Warner Media (TWX) 10-Q 3 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 26, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	TWX
Entity Registrant Name	TIME WARNER INC.
Entity Central Index Key	1,105,705
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		777,842,232

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and equivalents	$ 2,496	$ 2,155
Receivables, less allowances of $751 and $1,055	7,813	7,411
Inventories	1,669	1,753
Prepaid expenses and other current assets	984	1,194
Total current assets	12,962	12,513
Noncurrent inventories and theatrical film and television production costs	7,589	7,600
Investments, including available-for-sale securities	2,592	2,617
Property, plant and equipment, net	2,516	2,596
Intangible assets subject to amortization, net	856	949
Intangible assets not subject to amortization	7,030	7,029
Goodwill	27,701	27,689
Other assets	2,881	2,855
Total assets	64,127	63,848
Current liabilities
Accounts payable and accrued liabilities	6,403	7,188
Deferred revenue	519	616
Debt due within one year	50	198
Total current liabilities	6,972	8,002
Long-term debt	24,418	23,594
Deferred income taxes	2,665	2,454
Deferred revenue	400	352
Other noncurrent liabilities	5,754	5,798
Redeemable noncontrolling interest	29	29
Commitments and Contingencies (Note 14)
Equity
Common stock, $0.01 par value, 1.652 billion and 1.652 billion shares issued and 780 million and 795 million shares outstanding	17	17
Additional paid-in capital	147,311	148,041
Treasury stock, at cost (872 million and 857 million shares)	(46,778)	(45,612)
Accumulated other comprehensive loss, net	(1,447)	(1,446)
Accumulated deficit	(75,215)	(77,381)
Total Time Warner Inc. shareholders’ equity	23,888	23,619
Noncontrolling interest	1	0
Total equity	23,889	23,619
Total liabilities and equity	$ 64,127	$ 63,848

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current assets
Allowances	$ 751	$ 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	780	795
Treasury stock, shares	872	857

Consolidated Statement Of Opera

Consolidated Statement Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenues	$ 6,952	$ 7,348	$ 14,260	$ 14,475
Costs of revenues	(3,840)	(4,188)	(7,845)	(8,276)
Selling, general and administrative	(1,258)	(1,248)	(2,509)	(2,437)
Amortization of intangible assets	(47)	(43)	(95)	(91)
Restructuring and severance costs	(48)	(10)	(53)	(22)
Asset impairments	(2)	0	(5)	(1)
Gain (loss) on operating assets, net	89	0	89	(3)
Operating income	1,846	1,859	3,842	3,645
Interest expense, net	(292)	(286)	(576)	(580)
Other loss, net	(131)	(125)	(171)	(242)
Income from continuing operations before income taxes	1,423	1,448	3,095	2,823
Income tax provision	(472)	(477)	(970)	(919)
Income from continuing operations	951	971	2,125	1,904
Discontinued operations, net of tax	0	0	40	37
Net income	951	971	2,165	1,941
Less Net loss attributable to noncontrolling interests	1	0	1	0
Net income attributable to Time Warner Inc. shareholders	952	971	2,166	1,941
Amounts attributable to Time Warner Inc. shareholders:
Income from continuing operations	952	971	2,126	1,904
Discontinued operations, net of tax	0	0	40	37
Net income attributable to Time Warner Inc. shareholders	$ 952	$ 971	$ 2,166	$ 1,941
Per share information attributable to Time Warner Inc. commons shareholders:
Basic income per common share from continuing operations (in dollars per share)	$ 1.21	$ 1.18	$ 2.69	$ 2.30
Discontinued operations (in dollars per share)	0	0	0.05	0.05
Basic net income per common share (in dollars per share)	$ 1.21	$ 1.18	$ 2.74	$ 2.35
Average basic common shares outstanding (in shares)	784.5	821.6	787.6	825.5
Diluted income per common share from continuing operations (in dollars per share)	$ 1.20	$ 1.16	$ 2.66	$ 2.26
Discontinued operations (in dollars per share)	0	0	0.05	0.05
Diluted net income per common share (in dollars per share)	$ 1.20	$ 1.16	$ 2.71	$ 2.31
Average diluted common shares outstanding (in shares)	795.4	836.3	798.8	841.1
Cash dividends declared per share of common stock (in dollars per share)	$ 0.4025	$ 0.35	$ 0.805	$ 0.7

Consolidated Statement Of Compr

Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 951	$ 971	$ 2,165	$ 1,941
Foreign currency translation:
Unrealized gains (losses) occurring during the period	35	(42)	(4)	(244)
Reclassification adjustment for losses realized in net income	0	0	0	5
Change in foreign currency translation	35	(42)	(4)	(239)
Securities:
Unrealized gains (losses) occurring during the period	(1)	1	0	5
Benefit obligations:
Unrealized gains (losses) occurring during the period	13	(9)	18	(1)
Reclassification adjustment for losses realized in net income	5	5	11	11
Change in benefit obligations	18	(4)	29	10
Derivative financial instruments:
Unrealized gains (losses) occurring during the period	(10)	(45)	(10)	18
Reclassification adjustment for (gains) losses realized in net income	1	1	(16)	(26)
Change in derivative financial instruments	(9)	(44)	(26)	(8)
Other comprehensive income (loss)	43	(89)	(1)	(232)
Comprehensive income	994	882	2,164	1,709
Less Comprehensive loss attributable to noncontrolling interests	1	0	1	0
Comprehensive income attributable to Time Warner Inc. shareholders	$ 995	$ 882	$ 2,165	$ 1,709

Consolidated Statement Of Cash

Consolidated Statement Of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
OPERATIONS
Net income	$ 951	$ 971	$ 2,165	$ 1,941
Less Discontinued operations, net of tax	0	0	(40)	(37)
Net income from continuing operations	951	971	2,125	1,904
Adjustments for noncash and nonoperating items:
Depreciation and amortization			336	334
Amortization of film and television costs			4,158	4,087
Asset impairments	2	0	5	1
(Gain) loss on investments and other assets, net			(30)	85
Equity in losses of investee companies, net of cash distributions			223	116
Equity-based compensation			156	135
Deferred income taxes			249	(80)
Changes in operating assets and liabilities, net of acquisitions			(5,249)	(4,782)
Cash provided by operations from continuing operations			1,973	1,800
Cash used by operations from discontinued operations			(7)	0
Cash provided by operations			1,966	1,800
INVESTING ACTIVITIES
Investments in available-for-sale securities			(7)	(32)
Investments and acquisitions, net of cash acquired			(286)	(152)
Capital expenditures			(162)	(154)
Investment proceeds from available-for-sale securities			1	0
Other investment proceeds			240	109
Cash used by investing activities			(214)	(229)
FINANCING ACTIVITIES
Borrowings			942	2,106
Debt repayments			(304)	(804)
Proceeds from exercise of stock options			81	121
Excess tax benefit from equity instruments			40	120	$ 151
Principal payments on capital leases			(7)	(5)
Repurchases of common stock			(1,407)	(1,804)
Dividends paid			(640)	(584)
Other financing activities			(116)	(217)
Cash used by financing activities			(1,411)	(1,067)
INCREASE IN CASH AND EQUIVALENTS			341	504
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			2,155	2,618	2,618
CASH AND EQUIVALENTS AT END OF PERIOD	$ 2,496	$ 3,122	$ 2,496	$ 3,122	$ 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	1,941	1,941	0
Other comprehensive loss	(232)	(232)	0
Cash dividends	(584)	(584)	0
Common stock repurchases	(1,800)	(1,800)	0
Other, primarily related to stock options and restricted stock units	224	224	0
BALANCE AT END OF PERIOD at Jun. 30, 2015	24,025	24,025	0
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2015	23,619	23,619	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,167	2,166	1	[1]
Other comprehensive loss	(1)	(1)	0
Cash dividends	(640)	(640)	0
Common stock repurchases	(1,425)	(1,425)	0
Other, primarily related to stock options and restricted stock units	169	169	0
BALANCE AT END OF PERIOD at Jun. 30, 2016	$ 23,889	$ 23,888	$ 1
[1]	Net income excludes a $2 million loss for the six months ended June 30, 2016 relating to redeemable noncontrolling interests.

Consolidated Statement Of Equi8

Consolidated Statement Of Equity Consolidated Statement of Equity (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Statement of Stockholders' Equity [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	$ (2)

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 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 June 30, 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 amount of excess tax benefits, net of deficiencies, 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 were $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 by a lessee of lease assets and liabilities for those leases it 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 the 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. Subsequent to the issuance of the May 2014 guidance, several clarifications and updates have been issued on this topic, the most recent of which was issued in May 2016. The Company is evaluating the impact the guidance will have on its consolidated financial statements.

Business Dispositions and Acqui

Business Dispositions and Acquisitions	6 Months Ended
	Jun. 30, 2016
Acquisitions and Dispositions [Abstract]
BUSINESS DISPOSITIONS AND ACQUISITIONS	BUSINESS DISPOSITIONS AND ACQUISITIONS Fandango In April 2016, Warner Bros. sold its Flixster business to Fandango Media, LLC (“Fandango”), a subsidiary of NBCUniversal Media LLC, in exchange for a 25% interest in Fandango. For the three and six months ended June 30, 2016 , Warner Bros. recorded a pre-tax gain of approximately $90 million in connection with this transaction. Summary of Discontinued Operations For the six months ended June 30, 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 six months ended June 30, 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.

Investments

Investments	6 Months Ended
	Jun. 30, 2016
Investments [Abstract]
INVESTMENTS	INVESTMENTS Central European Media Enterprises Ltd. As of June 30, 2016 , the Company had an approximate 47.6% voting interest in Central European Media Enterprises Ltd.’s (“CME”) common stock and an approximate 75.9% economic interest in CME on a diluted basis. As of June 30, 2016 , the Company owned 61.4 million shares of CME’s Class A common stock and 1 share of Series A convertible preferred stock, which is convertible into 11.2 million shares of CME’s Class A common stock and votes with the Class A common stock on an as-converted basis. The Company accounts for its investment in CME’s Class A common stock and Series A convertible preferred stock under the equity method of accounting. As of June 30, 2016 , the Company owned all of the outstanding shares of CME’s Series B convertible redeemable preferred shares, which are non-voting and may be converted into 103.3 million shares of CME’s Class A common stock at the Company’s option at any time after June 25, 2016. The Company accounts for its investment in CME’s Series B convertible redeemable preferred shares under the cost method of accounting. As of June 30, 2016 , the Company held 101 million warrants each to purchase one share of CME Class A common stock. The warrants, which became exercisable in May 2016, have a four -year term that expires in May 2018 and an exercise price of $1.00 per share and do not contain any voting rights. The warrants are carried at fair value in the Consolidated Balance Sheet, which at June 30, 2016 , was $117 million . As of June 30, 2016 , the Company has guaranteed an aggregate amount of €955 million of CME’s obligations. In connection with these guarantees, the Company recognized a liability at the inception of each respective arrangement based on the estimated fair value of the guarantee. At June 30, 2016 , the carrying value of liabilities associated with such guarantees was $185 million . Recent Transactions On February 19, 2016, CME Media Enterprises B.V. (“CME BV”), a subsidiary of Central European Media Enterprises Ltd. (“CME”), entered into a credit agreement (the “2016 Credit Agreement”) with third-party financial institutions for an approximate €470 million senior unsecured term loan (the “2016 Term Loan”) that was funded in April 2016 and matures on February 19, 2021. Time Warner has guaranteed CME BV’s obligations under the 2016 Credit Agreement for a fee equal to a rate based on CME’s net leverage, which initially was 10.5% , less the interest rate on the 2016 Term Loan, which initially was 1.78% , to be paid to Time Warner semi-annually. CME BV must pay a portion of the fee in cash and may, at CME BV’s option, pay the remainder in cash or in kind. In April 2016, CME used cash on hand and the proceeds of the 2016 Term Loan to repay in their entirety both its Senior Secured Notes due 2017 (the “Senior Secured Notes”) and the term loan Time Warner provided CME in 2014 (the “TW Term Loan”), which also was due in 2017. Time Warner received approximately $485 million in connection with CME’s repayment of the Senior Secured Notes and the TW Term Loan. As consideration for assisting CME in refinancing its debt due in 2017, Time Warner earned a fee equal to 1% of the aggregate principal amount of the 2016 Term Loan borrowed at funding. Prior to the funding, CME BV entered into unsecured interest rate hedge arrangements to protect against changes in the interest rate on the 2016 Term Loan during its term, and Time Warner has guaranteed CME BV’s obligations under such arrangements. In addition, on February 19, 2016, CME entered into an amendment to extend the maturity of its €251 million senior unsecured term loan obtained in 2014 from third-party financial institutions (the “2014 Term Loan”) from November 1, 2017 to November 1, 2018. Time Warner continues to guarantee CME’s obligations under the 2014 Term Loan. Time Warner and CME also agreed on February 19, 2016 to amend and restate the $115 million revolving credit facility Time Warner provided CME in 2014 to reduce the size of the facility to $50 million as of January 1, 2018 and to extend its term from December 2017 to February 2021. Amounts outstanding under the revolving credit facility bear interest at a rate based on CME’s net leverage. Beginning in April 2016, CME must pay a portion of the interest for each applicable quarterly interest period in cash and may, at CME’s option, pay the remainder in kind by adding such amount to the outstanding principal amount of the revolving credit facility. As of June 30, 2016 , there were no amounts outstanding under the revolving credit facility. The Company recorded a pretax gain of $95 million in Investment gains (losses), net in the Consolidated Statement of Operations for the three and six months ended June 30, 2016 in connection with these transactions. Additionally, when recognizing CME’s results for the three and six months ended June 30, 2016 under the equity method of accounting, the Company recorded a pretax charge of $150 million in Other loss, net in the Consolidated Statement of Operations related to these transactions.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 , respectively (millions): June 30, 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) $ 160 $ — $ — $ 160 $ 179 $ — $ — $ 179 Available-for-sale securities: Equity securities 17 — — 17 15 — — 15 Debt securities — 78 — 78 — 70 — 70 Derivatives: Foreign exchange contracts — 41 — 41 — 79 — 79 Other — — 118 118 — — 180 180 Liabilities: Derivatives: Foreign exchange contracts — (7 ) — (7 ) — (2 ) — (2 ) Other — — — — — — (7 ) (7 ) Total $ 177 $ 112 $ 118 $ 407 $ 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 June 30, 2016 and December 31, 2015 , assets valued using significant unobservable inputs (Level 3) primarily related to warrants to purchase shares of Class A common stock of CME valued at $117 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 June 30, 2016 are an expected term of 1.12 years and an expected volatility of approximately 60% . As of June 30, 2016 and December 31, 2015 , the other Level 3 assets consisted of equity instruments held by employees of a former subsidiary of the Company. As of December 31, 2015 , Level 3 liabilities consisted of liabilities for contingent consideration and options to redeem securities. The following table reconciles the beginning and ending balances of net derivative assets and liabilities classified as Level 3 and identifies the total gains (losses) the Company recognized during the six months ended June 30, 2016 and 2015 on such assets and liabilities that were included in the Consolidated Balance Sheet as of June 30, 2016 and 2015 (millions): June 30, 2016 June 30, 2015 Balance as of the beginning of the period $ 173 $ 241 Total losses, net: Included in operating income 2 (1 ) Included in other loss, net (62 ) (106 ) Included in other comprehensive loss — — Purchases — — Settlements 5 (2 ) Issuances — — Balance as of the end of the period $ 118 $ 132 Net loss for the period included in net income related to assets and liabilities still held as of the end of the period $ (62 ) $ (107 ) Other Financial Instruments The Company’s other financial instruments, including debt, are not required to be carried at fair value. Based on the interest rates prevailing at June 30, 2016 , the fair value of Time Warner’s debt exceeded its carrying value by approximately $4.686 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 June 30, 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) $ — $ 153 Level 1 Series B convertible redeemable preferred shares $ — $ 218 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 June 30, 2016 closing price of CME’s common stock. The carrying value for the majority of the Company’s other financial instruments approximates fair value due to the short-term nature of the financial instruments or because the financial instruments are of a longer-term nature and are recorded on a discounted basis. Non-Financial Instruments The majority of the Company’s non-financial instruments, which include goodwill, intangible assets, inventories and property, plant and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or at least annually for goodwill and indefinite-lived intangible assets), a non-financial instrument is required to be evaluated for impairment. If the Company determines that the non-financial instrument is impaired, the Company would be required to write down the non-financial instrument to its fair value. During the three and six months ended June 30, 2016 and June 30, 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 June 30,: 2016 $ 34 $ 1 2015 $ 112 $ 73 Fair value measurements made during the six months ended June 30,: 2016 $ 62 $ 3 2015 $ 288 $ 210

Inventories and Theatrical Film

Inventories and Theatrical Film and Television Production Costs	6 Months Ended
	Jun. 30, 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): June 30, December 31, Inventories: Programming costs, less amortization (a) $ 3,050 $ 3,067 Other inventory, primarily DVDs and Blu-ray Discs 255 263 Total inventories 3,305 3,330 Less: current portion of inventory (1,669 ) (1,753 ) Total noncurrent inventories 1,636 1,577 Theatrical film production costs: (b) Released, less amortization 556 570 Completed and not released 836 374 In production 1,432 1,612 Development and pre-production 121 123 Television production costs: (b) Released, less amortization 1,716 1,301 Completed and not released 509 872 In production 752 1,158 Development and pre-production 31 13 Total theatrical film and television production costs 5,953 6,023 Total noncurrent inventories and theatrical film and television production costs $ 7,589 $ 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 $588 million and $656 million of acquired film library intangible assets as of June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Gains (losses) recognized in: Costs of revenues $ — $ (15 ) $ 9 $ 51 Selling, general and administrative 2 3 5 9 Other loss, net (2 ) (4 ) — (10 ) 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 June 30, 2016 and December 31, 2015 (millions): June 30, December 31, Prepaid expenses and other current assets $ 41 $ 79 Accounts payable and accrued liabilities (7 ) (2 ) ________________________ (a) Includes $153 million ( $139 million of qualifying hedges and $14 million of economic hedges) and $119 million ( $117 million of qualifying hedges and $2 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 June 30, 2016 and December 31, 2015 , $10 million of losses and $29 million of gains, respectively, related to cash flow hedges are recorded in Accumulated other comprehensive loss, net and are expected to be recognized in earnings at the same time the hedged items affect earnings. Included in Accumulated other comprehensive loss, net at June 30, 2016 and December 31, 2015 are net losses of $1 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 June 30, 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 and six months ended June 30, 2016 , such amounts totaled $10 million and $17 million of losses , respectively.

Long-Term Debt and Other Financ

Long-Term Debt and Other Financing Arrangements	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS	LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS 2016 Debt Offering On May 10, 2016, Time Warner issued $800 million aggregate principal amount of 2.95% Notes due 2026 under a shelf registration statement. The notes issued are guaranteed, on an unsecured basis, by Historic TW Inc. (“Historic TW”). In addition, Turner and Home Box Office guarantee, on an unsecured basis, Historic TW’s guarantee of the notes. The net proceeds to the Company from the debt offering were $785 million , after deducting underwriting discounts and offering expenses.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 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 June 30, 2016 , the Company repurchased approximately 20 million shares of common stock for approximately $1.425 billion pursuant to trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. As of June 30, 2016 , $3.575 billion remained available for purchases under the stock repurchase program. Comprehensive Income (Loss) Comprehensive income (loss) is reported in the Consolidated Statement of Comprehensive Income and consists of Net income and other gains and losses affecting shareholders’ equity that, under GAAP, are excluded from Net income. For Time Warner, such items consist primarily of foreign currency translation gains (losses), unrealized gains and losses on certain derivative financial instruments and equity securities, and changes in benefit plan obligations. The following summary sets forth the activity within Other comprehensive loss (millions): Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Pretax Tax Net of tax Pretax Tax Net of tax Unrealized gains (losses) on foreign currency translation $ 41 $ (6 ) $ 35 $ (9 ) $ 5 $ (4 ) Unrealized losses on securities (2 ) 1 (1 ) — — — Unrealized gains on benefit obligations 19 (6 ) 13 26 (8 ) 18 Reclassification adjustment for losses on benefit obligations realized in net income (a) 8 (3 ) 5 17 (6 ) 11 Unrealized losses on derivative financial instruments (16 ) 6 (10 ) (15 ) 5 (10 ) Reclassification adjustment for (gains) losses on derivative financial instruments realized in net income (c) 1 — 1 (26 ) 10 (16 ) Other comprehensive income (loss) $ 51 $ (8 ) $ 43 $ (7 ) $ 6 $ (1 ) Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Pretax Tax (provision) benefit Net of tax Pretax Tax (provision) benefit Net of tax Unrealized losses on foreign currency translation $ (48 ) $ 6 $ (42 ) $ (262 ) $ 18 $ (244 ) Reclassification adjustment for losses on foreign currency translation realized in net income (b) — — — 5 — 5 Unrealized gains on securities 1 — 1 7 (2 ) 5 Unrealized losses on benefit obligations (12 ) 3 (9 ) (3 ) 2 (1 ) Reclassification adjustment for losses on benefit obligations realized in net income (a) 9 (4 ) 5 17 (6 ) 11 Unrealized gains (losses) on derivative financial instruments (69 ) 24 (45 ) 28 (10 ) 18 Reclassification adjustment for (gains) losses on derivative financial instruments realized in net income (c) 2 (1 ) 1 (40 ) 14 (26 ) Other comprehensive loss $ (117 ) $ 28 $ (89 ) $ (248 ) $ 16 $ (232 ) _________________________ (a) Pretax (gains) losses included in Selling, general and administrative expenses. (b) Pretax (gains) losses included in Gain (loss) on operating assets, net. (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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Selling, general and administrative expenses $ 2 $ (3 ) $ (1 ) $ (9 ) Costs of revenues (1 ) 5 (10 ) (31 ) Other loss, net — — (15 ) —

Income Per Common Share

Income Per Common Share	6 Months Ended
	Jun. 30, 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 attributable to Time Warner Inc. common shareholders (millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income from continuing operations attributable to Time Warner Inc. shareholders $ 952 $ 971 $ 2,126 $ 1,904 Income allocated to participating securities (2 ) (3 ) (5 ) (5 ) Income from continuing operations attributable to Time Warner Inc. common shareholders— basic $ 950 $ 968 $ 2,121 $ 1,899 Average basic common shares outstanding 784.5 821.6 787.6 825.5 Dilutive effect of equity awards 10.9 14.7 11.2 15.6 Average diluted common shares outstanding 795.4 836.3 798.8 841.1 Antidilutive common share equivalents excluded from computation 6 4 6 4 Income per common share from continuing operations attributable to Time Warner Inc. common shareholders: Basic $ 1.21 $ 1.18 $ 2.69 $ 2.30 Diluted $ 1.20 $ 1.16 $ 2.66 $ 2.26

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 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: Six Months Ended June 30, 2016 2015 Expected volatility 26.0 % 25.1 % Expected term to exercise from grant date 6.20 years 5.80 years Risk-free rate 1.5 % 1.8 % Expected dividend yield 2.6 % 1.7 % Weighted average grant date fair value per option $ 12.26 $ 18.38 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: Six Months Ended June 30, 2016 2015 RSUs $ 62.59 $ 83.91 PSUs 79.57 73.17 The following table sets forth the number of stock options, RSUs and target PSUs granted (millions): Six Months Ended June 30, 2016 2015 Stock options 2.3 3.0 RSUs 2.8 2.0 PSUs 0.2 0.1 The impact on Operating income for equity-based compensation awards is as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Stock options 7 8 $ 28 $ 25 RSUs and PSUs $ 41 $ 37 128 110 Total impact on operating income $ 48 $ 45 $ 156 $ 135 Tax benefit recognized $ 17 $ 16 $ 55 $ 48 Total unrecognized compensation cost related to unvested Time Warner stock option awards as of June 30, 2016 , without taking into account expected forfeitures, is $66 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 June 30, 2016 , without taking into account expected forfeitures, is $245 million and is expected to be recognized over a weighted-average period between one and two years.

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015 is as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 21 21 43 42 Expected return on plan assets (21 ) (23 ) (42 ) (46 ) Amortization of net loss 5 4 9 9 Net periodic benefit costs (a) $ 6 $ 3 $ 12 $ 7 Contributions $ 6 $ 9 $ 15 $ 16 _________________________ (a) Excludes net periodic benefit costs related to discontinued operations of $3 million and $7 million during the three and six months ended June 30, 2016 , respectively, and $2 million and $3 million during the three and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015 are as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Turner $ 6 $ 10 $ 7 $ 18 Home Box Office 37 4 41 5 Warner Bros. 4 (1 ) 5 2 Corporate 1 (3 ) — (3 ) Total restructuring and severance costs $ 48 $ 10 $ 53 $ 22 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 2016 initiatives $ 48 $ — $ 52 $ — 2015 and prior initiatives — 10 1 22 Total restructuring and severance costs $ 48 $ 10 $ 53 $ 22 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 53 — 53 Cash paid (120 ) (5 ) (125 ) Remaining liability as of June 30, 2016 $ 172 $ 9 $ 181 As of June 30, 2016 , of the remaining $181 million liability, $120 million was classified as a current liability in the Consolidated Balance Sheet, with the remaining $61 million classified as a long-term liability. Amounts classified as long-term are expected to be paid through 2019.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues Turner $ 3,010 $ 2,827 $ 5,916 $ 5,537 Home Box Office 1,467 1,438 2,973 2,836 Warner Bros. 2,658 3,298 5,767 6,497 Intersegment eliminations (183 ) (215 ) (396 ) (395 ) Total revenues $ 6,952 $ 7,348 $ 14,260 $ 14,475 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Intersegment Revenues Turner $ 34 $ 34 $ 54 $ 58 Home Box Office 2 11 5 18 Warner Bros. 147 170 337 319 Total intersegment revenues $ 183 $ 215 $ 396 $ 395 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Operating Income (Loss) Turner $ 1,130 $ 1,130 $ 2,369 $ 2,238 Home Box Office 481 508 958 966 Warner Bros. 308 341 732 665 Corporate (95 ) (89 ) (235 ) (193 ) Intersegment eliminations 22 (31 ) 18 (31 ) Total operating income $ 1,846 $ 1,859 $ 3,842 $ 3,645 June 30, 2016 December 31, Assets Turner $ 25,797 $ 25,559 Home Box Office 14,388 14,314 Warner Bros. 20,674 20,699 Corporate 3,268 3,276 Total assets $ 64,127 $ 63,848

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 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 $895 million (for a net present value of $435 million ). To date, no payments have been made by the Company pursuant to the Six Flags Guarantee. Six Flags Entertainment Corporation (formerly known as Six Flags, Inc. and Premier Parks Inc.) (“Six Flags”), which has the controlling interest in the Parks, has agreed, pursuant to a subordinated indemnity agreement (the “Subordinated Indemnity Agreement”), to guarantee the performance of the Guaranteed Obligations when due and to indemnify Historic TW, among others, if the Six Flags Guarantee is called upon. If Six Flags defaults in its indemnification obligations, Historic TW has the right to acquire control of the managing partner of the Parks. Six Flags’ obligations to Historic TW are further secured by its interest in all limited partnership units held by Six Flags. Because the Six Flags Guarantee existed prior to December 31, 2002 and no modifications to the arrangements have been made since the date the guarantee came into existence, the Company is required to continue to account for the Guaranteed Obligations as a contingent liability. Based on its evaluation of the current facts and circumstances surrounding the Guaranteed Obligations and the Subordinated Indemnity Agreement, the Company is unable to predict the loss, if any, that may be incurred under the Guaranteed Obligations, and no liability for the arrangements has been recognized at June 30, 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 June 30, 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 six months ended June 30, 2016 , the Company recorded net decreases to income tax reserves of approximately $136 million , of which approximately $28 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 six months ended June 30, 2016 , the Company recorded net increases to interest reserves related to the income tax reserves of approximately $17 million . In the Company’s judgment, uncertainties related to certain tax matters are reasonably possible of being resolved during the next twelve months. The effect of such resolution, which could vary based on the final terms and timing of actual settlements with taxing authorities, is estimated to be a reduction of recorded unrecognized tax benefits ranging from $0 to $25 million , most of which would decrease the Company’s effective tax rate.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues $ 116 $ 89 $ 239 $ 223 Expenses (1 ) — (1 ) (2 ) Interest income 27 31 68 60 Other income 4 4 9 8

Additional Financial Informatio

Additional Financial Information	6 Months Ended
	Jun. 30, 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): Six Months Ended June 30, 2016 2015 Cash Flows Cash payments made for interest $ (676 ) $ (649 ) Interest income received 82 22 Cash interest payments, net $ (594 ) $ (627 ) Cash payments made for income taxes $ (686 ) $ (737 ) Income tax refunds received 18 82 Cash tax payments, net $ (668 ) $ (655 ) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Interest Expense, Net Interest income $ 56 $ 58 $ 119 $ 109 Interest expense (348 ) (344 ) (695 ) (689 ) Total interest expense, net $ (292 ) $ (286 ) $ (576 ) $ (580 ) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Other Loss, Net Investment gains (losses), net $ 47 $ (26 ) $ 36 $ (85 ) Loss on equity method investees (168 ) (46 ) (202 ) (95 ) Premiums paid and costs incurred on debt redemption — (51 ) — (51 ) Other (10 ) (2 ) (5 ) (11 ) Total other loss, net $ (131 ) $ (125 ) $ (171 ) $ (242 ) June 30, December 31, Accounts Payable and Accrued Liabilities Accounts payable $ 507 $ 653 Other accrued expenses 1,426 1,946 Participations payable 2,450 2,422 Programming costs payable 780 712 Accrued compensation 715 957 Accrued interest 354 341 Accrued income taxes 171 157 Total accounts payable and accrued liabilities $ 6,403 $ 7,188 June 30, 2016 December 31, Other Noncurrent Liabilities Noncurrent tax and interest reserves $ 1,424 $ 1,535 Participations payable 1,488 1,512 Programming costs payable 713 816 Noncurrent pension and post-retirement liabilities 890 908 Deferred compensation 459 471 Other noncurrent liabilities 780 556 Total other noncurrent liabilities $ 5,754 $ 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 $ 45 million and $ 121 million were recorded in Costs of revenues for the three months ended June 30, 2016 and 2015 , respectively, and $ 118 million and $ 248 million were recorded in Costs of revenues for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated ASSETS Current assets Cash and equivalents $ 1,812 $ 170 $ 514 $ — $ 2,496 Receivables, net 91 1,136 6,604 (18 ) 7,813 Inventories — 501 1,177 (9 ) 1,669 Prepaid expenses and other current assets 424 79 481 — 984 Total current assets 2,327 1,886 8,776 (27 ) 12,962 Noncurrent inventories and theatrical film and television production costs — 1,893 5,803 (107 ) 7,589 Investments in amounts due to and from consolidated subsidiaries 46,568 10,958 12,900 (70,426 ) — Investments, including available-for-sale securities 282 393 1,922 (5 ) 2,592 Property, plant and equipment, net 54 389 2,073 — 2,516 Intangible assets subject to amortization, net — — 856 — 856 Intangible assets not subject to amortization — 2,007 5,023 — 7,030 Goodwill — 9,880 17,821 — 27,701 Other assets 422 373 2,305 (219 ) 2,881 Total assets $ 49,653 $ 27,779 $ 57,479 $ (70,784 ) $ 64,127 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities $ 716 $ 826 $ 4,928 $ (67 ) $ 6,403 Deferred revenue — 57 539 (77 ) 519 Debt due within one year 36 12 2 — 50 Total current liabilities 752 895 5,469 (144 ) 6,972 Long-term debt 20,527 3,882 9 — 24,418 Deferred income taxes 2,665 2,947 2,205 (5,152 ) 2,665 Deferred revenue — 21 379 — 400 Other noncurrent liabilities 1,821 1,702 3,319 (1,088 ) 5,754 Redeemable noncontrolling interest — — 29 — 29 Equity Due to (from) Time Warner Inc. and subsidiaries — (50,832 ) 1,660 49,172 — Other shareholders’ equity 23,888 69,164 44,408 (113,572 ) 23,888 Total Time Warner Inc. shareholders’ equity 23,888 18,332 46,068 (64,400 ) 23,888 Noncontrolling interest — — 1 — 1 Total equity 23,888 18,332 46,069 (64,400 ) 23,889 Total liabilities and equity $ 49,653 $ 27,779 $ 57,479 $ (70,784 ) $ 64,127 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 June 30, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 1,905 $ 5,222 $ (175 ) $ 6,952 Costs of revenues — (855 ) (3,109 ) 124 (3,840 ) Selling, general and administrative (80 ) (299 ) (927 ) 48 (1,258 ) Amortization of intangible assets — — (47 ) — (47 ) Restructuring and severance costs — (36 ) (12 ) — (48 ) Asset impairments (2 ) — — — (2 ) Gain (loss) on operating assets, net — — 89 — 89 Operating income (82 ) 715 1,216 (3 ) 1,846 Equity in pretax income (loss) of consolidated subsidiaries 1,893 1,216 458 (3,567 ) — Interest expense, net (237 ) (75 ) 19 1 (292 ) Other loss, net (151 ) 3 16 1 (131 ) Income from continuing operations before income taxes 1,423 1,859 1,709 (3,568 ) 1,423 Income tax provision (472 ) (554 ) (578 ) 1,132 (472 ) Net income 951 1,305 1,131 (2,436 ) 951 Less Net loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Net income attributable to Time Warner Inc. shareholders $ 952 $ 1,306 $ 1,132 $ (2,438 ) $ 952 Comprehensive income 994 1,342 1,166 (2,508 ) 994 Less Comprehensive loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Comprehensive income attributable to Time Warner Inc. shareholders $ 995 $ 1,343 $ 1,167 $ (2,510 ) $ 995 Consolidating Statement of Operations For The Three Months Ended June 30, 2015 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 1,830 $ 5,680 $ (162 ) $ 7,348 Costs of revenues — (780 ) (3,535 ) 127 (4,188 ) Selling, general and administrative (84 ) (292 ) (903 ) 31 (1,248 ) Amortization of intangible assets — — (43 ) — (43 ) Restructuring and severance costs — (10 ) — — (10 ) Operating income (84 ) 748 1,199 (4 ) 1,859 Equity in pretax income (loss) of consolidated subsidiaries 1,848 1,199 488 (3,535 ) — Interest expense, net (247 ) (78 ) 37 2 (286 ) Other loss, net (69 ) 20 (73 ) (3 ) (125 ) Income from continuing operations before income taxes 1,448 1,889 1,651 (3,540 ) 1,448 Income tax provision (477 ) (592 ) (545 ) 1,137 (477 ) Net income attributable to Time Warner Inc. shareholders $ 971 $ 1,297 $ 1,106 $ (2,403 ) $ 971 Comprehensive income attributable to Time Warner Inc. shareholders $ 882 $ 1,308 $ 1,016 $ (2,324 ) $ 882 Consolidating Statement of Operations For The Six Months Ended June 30, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 3,888 $ 10,784 $ (412 ) $ 14,260 Costs of revenues — (1,808 ) (6,348 ) 311 (7,845 ) Selling, general and administrative (200 ) (611 ) (1,793 ) 95 (2,509 ) Amortization of intangible assets — — (95 ) — (95 ) Restructuring and severance costs — (40 ) (13 ) — (53 ) Asset impairments (4 ) — (1 ) — (5 ) Gain (loss) on operating assets, net — — 89 — 89 Operating income (204 ) 1,429 2,623 (6 ) 3,842 Equity in pretax income (loss) of consolidated subsidiaries 3,921 2,642 929 (7,492 ) — Interest expense, net (484 ) (151 ) 56 3 (576 ) Other loss, net (138 ) — (33 ) — (171 ) Income from continuing operations before income taxes 3,095 3,920 3,575 (7,495 ) 3,095 Income tax provision (970 ) (1,172 ) (1,150 ) 2,322 (970 ) Income from continuing operations 2,125 2,748 2,425 (5,173 ) 2,125 Discontinued operations, net of tax 40 40 40 (80 ) 40 Net income 2,165 2,788 2,465 (5,253 ) 2,165 Less Net loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Net income attributable to Time Warner Inc. shareholders $ 2,166 $ 2,789 $ 2,466 $ (5,255 ) $ 2,166 Comprehensive income $ 2,164 $ 2,795 $ 2,453 $ (5,248 ) $ 2,164 Less Comprehensive loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Comprehensive income attributable to Time Warner Inc. shareholders $ 2,165 $ 2,796 $ 2,454 $ (5,250 ) $ 2,165 Consolidating Statement of Operations For The Six Months Ended June 30, 2015 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 3,632 $ 11,220 $ (377 ) $ 14,475 Costs of revenues — (1,662 ) (6,929 ) 315 (8,276 ) Selling, general and administrative (184 ) (548 ) (1,759 ) 54 (2,437 ) Amortization of intangible assets — — (91 ) — (91 ) Restructuring and severance costs — (14 ) (8 ) — (22 ) Asset impairments — — (1 ) — (1 ) Gain (loss) on operating assets, net — — (3 ) — (3 ) Operating income (184 ) 1,408 2,429 (8 ) 3,645 Equity in pretax income (loss) of consolidated subsidiaries 3,590 2,431 930 (6,951 ) — Interest expense, net (492 ) (156 ) 64 4 (580 ) Other loss, net (91 ) 23 (170 ) (4 ) (242 ) Income from continuing operations before income taxes 2,823 3,706 3,253 (6,959 ) 2,823 Income tax provision (919 ) (1,145 ) (1,064 ) 2,209 (919 ) Income from continuing operations 1,904 2,561 2,189 (4,750 ) 1,904 Discontinued operations, net of tax 37 37 37 (74 ) 37 Net income attributable to Time Warner Inc. shareholders $ 1,941 $ 2,598 $ 2,226 $ (4,824 ) $ 1,941 Comprehensive income attributable to Time Warner Inc. shareholders $ 1,709 $ 2,508 $ 1,988 $ (4,496 ) $ 1,709 Consolidating Statement of Cash Flows For The Six Months Ended June 30, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated OPERATIONS Net income $ 2,165 $ 2,788 $ 2,465 $ (5,253 ) $ 2,165 Less Discontinued operations, net of tax (40 ) (40 ) (40 ) 80 (40 ) Net income from continuing operations 2,125 2,748 2,425 (5,173 ) 2,125 Adjustments for noncash and nonoperating items: Depreciation and amortization 5 53 278 — 336 Amortization of film and television costs — 1,431 2,743 (16 ) 4,158 Asset impairments 4 — 1 — 5 (Gain) loss on investments and other assets, net 11 1 (42 ) — (30 ) Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions (3,921 ) (2,642 ) (929 ) 7,492 — Equity in losses of investee companies, net of cash distributions (4 ) — 226 1 223 Equity-based compensation 55 46 55 — 156 Deferred income taxes 249 167 168 (335 ) 249 Changes in operating assets and liabilities, net of acquisitions 43 (783 ) (2,538 ) (1,971 ) (5,249 ) Intercompany — 1,535 (1,535 ) — — Cash provided by operations from continuing operations (1,433 ) 2,556 852 (2 ) 1,973 Cash used by operations from discontinued operations — — (7 ) — (7 ) Cash provided by operations (1,433 ) 2,556 845 (2 ) 1,966 INVESTING ACTIVITIES Investments in available-for-sale securities (2 ) — (5 ) — (7 ) Investments and acquisitions, net of cash acquired (21 ) (14 ) (251 ) — (286 ) Capital expenditures (8 ) (29 ) (125 ) — (162 ) Investment proceeds from available-for-sale securities 1 — — — 1 Advances to (from) parent and consolidated subsidiaries 3,296 235 — (3,531 ) — Other investment proceeds 16 17 207 — 240 Cash used by investing activities 3,282 209 (174 ) (3,531 ) (214 ) FINANCING ACTIVITIES Borrowings 940 — 2 — 942 Debt repayments (150 ) (150 ) (4 ) — (304 ) Proceeds from exercise of stock options 81 — — — 81 Excess tax benefit from equity instruments 40 — — — 40 Principal payments on capital leases — (7 ) — — (7 ) Repurchases of common stock (1,407 ) — — — (1,407 ) Dividends paid (640 ) — — — (640 ) Other financing activities 123 (35 ) (205 ) 1 (116 ) Change in due to/from parent and investment in segment — (2,691 ) (841 ) 3,532 — Cash used by financing activities (1,013 ) (2,883 ) (1,048 ) 3,533 (1,411 ) INCREASE IN CASH AND EQUIVALENTS 836 (118 ) (377 ) — 341 CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 976 288 891 — 2,155 CASH AND EQUIVALENTS AT END OF PERIOD $ 1,812 $ 170 $ 514 $ — $ 2,496 Consolidating Statement of Cash Flows For The Six Months Ended June 30, 2015 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated OPERATIONS Net income $ 1,941 $ 2,598 $ 2,226 $ (4,824 ) $ 1,941 Less Discontinued operations, net of tax (37 ) (37 ) (37 ) 74 (37 ) Net income from continuing operations 1,904 2,561 2,189 (4,750 ) 1,904 Adjustments for noncash and nonoperating items: Depreciation and amortization 6 54 274 — 334 Amortization of film and television costs — 1,318 2,782 (13 ) 4,087 Asset impairments — — 1 — 1 (Gain) loss on investments and other assets, net 31 (20 ) 74 — 85 Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions (3,590 ) (2,431 ) (930 ) 6,951 — Equity in losses of investee companies, net of cash distributions (4 ) — 118 2 116 Equity-based compensation 45 38 52 — 135 Deferred income taxes (80 ) (101 ) (44 ) 145 (80 ) Changes in operating assets and liabilities, net of acquisitions 199 (314 ) (2,333 ) (2,334 ) (4,782 ) Intercompany — 1,224 (1,224 ) — — Cash provided by operations from continuing operations (1,489 ) 2,329 959 1 1,800 Cash used by operations from discontinued operations 7 — (7 ) — — Cash provided by operations (1,482 ) 2,329 952 1 1,800 INVESTING ACTIVITIES Investments in available-for-sale securities (16 ) — (16 ) — (32 ) Investments and acquisitions, net of cash acquired (17 ) (1 ) (134 ) — (152 ) Capital expenditures (16 ) (29 ) (109 ) — (154 ) Advances to (from) parent and consolidated subsidiaries 2,818 344 1 (3,163 ) — Other investment proceeds 25 72 12 — 109 Cash used by investing activities 2,794 386 (246 ) (3,163 ) (229 ) FINANCING ACTIVITIES Borrowings 2,096 — 10 — 2,106 Debt repayments (787 ) — (17 ) — (804 ) Proceeds from exercise of stock options 121 — — — 121 Excess tax benefit from equity instruments 120 — — — 120 Principal payments on capital leases — (5 ) — — (5 ) Repurchases of common stock (1,804 ) — — — (1,804 ) Dividends paid (584 ) — — — (584 ) Other financing activities (53 ) (20 ) (144 ) — (217 ) Change in due to/from parent and investment in segment — (2,871 ) (291 ) 3,162 — Cash used by financing activities (891 ) (2,896 ) (442 ) 3,162 (1,067 ) INCREASE IN CASH AND EQUIVALENTS 421 (181 ) 264 — 504 CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 1,623 290 705 — 2,618 CASH AND EQUIVALENTS AT END OF PERIOD $ 2,044 $ 109 $ 969 $ — $ 3,122

Description of Business and B26

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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 amount of excess tax benefits, net of deficiencies, 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 were $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 by a lessee of lease assets and liabilities for those leases it 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 the 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. Subsequent to the issuance of the May 2014 guidance, several clarifications and updates have been issued on this topic, the most recent of which was issued in May 2016. 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)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 , respectively (millions): June 30, 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) $ 160 $ — $ — $ 160 $ 179 $ — $ — $ 179 Available-for-sale securities: Equity securities 17 — — 17 15 — — 15 Debt securities — 78 — 78 — 70 — 70 Derivatives: Foreign exchange contracts — 41 — 41 — 79 — 79 Other — — 118 118 — — 180 180 Liabilities: Derivatives: Foreign exchange contracts — (7 ) — (7 ) — (2 ) — (2 ) Other — — — — — — (7 ) (7 ) Total $ 177 $ 112 $ 118 $ 407 $ 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 six months ended June 30, 2016 and 2015 on such assets and liabilities that were included in the Consolidated Balance Sheet as of June 30, 2016 and 2015 (millions): June 30, 2016 June 30, 2015 Balance as of the beginning of the period $ 173 $ 241 Total losses, net: Included in operating income 2 (1 ) Included in other loss, net (62 ) (106 ) Included in other comprehensive loss — — Purchases — — Settlements 5 (2 ) Issuances — — Balance as of the end of the period $ 118 $ 132 Net loss for the period included in net income related to assets and liabilities still held as of the end of the period $ (62 ) $ (107 )
Carrying Value Fair Value, by investment	Information as of June 30, 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) $ — $ 153 Level 1 Series B convertible redeemable preferred shares $ — $ 218 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 June 30,: 2016 $ 34 $ 1 2015 $ 112 $ 73 Fair value measurements made during the six months ended June 30,: 2016 $ 62 $ 3 2015 $ 288 $ 210

Inventories and Theatrical Fi28

Inventories and Theatrical Film and Television Production Costs (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories and Theatrical Film and Television Production Costs	Inventories and theatrical film and television production costs consist of (millions): June 30, December 31, Inventories: Programming costs, less amortization (a) $ 3,050 $ 3,067 Other inventory, primarily DVDs and Blu-ray Discs 255 263 Total inventories 3,305 3,330 Less: current portion of inventory (1,669 ) (1,753 ) Total noncurrent inventories 1,636 1,577 Theatrical film production costs: (b) Released, less amortization 556 570 Completed and not released 836 374 In production 1,432 1,612 Development and pre-production 121 123 Television production costs: (b) Released, less amortization 1,716 1,301 Completed and not released 509 872 In production 752 1,158 Development and pre-production 31 13 Total theatrical film and television production costs 5,953 6,023 Total noncurrent inventories and theatrical film and television production costs $ 7,589 $ 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 $588 million and $656 million of acquired film library intangible assets as of June 30, 2016 and December 31, 2015 , respectively, which are included in Intangible assets subject to amortization, net in the Consolidated Balance Sheet.

Derivative Instruments and He29

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Gains (losses) recognized in: Costs of revenues $ — $ (15 ) $ 9 $ 51 Selling, general and administrative 2 3 5 9 Other loss, net (2 ) (4 ) — (10 )
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following is a summary of amounts recorded in the Consolidated Balance Sheet pertaining to Time Warner’s use of foreign currency derivatives at June 30, 2016 and December 31, 2015 (millions): June 30, December 31, Prepaid expenses and other current assets $ 41 $ 79 Accounts payable and accrued liabilities (7 ) (2 ) ________________________ (a) Includes $153 million ( $139 million of qualifying hedges and $14 million of economic hedges) and $119 million ( $117 million of qualifying hedges and $2 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)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Schedule of Comprehensive Income (Loss)	The following summary sets forth the activity within Other comprehensive loss (millions): Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Pretax Tax Net of tax Pretax Tax Net of tax Unrealized gains (losses) on foreign currency translation $ 41 $ (6 ) $ 35 $ (9 ) $ 5 $ (4 ) Unrealized losses on securities (2 ) 1 (1 ) — — — Unrealized gains on benefit obligations 19 (6 ) 13 26 (8 ) 18 Reclassification adjustment for losses on benefit obligations realized in net income (a) 8 (3 ) 5 17 (6 ) 11 Unrealized losses on derivative financial instruments (16 ) 6 (10 ) (15 ) 5 (10 ) Reclassification adjustment for (gains) losses on derivative financial instruments realized in net income (c) 1 — 1 (26 ) 10 (16 ) Other comprehensive income (loss) $ 51 $ (8 ) $ 43 $ (7 ) $ 6 $ (1 ) Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Pretax Tax (provision) benefit Net of tax Pretax Tax (provision) benefit Net of tax Unrealized losses on foreign currency translation $ (48 ) $ 6 $ (42 ) $ (262 ) $ 18 $ (244 ) Reclassification adjustment for losses on foreign currency translation realized in net income (b) — — — 5 — 5 Unrealized gains on securities 1 — 1 7 (2 ) 5 Unrealized losses on benefit obligations (12 ) 3 (9 ) (3 ) 2 (1 ) Reclassification adjustment for losses on benefit obligations realized in net income (a) 9 (4 ) 5 17 (6 ) 11 Unrealized gains (losses) on derivative financial instruments (69 ) 24 (45 ) 28 (10 ) 18 Reclassification adjustment for (gains) losses on derivative financial instruments realized in net income (c) 2 (1 ) 1 (40 ) 14 (26 ) Other comprehensive loss $ (117 ) $ 28 $ (89 ) $ (248 ) $ 16 $ (232 ) _________________________ (a) Pretax (gains) losses included in Selling, general and administrative expenses. (b) Pretax (gains) losses included in Gain (loss) on operating assets, net. (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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Selling, general and administrative expenses $ 2 $ (3 ) $ (1 ) $ (9 ) Costs of revenues (1 ) 5 (10 ) (31 ) 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Selling, general and administrative expenses $ 2 $ (3 ) $ (1 ) $ (9 ) Costs of revenues (1 ) 5 (10 ) (31 ) Other loss, net — — (15 ) —

Income Per Common Share (Tables

Income Per Common Share (Tables)	6 Months Ended
	Jun. 30, 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 attributable to Time Warner Inc. common shareholders (millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income from continuing operations attributable to Time Warner Inc. shareholders $ 952 $ 971 $ 2,126 $ 1,904 Income allocated to participating securities (2 ) (3 ) (5 ) (5 ) Income from continuing operations attributable to Time Warner Inc. common shareholders— basic $ 950 $ 968 $ 2,121 $ 1,899 Average basic common shares outstanding 784.5 821.6 787.6 825.5 Dilutive effect of equity awards 10.9 14.7 11.2 15.6 Average diluted common shares outstanding 795.4 836.3 798.8 841.1 Antidilutive common share equivalents excluded from computation 6 4 6 4 Income per common share from continuing operations attributable to Time Warner Inc. common shareholders: Basic $ 1.21 $ 1.18 $ 2.69 $ 2.30 Diluted $ 1.20 $ 1.16 $ 2.66 $ 2.26

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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: Six Months Ended June 30, 2016 2015 Expected volatility 26.0 % 25.1 % Expected term to exercise from grant date 6.20 years 5.80 years Risk-free rate 1.5 % 1.8 % Expected dividend yield 2.6 % 1.7 % Weighted average grant date fair value per option $ 12.26 $ 18.38
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: Six Months Ended June 30, 2016 2015 RSUs $ 62.59 $ 83.91 PSUs 79.57 73.17
Schedule of Share-based Compensation, Number of Awards Granted	The following table sets forth the number of stock options, RSUs and target PSUs granted (millions): Six Months Ended June 30, 2016 2015 Stock options 2.3 3.0 RSUs 2.8 2.0 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Stock options 7 8 $ 28 $ 25 RSUs and PSUs $ 41 $ 37 128 110 Total impact on operating income $ 48 $ 45 $ 156 $ 135 Tax benefit recognized $ 17 $ 16 $ 55 $ 48

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015 is as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 21 21 43 42 Expected return on plan assets (21 ) (23 ) (42 ) (46 ) Amortization of net loss 5 4 9 9 Net periodic benefit costs (a) $ 6 $ 3 $ 12 $ 7 Contributions $ 6 $ 9 $ 15 $ 16 _________________________ (a) Excludes net periodic benefit costs related to discontinued operations of $3 million and $7 million during the three and six months ended June 30, 2016 , respectively, and $2 million and $3 million during the three and six months ended June 30, 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 C34

Restructuring and Severance Costs (Tables)	6 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Severance Costs	Restructuring and severance costs expensed as incurred for the three and six months ended June 30, 2016 and 2015 are as follows (millions): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Turner $ 6 $ 10 $ 7 $ 18 Home Box Office 37 4 41 5 Warner Bros. 4 (1 ) 5 2 Corporate 1 (3 ) — (3 ) Total restructuring and severance costs $ 48 $ 10 $ 53 $ 22 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 2016 initiatives $ 48 $ — $ 52 $ — 2015 and prior initiatives — 10 1 22 Total restructuring and severance costs $ 48 $ 10 $ 53 $ 22
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 53 — 53 Cash paid (120 ) (5 ) (125 ) Remaining liability as of June 30, 2016 $ 172 $ 9 $ 181

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues Turner $ 3,010 $ 2,827 $ 5,916 $ 5,537 Home Box Office 1,467 1,438 2,973 2,836 Warner Bros. 2,658 3,298 5,767 6,497 Intersegment eliminations (183 ) (215 ) (396 ) (395 ) Total revenues $ 6,952 $ 7,348 $ 14,260 $ 14,475 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Intersegment Revenues Turner $ 34 $ 34 $ 54 $ 58 Home Box Office 2 11 5 18 Warner Bros. 147 170 337 319 Total intersegment revenues $ 183 $ 215 $ 396 $ 395 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Operating Income (Loss) Turner $ 1,130 $ 1,130 $ 2,369 $ 2,238 Home Box Office 481 508 958 966 Warner Bros. 308 341 732 665 Corporate (95 ) (89 ) (235 ) (193 ) Intersegment eliminations 22 (31 ) 18 (31 ) Total operating income $ 1,846 $ 1,859 $ 3,842 $ 3,645 June 30, 2016 December 31, Assets Turner $ 25,797 $ 25,559 Home Box Office 14,388 14,314 Warner Bros. 20,674 20,699 Corporate 3,268 3,276 Total assets $ 64,127 $ 63,848

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues $ 116 $ 89 $ 239 $ 223 Expenses (1 ) — (1 ) (2 ) Interest income 27 31 68 60 Other income 4 4 9 8

Additional Financial Informat37

Additional Financial Information (Tables)	6 Months Ended
	Jun. 30, 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): Six Months Ended June 30, 2016 2015 Cash Flows Cash payments made for interest $ (676 ) $ (649 ) Interest income received 82 22 Cash interest payments, net $ (594 ) $ (627 ) Cash payments made for income taxes $ (686 ) $ (737 ) Income tax refunds received 18 82 Cash tax payments, net $ (668 ) $ (655 )
Interest Expense, Net	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Interest Expense, Net Interest income $ 56 $ 58 $ 119 $ 109 Interest expense (348 ) (344 ) (695 ) (689 ) Total interest expense, net $ (292 ) $ (286 ) $ (576 ) $ (580 )
Other Income (Loss), Net	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Other Loss, Net Investment gains (losses), net $ 47 $ (26 ) $ 36 $ (85 ) Loss on equity method investees (168 ) (46 ) (202 ) (95 ) Premiums paid and costs incurred on debt redemption — (51 ) — (51 ) Other (10 ) (2 ) (5 ) (11 ) Total other loss, net $ (131 ) $ (125 ) $ (171 ) $ (242 )
Accounts Payable and Accrued Liabilities	June 30, December 31, Accounts Payable and Accrued Liabilities Accounts payable $ 507 $ 653 Other accrued expenses 1,426 1,946 Participations payable 2,450 2,422 Programming costs payable 780 712 Accrued compensation 715 957 Accrued interest 354 341 Accrued income taxes 171 157 Total accounts payable and accrued liabilities $ 6,403 $ 7,188
Other Noncurrent Liabilities	June 30, 2016 December 31, Other Noncurrent Liabilities Noncurrent tax and interest reserves $ 1,424 $ 1,535 Participations payable 1,488 1,512 Programming costs payable 713 816 Noncurrent pension and post-retirement liabilities 890 908 Deferred compensation 459 471 Other noncurrent liabilities 780 556 Total other noncurrent liabilities $ 5,754 $ 5,798

Description of Business and B38

Description of Business and Basis of Presentation (Details) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Mar. 31, 2015USD ($)	Jun. 30, 2016USD ($)segment	Jun. 30, 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		$ 40	$ 120	$ 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 Acq39

Business Dispositions and Acquisitions - Dispositions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Net income (loss)	$ 0	$ 0	$ 40	$ 37
Diluted income (loss) from discontinued operations per common share (in dollars per share)	$ 0	$ 0	$ 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

Business Dispositions and Acq40

Business Dispositions and Acquisitions - Acquisitions (Details) - Fandango - Warner Bros. - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Apr. 30, 2016
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			25.00%
Gain (Loss), net assets transferred	$ 90	$ 90

Investments 1 (Details)

Investments 1 (Details) € in Millions, $ in Millions	Feb. 19, 2016USD ($)	Apr. 30, 2016USD ($)	Jun. 30, 2016USD ($)shares	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)shares	Jun. 30, 2015USD ($)	Jun. 30, 2016EUR (€)shares	Feb. 19, 2016EUR (€)
Schedule of Equity Method Investments [Line Items]
Investment gains (losses), net			$ 47	$ (26)	$ 36	$ (85)
CME Equity Method Investment
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan | €							€ 955
CME, guarantor obligations, current carrying value			185		185
Proceeds from CME's repayment of senior secured notes and term loan		$ 485
Investment gains (losses), net			95		95
Loss on CME financing transactions			$ 150		$ 150
Equity method investment, ownership percentage			47.60%		47.60%		47.60%
Class A common stock, number of shares (shares) | shares			61,400,000		61,400,000		61,400,000
Series A convertible preferred stock, number of shares (shares) | shares			1		1		1
Convertible preferred stock, shares issued upon conversion (shares) | shares			11,200,000		11,200,000		11,200,000
CME Equity Method Investment | 2016 Term Loan
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan | €								€ 470
CME net leverage rate	10.50%
CME term loan interest rate	1.78%
Fee earned for assisting CME in refinancing debt (percent)		1.00%
CME Equity Method Investment | 2014 Term Loan
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan	$ 251

Investments 2 (Details)

Investments 2 (Details) - Time Warner Inc Revolving Credit Facility with CME - USD ($)	Jun. 30, 2016	Feb. 19, 2016
Current Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 115,000,000
Long-term line of credit	$ 0
Future Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 50,000,000

Investments 3 (Details)

Investments 3 (Details) shares in Millions	Jun. 30, 2016shares
Series B convertible redeemable preferred shares
Schedule of Cost-method Investments [Line Items]
Series B convertible redeemable preferred shares, conversion into Class A common stock (shares)	103.3

Investments 4 (Details)

Investments 4 (Details) - CME Rights Offering $ / shares in Units, warrant in Millions, $ in Millions	Jun. 30, 2016USD ($)warrant$ / sharesshares
Class of Warrant or Right [Line Items]
Economic interest (percent)	75.90%
Class of warrant or right, number of securities called by each warrant or right (shares) | shares	1
Class of warrant or right, term (years)	4 years
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares	$ 1
Warrant
Class of Warrant or Right [Line Items]
Warrants Held | warrant	101
Equity warrants | $	$ 117

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Derivatives:
Foreign exchange contracts	$ 41,000,000		$ 41,000,000		$ 79,000,000
Derivatives:
Foreign exchange contracts	(7,000,000)		(7,000,000)		(2,000,000)
Class A common stock
Other Financial Instruments Numeric [Abstract]
Class A common stock, carrying value	$ 0		$ 0
Series A convertible preferred stock, number of shares owned	1		1
Series B convertible redeemable preferred shares
Other Financial Instruments Numeric [Abstract]
Series B convertible redeemable preferred shares, carrying value	$ 0		$ 0
Warrant | CME Rights Offering
Derivatives:
Equity warrants	117,000,000		117,000,000
Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities	160,000,000		160,000,000		179,000,000
Available-for-sale securities:
Equity securities	17,000,000		17,000,000		15,000,000
Debt securities	78,000,000		78,000,000		70,000,000
Derivatives:
Foreign exchange contracts	41,000,000		41,000,000		79,000,000
Other	118,000,000		118,000,000		180,000,000
Derivatives:
Foreign exchange contracts	(7,000,000)		(7,000,000)		(2,000,000)
Other	0		0		(7,000,000)
Total	407,000,000		407,000,000		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			173,000,000	$ 241,000,000
Total losses, net:
Included in other comprehensive loss			0	0
Purchases			0	0
Settlements			5,000,000	(2,000,000)
Issuances			0	0
Balance as of the end of the period	118,000,000	$ 132,000,000	118,000,000	132,000,000
Net loss for the period included in net income related to assets and liabilities still held as of the end of the period			(62,000,000)	(107,000,000)
Operating Income (Loss) | Derivatives
Total losses, net:
Included in earnings			2,000,000	(1,000,000)
Other Nonoperating Income (Expense) | Derivatives
Total losses, net:
Included in earnings			(62,000,000)	(106,000,000)
Level 1 | Class A common stock
Other Financial Instruments Numeric [Abstract]
Class A common stock, fair value	153,000,000		153,000,000
Level 1 | Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities	160,000,000		160,000,000		179,000,000
Available-for-sale securities:
Equity securities	17,000,000		17,000,000		15,000,000
Debt securities	0		0		0
Derivatives:
Foreign exchange contracts	0		0		0
Other	0		0		0
Derivatives:
Foreign exchange contracts	0		0		0
Other	0		0		0
Total	177,000,000		177,000,000		194,000,000
Level 2
Other Financial Instruments Numeric [Abstract]
Difference between carrying value and fair value of debt	4,686,000,000		4,686,000,000		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	218,000,000		218,000,000
Level 2 | Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities	0		0		0
Available-for-sale securities:
Equity securities	0		0		0
Debt securities	78,000,000		78,000,000		70,000,000
Derivatives:
Foreign exchange contracts	41,000,000		41,000,000		79,000,000
Other	0		0		0
Derivatives:
Foreign exchange contracts	(7,000,000)		(7,000,000)		(2,000,000)
Other	0		0		0
Total	112,000,000		112,000,000		147,000,000
Level 3 | Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities	0		0		0
Available-for-sale securities:
Equity securities	0		0		0
Debt securities	0		0		0
Derivatives:
Foreign exchange contracts	0		0		0
Other	118,000,000		118,000,000		180,000,000
Derivatives:
Foreign exchange contracts	0		0		0
Other	0		0		(7,000,000)
Total	118,000,000		118,000,000		173,000,000
Level 3 | Fair Value, Measurements, Recurring | Warrant | CME Rights Offering
Derivatives:
Equity warrants	117,000,000		$ 117,000,000		$ 179,000,000
Fair value assumptions, expected term			1 year 1 month 13 days
Fair value assumptions, expected volatility rate (percent)			60.00%
Level 3 | Fair Value, Measurements, Nonrecurring
Non Financial Instruments Numeric [Abstract]
Fair value of film costs to be abandoned	0		$ 0
Film production costs carrying value in inventory prior to write down	34,000,000	112,000,000	62,000,000	288,000,000
Film production costs carrying value in inventory subsequent to write down	$ 1,000,000	$ 73,000,000	$ 3,000,000	$ 210,000,000

Inventories and Theatrical Fi46

Inventories and Theatrical Film and Television Production Costs (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Inventories:
Programming costs, less amortization	$ 3,050	$ 3,067
Other inventory, primarily DVDs and Blu-ray Discs	255	263
Total inventories	3,305	3,330
Less: current portion of inventory	(1,669)	(1,753)
Total noncurrent inventories	1,636	1,577
Theatrical film production costs:
Released, less amortization	556	570
Completed and not released	836	374
In production	1,432	1,612
Development and pre-production	121	123
Television production costs:
Released, less amortization	1,716	1,301
Completed and not released	509	872
In production	752	1,158
Development and pre-production	31	13
Total theatrical film and television production costs	5,953	6,023
Total noncurrent inventories and theatrical film and television production costs	7,589	7,600
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	856	949
Film Libraries
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization	$ 588	$ 656

Derivative Instruments and He47

Derivative Instruments and Hedging Activities (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016EUR (€)	Dec. 31, 2015USD ($)
Gains (losses) recognized in:
Gains (losses) recognized in Costs of revenues	$ 0	$ (15)	$ 9	$ 51
Gains (losses) recognized in Selling, general and administrative	2	3	5	9
Gains (losses) recognized in Other loss, net	(2)	$ (4)	0	$ (10)
Derivatives, Fair Value [Line Items]
Prepaid expenses and other current assets	41		41			$ 79
Accounts payable and accrued liabilities	(7)		(7)			(2)
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Cash flow hedge gains (losses) recorded in accumulated OCI	(10)		(10)			29
Cash flow hedge gains (losses) recorded in accumulated OCI deferred gains (losses)	(1)		$ (1)			(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	153		$ 153			198
Derivative liability, fair value, gross	119		119			121
Qualifying Hedges | Foreign Currency Derivatives
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross	139		139			194
Derivative liability, fair value, gross	117		117			116
Economic Hedges | Foreign Currency Derivatives
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross	14		14			4
Derivative liability, fair value, gross	2		2			$ 5
Euro Denominated Debt | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivatives used in Net Investment Hedge, Increase (Decrease), Gross of Tax	$ (10)		$ (17)

Long-Term Debt and Other Fina48

Long-Term Debt and Other Financing Arrangements (Details) - Notes 2.95% due 2026	May 10, 2016USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 800,000,000
Debt instrument, interest rate, stated percentage	2.95%
Proceeds from issuance of long-term debt	$ 785,000,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jan. 31, 2016
Equity, Class of Treasury Stock [Line Items]
Common stock repurchases			$ 1,425,000,000	$ 1,800,000,000
Treasury stock, shares acquired			20
Stock repurchase program, remaining authorized repurchase amount	$ 3,575,000,000		$ 3,575,000,000
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) on foreign currency translation, Pretax	41,000,000	$ (48,000,000)	(9,000,000)	(262,000,000)
Unrealized gains (losses) on foreign currency translation, Tax (provision) benefit	(6,000,000)	6,000,000	5,000,000	18,000,000
Unrealized gains (losses) on foreign currency translation, Net of tax	35,000,000	(42,000,000)	(4,000,000)	(244,000,000)
Reclassification adjustment for (gains) losses on foreign currency translation realized in net income, Pretax		0		5,000,000
Reclassification adjustment for (gains) losses on foreign currency translation realized in net income, Tax (provision) benefit		0		0
Reclassification adjustment for (gains) losses on foreign currency translation realized in net income, Net of tax	0	0	0	5,000,000
Unrealized gains (losses) on securities, Pretax	(2,000,000)	1,000,000	0	7,000,000
Unrealized gains (losses) on securities, Tax (provision) benefit	1,000,000	0	0	(2,000,000)
Unrealized gains (losses) on securities, Net of tax	(1,000,000)	1,000,000	0	5,000,000
Unrealized gains (losses) on benefit obligations, Pretax	19,000,000	(12,000,000)	26,000,000	(3,000,000)
Unrealized gains (losses) on benefit obligations, Tax (provision) benefit	(6,000,000)	3,000,000	(8,000,000)	2,000,000
Unrealized gains (losses) on benefit obligations, Net of tax	13,000,000	(9,000,000)	18,000,000	(1,000,000)
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Pretax	8,000,000	9,000,000	17,000,000	17,000,000
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Tax (provision) benefit	(3,000,000)	(4,000,000)	(6,000,000)	(6,000,000)
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Net of tax	5,000,000	5,000,000	11,000,000	11,000,000
Unrealized gains (losses) on derivative financial instruments, Pretax	(16,000,000)	(69,000,000)	(15,000,000)	28,000,000
Unrealized gains (losses) on derivative financial instruments, Tax (provision) benefit	6,000,000	24,000,000	5,000,000	(10,000,000)
Unrealized gains (losses) on derivative financial instruments, Net of tax	(10,000,000)	(45,000,000)	(10,000,000)	18,000,000
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Pretax	1,000,000	2,000,000	(26,000,000)	(40,000,000)
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Tax (provision) benefit	0	(1,000,000)	10,000,000	14,000,000
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Net of tax	1,000,000	1,000,000	(16,000,000)	(26,000,000)
Other comprehensive income (loss), Pretax	51,000,000	(117,000,000)	(7,000,000)	(248,000,000)
Other comprehensive income (loss), Tax (provision) benefit	(8,000,000)	28,000,000	6,000,000	16,000,000
Other comprehensive income (loss)	43,000,000	(89,000,000)	(1,000,000)	(232,000,000)
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	1,258,000,000	1,248,000,000	2,509,000,000	2,437,000,000
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Costs of revenues	3,840,000,000	4,188,000,000	7,845,000,000	8,276,000,000
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Other income (loss)	131,000,000	125,000,000	171,000,000	242,000,000
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Gain (loss) on operating assets, net	(89,000,000)	0	(89,000,000)	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		0		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	8,000,000	9,000,000	17,000,000	17,000,000
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	2,000,000	(3,000,000)	(1,000,000)	(9,000,000)
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Costs of revenues	(1,000,000)	5,000,000	(10,000,000)	(31,000,000)
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Other income (loss)	$ 0	$ 0	$ (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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Income from continuing operations attributable to Time Warner Inc. shareholders	$ 952	$ 971	$ 2,126	$ 1,904
Income allocated to participating securities	(2)	(3)	(5)	(5)
Income from continuing operations attributable to Time Warner Inc. common shareholders— basic	$ 950	$ 968	$ 2,121	$ 1,899
Average basic common shares outstanding (in shares)	784.5	821.6	787.6	825.5
Dilutive effect of equity awards (in shares)	10.9	14.7	11.2	15.6
Average diluted common shares outstanding (in shares)	795.4	836.3	798.8	841.1
Antidilutive common share equivalents excluded from computation (in shares)	6	4	6	4
Income per common share from continuing operations attributable to Time Warner Inc. common shareholders - basic (in dollars per share)	$ 1.21	$ 1.18	$ 2.69	$ 2.30
Income per common share from continuing operations attributable to Time Warner Inc. common shareholders - diluted (in dollars per share)	$ 1.20	$ 1.16	$ 2.66	$ 2.26

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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 9 months 18 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)			$ 12.26	$ 18.38
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	$ 48	$ 45	$ 156	$ 135
Tax benefit recognized	17	16	$ 55	$ 48
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)			$ 62.59	$ 83.91
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of units granted (in shares)			2.8	2
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)			$ 79.57	$ 73.17
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)			2.3	3
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	7	8	$ 28	$ 25
Unrecognized compensation cost	66		$ 66
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	41	$ 37	$ 128	$ 110
Unrecognized compensation cost	$ 245		$ 245
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Components of Net Periodic Benefit Costs [Abstract]
Service cost	$ 1	$ 1	$ 2	$ 2
Interest cost	21	21	43	42
Expected return on plan assets	(21)	(23)	(42)	(46)
Amortization of net loss	5	4	9	9
Net periodic benefit costs	6	3	12	7
Contributions	6	9	15	16
Net periodic benefit costs, related to discontinued operations	$ 3	$ 2	$ 7	$ 3

Restructuring and Severance C53

Restructuring and Severance Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	$ 48	$ 10	$ 53	$ 22
2016 initiatives
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	48	0	52	0
2015 and prior initiatives
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	0	10	1	22
Corporate
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	1	(3)	0	(3)
Turner | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	6	10	7	18
Home Box Office | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	37	4	41	5
Warner Bros. | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	$ 4	$ (1)	$ 5	$ 2

Restructuring and Severance C54

Restructuring and Severance Costs (Accrued Restructuring and Severance Costs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance			$ 253
Net accruals	$ 48	$ 10	53	$ 22
Cash paid			(125)
Remaining liability, ending balance	181		181
Restructuring Reserve [Abstract]
Restructuring reserve, current	120		120
Restructuring reserve, long-term	61		61
Employee Terminations
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance			239
Net accruals			53
Cash paid			(120)
Remaining liability, ending balance	172		172
Other Exit Costs
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance			14
Net accruals			0
Cash paid			(5)
Remaining liability, ending balance	$ 9		$ 9

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)segment	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Total revenues	$ 6,952	$ 7,348	$ 14,260	$ 14,475
Total operating income (loss)	1,846	1,859	3,842	3,645
Total assets	64,127		64,127		$ 63,848
Corporate
Segment Reporting Information [Line Items]
Total operating income (loss)	(95)	(89)	(235)	(193)
Total assets	3,268		3,268		3,276
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(183)	(215)	(396)	(395)
Total operating income (loss)	22	(31)	18	(31)
Turner | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	3,010	2,827	5,916	5,537
Total operating income (loss)	1,130	1,130	2,369	2,238
Total assets	25,797		25,797		25,559
Turner | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(34)	(34)	(54)	(58)
Home Box Office | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,467	1,438	2,973	2,836
Total operating income (loss)	481	508	958	966
Total assets	14,388		14,388		14,314
Home Box Office | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(2)	(11)	(5)	(18)
Warner Bros. | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	2,658	3,298	5,767	6,497
Total operating income (loss)	308	341	732	665
Total assets	20,674		20,674		$ 20,699
Warner Bros. | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	$ (147)	$ (170)	$ (337)	$ (319)

Commitments and Contingencies -

Commitments and Contingencies - Six Flags (Details) - Six Flags	6 Months Ended
	Jun. 30, 2016USD ($)
Other Commitments [Line Items]
Six Flags, net present value	$ 435,000,000
Six Flags, guarantee payments made	0
Six Flags, guarantor obligations, current carrying value	0
Financial Guarantee
Other Commitments [Line Items]
Aggregate undiscounted contingent commitment	$ 895,000,000

Commitments and Contingencies57

Commitments and Contingencies - Contingencies (Details)	Jun. 30, 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 Contingencies58

Commitments and Contingencies - Tax Uncertainties (Details)	6 Months Ended
	Jun. 30, 2016USD ($)
Income Tax Contingency [Line Items]
Unrecognized tax benefits, interest on income taxes expense	$ 17,000,000
Minimum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	0
Maximum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	25,000,000
Domestic | Continuing Operations
Income Tax Contingency [Line Items]
Tax adjustments, settlements, and unusual provisions	(28,000,000)
Unrecognized tax benefits, period increase (decrease)	(136,000,000)
Foreign | Discontinued Operations
Income Tax Contingency [Line Items]
Unrecognized tax benefits, period increase (decrease)	$ (40,000,000)

Related Party Transactions (Det

Related Party Transactions (Details) - Equity Method Investee - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Revenues	$ 116	$ 89	$ 239	$ 223
Expenses	(1)	0	(1)	(2)
Interest income	27	31	68	60
Other income	$ 4	$ 4	$ 9	$ 8

Additional Financial Informat60

Additional Financial Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Cash Flows [Abstract]
Cash payments made for interest			$ (676,000,000)	$ (649,000,000)
Interest income received			82,000,000	22,000,000
Cash interest payments, net			(594,000,000)	(627,000,000)
Cash payments made for income taxes			(686,000,000)	(737,000,000)
Income tax refunds received			18,000,000	82,000,000
Cash tax payments, net			(668,000,000)	(655,000,000)
Interest Expense, Net [Abstract]
Interest income	$ 56,000,000	$ 58,000,000	119,000,000	109,000,000
Interest expense	(348,000,000)	(344,000,000)	(695,000,000)	(689,000,000)
Total interest expense, net	(292,000,000)	(286,000,000)	(576,000,000)	(580,000,000)
Other Income (Loss), Net [Abstract]
Investment gains (losses), net	47,000,000	(26,000,000)	36,000,000	(85,000,000)
Loss on equity method investees	(168,000,000)	(46,000,000)	(202,000,000)	(95,000,000)
Premiums paid and costs incurred on debt redemption	0	(51,000,000)	0	(51,000,000)
Other	(10,000,000)	(2,000,000)	(5,000,000)	(11,000,000)
Total other loss, net	(131,000,000)	(125,000,000)	(171,000,000)	(242,000,000)
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	507,000,000		507,000,000		$ 653,000,000
Other accrued expenses	1,426,000,000		1,426,000,000		1,946,000,000
Participations payable	2,450,000,000		2,450,000,000		2,422,000,000
Programming costs payable	780,000,000		780,000,000		712,000,000
Accrued compensation	715,000,000		715,000,000		957,000,000
Accrued interest	354,000,000		354,000,000		341,000,000
Accrued income taxes	171,000,000		171,000,000		157,000,000
Total accounts payable and accrued liabilities	6,403,000,000		6,403,000,000		7,188,000,000
Other Noncurrent Liabilities [Abstract]
Noncurrent tax and interest reserves	1,424,000,000		1,424,000,000		1,535,000,000
Participations payable	1,488,000,000		1,488,000,000		1,512,000,000
Programming costs payable	713,000,000		713,000,000		816,000,000
Noncurrent pension and post-retirement liabilities	890,000,000		890,000,000		908,000,000
Deferred compensation	459,000,000		459,000,000		471,000,000
Other noncurrent liabilities	780,000,000		780,000,000		556,000,000
Total other noncurrent liabilities	5,754,000,000		5,754,000,000		$ 5,798,000,000
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, income statement classifications and amounts, costs of revenue	45,000,000	$ 121,000,000	118,000,000	$ 248,000,000
Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, shortfall	45,000,000		45,000,000
Minimum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, shortfall	$ 30,000,000		$ 30,000,000

Supplementary Information - C61

Supplementary Information - Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and equivalents	$ 2,496	$ 2,155	$ 3,122	$ 2,618
Receivables, net	7,813	7,411
Inventories	1,669	1,753
Prepaid expenses and other current assets	984	1,194
Total current assets	12,962	12,513
Noncurrent inventories and theatrical film and television production costs	7,589	7,600
Investments in amounts due to and from consolidated subsidiaries	0	0
Investments, including available-for-sale securities	2,592	2,617
Property, plant and equipment, net	2,516	2,596
Intangible assets subject to amortization, net	856	949
Intangible assets not subject to amortization	7,030	7,029
Goodwill	27,701	27,689
Other assets	2,881	2,855
Total assets	64,127	63,848
Current liabilities
Accounts payable and accrued liabilities	6,403	7,188
Deferred revenue	519	616
Debt due within one year	50	198
Total current liabilities	6,972	8,002
Long-term debt	24,418	23,594
Deferred income taxes	2,665	2,454
Deferred revenue	400	352
Other noncurrent liabilities	5,754	5,798
Redeemable noncontrolling interest	29	29
Equity
Due to (from) Time Warner Inc. and subsidiaries	0	0
Other shareholders’ equity	23,888	23,619
Total Time Warner Inc. shareholders’ equity	23,888	23,619
Noncontrolling interest	1	0
Total equity	23,889	23,619	24,025	24,476
Total liabilities and equity	64,127	63,848
Consolidation, Eliminations
Current assets
Cash and equivalents	0	0	0	0
Receivables, net	(18)	(12)
Inventories	(9)	(6)
Prepaid expenses and other current assets	0	0
Total current assets	(27)	(18)
Noncurrent inventories and theatrical film and television production costs	(107)	(98)
Investments in amounts due to and from consolidated subsidiaries	(70,426)	(69,709)
Investments, including available-for-sale securities	(5)	(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	(219)	(253)
Total assets	(70,784)	(70,082)
Current liabilities
Accounts payable and accrued liabilities	(67)	(99)
Deferred revenue	(77)	(60)
Debt due within one year	0	0
Total current liabilities	(144)	(159)
Long-term debt	0	0
Deferred income taxes	(5,152)	(4,855)
Deferred revenue	0	(6)
Other noncurrent liabilities	(1,088)	(1,120)
Redeemable noncontrolling interest	0	0
Equity
Due to (from) Time Warner Inc. and subsidiaries	49,172	44,362
Other shareholders’ equity	(113,572)	(108,304)
Total Time Warner Inc. shareholders’ equity	(64,400)
Noncontrolling interest	0
Total equity	(64,400)	(63,942)
Total liabilities and equity	(70,784)	(70,082)
Parent Company
Current assets
Cash and equivalents	1,812	976	2,044	1,623
Receivables, net	91	100
Inventories	0	0
Prepaid expenses and other current assets	424	494
Total current assets	2,327	1,570
Noncurrent inventories and theatrical film and television production costs	0	0
Investments in amounts due to and from consolidated subsidiaries	46,568	46,025
Investments, including available-for-sale securities	282	281
Property, plant and equipment, net	54	93
Intangible assets subject to amortization, net	0	0
Intangible assets not subject to amortization	0	0
Goodwill	0	0
Other assets	422	406
Total assets	49,653	48,375
Current liabilities
Accounts payable and accrued liabilities	716	752
Deferred revenue	0	0
Debt due within one year	36	34
Total current liabilities	752	786
Long-term debt	20,527	19,719
Deferred income taxes	2,665	2,454
Deferred revenue	0	0
Other noncurrent liabilities	1,821	1,797
Redeemable noncontrolling interest	0	0
Equity
Due to (from) Time Warner Inc. and subsidiaries	0	0
Other shareholders’ equity	23,888	23,619
Total Time Warner Inc. shareholders’ equity	23,888
Noncontrolling interest	0
Total equity	23,888	23,619
Total liabilities and equity	49,653	48,375
Guarantor Subsidiaries
Current assets
Cash and equivalents	170	288	109	290
Receivables, net	1,136	983
Inventories	501	496
Prepaid expenses and other current assets	79	94
Total current assets	1,886	1,861
Noncurrent inventories and theatrical film and television production costs	1,893	1,807
Investments in amounts due to and from consolidated subsidiaries	10,958	11,146
Investments, including available-for-sale securities	393	389
Property, plant and equipment, net	389	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	373	306
Total assets	27,779	27,768
Current liabilities
Accounts payable and accrued liabilities	826	982
Deferred revenue	57	89
Debt due within one year	12	159
Total current liabilities	895	1,230
Long-term debt	3,882	3,866
Deferred income taxes	2,947	2,786
Deferred revenue	21	0
Other noncurrent liabilities	1,702	1,731
Redeemable noncontrolling interest	0	0
Equity
Due to (from) Time Warner Inc. and subsidiaries	(50,832)	(48,141)
Other shareholders’ equity	69,164	66,296
Total Time Warner Inc. shareholders’ equity	18,332
Noncontrolling interest	0
Total equity	18,332	18,155
Total liabilities and equity	27,779	27,768
Non-Guarantor Subsidiaries
Current assets
Cash and equivalents	514	891	$ 969	$ 705
Receivables, net	6,604	6,340
Inventories	1,177	1,263
Prepaid expenses and other current assets	481	606
Total current assets	8,776	9,100
Noncurrent inventories and theatrical film and television production costs	5,803	5,891
Investments in amounts due to and from consolidated subsidiaries	12,900	12,538
Investments, including available-for-sale securities	1,922	1,951
Property, plant and equipment, net	2,073	2,131
Intangible assets subject to amortization, net	856	949
Intangible assets not subject to amortization	5,023	5,022
Goodwill	17,821	17,809
Other assets	2,305	2,396
Total assets	57,479	57,787
Current liabilities
Accounts payable and accrued liabilities	4,928	5,553
Deferred revenue	539	587
Debt due within one year	2	5
Total current liabilities	5,469	6,145
Long-term debt	9	9
Deferred income taxes	2,205	2,069
Deferred revenue	379	358
Other noncurrent liabilities	3,319	3,390
Redeemable noncontrolling interest	29	29
Equity
Due to (from) Time Warner Inc. and subsidiaries	1,660	3,779
Other shareholders’ equity	44,408	42,008
Total Time Warner Inc. shareholders’ equity	46,068
Noncontrolling interest	1
Total equity	46,069	45,787
Total liabilities and equity	$ 57,479	$ 57,787

Supplementary Information - C62

Supplementary Information - Condensed Consolidating Financial Statements - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenues	$ 6,952	$ 7,348	$ 14,260	$ 14,475
Costs of revenues	(3,840)	(4,188)	(7,845)	(8,276)
Selling, general and administrative	(1,258)	(1,248)	(2,509)	(2,437)
Amortization of intangible assets	(47)	(43)	(95)	(91)
Restructuring and severance costs	(48)	(10)	(53)	(22)
Asset impairments	(2)	0	(5)	(1)
Gain (loss) on operating assets, net	89	0	89	(3)
Operating income	1,846	1,859	3,842	3,645
Equity in pretax income (loss) of consolidated subsidiaries	0	0	0	0
Interest expense, net	(292)	(286)	(576)	(580)
Other loss, net	(131)	(125)	(171)	(242)
Income from continuing operations before income taxes	1,423	1,448	3,095	2,823
Income tax provision	(472)	(477)	(970)	(919)
Income from continuing operations	951	971	2,125	1,904
Discontinued operations, net of tax	0	0	40	37
Net income	951	971	2,165	1,941
Less Net loss attributable to noncontrolling interests	1	0	1	0
Net income attributable to Time Warner Inc. shareholders	952	971	2,166	1,941
Comprehensive income	994	882	2,164	1,709
Less Comprehensive loss attributable to noncontrolling interests	1	0	1	0
Comprehensive income attributable to Time Warner Inc. shareholders	995	882	2,165	1,709
Consolidation, Eliminations
Income Statement [Abstract]
Revenues	(175)	(162)	(412)	(377)
Costs of revenues	124	127	311	315
Selling, general and administrative	48	31	95	54
Amortization of intangible assets	0	0	0	0
Restructuring and severance costs	0	0	0	0
Asset impairments	0		0	0
Gain (loss) on operating assets, net	0		0	0
Operating income	(3)	(4)	(6)	(8)
Equity in pretax income (loss) of consolidated subsidiaries	(3,567)	(3,535)	(7,492)	(6,951)
Interest expense, net	1	2	3	4
Other loss, net	1	(3)	0	(4)
Income from continuing operations before income taxes	(3,568)	(3,540)	(7,495)	(6,959)
Income tax provision	1,132	1,137	2,322	2,209
Income from continuing operations			(5,173)	(4,750)
Discontinued operations, net of tax			(80)	(74)
Net income	(2,436)		(5,253)	(4,824)
Less Net loss attributable to noncontrolling interests	(2)		(2)
Net income attributable to Time Warner Inc. shareholders	(2,438)	(2,403)	(5,255)	(4,824)
Comprehensive income	(2,508)		(5,248)
Less Comprehensive loss attributable to noncontrolling interests	(2)		(2)
Comprehensive income attributable to Time Warner Inc. shareholders	(2,510)	(2,324)	(5,250)	(4,496)
Parent Company
Income Statement [Abstract]
Revenues	0	0	0	0
Costs of revenues	0	0	0	0
Selling, general and administrative	(80)	(84)	(200)	(184)
Amortization of intangible assets	0	0	0	0
Restructuring and severance costs	0	0	0	0
Asset impairments	(2)		(4)	0
Gain (loss) on operating assets, net	0		0	0
Operating income	(82)	(84)	(204)	(184)
Equity in pretax income (loss) of consolidated subsidiaries	1,893	1,848	3,921	3,590
Interest expense, net	(237)	(247)	(484)	(492)
Other loss, net	(151)	(69)	(138)	(91)
Income from continuing operations before income taxes	1,423	1,448	3,095	2,823
Income tax provision	(472)	(477)	(970)	(919)
Income from continuing operations			2,125	1,904
Discontinued operations, net of tax			40	37
Net income	951		2,165	1,941
Less Net loss attributable to noncontrolling interests	1		1
Net income attributable to Time Warner Inc. shareholders	952	971	2,166	1,941
Comprehensive income	994		2,164
Less Comprehensive loss attributable to noncontrolling interests	1		1
Comprehensive income attributable to Time Warner Inc. shareholders	995	882	2,165	1,709
Guarantor Subsidiaries
Income Statement [Abstract]
Revenues	1,905	1,830	3,888	3,632
Costs of revenues	(855)	(780)	(1,808)	(1,662)
Selling, general and administrative	(299)	(292)	(611)	(548)
Amortization of intangible assets	0	0	0	0
Restructuring and severance costs	(36)	(10)	(40)	(14)
Asset impairments	0		0	0
Gain (loss) on operating assets, net	0		0	0
Operating income	715	748	1,429	1,408
Equity in pretax income (loss) of consolidated subsidiaries	1,216	1,199	2,642	2,431
Interest expense, net	(75)	(78)	(151)	(156)
Other loss, net	3	20	0	23
Income from continuing operations before income taxes	1,859	1,889	3,920	3,706
Income tax provision	(554)	(592)	(1,172)	(1,145)
Income from continuing operations			2,748	2,561
Discontinued operations, net of tax			40	37
Net income	1,305		2,788	2,598
Less Net loss attributable to noncontrolling interests	1		1
Net income attributable to Time Warner Inc. shareholders	1,306	1,297	2,789	2,598
Comprehensive income	1,342		2,795
Less Comprehensive loss attributable to noncontrolling interests	1		1
Comprehensive income attributable to Time Warner Inc. shareholders	1,343	1,308	2,796	2,508
Non-Guarantor Subsidiaries
Income Statement [Abstract]
Revenues	5,222	5,680	10,784	11,220
Costs of revenues	(3,109)	(3,535)	(6,348)	(6,929)
Selling, general and administrative	(927)	(903)	(1,793)	(1,759)
Amortization of intangible assets	(47)	(43)	(95)	(91)
Restructuring and severance costs	(12)	0	(13)	(8)
Asset impairments	0		(1)	(1)
Gain (loss) on operating assets, net	89		89	(3)
Operating income	1,216	1,199	2,623	2,429
Equity in pretax income (loss) of consolidated subsidiaries	458	488	929	930
Interest expense, net	19	37	56	64
Other loss, net	16	(73)	(33)	(170)
Income from continuing operations before income taxes	1,709	1,651	3,575	3,253
Income tax provision	(578)	(545)	(1,150)	(1,064)
Income from continuing operations			2,425	2,189
Discontinued operations, net of tax			40	37
Net income	1,131		2,465	2,226
Less Net loss attributable to noncontrolling interests	1		1
Net income attributable to Time Warner Inc. shareholders	1,132	1,106	2,466	2,226
Comprehensive income	1,166		2,453
Less Comprehensive loss attributable to noncontrolling interests	1		1
Comprehensive income attributable to Time Warner Inc. shareholders	$ 1,167	$ 1,016	$ 2,454	$ 1,988

Supplementary Information - C63

Supplementary Information - Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
OPERATIONS
Net income	$ 951	$ 971	$ 2,165	$ 1,941
Less Discontinued operations, net of tax	0	0	(40)	(37)
Net income from continuing operations	951	971	2,125	1,904
Adjustments for noncash and nonoperating items:
Depreciation and amortization			336	334
Amortization of film and television costs			4,158	4,087
Asset impairments	2	0	5	1
(Gain) loss on investments and other assets, net			(30)	85
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			223	116
Equity-based compensation			156	135
Deferred income taxes			249	(80)
Changes in operating assets and liabilities, net of acquisitions			(5,249)	(4,782)
Intercompany			0	0
Cash provided by operations from continuing operations			1,973	1,800
Cash used by operations from discontinued operations			(7)	0
Cash provided by operations			1,966	1,800
INVESTING ACTIVITIES
Investments in available-for-sale securities			(7)	(32)
Investments and acquisitions, net of cash acquired			(286)	(152)
Capital expenditures			(162)	(154)
Investment proceeds from available-for-sale securities			1	0
Advances to (from) parent and consolidated subsidiaries			0	0
Other investment proceeds			240	109
Cash used by investing activities			(214)	(229)
FINANCING ACTIVITIES
Borrowings			942	2,106
Debt repayments			(304)	(804)
Proceeds from exercise of stock options			81	121
Excess tax benefit from equity instruments			40	120	$ 151
Principal payments on capital leases			(7)	(5)
Repurchases of common stock			(1,407)	(1,804)
Dividends paid			(640)	(584)
Other financing activities			(116)	(217)
Change in due to/from parent and investment in segment			0	0
Cash used by financing activities			(1,411)	(1,067)
INCREASE IN CASH AND EQUIVALENTS			341	504
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			2,155	2,618	2,618
CASH AND EQUIVALENTS AT END OF PERIOD	2,496	3,122	2,496	3,122	2,155
Consolidation, Eliminations
OPERATIONS
Net income	(2,436)		(5,253)	(4,824)
Less Discontinued operations, net of tax			80	74
Net income from continuing operations			(5,173)	(4,750)
Adjustments for noncash and nonoperating items:
Depreciation and amortization			0	0
Amortization of film and television costs			(16)	(13)
Asset impairments	0		0	0
(Gain) 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			7,492	6,951
Equity in losses of investee companies, net of cash distributions			1	2
Equity-based compensation			0	0
Deferred income taxes			(335)	145
Changes in operating assets and liabilities, net of acquisitions			(1,971)	(2,334)
Intercompany			0	0
Cash provided by operations from continuing operations			(2)	1
Cash used by operations from discontinued operations			0	0
Cash provided by operations			(2)	1
INVESTING ACTIVITIES
Investments in available-for-sale securities			0	0
Investments and acquisitions, net of cash acquired			0	0
Capital expenditures			0	0
Investment proceeds from available-for-sale securities			0
Advances to (from) parent and consolidated subsidiaries			(3,531)	(3,163)
Other investment proceeds			0	0
Cash used by investing activities			(3,531)	(3,163)
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			1	0
Change in due to/from parent and investment in segment			3,532	3,162
Cash used by financing activities			3,533	3,162
INCREASE 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	0	0
Parent Company
OPERATIONS
Net income	951		2,165	1,941
Less Discontinued operations, net of tax			(40)	(37)
Net income from continuing operations			2,125	1,904
Adjustments for noncash and nonoperating items:
Depreciation and amortization			5	6
Amortization of film and television costs			0	0
Asset impairments	2		4	0
(Gain) loss on investments and other assets, net			11	31
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions			(3,921)	(3,590)
Equity in losses of investee companies, net of cash distributions			(4)	(4)
Equity-based compensation			55	45
Deferred income taxes			249	(80)
Changes in operating assets and liabilities, net of acquisitions			43	199
Intercompany			0	0
Cash provided by operations from continuing operations			(1,433)	(1,489)
Cash used by operations from discontinued operations			0	7
Cash provided by operations			(1,433)	(1,482)
INVESTING ACTIVITIES
Investments in available-for-sale securities			(2)	(16)
Investments and acquisitions, net of cash acquired			(21)	(17)
Capital expenditures			(8)	(16)
Investment proceeds from available-for-sale securities			1
Advances to (from) parent and consolidated subsidiaries			3,296	2,818
Other investment proceeds			16	25
Cash used by investing activities			3,282	2,794
FINANCING ACTIVITIES
Borrowings			940	2,096
Debt repayments			(150)	(787)
Proceeds from exercise of stock options			81	121
Excess tax benefit from equity instruments			40	120
Principal payments on capital leases			0	0
Repurchases of common stock			(1,407)	(1,804)
Dividends paid			(640)	(584)
Other financing activities			123	(53)
Change in due to/from parent and investment in segment			0	0
Cash used by financing activities			(1,013)	(891)
INCREASE IN CASH AND EQUIVALENTS			836	421
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			976	1,623	1,623
CASH AND EQUIVALENTS AT END OF PERIOD	1,812	2,044	1,812	2,044	976
Guarantor Subsidiaries
OPERATIONS
Net income	1,305		2,788	2,598
Less Discontinued operations, net of tax			(40)	(37)
Net income from continuing operations			2,748	2,561
Adjustments for noncash and nonoperating items:
Depreciation and amortization			53	54
Amortization of film and television costs			1,431	1,318
Asset impairments	0		0	0
(Gain) loss on investments and other assets, net			1	(20)
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions			(2,642)	(2,431)
Equity in losses of investee companies, net of cash distributions			0	0
Equity-based compensation			46	38
Deferred income taxes			167	(101)
Changes in operating assets and liabilities, net of acquisitions			(783)	(314)
Intercompany			1,535	1,224
Cash provided by operations from continuing operations			2,556	2,329
Cash used by operations from discontinued operations			0	0
Cash provided by operations			2,556	2,329
INVESTING ACTIVITIES
Investments in available-for-sale securities			0	0
Investments and acquisitions, net of cash acquired			(14)	(1)
Capital expenditures			(29)	(29)
Investment proceeds from available-for-sale securities			0
Advances to (from) parent and consolidated subsidiaries			235	344
Other investment proceeds			17	72
Cash used by investing activities			209	386
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			(7)	(5)
Repurchases of common stock			0	0
Dividends paid			0	0
Other financing activities			(35)	(20)
Change in due to/from parent and investment in segment			(2,691)	(2,871)
Cash used by financing activities			(2,883)	(2,896)
INCREASE IN CASH AND EQUIVALENTS			(118)	(181)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			288	290	290
CASH AND EQUIVALENTS AT END OF PERIOD	170	109	170	109	288
Non-Guarantor Subsidiaries
OPERATIONS
Net income	1,131		2,465	2,226
Less Discontinued operations, net of tax			(40)	(37)
Net income from continuing operations			2,425	2,189
Adjustments for noncash and nonoperating items:
Depreciation and amortization			278	274
Amortization of film and television costs			2,743	2,782
Asset impairments	0		1	1
(Gain) loss on investments and other assets, net			(42)	74
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions			(929)	(930)
Equity in losses of investee companies, net of cash distributions			226	118
Equity-based compensation			55	52
Deferred income taxes			168	(44)
Changes in operating assets and liabilities, net of acquisitions			(2,538)	(2,333)
Intercompany			(1,535)	(1,224)
Cash provided by operations from continuing operations			852	959
Cash used by operations from discontinued operations			(7)	(7)
Cash provided by operations			845	952
INVESTING ACTIVITIES
Investments in available-for-sale securities			(5)	(16)
Investments and acquisitions, net of cash acquired			(251)	(134)
Capital expenditures			(125)	(109)
Investment proceeds from available-for-sale securities			0
Advances to (from) parent and consolidated subsidiaries			0	1
Other investment proceeds			207	12
Cash used by investing activities			(174)	(246)
FINANCING ACTIVITIES
Borrowings			2	10
Debt repayments			(4)	(17)
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			(205)	(144)
Change in due to/from parent and investment in segment			(841)	(291)
Cash used by financing activities			(1,048)	(442)
INCREASE IN CASH AND EQUIVALENTS			(377)	264
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			891	705	705
CASH AND EQUIVALENTS AT END OF PERIOD	$ 514	$ 969	$ 514	$ 969	$ 891