Warner Media (TWX) 10-Q 4 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 26, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		786,394,324

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and equivalents	$ 1,540	$ 2,155
Receivables, less allowances of $858 and $1,055	7,810	7,411
Inventories	1,576	1,753
Prepaid expenses and other current assets	866	1,194
Total current assets	11,792	12,513
Noncurrent inventories and theatrical film and television production costs	7,731	7,600
Investments, including available-for-sale securities	2,649	2,617
Property, plant and equipment, net	2,546	2,596
Intangible assets subject to amortization, net	900	949
Intangible assets not subject to amortization	7,030	7,029
Goodwill	27,686	27,689
Other assets	2,920	2,855
Total assets	63,254	63,848
Current liabilities
Accounts payable and accrued liabilities	6,589	7,188
Deferred revenue	554	616
Debt due within one year	51	198
Total current liabilities	7,194	8,002
Long-term debt	23,622	23,594
Deferred income taxes	2,570	2,454
Deferred revenue	390	352
Other noncurrent liabilities	5,605	5,798
Redeemable noncontrolling interest	$ 29	$ 29
Commitments and Contingencies (Note 12)
Equity
Common stock, $0.01 par value, 1.652 billion and 1.652 billion shares issued and 789 million and 795 million shares outstanding	$ 17	$ 17
Additional paid-in capital	147,593	148,041
Treasury stock, at cost (863 million and 857 million shares)	(46,110)	(45,612)
Accumulated other comprehensive loss, net	(1,490)	(1,446)
Accumulated deficit	(76,167)	(77,381)
Total Time Warner Inc. shareholders’ equity	23,843	23,619
Noncontrolling interest	1	0
Total equity	23,844	23,619
Total liabilities and equity	$ 63,254	$ 63,848

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current assets
Allowances	$ 858	$ 1,055
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	789	795
Treasury stock, shares	863	857

Consolidated Statement Of Opera

Consolidated Statement Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenues	$ 7,308	$ 7,127
Costs of revenues	(4,005)	(4,088)
Selling, general and administrative	(1,251)	(1,189)
Amortization of intangible assets	(48)	(48)
Restructuring and severance costs	(5)	(12)
Asset impairments	(3)	(1)
Loss on operating assets, net	0	(3)
Operating income	1,996	1,786
Interest expense, net	(284)	(294)
Other loss, net	(40)	(117)
Income from continuing operations before income taxes	1,672	1,375
Income tax provision	(498)	(442)
Income from continuing operations	1,174	933
Discontinued operations, net of tax	40	37
Net income	$ 1,214	$ 970
Per share information:
Basic income per common share from continuing operations (in dollars per share)	$ 1.48	$ 1.12
Discontinued operations (in dollars per share)	0.05	0.05
Basic net income per common share (in dollars per share)	$ 1.53	$ 1.17
Average basic common shares outstanding (in shares)	790.7	829.4
Diluted income per common share from continuing operations (in dollars per share)	$ 1.46	$ 1.10
Discontinued operations (in dollars per share)	0.05	0.05
Diluted net income per common share (in dollars per share)	$ 1.51	$ 1.15
Average diluted common shares outstanding (in shares)	802.3	845.9
Cash dividends declared per share of common stock (in dollars per share)	$ 0.4025	$ 0.35

Consolidated Statement Of Compr

Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 1,214	$ 970
Foreign currency translation:
Unrealized losses occurring during the period	(39)	(202)
Reclassification adjustment for losses realized in net income	0	5
Change in foreign currency translation	(39)	(197)
Securities:
Unrealized gains occurring during the period	1	4
Benefit obligations:
Unrealized gains occurring during the period	5	8
Reclassification adjustment for losses realized in net income	6	6
Change in benefit obligations	11	14
Derivative financial instruments:
Unrealized gains occurring during the period	0	63
Reclassification adjustment for gains realized in net income	(17)	(27)
Change in derivative financial instruments	(17)	36
Other comprehensive loss	(44)	(143)
Comprehensive income	$ 1,170	$ 827

Consolidated Statement Of Cash

Consolidated Statement Of Cash Flows - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
OPERATIONS
Net income	$ 1,214	$ 970
Less Discontinued operations, net of tax	(40)	(37)
Net income from continuing operations	1,174	933
Adjustments for noncash and nonoperating items:
Depreciation and amortization	167	170
Amortization of film and television costs	2,112	2,034
Asset impairments	3	1
Loss on investments and other assets, net	11	59
Equity in losses of investee companies, net of cash distributions	50	64
Equity-based compensation	108	90
Deferred income taxes	113	(96)
Changes in operating assets and liabilities, net of acquisitions	(2,981)	(2,246)
Cash provided by operations from continuing operations	757	1,009
Cash provided (used) by operations from discontinued operations	(4)	3
Cash provided by operations	753	1,012
INVESTING ACTIVITIES
Investments in available-for-sale securities	(5)	(29)
Investments and acquisitions, net of cash acquired	(93)	(96)
Capital expenditures	(75)	(57)
Other investment proceeds	18	5
Cash used by investing activities	(155)	(177)
FINANCING ACTIVITIES
Borrowings	2	6
Debt repayments	(152)	(11)
Proceeds from exercise of stock options	56	67
Excess tax benefit from equity instruments	27	83	$ 151
Principal payments on capital leases	(3)	(2)
Repurchases of common stock	(711)	(890)
Dividends paid	(322)	(294)
Other financing activities	(110)	(152)
Cash used by financing activities	(1,213)	(1,193)
DECREASE IN CASH AND EQUIVALENTS	(615)	(358)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	2,155	2,618	2,618
CASH AND EQUIVALENTS AT END OF PERIOD	$ 1,540	$ 2,260	$ 2,155

Consolidated Statement Of Equit

Consolidated Statement Of Equity - USD ($) $ in Millions	Total	Time Warner Shareholders	Noncontrolling Interests
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2014	$ 24,476	$ 24,476	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	970	970	0
Other comprehensive loss	(143)	(143)	0
Cash dividends	(294)	(294)	0
Common stock repurchases	(900)	(900)	0
Other, primarily related to stock options and restricted stock units	89	89	0
BALANCE AT END OF PERIOD at Mar. 31, 2015	24,198	24,198	0
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2015	23,619	23,619	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,215	1,214	1	[1]
Other comprehensive loss	(44)	(44)	0
Cash dividends	(322)	(322)	0
Common stock repurchases	(713)	(713)	0
Other, primarily related to stock options and restricted stock units	89	89	0
BALANCE AT END OF PERIOD at Mar. 31, 2016	$ 23,844	$ 23,843	$ 1
[1]	Net income excludes a $1 million loss for the three months ended March 31, 2016 relating to redeemable noncontrolling interests.

Consolidated Statement Of Equi8

Consolidated Statement Of Equity Consolidated Statement of Equity (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Statement of Stockholders' Equity [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	$ (1)

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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 and over-the-top (“OTT”) services domestically and premium pay, basic tier television and OTT 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, 2015 (the “ 2015 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. Reclassifications Certain reclassifications have been made to the prior year financial information to conform to the March 31, 2016 presentation. 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 or impairment of capitalized film and programming costs and participations and residuals, home video and videogame 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 During the quarter ended March 31, 2015, the Company recognized a pretax foreign exchange loss of $22 million in the Consolidated Statement of Operations related to a change in the foreign currency exchange rate the Company used to remeasure its Venezuelan net monetary assets from the SICAD 2 rate to the Simadi rate. Approximately $15 million of such loss related to cash balances. Accounting Guidance Adopted in 2016 Equity Method of Accounting In March 2016, guidance was issued that changes the requirements for equity method accounting when an investment qualifies for use of the equity method as a result of an increase in the investor’s ownership interest in or degree of influence over an investee. The guidance (i) eliminates the need to retroactively apply the equity method of accounting upon qualifying for such treatment, (ii) requires that the cost of acquiring the additional interest in an investee be added to the basis of the previously held interest and (iii) requires that unrealized holding gains or losses for available-for-sale equity securities that qualify for the equity method of accounting be recognized in earnings at the date the investment becomes qualified for use of the equity method of accounting. The Company adopted this guidance on January 1, 2016 on a prospective basis and it did not impact the Company’s consolidated financial statements. Accounting Guidance Not Yet Adopted Share-Based Payments In March 2016, guidance was issued that changes the reporting for certain aspects of share-based payments. One aspect of the guidance, which will become effective on a prospective basis beginning on January 1, 2017, requires that the income tax effects of share-based awards be recognized in the income statement when the awards vest or are settled. Under the current guidance, excess tax benefits and deficiencies have been recognized in Additional paid-in capital in the Consolidated Balance Sheet. For the year ended December 31, 2015 , the net amount of excess tax benefits and deficiencies that were recognized in Additional paid-in capital was $150 million . Another aspect of the new guidance, which will become effective on a prospective or retrospective basis beginning on January 1, 2017, requires that excess tax benefits be classified as a cash flow from operating activities in the Consolidated Statement of Cash Flows. Under the current guidance, excess tax benefits have been classified as a cash flow from financing activities. Excess tax benefits presented as a cash flow from financing activities was $151 million for the year ended December 31, 2015 . The other aspects of this new guidance are not expected to have a material effect on the Company’s consolidated financial statements. Accounting for Leases In February 2016, new guidance was issued regarding accounting for leases. The main difference between the current guidance and the new guidance is the recognition of lease assets and liabilities for lessees for those leases classified as operating leases under the current guidance. Under the new guidance, the recognition, measurement and presentation of expenses and cash flows arising from a lease as well as the lessor accounting model have not significantly changed from current guidance. This guidance also requires qualitative and quantitative disclosures of key information about leasing arrangements. The new guidance will become effective on a modified retrospective basis for the Company on January 1, 2019. The Company is evaluating the impact the new guidance will have on its consolidated financial statements. Recognition and Measurement of Financial Assets and Liabilities In January 2016, guidance was issued that makes limited changes to the accounting for financial instruments. The changes primarily relate to (i) the requirement to measure equity investments in unconsolidated subsidiaries, other than those accounted for under the equity method of accounting, at fair value, with changes in the fair value recognized in earnings, (ii) an alternative approach for the measurement of equity investments that do not have a readily determinable fair value, (iii) the elimination of the other-than-temporary impairment model and its replacement with a requirement to perform a qualitative assessment to identify the impairment of equity investments, and a requirement to recognize impairment losses in earnings based on the difference between fair value and the carrying value of the equity investment, (iv) the elimination of the requirement to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost, (v) the addition of a requirement to use the exit price concept when measuring the fair value of financial instruments for disclosure purposes, and (vi) the addition of a requirement to present financial assets and financial liabilities separately in the notes to the financial statements, grouped by measurement category (e.g., fair value, amortized cost, lower of cost or market) and by form of financial asset (e.g., loans, securities). This guidance will become effective for the Company on January 1, 2018. The Company is evaluating the impact this guidance will have on its consolidated financial statements. 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, 2018. The Company is evaluating the impact the guidance will have on its consolidated financial statements.

Business Dispositions and Acqui

Business Dispositions and Acquisitions	3 Months Ended
	Mar. 31, 2016
Acquisitions and Dispositions [Abstract]
BUSINESS DISPOSITIONS AND ACQUISITIONS	BUSINESS DISPOSITIONS AND ACQUISITIONS For the three months ended March 31, 2016 , Discontinued operations, net of tax was income of $40 million ( $0.05 of diluted income from discontinued operations per common share) related to the recognition of certain tax benefits associated with foreign tax attributes of the Warner Music Group (“WMG”), which the Company disposed of in 2004. For the three months ended March 31, 2015 , Discontinued operations, net of tax was income of $37 million ( $0.05 of diluted income from discontinued operations per common share), primarily related to the final resolution of a tax indemnification obligation associated with the disposition of WMG.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , respectively (millions): March 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Trading securities: Diversified equity securities (a) $ 166 $ — $ — $ 166 $ 179 $ — $ — $ 179 Available-for-sale securities: Equity securities 19 — — 19 15 — — 15 Debt securities — 75 — 75 — 70 — 70 Derivatives: Foreign exchange contracts — 63 — 63 — 79 — 79 Other — — 161 161 — — 180 180 Liabilities: Derivatives: Foreign exchange contracts — — — — — (2 ) — (2 ) Other — — (2 ) (2 ) — — (7 ) (7 ) Total $ 185 $ 138 $ 159 $ 482 $ 194 $ 147 $ 173 $ 514 _________________________ (a) Consists of investments related to deferred compensation. The Company primarily applies the market approach for valuing recurring fair value measurements. As of March 31, 2016 and December 31, 2015 , assets and liabilities valued using significant unobservable inputs (Level 3) primarily related to warrants to purchase shares of Class A common stock of Central European Media Enterprises Ltd. (“CME”) valued at $160 million and $179 million , respectively. 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 March 31, 2016 are an expected term of 1.22 years and an expected volatility of approximately 59% . 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 three months ended March 31, 2016 and 2015 on such assets and liabilities that were included in the Consolidated Balance Sheet as of March 31, 2016 and 2015 (millions): March 31, 2016 March 31, 2015 Balance as of the beginning of the period $ 173 $ 241 Total losses, net: Included in other loss, net (19 ) (56 ) Included in other comprehensive loss — — Purchases — — Settlements 5 (1 ) Issuances — — Balance as of the end of the period $ 159 $ 184 Net loss for the period included in net income related to assets and liabilities still held as of the end of the period $ (19 ) $ (56 ) 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 March 31, 2016 , the fair value of Time Warner’s debt exceeded its carrying value by approximately $3.318 billion and, based on interest rates prevailing at December 31, 2015 , the fair value of Time Warner’s debt exceeded its carrying value by approximately $2.490 billion . The fair value of Time Warner’s debt is considered a Level 2 measurement as it is 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 March 31, 2016 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) $ — $ 185 Level 1 Series B convertible redeemable preferred shares $ — $ 259 Level 2 Senior secured notes $ 247 $ 446 Level 2 _________________________ (a) Includes 1 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 March 31, 2016 closing price of CME’s common stock. The fair value of the Company’s investment in CME’s 15% senior secured notes due 2017 (the “Senior Secured Notes”) is primarily determined by reference to observable sales transactions. As of March 31, 2016, the Company owned 3.4 million of CME’s Senior Secured Notes, each consisting of $100 principal amount plus accrued interest. The Senior Secured Notes are accounted for at their amortized cost and classified as held-to-maturity in the Consolidated Balance Sheet. In April 2016, Time Warner received approximately $447 million in connection with CME’s repayment of all the outstanding Senior Secured Notes. 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 months ended March 31, 2016 and March 31, 2015 , 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 made 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 write down Carrying value after write down Fair value measurements made during the three months ended March 31,: 2016 $ 28 $ 2 2015 $ 176 $ 137

Inventories and Theatrical Film

Inventories and Theatrical Film and Television Production Costs	3 Months Ended
	Mar. 31, 2016
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): March 31, December 31, Inventories: Programming costs, less amortization (a) $ 2,939 $ 3,067 Other inventory, primarily DVDs and Blu-ray Discs 251 263 Total inventories 3,190 3,330 Less: current portion of inventory (1,576 ) (1,753 ) Total noncurrent inventories 1,614 1,577 Theatrical film production costs: (b) Released, less amortization 709 570 Completed and not released 449 374 In production 1,621 1,612 Development and pre-production 115 123 Television production costs: (b) Released, less amortization 1,439 1,301 Completed and not released 889 872 In production 864 1,158 Development and pre-production 31 13 Total theatrical film and television production costs 6,117 6,023 Total noncurrent inventories and theatrical film and television production costs $ 7,731 $ 7,600 _________________________ (a) Includes the costs of programming rights, primarily sports, for which payments have been made prior to the related rights being received. (b) Does not include $622 million and $656 million of acquired film library intangible assets as of March 31, 2016 and December 31, 2015 , respectively, which are included in Intangible assets subject to amortization, net in the Consolidated Balance Sheet.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES 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 intercompany debt due to changes in the underlying foreign exchange rates. The translation of revenues and expenses denominated in the functional currency of a foreign subsidiary may result in fluctuations in the U.S. Dollar-equivalent value of such revenues and expenses as compared to prior periods. Such transactions are not eligible for qualifying hedge accounting treatment, and the Company does not economically hedge this exposure. Net gains and losses from hedging activities recognized in the Consolidated Statement of Operations were as follows (millions): Three Months Ended March 31, 2016 2015 Gains (losses) recognized in: Costs of revenues $ 9 $ 66 Selling, general and administrative 3 6 Other loss, net 22 (6 ) Amounts included in Other loss, net include the impact of forward points and option premiums, which are excluded from the assessment of hedge effectiveness. Other amounts included in Other loss, net relate to hedges of foreign-currency-denominated debt and hedge ineffectiveness, which are 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 March 31, 2016 and December 31, 2015 (millions): March 31, December 31, Prepaid expenses and other current assets $ 63 $ 79 Accounts payable and accrued liabilities — (2 ) ________________________ (a) Includes $224 million ( $216 million of qualifying hedges and $8 million of economic hedges) and $161 million ( $156 million of qualifying hedges and $5 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively. (b) Includes $198 million ( $194 million of qualifying hedges and $4 million of economic hedges) and $121 million ( $116 million of qualifying hedges and $5 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively. At March 31, 2016 and December 31, 2015 , $3 million and $29 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 March 31, 2016 and December 31, 2015 are net losses of $11 million and $9 million , respectively, related to hedges of cash flows associated with films that are not expected to be released within the next twelve months. At March 31, 2016 , the carrying amount of the Company’s €700 million aggregate principal amount of debt due 2023 is designated as a hedge of the variability in the Company’s Euro-denominated net investments. The gain or loss on the debt that is designated as, and is effective as, an economic hedge of the net investment in a foreign operation is recorded as a currency translation adjustment within Accumulated other comprehensive loss, net in the Consolidated Balance Sheet. For the three months ended March 31, 2016 , such amounts totaled $7 million of losses.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS’ EQUITY Common Stock Repurchase Program In January 2016, Time Warner’s Board of Directors authorized up to $5.0 billion of share repurchases beginning January 1, 2016, including amounts available under the Company’s prior stock repurchase program at December 31, 2015. 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, 2016 through March 31, 2016 , the Company repurchased approximately 10 million shares of common stock for approximately $713 million pursuant to trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. As of March 31, 2016 , $4.287 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 March 31, 2016 Three Months Ended March 31, 2015 Pretax Tax Net of tax Pretax Tax Net of tax Unrealized losses on foreign currency translation $ (50 ) $ 11 $ (39 ) $ (214 ) $ 12 $ (202 ) Reclassification adjustment for losses on foreign currency translation realized in net income (a) — — — 5 — 5 Unrealized gains on securities 2 (1 ) 1 6 (2 ) 4 Unrealized gains on benefit obligations 7 (2 ) 5 9 (1 ) 8 Reclassification adjustment for losses on benefit obligations realized in net income (b) 9 (3 ) 6 8 (2 ) 6 Unrealized gains on derivative financial instruments 1 (1 ) — 97 (34 ) 63 Reclassification adjustment for gains on derivative financial instruments realized in net income (c) (27 ) 10 (17 ) (42 ) 15 (27 ) Other comprehensive loss $ (58 ) $ 14 $ (44 ) $ (131 ) $ (12 ) $ (143 ) _________________________ (a) Pretax (gains) losses included in Loss on operating assets, net. (b) Pretax (gains) losses included in Selling, general and administrative expenses. (c) Pretax (gains) losses included in Selling, general and administrative expenses, Costs of revenues and Other loss, net are as follows (millions): Three Months Ended March 31, 2016 2015 Selling, general and administrative expenses $ (3 ) $ (6 ) Costs of revenues (9 ) (36 ) Other loss, net (15 ) —

Income Per Common Share

Income Per Common Share	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Income from continuing operations $ 1,174 $ 933 Income allocated to participating securities (3 ) (3 ) Income from continuing operations — basic $ 1,171 $ 930 Average basic common shares outstanding 790.7 829.4 Dilutive effect of equity awards 11.6 16.5 Average diluted common shares outstanding 802.3 845.9 Antidilutive common share equivalents excluded from computation 7 3 Income per common share from continuing operations: Basic $ 1.48 $ 1.12 Diluted $ 1.46 $ 1.10

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2016
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: Three Months Ended March 31, 2016 2015 Expected volatility 26.0 % 25.1 % Expected term to exercise from grant date 6.20 years 5.85 years Risk-free rate 1.5 % 1.8 % Expected dividend yield 2.6 % 1.7 % Weighted average grant date fair value per option $ 12.22 $ 18.39 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 service inception date precedes the grant date and requires the Company to apply mark-to-market accounting that is reflected in the grant date fair values presented: Three Months Ended March 31, 2016 2015 RSUs $ 62.38 $ 83.87 PSUs 78.06 72.84 The following table sets forth the number of stock options, RSUs and target PSUs granted (millions): Three Months Ended March 31, 2016 2015 Stock options 2.2 2.9 RSUs 2.7 1.9 PSUs 0.2 0.1 The impact on Operating income for equity-based compensation awards is as follows (millions): Three Months Ended March 31, 2016 2015 Stock options $ 21 $ 17 RSUs and PSUs 87 73 Total impact on operating income $ 108 $ 90 Tax benefit recognized $ 38 $ 32 Total unrecognized compensation cost related to unvested Time Warner stock option awards as of March 31, 2016 , without taking into account expected forfeitures, is $74 million and is expected to be recognized over a weighted-average period between one and two years. Total unrecognized compensation cost related to unvested RSUs and target PSUs as of March 31, 2016 , without taking into account expected forfeitures, is $280 million and is expected to be recognized over a weighted-average period between one and two years.

Benefit Plans

Benefit Plans	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 is as follows (millions): Three Months Ended March 31, 2016 2015 Service cost $ 1 $ 1 Interest cost 22 21 Expected return on plan assets (21 ) (23 ) Amortization of net loss 4 5 Net periodic benefit costs (a) $ 6 $ 4 Contributions $ 9 $ 7 _________________________ (a) Excludes net periodic benefit costs related to discontinued operations of $4 million and $1 million during the three months ended March 31, 2016 and March 31, 2015 , respectively, primarily related to employees and former employees of Time Inc. These amounts have been reflected in Other loss, net in the Consolidated Statement of Operations.

Restructuring and Severance Cos

Restructuring and Severance Costs	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 are as follows (millions): Three Months Ended March 31, 2016 2015 Turner $ 1 $ 8 Home Box Office 4 1 Warner Bros. 1 3 Corporate (1 ) — Total restructuring and severance costs $ 5 $ 12 Three Months Ended March 31, 2016 2015 2016 initiatives $ 4 $ — 2015 and prior initiatives 1 12 Total restructuring and severance costs $ 5 $ 12 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, 2015 $ 239 $ 14 $ 253 Net accruals 5 — 5 Cash paid (79 ) (2 ) (81 ) Remaining liability as of March 31, 2016 $ 165 $ 12 $ 177 As of March 31, 2016 , of the remaining $177 million liability, $148 million was classified as a current liability in the Consolidated Balance Sheet, with the remaining $29 million classified as a long-term liability. Amounts classified as long-term are expected to be paid through 2019.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
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 and OTT services domestically and premium pay, basic tier television and OTT 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. 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 March 31, 2016 2015 Revenues Turner $ 2,906 $ 2,710 Home Box Office 1,506 1,398 Warner Bros. 3,109 3,199 Intersegment eliminations (213 ) (180 ) Total revenues $ 7,308 $ 7,127 Three Months Ended March 31, 2016 2015 Intersegment Revenues Turner $ 20 $ 24 Home Box Office 3 7 Warner Bros. 190 149 Total intersegment revenues $ 213 $ 180 Three Months Ended March 31, 2016 2015 Operating Income (Loss) Turner $ 1,239 $ 1,108 Home Box Office 477 458 Warner Bros. 424 324 Corporate (140 ) (104 ) Intersegment eliminations (4 ) — Total operating income $ 1,996 $ 1,786 March 31, 2016 December 31, Assets Turner $ 25,748 $ 25,559 Home Box Office 14,381 14,314 Warner Bros. 20,616 20,699 Corporate 2,509 3,276 Total assets $ 63,254 $ 63,848

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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 Inc. (“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 $896 million (for a net present value of $436 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 March 31, 2016 . 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 news gathering 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 November 12, 2014, both CNN America and the NLRB General Counsel filed motions with the NLRB for reconsideration of the panel’s decision. 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. 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. The Company has estimated a range of possible loss for legal claims for which the Company has determined a loss is probable or reasonably possible, including the matter disclosed above. The Company believes the estimate of the aggregate range of possible loss for such matters in excess of accrued liabilities is between $0 and $100 million at March 31, 2016 . 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 three months ended March 31, 2016 , the Company recorded net decreases to income tax reserves of approximately $123 million , of which approximately $17 million decreased the Company’s effective tax rate for continuing operations. In addition, the Company recorded decreases of $40 million of tax reserves related to discontinued foreign operations. During the three months ended March 31, 2016 , the Company recorded net increases to interest reserves related to the income tax reserves of approximately $10 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 $20 million to $40 million , most of which would decrease the Company’s effective tax rate.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
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. 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 income 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 March 31, 2016 2015 Revenues $ 123 $ 134 Expenses — (2 ) Interest income 41 29 Other income 5 4

Additional Financial Informatio

Additional Financial Information	3 Months Ended
	Mar. 31, 2016
Additional Financial Information [Abstract]
ADDITIONAL FINANCIAL INFORMATION	ADDITIONAL FINANCIAL INFORMATION Additional financial information with respect to cash payments and receipts, Interest expense, net, Other loss, net, Accounts payable and accrued liabilities and Other noncurrent liabilities is as follows (millions): Three Months Ended March 31, 2016 2015 Cash Flows Cash payments made for interest $ (291 ) $ (266 ) Interest income received 13 8 Cash interest payments, net $ (278 ) $ (258 ) Cash payments made for income taxes $ (134 ) $ (169 ) Income tax refunds received 4 11 Cash tax payments, net $ (130 ) $ (158 ) Three Months Ended March 31, 2016 2015 Interest Expense, Net Interest income $ 63 $ 51 Interest expense (347 ) (345 ) Total interest expense, net $ (284 ) $ (294 ) Three Months Ended March 31, 2016 2015 Other Loss, Net Investment losses, net $ (11 ) $ (59 ) Loss on equity method investees (34 ) (49 ) Other 5 (9 ) Total other loss, net $ (40 ) $ (117 ) March 31, December 31, Accounts Payable and Accrued Liabilities Accounts payable $ 480 $ 653 Other accrued expenses 1,590 1,946 Participations payable 2,514 2,422 Programming costs payable 797 712 Accrued compensation 584 957 Accrued interest 369 341 Accrued income taxes 255 157 Total accounts payable and accrued liabilities $ 6,589 $ 7,188 March 31, 2016 December 31, Other Noncurrent Liabilities Noncurrent tax and interest reserves $ 1,426 $ 1,535 Participations payable 1,522 1,512 Programming costs payable 773 816 Noncurrent pension and post-retirement liabilities 910 908 Deferred compensation 464 471 Other noncurrent liabilities 510 556 Total other noncurrent liabilities $ 5,605 $ 5,798 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 an arrangement entered into with CBS Broadcasting, Inc. (“CBS”) and The National Collegiate Athletic Association (the “NCAA”). For the Company’s collaborative arrangements entered into with third parties to jointly finance and distribute theatrical productions, net participation costs of $ 73 million and $ 127 million were recorded in Costs of revenues for the three months ended March 31, 2016 and 2015 , respectively. The arrangement among Turner, CBS and the NCAA provides Turner and CBS with rights to the NCAA Division I Men’s Basketball Championship Tournament (the “NCAA Tournament”) in the United States and its territories and possessions through 2032. The aggregate rights fee, production costs, advertising revenues and sponsorship revenues related to the NCAA Tournament and related programming are shared by Turner and CBS. However, if the amount paid for the 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 $30 million to $45 million .

Supplementary Information - Con

Supplementary Information - Condensed Consolidating Financial Statements	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
SUPPLEMENTARY INFORMATION - CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	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 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 March 31, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated ASSETS Current assets Cash and equivalents $ 971 $ 79 $ 490 $ — $ 1,540 Receivables, net 97 1,073 6,654 (14 ) 7,810 Inventories — 501 1,082 (7 ) 1,576 Prepaid expenses and other current assets 272 100 494 — 866 Total current assets 1,340 1,753 8,720 (21 ) 11,792 Noncurrent inventories and theatrical film and television production costs — 1,767 6,059 (95 ) 7,731 Investments in amounts due to and from consolidated subsidiaries 46,494 11,129 12,643 (70,266 ) — Investments, including available-for-sale securities 287 386 1,979 (3 ) 2,649 Property, plant and equipment, net 95 383 2,068 — 2,546 Intangible assets subject to amortization, net — — 900 — 900 Intangible assets not subject to amortization — 2,007 5,023 — 7,030 Goodwill — 9,880 17,806 — 27,686 Other assets 424 375 2,397 (276 ) 2,920 Total assets $ 48,640 $ 27,680 $ 57,595 $ (70,661 ) $ 63,254 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities $ 775 $ 770 $ 5,089 $ (45 ) $ 6,589 Deferred revenue — 82 536 (64 ) 554 Debt due within one year 35 13 3 — 51 Total current liabilities 810 865 5,628 (109 ) 7,194 Long-term debt 19,729 3,884 9 — 23,622 Deferred income taxes 2,570 2,821 2,082 (4,903 ) 2,570 Deferred revenue — 18 375 (3 ) 390 Other noncurrent liabilities 1,688 1,715 3,317 (1,115 ) 5,605 Redeemable noncontrolling interest — — 29 — 29 Equity Due to (from) Time Warner Inc. and subsidiaries — (49,418 ) 2,921 46,497 — Other shareholders’ equity 23,843 67,795 43,233 (111,028 ) 23,843 Total Time Warner Inc. shareholders’ equity 23,843 18,377 46,154 (64,531 ) 23,843 Noncontrolling interest — — 1 — 1 Total equity 23,843 18,377 46,155 (64,531 ) 23,844 Total liabilities and equity $ 48,640 $ 27,680 $ 57,595 $ (70,661 ) $ 63,254 Consolidating Balance Sheet December 31, 2015 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated ASSETS Current assets Cash and equivalents $ 976 $ 288 $ 891 $ — $ 2,155 Receivables, net 100 983 6,340 (12 ) 7,411 Inventories — 496 1,263 (6 ) 1,753 Prepaid expenses and other current assets 494 94 606 — 1,194 Total current assets 1,570 1,861 9,100 (18 ) 12,513 Noncurrent inventories and theatrical film and television production costs — 1,807 5,891 (98 ) 7,600 Investments in amounts due to and from consolidated subsidiaries 46,025 11,146 12,538 (69,709 ) — Investments, including available-for-sale securities 281 389 1,951 (4 ) 2,617 Property, plant and equipment, net 93 372 2,131 — 2,596 Intangible assets subject to amortization, net — — 949 — 949 Intangible assets not subject to amortization — 2,007 5,022 — 7,029 Goodwill — 9,880 17,809 — 27,689 Other assets 406 306 2,396 (253 ) 2,855 Total assets $ 48,375 $ 27,768 $ 57,787 $ (70,082 ) $ 63,848 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities $ 752 $ 982 $ 5,553 $ (99 ) $ 7,188 Deferred revenue — 89 587 (60 ) 616 Debt due within one year 34 159 5 — 198 Total current liabilities 786 1,230 6,145 (159 ) 8,002 Long-term debt 19,719 3,866 9 — 23,594 Deferred income taxes 2,454 2,786 2,069 (4,855 ) 2,454 Deferred revenue — — 358 (6 ) 352 Other noncurrent liabilities 1,797 1,731 3,390 (1,120 ) 5,798 Redeemable noncontrolling interest — — 29 — 29 Equity Due to (from) Time Warner Inc. and subsidiaries — (48,141 ) 3,779 44,362 — Other shareholders’ equity 23,619 66,296 42,008 (108,304 ) 23,619 Total equity 23,619 18,155 45,787 (63,942 ) 23,619 Total liabilities and equity $ 48,375 $ 27,768 $ 57,787 $ (70,082 ) $ 63,848 Consolidating Statement of Operations For The Three Months Ended March 31, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 1,983 $ 5,562 $ (237 ) $ 7,308 Costs of revenues — (953 ) (3,239 ) 187 (4,005 ) Selling, general and administrative (120 ) (312 ) (866 ) 47 (1,251 ) Amortization of intangible assets — — (48 ) — (48 ) Restructuring and severance costs — (4 ) (1 ) — (5 ) Asset impairments (2 ) — (1 ) — (3 ) Operating income (122 ) 714 1,407 (3 ) 1,996 Equity in pretax income (loss) of consolidated subsidiaries 2,028 1,426 471 (3,925 ) — Interest expense, net (247 ) (76 ) 37 2 (284 ) Other loss, net 13 (3 ) (49 ) (1 ) (40 ) Income from continuing operations before income taxes 1,672 2,061 1,866 (3,927 ) 1,672 Income tax provision (498 ) (618 ) (572 ) 1,190 (498 ) Income from continuing operations 1,174 1,443 1,294 (2,737 ) 1,174 Discontinued operations, net of tax 40 40 40 (80 ) 40 Net income 1,214 1,483 1,334 (2,817 ) 1,214 Comprehensive income $ 1,170 $ 1,453 $ 1,287 $ (2,740 ) $ 1,170 Consolidating Statement of Operations For The Three Months Ended March 31, 2015 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 1,802 $ 5,540 $ (215 ) $ 7,127 Costs of revenues — (882 ) (3,394 ) 188 (4,088 ) Selling, general and administrative (100 ) (256 ) (856 ) 23 (1,189 ) Amortization of intangible assets — — (48 ) — (48 ) Restructuring and severance costs — (4 ) (8 ) — (12 ) Asset impairments — — (1 ) — (1 ) Loss on operating assets, net — — (3 ) — (3 ) Operating income (100 ) 660 1,230 (4 ) 1,786 Equity in pretax income (loss) of consolidated subsidiaries 1,742 1,232 442 (3,416 ) — Interest expense, net (245 ) (78 ) 27 2 (294 ) Other loss, net (22 ) 3 (97 ) (1 ) (117 ) Income from continuing operations before income taxes 1,375 1,817 1,602 (3,419 ) 1,375 Income tax provision (442 ) (553 ) (519 ) 1,072 (442 ) Income from continuing operations 933 1,264 1,083 (2,347 ) 933 Discontinued operations, net of tax 37 37 37 (74 ) 37 Net income 970 1,301 1,120 (2,421 ) 970 Comprehensive income $ 827 $ 1,200 $ 972 $ (2,172 ) $ 827 Consolidating Statement of Cash Flows For The Three Months Ended March 31, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated OPERATIONS Net income $ 1,214 $ 1,483 $ 1,334 $ (2,817 ) $ 1,214 Less Discontinued operations, net of tax (40 ) (40 ) (40 ) 80 (40 ) Net income from continuing operations 1,174 1,443 1,294 (2,737 ) 1,174 Adjustments for noncash and nonoperating items: Depreciation and amortization 2 27 138 — 167 Amortization of film and television costs — 768 1,351 (7 ) 2,112 Asset impairments 2 — 1 — 3 Loss on investments and other assets, net (3 ) — 14 — 11 Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions (2,028 ) (1,426 ) (471 ) 3,925 — Equity in losses of investee companies, net of cash distributions (8 ) — 59 (1 ) 50 Equity-based compensation 42 30 36 — 108 Deferred income taxes 113 37 13 (50 ) 113 Changes in operating assets and liabilities, net of acquisitions 123 (330 ) (1,641 ) (1,133 ) (2,981 ) Intercompany — 616 (616 ) — — Cash provided by operations from continuing operations (583 ) 1,165 178 (3 ) 757 Cash provided (used) by operations from discontinued operations — — (4 ) — (4 ) Cash provided by operations (583 ) 1,165 174 (3 ) 753 INVESTING ACTIVITIES Investments in available-for-sale securities — — (5 ) — (5 ) Investments and acquisitions, net of cash acquired (9 ) (14 ) (70 ) — (93 ) Capital expenditures (7 ) (13 ) (55 ) — (75 ) Advances to (from) parent and consolidated subsidiaries 1,471 108 — (1,579 ) — Other investment proceeds 15 — 3 — 18 Cash used by investing activities 1,470 81 (127 ) (1,579 ) (155 ) FINANCING ACTIVITIES Borrowings — — 2 — 2 Debt repayments — (150 ) (2 ) — (152 ) Proceeds from exercise of stock options 56 — — — 56 Excess tax benefit from equity instruments 27 — — — 27 Principal payments on capital leases — (3 ) — — (3 ) Repurchases of common stock (711 ) — — — (711 ) Dividends paid (322 ) — — — (322 ) Other financing activities 58 (25 ) (145 ) 2 (110 ) Change in due to/from parent and investment in segment — (1,277 ) (303 ) 1,580 — Cash used by financing activities (892 ) (1,455 ) (448 ) 1,582 (1,213 ) DECREASE IN CASH AND EQUIVALENTS (5 ) (209 ) (401 ) — (615 ) CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 976 288 891 — 2,155 CASH AND EQUIVALENTS AT END OF PERIOD $ 971 $ 79 $ 490 $ — $ 1,540 Consolidating Statement of Cash Flows For The Three Months Ended March 31, 2015 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated OPERATIONS Net income $ 970 $ 1,301 $ 1,120 $ (2,421 ) $ 970 Less Discontinued operations, net of tax (37 ) (37 ) (37 ) 74 (37 ) Net income from continuing operations 933 1,264 1,083 (2,347 ) 933 Adjustments for noncash and nonoperating items: Depreciation and amortization 3 27 140 — 170 Amortization of film and television costs — 702 1,338 (6 ) 2,034 Asset impairments — — 1 — 1 Loss on investments and other assets, net 16 — 43 — 59 Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions (1,742 ) (1,232 ) (442 ) 3,416 — Equity in losses of investee companies, net of cash distributions (4 ) — 67 1 64 Equity-based compensation 30 23 37 — 90 Deferred income taxes (96 ) (140 ) (109 ) 249 (96 ) Changes in operating assets and liabilities, net of acquisitions 206 (50 ) (1,092 ) (1,310 ) (2,246 ) Intercompany — 521 (521 ) — — Cash provided by operations from continuing operations (654 ) 1,115 545 3 1,009 Cash provided (used) by operations from discontinued operations 7 — (4 ) — 3 Cash provided by operations (647 ) 1,115 541 3 1,012 INVESTING ACTIVITIES Investments in available-for-sale securities (16 ) — (13 ) — (29 ) Investments and acquisitions, net of cash acquired (2 ) — (94 ) — (96 ) Capital expenditures (1 ) (9 ) (47 ) — (57 ) Advances to (from) parent and consolidated subsidiaries 1,372 154 — (1,526 ) — Other investment proceeds — 4 1 — 5 Cash used by investing activities 1,353 149 (153 ) (1,526 ) (177 ) FINANCING ACTIVITIES Borrowings — — 6 — 6 Debt repayments — — (11 ) — (11 ) Proceeds from exercise of stock options 67 — — — 67 Excess tax benefit from equity instruments 83 — — — 83 Principal payments on capital leases — (2 ) — — (2 ) Repurchases of common stock (890 ) — — — (890 ) Dividends paid (294 ) — — — (294 ) Other financing activities — (21 ) (128 ) (3 ) (152 ) Change in due to/from parent and investment in segment — (1,399 ) (127 ) 1,526 — Cash used by financing activities (1,034 ) (1,422 ) (260 ) 1,523 (1,193 ) DECREASE IN CASH AND EQUIVALENTS (328 ) (158 ) 128 — (358 ) CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 1,623 290 705 — 2,618 CASH AND EQUIVALENTS AT END OF PERIOD $ 1,295 $ 132 $ 833 $ — $ 2,260

Description of Business and B24

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
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 or impairment of capitalized film and programming costs and participations and residuals, home video and videogame 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 2016 Equity Method of Accounting In March 2016, guidance was issued that changes the requirements for equity method accounting when an investment qualifies for use of the equity method as a result of an increase in the investor’s ownership interest in or degree of influence over an investee. The guidance (i) eliminates the need to retroactively apply the equity method of accounting upon qualifying for such treatment, (ii) requires that the cost of acquiring the additional interest in an investee be added to the basis of the previously held interest and (iii) requires that unrealized holding gains or losses for available-for-sale equity securities that qualify for the equity method of accounting be recognized in earnings at the date the investment becomes qualified for use of the equity method of accounting. The Company adopted this guidance on January 1, 2016 on a prospective basis and it did not impact the Company’s consolidated financial statements. Accounting Guidance Not Yet Adopted Share-Based Payments In March 2016, guidance was issued that changes the reporting for certain aspects of share-based payments. One aspect of the guidance, which will become effective on a prospective basis beginning on January 1, 2017, requires that the income tax effects of share-based awards be recognized in the income statement when the awards vest or are settled. Under the current guidance, excess tax benefits and deficiencies have been recognized in Additional paid-in capital in the Consolidated Balance Sheet. For the year ended December 31, 2015 , the net amount of excess tax benefits and deficiencies that were recognized in Additional paid-in capital was $150 million . Another aspect of the new guidance, which will become effective on a prospective or retrospective basis beginning on January 1, 2017, requires that excess tax benefits be classified as a cash flow from operating activities in the Consolidated Statement of Cash Flows. Under the current guidance, excess tax benefits have been classified as a cash flow from financing activities. Excess tax benefits presented as a cash flow from financing activities was $151 million for the year ended December 31, 2015 . The other aspects of this new guidance are not expected to have a material effect on the Company’s consolidated financial statements. Accounting for Leases In February 2016, new guidance was issued regarding accounting for leases. The main difference between the current guidance and the new guidance is the recognition of lease assets and liabilities for lessees for those leases classified as operating leases under the current guidance. Under the new guidance, the recognition, measurement and presentation of expenses and cash flows arising from a lease as well as the lessor accounting model have not significantly changed from current guidance. This guidance also requires qualitative and quantitative disclosures of key information about leasing arrangements. The new guidance will become effective on a modified retrospective basis for the Company on January 1, 2019. The Company is evaluating the impact the new guidance will have on its consolidated financial statements. Recognition and Measurement of Financial Assets and Liabilities In January 2016, guidance was issued that makes limited changes to the accounting for financial instruments. The changes primarily relate to (i) the requirement to measure equity investments in unconsolidated subsidiaries, other than those accounted for under the equity method of accounting, at fair value, with changes in the fair value recognized in earnings, (ii) an alternative approach for the measurement of equity investments that do not have a readily determinable fair value, (iii) the elimination of the other-than-temporary impairment model and its replacement with a requirement to perform a qualitative assessment to identify the impairment of equity investments, and a requirement to recognize impairment losses in earnings based on the difference between fair value and the carrying value of the equity investment, (iv) the elimination of the requirement to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost, (v) the addition of a requirement to use the exit price concept when measuring the fair value of financial instruments for disclosure purposes, and (vi) the addition of a requirement to present financial assets and financial liabilities separately in the notes to the financial statements, grouped by measurement category (e.g., fair value, amortized cost, lower of cost or market) and by form of financial asset (e.g., loans, securities). This guidance will become effective for the Company on January 1, 2018. The Company is evaluating the impact this guidance will have on its consolidated financial statements. 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, 2018. The Company is 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 made 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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , respectively (millions): March 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Trading securities: Diversified equity securities (a) $ 166 $ — $ — $ 166 $ 179 $ — $ — $ 179 Available-for-sale securities: Equity securities 19 — — 19 15 — — 15 Debt securities — 75 — 75 — 70 — 70 Derivatives: Foreign exchange contracts — 63 — 63 — 79 — 79 Other — — 161 161 — — 180 180 Liabilities: Derivatives: Foreign exchange contracts — — — — — (2 ) — (2 ) Other — — (2 ) (2 ) — — (7 ) (7 ) Total $ 185 $ 138 $ 159 $ 482 $ 194 $ 147 $ 173 $ 514 _________________________ (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 three months ended March 31, 2016 and 2015 on such assets and liabilities that were included in the Consolidated Balance Sheet as of March 31, 2016 and 2015 (millions): March 31, 2016 March 31, 2015 Balance as of the beginning of the period $ 173 $ 241 Total losses, net: Included in other loss, net (19 ) (56 ) Included in other comprehensive loss — — Purchases — — Settlements 5 (1 ) Issuances — — Balance as of the end of the period $ 159 $ 184 Net loss for the period included in net income related to assets and liabilities still held as of the end of the period $ (19 ) $ (56 )
Carrying Value Fair Value, by investment	Information as of March 31, 2016 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) $ — $ 185 Level 1 Series B convertible redeemable preferred shares $ — $ 259 Level 2 Senior secured notes $ 247 $ 446 Level 2 _________________________ (a) Includes 1 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 write down Carrying value after write down Fair value measurements made during the three months ended March 31,: 2016 $ 28 $ 2 2015 $ 176 $ 137

Inventories and Theatrical Fi26

Inventories and Theatrical Film and Television Production Costs (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories and Theatrical Film and Television Production Costs	Inventories and theatrical film and television production costs consist of (millions): March 31, December 31, Inventories: Programming costs, less amortization (a) $ 2,939 $ 3,067 Other inventory, primarily DVDs and Blu-ray Discs 251 263 Total inventories 3,190 3,330 Less: current portion of inventory (1,576 ) (1,753 ) Total noncurrent inventories 1,614 1,577 Theatrical film production costs: (b) Released, less amortization 709 570 Completed and not released 449 374 In production 1,621 1,612 Development and pre-production 115 123 Television production costs: (b) Released, less amortization 1,439 1,301 Completed and not released 889 872 In production 864 1,158 Development and pre-production 31 13 Total theatrical film and television production costs 6,117 6,023 Total noncurrent inventories and theatrical film and television production costs $ 7,731 $ 7,600 _________________________ (a) Includes the costs of programming rights, primarily sports, for which payments have been made prior to the related rights being received. (b) Does not include $622 million and $656 million of acquired film library intangible assets as of March 31, 2016 and December 31, 2015 , respectively, which are included in Intangible assets subject to amortization, net in the Consolidated Balance Sheet.

Derivative Instruments and He27

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Gains (losses) recognized in: Costs of revenues $ 9 $ 66 Selling, general and administrative 3 6 Other loss, net 22 (6 )
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 March 31, 2016 and December 31, 2015 (millions): March 31, December 31, Prepaid expenses and other current assets $ 63 $ 79 Accounts payable and accrued liabilities — (2 ) ________________________ (a) Includes $224 million ( $216 million of qualifying hedges and $8 million of economic hedges) and $161 million ( $156 million of qualifying hedges and $5 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively. (b) Includes $198 million ( $194 million of qualifying hedges and $4 million of economic hedges) and $121 million ( $116 million of qualifying hedges and $5 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of Comprehensive Income (Loss)	The following summary sets forth the activity within Other comprehensive loss (millions): Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Pretax Tax Net of tax Pretax Tax Net of tax Unrealized losses on foreign currency translation $ (50 ) $ 11 $ (39 ) $ (214 ) $ 12 $ (202 ) Reclassification adjustment for losses on foreign currency translation realized in net income (a) — — — 5 — 5 Unrealized gains on securities 2 (1 ) 1 6 (2 ) 4 Unrealized gains on benefit obligations 7 (2 ) 5 9 (1 ) 8 Reclassification adjustment for losses on benefit obligations realized in net income (b) 9 (3 ) 6 8 (2 ) 6 Unrealized gains on derivative financial instruments 1 (1 ) — 97 (34 ) 63 Reclassification adjustment for gains on derivative financial instruments realized in net income (c) (27 ) 10 (17 ) (42 ) 15 (27 ) Other comprehensive loss $ (58 ) $ 14 $ (44 ) $ (131 ) $ (12 ) $ (143 ) _________________________ (a) Pretax (gains) losses included in Loss on operating assets, net. (b) Pretax (gains) losses included in Selling, general and administrative expenses. (c) Pretax (gains) losses included in Selling, general and administrative expenses, Costs of revenues and Other loss, net are as follows (millions): Three Months Ended March 31, 2016 2015 Selling, general and administrative expenses $ (3 ) $ (6 ) Costs of revenues (9 ) (36 ) Other loss, net (15 ) —
Reclassification out of Accumulated Other Comprehensive Income	Pretax (gains) losses included in Selling, general and administrative expenses, Costs of revenues and Other loss, net are as follows (millions): Three Months Ended March 31, 2016 2015 Selling, general and administrative expenses $ (3 ) $ (6 ) Costs of revenues (9 ) (36 ) Other loss, net (15 ) —

Income Per Common Share (Tables

Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Income from continuing operations $ 1,174 $ 933 Income allocated to participating securities (3 ) (3 ) Income from continuing operations — basic $ 1,171 $ 930 Average basic common shares outstanding 790.7 829.4 Dilutive effect of equity awards 11.6 16.5 Average diluted common shares outstanding 802.3 845.9 Antidilutive common share equivalents excluded from computation 7 3 Income per common share from continuing operations: Basic $ 1.48 $ 1.12 Diluted $ 1.46 $ 1.10

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
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: Three Months Ended March 31, 2016 2015 Expected volatility 26.0 % 25.1 % Expected term to exercise from grant date 6.20 years 5.85 years Risk-free rate 1.5 % 1.8 % Expected dividend yield 2.6 % 1.7 % Weighted average grant date fair value per option $ 12.22 $ 18.39
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 service inception date precedes the grant date and requires the Company to apply mark-to-market accounting that is reflected in the grant date fair values presented: Three Months Ended March 31, 2016 2015 RSUs $ 62.38 $ 83.87 PSUs 78.06 72.84
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): Three Months Ended March 31, 2016 2015 Stock options 2.2 2.9 RSUs 2.7 1.9 PSUs 0.2 0.1
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	The impact on Operating income for equity-based compensation awards is as follows (millions): Three Months Ended March 31, 2016 2015 Stock options $ 21 $ 17 RSUs and PSUs 87 73 Total impact on operating income $ 108 $ 90 Tax benefit recognized $ 38 $ 32

Benefit Plans (Tables)

Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 is as follows (millions): Three Months Ended March 31, 2016 2015 Service cost $ 1 $ 1 Interest cost 22 21 Expected return on plan assets (21 ) (23 ) Amortization of net loss 4 5 Net periodic benefit costs (a) $ 6 $ 4 Contributions $ 9 $ 7 _________________________ (a) Excludes net periodic benefit costs related to discontinued operations of $4 million and $1 million during the three months ended March 31, 2016 and March 31, 2015 , respectively, primarily related to employees and former employees of Time Inc. These amounts have been reflected in Other loss, net in the Consolidated Statement of Operations.

Restructuring and Severance C32

Restructuring and Severance Costs (Tables)	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Severance Costs	Restructuring and severance costs expensed as incurred for the three months ended March 31, 2016 and 2015 are as follows (millions): Three Months Ended March 31, 2016 2015 Turner $ 1 $ 8 Home Box Office 4 1 Warner Bros. 1 3 Corporate (1 ) — Total restructuring and severance costs $ 5 $ 12 Three Months Ended March 31, 2016 2015 2016 initiatives $ 4 $ — 2015 and prior initiatives 1 12 Total restructuring and severance costs $ 5 $ 12
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, 2015 $ 239 $ 14 $ 253 Net accruals 5 — 5 Cash paid (79 ) (2 ) (81 ) Remaining liability as of March 31, 2016 $ 165 $ 12 $ 177

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Revenues Turner $ 2,906 $ 2,710 Home Box Office 1,506 1,398 Warner Bros. 3,109 3,199 Intersegment eliminations (213 ) (180 ) Total revenues $ 7,308 $ 7,127 Three Months Ended March 31, 2016 2015 Intersegment Revenues Turner $ 20 $ 24 Home Box Office 3 7 Warner Bros. 190 149 Total intersegment revenues $ 213 $ 180 Three Months Ended March 31, 2016 2015 Operating Income (Loss) Turner $ 1,239 $ 1,108 Home Box Office 477 458 Warner Bros. 424 324 Corporate (140 ) (104 ) Intersegment eliminations (4 ) — Total operating income $ 1,996 $ 1,786 March 31, 2016 December 31, Assets Turner $ 25,748 $ 25,559 Home Box Office 14,381 14,314 Warner Bros. 20,616 20,699 Corporate 2,509 3,276 Total assets $ 63,254 $ 63,848

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Revenues $ 123 $ 134 Expenses — (2 ) Interest income 41 29 Other income 5 4

Additional Financial Informat35

Additional Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
Additional Financial Information [Abstract]
Cash Flows	Additional financial information with respect to cash payments and receipts, Interest expense, net, Other loss, net, Accounts payable and accrued liabilities and Other noncurrent liabilities is as follows (millions): Three Months Ended March 31, 2016 2015 Cash Flows Cash payments made for interest $ (291 ) $ (266 ) Interest income received 13 8 Cash interest payments, net $ (278 ) $ (258 ) Cash payments made for income taxes $ (134 ) $ (169 ) Income tax refunds received 4 11 Cash tax payments, net $ (130 ) $ (158 )
Interest Expense, Net	Three Months Ended March 31, 2016 2015 Interest Expense, Net Interest income $ 63 $ 51 Interest expense (347 ) (345 ) Total interest expense, net $ (284 ) $ (294 )
Other Income (Loss), Net	Three Months Ended March 31, 2016 2015 Other Loss, Net Investment losses, net $ (11 ) $ (59 ) Loss on equity method investees (34 ) (49 ) Other 5 (9 ) Total other loss, net $ (40 ) $ (117 )
Accounts Payable and Accrued Liabilities	March 31, December 31, Accounts Payable and Accrued Liabilities Accounts payable $ 480 $ 653 Other accrued expenses 1,590 1,946 Participations payable 2,514 2,422 Programming costs payable 797 712 Accrued compensation 584 957 Accrued interest 369 341 Accrued income taxes 255 157 Total accounts payable and accrued liabilities $ 6,589 $ 7,188
Other Noncurrent Liabilities	March 31, 2016 December 31, Other Noncurrent Liabilities Noncurrent tax and interest reserves $ 1,426 $ 1,535 Participations payable 1,522 1,512 Programming costs payable 773 816 Noncurrent pension and post-retirement liabilities 910 908 Deferred compensation 464 471 Other noncurrent liabilities 510 556 Total other noncurrent liabilities $ 5,605 $ 5,798

Description of Business and B36

Description of Business and Basis of Presentation (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | segment	3
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net			$ 150
Excess tax benefit from equity instruments	$ 27	$ 83	$ 151
Simadi Exchange Venezuelan Bolivar Fuerte
Multiple Foreign Currency Exchange Rates [Abstract]
Venezuelan foreign currency loss		22
Increase (decrease) to cash and cash equivalents due to Venezuelan exchange rate		$ (15)

Business Dispositions and Acq37

Business Dispositions and Acquisitions - Dispositions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Net income (loss)	$ 40	$ 37
Diluted income (loss) from discontinued operations per common share (in dollars per share)	$ 0.05	$ 0.05
Warner Music Group
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Net income (loss)	$ 40	$ 37
Diluted income (loss) from discontinued operations per common share (in dollars per share)	$ 0.05	$ 0.05

Fair Value Measurements (Detail

Fair Value Measurements (Details) note in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2016USD ($)	Mar. 31, 2016USD ($)noteshares	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Derivatives:
Foreign exchange contracts		$ 63,000,000		$ 79,000,000
Derivatives:
Foreign exchange contracts		0		(2,000,000)
Class A common stock
Other Financial Instruments Numeric [Abstract]
Class A common stock, carrying value		$ 0
Series A convertible preferred stock, number of shares owned | shares		1
Series B convertible redeemable preferred shares
Other Financial Instruments Numeric [Abstract]
Series B convertible redeemable preferred shares, carrying value		$ 0
CME Senior Secured Notes
Other Financial Instruments Numeric [Abstract]
Senior secured notes, carrying value		$ 247,000,000
CME Rights Offering | CME Senior Secured Notes
Other Financial Instruments Numeric [Abstract]
Debt instrument, interest rate, stated percentage		15.00%
Rights offering unit senior secured note principal		$ 100
Notes owned at end of period | note		3.4
CME Rights Offering | CME Senior Secured Notes | Subsequent Event
Other Financial Instruments Numeric [Abstract]
Cash Received in April 2016 from CME	$ 447,000,000
Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities		$ 166,000,000		179,000,000
Available-for-sale securities:
Equity securities		19,000,000		15,000,000
Debt securities		75,000,000		70,000,000
Derivatives:
Foreign exchange contracts		63,000,000		79,000,000
Other		161,000,000		180,000,000
Derivatives:
Foreign exchange contracts		0		(2,000,000)
Other		(2,000,000)		(7,000,000)
Total		482,000,000		514,000,000
Derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance as of the beginning of the period	$ 159,000,000	173,000,000	$ 241,000,000
Total losses, net:
Included in other comprehensive loss		0	0
Purchases		0	0
Settlements		5,000,000	(1,000,000)
Issuances		0	0
Balance as of the end of the period		159,000,000	184,000,000
Net loss for the period included in net income related to assets and liabilities still held as of the end of the period		(19,000,000)	(56,000,000)
Other Nonoperating Income (Expense) | Derivatives
Total losses, net:
Included in earnings		(19,000,000)	(56,000,000)
Level 1 | Class A common stock
Other Financial Instruments Numeric [Abstract]
Class A common stock, fair value		185,000,000
Level 1 | Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities		166,000,000		179,000,000
Available-for-sale securities:
Equity securities		19,000,000		15,000,000
Debt securities		0		0
Derivatives:
Foreign exchange contracts		0		0
Other		0		0
Derivatives:
Foreign exchange contracts		0		0
Other		0		0
Total		185,000,000		194,000,000
Level 2
Other Financial Instruments Numeric [Abstract]
Difference between carrying value and fair value of debt		3,318,000,000		2,490,000,000
Level 2 | Series B convertible redeemable preferred shares
Other Financial Instruments Numeric [Abstract]
Series B convertible redeemable preferred shares, fair value		259,000,000
Level 2 | CME Senior Secured Notes
Other Financial Instruments Numeric [Abstract]
Senior secured notes, fair value		446,000,000
Level 2 | Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities		0		0
Available-for-sale securities:
Equity securities		0		0
Debt securities		75,000,000		70,000,000
Derivatives:
Foreign exchange contracts		63,000,000		79,000,000
Other		0		0
Derivatives:
Foreign exchange contracts		0		(2,000,000)
Other		0		0
Total		138,000,000		147,000,000
Level 3 | Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities		0		0
Available-for-sale securities:
Equity securities		0		0
Debt securities		0		0
Derivatives:
Foreign exchange contracts		0		0
Other		161,000,000		180,000,000
Derivatives:
Foreign exchange contracts		0		0
Other		(2,000,000)		(7,000,000)
Total		159,000,000		173,000,000
Level 3 | Fair Value, Measurements, Recurring | Warrant | CME Rights Offering
Derivatives:
Equity warrants		$ 160,000,000		$ 179,000,000
Fair value assumptions, expected term		1 year 2 months 19 days
Fair value assumptions, expected volatility rate (percent)		59.00%
Level 3 | Fair Value, Measurements, Nonrecurring
Non Financial Instruments Numeric [Abstract]
Fair value of film costs to be abandoned		$ 0
Film production costs carrying value in inventory prior to write down		28,000,000	176,000,000
Film production costs carrying value in inventory subsequent to write down		$ 2,000,000	$ 137,000,000

Inventories and Theatrical Fi39

Inventories and Theatrical Film and Television Production Costs (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Inventories:
Programming costs, less amortization	$ 2,939	$ 3,067
Other inventory, primarily DVDs and Blu-ray Discs	251	263
Total inventories	3,190	3,330
Less: current portion of inventory	(1,576)	(1,753)
Total noncurrent inventories	1,614	1,577
Theatrical film production costs:
Released, less amortization	709	570
Completed and not released	449	374
In production	1,621	1,612
Development and pre-production	115	123
Television production costs:
Released, less amortization	1,439	1,301
Completed and not released	889	872
In production	864	1,158
Development and pre-production	31	13
Total theatrical film and television production costs	6,117	6,023
Total noncurrent inventories and theatrical film and television production costs	7,731	7,600
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	900	949
Film Libraries
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	$ 622	$ 656

Derivative Instruments and He40

Derivative Instruments and Hedging Activities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Jul. 28, 2015EUR (€)
Gains (losses) recognized in:
Gains (losses) recognized in Costs of revenues	$ 9	$ 66
Gains (losses) recognized in Selling, general and administrative	3	6
Gains (losses) recognized in Other loss, net	22	$ (6)
Derivatives, Fair Value [Line Items]
Prepaid expenses and other current assets	63		$ 79
Accounts payable and accrued liabilities	0		(2)
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Cash flow hedge gains (losses) recorded in accumulated OCI	3		29
Cash flow hedge gains (losses) recorded in accumulated OCI deferred gains (losses)	$ (11)		(9)
Net Investment Hedging | Debt Designated as a Hedge of Euro-denominated Net Investments
Derivatives, Fair Value [Line Items]
Debt instrument, face amount | €				€ 700,000,000
Foreign Currency Derivatives
Derivatives, Fair Value [Line Items]
Derivative, lower maturity range	3 months
Derivative, higher maturity range	18 months
Derivative asset, fair value, gross	$ 224		198
Derivative liability, fair value, gross	161		121
Qualifying Hedges | Foreign Currency Derivatives
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross	216		194
Derivative liability, fair value, gross	156		116
Economic Hedges | Foreign Currency Derivatives
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross	8		4
Derivative liability, fair value, gross	5		$ 5
Euro Denominated Debt | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivatives used in Net Investment Hedge, Increase (Decrease), Gross of Tax	$ (7)

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Jan. 31, 2016
Equity, Class of Treasury Stock [Line Items]
Common stock repurchases	$ 713,000,000	$ 900,000,000
Treasury stock, shares acquired	10
Stock repurchase program, remaining authorized repurchase amount	$ 4,287,000,000
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) on foreign currency translation, Pretax	(50,000,000)	(214,000,000)
Unrealized gains (losses) on foreign currency translation, Tax (provision) benefit	11,000,000	12,000,000
Unrealized gains (losses) on foreign currency translation, Net of tax	(39,000,000)	(202,000,000)
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	5,000,000
Unrealized gains (losses) on securities, Pretax	2,000,000	6,000,000
Unrealized gains (losses) on securities, Tax (provision) benefit	(1,000,000)	(2,000,000)
Unrealized gains (losses) on securities, Net of tax	1,000,000	4,000,000
Unrealized gains (losses) on benefit obligations, Pretax	7,000,000	9,000,000
Unrealized gains (losses) on benefit obligations, Tax (provision) benefit	(2,000,000)	(1,000,000)
Unrealized gains (losses) on benefit obligations, Net of tax	5,000,000	8,000,000
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Pretax	9,000,000	8,000,000
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Tax (provision) benefit	(3,000,000)	(2,000,000)
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Net of tax	6,000,000	6,000,000
Unrealized gains (losses) on derivative financial instruments, Pretax	1,000,000	97,000,000
Unrealized gains (losses) on derivative financial instruments, Tax (provision) benefit	(1,000,000)	(34,000,000)
Unrealized gains (losses) on derivative financial instruments, Net of tax	0	63,000,000
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Pretax	(27,000,000)	(42,000,000)
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Tax (provision) benefit	10,000,000	15,000,000
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Net of tax	(17,000,000)	(27,000,000)
Other comprehensive income (loss), Pretax	(58,000,000)	(131,000,000)
Other comprehensive income (loss), Tax (provision) benefit	14,000,000	(12,000,000)
Other comprehensive loss	(44,000,000)	(143,000,000)
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	1,251,000,000	1,189,000,000
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Costs of revenues	4,005,000,000	4,088,000,000
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Other income (loss)	40,000,000	117,000,000
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Gain (loss) on operating assets, net	0	3,000,000
January 2016 Plan
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount			$ 5,000,000,000
Accumulated Translation Adjustment | Reclassification out of Accumulated Other Comprehensive Income
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		5,000,000
Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income
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	8,000,000
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income
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)	(6,000,000)
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Costs of revenues	(9,000,000)	(36,000,000)
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Other income (loss)	$ (15,000,000)	$ 0

Income Per Common Share (Detail

Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Income from continuing operations	$ 1,174	$ 933
Income allocated to participating securities	(3)	(3)
Income from continuing operations — basic	$ 1,171	$ 930
Average basic common shares outstanding (in shares)	790.7	829.4
Dilutive effect of equity awards (in shares)	11.6	16.5
Average diluted common shares outstanding (in shares)	802.3	845.9
Antidilutive common share equivalents excluded from computation (in shares)	7	3
Income per common share from continuing operations - basic (in dollars per share)	$ 1.48	$ 1.12
Income per common share from continuing operations - diluted (in dollars per share)	$ 1.46	$ 1.10

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility (percent)	26.00%	25.10%
Expected term to exercise from grant date	6 years 2 months 12 days	5 years 10 months 6 days
Risk-free rate (percent)	1.50%	1.80%
Expected dividend yield (percent)	2.60%	1.70%
Weighted average grant date fair value per option (in dollars per share)	$ 12.22	$ 18.39
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	$ 108	$ 90
Tax benefit recognized	$ 38	$ 32
Restricted Stock Unit
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)	$ 62.38	$ 83.87
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of units granted (in shares)	2.7	1.9
Performance Stock Unit
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)	$ 78.06	$ 72.84
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of units granted (in shares)	0.2	0.1
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of stock options granted (in shares)	2.2	2.9
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	$ 21	$ 17
Unrecognized compensation cost	$ 74
Stock Option | Minimum
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Unrecognized compensation cost, weighted-average period for recognition	1 year
Stock Option | Maximum
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
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	$ 87	$ 73
Unrecognized compensation cost	$ 280
Restricted stock units and performance stock units | Minimum
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 | Maximum
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 - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Components of Net Periodic Benefit Costs [Abstract]
Service cost	$ 1	$ 1
Interest cost	22	21
Expected return on plan assets	(21)	(23)
Amortization of net loss	4	5
Net periodic benefit costs	6	4
Contributions	9	7
Net periodic benefit costs, related to discontinued operations	$ 4	$ 1

Restructuring and Severance C45

Restructuring and Severance Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	$ 5	$ 12
2016 initiatives
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	4	0
2015 and prior initiatives
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	1	12
Corporate
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	(1)	0
Turner | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	1	8
Home Box Office | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	4	1
Warner Bros. | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	$ 1	$ 3

Restructuring and Severance C46

Restructuring and Severance Costs (Accrued Restructuring and Severance Costs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance	$ 253
Net accruals	5	$ 12
Cash paid	(81)
Remaining liability, ending balance	177
Restructuring Reserve [Abstract]
Restructuring reserve, current	148
Restructuring reserve, long-term	29
Employee Terminations
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance	239
Net accruals	5
Cash paid	(79)
Remaining liability, ending balance	165
Other Exit Costs
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance	14
Net accruals	0
Cash paid	(2)
Remaining liability, ending balance	$ 12

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Total revenues	$ 7,308	$ 7,127
Total operating income (loss)	1,996	1,786
Total assets	63,254		$ 63,848
Corporate
Segment Reporting Information [Line Items]
Total operating income (loss)	(140)	(104)
Total assets	2,509		3,276
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(213)	(180)
Total operating income (loss)	(4)	0
Turner | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	2,906	2,710
Total operating income (loss)	1,239	1,108
Total assets	25,748		25,559
Turner | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(20)	(24)
Home Box Office | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,506	1,398
Total operating income (loss)	477	458
Total assets	14,381		14,314
Home Box Office | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(3)	(7)
Warner Bros. | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	3,109	3,199
Total operating income (loss)	424	324
Total assets	20,616		$ 20,699
Warner Bros. | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	$ (190)	$ (149)

Commitments and Contingencies -

Commitments and Contingencies - Six Flags (Details) - Six Flags	3 Months Ended
	Mar. 31, 2016USD ($)
Other Commitments [Line Items]
Six Flags, net present value	$ 436,000,000
Six Flags, guarantee payments made	0
Six Flags, guarantor obligations, current carrying value	0
Financial Guarantee
Other Commitments [Line Items]
Aggregate undiscounted contingent commitment	$ 896,000,000

Commitments and Contingencies49

Commitments and Contingencies - Contingencies (Details)	Mar. 31, 2016USD ($)
Minimum
Loss Contingencies [Line Items]
Loss contingency, range of possible loss, not accrued	$ 0
Maximum
Loss Contingencies [Line Items]
Loss contingency, range of possible loss, not accrued	$ 100,000,000

Commitments and Contingencies50

Commitments and Contingencies - Tax Uncertainties (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Income Tax Contingency [Line Items]
Unrecognized tax benefits, interest on income taxes expense	$ 10
Minimum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	20
Maximum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	40
Domestic | Continuing Operations
Income Tax Contingency [Line Items]
Tax adjustments, settlements, and unusual provisions	(17)
Unrecognized tax benefits, period increase (decrease)	(123)
Foreign | Discontinued Operations
Income Tax Contingency [Line Items]
Unrecognized tax benefits, period increase (decrease)	$ (40)

Related Party Transactions (Det

Related Party Transactions (Details) - Equity Method Investee - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Revenues	$ 123	$ 134
Expenses	0	(2)
Interest income	41	29
Other income	$ 5	$ 4

Additional Financial Informat52

Additional Financial Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Cash Flows [Abstract]
Cash payments made for interest	$ (291,000,000)	$ (266,000,000)
Interest income received	13,000,000	8,000,000
Cash interest payments, net	(278,000,000)	(258,000,000)
Cash payments made for income taxes	(134,000,000)	(169,000,000)
Income tax refunds received	4,000,000	11,000,000
Cash tax payments, net	(130,000,000)	(158,000,000)
Interest Expense, Net [Abstract]
Interest income	63,000,000	51,000,000
Interest expense	(347,000,000)	(345,000,000)
Total interest expense, net	(284,000,000)	(294,000,000)
Other Income (Loss), Net [Abstract]
Investment losses, net	(11,000,000)	(59,000,000)
Loss on equity method investees	(34,000,000)	(49,000,000)
Other	5,000,000	(9,000,000)
Total other loss, net	(40,000,000)	(117,000,000)
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	480,000,000		$ 653,000,000
Other accrued expenses	1,590,000,000		1,946,000,000
Participations payable	2,514,000,000		2,422,000,000
Programming costs payable	797,000,000		712,000,000
Accrued compensation	584,000,000		957,000,000
Accrued interest	369,000,000		341,000,000
Accrued income taxes	255,000,000		157,000,000
Total accounts payable and accrued liabilities	6,589,000,000		7,188,000,000
Other Noncurrent Liabilities [Abstract]
Noncurrent tax and interest reserves	1,426,000,000		1,535,000,000
Participations payable	1,522,000,000		1,512,000,000
Programming costs payable	773,000,000		816,000,000
Noncurrent pension and post-retirement liabilities	910,000,000		908,000,000
Deferred compensation	464,000,000		471,000,000
Other noncurrent liabilities	510,000,000		556,000,000
Total other noncurrent liabilities	5,605,000,000		$ 5,798,000,000
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, income statement classifications and amounts, costs of revenue	73,000,000	$ 127,000,000
Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, shortfall	45,000,000
Minimum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, shortfall	$ 30,000,000

Supplementary Information - C53

Supplementary Information - Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash and equivalents	$ 1,540	$ 2,155	$ 2,260	$ 2,618
Receivables, net	7,810	7,411
Inventories	1,576	1,753
Prepaid expenses and other current assets	866	1,194
Total current assets	11,792	12,513
Noncurrent inventories and theatrical film and television production costs	7,731	7,600
Investments in amounts due to and from consolidated subsidiaries	0	0
Investments, including available-for-sale securities	2,649	2,617
Property, plant and equipment, net	2,546	2,596
Intangible assets subject to amortization, net	900	949
Intangible assets not subject to amortization	7,030	7,029
Goodwill	27,686	27,689
Other assets	2,920	2,855
Total assets	63,254	63,848
Current liabilities
Accounts payable and accrued liabilities	6,589	7,188
Deferred revenue	554	616
Debt due within one year	51	198
Total current liabilities	7,194	8,002
Long-term debt	23,622	23,594
Deferred income taxes	2,570	2,454
Deferred revenue	390	352
Other noncurrent liabilities	5,605	5,798
Redeemable noncontrolling interest	29	29
Equity
Due to (from) Time Warner Inc. and subsidiaries	0	0
Other shareholders’ equity	23,843	23,619
Total Time Warner Inc. shareholders’ equity	23,843	23,619
Noncontrolling interest	1	0
Total equity	23,844	23,619	24,198	24,476
Total liabilities and equity	63,254	63,848
Consolidation, Eliminations
Current assets
Cash and equivalents	0	0	0	0
Receivables, net	(14)	(12)
Inventories	(7)	(6)
Prepaid expenses and other current assets	0	0
Total current assets	(21)	(18)
Noncurrent inventories and theatrical film and television production costs	(95)	(98)
Investments in amounts due to and from consolidated subsidiaries	(70,266)	(69,709)
Investments, including available-for-sale securities	(3)	(4)
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	(276)	(253)
Total assets	(70,661)	(70,082)
Current liabilities
Accounts payable and accrued liabilities	(45)	(99)
Deferred revenue	(64)	(60)
Debt due within one year	0	0
Total current liabilities	(109)	(159)
Long-term debt	0	0
Deferred income taxes	(4,903)	(4,855)
Deferred revenue	(3)	(6)
Other noncurrent liabilities	(1,115)	(1,120)
Redeemable noncontrolling interest	0	0
Equity
Due to (from) Time Warner Inc. and subsidiaries	46,497	44,362
Other shareholders’ equity	(111,028)	(108,304)
Total Time Warner Inc. shareholders’ equity	(64,531)
Noncontrolling interest	0
Total equity	(64,531)	(63,942)
Total liabilities and equity	(70,661)	(70,082)
Parent Company
Current assets
Cash and equivalents	971	976	1,295	1,623
Receivables, net	97	100
Inventories	0	0
Prepaid expenses and other current assets	272	494
Total current assets	1,340	1,570
Noncurrent inventories and theatrical film and television production costs	0	0
Investments in amounts due to and from consolidated subsidiaries	46,494	46,025
Investments, including available-for-sale securities	287	281
Property, plant and equipment, net	95	93
Intangible assets subject to amortization, net	0	0
Intangible assets not subject to amortization	0	0
Goodwill	0	0
Other assets	424	406
Total assets	48,640	48,375
Current liabilities
Accounts payable and accrued liabilities	775	752
Deferred revenue	0	0
Debt due within one year	35	34
Total current liabilities	810	786
Long-term debt	19,729	19,719
Deferred income taxes	2,570	2,454
Deferred revenue	0	0
Other noncurrent liabilities	1,688	1,797
Redeemable noncontrolling interest	0	0
Equity
Due to (from) Time Warner Inc. and subsidiaries	0	0
Other shareholders’ equity	23,843	23,619
Total Time Warner Inc. shareholders’ equity	23,843
Noncontrolling interest	0
Total equity	23,843	23,619
Total liabilities and equity	48,640	48,375
Guarantor Subsidiaries
Current assets
Cash and equivalents	79	288	132	290
Receivables, net	1,073	983
Inventories	501	496
Prepaid expenses and other current assets	100	94
Total current assets	1,753	1,861
Noncurrent inventories and theatrical film and television production costs	1,767	1,807
Investments in amounts due to and from consolidated subsidiaries	11,129	11,146
Investments, including available-for-sale securities	386	389
Property, plant and equipment, net	383	372
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	375	306
Total assets	27,680	27,768
Current liabilities
Accounts payable and accrued liabilities	770	982
Deferred revenue	82	89
Debt due within one year	13	159
Total current liabilities	865	1,230
Long-term debt	3,884	3,866
Deferred income taxes	2,821	2,786
Deferred revenue	18	0
Other noncurrent liabilities	1,715	1,731
Redeemable noncontrolling interest	0	0
Equity
Due to (from) Time Warner Inc. and subsidiaries	(49,418)	(48,141)
Other shareholders’ equity	67,795	66,296
Total Time Warner Inc. shareholders’ equity	18,377
Noncontrolling interest	0
Total equity	18,377	18,155
Total liabilities and equity	27,680	27,768
Non-Guarantor Subsidiaries
Current assets
Cash and equivalents	490	891	$ 833	$ 705
Receivables, net	6,654	6,340
Inventories	1,082	1,263
Prepaid expenses and other current assets	494	606
Total current assets	8,720	9,100
Noncurrent inventories and theatrical film and television production costs	6,059	5,891
Investments in amounts due to and from consolidated subsidiaries	12,643	12,538
Investments, including available-for-sale securities	1,979	1,951
Property, plant and equipment, net	2,068	2,131
Intangible assets subject to amortization, net	900	949
Intangible assets not subject to amortization	5,023	5,022
Goodwill	17,806	17,809
Other assets	2,397	2,396
Total assets	57,595	57,787
Current liabilities
Accounts payable and accrued liabilities	5,089	5,553
Deferred revenue	536	587
Debt due within one year	3	5
Total current liabilities	5,628	6,145
Long-term debt	9	9
Deferred income taxes	2,082	2,069
Deferred revenue	375	358
Other noncurrent liabilities	3,317	3,390
Redeemable noncontrolling interest	29	29
Equity
Due to (from) Time Warner Inc. and subsidiaries	2,921	3,779
Other shareholders’ equity	43,233	42,008
Total Time Warner Inc. shareholders’ equity	46,154
Noncontrolling interest	1
Total equity	46,155	45,787
Total liabilities and equity	$ 57,595	$ 57,787

Supplementary Information - C54

Supplementary Information - Condensed Consolidating Financial Statements - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenues	$ 7,308	$ 7,127
Costs of revenues	(4,005)	(4,088)
Selling, general and administrative	(1,251)	(1,189)
Amortization of intangible assets	(48)	(48)
Restructuring and severance costs	(5)	(12)
Asset impairments	(3)	(1)
Loss on operating assets, net	0	(3)
Operating income	1,996	1,786
Equity in pretax income (loss) of consolidated subsidiaries	0	0
Interest expense, net	(284)	(294)
Other loss, net	(40)	(117)
Income from continuing operations before income taxes	1,672	1,375
Income tax provision	(498)	(442)
Income from continuing operations	1,174	933
Discontinued operations, net of tax	40	37
Net income	1,214	970
Comprehensive income	1,170	827
Consolidation, Eliminations
Income Statement [Abstract]
Revenues	(237)	(215)
Costs of revenues	187	188
Selling, general and administrative	47	23
Amortization of intangible assets	0	0
Restructuring and severance costs	0	0
Asset impairments	0	0
Loss on operating assets, net		0
Operating income	(3)	(4)
Equity in pretax income (loss) of consolidated subsidiaries	(3,925)	(3,416)
Interest expense, net	2	2
Other loss, net	(1)	(1)
Income from continuing operations before income taxes	(3,927)	(3,419)
Income tax provision	1,190	1,072
Income from continuing operations	(2,737)	(2,347)
Discontinued operations, net of tax	(80)	(74)
Net income	(2,817)	(2,421)
Comprehensive income	(2,740)	(2,172)
Parent Company
Income Statement [Abstract]
Revenues	0	0
Costs of revenues	0	0
Selling, general and administrative	(120)	(100)
Amortization of intangible assets	0	0
Restructuring and severance costs	0	0
Asset impairments	(2)	0
Loss on operating assets, net		0
Operating income	(122)	(100)
Equity in pretax income (loss) of consolidated subsidiaries	2,028	1,742
Interest expense, net	(247)	(245)
Other loss, net	13	(22)
Income from continuing operations before income taxes	1,672	1,375
Income tax provision	(498)	(442)
Income from continuing operations	1,174	933
Discontinued operations, net of tax	40	37
Net income	1,214	970
Comprehensive income	1,170	827
Guarantor Subsidiaries
Income Statement [Abstract]
Revenues	1,983	1,802
Costs of revenues	(953)	(882)
Selling, general and administrative	(312)	(256)
Amortization of intangible assets	0	0
Restructuring and severance costs	(4)	(4)
Asset impairments	0	0
Loss on operating assets, net		0
Operating income	714	660
Equity in pretax income (loss) of consolidated subsidiaries	1,426	1,232
Interest expense, net	(76)	(78)
Other loss, net	(3)	3
Income from continuing operations before income taxes	2,061	1,817
Income tax provision	(618)	(553)
Income from continuing operations	1,443	1,264
Discontinued operations, net of tax	40	37
Net income	1,483	1,301
Comprehensive income	1,453	1,200
Non-Guarantor Subsidiaries
Income Statement [Abstract]
Revenues	5,562	5,540
Costs of revenues	(3,239)	(3,394)
Selling, general and administrative	(866)	(856)
Amortization of intangible assets	(48)	(48)
Restructuring and severance costs	(1)	(8)
Asset impairments	(1)	(1)
Loss on operating assets, net		(3)
Operating income	1,407	1,230
Equity in pretax income (loss) of consolidated subsidiaries	471	442
Interest expense, net	37	27
Other loss, net	(49)	(97)
Income from continuing operations before income taxes	1,866	1,602
Income tax provision	(572)	(519)
Income from continuing operations	1,294	1,083
Discontinued operations, net of tax	40	37
Net income	1,334	1,120
Comprehensive income	$ 1,287	$ 972

Supplementary Information - C55

Supplementary Information - Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
OPERATIONS
Net income	$ 1,214	$ 970
Less Discontinued operations, net of tax	(40)	(37)
Net income from continuing operations	1,174	933
Adjustments for noncash and nonoperating items:
Depreciation and amortization	167	170
Amortization of film and television costs	2,112	2,034
Asset impairments	3	1
Loss on investments and other assets, net	11	59
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	50	64
Equity-based compensation	108	90
Deferred income taxes	113	(96)
Changes in operating assets and liabilities, net of acquisitions	(2,981)	(2,246)
Intercompany	0	0
Cash provided by operations from continuing operations	757	1,009
Cash provided (used) by operations from discontinued operations	(4)	3
Cash provided by operations	753	1,012
INVESTING ACTIVITIES
Investments in available-for-sale securities	(5)	(29)
Investments and acquisitions, net of cash acquired	(93)	(96)
Capital expenditures	(75)	(57)
Advances to (from) parent and consolidated subsidiaries	0	0
Other investment proceeds	18	5
Cash used by investing activities	(155)	(177)
FINANCING ACTIVITIES
Borrowings	2	6
Debt repayments	(152)	(11)
Proceeds from exercise of stock options	56	67
Excess tax benefit from equity instruments	27	83	$ 151
Principal payments on capital leases	(3)	(2)
Repurchases of common stock	(711)	(890)
Dividends paid	(322)	(294)
Other financing activities	(110)	(152)
Change in due to/from parent and investment in segment	0	0
Cash used by financing activities	(1,213)	(1,193)
DECREASE IN CASH AND EQUIVALENTS	(615)	(358)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	2,155	2,618	2,618
CASH AND EQUIVALENTS AT END OF PERIOD	1,540	2,260	2,155
Consolidation, Eliminations
OPERATIONS
Net income	(2,817)	(2,421)
Less Discontinued operations, net of tax	80	74
Net income from continuing operations	(2,737)	(2,347)
Adjustments for noncash and nonoperating items:
Depreciation and amortization	0	0
Amortization of film and television costs	(7)	(6)
Asset impairments	0	0
Loss on investments and other assets, net	0	0
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions	3,925	3,416
Equity in losses of investee companies, net of cash distributions	(1)	1
Equity-based compensation	0	0
Deferred income taxes	(50)	249
Changes in operating assets and liabilities, net of acquisitions	(1,133)	(1,310)
Intercompany	0	0
Cash provided by operations from continuing operations	(3)	3
Cash provided (used) by operations from discontinued operations	0	0
Cash provided by operations	(3)	3
INVESTING ACTIVITIES
Investments in available-for-sale securities	0	0
Investments and acquisitions, net of cash acquired	0	0
Capital expenditures	0	0
Advances to (from) parent and consolidated subsidiaries	(1,579)	(1,526)
Other investment proceeds	0	0
Cash used by investing activities	(1,579)	(1,526)
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	2	(3)
Change in due to/from parent and investment in segment	1,580	1,526
Cash used by financing activities	1,582	1,523
DECREASE IN CASH AND EQUIVALENTS	0	0
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	0	0	0
CASH AND EQUIVALENTS AT END OF PERIOD	0	0	0
Parent Company
OPERATIONS
Net income	1,214	970
Less Discontinued operations, net of tax	(40)	(37)
Net income from continuing operations	1,174	933
Adjustments for noncash and nonoperating items:
Depreciation and amortization	2	3
Amortization of film and television costs	0	0
Asset impairments	2	0
Loss on investments and other assets, net	(3)	16
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions	(2,028)	(1,742)
Equity in losses of investee companies, net of cash distributions	(8)	(4)
Equity-based compensation	42	30
Deferred income taxes	113	(96)
Changes in operating assets and liabilities, net of acquisitions	123	206
Intercompany	0	0
Cash provided by operations from continuing operations	(583)	(654)
Cash provided (used) by operations from discontinued operations	0	7
Cash provided by operations	(583)	(647)
INVESTING ACTIVITIES
Investments in available-for-sale securities	0	(16)
Investments and acquisitions, net of cash acquired	(9)	(2)
Capital expenditures	(7)	(1)
Advances to (from) parent and consolidated subsidiaries	1,471	1,372
Other investment proceeds	15	0
Cash used by investing activities	1,470	1,353
FINANCING ACTIVITIES
Borrowings	0	0
Debt repayments	0	0
Proceeds from exercise of stock options	56	67
Excess tax benefit from equity instruments	27	83
Principal payments on capital leases	0	0
Repurchases of common stock	(711)	(890)
Dividends paid	(322)	(294)
Other financing activities	58	0
Change in due to/from parent and investment in segment	0	0
Cash used by financing activities	(892)	(1,034)
DECREASE IN CASH AND EQUIVALENTS	(5)	(328)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	976	1,623	1,623
CASH AND EQUIVALENTS AT END OF PERIOD	971	1,295	976
Guarantor Subsidiaries
OPERATIONS
Net income	1,483	1,301
Less Discontinued operations, net of tax	(40)	(37)
Net income from continuing operations	1,443	1,264
Adjustments for noncash and nonoperating items:
Depreciation and amortization	27	27
Amortization of film and television costs	768	702
Asset impairments	0	0
Loss on investments and other assets, net	0	0
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions	(1,426)	(1,232)
Equity in losses of investee companies, net of cash distributions	0	0
Equity-based compensation	30	23
Deferred income taxes	37	(140)
Changes in operating assets and liabilities, net of acquisitions	(330)	(50)
Intercompany	616	521
Cash provided by operations from continuing operations	1,165	1,115
Cash provided (used) by operations from discontinued operations	0	0
Cash provided by operations	1,165	1,115
INVESTING ACTIVITIES
Investments in available-for-sale securities	0	0
Investments and acquisitions, net of cash acquired	(14)	0
Capital expenditures	(13)	(9)
Advances to (from) parent and consolidated subsidiaries	108	154
Other investment proceeds	0	4
Cash used by investing activities	81	149
FINANCING ACTIVITIES
Borrowings	0	0
Debt repayments	(150)	0
Proceeds from exercise of stock options	0	0
Excess tax benefit from equity instruments	0	0
Principal payments on capital leases	(3)	(2)
Repurchases of common stock	0	0
Dividends paid	0	0
Other financing activities	(25)	(21)
Change in due to/from parent and investment in segment	(1,277)	(1,399)
Cash used by financing activities	(1,455)	(1,422)
DECREASE IN CASH AND EQUIVALENTS	(209)	(158)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	288	290	290
CASH AND EQUIVALENTS AT END OF PERIOD	79	132	288
Non-Guarantor Subsidiaries
OPERATIONS
Net income	1,334	1,120
Less Discontinued operations, net of tax	(40)	(37)
Net income from continuing operations	1,294	1,083
Adjustments for noncash and nonoperating items:
Depreciation and amortization	138	140
Amortization of film and television costs	1,351	1,338
Asset impairments	1	1
Loss on investments and other assets, net	14	43
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions	(471)	(442)
Equity in losses of investee companies, net of cash distributions	59	67
Equity-based compensation	36	37
Deferred income taxes	13	(109)
Changes in operating assets and liabilities, net of acquisitions	(1,641)	(1,092)
Intercompany	(616)	(521)
Cash provided by operations from continuing operations	178	545
Cash provided (used) by operations from discontinued operations	(4)	(4)
Cash provided by operations	174	541
INVESTING ACTIVITIES
Investments in available-for-sale securities	(5)	(13)
Investments and acquisitions, net of cash acquired	(70)	(94)
Capital expenditures	(55)	(47)
Advances to (from) parent and consolidated subsidiaries	0	0
Other investment proceeds	3	1
Cash used by investing activities	(127)	(153)
FINANCING ACTIVITIES
Borrowings	2	6
Debt repayments	(2)	(11)
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	(145)	(128)
Change in due to/from parent and investment in segment	(303)	(127)
Cash used by financing activities	(448)	(260)
DECREASE IN CASH AND EQUIVALENTS	(401)	128
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	891	705	705
CASH AND EQUIVALENTS AT END OF PERIOD	$ 490	$ 833	$ 891