Warner Media (TWX) 10-Q 2 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 25, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		771,129,567

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Current assets
Cash and equivalents	$ 2,308	$ 2,155
Receivables, less allowances of $772 and $1,055	8,031	7,411
Inventories	1,915	1,753
Prepaid expenses and other current assets	1,010	1,194
Total current assets	13,264	12,513
Noncurrent inventories and theatrical film and television production costs	8,196	7,600
Investments, including available-for-sale securities	3,271	2,617
Property, plant and equipment, net	2,482	2,596
Intangible assets subject to amortization, net	809	949
Intangible assets not subject to amortization	7,005	7,029
Goodwill	27,694	27,689
Other assets	3,043	2,855
Total assets	65,764	63,848
Current liabilities
Accounts payable and accrued liabilities	6,907	7,188
Deferred revenue	580	616
Debt due within one year	52	198
Total current liabilities	7,539	8,002
Long-term debt	24,419	23,594
Deferred income taxes	2,603	2,454
Deferred revenue	436	352
Other noncurrent liabilities	6,459	5,798
Redeemable noncontrolling interest	29	29
Commitments and Contingencies (Note 15)
Equity
Common stock, $0.01 par value, 1.652 billion and 1.652 billion shares issued and 772 million and 795 million shares outstanding	17	17
Additional paid-in capital	147,032	148,041
Treasury stock, at cost (879 million and 857 million shares)	(47,409)	(45,612)
Accumulated other comprehensive loss, net	(1,614)	(1,446)
Accumulated deficit	(73,748)	(77,381)
Total Time Warner Inc. shareholders’ equity	24,278	23,619
Noncontrolling interest	1	0
Total equity	24,279	23,619
Total liabilities and equity	$ 65,764	$ 63,848

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Current assets
Allowances	$ 772	$ 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	772	795
Treasury stock, shares	879	857

Consolidated Statement Of Opera

Consolidated Statement Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Revenues	$ 7,167	$ 6,564	$ 21,427	$ 21,039
Costs of revenues	(3,873)	(3,526)	(11,718)	(11,802)
Selling, general and administrative	(1,179)	(1,143)	(3,688)	(3,580)
Amortization of intangible assets	(48)	(47)	(143)	(138)
Restructuring and severance costs	(11)	(9)	(64)	(31)
Asset impairments	(30)	(7)	(35)	(8)
Gain (loss) on operating assets, net	(12)	2	77	(1)
Operating income	2,014	1,834	5,856	5,479
Interest expense, net	(298)	(294)	(874)	(874)
Other loss, net	(27)	(54)	(198)	(296)
Income from continuing operations before income taxes	1,689	1,486	4,784	4,309
Income tax provision	(217)	(452)	(1,187)	(1,371)
Income from continuing operations	1,472	1,034	3,597	2,938
Discontinued operations, net of tax	(5)	0	35	37
Net income	1,467	1,034	3,632	2,975
Less Net loss attributable to noncontrolling interests	0	1	1	1
Net income attributable to Time Warner Inc. shareholders	1,467	1,035	3,633	2,976
Amounts attributable to Time Warner Inc. shareholders:
Income from continuing operations	1,472	1,035	3,598	2,939
Discontinued operations, net of tax	(5)	0	35	37
Net income attributable to Time Warner Inc. shareholders	$ 1,467	$ 1,035	$ 3,633	$ 2,976
Per share information attributable to Time Warner Inc. common shareholders:
Basic income per common share from continuing operations (in dollars per share)	$ 1.89	$ 1.27	$ 4.58	$ 3.57
Discontinued operations (in dollars per share)	0	0	0.04	0.05
Basic net income per common share (in dollars per share)	$ 1.89	$ 1.27	$ 4.62	$ 3.62
Average basic common shares outstanding (in shares)	776.2	810.2	783.8	820.4
Diluted income per common share from continuing operations (in dollars per share)	$ 1.87	$ 1.26	$ 4.53	$ 3.52
Discontinued operations (in dollars per share)	(0.01)	0	0.04	0.04
Diluted net income per common share (in dollars per share)	$ 1.86	$ 1.26	$ 4.57	$ 3.56
Average diluted common shares outstanding (in shares)	787.5	824.1	795.1	835.5
Cash dividends declared per share of common stock (in dollars per share)	$ 0.4025	$ 0.35	$ 1.2075	$ 1.05

Consolidated Statement Of Compr

Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 1,467	$ 1,034	$ 3,632	$ 2,975
Foreign currency translation:
Unrealized losses occurring during the period	(38)	(14)	(42)	(258)
Reclassification adjustment for losses realized in net income	0	0	0	5
Change in foreign currency translation	(38)	(14)	(42)	(253)
Securities:
Unrealized gains (losses) occurring during the period	0	(3)	0	2
Benefit obligations:
Unrealized losses occurring during the period	(143)	(1)	(125)	(2)
Reclassification adjustment for losses realized in net income	17	5	28	16
Change in benefit obligations	(126)	4	(97)	14
Derivative financial instruments:
Unrealized gains (losses) occurring during the period	2	56	(8)	74
Reclassification adjustment for gains realized in net income	(5)	(39)	(21)	(65)
Change in derivative financial instruments	(3)	17	(29)	9
Other comprehensive income (loss)	(167)	4	(168)	(228)
Comprehensive income	1,300	1,038	3,464	2,747
Less Comprehensive loss attributable to noncontrolling interests	0	1	1	1
Comprehensive income attributable to Time Warner Inc. shareholders	$ 1,300	$ 1,039	$ 3,465	$ 2,748

Consolidated Statement Of Cash

Consolidated Statement Of Cash Flows - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
OPERATIONS
Net income	$ 1,467	$ 1,034	$ 3,632	$ 2,975
Less Discontinued operations, net of tax	5	0	(35)	(37)
Net income from continuing operations	1,472	1,034	3,597	2,938
Adjustments for noncash and nonoperating items:
Depreciation and amortization			502	501
Amortization of film and television costs			5,884	5,739
Asset impairments	30	7	35	8
(Gain) loss on investments and other assets, net			(75)	71
Equity in losses of investee companies, net of cash distributions			293	160
Equity-based compensation			201	154
Deferred income taxes			267	(176)
Changes in operating assets and liabilities, net of acquisitions			(7,160)	(6,394)
Cash provided by operations from continuing operations			3,544	3,001
Cash used by operations from discontinued operations			(10)	(4)
Cash provided by operations			3,534	2,997
INVESTING ACTIVITIES
Investments in available-for-sale securities			(7)	(41)
Investments and acquisitions, net of cash acquired			(975)	(344)
Capital expenditures			(270)	(250)
Investment proceeds from available-for-sale securities			1	1
Other investment proceeds			252	133
Cash used by investing activities			(999)	(501)
FINANCING ACTIVITIES
Borrowings			942	2,877
Debt repayments			(304)	(2,341)
Proceeds from exercise of stock options			127	148
Excess tax benefit from equity instruments			59	141	$ 151
Principal payments on capital leases			(11)	(8)
Repurchases of common stock			(2,119)	(3,030)
Dividends paid			(954)	(869)
Other financing activities			(122)	(258)
Cash used by financing activities			(2,382)	(3,340)
INCREASE IN CASH AND EQUIVALENTS			153	(844)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			2,155	2,618	2,618
CASH AND EQUIVALENTS AT END OF PERIOD	$ 2,308	$ 1,774	$ 2,308	$ 1,774	$ 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	2,976	2,976	0	[1]
Other comprehensive loss	(228)	(228)	0
Cash dividends	(869)	(869)	0
Common stock repurchases	(2,999)	(2,999)	0
Other, primarily related to stock options and restricted stock units	292	292	0
BALANCE AT END OF PERIOD at Sep. 30, 2015	23,648	23,648	0
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2015	23,619	23,619	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,634	3,633	1	[1]
Other comprehensive loss	(168)	(168)	0
Cash dividends	(954)	(954)	0
Common stock repurchases	(2,138)	(2,138)	0
Other, primarily related to stock options and restricted stock units	286	286	0
BALANCE AT END OF PERIOD at Sep. 30, 2016	$ 24,279	$ 24,278	$ 1
[1]	Net income excludes losses of $2 million and $1 million for the nine months ended September 30, 2016 and September 30, 2015, respectively, relating to redeemable noncontrolling interests.

Consolidated Statement Of Equi8

Consolidated Statement Of Equity Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Stockholders' Equity [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	$ (2)	$ (1)

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 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 September 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 Classification of Certain Cash Receipts and Cash Payments In August 2016, guidance was issued that clarifies the presentation of certain cash receipts and payments in a company’s statement of cash flows. The guidance primarily relates to the classification of cash flows associated with certain (i) debt transactions, (ii) contingent consideration arrangements related to business combinations, (iii) insurance claims and policies, (iv) distributions received from equity method investees and (v) securitization transactions. The guidance will become effective on a retrospective basis for the Company on January 1, 2018, although early adoption is permitted. The Company is evaluating the impact the new guidance will have on its Consolidated Statement of Cash Flows. 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 the Company will adopt on a prospective 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, 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 does not expect the new guidance to have a material impact 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.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
MERGER AGREEMENT WITH AT&T INC.	MERGER AGREEMENT WITH AT&T INC. On October 22, 2016, Time Warner entered into an Agreement and Plan of Merger (the “Merger Agreement”) with AT&T Inc. (“AT&T”). The Merger Agreement provides for the merger of a newly formed wholly owned subsidiary of AT&T with and into Time Warner, with Time Warner continuing as the surviving company in the merger. Immediately thereafter, Time Warner will merge with and into a limited liability company formed by AT&T, which will continue as the surviving entity and a wholly owned subsidiary of AT&T. The Merger Agreement was unanimously approved by all members of Time Warner’s and AT&T’s board of directors. Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the merger, each share of the Company’s common stock, subject to certain exceptions set forth in the Merger Agreement, will be converted into the right to receive $53.75 in cash plus a number of shares of AT&T common stock equal to the Exchange Ratio. The Exchange Ratio is determined as follows: • If the Average AT&T Stock Price (as defined below) is an amount greater than $41.349 , the Exchange Ratio will be 1.300 ; • If the Average AT&T Stock Price is an amount greater than or equal to $37.411 but less than or equal to $41.349 , the Exchange Ratio will be an amount equal to the quotient obtained by dividing (x) $53.75 by (y) the Average AT&T Stock Price; or • If the Average AT&T Stock Price is an amount less than $37.411 , the Exchange Ratio will be 1.437 . “Average AT&T Stock Price” means the average of the volume weighted averages of the trading prices of AT&T Common Stock on the New York Stock Exchange on each of the fifteen consecutive trading days ending on (and including) the trading day that is three trading days prior to the date of the effective time of the merger. The transaction is expected to close before year-end 2017. Consummation of the merger is subject to various conditions, including, among others, customary conditions relating to the adoption of the Merger Agreement by the requisite vote of the Time Warner stockholders and the receipt of certain antitrust and other regulatory approvals. Should Time Warner terminate the Merger Agreement in specified circumstances, including in order to consummate a competing transaction, Time Warner will be required to pay AT&T a termination fee equal to $1.725 billion .

Business Dispositions and Acqui

Business Dispositions and Acquisitions	9 Months Ended
	Sep. 30, 2016
Acquisitions and Dispositions [Abstract]
BUSINESS DISPOSITIONS AND ACQUISITIONS	BUSINESS DISPOSITIONS AND ACQUISITIONS Hulu On August 2, 2016, Time Warner purchased a 10% ownership interest in Hulu, LLC (“Hulu”), a company that provides OTT video services, for $590 million in cash, including transaction costs. Time Warner accounts for this investment under the equity method of accounting. 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 nine months ended September 30, 2016 , Warner Bros. recorded a pre-tax gain of approximately $90 million in connection with this transaction. Summary of Discontinued Operations For the three months ended September 30, 2016 , Discontinued operations, net of tax was expense of $5 million ( $0.01 of diluted loss from discontinued operations per common share) related to pension settlement charges related to businesses the Company previously disposed of. For the nine months ended September 30, 2016 , Discontinued operations, net of tax was income of $35 million ( $0.04 of diluted income from discontinued operations per common share), which also included the recognition of additional tax benefits associated with certain foreign tax attributes of Warner Music Group (“WMG”), which the Company disposed of in 2004. For the nine months ended September 30, 2015 , Discontinued operations, net of tax was income of $37 million ( $0.04 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	9 Months Ended
	Sep. 30, 2016
Investments [Abstract]
INVESTMENTS	INVESTMENTS Central European Media Enterprises Ltd. As of September 30, 2016 , the Company had an approximate 47% voting interest in Central European Media Enterprises Ltd.’s (“CME”) common stock and an approximate 76% economic interest in CME on a diluted basis. As of September 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 September 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 104.3 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 September 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 September 30, 2016 , was $135 million . As of September 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 September 30, 2016 , the carrying value of liabilities associated with such guarantees was $184 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 September 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 in the second quarter of 2016 in connection with these transactions. Additionally, when recognizing CME’s results in the second quarter of 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	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015 , respectively (millions): September 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) $ 163 $ — $ — $ 163 $ 179 $ — $ — $ 179 Available-for-sale securities: Equity securities 16 — — 16 15 — — 15 Debt securities — 79 — 79 — 70 — 70 Derivatives: Foreign exchange contracts — 70 — 70 — 79 — 79 Other — — 136 136 — — 180 180 Liabilities: Derivatives: Foreign exchange contracts — (32 ) — (32 ) — (2 ) — (2 ) Other — — — — — — (7 ) (7 ) Total $ 179 $ 117 $ 136 $ 432 $ 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 September 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 $135 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 September 30, 2016 are an expected term of 0.96 years and an expected volatility of approximately 57% . As of September 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 nine months ended September 30, 2016 and 2015 on such assets and liabilities that were included in the Consolidated Balance Sheet as of September 30, 2016 and 2015 (millions): September 30, 2016 September 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 (44 ) (112 ) Included in other comprehensive loss — — Purchases — — Settlements 5 (2 ) Issuances — — Balance as of the end of the period $ 136 $ 126 Net loss for the period included in net income related to assets and liabilities still held as of the end of the period $ (44 ) $ (113 ) 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 September 30, 2016 , the fair value of Time Warner’s debt exceeded its carrying value by approximately $5.056 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 September 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) $ — $ 168 Level 1 Series B convertible redeemable preferred shares $ — $ 241 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 September 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 nine months ended September 30, 2016, the Company performed an impairment review of a broadcast license at an international subsidiary of Turner. As a result, during the three and nine months ended September 30, 2016, the Company recorded a noncash impairment of $25 million to write down the value of the asset to $10 million . During the three and nine months ended September 30, 2015, the Company performed an impairment review of certain intangible assets at an international subsidiary of Turner. As a result, during the three and nine months ended September 30, 2015, the Company recorded a noncash impairment of $1 million to completely write off the value of these assets. The resulting fair value measurements were considered to be Level 3 measurements and were determined using a discounted cash flow (“DCF”) methodology with assumptions for cash flows associated with the use and eventual disposition of the assets. During the three and nine months ended September 30, 2016 and September 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 September 30,: 2016 $ 27 $ — 2015 $ 15 $ — Fair value measurements made during the nine months ended September 30,: 2016 $ 89 $ 3 2015 $ 303 $ 210

Inventories and Theatrical Film

Inventories and Theatrical Film and Television Production Costs	9 Months Ended
	Sep. 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): September 30, December 31, Inventories: Programming costs, less amortization (a) $ 3,532 $ 3,067 Other inventory, primarily DVDs and Blu-ray Discs 253 263 Total inventories 3,785 3,330 Less: current portion of inventory (1,915 ) (1,753 ) Total noncurrent inventories 1,870 1,577 Theatrical film production costs: (b) Released, less amortization 697 570 Completed and not released 684 374 In production 1,405 1,612 Development and pre-production 135 123 Television production costs: (b) Released, less amortization 1,549 1,301 Completed and not released 813 872 In production 1,024 1,158 Development and pre-production 19 13 Total theatrical film and television production costs 6,326 6,023 Total noncurrent inventories and theatrical film and television production costs $ 8,196 $ 7,600 _________________________ (a) Includes the costs of certain programming rights, primarily sports, for which payments have been made prior to the related rights being received. (b) Does not include $552 million and $656 million of acquired film library intangible assets as of September 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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gains (losses) recognized in: Costs of revenues $ 21 $ 56 $ 30 $ 107 Selling, general and administrative 3 6 8 15 Other loss, net (8 ) (10 ) (8 ) (20 ) 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 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 September 30, 2016 and December 31, 2015 (millions): September 30, December 31, Prepaid expenses and other current assets $ 70 $ 79 Accounts payable and accrued liabilities (32 ) (2 ) ________________________ (a) Includes $207 million ( $195 million of qualifying hedges and $12 million of economic hedges) and $169 million ( $164 million of qualifying hedges and $5 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively. (b) Includes $198 million ( $194 million of qualifying hedges and $4 million of economic hedges) and $121 million ( $116 million of qualifying hedges and $5 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively. At September 30, 2016 and December 31, 2015 , $14 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 September 30, 2016 and December 31, 2015 are net losses of $2 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 September 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 nine months ended September 30, 2016 , such amounts totaled $0 and $17 million of losses , respectively. For the three and nine months ended September 30, 2015 , such amounts totaled $21 million of losses .

Long-Term Debt and Other Financ

Long-Term Debt and Other Financing Arrangements	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 the amount remaining at December 31, 2015 under the prior authorization. Purchases under the stock repurchase program could be made on the open market or in privately negotiated transactions, with the size and timing of these purchases based on a number of factors, including price and business and market conditions. From January 1, 2016 through October 21, 2016, the Company repurchased 31 million shares of common stock for $2.307 billion pursuant to trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In connection with entering into the Merger Agreement, the Company discontinued share repurchases. 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 September 30, 2016 Nine Months Ended September 30, 2016 Pretax Tax Net of tax Pretax Tax Net of tax Unrealized losses on foreign currency translation $ (45 ) $ 7 $ (38 ) $ (54 ) $ 12 $ (42 ) Unrealized losses on benefit obligations (224 ) 81 (143 ) (198 ) 73 (125 ) Reclassification adjustment for losses on benefit obligations realized in net income (a) 26 (9 ) 17 43 (15 ) 28 Unrealized gains (losses) on derivative financial instruments 4 (2 ) 2 (11 ) 3 (8 ) Reclassification adjustment for gains on derivative financial instruments realized in net income (c) (8 ) 3 (5 ) (34 ) 13 (21 ) Other comprehensive income (loss) $ (247 ) $ 80 $ (167 ) $ (254 ) $ 86 $ (168 ) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Pretax Tax (provision) benefit Net of tax Pretax Tax (provision) benefit Net of tax Unrealized losses on foreign currency translation $ (29 ) $ 15 $ (14 ) $ (291 ) $ 33 $ (258 ) Reclassification adjustment for losses on foreign currency translation realized in net income (b) — — — 5 — 5 Unrealized gains (losses) on securities (4 ) 1 (3 ) 3 (1 ) 2 Unrealized losses on benefit obligations (1 ) — (1 ) (4 ) 2 (2 ) Reclassification adjustment for losses on benefit obligations realized in net income (a) 8 (3 ) 5 25 (9 ) 16 Unrealized gains on derivative financial instruments 87 (31 ) 56 115 (41 ) 74 Reclassification adjustment for gains on derivative financial instruments realized in net income (c) (62 ) 23 (39 ) (102 ) 37 (65 ) Other comprehensive income (loss) $ (1 ) $ 5 $ 4 $ (249 ) $ 21 $ (228 ) _________________________ (a) Pretax (gains) losses included in Selling, general and administrative expenses, with the exception of $8 million included in Discontinued operations, net of tax for the three and nine months ended September 30, 2016. (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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Selling, general and administrative expenses $ 3 $ (6 ) $ 2 $ (15 ) Costs of revenues (12 ) (56 ) (22 ) (87 ) Other loss, net 1 — (14 ) —

Income Per Common Share

Income Per Common Share	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Income from continuing operations attributable to Time Warner Inc. shareholders $ 1,472 $ 1,035 $ 3,598 $ 2,939 Income allocated to participating securities (2 ) (3 ) (8 ) (8 ) Income from continuing operations attributable to Time Warner Inc. common shareholders— basic $ 1,470 $ 1,032 $ 3,590 $ 2,931 Average basic common shares outstanding 776.2 810.2 783.8 820.4 Dilutive effect of equity awards 11.3 13.9 11.3 15.1 Average diluted common shares outstanding 787.5 824.1 795.1 835.5 Antidilutive common share equivalents excluded from computation 5 5 6 4 Income per common share from continuing operations attributable to Time Warner Inc. common shareholders: Basic $ 1.89 $ 1.27 $ 4.58 $ 3.57 Diluted $ 1.87 $ 1.26 $ 4.53 $ 3.52

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 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: Nine Months Ended September 30, 2016 2015 Expected volatility 26.0 % 25.0 % 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 $ 18.17 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: Nine Months Ended September 30, 2016 2015 RSUs $ 62.90 $ 83.86 PSUs 88.13 81.04 The following table sets forth the number of stock options, RSUs and target PSUs granted (millions): Nine Months Ended September 30, 2016 2015 Stock options 2.3 3.4 RSUs 2.9 2.0 PSUs 0.2 0.1 The impact on Operating income for equity-based compensation awards is as follows (millions): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Stock options 6 7 $ 34 $ 32 RSUs and PSUs $ 39 $ 12 167 122 Total impact on operating income $ 45 $ 19 $ 201 $ 154 Tax benefit recognized $ 15 $ 6 $ 70 $ 54 Total unrecognized compensation cost related to unvested Time Warner stock option awards as of September 30, 2016 , without taking into account expected forfeitures, is $59 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 September 30, 2016 , without taking into account expected forfeitures, is $216 million and is expected to be recognized over a weighted-average period between one and two years.

Benefit Plans

Benefit Plans	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015 is as follows (millions): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Service cost $ — $ 1 $ 2 $ 3 Interest cost 21 21 64 63 Expected return on plan assets (22 ) (23 ) (64 ) (69 ) Amortization of prior service cost 1 1 1 1 Amortization of net loss 4 4 13 13 Settlements 10 — 10 — Net periodic benefit costs (a) $ 14 $ 4 $ 26 $ 11 Contributions $ 8 $ 8 $ 23 $ 24 _________________________ (a) Excludes net periodic benefit costs related to discontinued operations of $3 million and $10 million for the three and nine months ended September 30, 2016 , respectively, and $1 million and $4 million for the three and nine months ended September 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. In addition, net periodic benefit costs for the three and nine months ended September 30, 2016 also excludes $8 million of pension settlement charges related to businesses the Company previously disposed of. These amounts have been reflected in Discontinued Operations, net of tax, in the Consolidated Statement of Operations.

Restructuring and Severance Cos

Restructuring and Severance Costs	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015 are as follows (millions): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Turner $ 8 $ 5 $ 15 $ 23 Home Box Office — — 41 5 Warner Bros. 1 1 6 3 Corporate 2 3 2 — Total restructuring and severance costs $ 11 $ 9 $ 64 $ 31 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 2016 initiatives $ 11 $ — $ 63 $ — 2015 and prior initiatives — 9 1 31 Total restructuring and severance costs $ 11 $ 9 $ 64 $ 31 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 63 1 64 Cash paid (156 ) (7 ) (163 ) Remaining liability as of September 30, 2016 $ 146 $ 8 $ 154 As of September 30, 2016 , of the remaining $154 million liability, $99 million was classified as a current liability in the Consolidated Balance Sheet, with the remaining $55 million classified as a long-term liability. Amounts classified as long-term are expected to be paid through 2019.

Segment Information

Segment Information	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenues Turner $ 2,610 $ 2,398 $ 8,526 $ 7,935 Home Box Office 1,426 1,367 4,399 4,203 Warner Bros. 3,402 3,190 9,169 9,687 Intersegment eliminations (271 ) (391 ) (667 ) (786 ) Total revenues $ 7,167 $ 6,564 $ 21,427 $ 21,039 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Intersegment Revenues Turner $ 25 $ 23 $ 79 $ 81 Home Box Office (3 ) 4 2 22 Warner Bros. 249 364 586 683 Total intersegment revenues $ 271 $ 391 $ 667 $ 786 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Operating Income (Loss) Turner $ 1,162 $ 1,072 $ 3,531 $ 3,310 Home Box Office 530 519 1,488 1,485 Warner Bros. 428 385 1,160 1,050 Corporate (95 ) (64 ) (330 ) (257 ) Intersegment eliminations (11 ) (78 ) 7 (109 ) Total operating income $ 2,014 $ 1,834 $ 5,856 $ 5,479 September 30, 2016 December 31, Assets Turner $ 26,008 $ 25,559 Home Box Office 14,470 14,314 Warner Bros. 21,519 20,699 Corporate 3,767 3,276 Total assets $ 65,764 $ 63,848

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 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 September 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 nine months ended September 30, 2016 , the Company recorded net decreases to income tax reserves of approximately $55 million . During this period, the Company recorded increases to income tax reserves of approximately $95 million that increased the effective tax rate for continuing operations as well as decreases of approximately $40 million related to discontinued foreign operations. In addition, during this period, the Company recorded net increases to interest reserves related to the income tax reserves of approximately $35 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 $15 million , most of which would decrease the Company’s effective tax rate.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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 content to The CW broadcast network, Hulu, and certain international networks, including networks owned by CME. Transactions that generate interest income and other income primarily 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenues $ 112 $ 66 $ 351 $ 289 Expenses (1 ) (1 ) (2 ) (3 ) Interest income 26 33 94 93 Other income 2 5 11 13

Additional Financial Informatio

Additional Financial Information	9 Months Ended
	Sep. 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): Nine Months Ended September 30, 2016 2015 Cash Flows Cash payments made for interest $ (1,013 ) $ (918 ) Interest income received 110 29 Cash interest payments, net $ (903 ) $ (889 ) Cash payments made for income taxes $ (819 ) $ (830 ) Income tax refunds received 124 108 TWC tax sharing payments (a) — (4 ) Cash tax payments, net $ (695 ) $ (726 ) _________________________ (a) Represents net amounts paid to TWC in accordance with a tax sharing agreement with TWC. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest Expense, Net Interest income $ 52 $ 52 $ 171 $ 161 Interest expense (350 ) (346 ) (1,045 ) (1,035 ) Total interest expense, net $ (298 ) $ (294 ) $ (874 ) $ (874 ) Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Other Loss, Net Investment gains (losses), net $ 57 $ 15 $ 93 $ (70 ) Loss on equity method investees (59 ) (35 ) (261 ) (130 ) Premiums paid and costs incurred on debt redemption — (21 ) — (72 ) Other (25 ) (13 ) (30 ) (24 ) Total other loss, net $ (27 ) $ (54 ) $ (198 ) $ (296 ) September 30, December 31, Accounts Payable and Accrued Liabilities Accounts payable $ 554 $ 653 Other accrued expenses 1,711 1,946 Participations payable 2,498 2,422 Programming costs payable 792 712 Accrued compensation 855 957 Accrued interest 367 341 Accrued income taxes 130 157 Total accounts payable and accrued liabilities $ 6,907 $ 7,188 September 30, 2016 December 31, Other Noncurrent Liabilities Noncurrent tax and interest reserves $ 1,568 $ 1,535 Participations payable 1,621 1,512 Programming costs payable 901 816 Noncurrent pension and post-retirement liabilities 1,112 908 Deferred compensation 477 471 Other noncurrent liabilities 780 556 Total other noncurrent liabilities $ 6,459 $ 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 $74 million were recorded in Costs of revenues for both the three months ended September 30, 2016 and 2015 and $192 million and $322 million were recorded in Costs of revenues for the nine months ended September 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	9 Months Ended
	Sep. 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 September 30, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated ASSETS Current assets Cash and equivalents $ 1,492 $ 19 $ 797 $ — $ 2,308 Receivables, net 16 1,248 6,787 (20 ) 8,031 Inventories — 554 1,373 (12 ) 1,915 Prepaid expenses and other current assets 513 54 443 — 1,010 Total current assets 2,021 1,875 9,400 (32 ) 13,264 Noncurrent inventories and theatrical film and television production costs — 1,959 6,336 (99 ) 8,196 Investments in amounts due to and from consolidated subsidiaries 47,265 11,606 13,064 (71,935 ) — Investments, including available-for-sale securities 279 440 2,558 (6 ) 3,271 Property, plant and equipment, net 51 389 2,042 — 2,482 Intangible assets subject to amortization, net — — 809 — 809 Intangible assets not subject to amortization — 2,007 4,998 — 7,005 Goodwill — 9,880 17,814 — 27,694 Other assets 507 366 2,397 (227 ) 3,043 Total assets $ 50,123 $ 28,522 $ 59,418 $ (72,299 ) $ 65,764 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities $ 700 $ 770 $ 5,483 $ (46 ) $ 6,907 Deferred revenue — 64 591 (75 ) 580 Debt due within one year 38 12 2 — 52 Total current liabilities 738 846 6,076 (121 ) 7,539 Long-term debt 20,531 3,880 8 — 24,419 Deferred income taxes 2,603 2,920 2,229 (5,149 ) 2,603 Deferred revenue — 23 413 — 436 Other noncurrent liabilities 1,973 2,057 3,779 (1,350 ) 6,459 Redeemable noncontrolling interest — — 29 — 29 Equity Due to (from) Time Warner Inc. and subsidiaries — (51,920 ) 205 51,715 — Other shareholders’ equity 24,278 70,716 46,678 (117,394 ) 24,278 Total Time Warner Inc. shareholders’ equity 24,278 18,796 46,883 (65,679 ) 24,278 Noncontrolling interest — — 1 — 1 Total equity 24,278 18,796 46,884 (65,679 ) 24,279 Total liabilities and equity $ 50,123 $ 28,522 $ 59,418 $ (72,299 ) $ 65,764 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 September 30, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 1,767 $ 5,612 $ (212 ) $ 7,167 Costs of revenues — (754 ) (3,303 ) 184 (3,873 ) Selling, general and administrative (74 ) (264 ) (865 ) 24 (1,179 ) Amortization of intangible assets — — (48 ) — (48 ) Restructuring and severance costs (1 ) (4 ) (6 ) — (11 ) Asset impairments — — (30 ) — (30 ) Gain (loss) on operating assets, net — — (12 ) — (12 ) Operating income (75 ) 745 1,348 (4 ) 2,014 Equity in pretax income (loss) of consolidated subsidiaries 2,018 1,354 503 (3,875 ) — Interest expense, net (241 ) (76 ) 17 2 (298 ) Other loss, net (13 ) 3 (14 ) (3 ) (27 ) Income from continuing operations before income taxes 1,689 2,026 1,854 (3,880 ) 1,689 Income tax provision (217 ) (349 ) (259 ) 608 (217 ) Income from continuing operations 1,472 1,677 1,595 (3,272 ) 1,472 Discontinued operations, net of tax (5 ) — — — (5 ) Net income attributable to Time Warner Inc. shareholders $ 1,467 $ 1,677 $ 1,595 $ (3,272 ) $ 1,467 Comprehensive income attributable to Time Warner Inc. shareholders $ 1,300 $ 1,520 $ 1,555 $ (3,075 ) $ 1,300 Consolidating Statement of Operations For The Three Months Ended September 30, 2015 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 1,673 $ 5,031 $ (140 ) $ 6,564 Costs of revenues — (699 ) (2,937 ) 110 (3,526 ) Selling, general and administrative (51 ) (267 ) (850 ) 25 (1,143 ) Amortization of intangible assets — — (47 ) — (47 ) Restructuring and severance costs (3 ) — (6 ) — (9 ) Asset impairments (6 ) — (1 ) — (7 ) Gain (loss) on operating assets, net — 2 — — 2 Operating income (60 ) 709 1,190 (5 ) 1,834 Equity in pretax income (loss) of consolidated subsidiaries 1,818 1,179 478 (3,475 ) — Interest expense, net (249 ) (78 ) 31 2 (294 ) Other loss, net (23 ) (5 ) (27 ) 1 (54 ) Income from continuing operations before income taxes 1,486 1,805 1,672 (3,477 ) 1,486 Income tax provision (452 ) (547 ) (501 ) 1,048 (452 ) Net income $ 1,034 $ 1,258 $ 1,171 $ (2,429 ) $ 1,034 Less Net loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Net income attributable to Time Warner Inc. shareholders $ 1,035 $ 1,259 $ 1,172 $ (2,431 ) $ 1,035 Comprehensive income $ 1,038 $ 1,233 $ 1,185 $ (2,418 ) $ 1,038 Less Comprehensive loss attributable to noncontrolling interests 1 1 1 $ (2 ) 1 Comprehensive income attributable to Time Warner Inc. shareholders $ 1,039 $ 1,234 $ 1,186 $ (2,420 ) $ 1,039 Consolidating Statement of Operations For The Nine Months Ended September 30, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 5,655 $ 16,396 $ (624 ) $ 21,427 Costs of revenues — (2,562 ) (9,651 ) 495 (11,718 ) Selling, general and administrative (274 ) (875 ) (2,658 ) 119 (3,688 ) Amortization of intangible assets — — (143 ) — (143 ) Restructuring and severance costs (1 ) (44 ) (19 ) — (64 ) Asset impairments (4 ) — (31 ) — (35 ) Gain (loss) on operating assets, net — — 77 — 77 Operating income (279 ) 2,174 3,971 (10 ) 5,856 Equity in pretax income (loss) of consolidated subsidiaries 5,939 3,996 1,432 (11,367 ) — Interest expense, net (725 ) (227 ) 73 5 (874 ) Other loss, net (151 ) 3 (47 ) (3 ) (198 ) Income from continuing operations before income taxes 4,784 5,946 5,429 (11,375 ) 4,784 Income tax provision (1,187 ) (1,521 ) (1,409 ) 2,930 (1,187 ) Income from continuing operations 3,597 4,425 4,020 (8,445 ) 3,597 Discontinued operations, net of tax 35 40 40 (80 ) 35 Net income 3,632 4,465 4,060 (8,525 ) 3,632 Less Net loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Net income attributable to Time Warner Inc. shareholders $ 3,633 $ 4,466 $ 4,061 $ (8,527 ) $ 3,633 Comprehensive income $ 3,464 $ 4,315 $ 4,008 $ (8,323 ) $ 3,464 Less Comprehensive loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Comprehensive income attributable to Time Warner Inc. shareholders $ 3,465 $ 4,316 $ 4,009 $ (8,325 ) $ 3,465 Consolidating Statement of Operations For The Nine Months Ended September 30, 2015 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 5,305 $ 16,251 $ (517 ) $ 21,039 Costs of revenues — (2,361 ) (9,866 ) 425 (11,802 ) Selling, general and administrative (235 ) (815 ) (2,609 ) 79 (3,580 ) Amortization of intangible assets — — (138 ) — (138 ) Restructuring and severance costs (3 ) (14 ) (14 ) — (31 ) Asset impairments (6 ) — (2 ) — (8 ) Gain (loss) on operating assets, net — 2 (3 ) — (1 ) Operating income (244 ) 2,117 3,619 (13 ) 5,479 Equity in pretax income (loss) of consolidated subsidiaries 5,408 3,610 1,408 (10,426 ) — Interest expense, net (741 ) (234 ) 95 6 (874 ) Other loss, net (114 ) 18 (197 ) (3 ) (296 ) Income from continuing operations before income taxes 4,309 5,511 4,925 (10,436 ) 4,309 Income tax provision (1,371 ) (1,692 ) (1,565 ) 3,257 (1,371 ) Income from continuing operations 2,938 3,819 3,360 (7,179 ) 2,938 Discontinued operations, net of tax 37 37 37 (74 ) 37 Net income 2,975 3,856 3,397 (7,253 ) 2,975 Less Net loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Net income attributable to Time Warner Inc. shareholders $ 2,976 $ 3,857 $ 3,398 $ (7,255 ) $ 2,976 Comprehensive income $ 2,747 $ 3,741 $ 3,173 $ (6,914 ) $ 2,747 Less Comprehensive loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Comprehensive income attributable to Time Warner Inc. shareholders $ 2,748 $ 3,742 $ 3,174 $ (6,916 ) $ 2,748 Consolidating Statement of Cash Flows For The Nine Months Ended September 30, 2016 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated OPERATIONS Net income $ 3,632 $ 4,465 $ 4,060 $ (8,525 ) $ 3,632 Less Discontinued operations, net of tax (35 ) (40 ) (40 ) 80 (35 ) Net income from continuing operations 3,597 4,425 4,020 (8,445 ) 3,597 Adjustments for noncash and nonoperating items: Depreciation and amortization 8 78 416 — 502 Amortization of film and television costs — 2,018 3,889 (23 ) 5,884 Asset impairments 4 — 31 — 35 (Gain) loss on investments and other assets, net 8 1 (83 ) (1 ) (75 ) Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions (5,939 ) (3,996 ) (1,432 ) 11,367 — Equity in losses of investee companies, net of cash distributions 2 — 289 2 293 Equity-based compensation 68 60 73 — 201 Deferred income taxes 267 223 202 (425 ) 267 Changes in operating assets and liabilities, net of acquisitions 170 (1,330 ) (3,532 ) (2,468 ) (7,160 ) Intercompany — 2,582 (2,582 ) — — Cash provided by operations from continuing operations (1,815 ) 4,061 1,291 7 3,544 Cash used by operations from discontinued operations — — (10 ) — (10 ) Cash provided by operations (1,815 ) 4,061 1,281 7 3,534 INVESTING ACTIVITIES Investments in available-for-sale securities (2 ) — (5 ) — (7 ) Investments and acquisitions, net of cash acquired (23 ) (54 ) (898 ) — (975 ) Capital expenditures (8 ) (55 ) (207 ) — (270 ) Investment proceeds from available-for-sale securities 1 — — — 1 Advances to (from) parent and consolidated subsidiaries 4,317 (263 ) — (4,054 ) — Other investment proceeds 15 17 220 — 252 Cash used by investing activities 4,300 (355 ) (890 ) (4,054 ) (999 ) FINANCING ACTIVITIES Borrowings 940 — 2 — 942 Debt repayments (150 ) (150 ) (4 ) — (304 ) Proceeds from exercise of stock options 127 — — — 127 Excess tax benefit from equity instruments 59 — — — 59 Principal payments on capital leases — (10 ) (1 ) — (11 ) Repurchases of common stock (2,119 ) — — — (2,119 ) Dividends paid (954 ) — — — (954 ) Other financing activities 128 (36 ) (207 ) (7 ) (122 ) Change in due to/from parent and investment in segment — (3,779 ) (275 ) 4,054 — Cash used by financing activities (1,969 ) (3,975 ) (485 ) 4,047 (2,382 ) INCREASE IN CASH AND EQUIVALENTS 516 (269 ) (94 ) — 153 CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 976 288 891 — 2,155 CASH AND EQUIVALENTS AT END OF PERIOD $ 1,492 $ 19 $ 797 $ — $ 2,308 Consolidating Statement of Cash Flows For The Nine Months Ended September 30, 2015 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated OPERATIONS Net income $ 2,975 $ 3,856 $ 3,397 $ (7,253 ) $ 2,975 Less Discontinued operations, net of tax (37 ) (37 ) (37 ) 74 (37 ) Net income from continuing operations 2,938 3,819 3,360 (7,179 ) 2,938 Adjustments for noncash and nonoperating items: Depreciation and amortization 10 80 411 — 501 Amortization of film and television costs — 1,849 3,914 (24 ) 5,739 Asset impairments 6 — 2 — 8 (Gain) loss on investments and other assets, net 26 (21 ) 66 — 71 Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions (5,408 ) (3,610 ) (1,408 ) 10,426 — Equity in losses of investee companies, net of cash distributions (8 ) — 164 4 160 Equity-based compensation 35 52 67 — 154 Deferred income taxes (176 ) (173 ) (97 ) 270 (176 ) Changes in operating assets and liabilities, net of acquisitions 757 (192 ) (3,466 ) (3,493 ) (6,394 ) Intercompany — 1,833 (1,833 ) — — Cash provided by operations from continuing operations (1,820 ) 3,637 1,180 4 3,001 Cash used by operations from discontinued operations 7 — (11 ) — (4 ) Cash provided by operations (1,813 ) 3,637 1,169 4 2,997 INVESTING ACTIVITIES Investments in available-for-sale securities (22 ) — (19 ) — (41 ) Investments and acquisitions, net of cash acquired (33 ) (1 ) (310 ) — (344 ) Capital expenditures (12 ) (49 ) (189 ) — (250 ) Investment proceeds from available-for-sale securities 1 — — — 1 Advances to (from) parent and consolidated subsidiaries 4,022 275 — (4,297 ) — Other investment proceeds 34 72 27 — 133 Cash used by investing activities 3,990 297 (491 ) (4,297 ) (501 ) FINANCING ACTIVITIES Borrowings 2,865 — 12 — 2,877 Debt repayments (2,100 ) — (241 ) — (2,341 ) Proceeds from exercise of stock options 148 — — — 148 Excess tax benefit from equity instruments 141 — — — 141 Principal payments on capital leases — (7 ) (1 ) — (8 ) Repurchases of common stock (3,030 ) — — — (3,030 ) Dividends paid (869 ) — — — (869 ) Other financing activities (83 ) (21 ) (152 ) (2 ) (258 ) Change in due to/from parent and investment in segment — (4,122 ) (173 ) 4,295 — Cash used by financing activities (2,928 ) (4,150 ) (555 ) 4,293 (3,340 ) INCREASE IN CASH AND EQUIVALENTS (751 ) (216 ) 123 — (844 ) CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 1,623 290 705 — 2,618 CASH AND EQUIVALENTS AT END OF PERIOD $ 872 $ 74 $ 828 $ — $ 1,774

Description of Business and B27

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 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 Classification of Certain Cash Receipts and Cash Payments In August 2016, guidance was issued that clarifies the presentation of certain cash receipts and payments in a company’s statement of cash flows. The guidance primarily relates to the classification of cash flows associated with certain (i) debt transactions, (ii) contingent consideration arrangements related to business combinations, (iii) insurance claims and policies, (iv) distributions received from equity method investees and (v) securitization transactions. The guidance will become effective on a retrospective basis for the Company on January 1, 2018, although early adoption is permitted. The Company is evaluating the impact the new guidance will have on its Consolidated Statement of Cash Flows. 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 the Company will adopt on a prospective 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, 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 does not expect the new guidance to have a material impact 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)	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015 , respectively (millions): September 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) $ 163 $ — $ — $ 163 $ 179 $ — $ — $ 179 Available-for-sale securities: Equity securities 16 — — 16 15 — — 15 Debt securities — 79 — 79 — 70 — 70 Derivatives: Foreign exchange contracts — 70 — 70 — 79 — 79 Other — — 136 136 — — 180 180 Liabilities: Derivatives: Foreign exchange contracts — (32 ) — (32 ) — (2 ) — (2 ) Other — — — — — — (7 ) (7 ) Total $ 179 $ 117 $ 136 $ 432 $ 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 nine months ended September 30, 2016 and 2015 on such assets and liabilities that were included in the Consolidated Balance Sheet as of September 30, 2016 and 2015 (millions): September 30, 2016 September 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 (44 ) (112 ) Included in other comprehensive loss — — Purchases — — Settlements 5 (2 ) Issuances — — Balance as of the end of the period $ 136 $ 126 Net loss for the period included in net income related to assets and liabilities still held as of the end of the period $ (44 ) $ (113 )
Carrying Value Fair Value, by investment	Information as of September 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) $ — $ 168 Level 1 Series B convertible redeemable preferred shares $ — $ 241 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 September 30,: 2016 $ 27 $ — 2015 $ 15 $ — Fair value measurements made during the nine months ended September 30,: 2016 $ 89 $ 3 2015 $ 303 $ 210

Inventories and Theatrical Fi29

Inventories and Theatrical Film and Television Production Costs (Tables)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventories and Theatrical Film and Television Production Costs	Inventories and theatrical film and television production costs consist of (millions): September 30, December 31, Inventories: Programming costs, less amortization (a) $ 3,532 $ 3,067 Other inventory, primarily DVDs and Blu-ray Discs 253 263 Total inventories 3,785 3,330 Less: current portion of inventory (1,915 ) (1,753 ) Total noncurrent inventories 1,870 1,577 Theatrical film production costs: (b) Released, less amortization 697 570 Completed and not released 684 374 In production 1,405 1,612 Development and pre-production 135 123 Television production costs: (b) Released, less amortization 1,549 1,301 Completed and not released 813 872 In production 1,024 1,158 Development and pre-production 19 13 Total theatrical film and television production costs 6,326 6,023 Total noncurrent inventories and theatrical film and television production costs $ 8,196 $ 7,600 _________________________ (a) Includes the costs of certain programming rights, primarily sports, for which payments have been made prior to the related rights being received. (b) Does not include $552 million and $656 million of acquired film library intangible assets as of September 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 He30

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gains (losses) recognized in: Costs of revenues $ 21 $ 56 $ 30 $ 107 Selling, general and administrative 3 6 8 15 Other loss, net (8 ) (10 ) (8 ) (20 )
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 September 30, 2016 and December 31, 2015 (millions): September 30, December 31, Prepaid expenses and other current assets $ 70 $ 79 Accounts payable and accrued liabilities (32 ) (2 ) ________________________ (a) Includes $207 million ( $195 million of qualifying hedges and $12 million of economic hedges) and $169 million ( $164 million of qualifying hedges and $5 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively. (b) Includes $198 million ( $194 million of qualifying hedges and $4 million of economic hedges) and $121 million ( $116 million of qualifying hedges and $5 million of economic hedges) of foreign exchange derivative contracts in asset and liability positions, respectively.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Schedule of Comprehensive Income (Loss)	The following summary sets forth the activity within Other comprehensive loss (millions): Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Pretax Tax Net of tax Pretax Tax Net of tax Unrealized losses on foreign currency translation $ (45 ) $ 7 $ (38 ) $ (54 ) $ 12 $ (42 ) Unrealized losses on benefit obligations (224 ) 81 (143 ) (198 ) 73 (125 ) Reclassification adjustment for losses on benefit obligations realized in net income (a) 26 (9 ) 17 43 (15 ) 28 Unrealized gains (losses) on derivative financial instruments 4 (2 ) 2 (11 ) 3 (8 ) Reclassification adjustment for gains on derivative financial instruments realized in net income (c) (8 ) 3 (5 ) (34 ) 13 (21 ) Other comprehensive income (loss) $ (247 ) $ 80 $ (167 ) $ (254 ) $ 86 $ (168 ) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Pretax Tax (provision) benefit Net of tax Pretax Tax (provision) benefit Net of tax Unrealized losses on foreign currency translation $ (29 ) $ 15 $ (14 ) $ (291 ) $ 33 $ (258 ) Reclassification adjustment for losses on foreign currency translation realized in net income (b) — — — 5 — 5 Unrealized gains (losses) on securities (4 ) 1 (3 ) 3 (1 ) 2 Unrealized losses on benefit obligations (1 ) — (1 ) (4 ) 2 (2 ) Reclassification adjustment for losses on benefit obligations realized in net income (a) 8 (3 ) 5 25 (9 ) 16 Unrealized gains on derivative financial instruments 87 (31 ) 56 115 (41 ) 74 Reclassification adjustment for gains on derivative financial instruments realized in net income (c) (62 ) 23 (39 ) (102 ) 37 (65 ) Other comprehensive income (loss) $ (1 ) $ 5 $ 4 $ (249 ) $ 21 $ (228 ) _________________________ (a) Pretax (gains) losses included in Selling, general and administrative expenses, with the exception of $8 million included in Discontinued operations, net of tax for the three and nine months ended September 30, 2016. (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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Selling, general and administrative expenses $ 3 $ (6 ) $ 2 $ (15 ) Costs of revenues (12 ) (56 ) (22 ) (87 ) Other loss, net 1 — (14 ) —
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Selling, general and administrative expenses $ 3 $ (6 ) $ 2 $ (15 ) Costs of revenues (12 ) (56 ) (22 ) (87 ) Other loss, net 1 — (14 ) —

Income Per Common Share (Tables

Income Per Common Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Income from continuing operations attributable to Time Warner Inc. shareholders $ 1,472 $ 1,035 $ 3,598 $ 2,939 Income allocated to participating securities (2 ) (3 ) (8 ) (8 ) Income from continuing operations attributable to Time Warner Inc. common shareholders— basic $ 1,470 $ 1,032 $ 3,590 $ 2,931 Average basic common shares outstanding 776.2 810.2 783.8 820.4 Dilutive effect of equity awards 11.3 13.9 11.3 15.1 Average diluted common shares outstanding 787.5 824.1 795.1 835.5 Antidilutive common share equivalents excluded from computation 5 5 6 4 Income per common share from continuing operations attributable to Time Warner Inc. common shareholders: Basic $ 1.89 $ 1.27 $ 4.58 $ 3.57 Diluted $ 1.87 $ 1.26 $ 4.53 $ 3.52

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 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: Nine Months Ended September 30, 2016 2015 Expected volatility 26.0 % 25.0 % 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 $ 18.17
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: Nine Months Ended September 30, 2016 2015 RSUs $ 62.90 $ 83.86 PSUs 88.13 81.04
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): Nine Months Ended September 30, 2016 2015 Stock options 2.3 3.4 RSUs 2.9 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Stock options 6 7 $ 34 $ 32 RSUs and PSUs $ 39 $ 12 167 122 Total impact on operating income $ 45 $ 19 $ 201 $ 154 Tax benefit recognized $ 15 $ 6 $ 70 $ 54

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015 is as follows (millions): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Service cost $ — $ 1 $ 2 $ 3 Interest cost 21 21 64 63 Expected return on plan assets (22 ) (23 ) (64 ) (69 ) Amortization of prior service cost 1 1 1 1 Amortization of net loss 4 4 13 13 Settlements 10 — 10 — Net periodic benefit costs (a) $ 14 $ 4 $ 26 $ 11 Contributions $ 8 $ 8 $ 23 $ 24 _________________________ (a) Excludes net periodic benefit costs related to discontinued operations of $3 million and $10 million for the three and nine months ended September 30, 2016 , respectively, and $1 million and $4 million for the three and nine months ended September 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 C35

Restructuring and Severance Costs (Tables)	9 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Severance Costs	Restructuring and severance costs expensed as incurred for the three and nine months ended September 30, 2016 and 2015 are as follows (millions): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Turner $ 8 $ 5 $ 15 $ 23 Home Box Office — — 41 5 Warner Bros. 1 1 6 3 Corporate 2 3 2 — Total restructuring and severance costs $ 11 $ 9 $ 64 $ 31 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 2016 initiatives $ 11 $ — $ 63 $ — 2015 and prior initiatives — 9 1 31 Total restructuring and severance costs $ 11 $ 9 $ 64 $ 31
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 63 1 64 Cash paid (156 ) (7 ) (163 ) Remaining liability as of September 30, 2016 $ 146 $ 8 $ 154

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenues Turner $ 2,610 $ 2,398 $ 8,526 $ 7,935 Home Box Office 1,426 1,367 4,399 4,203 Warner Bros. 3,402 3,190 9,169 9,687 Intersegment eliminations (271 ) (391 ) (667 ) (786 ) Total revenues $ 7,167 $ 6,564 $ 21,427 $ 21,039 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Intersegment Revenues Turner $ 25 $ 23 $ 79 $ 81 Home Box Office (3 ) 4 2 22 Warner Bros. 249 364 586 683 Total intersegment revenues $ 271 $ 391 $ 667 $ 786 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Operating Income (Loss) Turner $ 1,162 $ 1,072 $ 3,531 $ 3,310 Home Box Office 530 519 1,488 1,485 Warner Bros. 428 385 1,160 1,050 Corporate (95 ) (64 ) (330 ) (257 ) Intersegment eliminations (11 ) (78 ) 7 (109 ) Total operating income $ 2,014 $ 1,834 $ 5,856 $ 5,479 September 30, 2016 December 31, Assets Turner $ 26,008 $ 25,559 Home Box Office 14,470 14,314 Warner Bros. 21,519 20,699 Corporate 3,767 3,276 Total assets $ 65,764 $ 63,848

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Revenues $ 112 $ 66 $ 351 $ 289 Expenses (1 ) (1 ) (2 ) (3 ) Interest income 26 33 94 93 Other income 2 5 11 13

Additional Financial Informat38

Additional Financial Information (Tables)	9 Months Ended
	Sep. 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): Nine Months Ended September 30, 2016 2015 Cash Flows Cash payments made for interest $ (1,013 ) $ (918 ) Interest income received 110 29 Cash interest payments, net $ (903 ) $ (889 ) Cash payments made for income taxes $ (819 ) $ (830 ) Income tax refunds received 124 108 TWC tax sharing payments (a) — (4 ) Cash tax payments, net $ (695 ) $ (726 ) _________________________ (a) Represents net amounts paid to TWC in accordance with a tax sharing agreement with TWC.
Interest Expense, Net	Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest Expense, Net Interest income $ 52 $ 52 $ 171 $ 161 Interest expense (350 ) (346 ) (1,045 ) (1,035 ) Total interest expense, net $ (298 ) $ (294 ) $ (874 ) $ (874 )
Other Income (Loss), Net	Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Other Loss, Net Investment gains (losses), net $ 57 $ 15 $ 93 $ (70 ) Loss on equity method investees (59 ) (35 ) (261 ) (130 ) Premiums paid and costs incurred on debt redemption — (21 ) — (72 ) Other (25 ) (13 ) (30 ) (24 ) Total other loss, net $ (27 ) $ (54 ) $ (198 ) $ (296 )
Accounts Payable and Accrued Liabilities	September 30, December 31, Accounts Payable and Accrued Liabilities Accounts payable $ 554 $ 653 Other accrued expenses 1,711 1,946 Participations payable 2,498 2,422 Programming costs payable 792 712 Accrued compensation 855 957 Accrued interest 367 341 Accrued income taxes 130 157 Total accounts payable and accrued liabilities $ 6,907 $ 7,188
Other Noncurrent Liabilities	September 30, 2016 December 31, Other Noncurrent Liabilities Noncurrent tax and interest reserves $ 1,568 $ 1,535 Participations payable 1,621 1,512 Programming costs payable 901 816 Noncurrent pension and post-retirement liabilities 1,112 908 Deferred compensation 477 471 Other noncurrent liabilities 780 556 Total other noncurrent liabilities $ 6,459 $ 5,798

Description of Business and B39

Description of Business and Basis of Presentation (Details) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2015USD ($)	Sep. 30, 2016USD ($)segment	Sep. 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		$ 59	$ 141	$ 151
SIMADI
Multiple Foreign Currency Exchange Rates [Abstract]
Venezuelan foreign currency loss	$ 22
Increase (decrease) to cash and cash equivalents due to Venezuelan exchange rate	$ (15)

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event $ / shares in Units, $ in Millions	Oct. 22, 2016USD ($)$ / shares
Subsequent Event [Line Items]
Per share amount to be received in cash from AT&T	$ 53.75
Average stock price of AT&T, threshold 1	$ 41.349
Exchange ratio if stock price is greater than $41.349	1.300
Average stock price of AT&T, threshold 2	$ 37.411
Exchange ratio if stock price is less than $37.411	1.437
Termination Fee | $	$ 1,725

Business Dispositions and Acq41

Business Dispositions and Acquisitions - Dispositions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Net income (loss)	$ (5)	$ 0	$ 35	$ 37
Diluted income (loss) from discontinued operations per common share (in dollars per share)	$ (0.01)	$ 0	$ 0.04	$ 0.04
Warner Music Group
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]
Net income (loss)				$ 37
Diluted income (loss) from discontinued operations per common share (in dollars per share)				$ 0.04

Business Dispositions and Acq42

Business Dispositions and Acquisitions - Acquisitions (Details) - USD ($) $ in Millions	Aug. 02, 2016	Sep. 30, 2016	Apr. 30, 2016
Hulu
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	10.00%
Payments to acquire businesses, net of cash acquired	$ 590
Fandango | Warner Bros.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			25.00%
Gain (Loss), net assets transferred		$ 90

Investments 1 (Details)

Investments 1 (Details) € in Millions, $ in Millions	Feb. 19, 2016USD ($)	Apr. 30, 2016USD ($)	Sep. 30, 2016USD ($)shares	Jun. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)	Sep. 30, 2016EUR (€)shares	Feb. 19, 2016EUR (€)
Schedule of Equity Method Investments [Line Items]
Investment gains (losses), net			$ 57		$ 15	$ 93	$ (70)
CME Equity Method Investment
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan | €								€ 955
CME, guarantor obligations, current carrying value			$ 184			$ 184
Proceeds from CME's repayment of senior secured notes and term loan		$ 485
Investment gains (losses), net				$ 95
Loss on CME financing transactions				$ 150
Equity method investment, ownership percentage			47.00%			47.00%		47.00%
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 ($)	Sep. 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	Sep. 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)	104.3

Investments 4 (Details)

Investments 4 (Details) - CME Rights Offering $ / shares in Units, warrant in Millions, $ in Millions	Sep. 30, 2016USD ($)warrant$ / sharesshares
Class of Warrant or Right [Line Items]
Economic interest (percent)	76.00%
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 | $	$ 135

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
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	135,000,000		135,000,000
Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities	163,000,000		163,000,000		$ 179,000,000
Available-for-sale securities:
Equity securities	16,000,000		16,000,000		15,000,000
Debt securities	79,000,000		79,000,000		70,000,000
Derivatives:
Foreign exchange contracts	70,000,000		70,000,000		79,000,000
Other	136,000,000		136,000,000		180,000,000
Derivatives:
Foreign exchange contracts	(32,000,000)		(32,000,000)		(2,000,000)
Other	0		0		(7,000,000)
Total	432,000,000		432,000,000		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	136,000,000	$ 126,000,000	136,000,000	126,000,000
Net loss for the period included in net income related to assets and liabilities still held as of the end of the period			(44,000,000)	(113,000,000)
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			(44,000,000)	(112,000,000)
Level 1 | Class A common stock
Other Financial Instruments Numeric [Abstract]
Class A common stock, fair value	168,000,000		168,000,000
Level 1 | Fair Value, Measurements, Recurring
Trading securities:
Diversified equity securities	163,000,000		163,000,000		179,000,000
Available-for-sale securities:
Equity securities	16,000,000		16,000,000		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	179,000,000		179,000,000		194,000,000
Level 2
Other Financial Instruments Numeric [Abstract]
Difference between carrying value and fair value of debt	5,056,000,000		5,056,000,000		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	241,000,000		241,000,000
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	79,000,000		79,000,000		70,000,000
Derivatives:
Foreign exchange contracts	70,000,000		70,000,000		79,000,000
Other	0		0		0
Derivatives:
Foreign exchange contracts	(32,000,000)		(32,000,000)		(2,000,000)
Other	0		0		0
Total	117,000,000		117,000,000		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	136,000,000		136,000,000		180,000,000
Derivatives:
Foreign exchange contracts	0		0		0
Other	0		0		(7,000,000)
Total	136,000,000		136,000,000		173,000,000
Level 3 | Fair Value, Measurements, Recurring | Warrant | CME Rights Offering
Derivatives:
Equity warrants	135,000,000		$ 135,000,000		$ 179,000,000
Fair value assumptions, expected term			11 months 16 days
Fair value assumptions, expected volatility rate (percent)			57.00%
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	27,000,000	15,000,000	89,000,000	303,000,000
Film production costs carrying value in inventory subsequent to write down	0	0	3,000,000	210,000,000
Level 3 | Fair Value, Measurements, Nonrecurring | Certain Intangible Assets | Turner
Non Financial Instruments Numeric [Abstract]
Impairment of Intangible Assets (Excluding Goodwill)		1,000,000		1,000,000
Intangible Assets, Net (Excluding Goodwill)		$ 0		$ 0
Level 3 | Fair Value, Measurements, Nonrecurring | Broadcast license agreement | Turner
Non Financial Instruments Numeric [Abstract]
Impairment of Intangible Assets (Excluding Goodwill)	25,000,000		25,000,000
Intangible Assets, Net (Excluding Goodwill)	$ 10,000,000		$ 10,000,000

Inventories and Theatrical Fi48

Inventories and Theatrical Film and Television Production Costs (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Inventories:
Programming costs, less amortization	$ 3,532	$ 3,067
Other inventory, primarily DVDs and Blu-ray Discs	253	263
Total inventories	3,785	3,330
Less: current portion of inventory	(1,915)	(1,753)
Total noncurrent inventories	1,870	1,577
Theatrical film production costs:
Released, less amortization	697	570
Completed and not released	684	374
In production	1,405	1,612
Development and pre-production	135	123
Television production costs:
Released, less amortization	1,549	1,301
Completed and not released	813	872
In production	1,024	1,158
Development and pre-production	19	13
Total theatrical film and television production costs	6,326	6,023
Total noncurrent inventories and theatrical film and television production costs	8,196	7,600
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, net	809	949
Film Libraries
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, net	$ 552	$ 656

Derivative Instruments and He49

Derivative Instruments and Hedging Activities (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016EUR (€)	Dec. 31, 2015USD ($)
Gains (losses) recognized in:
Gains (losses) recognized in Costs of revenues	$ 21	$ 56	$ 30	$ 107
Gains (losses) recognized in Selling, general and administrative	3	6	8	15
Gains (losses) recognized in Other loss, net	(8)	(10)	(8)	(20)
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Cash flow hedge gains (losses) recorded in accumulated OCI	(14)		(14)			$ 29
Cash flow hedge gains (losses) recorded in accumulated OCI deferred gains (losses)	(2)		(2)			(9)
Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivatives used in Net Investment Hedge, Increase (Decrease), Gross of Tax	0	$ (21)	(17)	$ (21)
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 asset, fair value, gross	207		207			198
Derivative liability, fair value, gross	169		$ 169			121
Foreign Currency Derivatives | Minimum
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity			3 months
Foreign Currency Derivatives | Maximum
Derivatives, Fair Value [Line Items]
Derivative, remaining maturity			18 months
Foreign Currency Derivatives | Qualifying Hedges
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross	195		$ 195			194
Derivative liability, fair value, gross	164		164			116
Foreign Currency Derivatives | Economic Hedges
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross	12		12			4
Derivative liability, fair value, gross	5		5			5
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Prepaid expenses and other current assets	70		70			79
Accounts payable and accrued liabilities
Derivatives, Fair Value [Line Items]
Accounts payable and accrued liabilities	$ (32)		$ (32)			$ (2)

Long-Term Debt and Other Fina50

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		9 Months Ended		10 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Oct. 21, 2016	Jan. 31, 2016
Equity, Class of Treasury Stock [Line Items]
Common stock repurchases			$ 2,138,000,000	$ 2,999,000,000
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) on foreign currency translation, Pretax	$ (45,000,000)	$ (29,000,000)	(54,000,000)	(291,000,000)
Unrealized gains (losses) on foreign currency translation, Tax (provision) benefit	7,000,000	15,000,000	12,000,000	33,000,000
Unrealized gains (losses) on foreign currency translation, Net of tax	(38,000,000)	(14,000,000)	(42,000,000)	(258,000,000)
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		(4,000,000)		3,000,000
Unrealized gains (losses) on securities, Tax (provision) benefit		1,000,000		(1,000,000)
Unrealized gains (losses) on securities, Net of tax	0	(3,000,000)	0	2,000,000
Unrealized gains (losses) on benefit obligations, Pretax	(224,000,000)	(1,000,000)	(198,000,000)	(4,000,000)
Unrealized gains (losses) on benefit obligations, Tax (provision) benefit	81,000,000	0	73,000,000	2,000,000
Unrealized gains (losses) on benefit obligations, Net of tax	(143,000,000)	(1,000,000)	(125,000,000)	(2,000,000)
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Pretax	26,000,000	8,000,000	43,000,000	25,000,000
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Tax (provision) benefit	(9,000,000)	(3,000,000)	(15,000,000)	(9,000,000)
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Net of tax	17,000,000	5,000,000	28,000,000	16,000,000
Unrealized gains (losses) on derivative financial instruments, Pretax	4,000,000	87,000,000	(11,000,000)	115,000,000
Unrealized gains (losses) on derivative financial instruments, Tax (provision) benefit	(2,000,000)	(31,000,000)	3,000,000	(41,000,000)
Unrealized gains (losses) on derivative financial instruments, Net of tax	2,000,000	56,000,000	(8,000,000)	74,000,000
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Pretax	(8,000,000)	(62,000,000)	(34,000,000)	(102,000,000)
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Tax (provision) benefit	3,000,000	23,000,000	13,000,000	37,000,000
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Net of tax	(5,000,000)	(39,000,000)	(21,000,000)	(65,000,000)
Other comprehensive income (loss), Pretax	(247,000,000)	(1,000,000)	(254,000,000)	(249,000,000)
Other comprehensive income (loss), Tax (provision) benefit	80,000,000	5,000,000	86,000,000	21,000,000
Other comprehensive income (loss)	(167,000,000)	4,000,000	(168,000,000)	(228,000,000)
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	1,179,000,000	1,143,000,000	3,688,000,000	3,580,000,000
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Costs of revenues	3,873,000,000	3,526,000,000	11,718,000,000	11,802,000,000
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Other income (loss)	27,000,000	54,000,000	198,000,000	296,000,000
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Gain (loss) on operating assets, net	12,000,000	(2,000,000)	(77,000,000)	1,000,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Treasury stock, shares acquired					31
Common stock repurchases					$ 2,307,000,000
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	18,000,000	8,000,000	35,000,000	25,000,000
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Discontinued operations	8,000,000		8,000,000
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Selling, general and administrative expenses	3,000,000	(6,000,000)	2,000,000	(15,000,000)
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Costs of revenues	(12,000,000)	(56,000,000)	(22,000,000)	(87,000,000)
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Other income (loss)	$ 1,000,000	$ 0	$ (14,000,000)	$ 0

Income Per Common Share (Detail

Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Income from continuing operations attributable to Time Warner Inc. shareholders	$ 1,472	$ 1,035	$ 3,598	$ 2,939
Income allocated to participating securities	(2)	(3)	(8)	(8)
Income from continuing operations attributable to Time Warner Inc. common shareholders— basic	$ 1,470	$ 1,032	$ 3,590	$ 2,931
Average basic common shares outstanding (in shares)	776.2	810.2	783.8	820.4
Dilutive effect of equity awards (in shares)	11.3	13.9	11.3	15.1
Average diluted common shares outstanding (in shares)	787.5	824.1	795.1	835.5
Antidilutive common share equivalents excluded from computation (in shares)	5	5	6	4
Income per common share from continuing operations attributable to Time Warner Inc. common shareholders - basic (in dollars per share)	$ 1.89	$ 1.27	$ 4.58	$ 3.57
Income per common share from continuing operations attributable to Time Warner Inc. common shareholders - diluted (in dollars per share)	$ 1.87	$ 1.26	$ 4.53	$ 3.52

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility (percent)			26.00%	25.00%
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	$ 18.17
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	$ 45	$ 19	$ 201	$ 154
Tax benefit recognized	15	6	$ 70	$ 54
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)			$ 62.90	$ 83.86
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of units granted (in shares)			2.9	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)			$ 88.13	$ 81.04
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	3.4
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	6	7	$ 34	$ 32
Unrecognized compensation cost	59		$ 59
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	39	$ 12	$ 167	$ 122
Unrecognized compensation cost	$ 216		$ 216
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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Components of Net Periodic Benefit Costs [Abstract]
Service cost	$ 0	$ 1	$ 2	$ 3
Interest cost	21	21	64	63
Expected return on plan assets	(22)	(23)	(64)	(69)
Amortization of prior service cost	1	1	1	1
Amortization of net loss	4	4	13	13
Settlements	10	0	10	0
Net periodic benefit costs	14	4	26	11
Contributions	8	8	23	24
Net periodic benefit costs, related to discontinued operations included in Other loss, net	3	$ 1	10	$ 4
Net periodic benefit costs, related to discontinued operations included in Discontinued operations	$ 8		$ 8

Restructuring and Severance C55

Restructuring and Severance Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	$ 11	$ 9	$ 64	$ 31
2016 initiatives
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	11	0	63	0
2015 and prior initiatives
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	0	9	1	31
Corporate
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	2	3	2	0
Turner | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	8	5	15	23
Home Box Office | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	0	0	41	5
Warner Bros. | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	$ 1	$ 1	$ 6	$ 3

Restructuring and Severance C56

Restructuring and Severance Costs (Accrued Restructuring and Severance Costs) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance			$ 253
Net accruals	$ 11	$ 9	64	$ 31
Cash paid			(163)
Remaining liability, ending balance	154		154
Restructuring Reserve [Abstract]
Restructuring reserve, current	99		99
Restructuring reserve, long-term	55		55
Employee Terminations
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance			239
Net accruals			63
Cash paid			(156)
Remaining liability, ending balance	146		146
Other Exit Costs
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance			14
Net accruals			1
Cash paid			(7)
Remaining liability, ending balance	$ 8		$ 8

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Total revenues	$ 7,167	$ 6,564	$ 21,427	$ 21,039
Total operating income (loss)	2,014	1,834	5,856	5,479
Total assets	65,764		65,764		$ 63,848
Corporate
Segment Reporting Information [Line Items]
Total operating income (loss)	(95)	(64)	(330)	(257)
Total assets	3,767		3,767		3,276
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(271)	(391)	(667)	(786)
Total operating income (loss)	(11)	(78)	7	(109)
Turner | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	2,610	2,398	8,526	7,935
Total operating income (loss)	1,162	1,072	3,531	3,310
Total assets	26,008		26,008		25,559
Turner | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	(25)	(23)	(79)	(81)
Home Box Office | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,426	1,367	4,399	4,203
Total operating income (loss)	530	519	1,488	1,485
Total assets	14,470		14,470		14,314
Home Box Office | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	3	(4)	(2)	(22)
Warner Bros. | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	3,402	3,190	9,169	9,687
Total operating income (loss)	428	385	1,160	1,050
Total assets	21,519		21,519		$ 20,699
Warner Bros. | Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	$ (249)	$ (364)	$ (586)	$ (683)

Commitments and Contingencies -

Commitments and Contingencies - Six Flags (Details) - Six Flags	9 Months Ended
	Sep. 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 Contingencies59

Commitments and Contingencies - Contingencies (Details)	Sep. 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 Contingencies60

Commitments and Contingencies - Tax Uncertainties (Details)	9 Months Ended
	Sep. 30, 2016USD ($)
Income Tax Contingency [Line Items]
Unrecognized tax benefits, period increase (decrease)	$ (55,000,000)
Unrecognized tax benefits, interest on income taxes expense	35,000,000
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	15,000,000
Continuing Operations
Income Tax Contingency [Line Items]
Unrecognized tax benefits, increases resulting from current period tax positions that increase the ETF	95,000,000
Discontinued Operations
Income Tax Contingency [Line Items]
Tax adjustments, settlements, and unusual provisions	$ (40,000,000)

Related Party Transactions (Det

Related Party Transactions (Details) - Equity Method Investee - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Revenues	$ 112	$ 66	$ 351	$ 289
Expenses	(1)	(1)	(2)	(3)
Interest income	26	33	94	93
Other income	$ 2	$ 5	$ 11	$ 13

Additional Financial Informat62

Additional Financial Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Cash Flows [Abstract]
Cash payments made for interest			$ (1,013,000,000)	$ (918,000,000)
Interest income received			110,000,000	29,000,000
Cash interest payments, net			(903,000,000)	(889,000,000)
Cash payments made for income taxes			(819,000,000)	(830,000,000)
Income tax refunds received			124,000,000	108,000,000
TWC tax sharing payments			0	(4,000,000)
Cash tax payments, net			(695,000,000)	(726,000,000)
Interest Expense, Net [Abstract]
Interest income	$ 52,000,000	$ 52,000,000	171,000,000	161,000,000
Interest expense	(350,000,000)	(346,000,000)	(1,045,000,000)	(1,035,000,000)
Total interest expense, net	(298,000,000)	(294,000,000)	(874,000,000)	(874,000,000)
Other Income (Loss), Net [Abstract]
Investment gains (losses), net	57,000,000	15,000,000	93,000,000	(70,000,000)
Loss on equity method investees	(59,000,000)	(35,000,000)	(261,000,000)	(130,000,000)
Premiums paid and costs incurred on debt redemption	0	(21,000,000)	0	(72,000,000)
Other	(25,000,000)	(13,000,000)	(30,000,000)	(24,000,000)
Total other loss, net	(27,000,000)	(54,000,000)	(198,000,000)	(296,000,000)
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	554,000,000		554,000,000		$ 653,000,000
Other accrued expenses	1,711,000,000		1,711,000,000		1,946,000,000
Participations payable	2,498,000,000		2,498,000,000		2,422,000,000
Programming costs payable	792,000,000		792,000,000		712,000,000
Accrued compensation	855,000,000		855,000,000		957,000,000
Accrued interest	367,000,000		367,000,000		341,000,000
Accrued income taxes	130,000,000		130,000,000		157,000,000
Total accounts payable and accrued liabilities	6,907,000,000		6,907,000,000		7,188,000,000
Other Noncurrent Liabilities [Abstract]
Noncurrent tax and interest reserves	1,568,000,000		1,568,000,000		1,535,000,000
Participations payable	1,621,000,000		1,621,000,000		1,512,000,000
Programming costs payable	901,000,000		901,000,000		816,000,000
Noncurrent pension and post-retirement liabilities	1,112,000,000		1,112,000,000		908,000,000
Deferred compensation	477,000,000		477,000,000		471,000,000
Other noncurrent liabilities	780,000,000		780,000,000		556,000,000
Total other noncurrent liabilities	6,459,000,000		6,459,000,000		$ 5,798,000,000
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, income statement classifications and amounts, costs of revenue	74,000,000	$ 74,000,000	192,000,000	$ 322,000,000
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 - C63

Supplementary Information - Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash and equivalents	$ 2,308	$ 2,155	$ 1,774	$ 2,618
Receivables, net	8,031	7,411
Inventories	1,915	1,753
Prepaid expenses and other current assets	1,010	1,194
Total current assets	13,264	12,513
Noncurrent inventories and theatrical film and television production costs	8,196	7,600
Investments in amounts due to and from consolidated subsidiaries	0	0
Investments, including available-for-sale securities	3,271	2,617
Property, plant and equipment, net	2,482	2,596
Intangible assets subject to amortization, net	809	949
Intangible assets not subject to amortization	7,005	7,029
Goodwill	27,694	27,689
Other assets	3,043	2,855
Total assets	65,764	63,848
Current liabilities
Accounts payable and accrued liabilities	6,907	7,188
Deferred revenue	580	616
Debt due within one year	52	198
Total current liabilities	7,539	8,002
Long-term debt	24,419	23,594
Deferred income taxes	2,603	2,454
Deferred revenue	436	352
Other noncurrent liabilities	6,459	5,798
Redeemable noncontrolling interest	29	29
Equity
Due to (from) Time Warner Inc. and subsidiaries	0	0
Other shareholders’ equity	24,278	23,619
Total Time Warner Inc. shareholders’ equity	24,278	23,619
Noncontrolling interest	1	0
Total equity	24,279	23,619	23,648	24,476
Total liabilities and equity	65,764	63,848
Consolidation, Eliminations
Current assets
Cash and equivalents	0	0	0	0
Receivables, net	(20)	(12)
Inventories	(12)	(6)
Prepaid expenses and other current assets	0	0
Total current assets	(32)	(18)
Noncurrent inventories and theatrical film and television production costs	(99)	(98)
Investments in amounts due to and from consolidated subsidiaries	(71,935)	(69,709)
Investments, including available-for-sale securities	(6)	(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	(227)	(253)
Total assets	(72,299)	(70,082)
Current liabilities
Accounts payable and accrued liabilities	(46)	(99)
Deferred revenue	(75)	(60)
Debt due within one year	0	0
Total current liabilities	(121)	(159)
Long-term debt	0	0
Deferred income taxes	(5,149)	(4,855)
Deferred revenue	0	(6)
Other noncurrent liabilities	(1,350)	(1,120)
Redeemable noncontrolling interest	0	0
Equity
Due to (from) Time Warner Inc. and subsidiaries	51,715	44,362
Other shareholders’ equity	(117,394)	(108,304)
Total Time Warner Inc. shareholders’ equity	(65,679)
Noncontrolling interest	0
Total equity	(65,679)	(63,942)
Total liabilities and equity	(72,299)	(70,082)
Parent Company
Current assets
Cash and equivalents	1,492	976	872	1,623
Receivables, net	16	100
Inventories	0	0
Prepaid expenses and other current assets	513	494
Total current assets	2,021	1,570
Noncurrent inventories and theatrical film and television production costs	0	0
Investments in amounts due to and from consolidated subsidiaries	47,265	46,025
Investments, including available-for-sale securities	279	281
Property, plant and equipment, net	51	93
Intangible assets subject to amortization, net	0	0
Intangible assets not subject to amortization	0	0
Goodwill	0	0
Other assets	507	406
Total assets	50,123	48,375
Current liabilities
Accounts payable and accrued liabilities	700	752
Deferred revenue	0	0
Debt due within one year	38	34
Total current liabilities	738	786
Long-term debt	20,531	19,719
Deferred income taxes	2,603	2,454
Deferred revenue	0	0
Other noncurrent liabilities	1,973	1,797
Redeemable noncontrolling interest	0	0
Equity
Due to (from) Time Warner Inc. and subsidiaries	0	0
Other shareholders’ equity	24,278	23,619
Total Time Warner Inc. shareholders’ equity	24,278
Noncontrolling interest	0
Total equity	24,278	23,619
Total liabilities and equity	50,123	48,375
Guarantor Subsidiaries
Current assets
Cash and equivalents	19	288	74	290
Receivables, net	1,248	983
Inventories	554	496
Prepaid expenses and other current assets	54	94
Total current assets	1,875	1,861
Noncurrent inventories and theatrical film and television production costs	1,959	1,807
Investments in amounts due to and from consolidated subsidiaries	11,606	11,146
Investments, including available-for-sale securities	440	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	366	306
Total assets	28,522	27,768
Current liabilities
Accounts payable and accrued liabilities	770	982
Deferred revenue	64	89
Debt due within one year	12	159
Total current liabilities	846	1,230
Long-term debt	3,880	3,866
Deferred income taxes	2,920	2,786
Deferred revenue	23	0
Other noncurrent liabilities	2,057	1,731
Redeemable noncontrolling interest	0	0
Equity
Due to (from) Time Warner Inc. and subsidiaries	(51,920)	(48,141)
Other shareholders’ equity	70,716	66,296
Total Time Warner Inc. shareholders’ equity	18,796
Noncontrolling interest	0
Total equity	18,796	18,155
Total liabilities and equity	28,522	27,768
Non-Guarantor Subsidiaries
Current assets
Cash and equivalents	797	891	$ 828	$ 705
Receivables, net	6,787	6,340
Inventories	1,373	1,263
Prepaid expenses and other current assets	443	606
Total current assets	9,400	9,100
Noncurrent inventories and theatrical film and television production costs	6,336	5,891
Investments in amounts due to and from consolidated subsidiaries	13,064	12,538
Investments, including available-for-sale securities	2,558	1,951
Property, plant and equipment, net	2,042	2,131
Intangible assets subject to amortization, net	809	949
Intangible assets not subject to amortization	4,998	5,022
Goodwill	17,814	17,809
Other assets	2,397	2,396
Total assets	59,418	57,787
Current liabilities
Accounts payable and accrued liabilities	5,483	5,553
Deferred revenue	591	587
Debt due within one year	2	5
Total current liabilities	6,076	6,145
Long-term debt	8	9
Deferred income taxes	2,229	2,069
Deferred revenue	413	358
Other noncurrent liabilities	3,779	3,390
Redeemable noncontrolling interest	29	29
Equity
Due to (from) Time Warner Inc. and subsidiaries	205	3,779
Other shareholders’ equity	46,678	42,008
Total Time Warner Inc. shareholders’ equity	46,883
Noncontrolling interest	1
Total equity	46,884	45,787
Total liabilities and equity	$ 59,418	$ 57,787

Supplementary Information - C64

Supplementary Information - Condensed Consolidating Financial Statements - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Revenues	$ 7,167	$ 6,564	$ 21,427	$ 21,039
Costs of revenues	(3,873)	(3,526)	(11,718)	(11,802)
Selling, general and administrative	(1,179)	(1,143)	(3,688)	(3,580)
Amortization of intangible assets	(48)	(47)	(143)	(138)
Restructuring and severance costs	(11)	(9)	(64)	(31)
Asset impairments	(30)	(7)	(35)	(8)
Gain (loss) on operating assets, net	(12)	2	77	(1)
Operating income	2,014	1,834	5,856	5,479
Equity in pretax income (loss) of consolidated subsidiaries	0	0	0	0
Interest expense, net	(298)	(294)	(874)	(874)
Other loss, net	(27)	(54)	(198)	(296)
Income from continuing operations before income taxes	1,689	1,486	4,784	4,309
Income tax provision	(217)	(452)	(1,187)	(1,371)
Income from continuing operations	1,472	1,034	3,597	2,938
Discontinued operations, net of tax	(5)	0	35	37
Net income	1,467	1,034	3,632	2,975
Less Net loss attributable to noncontrolling interests	0	1	1	1
Net income attributable to Time Warner Inc. shareholders	1,467	1,035	3,633	2,976
Comprehensive income	1,300	1,038	3,464	2,747
Less Comprehensive loss attributable to noncontrolling interests	0	1	1	1
Comprehensive income attributable to Time Warner Inc. shareholders	1,300	1,039	3,465	2,748
Consolidation, Eliminations
Income Statement [Abstract]
Revenues	(212)	(140)	(624)	(517)
Costs of revenues	184	110	495	425
Selling, general and administrative	24	25	119	79
Amortization of intangible assets	0	0	0	0
Restructuring and severance costs	0	0	0	0
Asset impairments	0	0	0	0
Gain (loss) on operating assets, net	0	0	0	0
Operating income	(4)	(5)	(10)	(13)
Equity in pretax income (loss) of consolidated subsidiaries	(3,875)	(3,475)	(11,367)	(10,426)
Interest expense, net	2	2	5	6
Other loss, net	(3)	1	(3)	(3)
Income from continuing operations before income taxes	(3,880)	(3,477)	(11,375)	(10,436)
Income tax provision	608	1,048	2,930	3,257
Income from continuing operations	(3,272)		(8,445)	(7,179)
Discontinued operations, net of tax	0		(80)	(74)
Net income		(2,429)	(8,525)	(7,253)
Less Net loss attributable to noncontrolling interests		(2)	(2)	(2)
Net income attributable to Time Warner Inc. shareholders	(3,272)	(2,431)	(8,527)	(7,255)
Comprehensive income		(2,418)	(8,323)	(6,914)
Less Comprehensive loss attributable to noncontrolling interests		(2)	(2)	(2)
Comprehensive income attributable to Time Warner Inc. shareholders	(3,075)	(2,420)	(8,325)	(6,916)
Parent Company
Income Statement [Abstract]
Revenues	0	0	0	0
Costs of revenues	0	0	0	0
Selling, general and administrative	(74)	(51)	(274)	(235)
Amortization of intangible assets	0	0	0	0
Restructuring and severance costs	(1)	(3)	(1)	(3)
Asset impairments	0	(6)	(4)	(6)
Gain (loss) on operating assets, net	0	0	0	0
Operating income	(75)	(60)	(279)	(244)
Equity in pretax income (loss) of consolidated subsidiaries	2,018	1,818	5,939	5,408
Interest expense, net	(241)	(249)	(725)	(741)
Other loss, net	(13)	(23)	(151)	(114)
Income from continuing operations before income taxes	1,689	1,486	4,784	4,309
Income tax provision	(217)	(452)	(1,187)	(1,371)
Income from continuing operations	1,472		3,597	2,938
Discontinued operations, net of tax	(5)		35	37
Net income		1,034	3,632	2,975
Less Net loss attributable to noncontrolling interests		1	1	1
Net income attributable to Time Warner Inc. shareholders	1,467	1,035	3,633	2,976
Comprehensive income		1,038	3,464	2,747
Less Comprehensive loss attributable to noncontrolling interests		1	1	1
Comprehensive income attributable to Time Warner Inc. shareholders	1,300	1,039	3,465	2,748
Guarantor Subsidiaries
Income Statement [Abstract]
Revenues	1,767	1,673	5,655	5,305
Costs of revenues	(754)	(699)	(2,562)	(2,361)
Selling, general and administrative	(264)	(267)	(875)	(815)
Amortization of intangible assets	0	0	0	0
Restructuring and severance costs	(4)	0	(44)	(14)
Asset impairments	0	0	0	0
Gain (loss) on operating assets, net	0	2	0	2
Operating income	745	709	2,174	2,117
Equity in pretax income (loss) of consolidated subsidiaries	1,354	1,179	3,996	3,610
Interest expense, net	(76)	(78)	(227)	(234)
Other loss, net	3	(5)	3	18
Income from continuing operations before income taxes	2,026	1,805	5,946	5,511
Income tax provision	(349)	(547)	(1,521)	(1,692)
Income from continuing operations	1,677		4,425	3,819
Discontinued operations, net of tax	0		40	37
Net income		1,258	4,465	3,856
Less Net loss attributable to noncontrolling interests		1	1	1
Net income attributable to Time Warner Inc. shareholders	1,677	1,259	4,466	3,857
Comprehensive income		1,233	4,315	3,741
Less Comprehensive loss attributable to noncontrolling interests		1	1	1
Comprehensive income attributable to Time Warner Inc. shareholders	1,520	1,234	4,316	3,742
Non-Guarantor Subsidiaries
Income Statement [Abstract]
Revenues	5,612	5,031	16,396	16,251
Costs of revenues	(3,303)	(2,937)	(9,651)	(9,866)
Selling, general and administrative	(865)	(850)	(2,658)	(2,609)
Amortization of intangible assets	(48)	(47)	(143)	(138)
Restructuring and severance costs	(6)	(6)	(19)	(14)
Asset impairments	(30)	(1)	(31)	(2)
Gain (loss) on operating assets, net	(12)	0	77	(3)
Operating income	1,348	1,190	3,971	3,619
Equity in pretax income (loss) of consolidated subsidiaries	503	478	1,432	1,408
Interest expense, net	17	31	73	95
Other loss, net	(14)	(27)	(47)	(197)
Income from continuing operations before income taxes	1,854	1,672	5,429	4,925
Income tax provision	(259)	(501)	(1,409)	(1,565)
Income from continuing operations	1,595		4,020	3,360
Discontinued operations, net of tax	0		40	37
Net income		1,171	4,060	3,397
Less Net loss attributable to noncontrolling interests		1	1	1
Net income attributable to Time Warner Inc. shareholders	1,595	1,172	4,061	3,398
Comprehensive income		1,185	4,008	3,173
Less Comprehensive loss attributable to noncontrolling interests		1	1	1
Comprehensive income attributable to Time Warner Inc. shareholders	$ 1,555	$ 1,186	$ 4,009	$ 3,174

Supplementary Information - C65

Supplementary Information - Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
OPERATIONS
Net income	$ 1,467	$ 1,034	$ 3,632	$ 2,975
Less Discontinued operations, net of tax	5	0	(35)	(37)
Net income from continuing operations	1,472	1,034	3,597	2,938
Adjustments for noncash and nonoperating items:
Depreciation and amortization			502	501
Amortization of film and television costs			5,884	5,739
Asset impairments	30	7	35	8
(Gain) loss on investments and other assets, net			(75)	71
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			293	160
Equity-based compensation			201	154
Deferred income taxes			267	(176)
Changes in operating assets and liabilities, net of acquisitions			(7,160)	(6,394)
Intercompany			0	0
Cash provided by operations from continuing operations			3,544	3,001
Cash used by operations from discontinued operations			(10)	(4)
Cash provided by operations			3,534	2,997
INVESTING ACTIVITIES
Investments in available-for-sale securities			(7)	(41)
Investments and acquisitions, net of cash acquired			(975)	(344)
Capital expenditures			(270)	(250)
Investment proceeds from available-for-sale securities			1	1
Advances to (from) parent and consolidated subsidiaries			0	0
Other investment proceeds			252	133
Cash used by investing activities			(999)	(501)
FINANCING ACTIVITIES
Borrowings			942	2,877
Debt repayments			(304)	(2,341)
Proceeds from exercise of stock options			127	148
Excess tax benefit from equity instruments			59	141	$ 151
Principal payments on capital leases			(11)	(8)
Repurchases of common stock			(2,119)	(3,030)
Dividends paid			(954)	(869)
Other financing activities			(122)	(258)
Change in due to/from parent and investment in segment			0	0
Cash used by financing activities			(2,382)	(3,340)
INCREASE IN CASH AND EQUIVALENTS			153	(844)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			2,155	2,618	2,618
CASH AND EQUIVALENTS AT END OF PERIOD	2,308	1,774	2,308	1,774	2,155
Consolidation, Eliminations
OPERATIONS
Net income		(2,429)	(8,525)	(7,253)
Less Discontinued operations, net of tax	0		80	74
Net income from continuing operations	(3,272)		(8,445)	(7,179)
Adjustments for noncash and nonoperating items:
Depreciation and amortization			0	0
Amortization of film and television costs			(23)	(24)
Asset impairments	0	0	0	0
(Gain) loss on investments and other assets, net			(1)	0
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions			11,367	10,426
Equity in losses of investee companies, net of cash distributions			2	4
Equity-based compensation			0	0
Deferred income taxes			(425)	270
Changes in operating assets and liabilities, net of acquisitions			(2,468)	(3,493)
Intercompany			0	0
Cash provided by operations from continuing operations			7	4
Cash used by operations from discontinued operations			0	0
Cash provided by operations			7	4
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	0
Advances to (from) parent and consolidated subsidiaries			(4,054)	(4,297)
Other investment proceeds			0	0
Cash used by investing activities			(4,054)	(4,297)
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			(7)	(2)
Change in due to/from parent and investment in segment			4,054	4,295
Cash used by financing activities			4,047	4,293
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		1,034	3,632	2,975
Less Discontinued operations, net of tax	5		(35)	(37)
Net income from continuing operations	1,472		3,597	2,938
Adjustments for noncash and nonoperating items:
Depreciation and amortization			8	10
Amortization of film and television costs			0	0
Asset impairments	0	6	4	6
(Gain) loss on investments and other assets, net			8	26
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions			(5,939)	(5,408)
Equity in losses of investee companies, net of cash distributions			2	(8)
Equity-based compensation			68	35
Deferred income taxes			267	(176)
Changes in operating assets and liabilities, net of acquisitions			170	757
Intercompany			0	0
Cash provided by operations from continuing operations			(1,815)	(1,820)
Cash used by operations from discontinued operations			0	7
Cash provided by operations			(1,815)	(1,813)
INVESTING ACTIVITIES
Investments in available-for-sale securities			(2)	(22)
Investments and acquisitions, net of cash acquired			(23)	(33)
Capital expenditures			(8)	(12)
Investment proceeds from available-for-sale securities			1	1
Advances to (from) parent and consolidated subsidiaries			4,317	4,022
Other investment proceeds			15	34
Cash used by investing activities			4,300	3,990
FINANCING ACTIVITIES
Borrowings			940	2,865
Debt repayments			(150)	(2,100)
Proceeds from exercise of stock options			127	148
Excess tax benefit from equity instruments			59	141
Principal payments on capital leases			0	0
Repurchases of common stock			(2,119)	(3,030)
Dividends paid			(954)	(869)
Other financing activities			128	(83)
Change in due to/from parent and investment in segment			0	0
Cash used by financing activities			(1,969)	(2,928)
INCREASE IN CASH AND EQUIVALENTS			516	(751)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			976	1,623	1,623
CASH AND EQUIVALENTS AT END OF PERIOD	1,492	872	1,492	872	976
Guarantor Subsidiaries
OPERATIONS
Net income		1,258	4,465	3,856
Less Discontinued operations, net of tax	0		(40)	(37)
Net income from continuing operations	1,677		4,425	3,819
Adjustments for noncash and nonoperating items:
Depreciation and amortization			78	80
Amortization of film and television costs			2,018	1,849
Asset impairments	0	0	0	0
(Gain) loss on investments and other assets, net			1	(21)
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions			(3,996)	(3,610)
Equity in losses of investee companies, net of cash distributions			0	0
Equity-based compensation			60	52
Deferred income taxes			223	(173)
Changes in operating assets and liabilities, net of acquisitions			(1,330)	(192)
Intercompany			2,582	1,833
Cash provided by operations from continuing operations			4,061	3,637
Cash used by operations from discontinued operations			0	0
Cash provided by operations			4,061	3,637
INVESTING ACTIVITIES
Investments in available-for-sale securities			0	0
Investments and acquisitions, net of cash acquired			(54)	(1)
Capital expenditures			(55)	(49)
Investment proceeds from available-for-sale securities			0	0
Advances to (from) parent and consolidated subsidiaries			(263)	275
Other investment proceeds			17	72
Cash used by investing activities			(355)	297
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			(10)	(7)
Repurchases of common stock			0	0
Dividends paid			0	0
Other financing activities			(36)	(21)
Change in due to/from parent and investment in segment			(3,779)	(4,122)
Cash used by financing activities			(3,975)	(4,150)
INCREASE IN CASH AND EQUIVALENTS			(269)	(216)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			288	290	290
CASH AND EQUIVALENTS AT END OF PERIOD	19	74	19	74	288
Non-Guarantor Subsidiaries
OPERATIONS
Net income		1,171	4,060	3,397
Less Discontinued operations, net of tax	0		(40)	(37)
Net income from continuing operations	1,595		4,020	3,360
Adjustments for noncash and nonoperating items:
Depreciation and amortization			416	411
Amortization of film and television costs			3,889	3,914
Asset impairments	30	1	31	2
(Gain) loss on investments and other assets, net			(83)	66
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions			(1,432)	(1,408)
Equity in losses of investee companies, net of cash distributions			289	164
Equity-based compensation			73	67
Deferred income taxes			202	(97)
Changes in operating assets and liabilities, net of acquisitions			(3,532)	(3,466)
Intercompany			(2,582)	(1,833)
Cash provided by operations from continuing operations			1,291	1,180
Cash used by operations from discontinued operations			(10)	(11)
Cash provided by operations			1,281	1,169
INVESTING ACTIVITIES
Investments in available-for-sale securities			(5)	(19)
Investments and acquisitions, net of cash acquired			(898)	(310)
Capital expenditures			(207)	(189)
Investment proceeds from available-for-sale securities			0	0
Advances to (from) parent and consolidated subsidiaries			0	0
Other investment proceeds			220	27
Cash used by investing activities			(890)	(491)
FINANCING ACTIVITIES
Borrowings			2	12
Debt repayments			(4)	(241)
Proceeds from exercise of stock options			0	0
Excess tax benefit from equity instruments			0	0
Principal payments on capital leases			(1)	(1)
Repurchases of common stock			0	0
Dividends paid			0	0
Other financing activities			(207)	(152)
Change in due to/from parent and investment in segment			(275)	(173)
Cash used by financing activities			(485)	(555)
INCREASE IN CASH AND EQUIVALENTS			(94)	123
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD			891	705	705
CASH AND EQUIVALENTS AT END OF PERIOD	$ 797	$ 828	$ 797	$ 828	$ 891