Warner Media (TWX) 10-Q 26 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 20, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	TWX
Entity Registrant Name	TIME WARNER INC.
Entity Central Index Key	1,105,705
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		782,319,431

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and equivalents	$ 1,691	$ 2,621
Receivables, less allowances of $158 and $896	10,279	9,401
Inventories	2,071	2,401
Prepaid expenses and other current assets	1,097	796
Total current assets	15,138	15,219
Noncurrent inventories and theatrical film and television production costs	8,481	8,275
Investments, including available-for-sale securities	3,980	3,924
Property, plant and equipment, net	2,753	2,707
Intangible assets subject to amortization, net	543	585
Intangible assets not subject to amortization	7,007	7,006
Goodwill	27,800	27,776
Other assets	3,295	3,717
Total assets	68,997	69,209
Current liabilities
Accounts payable and accrued liabilities	8,021	7,916
Deferred revenue	1,002	711
Debt due within one year	3,922	5,450
Total current liabilities	12,945	14,077
Long-term debt	18,331	18,294
Deferred income taxes	1,812	1,584
Deferred revenue	468	468
Other noncurrent liabilities	5,599	6,375
Redeemable noncontrolling interest	36	35
Commitments and Contingencies (Note 13)
Equity
Common stock, $0.01 par value, 1.652 billion and 1.652 billion shares issued and 782 million and 780 million shares outstanding	17	17
Additional paid-in capital	144,797	145,077
Treasury stock, at cost (870 million and 872 million shares)	(46,930)	(47,074)
Accumulated other comprehensive loss, net	(1,353)	(1,437)
Accumulated deficit	(66,726)	(68,208)
Total Time Warner Inc. shareholders’ equity	29,805	28,375
Noncontrolling interest	1	1
Total equity	29,806	28,376
Total liabilities and equity	$ 68,997	$ 69,209

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Current assets
Allowances	$ 158	$ 896
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	782	780
Treasury stock, shares	870	872

Consolidated Statement Of Opera

Consolidated Statement Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenues	$ 7,996	$ 7,735
Costs of revenues	(4,717)	(4,332)
Selling, general and administrative	(1,402)	(1,272)
Amortization of intangible assets	(43)	(45)
Restructuring and severance costs	0	(12)
Asset impairments	0	(1)
Gain (loss) on operating assets, net	(23)	7
Operating income	1,811	2,080
Interest expense, net	(207)	(259)
Other income (loss), net	(94)	72
Income before income taxes	1,510	1,893
Income tax benefit (provision)	132	(470)
Net income	1,642	1,423
Less Net loss attributable to noncontrolling interests	1	1
Net income attributable to Time Warner Inc. shareholders	$ 1,643	$ 1,424
Per share information attributable to Time Warner Inc. common shareholders:
Basic net income per common share (in dollars per share)	$ 2.10	$ 1.84
Average basic common shares outstanding (in shares)	780.9	773.6
Diluted net income per common share (in dollars per share)	$ 2.07	$ 1.80
Average diluted common shares outstanding (in shares)	792	789.3
Cash dividends declared per share of common stock (in dollars per share)	$ 0.4025	$ 0.4025

Consolidated Statement Of Compr

Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 1,642	$ 1,423
Foreign currency translation:
Unrealized gains (losses) occurring during the period	90	(11)
Benefit obligations:
Unrealized gains occurring during the period	1	2
Reclassification adjustment for losses realized in net income	8	5
Change in benefit obligations	9	7
Derivative financial instruments:
Unrealized losses occurring during the period	(55)	(15)
Reclassification adjustment for losses realized in net income	43	2
Change in derivative financial instruments	(12)	(13)
Other comprehensive income (loss)	87	(17)
Comprehensive income	1,729	1,406
Less Comprehensive loss attributable to noncontrolling interests	1	1
Comprehensive income attributable to Time Warner Inc. shareholders	$ 1,730	$ 1,407

Consolidated Statement Of Cash

Consolidated Statement Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
OPERATIONS
Net income	$ 1,642	$ 1,423
Adjustments for noncash and nonoperating items:
Depreciation and amortization	171	165
Amortization of film and television costs	2,490	2,203
Asset impairments	0	1
(Gain) loss on investments and other assets, net	46	(166)
Equity in losses of investee companies, net of cash distributions	38	93
Equity-based compensation	47	57
Deferred income taxes	279	(44)
Changes in operating assets and liabilities, net of acquisitions	(3,392)	(2,266)
Cash provided by operations from continuing operations	1,321	1,466
Cash used by operations from discontinued operations	(5)	(5)
Cash provided by operations	1,316	1,461
INVESTING ACTIVITIES
Investments and acquisitions, net of cash acquired	(165)	(168)
Capital expenditures	(147)	(98)
Other investment proceeds	4	240
Cash used by investing activities	(308)	(26)
FINANCING ACTIVITIES
Borrowings	4	0
Debt repayments	(1,535)	(1,144)
Proceeds from exercise of stock options	20	56
Principal payments on capital leases	(11)	(3)
Dividends paid	(317)	(316)
Other financing activities	(99)	(117)
Cash used by financing activities	(1,938)	(1,524)
DECREASE IN CASH AND EQUIVALENTS	(930)	(89)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	2,621	1,539
CASH AND EQUIVALENTS AT END OF PERIOD	$ 1,691	$ 1,450

Consolidated Statement Of Equit

Consolidated Statement Of Equity - USD ($) $ in Millions	Total	Time Warner Shareholders	Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of revenue recognition accounting change	$ 0	$ 0	$ 0
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2016	24,337	24,335	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,424	1,424	0	[1]
Other comprehensive income (loss)	(17)	(17)	0
Dividends	(316)	(316)	0
Other, primarily related to stock options and restricted stock units	(1)	(1)	0
BALANCE AT END OF PERIOD at Mar. 31, 2017	25,427	25,425	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of revenue recognition accounting change	(164)	(164)	0
BALANCE AT BEGINNING OF PERIOD at Dec. 31, 2017	28,376	28,375	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,643	1,643	0	[1]
Other comprehensive income (loss)	87	87	0
Dividends	(318)	(318)	0
Other, primarily related to stock options and restricted stock units	182	182	0
BALANCE AT END OF PERIOD at Mar. 31, 2018	$ 29,806	$ 29,805	$ 1
[1]	Net income excludes losses of $1 million for both the three months ended March 31, 2018 and March 31, 2017, relating to redeemable noncontrolling interests.

Consolidated Statement Of Equi8

Consolidated Statement Of Equity Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Stockholders' Equity [Abstract]
Net income (loss) attributable to redeemable noncontrolling interest	$ (1)	$ (1)

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Time Warner Inc. (“Time Warner” or the “Company”) is a leading media and entertainment company, whose businesses include television networks, and film and TV entertainment. Time Warner classifies its operations into three reportable segments: Turner : consisting principally of cable networks and digital media properties; Home Box Office : consisting principally of premium pay television services and a service that delivers video content to consumers over the internet (“OTT service”) domestically and premium pay, basic tier television and OTT services internationally; and Warner Bros. : consisting principally of television, feature film, home video and game 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. 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, 2017 (the “ 2017 Form 10-K”). Basis of Consolidation The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of entities in which Time Warner has a controlling interest (“subsidiaries”). Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include accounting for asset impairments, multiple-element transactions, allowances for doubtful accounts, depreciation and amortization, the determination of ultimate revenues as it relates to amortization or impairment of capitalized film and programming costs and participations and residuals, home video and game 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. Accounting Guidance Adopted in 2018 Revenue Recognition On January 1, 2018, the Company adopted, on a modified retrospective basis, accounting guidance that establishes a new revenue recognition framework in GAAP for all companies and industries. The core principle of the new revenue framework 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 revenue framework includes a five-step model to determine the timing and amount of revenue to recognize related to contracts with customers. In addition, this revenue framework requires new or expanded disclosures related to the amounts of revenue recognized and judgments made by companies when following this framework. The adoption of the new accounting guidance did not result in significant changes in the way the Company records subscription revenue, advertising revenue and a significant portion of its content revenue. While guidance pertaining to the evaluation of whether revenue should be presented on a gross or net basis was changed in connection with the new revenue framework, the application of such change did not significantly impact the presentation of revenues in the consolidated financial statements. In addition, changes to the accounting guidance for costs incurred to obtain a contract did not significantly impact the consolidated financial statements. However, there are several areas where the Company’s revenue recognition did change under the new guidance: i. Renewals of Licenses of Intellectual Property - Under the prior guidance, when the term of an existing license agreement was extended, without any other changes to the provisions of the license, revenue for the renewal period was recognized on the date the renewal was agreed to contractually. Under the new guidance, revenue for the renewed license term cannot be recognized until the date the renewal term begins. This change results in delayed revenue recognition as compared with prior revenue recognition guidance. This change primarily impacts the Warner Bros. segment, but it also, to a lesser degree, impacts the Home Box Office and Turner segments. ii. License of Content Library - Under the prior guidance, when a company licensed a completed library of content and agreed to refresh the library with new content as it became available, and the licensee was not entitled to a refund if no further library titles are delivered, revenue was recognized once access to the library was granted to the licensee. Pursuant to the new guidance, because there was an implicit obligation for the Company to refresh the library with additional content in the future, the Company estimates the additional content it will deliver in the future and allocates a portion of the transaction price to that content. As compared with the prior guidance, this results in a deferral of a portion of the transaction price until delivery of future library content. This change primarily impacts the Home Box Office segment. iii. Licenses of Symbolic Intellectual Property - Certain intellectual property, such as brands, tradenames and logos, is categorized in the new guidance as “symbolic” intellectual property. An assumption inherent in the new guidance is that a licensee’s ability to derive benefit from a license of symbolic intellectual property depends on the licensor continuing to support or maintain the intellectual property throughout the license term. Accordingly, under the new guidance, revenue from licenses of symbolic intellectual property is recognized over the corresponding license term. In certain arrangements where the Company had no remaining performance obligations, under the prior guidance, revenue from licenses of symbolic intellectual property was recognized at the inception of the license term. Therefore, the new guidance results in a deferral of revenue recognition as compared to prior guidance. This change primarily impacts the Warner Bros. segment. iv. Minimum Fees in Multi-Year Affiliate Distribution Arrangements - In several international affiliate arrangements, and more recently in certain multi-year virtual multichannel video programming distributor (“virtual MVPD”) arrangements, the Company is paid an annual minimum guarantee that can vary from year to year. Under the prior guidance, the Company generally recognized the annual minimum guarantee fee ratably within each discrete annual period. In accordance with the new guidance, the Company is required to recognize the cumulative minimum guaranteed fees ratably over the contract term as it continuously delivers the content. Depending on how the minimum guaranteed fees vary in each contract year, this could result in an acceleration of revenue into earlier contractual years or a deferral of revenue into later contractual years as compared with the prior guidance. This change primarily impacts the Home Box Office and Turner segments. In some cases, the changed aspects of the accounting for transactions noted above in items (i)-(iv) necessitated making new judgments pertaining to the allocation of the transaction price to performance obligations and to the timing of satisfaction of certain performance obligations. However, there were no changes in significant judgments that affect the determination of the amount and timing of revenue resulting from the adoption of the new guidance. In addition, while the adoption of the new guidance necessitated a change to certain of the Company’s internal controls over financial reporting, such changes were not significant. In connection with adopting the new guidance on a modified retrospective basis, the Company recorded a transition adjustment for all open contracts existing as of January 1, 2018 of $164 million as a reduction to the opening balance of Retained Earnings related principally to the areas noted above. Such adjustment is presented in the Consolidated Statement of Equity as the Cumulative Effect of a Change in Accounting Principle, Revenue Recognition. Also, under the new guidance, the Company presents sales returns and certain sales incentives, such as price protection reserves, as liabilities instead of as contra-asset allowances within Receivables. On January 1, 2018, the liabilities for such sales returns and incentives were $726 million . For more information, see Note 15. Changes to the opening balances of current assets, total assets, current liabilities and total liabilities resulting from the adoption of the new guidance were as follows (millions): December 31, 2017 Impact of Adoption January 1, 2018 Current assets $ 15,219 $ 828 $ 16,047 Total assets 69,209 632 69,841 Current liabilities 14,077 974 15,051 Total liabilities 40,833 796 41,629 Modification of Share-Based Payments On January 1, 2018, the Company adopted, on a prospective basis, new accounting guidance that clarifies when changes to the terms and conditions of share-based awards must be accounted for as modifications. The guidance does not change the accounting treatment for modifications. The guidance did not have a material impact on the Company’s consolidated financial statements. Net Periodic Benefit Costs On January 1, 2018, the Company adopted, on a retrospective basis, new accounting guidance that requires that an employer disaggregate the service cost component from the other components of net periodic benefit costs relating to defined benefit pension and other postretirement benefit plans. While the service cost component of net periodic benefit costs continues to be presented as an operating expense, the other components are presented outside of operating income in the Consolidated Statement of Operations. The adoption of this guidance resulted in increases in Operating income of $4 million , $5 million , $5 million and $4 million , for the three months ended March 31, 2017, June 30, 2017, September 30, 2017, and December 31, 2017, respectively. The increases in Operating income were offset by higher expenses of equal amounts included in Other income (loss), net in each of these three-month periods. Definition of a Business On January 1, 2018, the Company adopted, on a prospective basis, new accounting guidance that changes the definition of a business for accounting purposes. Under the new guidance, an entity first determines whether substantially all of the fair value of a set of assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set of assets is not deemed to be a business. If the threshold is not met, the entity then evaluates whether the set of assets meets the requirement to be deemed a business, which at a minimum, requires there to be an input and a substantive process that together significantly contribute to the ability to create outputs. The guidance did not have a material impact on the Company’s consolidated financial statements. Restricted Cash On January 1, 2018, the Company adopted, on a retrospective basis, new accounting guidance that requires that a statement of cash flows present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total cash amounts shown on the statement of cash flows. The guidance did not have a material impact on the Company’s consolidated financial statements. Intra-Entity Transfers of Assets Other than Inventory On January 1, 2018, the Company adopted, on a modified retrospective basis, new accounting guidance that requires entities to recognize the income tax consequences of an intercompany transfer of an asset other than inventory when the transfer occurs, rather than deferring the income tax consequences of the intercompany transfer of assets until the asset has been sold to a third party. The guidance did not have a material impact on the Company’s consolidated financial statements. Classification of Certain Cash Receipts and Cash Payments On January 1, 2018, the Company adopted, on a retrospective basis, new accounting guidance 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 did not have a material impact on the Company’s consolidated financial statements. Recognition and Measurement of Financial Assets and Liabilities On January 1, 2018, the Company adopted, on a prospective basis, new accounting guidance 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 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, equity securities). Adoption of the guidance resulted in a cumulative effect adjustment of $3 million related to deferred gains as of December 31, 2017 for equity securities with readily determinable fair values from Accumulated other comprehensive loss, net to Accumulated deficit on the Consolidated Balance Sheet. Accounting Guidance Not Yet Adopted Derivatives and Hedging In August 2017, guidance was issued related to hedge accounting. The guidance principally: (i) expands hedge accounting for both financial and non-financial risk components, (ii) eliminates the separate measurement and presentation of hedge ineffectiveness, (iii) changes the presentation of hedge results to require that changes in the value of hedging instruments be presented in the same income statement line item as the earnings effect of the hedged item, and (iv) simplifies the method to assess hedge effectiveness. This guidance will become effective for all existing hedge relationships on January 1, 2019. The Company is evaluating the impact this guidance will have on its consolidated financial statements. Simplifying the Accounting for Goodwill Impairment In January 2017, guidance was issued to simplify the accounting for goodwill impairment. The guidance removes the second step of the goodwill impairment test, which requires that a hypothetical purchase price allocation be performed to determine the amount of impairment, if any. Under the new guidance, a goodwill impairment charge will be based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance will become effective on a prospective basis for the Company on January 1, 2020 and is not expected to have a material impact 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 the 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. The 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 still evaluating the impact of the new guidance on its consolidated financial statements. Because the Company is a party to approximately 2,000 operating leases with future minimum rental commitments at December 31, 2017 of $1.128 billion , it expects that the impact of recognizing lease assets and liabilities for these operating leases will be significant to the Consolidated Balance Sheet.

Merger Agreement with AT&T

Merger Agreement with AT&T	3 Months Ended
	Mar. 31, 2018
Merger [Abstract]
MERGER AGREEMENT WITH AT&T	MERGER AGREEMENT WITH AT&T 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 boards of directors. Time Warner shareholders adopted the Merger Agreement at a special meeting of shareholders on February 15, 2017. Subject to the satisfaction of the remaining conditions set forth in the Merger Agreement, upon consummation of the merger, each share of the Company’s common stock will be converted into the right to receive $53.75 in cash and a specified number of shares of AT&T stock, as set forth in the Merger Agreement and determined by reference to the average of the volume weighted averages of the trading price of AT&T common stock on the New York Stock Exchange (“NYSE”) on each of the 15 consecutive NYSE trading days ending on and including the trading day that is three trading days prior to the closing of the merger (the “Average Stock Price”). The stock portion of the per share consideration will be subject to a collar such that if the Average Stock Price is between $37.411 and $41.349 , Time Warner shareholders will receive shares of AT&T stock equal to $53.75 in value for each share of Time Warner common stock. If the Average Stock Price is below $37.411 , Time Warner shareholders will receive 1.437 AT&T shares for each share of Time Warner common stock. If the Average Stock Price is an amount greater than $41.349 , Time Warner shareholders will receive 1.300 AT&T shares for each share of Time Warner common stock. Should Time Warner terminate the Merger Agreement in specified circumstances, Time Warner may be required to pay AT&T a termination fee equal to $1.725 billion if Time Warner enters into or consummates an alternative transaction with a third party following such termination of the Merger Agreement. The merger is conditioned on the receipt of certain antitrust and other required regulatory consents. On November 20, 2017, the United States Department of Justice (the “DOJ”) filed a lawsuit in the United States District Court for the District of Columbia (the “Court”) under a federal antitrust statute to enjoin the merger. The trial began the week of March 19, 2018 and the parties’ presentation of their cases is expected to conclude in early May 2018. Time Warner and AT&T have agreed to extend the termination date of the Merger Agreement to April 22, 2018, and each has agreed to waive, until June 21, 2018, its right to terminate the Merger Agreement based on the merger not being completed by April 22, 2018.

Investments

Investments	3 Months Ended
	Mar. 31, 2018
Investments [Abstract]
INVESTMENTS	INVESTMENTS Central European Media Enterprises Ltd. As of March 31, 2018 , the Company had an approximate 46% voting interest in Central European Media Enterprises Ltd.’s (“CME”) common stock and an approximate 75% ownership interest in CME (on a fully diluted basis). As of March 31, 2018 , 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. Although the book value of the Company’s equity method investment in CME has been reduced to zero through the recognition of equity method losses, the Company has continued to record equity method losses because it has guaranteed an aggregate amount of €855 million of CME’s obligations. The amount of such equity method losses at March 31, 2018 was $4 million and is presented in Other noncurrent liabilities on the Consolidated Balance Sheet. In addition, 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 applicable guarantee. At March 31, 2018 , the carrying value of liabilities associated with such guarantees was $168 million , which is also included in Other noncurrent liabilities on the Consolidated Balance Sheet. As of March 31, 2018 , 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 110.3 million shares of CME’s Class A common stock at the Company’s option. The Series B convertible redeemable preferred shares accrete in value until June 24, 2018 at an annual rate of 3.75% compounded quarterly. The Company accounts for its investment in CME’s Series B convertible redeemable preferred shares at cost less impairment, plus or minus subsequent adjustments for observable price changes. As of March 31, 2018 , the Company held 101 million warrants, each to purchase one share of CME Class A common stock. The warrants had an exercise price of $1.00 per share and did not contain any voting rights. The warrants were carried at fair value in Investments, including available-for-sale securities in the Consolidated Balance Sheet, which, at March 31, 2018 , was $324 million . On April 25, 2018, the Company exercised the warrants at an aggregate cost of $101 million and received 101 million shares of CME Class A common stock. Simultaneously, the Company entered into a standing proxy arrangement whereby it granted the right to vote the Class A common stock it received upon exercise of the warrants, for all matters other than regarding a change of control event, to the independent members of CME’s Board of Directors. In accordance with the standing proxy arrangement, such shares will be voted in a manner that reflects the proportion of all votes cast excluding those shares covered by the standing proxy arrangement. The Company has agreed with CME that the proxy arrangement will be in effect for two years and is not revocable by the Company. In addition, the Company has the right to extend the standing proxy arrangement for an additional one-year period at its option. The Company will continue to account for its investment in CME’s Class A common stock under the equity method of accounting. On April 25, 2018, CME, CME Media Enterprises B.V. (“CME BV”), Time Warner and third-party financial institution lenders agreed to extend the maturity dates of CME’s €235 million senior unsecured term loan (the “2015 Term Loan”) from November 1, 2019 to November 1, 2021 and CME BV’s €469 million senior unsecured term loan (the “2016 Term Loan”) from February 19, 2021 to April 26, 2023. Time Warner has agreed to continue to guarantee CME’s and CME BV’s obligations under the term loans as well as related interest rate hedges. On April 25, 2018, Time Warner, CME and CME BV entered into an amendment and restatement agreement (the “2018 Reimbursement Amendment”) to further amend and restate the Amended and Restated Reimbursement Agreement, dated as of November 14, 2014, and as amended and restated as of February 19, 2016. The 2018 Reimbursement Amendment, among other things, reduced the guarantee fees payable by CME and CME BV to Time Warner for Time Warner’s guarantees of CME’s obligations under its €151 million senior unsecured term loan (the “2014 Term Loan”) that matures on May 1, 2019 and the 2015 Term Loan, as well as CME BV’s obligation under the 2016 Term Loan. The reduced fee to be paid to Time Warner for each of these guarantees is equal to a rate (the “all-in” rate) ranging between 3.25% and 6.00% , in the case of the 2014 Term Loan and 2015 Term Loan, and between 3.50% and 6.50% , in the case of the 2016 Term Loan, measured quarterly based on CME’s consolidated net leverage ratio, less the interest rate on the applicable term loan. The fees are payable in cash. The 2018 Reimbursement Amendment also provides that if CME’s consolidated debt level is less than €815 million by September 30, 2018, the all-in rate will be decreased further, in most cases by 50 basis points. The 2018 Reimbursement Amendment also makes less restrictive certain of the maintenance and negative covenants that apply to CME and its subsidiaries. Also on April 25, 2018, Time Warner, CME and CME BV entered into an amendment and restatement agreement (the “2018 Revolver Amendment”) to further amend and restate CME’s Amended and Restated Revolving Loan Facility Credit Agreement, dated as of May 2, 2014, and as amended and restated as of February 19, 2016. The 2018 Revolver Amendment increased the size of the revolving credit facility from $50 million to $75 million and extended the maturity date from February 19, 2021 to April 26, 2023. Amounts outstanding under the revolving credit facility generally bear interest at a margin ranging from 3.25% to 6.25% over the applicable Libor rate for Eurodollar loans based on CME’s net leverage and, effective with the 2018 Revolver Amendment, are payable entirely in cash. The revolving credit facility continues to contain a commitment fee on the average daily unused amount under the facility of 0.50% per annum. The 2018 Revolver Amendment also makes less restrictive certain of the maintenance and negative covenants that apply to CME and its subsidiaries. As of both March 31, 2018 and April 25, 2018, there were no amounts outstanding under the revolving credit facility.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	FAIR VALUE MEASUREMENT A fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). The following table presents information about assets and liabilities required to be carried at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 , respectively (millions): March 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Equity securities: Diversified equity securities (a) $ 168 $ — $ — $ 168 $ 168 $ — $ — $ 168 Other 14 — — 14 18 — — 18 Available-for-sale debt securities — 31 — 31 — 31 — 31 Derivatives: Foreign exchange contracts — — — — — 4 — 4 Other — — 325 325 — — 369 369 Liabilities: Derivatives: Foreign exchange contracts — (135 ) — (135 ) — (50 ) — (50 ) Other — — (40 ) (40 ) — — (1 ) (1 ) Total $ 182 $ (104 ) $ 285 $ 363 $ 186 $ (15 ) $ 368 $ 539 _________________________ (a) Consists of investments related to deferred compensation. The Company primarily applies the market approach for valuing recurring fair value measurements. As of March 31, 2018 and December 31, 2017 , assets valued using significant unobservable inputs (Level 3) primarily related to warrants to purchase shares of Class A common stock of CME valued at $324 million and $368 million , respectively. The Company estimates the fair value of these warrants using a Monte Carlo Simulation model. Significant unobservable inputs used in the fair value measurement at March 31, 2018 are an expected term of 0.09 years and an expected volatility of approximately 37% . As of March 31, 2018 and December 31, 2017 , the other Level 3 assets consisted of equity instruments held by employees of a former subsidiary of the Company. As of March 31, 2018 and December 31, 2017 , Level 3 liabilities consisted of a liability related to contingent consideration. The following table reconciles the beginning and ending balances of net derivative assets and liabilities classified as Level 3 and identifies the total gains (losses) the Company recognized during the three months ended March 31, 2018 and 2017 on such assets and liabilities that were included in the Consolidated Balance Sheet as of March 31, 2018 and 2017 (millions): March 31, 2018 March 31, 2017 Balance as of the beginning of the period $ 368 $ 161 Total gains (losses), net: Included in operating income (24 ) — Included in other income (loss), net (44 ) 54 Included in other comprehensive income (loss) — — Purchases — — Settlements — (1 ) Issuances (15 ) (1 ) Balance as of the end of the period $ 285 $ 213 Net gain (loss) for the period included in net income related to assets and liabilities still held as of the end of the period $ (68 ) $ 54 Other Financial Instruments The Company’s other financial instruments, including debt, are not required to be carried at fair value. Based on the interest rates prevailing at March 31, 2018 , the fair value of Time Warner’s public debt exceeded its carrying value by approximately $981 million and, based on interest rates prevailing at December 31, 2017 , the fair value of Time Warner’s public debt exceeded its carrying value by approximately $1.583 billion . The fair value of Time Warner’s public debt is considered a Level 2 measurement as it is based on observable market inputs such as current interest rates and, where available, actual sales transactions. Unrealized gains or losses on debt do not result in the realization or expenditure of cash and generally are not recognized in the consolidated financial statements unless the debt is retired prior to its maturity. Information as of March 31, 2018 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) $ — $ 305 Level 1 Series B convertible redeemable preferred shares $ — $ 463 Level 2 _________________________ (a) Includes 1 share of Series A convertible preferred stock. The fair values of the Company’s investments in CME’s Class A common stock (including Series A convertible preferred stock) and Series B convertible redeemable preferred shares are primarily determined by reference to the March 31, 2018 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 months ended March 31, 2018 and March 31, 2017 , the Company also performed fair value measurements related to certain theatrical films and television programs. In determining the fair value of its theatrical films, the Company employs a DCF methodology that includes cash flow estimates of a film’s ultimate revenue and costs as well as a discount rate. The discount rate utilized in the DCF analysis is based on the weighted average cost of capital of the respective business (e.g., Warner Bros.) plus a risk premium representing the risk associated with producing a particular theatrical film. The fair value of any theatrical films and television programs that management plans to abandon is zero . Because the primary determination of fair value is made using a DCF model, the resulting fair value is considered a Level 3 measurement. The following table presents certain theatrical film and television production costs, which were recorded as inventory in the Consolidated Balance Sheet, that were written down to fair value (millions): Carrying value before write down Carrying value after write down Fair value measurements made during the three months ended March 31,: 2018 $ 7 $ 4 2017 $ 51 $ 30

Inventories and Theatrical Film

Inventories and Theatrical Film and Television Production Costs	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
INVENTORIES AND THEATRICAL FILM AND TELEVISION PRODUCTION COSTS	INVENTORIES AND THEATRICAL FILM AND TELEVISION PRODUCTION COSTS Inventories and theatrical film and television production costs consist of (millions): March 31, December 31, Inventories: Programming costs, less amortization (a) $ 3,614 $ 3,859 Other inventory, primarily DVDs and Blu-ray Discs 159 186 Total inventories 3,773 4,045 Less: current portion of inventory (2,071 ) (2,401 ) Total noncurrent inventories 1,702 1,644 Theatrical film production costs: (b) Released, less amortization 729 709 Completed and not released 495 502 In production 1,074 1,219 Development and pre-production 167 152 Television production costs: (b) Released, less amortization 2,052 1,844 Completed and not released 964 835 In production 1,280 1,357 Development and pre-production 18 13 Total theatrical film and television production costs 6,779 6,631 Total noncurrent inventories and theatrical film and television production costs $ 8,481 $ 8,275 _________________________ (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 $338 million and $368 million of acquired film library intangible assets as of March 31, 2018 and December 31, 2017 , respectively, which are included in Intangible assets subject to amortization, net in the Consolidated Balance Sheet.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS’ EQUITY 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 income (loss) (millions): Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Pretax Tax Net of tax Pretax Tax Net of tax Unrealized gains (losses) on foreign currency translation $ 82 $ 8 $ 90 $ (10 ) $ (1 ) $ (11 ) Unrealized gains on benefit obligations 2 (1 ) 1 3 (1 ) 2 Reclassification adjustment for losses on benefit obligations realized in net income (a) 10 (2 ) 8 8 (3 ) 5 Unrealized losses on derivative financial instruments (57 ) 2 (55 ) (23 ) 8 (15 ) Reclassification adjustment for losses on derivative financial instruments realized in net income (b) 44 (1 ) 43 3 (1 ) 2 Other comprehensive income (loss) $ 81 $ 6 $ 87 $ (19 ) $ 2 $ (17 ) _________________________ (a) Pretax losses included in Other income (loss), net. (b) Pretax (gains) losses are included in Selling, general and administrative expenses, Costs of revenues and Other income (loss), net are as follows (millions): Three Months Ended March 31, 2018 2017 Selling, general and administrative expenses $ — $ 3 Costs of revenues 45 — Other income (loss), net (1 ) —

Revenues

Revenues	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The tables below present Revenues by segment, type and region (i.e., domestic or international) as well as Content revenues by segment and line of business for the three months ended March 31, 2018 and 2017 (millions). Management uses these categories of Revenue to evaluate the performance of its businesses and to assess its financial results and forecasts. Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Revenue by Type Turner Home Box Office Warner Bros. Total Turner Home Box Office Warner Bros. Total Subscription: Domestic $ 1,508 $ 1,300 $ — $ 2,808 $ 1,442 $ 1,202 $ — $ 2,644 International 282 129 — 411 223 100 — 323 Advertising: Domestic 1,196 — — 1,196 1,090 — — 1,090 International 130 — — 130 123 — — 123 Content: Domestic 105 37 1,631 1,773 102 28 1,909 2,039 International 55 151 1,454 1,660 42 236 1,321 1,599 Other 68 2 153 223 66 2 135 203 3,344 1,619 3,238 8,201 3,088 1,568 3,365 8,021 Intersegment eliminations (22 ) (2 ) (181 ) (205 ) (21 ) (2 ) (263 ) (286 ) Total revenues $ 3,322 $ 1,617 $ 3,057 $ 7,996 $ 3,067 $ 1,566 $ 3,102 $ 7,735 Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Content Revenues Turner Home Box Office Warner Bros. Total Turner Home Box Office Warner Bros. Total Theatrical $ — $ — $ 1,336 $ 1,336 $ — $ — $ 1,376 $ 1,376 Television 150 188 1,466 1,804 135 264 1,651 2,050 Games and other 10 — 283 293 9 — 203 212 Total content revenues $ 160 $ 188 $ 3,085 $ 3,433 $ 144 $ 264 $ 3,230 $ 3,638 The prior year information in the above tables has not been adjusted under the modified retrospective method of adoption of the new revenue recognition guidance. Performance Obligations Remaining performance obligations represent future revenues not yet recorded for firm orders that have not yet been performed. The Company’s most significant remaining performance obligations relate to the licensing of theatrical and television content which will be made available to customers at some point in the future. Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at March 31, 2018 are as follows (millions): Rest of 2018 2019 2020 Thereafter Total Subscription $ 521 $ 533 $ 381 $ 347 $ 1,782 Advertising 98 119 68 13 298 Content 3,419 1,693 799 1,649 7,560 Total $ 4,038 $ 2,345 $ 1,248 $ 2,009 $ 9,640 The above table excludes Subscription revenues associated with arrangements that include a fixed fee and have an expected contract duration of one year or less. Advertising arrangements that have an expected contract duration of one year or less are excluded from the above table. Typically, advertising arrangements include a targeted audience guarantee and revenues for any shortfall in the guaranteed audience delivery are deferred until delivery is met, typically by providing additional advertisements. Unrecognized revenues related to the audience guarantee shortfall, which are not reflected in the above table, were $110 million at March 31, 2018 , and are expected to be recognized over an approximate 24-month period. For Content revenues, including revenues associated with licensing of theatrical and television product for cable networks, broadcast networks, premium pay television services, and syndicated television and OTT exhibition, the Company has included all contracts regardless of duration. Content revenues included in the above table include estimates for product that is not yet completed. Additionally, the above table does not include estimates of variable consideration for transactions involving sales-based or usage-based royalties in exchange for licenses of intellectual property, including many subscription arrangements, certain theatrical and digital content licensing arrangements and certain filmed entertainment licensing contracts that provide for certain revenue to be earned and cash collected, based on delivery of advertising spots to targeted audience viewing the filmed content. Revenues of $502 million were recognized during the three months ended March 31, 2018 from performance obligations satisfied prior to December 31, 2017 . These revenues were predominately associated with the distribution of television and theatrical product in electronic sell-through and video-on-demand formats. Contract Assets and Deferred Revenue The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable, contract assets and deferred revenue. At March 31, 2018 and January 1, 2018, contract assets and deferred revenue are as follows (in millions): March 31, January 1, Contract asset - current (a) $ 91 $ 51 Contract asset - noncurrent (b) 61 90 Deferred revenue - current 1,002 1,023 Deferred revenue - noncurrent 468 380 _________________________ (a) Included in Prepaid expenses and other current assets in the Consolidated Balance Sheet. (b) Included in Other assets in the Consolidated Balance Sheet. Contract assets relate to the Company’s conditional right to consideration for completed performance under the contract (unbilled receivables). In the Company’s long-term content licensing agreements, billing occurs in accordance with agreed-upon contract terms and is sometimes subsequent to revenue recognition, resulting in the recognition of contract assets. Deferred revenue principally relates to customer advances received prior to performance under the contract. Deferred revenue also can result when the Company has the contractual right to invoice its customers in advance of performance. Reductions in deferred revenue are a result of the Company’s performance under the contract. Revenues of $530 million were recognized during the three months ended March 31, 2018 related to the balance of deferred revenue at January 1, 2018. Summarized Income Statement Comparison of New and Prior Revenue Recognition Guidance The following chart illustrates the amounts by which each summarized income statement line item was affected by the adoption of the new revenue guidance described in Note 1 (millions): Three Months Ended March 31, 2018 As Reported Adjustments Without Adoption of New Revenue Guidance Revenues $ 7,996 $ 46 $ 8,042 Costs of revenues (4,717 ) 14 (4,703 ) Selling, general and administrative (1,402 ) — (1,402 ) Other (66 ) — (66 ) Operating Income 1,811 60 1,871 Interest expense, net (207 ) — (207 ) Other income (loss), net (94 ) — (94 ) Income before income taxes 1,510 60 1,570 Income tax provision 132 (14 ) 118 Net income $ 1,642 $ 46 $ 1,688

Net Income Per Common Share

Net Income Per Common Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
NET INCOME PER COMMON SHARE	NET INCOME PER COMMON SHARE Set forth below is a reconciliation of Basic and Diluted net income per common share attributable to Time Warner Inc. common shareholders (millions, except per share amounts): Three Months Ended March 31, 2018 2017 Net income attributable to Time Warner Inc. shareholders $ 1,643 $ 1,424 Net income allocated to participating securities (3 ) (4 ) Net income attributable to Time Warner Inc. common shareholders — basic $ 1,640 $ 1,420 Average basic common shares outstanding 780.9 773.6 Dilutive effect of equity awards 11.1 15.7 Average diluted common shares outstanding 792.0 789.3 Antidilutive common share equivalents excluded from computation — — Net income per common share attributable to Time Warner Inc. common shareholders: Basic $ 2.10 $ 1.84 Diluted $ 2.07 $ 1.80

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2018
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 intercompany debt due to changes in the underlying foreign exchange rates. The translation of revenues and expenses denominated in the functional currency of a foreign subsidiary may result in fluctuations in the U.S. Dollar-equivalent value of such revenues and expenses as compared to prior periods. Such transactions are not eligible for qualifying hedge accounting treatment, and the Company does not economically hedge this exposure. Net gains and losses from hedging activities recognized in the Consolidated Statement of Operations were as follows (millions): Three Months Ended March 31, 2018 2017 Gains (losses) recognized in: Cost of revenues $ (63 ) $ (1 ) Selling, general and administrative (5 ) (3 ) Other income (loss), net 13 1 Amounts included in Other income (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 income (loss), net relate to hedge 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 March 31, 2018 and December 31, 2017 (millions): March 31, December 31, Prepaid expenses and other current assets $ — $ 4 Accounts payable and accrued liabilities (135 ) (50 ) ________________________ (a) Includes $113 million of qualifying hedges and $6 million of economic hedges of foreign exchange derivative contracts in asset positions and $242 million of qualifying hedges and $12 million of economic hedges of foreign exchange derivative contracts in liability positions. (b) Includes $77 million of qualifying hedges and $9 million of economic hedges of foreign exchange derivative contracts in asset positions and $132 million of qualifying hedges of foreign exchange derivative contracts in liability positions. At March 31, 2018 and December 31, 2017 , $22 million and $9 million of losses, 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 March 31, 2018 and December 31, 2017 are net gains of $1 million and net losses of $1 million , respectively, related to hedges of cash flows associated with films that are not expected to be released within the next twelve months. At March 31, 2018 , the carrying amount of the Company’s €700 million aggregate principal amount of debt due 2023 is designated as a hedge of the variability in the Company’s Euro-denominated net investments. The gain or loss on the debt that is designated as, and is effective as, an economic hedge of the net investment in a foreign operation is recorded as a currency translation adjustment within Accumulated other comprehensive loss, net in the Consolidated Balance Sheet. For the three months ended March 31, 2018 and 2017 , such amounts totaled $39 million and $13 million of losses , respectively.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION The Company did no t grant any stock options, restricted stock units (“RSUs”) or performance stock units (“PSUs”) during the three months ended March 31, 2018 . The Company granted 0.4 million RSUs during the three months ended March 31, 2017 with a weighted-average grant date fair value of $96.28 . The impact of equity-based compensation awards on Operating income is as follows (millions): Three Months Ended March 31, 2018 2017 Stock options $ 7 $ 7 RSUs and PSUs 40 50 Total impact on operating income $ 47 $ 57 Tax benefit recognized $ 11 $ 19 Total unrecognized compensation cost related to unvested Time Warner stock options as of March 31, 2018 , without taking into account expected forfeitures, is $21 million and is expected to be recognized over a weighted-average period of approximately one year. Total unrecognized compensation cost related to unvested RSUs and PSUs as of March 31, 2018 , without taking into account expected forfeitures, is $419 million and is expected to be recognized over a weighted-average period between one and two years.

Benefit Plans

Benefit Plans	3 Months Ended
	Mar. 31, 2018
Retirement Benefits [Abstract]
BENEFIT PLANS	BENEFIT PLANS Components of Net Periodic Benefit Costs A summary of the components of the net periodic benefit costs from continuing operations recognized for substantially all of Time Warner’s defined benefit pension plans for the three months ended March 31, 2018 and 2017 is as follows (millions): Three Months Ended March 31, 2018 2017 Service cost $ 1 $ 1 Interest cost 15 16 Expected return on plan assets (16 ) (15 ) Amortization of net loss 4 3 Net periodic benefit costs (a) $ 4 $ 5 Contributions $ 6 $ 10 _________________________ (a) Excludes net periodic benefit costs related to discontinued operations of $1 million and $3 million for the three months ended March 31, 2018 and 2017 , respectively, primarily related to employees and former employees of Time Inc. These amounts have been reflected in Other income (loss), net in the Consolidated Statement of Operations.

Restructuring and Severance Cos

Restructuring and Severance Costs	3 Months Ended
	Mar. 31, 2018
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND SEVERANCE COSTS	RESTRUCTURING AND SEVERANCE COSTS The Company’s Restructuring and severance costs primarily related to employee termination costs, ranging from senior executives to line personnel, and other exit costs, including lease terminations and real estate consolidations. Restructuring and severance costs expensed as incurred for the three months ended March 31, 2018 and 2017 are as follows (millions): Three Months Ended March 31, 2018 2017 Turner $ (2 ) $ 2 Home Box Office 13 2 Warner Bros. (12 ) 9 Corporate 1 (1 ) Total restructuring and severance costs $ — $ 12 Three Months Ended March 31, 2018 2017 2018 initiatives $ 19 $ — 2017 and prior initiatives (19 ) 12 Total restructuring and severance costs $ — $ 12 Selected information relating to accrued restructuring and severance costs is as follows (millions): Employee Terminations Other Exit Costs Total Remaining liability as of December 31, 2017 $ 194 $ 3 $ 197 Cash paid (33 ) — (33 ) Remaining liability as of March 31, 2018 $ 161 $ 3 $ 164 As of March 31, 2018 , of the remaining $164 million liability, $113 million was classified as a current liability in the Consolidated Balance Sheet, with the remaining $51 million classified as a long-term liability. Amounts classified as long-term are expected to be paid through 2021.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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 $920 million . To date, no payments have been made by the Company pursuant to the Six Flags Guarantee. Six Flags Entertainment Corporation (formerly known as Six Flags, Inc. and Premier Parks Inc.) (“Six Flags”), which has the controlling interest in the Parks, has agreed, pursuant to a subordinated indemnity agreement (the “Subordinated Indemnity Agreement”), to guarantee the performance of the Guaranteed Obligations when due and to indemnify Historic TW, among others, if the Six Flags Guarantee is called upon. If Six Flags defaults in its indemnification obligations, Historic TW has the right to acquire control of the managing partner of the Parks. Six Flags’ obligations to Historic TW are further secured by its interest in all limited partnership units held by Six Flags. Because the Six Flags Guarantee existed prior to December 31, 2002 and no modifications to the arrangements have been made since the date the guarantee came into existence, the Company is required to continue to account for the Guaranteed Obligations as a contingent liability. Based on its evaluation of the current facts and circumstances surrounding the Guaranteed Obligations and the Subordinated Indemnity Agreement, the Company is unable to predict the loss, if any, that may be incurred under the Guaranteed Obligations, and no liability for the arrangements has been recognized at March 31, 2018 . 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 November 20, 2017, the U.S. Department of Justice (the “DOJ”) filed a lawsuit in the United States District Court for the District of Columbia (the “Court”) against the Company and AT&T Inc. to enjoin the companies’ merger under a federal antitrust statute. The trial began the week of March 19, 2018 and the parties’ presentation of their cases is expected to conclude in early May 2018. The Company believes its case is strong under the law and that the Court, after hearing the evidence presented by both sides and considering the law, will reject the DOJ’s challenge. However, there can be no assurance that the Company and AT&T will prevail in the action. 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, D.C. 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. Following the NLRB’s decision on motions 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. During 2017, the U.S. Court of Appeals for the D.C. Circuit granted CNN America’s appeal in part and denied it in part and remanded the case to the NLRB for further proceedings. The Company establishes an accrued liability for legal claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. The Company has estimated a range of possible loss for legal claims for which the Company has determined a loss is probable or reasonably possible, including the matter disclosed above. The Company believes the estimate of the aggregate range of possible loss for such matters in excess of accrued liabilities is between $0 and $100 million at March 31, 2018 . The estimated aggregate range of possible loss is subject to significant judgment and a variety of assumptions. The matters represented in the estimated aggregate range of possible loss will change from time to time and actual results may vary significantly from the current estimate. In view of the inherent difficulty of predicting the outcome of litigation and claims, the Company often cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each pending matter may be. An adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. Income Tax Uncertainties During the three months ended March 31, 2018 , the Company recorded net decreases to income tax reserves of approximately $415 million . Net decreases to income tax reserves of approximately $150 million impacted the Company’s effective tax rate. During the three months ended March 31, 2018 , the Company recorded net decreases to interest reserves related to the income tax reserves of approximately $135 million . During the first quarter of 2018, the Company reached a settlement with the Internal Revenue Service Appeals Office with regard to its review of certain open matters included in the Company’s 2005-2007 tax returns. These matters involved the Company’s historical capital losses and research and development tax credits. The Company recognized a tax benefit of $266 million as a result of the settlement, including related interest accruals. 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 $240 million , which would decrease the Company’s effective tax rate.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
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 LLC 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 due from related parties were $796 million and $617 million at March 31, 2018 and December 31, 2017 , respectively. Amounts due to related parties were immaterial at March 31, 2018 and December 31, 2017 . Amounts included in the Consolidated Statement of Operations resulting from transactions with related parties consist of (millions): Three Months Ended March 31, 2018 2017 Revenues $ 347 $ 237 Expenses (1 ) (1 ) Interest income 14 23 Other income 2 2

Additional Financial Informatio

Additional Financial Information	3 Months Ended
	Mar. 31, 2018
Additional Financial Information [Abstract]
ADDITIONAL FINANCIAL INFORMATION	ADDITIONAL FINANCIAL INFORMATION Information as to the Operating Income (Loss) and Assets of Time Warner’s reportable segments is set forth below (millions): Three Months Ended March 31, 2018 2017 Operating Income (Loss) Turner $ 1,092 $ 1,170 Home Box Office 516 585 Warner Bros. 322 490 Corporate (133 ) (114 ) Intersegment eliminations 14 (51 ) Total operating income $ 1,811 $ 2,080 March 31, December 31, Assets Turner $ 27,313 $ 27,111 Home Box Office 14,914 14,777 Warner Bros. 22,320 22,193 Corporate 4,450 5,128 Total assets $ 68,997 $ 69,209 Additional financial information with respect to cash payments and receipts, Interest expense, net, Other income (loss), net, Accounts payable and accrued liabilities and Other noncurrent liabilities is as follows (millions): Three Months Ended March 31, 2018 2017 Cash Flows Cash payments made for interest $ (277 ) $ (313 ) Interest income received 10 10 Cash interest payments, net $ (267 ) $ (303 ) Cash payments made for income taxes $ (74 ) $ (122 ) Income tax refunds received 302 4 Cash tax refunds (payments), net $ 228 $ (118 ) Three Months Ended March 31, 2018 2017 Interest Expense, Net Interest income $ 48 $ 49 Interest expense (255 ) (308 ) Total interest expense, net $ (207 ) $ (259 ) Three Months Ended March 31, 2018 2017 Other Income (Loss), Net Investment gains (losses), net $ (47 ) $ 159 Loss on equity method investees (20 ) (76 ) Other (27 ) (11 ) Total other income (loss), net $ (94 ) $ 72 March 31, December 31, Accounts Payable and Accrued Liabilities Accounts payable $ 425 $ 777 Other accrued expenses 1,992 1,778 Participations payable 2,698 2,737 Programming costs payable 762 728 Accrued compensation 828 1,192 Accrued interest 209 251 Accrued dividends 320 319 Accrued income taxes 194 134 Accrued sales incentives and allowances 593 — Total accounts payable and accrued liabilities $ 8,021 $ 7,916 March 31, 2018 December 31, Other Noncurrent Liabilities Noncurrent tax and interest reserves $ 1,155 $ 1,703 Participations payable 1,634 1,748 Programming costs payable 701 728 Noncurrent pension and post-retirement liabilities 1,046 1,058 Deferred compensation 558 548 Other noncurrent liabilities 505 590 Total other noncurrent liabilities $ 5,599 $ 6,375 Accounting for Collaborative Arrangements The Company’s collaborative arrangements primarily relate to arrangements entered into with third parties to jointly finance and distribute certain theatrical and television 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 certain theatrical and television productions, net participation costs of $91 million and $93 million were recorded in Costs of revenues for the three months ended March 31, 2018 and 2017 , respectively. The arrangement among Turner, CBS and the NCAA provides Turner and CBS with rights to the NCAA Division I Men’s Basketball Championship Tournament (the “NCAA Tournament”) in the United States and its territories and possessions through 2032. The aggregate rights fee, production costs, advertising revenues and sponsorship revenues related to the NCAA Tournament and related programming are shared by Turner and CBS. However, if the amount paid for the rights fee and production costs, in any given year, exceeds advertising and sponsorship revenues for that year, CBS’ share of such shortfall is limited to specified annual amounts, ranging from approximately $30 million to $45 million .

Supplementary Information - Con

Supplementary Information - Condensed Consolidating Financial Statements	3 Months Ended
	Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
SUPPLEMENTARY INFORMATION - CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	Overview Set forth below are condensed consolidating financial statements presenting the financial position, results of operations and cash flows of (i) Time Warner Inc. (the “Parent Company”), (ii) Historic TW Inc. (in its own capacity and as successor by merger to Time Warner Companies, Inc.), Home Box Office, Inc., and Turner Broadcasting System, Inc., each a wholly owned subsidiary of the Parent Company (collectively, the “Guarantor Subsidiaries”), on a combined basis, (iii) the direct and indirect non-guarantor subsidiaries of the Parent Company (the “Non-Guarantor Subsidiaries”), on a combined basis, and (iv) the eliminations necessary to arrive at the information for Time Warner Inc. on a consolidated basis. The Guarantor Subsidiaries fully and unconditionally, jointly and severally guarantee securities issued under certain of the Company’s indentures on an unsecured basis. There are no legal or regulatory restrictions on the Parent Company’s ability to obtain funds from any of its wholly owned subsidiaries through dividends, loans or advances. Basis of Presentation In presenting the condensed consolidating financial statements, the equity method of accounting has been applied to (i) the Parent Company’s interests in the Guarantor Subsidiaries and (ii) the Guarantor Subsidiaries’ interests in the Non-Guarantor Subsidiaries, where applicable, even though all such subsidiaries meet the requirements to be consolidated under U.S. generally accepted accounting principles. All intercompany balances and transactions between the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries have been eliminated, as shown in the column “Eliminations.” The Parent Company’s accounting bases in all subsidiaries, including goodwill and identified intangible assets, have been “pushed down” to the applicable subsidiaries. Corporate overhead expenses have been reflected as expenses of the Parent Company and have not been allocated to the Guarantor Subsidiaries or the Non-Guarantor Subsidiaries. Interest income (expense) is determined based on outstanding debt and the relevant intercompany amounts at the respective subsidiary. All direct and indirect domestic subsidiaries are included in Time Warner Inc.’s consolidated U.S. tax return. In the condensed consolidating financial statements, tax provision has been allocated based on each such subsidiary’s relative pretax income to the consolidated pretax income. With respect to the use of certain consolidated tax attributes (principally operating and capital loss carryforwards), such benefits have been allocated to the respective subsidiary that generated the taxable income permitting such use (i.e., pro-rata based on where the income was generated). For example, to the extent a Non-Guarantor Subsidiary generated a gain on the sale of a business for which the Parent Company utilized tax attributes to offset such gain, the tax attribute benefit would be allocated to that Non-Guarantor Subsidiary. Deferred taxes of the Parent Company, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries have been determined based on the temporary differences between the book and tax basis of the respective assets and liabilities of the applicable entities. Certain transfers of cash between subsidiaries and their parent companies and intercompany dividends are reflected as cash flows from investing and financing activities in the accompanying Condensed Consolidating Statements of Cash Flows. All other intercompany activity is reflected in cash flows from operations. Management believes that the allocations and adjustments noted above are reasonable. However, such allocations and adjustments may not be indicative of the actual amounts that would have been incurred had the Parent Company, Guarantor Subsidiaries and Non-Guarantor Subsidiaries operated independently. Consolidating Balance Sheet March 31, 2018 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated ASSETS Current assets Cash and equivalents $ 208 $ 163 $ 1,320 $ — $ 1,691 Receivables, net 170 1,336 8,807 (34 ) 10,279 Inventories — 539 1,577 (45 ) 2,071 Prepaid expenses and other current assets 574 69 454 — 1,097 Total current assets 952 2,107 12,158 (79 ) 15,138 Noncurrent inventories and theatrical film and television production costs — 1,985 6,562 (66 ) 8,481 Investments in amounts due to and from consolidated subsidiaries 52,876 11,201 13,289 (77,366 ) — Investments, including available-for-sale securities 307 474 3,205 (6 ) 3,980 Property, plant and equipment, net 44 456 2,253 — 2,753 Intangible assets subject to amortization, net — — 543 — 543 Intangible assets not subject to amortization — 2,007 5,000 — 7,007 Goodwill — 9,880 17,920 — 27,800 Other assets 570 402 2,552 (229 ) 3,295 Total assets $ 54,749 $ 28,512 $ 63,482 $ (77,746 ) $ 68,997 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities $ 1,020 $ 759 $ 6,313 $ (71 ) $ 8,021 Deferred revenue — 80 970 (48 ) 1,002 Debt due within one year 3,305 612 5 — 3,922 Total current liabilities 4,325 1,451 7,288 (119 ) 12,945 Long-term debt 17,142 1,182 7 — 18,331 Deferred income taxes 1,812 1,769 1,296 (3,065 ) 1,812 Deferred revenue — 122 346 — 468 Other noncurrent liabilities 1,665 2,026 3,387 (1,479 ) 5,599 Redeemable noncontrolling interest — — 36 — 36 Equity Due to (from) Time Warner Inc. and subsidiaries — (1,032 ) 26,354 (25,322 ) — Other shareholders’ equity 29,805 22,994 24,767 (47,761 ) 29,805 Total Time Warner Inc. shareholders’ equity 29,805 21,962 51,121 (73,083 ) 29,805 Noncontrolling interest — — 1 — 1 Total equity 29,805 21,962 51,122 (73,083 ) 29,806 Total liabilities and equity $ 54,749 $ 28,512 $ 63,482 $ (77,746 ) $ 68,997 Consolidating Balance Sheet December 31, 2017 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated ASSETS Current assets Cash and equivalents $ 798 $ 243 $ 1,580 $ — $ 2,621 Receivables, net 463 1,208 7,762 (32 ) 9,401 Inventories — 581 1,860 (40 ) 2,401 Prepaid expenses and other current assets 286 78 432 — 796 Total current assets 1,547 2,110 11,634 (72 ) 15,219 Noncurrent inventories and theatrical film and television production costs — 1,924 6,423 (72 ) 8,275 Investments in amounts due to and from consolidated subsidiaries 52,541 10,872 13,330 (76,743 ) — Investments, including available-for-sale securities 307 474 3,148 (5 ) 3,924 Property, plant and equipment, net 46 460 2,201 — 2,707 Intangible assets subject to amortization, net — — 585 — 585 Intangible assets not subject to amortization — 2,007 4,999 — 7,006 Goodwill — 9,880 17,896 — 27,776 Other assets 604 496 2,841 (224 ) 3,717 Total assets $ 55,045 $ 28,223 $ 63,057 $ (77,116 ) $ 69,209 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued liabilities $ 947 $ 1,069 $ 5,957 $ (57 ) $ 7,916 Deferred revenue — 117 644 (50 ) 711 Debt due within one year 4,837 611 2 — 5,450 Total current liabilities 5,784 1,797 6,603 (107 ) 14,077 Long-term debt 17,101 1,185 8 — 18,294 Deferred income taxes 1,584 1,650 1,226 (2,876 ) 1,584 Deferred revenue — 27 441 — 468 Other noncurrent liabilities 2,201 2,019 3,558 (1,403 ) 6,375 Redeemable noncontrolling interest — — 35 — 35 Equity Due to (from) Time Warner Inc. and subsidiaries — (1,551 ) 27,891 (26,340 ) — Other shareholders’ equity 28,375 23,096 23,294 (46,390 ) 28,375 Total Time Warner Inc. shareholders’ equity 28,375 21,545 51,185 (72,730 ) 28,375 Noncontrolling interest — — 1 — 1 Total equity 28,375 21,545 51,186 (72,730 ) 28,376 Total liabilities and equity $ 55,045 $ 28,223 $ 63,057 $ (77,116 ) $ 69,209 Consolidating Statement of Operations For The Three Months Ended March 31, 2018 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 2,117 $ 6,164 $ (285 ) $ 7,996 Costs of revenues — (1,107 ) (3,869 ) 259 (4,717 ) Selling, general and administrative (134 ) (331 ) (964 ) 27 (1,402 ) Amortization of intangible assets — — (43 ) — (43 ) Restructuring and severance costs (1 ) (11 ) 12 — — Gain (loss) on operating assets, net — — (23 ) — (23 ) Operating income (135 ) 668 1,277 1 1,811 Equity in pretax income (loss) of consolidated subsidiaries 1,860 1,273 474 (3,607 ) — Interest expense, net (204 ) (35 ) 30 2 (207 ) Other income (loss), net (11 ) (1 ) (80 ) (2 ) (94 ) Income before income taxes 1,510 1,905 1,701 (3,606 ) 1,510 Income tax benefit (provision) 132 (225 ) (236 ) 461 132 Net income 1,642 1,680 1,465 (3,145 ) 1,642 Less Net loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Net income attributable to Time Warner Inc. shareholders $ 1,643 $ 1,681 $ 1,466 $ (3,147 ) $ 1,643 Comprehensive income $ 1,729 $ 1,786 $ 1,576 $ (3,362 ) $ 1,729 Less Comprehensive loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Comprehensive income attributable to Time Warner Inc. shareholders $ 1,730 $ 1,787 $ 1,577 $ (3,364 ) $ 1,730 Consolidating Statement of Operations For The Three Months Ended March 31, 2017 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated Revenues $ — $ 2,020 $ 5,936 $ (221 ) $ 7,735 Costs of revenues — (922 ) (3,601 ) 191 (4,332 ) Selling, general and administrative (105 ) (310 ) (884 ) 27 (1,272 ) Amortization of intangible assets — — (45 ) — (45 ) Restructuring and severance costs — (2 ) (10 ) — (12 ) Asset impairments — — (1 ) — (1 ) Gain (loss) on operating assets, net — — 7 — 7 Operating income (105 ) 786 1,402 (3 ) 2,080 Equity in pretax income (loss) of consolidated subsidiaries 2,203 1,453 557 (4,213 ) — Interest expense, net (208 ) (68 ) 16 1 (259 ) Other income (loss), net 3 (2 ) 70 1 72 Income before income taxes 1,893 2,169 2,045 (4,214 ) 1,893 Income tax benefit (provision) (470 ) (613 ) (588 ) 1,201 (470 ) Net income 1,423 1,556 1,457 (3,013 ) 1,423 Less Net loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Net income attributable to Time Warner Inc. shareholders $ 1,424 $ 1,557 $ 1,458 $ (3,015 ) $ 1,424 Comprehensive income $ 1,406 $ 1,562 $ 1,446 $ (3,008 ) $ 1,406 Less Comprehensive loss attributable to noncontrolling interests 1 1 1 (2 ) 1 Comprehensive income attributable to Time Warner Inc. shareholders $ 1,407 $ 1,563 $ 1,447 $ (3,010 ) $ 1,407 Consolidating Statement of Cash Flows For The Three Months Ended March 31, 2018 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated OPERATIONS Net income $ 1,642 $ 1,680 $ 1,465 $ (3,145 ) $ 1,642 Adjustments for noncash and nonoperating items: Depreciation and amortization 2 33 136 — 171 Amortization of film and television costs — 841 1,657 (8 ) 2,490 (Gain) loss on investments and other assets, net 11 — 35 — 46 Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions (1,860 ) (1,273 ) (474 ) 3,607 — Equity in losses of investee companies, net of cash distributions (15 ) — 52 1 38 Equity-based compensation 12 19 16 — 47 Deferred income taxes 279 158 92 (250 ) 279 Changes in operating assets and liabilities, net of acquisitions (241 ) (1,275 ) (1,680 ) (196 ) (3,392 ) Intercompany — 1,114 (1,114 ) — — Cash provided by operations from continuing operations (170 ) 1,297 185 9 1,321 Cash used by operations from discontinued operations — — (5 ) — (5 ) Cash provided by operations (170 ) 1,297 180 9 1,316 INVESTING ACTIVITIES Investments and acquisitions, net of cash acquired (6 ) (1 ) (158 ) — (165 ) Capital expenditures — (22 ) (125 ) — (147 ) Advances to (from) parent and consolidated subsidiaries 1,362 (173 ) — (1,189 ) — Other investment proceeds 5 — (1 ) — 4 Cash used by investing activities 1,361 (196 ) (284 ) (1,189 ) (308 ) FINANCING ACTIVITIES Borrowings — — 4 — 4 Debt repayments (1,535 ) — — — (1,535 ) Proceeds from exercise of stock options 20 — — — 20 Principal payments on capital leases — (3 ) (8 ) — (11 ) Dividends paid (317 ) — — — (317 ) Other financing activities 51 (27 ) (124 ) 1 (99 ) Change in due to/from parent and investment in segment — (1,151 ) (28 ) 1,179 — Cash used by financing activities (1,781 ) (1,181 ) (156 ) 1,180 (1,938 ) DECREASE IN CASH AND EQUIVALENTS (590 ) (80 ) (260 ) — (930 ) CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 798 243 1,580 — 2,621 CASH AND EQUIVALENTS AT END OF PERIOD $ 208 $ 163 $ 1,320 $ — $ 1,691 Consolidating Statement of Cash Flows For The Three Months Ended March 31, 2017 (Unaudited; millions) Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Time Warner Consolidated OPERATIONS Net income $ 1,423 $ 1,556 $ 1,457 $ (3,013 ) $ 1,423 Adjustments for noncash and nonoperating items: Depreciation and amortization 3 27 135 — 165 Amortization of film and television costs — 735 1,480 (12 ) 2,203 Asset impairments — — 1 — 1 (Gain) loss on investments and other assets, net (22 ) 5 (149 ) — (166 ) Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions (2,203 ) (1,453 ) (557 ) 4,213 — Equity in losses of investee companies, net of cash distributions 6 — 87 — 93 Equity-based compensation 11 23 23 — 57 Deferred income taxes (44 ) (127 ) (95 ) 222 (44 ) Changes in operating assets and liabilities, net of acquisitions 342 (12 ) (1,181 ) (1,415 ) (2,266 ) Intercompany — 605 (605 ) — — Cash provided by operations from continuing operations (484 ) 1,359 596 (5 ) 1,466 Cash used by operations from discontinued operations — — (5 ) — (5 ) Cash provided by operations (484 ) 1,359 591 (5 ) 1,461 INVESTING ACTIVITIES Investments and acquisitions, net of cash acquired (21 ) (9 ) (138 ) — (168 ) Capital expenditures — (32 ) (66 ) — (98 ) Advances to (from) parent and consolidated subsidiaries 1,543 429 1 (1,973 ) — Other investment proceeds 20 — 220 — 240 Cash used by investing activities 1,542 388 17 (1,973 ) (26 ) FINANCING ACTIVITIES Debt repayments (1,144 ) — — — (1,144 ) Proceeds from exercise of stock options 56 — — — 56 Principal payments on capital leases — (3 ) — — (3 ) Dividends paid (316 ) — — — (316 ) Other financing activities 29 (16 ) (131 ) 1 (117 ) Change in due to/from parent and investment in segment — (1,721 ) (256 ) 1,977 — Cash used by financing activities (1,375 ) (1,740 ) (387 ) 1,978 (1,524 ) DECREASE IN CASH AND EQUIVALENTS (317 ) 7 221 — (89 ) CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 617 91 831 — 1,539 CASH AND EQUIVALENTS AT END OF PERIOD $ 300 $ 98 $ 1,052 $ — $ 1,450

Description of Business and B25

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
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 game 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 2018 Revenue Recognition On January 1, 2018, the Company adopted, on a modified retrospective basis, accounting guidance that establishes a new revenue recognition framework in GAAP for all companies and industries. The core principle of the new revenue framework 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 revenue framework includes a five-step model to determine the timing and amount of revenue to recognize related to contracts with customers. In addition, this revenue framework requires new or expanded disclosures related to the amounts of revenue recognized and judgments made by companies when following this framework. The adoption of the new accounting guidance did not result in significant changes in the way the Company records subscription revenue, advertising revenue and a significant portion of its content revenue. While guidance pertaining to the evaluation of whether revenue should be presented on a gross or net basis was changed in connection with the new revenue framework, the application of such change did not significantly impact the presentation of revenues in the consolidated financial statements. In addition, changes to the accounting guidance for costs incurred to obtain a contract did not significantly impact the consolidated financial statements. However, there are several areas where the Company’s revenue recognition did change under the new guidance: i. Renewals of Licenses of Intellectual Property - Under the prior guidance, when the term of an existing license agreement was extended, without any other changes to the provisions of the license, revenue for the renewal period was recognized on the date the renewal was agreed to contractually. Under the new guidance, revenue for the renewed license term cannot be recognized until the date the renewal term begins. This change results in delayed revenue recognition as compared with prior revenue recognition guidance. This change primarily impacts the Warner Bros. segment, but it also, to a lesser degree, impacts the Home Box Office and Turner segments. ii. License of Content Library - Under the prior guidance, when a company licensed a completed library of content and agreed to refresh the library with new content as it became available, and the licensee was not entitled to a refund if no further library titles are delivered, revenue was recognized once access to the library was granted to the licensee. Pursuant to the new guidance, because there was an implicit obligation for the Company to refresh the library with additional content in the future, the Company estimates the additional content it will deliver in the future and allocates a portion of the transaction price to that content. As compared with the prior guidance, this results in a deferral of a portion of the transaction price until delivery of future library content. This change primarily impacts the Home Box Office segment. iii. Licenses of Symbolic Intellectual Property - Certain intellectual property, such as brands, tradenames and logos, is categorized in the new guidance as “symbolic” intellectual property. An assumption inherent in the new guidance is that a licensee’s ability to derive benefit from a license of symbolic intellectual property depends on the licensor continuing to support or maintain the intellectual property throughout the license term. Accordingly, under the new guidance, revenue from licenses of symbolic intellectual property is recognized over the corresponding license term. In certain arrangements where the Company had no remaining performance obligations, under the prior guidance, revenue from licenses of symbolic intellectual property was recognized at the inception of the license term. Therefore, the new guidance results in a deferral of revenue recognition as compared to prior guidance. This change primarily impacts the Warner Bros. segment. iv. Minimum Fees in Multi-Year Affiliate Distribution Arrangements - In several international affiliate arrangements, and more recently in certain multi-year virtual multichannel video programming distributor (“virtual MVPD”) arrangements, the Company is paid an annual minimum guarantee that can vary from year to year. Under the prior guidance, the Company generally recognized the annual minimum guarantee fee ratably within each discrete annual period. In accordance with the new guidance, the Company is required to recognize the cumulative minimum guaranteed fees ratably over the contract term as it continuously delivers the content. Depending on how the minimum guaranteed fees vary in each contract year, this could result in an acceleration of revenue into earlier contractual years or a deferral of revenue into later contractual years as compared with the prior guidance. This change primarily impacts the Home Box Office and Turner segments. In some cases, the changed aspects of the accounting for transactions noted above in items (i)-(iv) necessitated making new judgments pertaining to the allocation of the transaction price to performance obligations and to the timing of satisfaction of certain performance obligations. However, there were no changes in significant judgments that affect the determination of the amount and timing of revenue resulting from the adoption of the new guidance. In addition, while the adoption of the new guidance necessitated a change to certain of the Company’s internal controls over financial reporting, such changes were not significant. In connection with adopting the new guidance on a modified retrospective basis, the Company recorded a transition adjustment for all open contracts existing as of January 1, 2018 of $164 million as a reduction to the opening balance of Retained Earnings related principally to the areas noted above. Such adjustment is presented in the Consolidated Statement of Equity as the Cumulative Effect of a Change in Accounting Principle, Revenue Recognition. Also, under the new guidance, the Company presents sales returns and certain sales incentives, such as price protection reserves, as liabilities instead of as contra-asset allowances within Receivables. On January 1, 2018, the liabilities for such sales returns and incentives were $726 million . For more information, see Note 15. Changes to the opening balances of current assets, total assets, current liabilities and total liabilities resulting from the adoption of the new guidance were as follows (millions): December 31, 2017 Impact of Adoption January 1, 2018 Current assets $ 15,219 $ 828 $ 16,047 Total assets 69,209 632 69,841 Current liabilities 14,077 974 15,051 Total liabilities 40,833 796 41,629 Modification of Share-Based Payments On January 1, 2018, the Company adopted, on a prospective basis, new accounting guidance that clarifies when changes to the terms and conditions of share-based awards must be accounted for as modifications. The guidance does not change the accounting treatment for modifications. The guidance did not have a material impact on the Company’s consolidated financial statements. Net Periodic Benefit Costs On January 1, 2018, the Company adopted, on a retrospective basis, new accounting guidance that requires that an employer disaggregate the service cost component from the other components of net periodic benefit costs relating to defined benefit pension and other postretirement benefit plans. While the service cost component of net periodic benefit costs continues to be presented as an operating expense, the other components are presented outside of operating income in the Consolidated Statement of Operations. The adoption of this guidance resulted in increases in Operating income of $4 million , $5 million , $5 million and $4 million , for the three months ended March 31, 2017, June 30, 2017, September 30, 2017, and December 31, 2017, respectively. The increases in Operating income were offset by higher expenses of equal amounts included in Other income (loss), net in each of these three-month periods. Definition of a Business On January 1, 2018, the Company adopted, on a prospective basis, new accounting guidance that changes the definition of a business for accounting purposes. Under the new guidance, an entity first determines whether substantially all of the fair value of a set of assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set of assets is not deemed to be a business. If the threshold is not met, the entity then evaluates whether the set of assets meets the requirement to be deemed a business, which at a minimum, requires there to be an input and a substantive process that together significantly contribute to the ability to create outputs. The guidance did not have a material impact on the Company’s consolidated financial statements. Restricted Cash On January 1, 2018, the Company adopted, on a retrospective basis, new accounting guidance that requires that a statement of cash flows present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total cash amounts shown on the statement of cash flows. The guidance did not have a material impact on the Company’s consolidated financial statements. Intra-Entity Transfers of Assets Other than Inventory On January 1, 2018, the Company adopted, on a modified retrospective basis, new accounting guidance that requires entities to recognize the income tax consequences of an intercompany transfer of an asset other than inventory when the transfer occurs, rather than deferring the income tax consequences of the intercompany transfer of assets until the asset has been sold to a third party. The guidance did not have a material impact on the Company’s consolidated financial statements. Classification of Certain Cash Receipts and Cash Payments On January 1, 2018, the Company adopted, on a retrospective basis, new accounting guidance 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 did not have a material impact on the Company’s consolidated financial statements. Recognition and Measurement of Financial Assets and Liabilities On January 1, 2018, the Company adopted, on a prospective basis, new accounting guidance 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 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, equity securities). Adoption of the guidance resulted in a cumulative effect adjustment of $3 million related to deferred gains as of December 31, 2017 for equity securities with readily determinable fair values from Accumulated other comprehensive loss, net to Accumulated deficit on the Consolidated Balance Sheet. Accounting Guidance Not Yet Adopted Derivatives and Hedging In August 2017, guidance was issued related to hedge accounting. The guidance principally: (i) expands hedge accounting for both financial and non-financial risk components, (ii) eliminates the separate measurement and presentation of hedge ineffectiveness, (iii) changes the presentation of hedge results to require that changes in the value of hedging instruments be presented in the same income statement line item as the earnings effect of the hedged item, and (iv) simplifies the method to assess hedge effectiveness. This guidance will become effective for all existing hedge relationships on January 1, 2019. The Company is evaluating the impact this guidance will have on its consolidated financial statements. Simplifying the Accounting for Goodwill Impairment In January 2017, guidance was issued to simplify the accounting for goodwill impairment. The guidance removes the second step of the goodwill impairment test, which requires that a hypothetical purchase price allocation be performed to determine the amount of impairment, if any. Under the new guidance, a goodwill impairment charge will be based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance will become effective on a prospective basis for the Company on January 1, 2020 and is not expected to have a material impact 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 the 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. The 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 still evaluating the impact of the new guidance on its consolidated financial statements. Because the Company is a party to approximately 2,000 operating leases with future minimum rental commitments at December 31, 2017 of $1.128 billion , it expects that the impact of recognizing lease assets and liabilities for these operating leases will be significant to the Consolidated Balance Sheet.
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.

Description of Business and B26

Description of Business and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Changes to the opening balances of current assets, total assets, current liabilities and total liabilities resulting from the adoption of the new guidance were as follows (millions): December 31, 2017 Impact of Adoption January 1, 2018 Current assets $ 15,219 $ 828 $ 16,047 Total assets 69,209 632 69,841 Current liabilities 14,077 974 15,051 Total liabilities 40,833 796 41,629 The following chart illustrates the amounts by which each summarized income statement line item was affected by the adoption of the new revenue guidance described in Note 1 (millions): Three Months Ended March 31, 2018 As Reported Adjustments Without Adoption of New Revenue Guidance Revenues $ 7,996 $ 46 $ 8,042 Costs of revenues (4,717 ) 14 (4,703 ) Selling, general and administrative (1,402 ) — (1,402 ) Other (66 ) — (66 ) Operating Income 1,811 60 1,871 Interest expense, net (207 ) — (207 ) Other income (loss), net (94 ) — (94 ) Income before income taxes 1,510 60 1,570 Income tax provision 132 (14 ) 118 Net income $ 1,642 $ 46 $ 1,688

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurement Inputs	The following table presents information about assets and liabilities required to be carried at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 , respectively (millions): March 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Equity securities: Diversified equity securities (a) $ 168 $ — $ — $ 168 $ 168 $ — $ — $ 168 Other 14 — — 14 18 — — 18 Available-for-sale debt securities — 31 — 31 — 31 — 31 Derivatives: Foreign exchange contracts — — — — — 4 — 4 Other — — 325 325 — — 369 369 Liabilities: Derivatives: Foreign exchange contracts — (135 ) — (135 ) — (50 ) — (50 ) Other — — (40 ) (40 ) — — (1 ) (1 ) Total $ 182 $ (104 ) $ 285 $ 363 $ 186 $ (15 ) $ 368 $ 539 _________________________ (a) Consists of investments related to deferred compensation.
Level 3 Asset and Liability Reconciliation	The following table reconciles the beginning and ending balances of net derivative assets and liabilities classified as Level 3 and identifies the total gains (losses) the Company recognized during the three months ended March 31, 2018 and 2017 on such assets and liabilities that were included in the Consolidated Balance Sheet as of March 31, 2018 and 2017 (millions): March 31, 2018 March 31, 2017 Balance as of the beginning of the period $ 368 $ 161 Total gains (losses), net: Included in operating income (24 ) — Included in other income (loss), net (44 ) 54 Included in other comprehensive income (loss) — — Purchases — — Settlements — (1 ) Issuances (15 ) (1 ) Balance as of the end of the period $ 285 $ 213 Net gain (loss) for the period included in net income related to assets and liabilities still held as of the end of the period $ (68 ) $ 54
Carrying Value Fair Value, by investment	Information as of March 31, 2018 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) $ — $ 305 Level 1 Series B convertible redeemable preferred shares $ — $ 463 Level 2 _________________________ (a) Includes 1 share of Series A convertible preferred stock.
Fair Value Measurements, Nonrecurring	The following table presents certain theatrical film and television production costs, which were recorded as inventory in the Consolidated Balance Sheet, that were written down to fair value (millions): Carrying value before write down Carrying value after write down Fair value measurements made during the three months ended March 31,: 2018 $ 7 $ 4 2017 $ 51 $ 30

Inventories and Theatrical Fi28

Inventories and Theatrical Film and Television Production Costs (Tables)	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Inventories and Theatrical Film and Television Production Costs	Inventories and theatrical film and television production costs consist of (millions): March 31, December 31, Inventories: Programming costs, less amortization (a) $ 3,614 $ 3,859 Other inventory, primarily DVDs and Blu-ray Discs 159 186 Total inventories 3,773 4,045 Less: current portion of inventory (2,071 ) (2,401 ) Total noncurrent inventories 1,702 1,644 Theatrical film production costs: (b) Released, less amortization 729 709 Completed and not released 495 502 In production 1,074 1,219 Development and pre-production 167 152 Television production costs: (b) Released, less amortization 2,052 1,844 Completed and not released 964 835 In production 1,280 1,357 Development and pre-production 18 13 Total theatrical film and television production costs 6,779 6,631 Total noncurrent inventories and theatrical film and television production costs $ 8,481 $ 8,275 _________________________ (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 $338 million and $368 million of acquired film library intangible assets as of March 31, 2018 and December 31, 2017 , respectively, which are included in Intangible assets subject to amortization, net in the Consolidated Balance Sheet.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of Comprehensive Income (Loss)	The following summary sets forth the activity within Other comprehensive income (loss) (millions): Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Pretax Tax Net of tax Pretax Tax Net of tax Unrealized gains (losses) on foreign currency translation $ 82 $ 8 $ 90 $ (10 ) $ (1 ) $ (11 ) Unrealized gains on benefit obligations 2 (1 ) 1 3 (1 ) 2 Reclassification adjustment for losses on benefit obligations realized in net income (a) 10 (2 ) 8 8 (3 ) 5 Unrealized losses on derivative financial instruments (57 ) 2 (55 ) (23 ) 8 (15 ) Reclassification adjustment for losses on derivative financial instruments realized in net income (b) 44 (1 ) 43 3 (1 ) 2 Other comprehensive income (loss) $ 81 $ 6 $ 87 $ (19 ) $ 2 $ (17 ) _________________________ (a) Pretax losses included in Other income (loss), net. (b) Pretax (gains) losses are included in Selling, general and administrative expenses, Costs of revenues and Other income (loss), net are as follows (millions): Three Months Ended March 31, 2018 2017 Selling, general and administrative expenses $ — $ 3 Costs of revenues 45 — Other income (loss), net (1 ) —
Reclassification out of Accumulated Other Comprehensive Income	Pretax (gains) losses are included in Selling, general and administrative expenses, Costs of revenues and Other income (loss), net are as follows (millions): Three Months Ended March 31, 2018 2017 Selling, general and administrative expenses $ — $ 3 Costs of revenues 45 — Other income (loss), net (1 ) —

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The tables below present Revenues by segment, type and region (i.e., domestic or international) as well as Content revenues by segment and line of business for the three months ended March 31, 2018 and 2017 (millions). Management uses these categories of Revenue to evaluate the performance of its businesses and to assess its financial results and forecasts. Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Revenue by Type Turner Home Box Office Warner Bros. Total Turner Home Box Office Warner Bros. Total Subscription: Domestic $ 1,508 $ 1,300 $ — $ 2,808 $ 1,442 $ 1,202 $ — $ 2,644 International 282 129 — 411 223 100 — 323 Advertising: Domestic 1,196 — — 1,196 1,090 — — 1,090 International 130 — — 130 123 — — 123 Content: Domestic 105 37 1,631 1,773 102 28 1,909 2,039 International 55 151 1,454 1,660 42 236 1,321 1,599 Other 68 2 153 223 66 2 135 203 3,344 1,619 3,238 8,201 3,088 1,568 3,365 8,021 Intersegment eliminations (22 ) (2 ) (181 ) (205 ) (21 ) (2 ) (263 ) (286 ) Total revenues $ 3,322 $ 1,617 $ 3,057 $ 7,996 $ 3,067 $ 1,566 $ 3,102 $ 7,735 Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Content Revenues Turner Home Box Office Warner Bros. Total Turner Home Box Office Warner Bros. Total Theatrical $ — $ — $ 1,336 $ 1,336 $ — $ — $ 1,376 $ 1,376 Television 150 188 1,466 1,804 135 264 1,651 2,050 Games and other 10 — 283 293 9 — 203 212 Total content revenues $ 160 $ 188 $ 3,085 $ 3,433 $ 144 $ 264 $ 3,230 $ 3,638 The prior year information in the above tables has not been adjusted under the modified retrospective method of adoption of the new revenue recognition guidance.
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at March 31, 2018 are as follows (millions): Rest of 2018 2019 2020 Thereafter Total Subscription $ 521 $ 533 $ 381 $ 347 $ 1,782 Advertising 98 119 68 13 298 Content 3,419 1,693 799 1,649 7,560 Total $ 4,038 $ 2,345 $ 1,248 $ 2,009 $ 9,640
Contract with Customer, Asset and Liability	The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable, contract assets and deferred revenue. At March 31, 2018 and January 1, 2018, contract assets and deferred revenue are as follows (in millions): March 31, January 1, Contract asset - current (a) $ 91 $ 51 Contract asset - noncurrent (b) 61 90 Deferred revenue - current 1,002 1,023 Deferred revenue - noncurrent 468 380 _________________________ (a) Included in Prepaid expenses and other current assets in the Consolidated Balance Sheet. (b) Included in Other assets in the Consolidated Balance Sheet.
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Changes to the opening balances of current assets, total assets, current liabilities and total liabilities resulting from the adoption of the new guidance were as follows (millions): December 31, 2017 Impact of Adoption January 1, 2018 Current assets $ 15,219 $ 828 $ 16,047 Total assets 69,209 632 69,841 Current liabilities 14,077 974 15,051 Total liabilities 40,833 796 41,629 The following chart illustrates the amounts by which each summarized income statement line item was affected by the adoption of the new revenue guidance described in Note 1 (millions): Three Months Ended March 31, 2018 As Reported Adjustments Without Adoption of New Revenue Guidance Revenues $ 7,996 $ 46 $ 8,042 Costs of revenues (4,717 ) 14 (4,703 ) Selling, general and administrative (1,402 ) — (1,402 ) Other (66 ) — (66 ) Operating Income 1,811 60 1,871 Interest expense, net (207 ) — (207 ) Other income (loss), net (94 ) — (94 ) Income before income taxes 1,510 60 1,570 Income tax provision 132 (14 ) 118 Net income $ 1,642 $ 46 $ 1,688

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Net Income Per Common Share	Set forth below is a reconciliation of Basic and Diluted net income per common share attributable to Time Warner Inc. common shareholders (millions, except per share amounts): Three Months Ended March 31, 2018 2017 Net income attributable to Time Warner Inc. shareholders $ 1,643 $ 1,424 Net income allocated to participating securities (3 ) (4 ) Net income attributable to Time Warner Inc. common shareholders — basic $ 1,640 $ 1,420 Average basic common shares outstanding 780.9 773.6 Dilutive effect of equity awards 11.1 15.7 Average diluted common shares outstanding 792.0 789.3 Antidilutive common share equivalents excluded from computation — — Net income per common share attributable to Time Warner Inc. common shareholders: Basic $ 2.10 $ 1.84 Diluted $ 2.07 $ 1.80

Derivative Instruments and He32

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Hedging Activities Net Gains and Losses Recognized	Net gains and losses from hedging activities recognized in the Consolidated Statement of Operations were as follows (millions): Three Months Ended March 31, 2018 2017 Gains (losses) recognized in: Cost of revenues $ (63 ) $ (1 ) Selling, general and administrative (5 ) (3 ) Other income (loss), net 13 1
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following is a summary of amounts recorded in the Consolidated Balance Sheet pertaining to Time Warner’s use of foreign currency derivatives at March 31, 2018 and December 31, 2017 (millions): March 31, December 31, Prepaid expenses and other current assets $ — $ 4 Accounts payable and accrued liabilities (135 ) (50 ) ________________________ (a) Includes $113 million of qualifying hedges and $6 million of economic hedges of foreign exchange derivative contracts in asset positions and $242 million of qualifying hedges and $12 million of economic hedges of foreign exchange derivative contracts in liability positions. (b) Includes $77 million of qualifying hedges and $9 million of economic hedges of foreign exchange derivative contracts in asset positions and $132 million of qualifying hedges of foreign exchange derivative contracts in liability positions

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	The impact of equity-based compensation awards on Operating income is as follows (millions): Three Months Ended March 31, 2018 2017 Stock options $ 7 $ 7 RSUs and PSUs 40 50 Total impact on operating income $ 47 $ 57 Tax benefit recognized $ 11 $ 19

Benefit Plans (Tables)

Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2018
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	A summary of the components of the net periodic benefit costs from continuing operations recognized for substantially all of Time Warner’s defined benefit pension plans for the three months ended March 31, 2018 and 2017 is as follows (millions): Three Months Ended March 31, 2018 2017 Service cost $ 1 $ 1 Interest cost 15 16 Expected return on plan assets (16 ) (15 ) Amortization of net loss 4 3 Net periodic benefit costs (a) $ 4 $ 5 Contributions $ 6 $ 10 _________________________ (a) Excludes net periodic benefit costs related to discontinued operations of $1 million and $3 million for the three months ended March 31, 2018 and 2017 , respectively, primarily related to employees and former employees of Time Inc. These amounts have been reflected in Other income (loss), net in the Consolidated Statement of Operations.

Restructuring and Severance C35

Restructuring and Severance Costs (Tables)	3 Months Ended
	Mar. 31, 2018
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Severance Costs	Restructuring and severance costs expensed as incurred for the three months ended March 31, 2018 and 2017 are as follows (millions): Three Months Ended March 31, 2018 2017 Turner $ (2 ) $ 2 Home Box Office 13 2 Warner Bros. (12 ) 9 Corporate 1 (1 ) Total restructuring and severance costs $ — $ 12 Three Months Ended March 31, 2018 2017 2018 initiatives $ 19 $ — 2017 and prior initiatives (19 ) 12 Total restructuring and severance costs $ — $ 12
Selected Information	Selected information relating to accrued restructuring and severance costs is as follows (millions): Employee Terminations Other Exit Costs Total Remaining liability as of December 31, 2017 $ 194 $ 3 $ 197 Cash paid (33 ) — (33 ) Remaining liability as of March 31, 2018 $ 161 $ 3 $ 164

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Amounts included in the Consolidated Statement of Operations resulting from transactions with related parties consist of (millions): Three Months Ended March 31, 2018 2017 Revenues $ 347 $ 237 Expenses (1 ) (1 ) Interest income 14 23 Other income 2 2

Additional Financial Informat37

Additional Financial Information (Tables)	3 Months Ended
	Mar. 31, 2018
Additional Financial Information [Abstract]
Segment Operating Income (Loss) and Assets	Information as to the Operating Income (Loss) and Assets of Time Warner’s reportable segments is set forth below (millions): Three Months Ended March 31, 2018 2017 Operating Income (Loss) Turner $ 1,092 $ 1,170 Home Box Office 516 585 Warner Bros. 322 490 Corporate (133 ) (114 ) Intersegment eliminations 14 (51 ) Total operating income $ 1,811 $ 2,080 March 31, December 31, Assets Turner $ 27,313 $ 27,111 Home Box Office 14,914 14,777 Warner Bros. 22,320 22,193 Corporate 4,450 5,128 Total assets $ 68,997 $ 69,209
Cash Flows	Additional financial information with respect to cash payments and receipts, Interest expense, net, Other income (loss), net, Accounts payable and accrued liabilities and Other noncurrent liabilities is as follows (millions): Three Months Ended March 31, 2018 2017 Cash Flows Cash payments made for interest $ (277 ) $ (313 ) Interest income received 10 10 Cash interest payments, net $ (267 ) $ (303 ) Cash payments made for income taxes $ (74 ) $ (122 ) Income tax refunds received 302 4 Cash tax refunds (payments), net $ 228 $ (118 )
Interest Expense, Net	Three Months Ended March 31, 2018 2017 Interest Expense, Net Interest income $ 48 $ 49 Interest expense (255 ) (308 ) Total interest expense, net $ (207 ) $ (259 )
Other Income (Loss), Net	Three Months Ended March 31, 2018 2017 Other Income (Loss), Net Investment gains (losses), net $ (47 ) $ 159 Loss on equity method investees (20 ) (76 ) Other (27 ) (11 ) Total other income (loss), net $ (94 ) $ 72
Accounts Payable and Accrued Liabilities	March 31, December 31, Accounts Payable and Accrued Liabilities Accounts payable $ 425 $ 777 Other accrued expenses 1,992 1,778 Participations payable 2,698 2,737 Programming costs payable 762 728 Accrued compensation 828 1,192 Accrued interest 209 251 Accrued dividends 320 319 Accrued income taxes 194 134 Accrued sales incentives and allowances 593 — Total accounts payable and accrued liabilities $ 8,021 $ 7,916
Other Noncurrent Liabilities	March 31, 2018 December 31, Other Noncurrent Liabilities Noncurrent tax and interest reserves $ 1,155 $ 1,703 Participations payable 1,634 1,748 Programming costs payable 701 728 Noncurrent pension and post-retirement liabilities 1,046 1,058 Deferred compensation 558 548 Other noncurrent liabilities 505 590 Total other noncurrent liabilities $ 5,599 $ 6,375

Description of Business and B38

Description of Business and Basis of Presentation 1 (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)segment	Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accumulated deficit	$ (66,726)		$ (68,208)
Accrued sales incentives and allowances	593		0
Current assets	15,138	$ 16,047	15,219
Total assets	68,997	69,841	69,209
Current liabilities	$ 12,945	15,051	14,077
Total liabilities		41,629	40,833
Number of reportable segments | segment	3
Operating leases, future minimum payments due			$ 1,128
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accumulated deficit		(164)
Accrued sales incentives and allowances		726
Current assets		828
Total assets		632
Current liabilities		974
Total liabilities		$ 796

Description of Business and B39

Description of Business and Basis of Presentation 2 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income	$ 1,811				$ 2,080
Other income (loss)	(94)				72
Accumulated deficit	(66,726)	$ (68,208)
Accumulated other comprehensive loss, net	$ (1,353)	(1,437)
Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income		4	$ 5	$ 5	4
Other income (loss)		(4)	$ (5)	$ (5)	$ (4)
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit		3
Accumulated other comprehensive loss, net		$ (3)

Merger Agreement with AT&T (Det

Merger Agreement with AT&T (Details) $ / shares in Units, $ in Millions	Oct. 22, 2016USD ($)$ / shares
Merger [Abstract]
Per share amount to be received in cash from AT&T	$ 53.75
Average stock price of AT&T, lower threshold	37.411
Average stock price of AT&T, upper threshold	41.349
Cash value of shares if stock price is between $37.411 and $41.349	$ 53.75
Exchange ratio if stock price is less than $37.411	1.437
Exchange ratio if stock price is greater than $41.349	1.300
Termination Fee | $	$ 1,725

Investments 1 (Details)

Investments 1 (Details) - CME Equity Method Investment € in Millions	Apr. 25, 2018EUR (€)	Mar. 31, 2018USD ($)shares	Mar. 31, 2018EUR (€)shares
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		46.00%	46.00%
Class A common stock, number of shares (shares) | shares		61,400,000	61,400,000
Series A convertible preferred stock, number of shares (shares) | shares		1	1
Convertible preferred stock, shares issued upon conversion (shares) | shares		11,200,000	11,200,000
Equity-method investments | $		$ 0
CME senior unsecured term loan			€ 855
Equity method losses presented in other noncurrent liabilities | $		4,000,000
CME, guarantor obligations, current carrying value | $		$ 168,000,000
Subsequent Event
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan, amended debt level threshold	€ 815
CME senior unsecured term loan, debt level rate decrease	0.50%
2014 Loan | Subsequent Event
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan	€ 151
2014 Loan | Minimum | Subsequent Event
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan, amended fee	3.25%
2014 Loan | Maximum | Subsequent Event
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan, amended fee	6.00%
2015 Loan | Subsequent Event
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan	€ 235
2015 Loan | Minimum | Subsequent Event
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan, amended fee	3.25%
2015 Loan | Maximum | Subsequent Event
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan, amended fee	6.00%
2016 Loan | Subsequent Event
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan	€ 469
2016 Loan | Minimum | Subsequent Event
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan, amended fee	3.50%
2016 Loan | Maximum | Subsequent Event
Schedule of Equity Method Investments [Line Items]
CME senior unsecured term loan, amended fee	6.50%

Investments 2 (Details)

Investments 2 (Details) - Series B convertible redeemable preferred shares shares in Millions	Mar. 31, 2018shares
Schedule of Cost-method Investments [Line Items]
Series B convertible redeemable preferred shares, ownership percentage	100.00%
Series B convertible redeemable preferred shares, conversion into Class A common stock (shares)	110.3
Annual rate at which convertible redeemable preferred stock accretes in value	3.75%

Investments 3 (Details)

Investments 3 (Details) - CME Rights Offering $ / shares in Units, warrant in Millions, $ in Millions	Apr. 25, 2018USD ($)shares	Mar. 31, 2018USD ($)warrant$ / sharesshares
Class of Warrant or Right [Line Items]
Economic interest (percent)		75.00%
Class of warrant or right, number of securities called by each warrant or right (shares) | shares		1
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares		$ 1
Subsequent Event
Class of Warrant or Right [Line Items]
Value at exercise price of warrants | $	$ 101
Investment number of shares acquired upon exercise of warrants | shares	101,000,000
Warrant
Class of Warrant or Right [Line Items]
Warrants Held | warrant		101
Equity warrants | $		$ 324

Investments 4 (Details)

Investments 4 (Details) - Time Warner Inc. Revolving Credit Facility with CME - USD ($)	Apr. 25, 2018	Mar. 31, 2018
Line of Credit Facility [Line Items]
Long-term line of credit		$ 0
Current Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 50,000,000
Subsequent Event
Line of Credit Facility [Line Items]
Long-term line of credit	$ 0
Subsequent Event | Future Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 75,000,000
Line of credit facility, unused capacity, commitment fee percentage	0.50%
Subsequent Event | London Interbank Offered Rate (LIBOR) | Future Credit Facility | Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.25%
Subsequent Event | London Interbank Offered Rate (LIBOR) | Future Credit Facility | Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	6.25%

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Class A common stock
Other Financial Instruments Numeric [Abstract]
Class A common stock, carrying value	$ 0
Series A convertible preferred stock, number of shares owned	1
Series B convertible redeemable preferred shares
Other Financial Instruments Numeric [Abstract]
Series B convertible redeemable preferred shares, carrying value	$ 0
Warrant | CME Rights Offering
Derivatives:
Equity warrants	324,000,000
Fair Value, Measurements, Recurring
Equity securities:
Diversified equity securities	168,000,000		$ 168,000,000
Other	14,000,000		18,000,000
Available-for-sale debt securities	31,000,000		31,000,000
Derivatives:
Foreign exchange contracts	0		4,000,000
Other	325,000,000		369,000,000
Derivatives:
Foreign exchange contracts	(135,000,000)		(50,000,000)
Other	(40,000,000)		(1,000,000)
Total	363,000,000		539,000,000
Derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance as of the beginning of the period	368,000,000	$ 161,000,000
Total gains (losses), net:
Included in other comprehensive income (loss)	0	0
Purchases	0	0
Settlements	0	(1,000,000)
Issuances	(15,000,000)	(1,000,000)
Balance as of the end of the period	285,000,000	213,000,000
Net gain (loss) for the period included in net income related to assets and liabilities still held as of the end of the period	(68,000,000)	54,000,000
Operating Income (Loss) | Derivatives
Total gains (losses), net:
Included in earnings	(24,000,000)	0
Other Nonoperating Income (Expense) | Derivatives
Total gains (losses), net:
Included in earnings	(44,000,000)	54,000,000
Level 1 | Class A common stock
Other Financial Instruments Numeric [Abstract]
Class A common stock, fair value	305,000,000
Level 1 | Fair Value, Measurements, Recurring
Equity securities:
Diversified equity securities	168,000,000		168,000,000
Other	14,000,000		18,000,000
Available-for-sale debt securities	0		0
Derivatives:
Foreign exchange contracts	0		0
Other	0		0
Derivatives:
Foreign exchange contracts	0		0
Other	0		0
Total	182,000,000		186,000,000
Level 2
Other Financial Instruments Numeric [Abstract]
Difference between carrying value and fair value of debt	981,000,000		1,583,000,000
Level 2 | Series B convertible redeemable preferred shares
Other Financial Instruments Numeric [Abstract]
Series B convertible redeemable preferred shares, fair value	463,000,000
Level 2 | Fair Value, Measurements, Recurring
Equity securities:
Diversified equity securities	0		0
Other	0		0
Available-for-sale debt securities	31,000,000		31,000,000
Derivatives:
Foreign exchange contracts	0		4,000,000
Other	0		0
Derivatives:
Foreign exchange contracts	(135,000,000)		(50,000,000)
Other	0		0
Total	(104,000,000)		(15,000,000)
Level 3 | Fair Value, Measurements, Recurring
Equity securities:
Diversified equity securities	0		0
Other	0		0
Available-for-sale debt securities	0		0
Derivatives:
Foreign exchange contracts	0		0
Other	325,000,000		369,000,000
Derivatives:
Foreign exchange contracts	0		0
Other	(40,000,000)		(1,000,000)
Total	285,000,000		368,000,000
Level 3 | Fair Value, Measurements, Recurring | Warrant | CME Rights Offering
Derivatives:
Equity warrants	$ 324,000,000		$ 368,000,000
Fair value assumptions, expected term	1 month 2 days
Fair value assumptions, expected volatility rate (percent)	37.00%
Level 3 | Fair Value, Measurements, Nonrecurring
Non Financial Instruments Numeric [Abstract]
Fair value of film costs to be abandoned	$ 0
Film production costs carrying value in inventory prior to write down	7,000,000	51,000,000
Film production costs carrying value in inventory subsequent to write down	$ 4,000,000	$ 30,000,000

Inventories and Theatrical Fi46

Inventories and Theatrical Film and Television Production Costs (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Inventories:
Programming costs, less amortization	$ 3,614	$ 3,859
Other inventory, primarily DVDs and Blu-ray Discs	159	186
Total inventories	3,773	4,045
Less: current portion of inventory	(2,071)	(2,401)
Total noncurrent inventories	1,702	1,644
Theatrical film production costs:
Released, less amortization	729	709
Completed and not released	495	502
In production	1,074	1,219
Development and pre-production	167	152
Television production costs:
Released, less amortization	2,052	1,844
Completed and not released	964	835
In production	1,280	1,357
Development and pre-production	18	13
Total theatrical film and television production costs	6,779	6,631
Total noncurrent inventories and theatrical film and television production costs	8,481	8,275
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, net	543	585
Film Libraries
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, net	$ 338	$ 368

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) on foreign currency translation, Pretax	$ 82	$ (10)
Unrealized gains (losses) on foreign currency translation, Tax (provision) benefit	8	(1)
Unrealized gains (losses) on foreign currency translation, Net of tax	90	(11)
Unrealized gains (losses) on benefit obligations, Pretax	2	3
Unrealized gains (losses) on benefit obligations, Tax (provision) benefit	(1)	(1)
Unrealized gains (losses) on benefit obligations, Net of tax	1	2
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Pretax	10	8
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Tax (provision) benefit	(2)	(3)
Reclassification adjustment for (gains) losses on benefit obligations realized in net income, Net of tax	8	5
Unrealized gains (losses) on derivative financial instruments, Pretax	(57)	(23)
Unrealized gains (losses) on derivative financial instruments, Tax (provision) benefit	2	8
Unrealized gains (losses) on derivative financial instruments, Net of tax	(55)	(15)
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Pretax	44	3
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Tax (provision) benefit	(1)	(1)
Reclassification adjustment for derivative financial instruments (gains) losses realized in net income, Net of tax	43	2
Other comprehensive income (loss), Pretax	81	(19)
Other comprehensive income (loss), Tax (provision) benefit	6	2
Other comprehensive income (loss)	87	(17)
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	1,402	1,272
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Costs of revenues	4,717	4,332
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Other income (loss)	94	(72)
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 Other income (loss)	10	8
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	0	3
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Costs of revenues	45	0
Pretax (gains) losses reclassified out of Accumulated Other Comprehensive Income to Other income (loss)	$ (1)	$ 0

Revenues (Details)

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 7,996	$ 7,735
Contract with Customer, Asset and Liability [Abstract]
Contract asset - current	91		$ 51
Contract asset - noncurrent	61		90
Deferred revenue - current	1,002		1,023	$ 711
Deferred revenue - noncurrent	468		$ 380	$ 468
Contract with customer, liability, revenue recognized	530
Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	8,201	8,021
Operating Segments | Content
Disaggregation of Revenue [Line Items]
Revenues	3,433	3,638
Operating Segments | Other
Disaggregation of Revenue [Line Items]
Revenues	223	203
Operating Segments | Content - Theatrical
Disaggregation of Revenue [Line Items]
Revenues	1,336	1,376
Operating Segments | Content - Television
Disaggregation of Revenue [Line Items]
Revenues	1,804	2,050
Operating Segments | Content - Games and other
Disaggregation of Revenue [Line Items]
Revenues	293	212
Operating Segments | Domestic | Subscription
Disaggregation of Revenue [Line Items]
Revenues	2,808	2,644
Operating Segments | Domestic | Advertising
Disaggregation of Revenue [Line Items]
Revenues	1,196	1,090
Operating Segments | Domestic | Content
Disaggregation of Revenue [Line Items]
Revenues	1,773	2,039
Operating Segments | International | Subscription
Disaggregation of Revenue [Line Items]
Revenues	411	323
Operating Segments | International | Advertising
Disaggregation of Revenue [Line Items]
Revenues	130	123
Operating Segments | International | Content
Disaggregation of Revenue [Line Items]
Revenues	1,660	1,599
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Revenues	(205)	(286)
Turner
Disaggregation of Revenue [Line Items]
Revenues	3,322	3,067
Turner | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	3,344	3,088
Turner | Operating Segments | Content
Disaggregation of Revenue [Line Items]
Revenues	160	144
Turner | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Revenues	68	66
Turner | Operating Segments | Content - Theatrical
Disaggregation of Revenue [Line Items]
Revenues	0	0
Turner | Operating Segments | Content - Television
Disaggregation of Revenue [Line Items]
Revenues	150	135
Turner | Operating Segments | Content - Games and other
Disaggregation of Revenue [Line Items]
Revenues	10	9
Turner | Operating Segments | Domestic | Subscription
Disaggregation of Revenue [Line Items]
Revenues	1,508	1,442
Turner | Operating Segments | Domestic | Advertising
Disaggregation of Revenue [Line Items]
Revenues	1,196	1,090
Turner | Operating Segments | Domestic | Content
Disaggregation of Revenue [Line Items]
Revenues	105	102
Turner | Operating Segments | International | Subscription
Disaggregation of Revenue [Line Items]
Revenues	282	223
Turner | Operating Segments | International | Advertising
Disaggregation of Revenue [Line Items]
Revenues	130	123
Turner | Operating Segments | International | Content
Disaggregation of Revenue [Line Items]
Revenues	55	42
Turner | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Revenues	(22)	(21)
Home Box Office
Disaggregation of Revenue [Line Items]
Revenues	1,617	1,566
Home Box Office | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	1,619	1,568
Home Box Office | Operating Segments | Content
Disaggregation of Revenue [Line Items]
Revenues	188	264
Home Box Office | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Revenues	2	2
Home Box Office | Operating Segments | Content - Theatrical
Disaggregation of Revenue [Line Items]
Revenues	0	0
Home Box Office | Operating Segments | Content - Television
Disaggregation of Revenue [Line Items]
Revenues	188	264
Home Box Office | Operating Segments | Content - Games and other
Disaggregation of Revenue [Line Items]
Revenues	0	0
Home Box Office | Operating Segments | Domestic | Subscription
Disaggregation of Revenue [Line Items]
Revenues	1,300	1,202
Home Box Office | Operating Segments | Domestic | Advertising
Disaggregation of Revenue [Line Items]
Revenues	0	0
Home Box Office | Operating Segments | Domestic | Content
Disaggregation of Revenue [Line Items]
Revenues	37	28
Home Box Office | Operating Segments | International | Subscription
Disaggregation of Revenue [Line Items]
Revenues	129	100
Home Box Office | Operating Segments | International | Advertising
Disaggregation of Revenue [Line Items]
Revenues	0	0
Home Box Office | Operating Segments | International | Content
Disaggregation of Revenue [Line Items]
Revenues	151	236
Home Box Office | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Revenues	(2)	(2)
Warner Bros.
Disaggregation of Revenue [Line Items]
Revenues	3,057	3,102
Warner Bros. | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	3,238	3,365
Warner Bros. | Operating Segments | Content
Disaggregation of Revenue [Line Items]
Revenues	3,085	3,230
Warner Bros. | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Revenues	153	135
Warner Bros. | Operating Segments | Content - Theatrical
Disaggregation of Revenue [Line Items]
Revenues	1,336	1,376
Warner Bros. | Operating Segments | Content - Television
Disaggregation of Revenue [Line Items]
Revenues	1,466	1,651
Warner Bros. | Operating Segments | Content - Games and other
Disaggregation of Revenue [Line Items]
Revenues	283	203
Warner Bros. | Operating Segments | Domestic | Subscription
Disaggregation of Revenue [Line Items]
Revenues	0	0
Warner Bros. | Operating Segments | Domestic | Advertising
Disaggregation of Revenue [Line Items]
Revenues	0	0
Warner Bros. | Operating Segments | Domestic | Content
Disaggregation of Revenue [Line Items]
Revenues	1,631	1,909
Warner Bros. | Operating Segments | International | Subscription
Disaggregation of Revenue [Line Items]
Revenues	0	0
Warner Bros. | Operating Segments | International | Advertising
Disaggregation of Revenue [Line Items]
Revenues	0	0
Warner Bros. | Operating Segments | International | Content
Disaggregation of Revenue [Line Items]
Revenues	1,454	1,321
Warner Bros. | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Revenues	$ (181)	$ (263)

Revenues - Performance Obligati

Revenues - Performance Obligations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, remaining performance obligation	$ 4,038
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Subscription
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	521
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Advertising
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	98
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Content
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 3,419
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Audience Guarantee Shortfall
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation	$ 2,345
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Subscription
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	533
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Advertising
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	119
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | Content
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 1,693
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation	$ 1,248
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Subscription
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	381
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Advertising
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	68
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Content
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	799
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	2,009
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Subscription
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	347
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Advertising
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	13
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Content
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	1,649
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	9,640
Contract with customer, performance obligation satisfied in previous period	502
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Subscription
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	1,782
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Advertising
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	298
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Content
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	7,560
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Audience Guarantee Shortfall
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 110

Revenues - Comparison of Curren

Revenues - Comparison of Current and Prior Revenue Recognition Guidance (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 7,996
Costs of revenues	(4,717)	$ (4,332)
Selling, general and administrative	(1,402)	(1,272)
Other	(66)
Operating Income	1,811	2,080
Interest expense, net	(207)	(259)
Other income (loss), net	(94)	72
Income before income taxes	1,510	1,893
Income tax benefit (provision)	132	(470)
Net income	1,642	$ 1,423
Calculated under Revenue Guidance in Effect before Topic 606 | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	8,042
Costs of revenues	(4,703)
Selling, general and administrative	(1,402)
Other	(66)
Operating Income	1,871
Interest expense, net	(207)
Other income (loss), net	(94)
Income before income taxes	1,570
Income tax benefit (provision)	118
Net income	1,688
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	46
Costs of revenues	14
Selling, general and administrative	0
Other	0
Operating Income	60
Interest expense, net	0
Other income (loss), net	0
Income before income taxes	60
Income tax benefit (provision)	(14)
Net income	$ 46

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net income attributable to Time Warner Inc. shareholders	$ 1,643	$ 1,424
Net income allocated to participating securities	(3)	(4)
Net income attributable to Time Warner Inc. common shareholders — basic	$ 1,640	$ 1,420
Average basic common shares outstanding (in shares)	780.9	773.6
Dilutive effect of equity awards (in shares)	11.1	15.7
Average diluted common shares outstanding (in shares)	792	789.3
Antidilutive common share equivalents excluded from computation (in shares)	0	0
Net income per common share attributable to Time Warner Inc. common shareholders - basic (in dollars per share)	$ 2.10	$ 1.84
Net income per common share attributable to Time Warner Inc. common shareholders - diluted (in dollars per share)	$ 2.07	$ 1.80

Derivative Instruments and He52

Derivative Instruments and Hedging Activities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2018EUR (€)	Dec. 31, 2017USD ($)
Gains (losses) recognized in:
Gains (losses) recognized in Costs of revenues	$ (63)	$ (1)
Gains (losses) recognized in Selling, general and administrative	(5)	(3)
Gains (losses) recognized in Other income (loss), net	13	1
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Cash flow hedge gains (losses) recorded in accumulated OCI	(22)			$ (9)
Cash flow hedge gains (losses) recorded in accumulated OCI deferred gains (losses)	1			(1)
Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivatives used in net investment hedge, increase (decrease), gross of tax	$ (39)	$ (13)
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 | 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	$ 113			77
Derivative liability, fair value, gross	242			132
Foreign Currency Derivatives | Economic Hedges
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross	6			9
Derivative liability, fair value, gross	12
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Prepaid expenses and other current assets	0			4
Accounts payable and accrued liabilities
Derivatives, Fair Value [Line Items]
Accounts payable and accrued liabilities	$ (135)			$ (50)

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	$ 47	$ 57
Tax benefit recognized	$ 11	$ 19
Restricted Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of units granted (in shares)	0	0.4
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)		$ 96.28
Performance Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of units granted (in shares)	0
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award, Options, Granted [Abstract]
Number of stock options granted (in shares)	0
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	$ 7	$ 7
Unrecognized compensation cost	$ 21
Unrecognized compensation cost, weighted-average period for recognition	1 year
Restricted stock units and performance stock units
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total impact on operating income	$ 40	$ 50
Unrecognized compensation cost	$ 419
Restricted stock units and performance stock units | Minimum
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Unrecognized compensation cost, weighted-average period for recognition	1 year
Restricted stock units and performance stock units | Maximum
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Unrecognized compensation cost, weighted-average period for recognition	2 years

Benefit Plans (Details)

Benefit Plans (Details) - Defined Benefit Pension Plans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Components of Net Periodic Benefit Costs [Abstract]
Service cost	$ 1	$ 1
Interest cost	15	16
Expected return on plan assets	(16)	(15)
Amortization of net loss	4	3
Net periodic benefit costs	4	5
Contributions	6	10
Net periodic benefit costs, related to discontinued operations included in Other income (loss), net	$ 1	$ 3

Restructuring and Severance C55

Restructuring and Severance Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	$ 0	$ 12
2018 initiatives
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	19	0
2017 and prior initiatives
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	(19)	12
Corporate
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	1	(1)
Turner | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	(2)	2
Home Box Office | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	13	2
Warner Bros. | Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and severance costs	$ (12)	$ 9

Accrued Restructuring and Sever

Accrued Restructuring and Severance Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance	$ 197
Net accruals	0	$ 12
Cash paid	(33)
Remaining liability, ending balance	164
Restructuring Reserve [Abstract]
Restructuring reserve, current	113
Restructuring reserve, long-term	51
Employee Terminations
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance	194
Cash paid	(33)
Remaining liability, ending balance	161
Other Exit Costs
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance	3
Cash paid	0
Remaining liability, ending balance	$ 3

Commitments and Contingencies -

Commitments and Contingencies - Six Flags (Details) - Six Flags	3 Months Ended
	Mar. 31, 2018USD ($)
Other Commitments [Line Items]
Six Flags, guarantee payments made	$ 0
Six Flags, guarantor obligations, current carrying value	0
Financial Guarantee
Other Commitments [Line Items]
Aggregate undiscounted contingent commitment	$ 920,000,000

Commitments and Contingencies58

Commitments and Contingencies - Contingencies (Details)	Mar. 31, 2018USD ($)
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 Contingencies59

Commitments and Contingencies - Tax Uncertainties (Details)	3 Months Ended
	Mar. 31, 2018USD ($)
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits, period increase (decrease)	$ (415,000,000)
Unrecognized tax benefits, decreases resulting from current period tax positions that decrease the ETR	150,000,000
Unrecognized tax benefits, interest on income taxes expense	135,000,000
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	$ 240,000,000

Commitments and Contingencies60

Commitments and Contingencies - Tax Uncertainties Settlement (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Domestic Tax Authority | U.S. federal
Income Tax Contingency [Line Items]
Settlement, tax benefit	$ (266)

Related Party Transactions (Det

Related Party Transactions (Details) - Equity Method Investee - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Amounts due from related parties	$ 796		$ 617
Revenues	347	$ 237
Expenses	(1)	(1)
Interest income	14	23
Other income	$ 2	$ 2

Additional Financial Informat62

Additional Financial Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Cash Flows [Abstract]
Cash payments made for interest	$ (277,000,000)	$ (313,000,000)
Interest income received	10,000,000	10,000,000
Cash interest payments, net	(267,000,000)	(303,000,000)
Cash payments made for income taxes	(74,000,000)	(122,000,000)
Income tax refunds received	302,000,000	4,000,000
Cash tax refunds (payments), net	228,000,000	(118,000,000)
Interest Expense, Net [Abstract]
Interest income	48,000,000	49,000,000
Interest expense	(255,000,000)	(308,000,000)
Total interest expense, net	(207,000,000)	(259,000,000)
Other Income (Loss), Net [Abstract]
Investment gains (losses), net	(47,000,000)	159,000,000
Loss on equity method investees	(20,000,000)	(76,000,000)
Other	(27,000,000)	(11,000,000)
Total other income (loss), net	(94,000,000)	72,000,000
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	425,000,000		$ 777,000,000
Other accrued expenses	1,992,000,000		1,778,000,000
Participations payable	2,698,000,000		2,737,000,000
Programming costs payable	762,000,000		728,000,000
Accrued compensation	828,000,000		1,192,000,000
Accrued interest	209,000,000		251,000,000
Accrued dividends	320,000,000		319,000,000
Accrued income taxes	194,000,000		134,000,000
Accrued sales incentives and allowances	593,000,000		0
Total accounts payable and accrued liabilities	8,021,000,000		7,916,000,000
Other Noncurrent Liabilities [Abstract]
Noncurrent tax and interest reserves	1,155,000,000		1,703,000,000
Participations payable	1,634,000,000		1,748,000,000
Programming costs payable	701,000,000		728,000,000
Noncurrent pension and post-retirement liabilities	1,046,000,000		1,058,000,000
Deferred compensation	558,000,000		548,000,000
Other noncurrent liabilities	505,000,000		590,000,000
Total other noncurrent liabilities	5,599,000,000		$ 6,375,000,000
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, income statement classifications and amounts, costs of revenue	91,000,000	$ 93,000,000
Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, shortfall	45,000,000
Minimum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative arrangement, shortfall	$ 30,000,000

Additional Financial Informat63

Additional Financial Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Operating income	$ 1,811	$ 2,080
Assets	68,997		$ 69,841	$ 69,209
Operating Segments | Turner
Segment Reporting Information [Line Items]
Operating income	1,092	1,170
Assets	27,313			27,111
Operating Segments | Home Box Office
Segment Reporting Information [Line Items]
Operating income	516	585
Assets	14,914			14,777
Operating Segments | Warner Bros.
Segment Reporting Information [Line Items]
Operating income	322	490
Assets	22,320			22,193
Corporate
Segment Reporting Information [Line Items]
Operating income	(133)	(114)
Assets	4,450			$ 5,128
Intersegment eliminations
Segment Reporting Information [Line Items]
Operating income	$ 14	$ (51)

Supplementary Information - C64

Supplementary Information - Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and equivalents	$ 1,691		$ 2,621	$ 1,450	$ 1,539
Receivables, net	10,279		9,401
Inventories	2,071		2,401
Prepaid expenses and other current assets	1,097		796
Total current assets	15,138	$ 16,047	15,219
Noncurrent inventories and theatrical film and television production costs	8,481		8,275
Investments in amounts due to and from consolidated subsidiaries	0		0
Investments, including available-for-sale securities	3,980		3,924
Property, plant and equipment, net	2,753		2,707
Intangible assets subject to amortization, net	543		585
Intangible assets not subject to amortization	7,007		7,006
Goodwill	27,800		27,776
Other assets	3,295		3,717
Total assets	68,997	69,841	69,209
Current liabilities
Accounts payable and accrued liabilities	8,021		7,916
Deferred revenue	1,002	1,023	711
Debt due within one year	3,922		5,450
Total current liabilities	12,945	15,051	14,077
Long-term debt	18,331		18,294
Deferred income taxes	1,812		1,584
Deferred revenue	468	$ 380	468
Other noncurrent liabilities	5,599		6,375
Redeemable noncontrolling interest	36		35
Equity
Due to (from) Time Warner Inc. and subsidiaries	0		0
Other shareholders’ equity	29,805		28,375
Total Time Warner Inc. shareholders’ equity	29,805		28,375
Noncontrolling interest	1		1
Total equity	29,806		28,376	25,427	24,337
Total liabilities and equity	68,997		69,209
Consolidation, Eliminations
Current assets
Cash and equivalents	0		0	0	0
Receivables, net	(34)		(32)
Inventories	(45)		(40)
Prepaid expenses and other current assets	0		0
Total current assets	(79)		(72)
Noncurrent inventories and theatrical film and television production costs	(66)		(72)
Investments in amounts due to and from consolidated subsidiaries	(77,366)		(76,743)
Investments, including available-for-sale securities	(6)		(5)
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	(229)		(224)
Total assets	(77,746)		(77,116)
Current liabilities
Accounts payable and accrued liabilities	(71)		(57)
Deferred revenue	(48)		(50)
Debt due within one year	0		0
Total current liabilities	(119)		(107)
Long-term debt	0		0
Deferred income taxes	(3,065)		(2,876)
Deferred revenue	0		0
Other noncurrent liabilities	(1,479)		(1,403)
Redeemable noncontrolling interest	0		0
Equity
Due to (from) Time Warner Inc. and subsidiaries	(25,322)		(26,340)
Other shareholders’ equity	(47,761)		(46,390)
Total Time Warner Inc. shareholders’ equity	(73,083)		(72,730)
Noncontrolling interest	0		0
Total equity	(73,083)		(72,730)
Total liabilities and equity	(77,746)		(77,116)
Parent Company | Reportable Legal Entities
Current assets
Cash and equivalents	208		798	300	617
Receivables, net	170		463
Inventories	0		0
Prepaid expenses and other current assets	574		286
Total current assets	952		1,547
Noncurrent inventories and theatrical film and television production costs	0		0
Investments in amounts due to and from consolidated subsidiaries	52,876		52,541
Investments, including available-for-sale securities	307		307
Property, plant and equipment, net	44		46
Intangible assets subject to amortization, net	0		0
Intangible assets not subject to amortization	0		0
Goodwill	0		0
Other assets	570		604
Total assets	54,749		55,045
Current liabilities
Accounts payable and accrued liabilities	1,020		947
Deferred revenue	0		0
Debt due within one year	3,305		4,837
Total current liabilities	4,325		5,784
Long-term debt	17,142		17,101
Deferred income taxes	1,812		1,584
Deferred revenue	0		0
Other noncurrent liabilities	1,665		2,201
Redeemable noncontrolling interest	0		0
Equity
Due to (from) Time Warner Inc. and subsidiaries	0		0
Other shareholders’ equity	29,805		28,375
Total Time Warner Inc. shareholders’ equity	29,805		28,375
Noncontrolling interest	0		0
Total equity	29,805		28,375
Total liabilities and equity	54,749		55,045
Guarantor Subsidiaries | Reportable Legal Entities
Current assets
Cash and equivalents	163		243	98	91
Receivables, net	1,336		1,208
Inventories	539		581
Prepaid expenses and other current assets	69		78
Total current assets	2,107		2,110
Noncurrent inventories and theatrical film and television production costs	1,985		1,924
Investments in amounts due to and from consolidated subsidiaries	11,201		10,872
Investments, including available-for-sale securities	474		474
Property, plant and equipment, net	456		460
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	402		496
Total assets	28,512		28,223
Current liabilities
Accounts payable and accrued liabilities	759		1,069
Deferred revenue	80		117
Debt due within one year	612		611
Total current liabilities	1,451		1,797
Long-term debt	1,182		1,185
Deferred income taxes	1,769		1,650
Deferred revenue	122		27
Other noncurrent liabilities	2,026		2,019
Redeemable noncontrolling interest	0		0
Equity
Due to (from) Time Warner Inc. and subsidiaries	(1,032)		(1,551)
Other shareholders’ equity	22,994		23,096
Total Time Warner Inc. shareholders’ equity	21,962		21,545
Noncontrolling interest	0		0
Total equity	21,962		21,545
Total liabilities and equity	28,512		28,223
Non-Guarantor Subsidiaries | Reportable Legal Entities
Current assets
Cash and equivalents	1,320		1,580	$ 1,052	$ 831
Receivables, net	8,807		7,762
Inventories	1,577		1,860
Prepaid expenses and other current assets	454		432
Total current assets	12,158		11,634
Noncurrent inventories and theatrical film and television production costs	6,562		6,423
Investments in amounts due to and from consolidated subsidiaries	13,289		13,330
Investments, including available-for-sale securities	3,205		3,148
Property, plant and equipment, net	2,253		2,201
Intangible assets subject to amortization, net	543		585
Intangible assets not subject to amortization	5,000		4,999
Goodwill	17,920		17,896
Other assets	2,552		2,841
Total assets	63,482		63,057
Current liabilities
Accounts payable and accrued liabilities	6,313		5,957
Deferred revenue	970		644
Debt due within one year	5		2
Total current liabilities	7,288		6,603
Long-term debt	7		8
Deferred income taxes	1,296		1,226
Deferred revenue	346		441
Other noncurrent liabilities	3,387		3,558
Redeemable noncontrolling interest	36		35
Equity
Due to (from) Time Warner Inc. and subsidiaries	26,354		27,891
Other shareholders’ equity	24,767		23,294
Total Time Warner Inc. shareholders’ equity	51,121		51,185
Noncontrolling interest	1		1
Total equity	51,122		51,186
Total liabilities and equity	$ 63,482		$ 63,057

Supplementary Information - C65

Supplementary Information - Condensed Consolidating Financial Statements - Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenues	$ 7,996	$ 7,735
Costs of revenues	(4,717)	(4,332)
Selling, general and administrative	(1,402)	(1,272)
Amortization of intangible assets	(43)	(45)
Restructuring and severance costs	0	(12)
Asset impairments	0	(1)
Gain (loss) on operating assets, net	(23)	7
Operating income	1,811	2,080
Equity in pretax income (loss) of consolidated subsidiaries	0	0
Interest expense, net	(207)	(259)
Other income (loss), net	(94)	72
Income before income taxes	1,510	1,893
Income tax benefit (provision)	132	(470)
Net income	1,642	1,423
Less Net loss attributable to noncontrolling interests	1	1
Net income attributable to Time Warner Inc. shareholders	1,643	1,424
Comprehensive income	1,729	1,406
Less Comprehensive loss attributable to noncontrolling interests	1	1
Comprehensive income attributable to Time Warner Inc. shareholders	1,730	1,407
Consolidation, Eliminations
Income Statement [Abstract]
Revenues	(285)	(221)
Costs of revenues	259	191
Selling, general and administrative	27	27
Amortization of intangible assets	0	0
Restructuring and severance costs	0	0
Asset impairments		0
Gain (loss) on operating assets, net	0	0
Operating income	1	(3)
Equity in pretax income (loss) of consolidated subsidiaries	(3,607)	(4,213)
Interest expense, net	2	1
Other income (loss), net	(2)	1
Income before income taxes	(3,606)	(4,214)
Income tax benefit (provision)	461	1,201
Net income	(3,145)	(3,013)
Less Net loss attributable to noncontrolling interests	(2)	(2)
Net income attributable to Time Warner Inc. shareholders	(3,147)	(3,015)
Comprehensive income	(3,362)	(3,008)
Less Comprehensive loss attributable to noncontrolling interests	(2)	(2)
Comprehensive income attributable to Time Warner Inc. shareholders	(3,364)	(3,010)
Parent Company | Reportable Legal Entities
Income Statement [Abstract]
Revenues	0	0
Costs of revenues	0	0
Selling, general and administrative	(134)	(105)
Amortization of intangible assets	0	0
Restructuring and severance costs	(1)	0
Asset impairments		0
Gain (loss) on operating assets, net	0	0
Operating income	(135)	(105)
Equity in pretax income (loss) of consolidated subsidiaries	1,860	2,203
Interest expense, net	(204)	(208)
Other income (loss), net	(11)	3
Income before income taxes	1,510	1,893
Income tax benefit (provision)	132	(470)
Net income	1,642	1,423
Less Net loss attributable to noncontrolling interests	1	1
Net income attributable to Time Warner Inc. shareholders	1,643	1,424
Comprehensive income	1,729	1,406
Less Comprehensive loss attributable to noncontrolling interests	1	1
Comprehensive income attributable to Time Warner Inc. shareholders	1,730	1,407
Guarantor Subsidiaries | Reportable Legal Entities
Income Statement [Abstract]
Revenues	2,117	2,020
Costs of revenues	(1,107)	(922)
Selling, general and administrative	(331)	(310)
Amortization of intangible assets	0	0
Restructuring and severance costs	(11)	(2)
Asset impairments		0
Gain (loss) on operating assets, net	0	0
Operating income	668	786
Equity in pretax income (loss) of consolidated subsidiaries	1,273	1,453
Interest expense, net	(35)	(68)
Other income (loss), net	(1)	(2)
Income before income taxes	1,905	2,169
Income tax benefit (provision)	(225)	(613)
Net income	1,680	1,556
Less Net loss attributable to noncontrolling interests	1	1
Net income attributable to Time Warner Inc. shareholders	1,681	1,557
Comprehensive income	1,786	1,562
Less Comprehensive loss attributable to noncontrolling interests	1	1
Comprehensive income attributable to Time Warner Inc. shareholders	1,787	1,563
Non-Guarantor Subsidiaries | Reportable Legal Entities
Income Statement [Abstract]
Revenues	6,164	5,936
Costs of revenues	(3,869)	(3,601)
Selling, general and administrative	(964)	(884)
Amortization of intangible assets	(43)	(45)
Restructuring and severance costs	12	(10)
Asset impairments		(1)
Gain (loss) on operating assets, net	(23)	7
Operating income	1,277	1,402
Equity in pretax income (loss) of consolidated subsidiaries	474	557
Interest expense, net	30	16
Other income (loss), net	(80)	70
Income before income taxes	1,701	2,045
Income tax benefit (provision)	(236)	(588)
Net income	1,465	1,457
Less Net loss attributable to noncontrolling interests	1	1
Net income attributable to Time Warner Inc. shareholders	1,466	1,458
Comprehensive income	1,576	1,446
Less Comprehensive loss attributable to noncontrolling interests	1	1
Comprehensive income attributable to Time Warner Inc. shareholders	$ 1,577	$ 1,447

Supplementary Information - C66

Supplementary Information - Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
OPERATIONS
Net income	$ 1,642	$ 1,423
Adjustments for noncash and nonoperating items:
Depreciation and amortization	171	165
Amortization of film and television costs	2,490	2,203
Asset impairments	0	1
(Gain) loss on investments and other assets, net	46	(166)
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	38	93
Equity-based compensation	47	57
Deferred income taxes	279	(44)
Changes in operating assets and liabilities, net of acquisitions	(3,392)	(2,266)
Intercompany	0	0
Cash provided by operations from continuing operations	1,321	1,466
Cash used by operations from discontinued operations	(5)	(5)
Cash provided by operations	1,316	1,461
INVESTING ACTIVITIES
Investments and acquisitions, net of cash acquired	(165)	(168)
Capital expenditures	(147)	(98)
Advances to (from) parent and consolidated subsidiaries	0	0
Other investment proceeds	4	240
Cash used by investing activities	(308)	(26)
FINANCING ACTIVITIES
Borrowings	4	0
Debt repayments	(1,535)	(1,144)
Proceeds from exercise of stock options	20	56
Principal payments on capital leases	(11)	(3)
Dividends paid	(317)	(316)
Other financing activities	(99)	(117)
Change in due to/from parent and investment in segment	0	0
Cash used by financing activities	(1,938)	(1,524)
DECREASE IN CASH AND EQUIVALENTS	(930)	(89)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	2,621	1,539
CASH AND EQUIVALENTS AT END OF PERIOD	1,691	1,450
Consolidation, Eliminations
OPERATIONS
Net income	(3,145)	(3,013)
Adjustments for noncash and nonoperating items:
Depreciation and amortization	0	0
Amortization of film and television costs	(8)	(12)
Asset impairments		0
(Gain) loss on investments and other assets, net	0	0
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions	3,607	4,213
Equity in losses of investee companies, net of cash distributions	1	0
Equity-based compensation	0	0
Deferred income taxes	(250)	222
Changes in operating assets and liabilities, net of acquisitions	(196)	(1,415)
Intercompany	0	0
Cash provided by operations from continuing operations	9	(5)
Cash used by operations from discontinued operations	0	0
Cash provided by operations	9	(5)
INVESTING ACTIVITIES
Investments and acquisitions, net of cash acquired	0	0
Capital expenditures	0	0
Advances to (from) parent and consolidated subsidiaries	(1,189)	(1,973)
Other investment proceeds	0	0
Cash used by investing activities	(1,189)	(1,973)
FINANCING ACTIVITIES
Borrowings	0
Debt repayments	0	0
Proceeds from exercise of stock options	0	0
Principal payments on capital leases	0	0
Dividends paid	0	0
Other financing activities	1	1
Change in due to/from parent and investment in segment	1,179	1,977
Cash used by financing activities	1,180	1,978
DECREASE IN CASH AND EQUIVALENTS	0	0
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	0	0
CASH AND EQUIVALENTS AT END OF PERIOD	0	0
Parent Company | Reportable Legal Entities
OPERATIONS
Net income	1,642	1,423
Adjustments for noncash and nonoperating items:
Depreciation and amortization	2	3
Amortization of film and television costs	0	0
Asset impairments		0
(Gain) loss on investments and other assets, net	11	(22)
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions	(1,860)	(2,203)
Equity in losses of investee companies, net of cash distributions	(15)	6
Equity-based compensation	12	11
Deferred income taxes	279	(44)
Changes in operating assets and liabilities, net of acquisitions	(241)	342
Intercompany	0	0
Cash provided by operations from continuing operations	(170)	(484)
Cash used by operations from discontinued operations	0	0
Cash provided by operations	(170)	(484)
INVESTING ACTIVITIES
Investments and acquisitions, net of cash acquired	(6)	(21)
Capital expenditures	0	0
Advances to (from) parent and consolidated subsidiaries	1,362	1,543
Other investment proceeds	5	20
Cash used by investing activities	1,361	1,542
FINANCING ACTIVITIES
Borrowings	0
Debt repayments	(1,535)	(1,144)
Proceeds from exercise of stock options	20	56
Principal payments on capital leases	0	0
Dividends paid	(317)	(316)
Other financing activities	51	29
Change in due to/from parent and investment in segment	0	0
Cash used by financing activities	(1,781)	(1,375)
DECREASE IN CASH AND EQUIVALENTS	(590)	(317)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	798	617
CASH AND EQUIVALENTS AT END OF PERIOD	208	300
Guarantor Subsidiaries | Reportable Legal Entities
OPERATIONS
Net income	1,680	1,556
Adjustments for noncash and nonoperating items:
Depreciation and amortization	33	27
Amortization of film and television costs	841	735
Asset impairments		0
(Gain) loss on investments and other assets, net	0	5
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions	(1,273)	(1,453)
Equity in losses of investee companies, net of cash distributions	0	0
Equity-based compensation	19	23
Deferred income taxes	158	(127)
Changes in operating assets and liabilities, net of acquisitions	(1,275)	(12)
Intercompany	1,114	605
Cash provided by operations from continuing operations	1,297	1,359
Cash used by operations from discontinued operations	0	0
Cash provided by operations	1,297	1,359
INVESTING ACTIVITIES
Investments and acquisitions, net of cash acquired	(1)	(9)
Capital expenditures	(22)	(32)
Advances to (from) parent and consolidated subsidiaries	(173)	429
Other investment proceeds	0	0
Cash used by investing activities	(196)	388
FINANCING ACTIVITIES
Borrowings	0
Debt repayments	0	0
Proceeds from exercise of stock options	0	0
Principal payments on capital leases	(3)	(3)
Dividends paid	0	0
Other financing activities	(27)	(16)
Change in due to/from parent and investment in segment	(1,151)	(1,721)
Cash used by financing activities	(1,181)	(1,740)
DECREASE IN CASH AND EQUIVALENTS	(80)	7
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	243	91
CASH AND EQUIVALENTS AT END OF PERIOD	163	98
Non-Guarantor Subsidiaries | Reportable Legal Entities
OPERATIONS
Net income	1,465	1,457
Adjustments for noncash and nonoperating items:
Depreciation and amortization	136	135
Amortization of film and television costs	1,657	1,480
Asset impairments		1
(Gain) loss on investments and other assets, net	35	(149)
Excess (deficiency) of distributions over equity in pretax income of consolidated subsidiaries, net of cash distributions	(474)	(557)
Equity in losses of investee companies, net of cash distributions	52	87
Equity-based compensation	16	23
Deferred income taxes	92	(95)
Changes in operating assets and liabilities, net of acquisitions	(1,680)	(1,181)
Intercompany	(1,114)	(605)
Cash provided by operations from continuing operations	185	596
Cash used by operations from discontinued operations	(5)	(5)
Cash provided by operations	180	591
INVESTING ACTIVITIES
Investments and acquisitions, net of cash acquired	(158)	(138)
Capital expenditures	(125)	(66)
Advances to (from) parent and consolidated subsidiaries	0	1
Other investment proceeds	(1)	220
Cash used by investing activities	(284)	17
FINANCING ACTIVITIES
Borrowings	4
Debt repayments	0	0
Proceeds from exercise of stock options	0	0
Principal payments on capital leases	(8)	0
Dividends paid	0	0
Other financing activities	(124)	(131)
Change in due to/from parent and investment in segment	(28)	(256)
Cash used by financing activities	(156)	(387)
DECREASE IN CASH AND EQUIVALENTS	(260)	221
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	1,580	831
CASH AND EQUIVALENTS AT END OF PERIOD	$ 1,320	$ 1,052