee companies, net of cash distributions			0	(6)
Equity-based compensation			38	39
Deferred income taxes			(101)	(270)
Changes in operating assets and liabilities, net of acquisitions			(314)	(429)
Intercompany			1,224	1,518
Cash provided by operations from continuing operations			2,329	2,364
INVESTING ACTIVITIES
Investments in available-for-sale securities			0	0
Investments and acquisitions, net of cash acquired			(1)	(2)
Capital expenditures			(29)	(32)
Investment proceeds from available-for-sale securities				3
Proceeds from Time Inc. in the Time Separation				0
Proceeds from the sale of Time Warner Center				0
Advances to (from) parent and consolidated subsidiaries			344	5,336
Other investment proceeds			72	85
Cash provided (used) by investing activities from continuing operations			386	5,390
FINANCING ACTIVITIES
Borrowings			0	0
Debt repayments			0	0
Proceeds from exercise of stock options			0	0
Excess tax benefit from equity instruments			0	0
Principal payments on capital leases			(5)	(4)
Repurchases of common stock			0	0
Dividends paid			0	0
Other financing activities			(20)	(40)
Change in due to/from parent and investment in segment			(2,871)	(7,571)
Cash used by financing activities from continuing operations			(2,896)	(7,615)
Cash provided by continuing operations			(181)	139
Cash used by operations from discontinued operations			0	0
Cash used by investing activities from discontinued operations				18
Cash used by financing activities from discontinued operations				0
Effect of change in cash and equivalents of discontinued operations				0
Cash used by discontinued operations			0	18
INCREASE IN CASH AND EQUIVALENTS			(181)	157
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			290	148
CASH AND EQUIVALENTS AT END OF PERIOD	109	305	109	305
Non-Guarantor Subsidiaries [Member]
OPERATIONS
Net income	1,106	972	2,226	2,432
Less Discontinued operations, net of tax		(10)	(37)	63
Net income from continuing operations			2,189	2,495
Adjustments for noncash and nonoperating items:
Depreciation and amortization			274	301
Amortization of film and television costs			2,782	2,655
Asset impairments		14	1	20
Gain on investments and other assets, net			(6)	(455)
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions			(930)	(997)
Equity in losses of investee companies, net of cash distributions			118	59
Equity-based compensation			52	46
Deferred income taxes			(44)	(333)
Changes in operating assets and liabilities, net of acquisitions			(2,253)	(1,148)
Intercompany			(1,224)	(1,518)
Cash provided by operations from continuing operations			959	1,125
INVESTING ACTIVITIES
Investments in available-for-sale securities			(16)	(23)
Investments and acquisitions, net of cash acquired			(134)	(840)
Capital expenditures			(109)	(156)
Investment proceeds from available-for-sale securities				0
Proceeds from Time Inc. in the Time Separation				810
Proceeds from the sale of Time Warner Center				1,264
Advances to (from) parent and consolidated subsidiaries			1	0
Other investment proceeds			12	12
Cash provided (used) by investing activities from continuing operations			(246)	1,067
FINANCING ACTIVITIES
Borrowings			10	283
Debt repayments			(17)	(15)
Proceeds from exercise of stock options			0	0
Excess tax benefit from equity instruments			0	0
Principal payments on capital leases			0	(1)
Repurchases of common stock			0	0
Dividends paid			0	0
Other financing activities			(144)	(136)
Change in due to/from parent and investment in segment			(291)	(1,707)
Cash used by financing activities from continuing operations			(442)	(1,576)
Cash provided by continuing operations			271	616
Cash used by operations from discontinued operations			(7)	(15)
Cash used by investing activities from discontinued operations				(51)
Cash used by financing activities from discontinued operations				(372)
Effect of change in cash and equivalents of discontinued operations				(87)
Cash used by discontinued operations			(7)	(525)
INCREASE IN CASH AND EQUIVALENTS			264	91
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			705	629
CASH AND EQUIVALENTS AT END OF PERIOD	$ 969	$ 720	$ 969	$ 720