Time (TIME) 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	TIME INC.
Entity Central Index Key	1,591,517
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		109,740,729

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 338	$ 519
Short-term Investments	60	0
Receivables, less allowances of $231 and $255	414	488
Inventories, net of reserves	42	48
Deferred tax assets	75	84
Prepaid expenses and other current assets	157	117
Total current assets	1,086	1,256
Property, plant and equipment, net	394	369
Intangible assets, net	1,065	1,085
Goodwill	3,167	3,117
Other assets	82	73
Total assets	5,794	5,900
Current liabilities
Accounts payable and accrued liabilities	524	621
Deferred revenue	463	458
Current portion of long-term debt	7	7
Total current liabilities	994	1,086
Long-term debt	1,365	1,368
Deferred tax liabilities	312	313
Deferred revenue	92	94
Other noncurrent liabilities	$ 168	$ 168
Commitments and contingencies (Note 12)
Stockholders' Equity
Common stock, $0.01 par value, 400 million shares authorized; 109.74 million and 109.05 million shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 1	$ 1
Preferred stock, $0.01 par value, 40 million shares authorized; none issued	0	0
Additional paid-in-capital	12,633	12,665
Accumulated deficit	(9,611)	(9,626)
Accumulated other comprehensive loss, net	(160)	(169)
Total stockholders' equity	2,863	2,871
Total liabilities and stockholders' equity	$ 5,794	$ 5,900

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets
Allowance for doubtful accounts receivable	$ 231	$ 255
Stockholders' Equity
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	400,000	400,000
Common stock issued (in shares)	109,740	109,050
Common stock outstanding (in shares)	109,740	109,050
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	40,000	40,000
Preferred stock issued (in shares)	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Advertising	$ 420	$ 461	$ 773	$ 851
Circulation	254	258	504	528
Other	99	101	176	186
Total revenues	773	820	1,453	1,565
Costs of revenues	297	332	571	643
Selling, general and administrative expenses	383	408	763	802
Amortization of intangible assets	20	20	39	39
Restructuring and severance costs	12	55	14	170
Asset impairments	0	0	0	26
Goodwill impairment	0	26	0	26
Operating income (loss)	61	(21)	66	(141)
Interest expense, net	20	11	39	12
Other expense (income), net	2	1	5	(4)
Income (loss) before income taxes	39	(33)	22	(149)
Income tax provision (benefit)	15	(1)	7	(43)
Net income (loss)	$ 24	$ (32)	$ 15	$ (106)
Per share information attributable to Time Inc. common stockholders:
Basic net income (loss) per common share (in dollars per share)	$ 0.22	$ (0.30)	$ 0.13	$ (0.98)
Weighted average basic common shares outstanding	109,780	108,970	109,670	108,970
Diluted net income (loss) per common share (in dollars per share)	$ 0.22	$ (0.30)	$ 0.13	$ (0.98)
Weighted average diluted common shares outstanding	110,180	108,970	110,060	108,970
Cash dividends declared per share of common stock	$ 0.19	$ 0	$ 0.38	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 24		$ (32)	$ 15		$ (106)
Foreign currency translation
Unrealized gains occurring during the period		55		17	8		45
Reclassification adjustment for losses realized in net income		1	[1]	0	1	[1]	0
Net foreign currency translation gains		56		17	9		45
Benefit obligations:
Unrealized gains (losses) occurring during the period		(8)		1	(1)		(10)
Reclassification adjustment for losses realized in net income (loss)	[1]	0		2	1		3
Net benefit obligations		(8)		3	0		(7)
Other comprehensive income		48		20	9		38
Comprehensive income (loss)		$ 72		$ (12)	$ 24		$ (68)
[1]	Included in Selling, general and administrative expenses.

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Time Warner Investment	Accumulated Deficit	Accumulated Other Comprehensive Loss, Net
Balance at beginning of period at Dec. 31, 2013	$ 4,042	$ 0	$ 0	$ 4,158	$ 0	$ (116)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(106)			(69)	(37)
Other comprehensive income (loss)	38					38
Equity-based compensation and other	10		8	2
Net transactions with Time Warner	(1,226)			(1,226)
Conversion of Time Warner Investment	0	1	12,646	(2,865)	(9,782)
Balance at end of period at Jun. 30, 2014	2,758	1	12,654	0	(9,819)	(78)
Balance at beginning of period at Dec. 31, 2014	2,871	1	12,665	0	(9,626)	(169)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	15				15
Other comprehensive income (loss)	9					9
Dividends	(42)		(42)
Equity-based compensation and other	10		10
Balance at end of period at Jun. 30, 2015	$ 2,863	$ 1	$ 12,633	$ 0	$ (9,611)	$ (160)

Consolidated and Combined State

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net income (loss)	$ 15	$ (106)
Adjustments to reconcile net income (loss) to cash provided by operations
Depreciation and amortization	86	91
Amortization of deferred financing costs and discounts on indebtedness	2	0
Asset impairments	0	26
Goodwill impairment	0	26
Gain on sale of non-operating assets	2	0
Loss on equity method of investee companies, net of cash distributions	7	2
Equity-based compensation expense	20	10
Deferred income taxes	7	(11)
Changes in operating assets and liabilities
Receivables	76	114
Inventories	6	(7)
Prepaid expenses and other assets	(58)	(34)
Accounts payable and other liabilities	(121)	(38)
Other, net	5	7
Cash provided by operations	43	80
INVESTING ACTIVITIES
Acquisitions, net of cash acquired	(49)	(29)
Proceeds from dispositions	4	0
Payments to Acquire Investments	(60)	0
Capital expenditures	(63)	(23)
Cash used in investing activities	(168)	(52)
FINANCING ACTIVITIES
Proceeds from issuance of debt	0	1,377
Financing costs	0	13
Principal payments on Term Loan	(4)	0
Payments Related to Tax Withholding for Share-based Compensation	(12)	0
Excess tax benefits from equity-based compensation	1	0
Dividends paid	(42)	0
Net transfers from Time Warner	0	1,400
Net transfers from Time Warner	0	166
Cash (used in) provided by financing activities	(57)	130
Effect of exchange rate changes on Cash and cash equivalents	1	0
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(181)	158
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	519	46
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 338	$ 204

Description of Business and Bas

Description of Business and Basis of Presentation (Notes)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Time Inc., together with its subsidiaries (collectively, the "Company", "we", "us" or "our"), is one of the world's leading media companies, with a monthly global print audience of over 120 million and more than 140 million monthly visitors to its worldwide digital properties, including over 60 websites. Our influential brands include People, Sports Illustrated, InStyle, Time, Real Simple, Southern Living, Entertainment Weekly, Travel + Leisure, Cooking Light, Fortune and Food & Wine, as well as more than 50 diverse titles in the United Kingdom such as Decanter, Horse & Hound and Wallpaper*. Time Inc. is home to celebrated franchises and events including the Fortune 500, Time 100, People’s Sexiest Man Alive, Sports Illustrated’s Sportsman of the Year, the Food & Wine Classic in Aspen, the Essence Festival and the biennial Fortune Global Forum. Hundreds of thousands of people attend our live media events each year. We also provide content marketing, targeted local print and digital advertising programs, branded book publishing and marketing and support services, including subscription sales services for magazines and other products, retail distribution and marketing services and customer service and fulfillment services, for ourselves and third-party clients, including other magazine publishers. Basis of Presentation The accompanying consolidated financial statements, which are referred to herein as the “Financial Statements,” have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments necessary for a fair presentation have been reflected in these Financial Statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . The preparation of the Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Financial Statements and accompanying disclosures. Actual results could differ from those estimates. Intercompany transactions and balances have been eliminated. Equity investments in which we exercise significant influence but do not exercise control and are not the primary beneficiary are accounted for using the equity method. Investments in which we are not able to exercise significant influence over the investee are designated as available-for-sale if readily determinable fair values are available. If an investment’s fair value is not readily determinable, we account for our investment under the cost method. The financial position and operating results of our foreign operations are consolidated using the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange as of the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Translation gains or losses on assets and liabilities are included as a component of Accumulated other comprehensive loss, net. The consolidated statements of operations are referred to as the “Statements of Operations” herein. The consolidated statements of comprehensive income (loss) are referred to as the "Statements of Comprehensive Income (Loss)" herein. The consolidated balance sheets are referred to as the “Balance Sheets” herein. The consolidated statements of cash flows are referred to as the “Statements of Cash Flows” herein. The accompanying Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission (“SEC”) on February 26, 2015 (the “2014 Form 10-K”). Recent Accounting Guidance Accounting Guidance Adopted in 2015 In April 2014, guidance was issued that raises the threshold for disposals to qualify as discontinued operations. Under this guidance, a discontinued operation is (1) a component of an entity or group of components that has been disposed of or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity's operations and financial results or (2) an acquired business that is classified as held for sale on the acquisition date. This guidance also requires expanded or new disclosures for discontinued operations, individually material disposals that do not meet the definition of a discontinued operation, an entity's continuing involvement with a discontinued operation following disposal, and retained equity method investments in a discontinued operation. This guidance became effective on a prospective basis for us on January 1, 2015 and has not had a significant impact on our Financial Statements upon adoption. In January 2015, guidance was issued which eliminates from GAAP the concept of extraordinary items. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The guidance may be applied prospectively or retrospectively and early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We adopted this guidance on January 1, 2015 and it has not had an impact on our Financial Statements upon adoption. Accounting Guidance Not Yet Adopted In July 2015, guidance was issued that simplifies the measurement of inventory by requiring certain inventory to be subsequently measured at the lower of cost and net realizable value. The amendments in this guidance are effective for fiscal years beginning after December 15, 2016 and for interim periods therein and are not expected to have a significant impact on our Financial Statements upon adoption. In April 2015, guidance was issued for the accounting of fees paid in a cloud computing arrangement. In accordance with the provisions of this standard, if a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. However, if a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance, effective for interim and annual reporting periods beginning after December 15, 2015, does not change the accounting for customers' accounting for service contracts. We are currently evaluating the provisions of this new guidance to determine the potential impact the new standard will have on our Financial Statements. In April 2015, guidance was issued which changes the presentation of debt issuance costs from an asset to a direct deduction from the related liability. This guidance, which is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, may be early adopted for financial statements that have not been previously issued and its provisions are to be retrospectively applied as a change in accounting principle. Upon adoption, this guidance is expected to decrease Other assets, which includes our deferred financing costs on our debt obligations, and comparably decrease Long-term debt on our Balance Sheets. This guidance is not expected to have any impact on our Statements of Operations or our Statements of Cash Flows. In February 2015, guidance was issued that amends the consolidation analysis for limited partnerships and other variable interest entities ("VIEs"). This guidance, which is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, is not expected to have a significant impact on our Financial Statements upon adoption. In August 2014, guidance was issued that establishes management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and setting rules for how this information should be disclosed in the financial statements. This guidance is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016, with early adoption permitted. We will adopt this guidance on January 1, 2017 and do not expect it to have a material impact on our Financial Statements upon adoption. In June 2014, guidance was issued impacting the accounting for share-based performance awards. This guidance requires that a performance target that affects vesting that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. This guidance is effective for annual and interim periods within the annual period beginning after December 15, 2015. We do not currently have share-based payment awards that fall within the scope of this guidance and therefore do not anticipate an impact on our Financial Statements upon adoption. In May 2014, guidance was issued that establishes a new revenue recognition framework in GAAP for all companies and industries. The core principle of the guidance is that an entity should recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive for those goods or services. The guidance includes a five-step framework to determine the timing and amount of revenue to recognize related to contracts with customers. In addition, this guidance requires new or expanded disclosures related to the judgments made by companies when following this framework. The guidance provides for alternative methods of initial adoption, and is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. On July 9, 2015, the FASB voted to defer the effective date of the new revenue standard by one year but to allow application of the standard by companies on the standard's original effective date. We have not yet selected a transition method and we are currently evaluating the effect that the updated guidance will have on our Financial Statements and related disclosures. Other accounting standards that have been issued by the Financial Accounting Standards Board or other standard-setting bodies that do not require adoption until a future date are not expected to have a material impact on our Financial Statements upon adoption.

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2015
Dispositions and Acquisitions [Abstract]
DISPOSITIONS AND ACQUISITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions During the six months ended June 30, 2015, we completed five acquisitions for total cash consideration, net of cash acquired, of $49 million . These acquisitions have not had a significant impact on our consolidated financial results for the three and six months ended June 30, 2015 . U.K. Headquarters In May 2015, we listed for sale the Blue Fin Building, our principal executive offices in the U.K. We expect Time Inc. U.K. to remain a tenant following any sale via a sale-leaseback transaction. Grupo Editorial Expansión ("GEX") In August 2014, the sale of our Mexico-based operation, GEX, was consummated for $41 million . During the second quarter of 2014, we recorded an allocated Goodwill impairment charge of $26 million in connection with the impending sale. Our GEX operations published 11 magazines in print in Mexico and operated 10 websites. GEX revenues for the three and six months ended June 30, 2014 represented 2% or less of our overall revenues during those periods. The sale has not had a significant impact on our continuing operations or financial results. We have continued our licensing arrangements with GEX which allow GEX to publish InStyle and Travel + Leisure magazines in Mexico. Revenues for these licensing arrangements are not significant to our overall results of operations.

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
INVESTMENTS	INVESTMENTS Our investments included within Short-term investments and Other assets on the accompanying Balance Sheets consist primarily of equity-method investments, investments in marketable securities, Short-term investments and cost-method investments. Our investments, by category, consisted of the following (in millions): June 30, December 31, Equity-method investments: 120 Sports (a) $ 5 $ 13 Other (b) 4 7 Investments in marketable securities: Deferred compensation investments, recorded at fair value (c) 1 2 Short-term investments (d) 60 — Cost-method investments (e) 3 3 Total $ 73 $ 25 _______________________ (a) We acquired a 20% interest in 120 Sports during the second quarter of 2014. We recorded $4 million and $7 million of equity losses related to this investment for the three and six months ended June 30, 2015 , respectively. There were no equity gains (losses) on this investment during the three and six months ended June 30, 2014 . (b) Other primarily consists of equity-method investments in joint ventures. Equity gains (losses) and foreign currency movements on these investments for the three and six months ended June 30, 2015 and 2014 were not significant. In April 2015, we acquired the remaining 50% interest in a U.K. joint venture to establish Look magazine as a consolidated business of our Time Inc. UK operations. This transaction resulted in a gain of $2 million included within Other expense (income), net on the accompanying Statements of Operations for the three and six months ended June 30, 2015 . Simultaneously, we sold our remaining 50% interest in another joint venture based in France. The loss on disposal for the three and six months ended June 30, 2015 was insignificant. (c) Includes investments in a Rabbi Trust as part of a deferred compensation plan. Assets in the trust consist of debt and equity securities and offset the liability of the deferred compensation plan. As of June 30, 2015 and 2014 , gains and losses on such trading securities were not significant. (d) Our Short-term investments consist of term deposits with original maturities greater than three months and remaining maturities of less than one year. Our term deposits are carried at amortized cost on the accompanying Balance Sheets as held-to-maturity securities. (e) We use available qualitative and quantitative information to evaluate all cost-method investments for impairment at least quarterly. For the three and six months ended June 30, 2015 and 2014 , we did no t experience other-than-temporary declines in the value of our investments.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS A fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered hierarchy distinguishes 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 us to use present value and other valuation techniques in the determination of fair value (Level 3). The following table presents information about assets and liabilities required to be carried at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , respectively (in millions): June 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents - Money market funds $ 120 $ — $ — $ 120 $ 210 $ — $ — $ 210 Trading securities (a) : Diversified debt securities — 1 — 1 — 1 — 1 Diversified equity securities — — — — 1 — — 1 Liabilities: Deferred compensation obligation (b) — — (2 ) (2 ) — — (5 ) (5 ) Contingent consideration (c) — — (5 ) (5 ) — — — — Other - liabilities (d) — — (4 ) (4 ) — — (4 ) (4 ) Total (e) $ 120 $ 1 $ (11 ) $ 110 $ 211 $ 1 $ (9 ) $ 203 _______________________ (a) Consists of investments related to deferred compensation. The fair value of equity securities is determined based on quoted market prices at the end of the reporting period. The fair value of debt securities is determined based on net asset values at the end of the reporting period. (b) In connection with the Employee Matters Agreement with Time Warner Inc. ("Time Warner"), we are required to indemnify Time Warner for international equity awards in connection with our employees' exercises of stock compensation awards granted by Time Warner. The fair value of this obligation, as included within Accounts payable and accrued liabilities and Other noncurrent liabilities on the accompanying Balance Sheets was derived using a Black-Scholes model and is considered a Level 3 measurement. Adjustments to fair value of this obligation are included as a component of Other expense, net in the Statements of Operations. (c) Contingent consideration, of which $1 million is included in Accounts payable and accrued liabilities and $4 million in Other noncurrent liabilities on the accompanying Balance Sheets, consists of earnout liabilities in connection with acquisitions made during the first half of 2015. The fair value was derived using a probability weighted present value of expected future payouts approach, which is considered a Level 3 measurement. Adjustments to fair value of such obligations are included as a component of Selling, general and administrative expenses in the Statements of Operations. Such contingent consideration is primarily based on financial targets and other metrics. (d) Our other liabilities included within Other noncurrent liabilities on the accompanying Balance Sheets consist primarily of a put option liability related to an equity method investment, the fair value of which was derived using a lattice model which is considered a Level 3 measurement. Adjustments to fair value of this obligation are included as a component of Other expense, net in the Statements of Operations. (e) We primarily apply the market approach for determining recurring fair value measurements. During the three and six months ended June 30, 2015 and the year ended December 31, 2014 , there were no transfers of securities between levels. The following table reconciles the beginning and ending balance of our liabilities classified as Level 3 (in millions): June 30, 2015 2014 Balance as of the beginning of the period $ 9 $ — Settlements (3 ) (9 ) Issuances 5 16 Transfers in and/or out of Level 3 — — Balance as of the end of the period $ 11 $ 7 Other Financial Instruments Our other financial instruments, including our term loan (the "Term Loan") and our 5.75% senior notes (the "Senior Notes"), are not required to be carried on our Balance Sheets at fair value. However, the following table summarizes the fair value of each of our significant debt instruments based on quoted market prices for similar issues or on the current rates offered to us for instruments of the same remaining maturities (in millions): June 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Debt instruments: Term Loan $ 681 $ 693 $ 684 $ 691 5.75% Senior Notes 691 672 691 676 $ 1,372 $ 1,365 $ 1,375 $ 1,367 Our Term Loan and Senior Notes were originally issued at a discount of $13 million and $10 million , respectively. Such discounts are being amortized under the effective interest method over the respective terms of the debt instruments. Fair value estimates related to our debt instruments presented above and considered a Level 3 measurement are made at a specific point in time, based on relevant market information and information about the financial instruments. These estimates are subjective in nature and include uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions, including changes in our company risk profile or changes in market interest rates, could significantly affect the estimates. Unrealized gains or losses on debt do not result in realization or expenditure of cash and generally are not recognized in the Financial Statements unless the debt is retired prior to its maturity. The carrying value for the majority of our other financial instruments, including our term deposits, approximates fair value due to the short-term nature of the financial instrument. For the remainder of our other financial instruments, differences between carrying value and fair value were not significant as of June 30, 2015 and December 31, 2014 . The fair value of financial instruments is generally determined by reference to the market value of the instrument as quoted on a national securities exchange or an over-the-counter market. In case a quoted market value is not available, fair value is based on an estimate using present value or other valuation techniques. Non-Financial Instruments The majority of our 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) a non-financial instrument is required to be evaluated for impairment. If we were to determine that the non-financial instrument were impaired, we would be required to write down the non-financial instrument to its fair value. During the first quarter of 2014, we classified one of our buildings as an asset held for sale within Prepaid expenses and other current assets on the accompanying Balance Sheets. As a result, we recorded a noncash impairment charge of $20 million to write down the value of the building to its fair value less costs to sell. The resulting fair value measurement was considered to be a Level 3 measurement and was determined using a market approach. The sale was consummated during the second quarter of 2015.

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
DEBT	DEBT Our debt obligations consisted of the following (in millions): June 30, December 31, 5.75% Senior Notes $ 700 $ 700 Senior Credit Facilities: Term Loan B 693 696 Revolving Credit Facility — — Unamortized discount (21 ) (21 ) Total debt obligations 1,372 1,375 Less: Current portion of long-term debt 7 7 Noncurrent debt obligations $ 1,365 $ 1,368 Senior Notes and Senior Credit Facilities On April 29, 2014, we issued $700 million aggregate principal amount of Senior Notes due April 15, 2022 in a private offering. The Senior Notes are fully and unconditionally guaranteed by substantially all of our wholly-owned domestic subsidiaries and, under certain circumstances, may become guaranteed by other existing or future subsidiaries. Interest payable on the Senior Notes as of both June 30, 2015 and December 31, 2014 was $8 million . We made a semi-annual interest payment on the Senior Notes of $20 million in April 2015. On April 24, 2014, we entered into senior secured credit facilities (the "Senior Credit Facilities") providing for a Term Loan in an aggregate principal amount of $700 million with a seven -year maturity and a $500 million revolving credit facility with a five -year maturity, of which up to $100 million is available for the issuance of letters of credit (the "Revolving Credit Facility"). The Revolving Credit Facility will be used for working capital and other general corporate purposes. The Term Loan was funded on May 29, 2014. The Revolving Credit Facility remained undrawn as of June 30, 2015 except for utilization for letters of credit in the face amount of $2 million . All obligations under the Senior Credit Facilities are fully and unconditionally guaranteed by substantially all of our existing and future direct and indirect wholly-owned domestic subsidiaries (subject to certain exceptions). All obligations under the Senior Credit Facilities, and the guarantees of those obligations, are secured, subject to certain exceptions, by substantially all of Time Inc.'s assets and the assets of our guarantor subsidiaries under the Senior Credit Facilities, including a first-priority pledge of the capital stock of our subsidiaries directly held by Time Inc. or the guarantors under the Senior Credit Facilities. All then-outstanding principal and interest under the Term Loan is due and payable on April 24, 2021. All then outstanding principal and interest under the Revolving Credit Facility is due and payable, and all commitments thereunder will be terminated, on June 6, 2019. We are required to make quarterly repayments of the Term Loan equal to 0.25% of the aggregate original principal amount. A principal payment of $4 million was made on the Term Loan during the six months ended June 30, 2015 . Interest payable on the Term Loan as of both June 30, 2015 and December 31, 2014 was $3 million . An interest payment of $15 million was made on the Term Loan during the six months ended June 30, 2015 . In connection with the issuance of the Senior Notes and Senior Credit Facilities, we incurred deferred financing costs of $13 million , which are being amortized to Interest expense, utilizing the effective interest method, over the terms of the Senior Notes and Senior Credit Facilities. The Term Loan was originally issued at a discount of $13 million and the Senior Notes were originally issued at a discount of $10 million . Debt discount is being amortized using the effective interest method over the terms of the Term Loan and the Senior Notes, respectively. For the three and six months ended June 30, 2015 , we incurred amortization expense on deferred financing costs and discounts on indebtedness of $1 million and $2 million , respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES At the end of each interim period, we estimate the annual effective income tax rate and apply that rate to our ordinary year-to-date earnings. The income tax expense or benefit related to significant or unusual items that are separately reported, or reported net of their respective tax impact, are individually computed and recognized in the period in which they occur. The effect of changes in enacted tax laws, tax rates or tax status is recognized in the period in which such changes occur. For the three and six months ended June 30, 2015 , our Income tax provision was $15 million and $7 million , respectively. For the three and six months ended June 30, 2014 , our Income tax benefit was $1 million and $43 million , respectively. Our effective income tax rate for the three and six months ended June 30, 2015 was 38% and 32% , respectively. Our effective tax rate for the three and six months ended June 30, 2014 was 3% and 29% , respectively. The change in the effective income tax rate for the three months ended June 30, 2015 was primarily due to the effect of foreign operations. The change in the effective income tax rate for the six months ended June 30, 2015 was primarily due to the effect of foreign operations and adjustments to our reserves for uncertain tax positions.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY On August 4, 2015, our Board of Directors declared a dividend of $0.19 per common share to stockholders of record as of the close of business on August 31, 2015, payable September 15, 2015. On May 7, 2015, our Board of Directors declared a dividend of $0.19 per common share to stockholders of record as of the close of business on May 29, 2015. A total of $21 million was paid on June 15, 2015 in respect of the dividend declared on May 7, 2015. On February 12, 2015, our Board of Directors declared a dividend of $0.19 per common share to stockholders of record as of the close of business on February 27, 2015. A total of $21 million was paid on March 13, 2015 in respect of the dividend declared on February 12, 2015. Comprehensive Income (Loss) Comprehensive income (loss) is reported in the Statements of Comprehensive Income (Loss) and consists of Net income (loss) and other gains and losses affecting stockholders' equity that, under GAAP, are excluded from Net income (loss). Such items consist primarily of foreign currency translation gains (losses) and changes in certain pension benefit plan obligations. The following summary sets forth the activity within Other comprehensive income (loss) for the three and six months ended June 30, 2015 and 2014 (in millions): Three Months Ended Six Months Ended Pretax Tax Net of Tax Pretax Tax Net of Tax Unrealized foreign currency translation gains $ 55 $ — $ 55 $ 8 $ — $ 8 Reclassification adjustment for losses on foreign currency realized in net income (loss) (a) 1 — 1 1 — 1 Unrealized (losses) gains on benefit obligations (10 ) 2 (8 ) (2 ) 1 (1 ) Reclassification adjustment for losses (gains) on benefit obligations realized in net income (loss) (a) — — — 2 (1 ) 1 Other comprehensive income (loss) $ 46 $ 2 $ 48 $ 9 $ — $ 9 Three Months Ended Six Months Ended Pretax Tax Net of Tax Pretax Tax Net of Tax Unrealized foreign currency translation gains $ 17 $ — $ 17 $ 45 $ — $ 45 Unrealized gains (losses) on benefit obligations 1 — 1 (14 ) 4 (10 ) Reclassification adjustment for losses (gains) on benefit obligations realized in net income (loss) (a) 3 (1 ) 2 4 (1 ) 3 Other comprehensive income (loss) $ 21 $ (1 ) $ 20 $ 35 $ 3 $ 38 __________________________ (a) Included in Selling, general and administrative expenses.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NET INCOME (LOSS) PER COMMON SHARE Basic net income (loss) per common share is calculated by dividing Net income (loss) attributable to Time Inc. common shareholders by the weighted average number of shares of common stock outstanding. Diluted net income (loss) per common share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of common shares issuable under equity-based compensation plans in accordance with the treasury stock method, except where the inclusion of such common shares would have an anti-dilutive impact. The determination and reporting of net income (loss) per common share requires the inclusion of certain of our time-based restricted stock units ("RSUs") where such securities have the right to share in dividends, if declared, equally with common stockholders. During periods in which we generate net income, such participating securities have the effect of diluting both basic and diluted net income per share. During periods of net loss, no effect is given to participating securities, since they do not share in the losses of the Company. For the three and six months ended June 30, 2014 , such participating securities had no impact on our basic and dilutive net income (loss) per common share calculation as we were in a net loss position. The following table presents a reconciliation of basic and diluted net income (loss) per common share for the three and six months ended June 30, 2015 and 2014 , respectively (in millions, except per share amounts): Three Months Ended June 30, 2015 2014 Net income Shares Per Share Amount Net income Shares Per Share Amount Basic Net Income (Loss) per Common Share Net income $ 23.99 $ (32.32 ) Less net income associated with participating securities (0.17 ) — Basic net income (loss) per common share $ 23.82 109.78 $ 0.22 $ (32.32 ) 108.97 $ (0.30 ) Diluted Net Income (Loss) per Common Share Net income $ 23.99 $ (32.32 ) Less net income associated with participating securities (0.17 ) — Effect of dilutive securities — 0.40 — — Diluted net income (loss) per common share $ 23.82 110.18 $ 0.22 $ (32.32 ) 108.97 $ (0.30 ) Six Months Ended June 30, 2015 2014 Net income Shares Per Share Amount Net income Shares Per Share Amount Basic Net Income (Loss) per Common Share Net income $ 15.11 $ (106.32 ) Less net income associated with participating securities (0.36 ) — Basic net income (loss) per common share $ 14.75 109.67 $ 0.13 $ (106.32 ) 108.97 $ (0.98 ) Diluted Net Income (Loss) per Common Share Net income $ 15.11 $ (106.32 ) Less net income associated with participating securities (0.36 ) — Effect of dilutive securities — 0.39 — — Diluted net income (loss) per common share $ 14.75 110.06 $ 0.13 $ (106.32 ) 108.97 $ (0.98 ) The computation of diluted net income (loss) per common share for the three and six months ended June 30, 2015 and 2014 excludes certain equity awards because they are anti-dilutive. Such equity awards are as set forth below (in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 Anti-dilutive equity awards: 3 5 2 5

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION The following table sets forth the number of Time Inc. stock options and RSUs granted (in millions): Six Months Ended 2015 2014 Stock options 1 1 RSUs 1 4 Generally, stock options are granted with exercise prices equal to the fair market value on the date of grant, vest in four equal annual installments, and expire ten years from the date of grant. RSUs granted under the Time Inc. 2014 Omnibus Incentive Compensation Plan generally vest in four equal annual installments. Upon the exercise of a stock option award, vesting of an RSU or grant of restricted stock, shares of Time Inc. common stock may be issued from authorized but unissued shares or treasury stock, if applicable. As of June 30, 2015 , we did not have any treasury stock. There were no Time Inc. stock options exercised during the six months ended June 30, 2015 and 2014 . The table below summarizes the weighted-average assumptions used to value Time Inc. stock options at their grant date and the weighted-average grant date fair value per option: Six Months Ended 2015 2014 Expected volatility 27.18 % 28.27 % Expected term to exercise from grant date (in years) 5.27 5.28 Risk-free rate 1.67 % 1.88 % Expected dividend yield 3.11 % 3.00 % Weighted average grant date fair value per option $ 4.59 $ 4.68 The following table sets forth the weighted average grant date fair value of Time Inc. RSUs: Six Months Ended 2015 2014 RSUs $ 22.28 $ 22.07 Compensation expense recognized for equity-based awards is as follows (in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 RSUs $ 7 $ 5 $ 17 $ 7 Stock options 1 3 3 3 Total impact on Operating income (loss) $ 8 $ 8 $ 20 $ 10 Income tax benefit recognized $ — $ — $ 4 $ — Total unrecognized compensation cost related to unvested Time Inc. RSUs as of June 30, 2015 , without taking into account expected forfeitures, was $56 million and is expected to be recognized over a weighted-average period between two and three years. Total unrecognized compensation cost related to unvested Time Inc. stock options as of June 30, 2015 , without taking into account expected forfeitures, was $7 million and is expected to be recognized over a weighted-average period between two and three years.

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
BENEFIT PLANS	BENEFIT PLANS We participate in various funded and unfunded noncontributory defined benefit plans, including international plans in the United Kingdom, Germany and Benelux. Pension benefits under these plans are based on formulas that reflect the employees' years of service and compensation during their employment period. The Time Inc. Excess Benefit Pension Plan in the United States has been terminated and the participants were fully paid out under the provisions of the plan in July 2015. At June 30, 2015 , the settlement obligation was $20 million and was reflected within Accounts payable and accrued liabilities on the accompanying Balance Sheets. During the three and six months ended June 30, 2015 , we contributed $4 million and $9 million to our international pension plans, respectively. Components of net periodic benefit income for the three and six months ended June 30, 2015 and 2014 were as follows (in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 Interest cost $ 6 $ 7 $ 13 $ 14 Expected return on plan assets (12 ) (11 ) (23 ) (22 ) Amortization of net loss — 1 1 2 Net periodic benefit income $ (6 ) $ (3 ) $ (9 ) $ (6 )

Restructuring and Severance Cos

Restructuring and Severance Costs	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND SEVERANCE COSTS	RESTRUCTURING AND SEVERANCE COSTS Our Restructuring and severance costs primarily relate to employee termination costs, ranging from senior executives to line personnel, and other exit costs, including lease terminations. Restructuring and severance expense for the three and six months ended June 30, 2015 and 2014 were as follows (in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 Restructuring and severance costs $ 12 $ 55 $ 14 $ 170 Selected information relating to Restructuring and severance costs is as follows (in millions): Employee Terminations Other Total Remaining liability as of December 31, 2014 $ 95 $ 7 $ 102 Net accruals 3 11 14 Noncash adjustments (a) (1 ) 1 — Cash paid (44 ) — (44 ) Remaining liability as of June 30, 2015 $ 53 $ 19 $ 72 __________________________ (a) Noncash adjustments to employee terminations relate to the settlement of certain employee-related liabilities with equity instruments. Noncash adjustments to other exit costs relate primarily to bankruptcy claim distributions and adjustments for deferred rent liabilities. As of June 30, 2015 , of the remaining $72 million liability, $55 million was classified as a current liability in the Balance Sheets, with the remaining $17 million classified as a noncurrent liability. Amounts classified as noncurrent liabilities are expected to be paid through 2020 and relate to severance and lease exit costs. During the three and six months ended June 30, 2015 , we reversed $2 million and $4 million , respectively, of employee termination accruals due to modifications to certain employee termination agreements.

(Notes)

(Notes)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments We have commitments under certain firm contractual arrangements ("firm commitments") to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal course of operations. Our commitments not recorded on the Balance Sheets primarily consist of operating lease arrangements, talent commitments, and purchase obligations for goods and services. Our other commitments primarily consist of debt obligations. Our commitments have not significantly varied from those disclosed within our 2014 Form 10-K. Legal Proceedings In the ordinary course of business, we 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 March 10, 2009, Anderson News L.L.C. and Anderson Services L.L.C. (collectively, "Anderson News") filed an antitrust lawsuit in the U.S. District Court for the Southern District of New York against several magazine publishers, distributors and wholesalers, including Time Inc. and one of its subsidiaries, Time Inc. Retail (formerly Time Warner Retail Sales & Marketing Inc.) ("TIR"). Plaintiffs allege that defendants violated Section 1 of the Sherman Antitrust Act by engaging in an antitrust conspiracy against Anderson News, as well as other related state law claims. Specifically, plaintiffs allege that defendants conspired to reduce competition in the wholesale market for single-copy magazines by rejecting the magazine distribution surcharge proposed by Anderson News and another magazine wholesaler and refusing to distribute magazines to them. Plaintiffs are seeking (among other things) an unspecified award of treble monetary damages against defendants, jointly and severally. On August 2, 2010, the court granted defendants' motions to dismiss the complaint with prejudice and, on October 25, 2010, the court denied Anderson News' motion for reconsideration of that dismissal. On November 8, 2010, Anderson News appealed and, on April 3, 2012, the U.S. Court of Appeals for the Second Circuit vacated the district court's dismissal of the complaint and remanded the case to the district court. On January 7, 2013, the U.S. Supreme Court denied defendants' petition for writ of certiorari to review the judgment of the U.S. Court of Appeals for the Second Circuit vacating the district court's dismissal of the complaint. In February 2014, Time Inc. and several other defendants amended their answers to assert antitrust counterclaims against plaintiffs. On December 19, 2014, the defendants filed a motion for summary judgment on Anderson News' claims and Anderson News filed a motion for summary judgment on the antitrust counterclaim. On November 14, 2011, TIR and several other magazine publishers and distributors filed a complaint in the U.S. Bankruptcy Court for the District of Delaware against Anderson Media Corporation, the parent company of Anderson News, and several Anderson News affiliates. Plaintiffs, acting on behalf of the Anderson News bankruptcy estate, seek to avoid and recover in excess of $70 million that they allege Anderson News transferred to the Anderson News-affiliated insider defendants in violation of the United States Bankruptcy Code and Delaware state law prior to the involuntary bankruptcy petition filed against Anderson News by certain of its creditors. On December 28, 2011, the defendants moved to dismiss the complaint. On June 5, 2012, the court denied defendants' motion. On November 6, 2013, the bankruptcy court lifted the automatic stay barring claims against the debtor, allowing Time Inc. and others to pursue an antitrust counterclaim against Anderson News in the antitrust action brought by Anderson News in the U.S. District Court for the Southern District of New York (described above). On October 26, 2010, the Canadian Minister of National Revenue denied the claims by TIR for input tax credits in respect of goods and services tax that TIR had paid on magazines it imported into, and had displayed at retail locations in, Canada during the years 2006 to 2008, on the basis that TIR did not own those magazines, and issued Notices of Reassessment in the amount of approximately C $52 million . On January 21, 2011, TIR filed an objection to the Notices of Reassessment with the Chief of Appeals of the Canada Revenue Agency, arguing that TIR claimed input tax credits only in respect of goods and services tax it actually paid and, regardless of whether its payment of the goods and services tax was appropriate or in error, it is entitled to a rebate for such payments. On September 13, 2013, TIR received Notices of Reassessment in the amount of C $26.9 million relating to the disallowance of input tax credits claimed by TIR for goods and services tax that TIR had paid on magazines it imported into, and had displayed at retail locations in, Canada during the years 2009 to 2010. On October 22, 2013, TIR filed an objection to the Notices of Reassessment received on September 13, 2013 with the Chief of Appeals of the Canada Revenue Agency, asserting the same arguments made in the objection TIR filed on January 21, 2011. Including interest accrued on both reassessments, the total reassessment by the Canada Revenue Agency for the years 2006 to 2010 was C $89.8 million as of June 2015. We intend to vigorously defend against or prosecute the matters described above. We establish an accrued liability for specific matters, such as a legal claim, when we determine both that a loss is probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. For the matters disclosed above, we do not believe that any reasonably possible loss in excess of accrued liabilities would be material to the Financial Statements as a whole. In view of the inherent difficulty of predicting the outcome of litigation, claims and other matters, we often cannot predict what the eventual outcome of a pending matter will be, or what the timing or results of the ultimate resolution of a matter will be. Income Tax Uncertainties Our operations are subject to tax in various domestic and international jurisdictions and are regularly audited by federal, state and foreign tax authorities. We believe we have appropriately accrued for the expected outcome of all pending tax matters and do not currently anticipate that the ultimate resolution of pending tax matters will have a material adverse effect on our financial condition, future results of operations or liquidity. In connection with the Spin-Off, we entered into a Tax Matters Agreement with Time Warner that may require us to indemnify Time Warner for certain tax liabilities for periods prior to the Spin-Off.

Relationship Between Time Inc.

Relationship Between Time Inc. and Time Warner After the Spin-Off	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
RELATIONSHIP BETWEEN TIME INC. AND TIME WARNER AFTER THE SPIN-OFF	RELATIONSHIP BETWEEN TIME INC. AND TIME WARNER AFTER THE SPIN-OFF The Spin-Off On June 6, 2014 (the "Distribution Date"), we completed the legal and structural separation of our business (the "Spin-Off") from Time Warner. The Spin-Off was completed by way of a pro rata dividend on the Distribution Date of Time Inc. shares held by Time Warner to its stockholders as of May 23, 2014 (the "Record Date") based on a distribution ratio of one share of Time Inc. common stock for every eight shares of Time Warner common stock held (the "Distribution"). Following the Spin-Off, Time Warner stockholders became the owners of 100% of the outstanding shares of common stock of Time Inc. and Time Inc. began operating as an independent, publicly-traded company with its common stock trading on The New York Stock Exchange ("NYSE") under the symbol "TIME". In connection with the Spin-Off, we and Time Warner entered into the separation and distribution agreement dated June 4, 2014 (the "Separation and Distribution Agreement") and certain other related agreements which govern our relationship with Time Warner following the Spin-Off. All significant intercompany transactions that occurred prior to the Distribution Date between us and Time Warner have been included in these Financial Statements and are considered to be effectively settled for cash. The total net effect of the settlement of these intercompany transactions is reflected in the Statements of Cash Flows as a financing activity. The Separation and Distribution Agreement between us and Time Warner contains the key provisions relating to the separation of our business from Time Warner and the distribution of our common stock to Time Warner stockholders. The Separation and Distribution Agreement identifies the assets that were transferred and liabilities that were assumed by us from Time Warner in the Spin-Off and describes how these transfers and assumptions occurred. Under the Transition Services Agreement ("TSA"), we and Time Warner provide to each other certain specified services on a transitional basis, including, among others, payroll tax, employee benefits administration, information systems, and other corporate services, as well as procurement and sourcing support. The charges for the transition services are generally intended to allow the providing company to fully recover the allocated direct costs of providing the services, plus all out-of-pocket costs and expenses, generally without profit. We anticipate that we will be in a position to complete the transition of substantially all services on or before 24 months following the Distribution Date. Services under the TSA began after June 6, 2014 . The Tax Matters Agreement between us and Time Warner governs the parties' rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, tax contests and other matters regarding income taxes, non-income taxes and related tax returns. Under the Tax Matters Agreement, we will indemnify Time Warner for (1) all taxes of Time Inc. and its subsidiaries for all periods after the Spin-Off and (2) all taxes of the Time Warner group for periods prior to the Spin-Off to the extent attributable to Time Inc. or its subsidiaries. For purposes of the indemnification described in clause (2), however, we will generally be required to indemnify Time Warner only for any such taxes that are paid in connection with a tax return filed after the Distribution or that result from an adjustment made to such taxes after the Distribution. In these cases, our indemnification obligations generally would be computed based on the amount by which the tax liability of the Time Warner group is greater than it would have been absent our inclusion in its tax returns (or absent the applicable adjustment). We and Time Warner will generally have joint control over tax authority audits or other tax proceeding related to Time Inc. specific tax matters. The Tax Matters Agreement also imposes certain restrictions on us and our subsidiaries that are designed to preserve the tax-free nature of the Spin-Off, which will apply for a two -year period following the Spin-Off.

Additional Financial Informatio

Additional Financial Information	6 Months Ended
	Jun. 30, 2015
Additional Financial Information [Abstract]
ADDITIONAL FINANCIAL INFORMATION	ADDITIONAL FINANCIAL INFORMATION Additional financial information with respect to Accounts payable and accrued liabilities, Other noncurrent liabilities, Receivables allowance, Inventories, Other expense (income), net and cash payments for taxes and interest is as follows (in millions): June 30, December 31, Accounts payable and accrued liabilities: Accounts payable $ 220 $ 246 Accrued compensation 118 154 Distribution expenses 32 38 Rebates and allowances 37 25 Restructuring and severance 55 76 Accrued other taxes 21 37 Accrued interest (a) 11 11 Other current liabilities 30 34 Total accounts payable and accrued liabilities $ 524 $ 621 June 30, December 31, Other noncurrent liabilities: Noncurrent pension and postretirement liabilities $ 11 $ 12 Restructuring and severance 17 26 Noncurrent tax reserves and interest 39 42 Noncurrent deferred compensation 25 29 Liability to Time Warner (b) 25 25 Other noncurrent liabilities 51 34 Total other noncurrent liabilities $ 168 $ 168 June 30, December 31, Receivables allowance: Allowance for doubtful accounts $ 71 $ 75 Allowance for sales returns 160 180 Total receivables allowance $ 231 $ 255 June 30, December 31, Inventories: Raw material - paper $ 37 $ 36 Finished goods 5 12 Total inventories $ 42 $ 48 Three Months Ended Six Months Ended 2015 2014 2015 2014 Other expense (income), net: Investment (gains) losses, net $ (1 ) $ — $ (1 ) $ 1 Loss on equity method investees 4 1 7 3 Other income (c) (1 ) — (1 ) (8 ) Total other expense (income), net $ 2 $ 1 $ 5 $ (4 ) Six Months Ended 2015 2014 Cash Flows: Cash payments made for income taxes $ 32 $ 2 Income tax refunds received — (1 ) Cash tax payments, net $ 32 $ 1 Cash payments made for interest (a) $ 36 $ — Interest income received — — Cash interest payments, net $ 36 $ — __________________________ (a) Our Senior Notes, maturing in April 2022, bear interest at the rate of 5.75% per annum payable on April 15 and October 15 of each year. We made a semi-annual interest payment on the Senior Notes of $20 million in April 2015. Our Term Loan, maturing in April 2021, bears interest at a variable rate payable quarterly. We made an interest payment on our Term Loan of $15 million during the six months ended June 30, 2015 . Commitment fees paid on our Revolving Credit Facility for the six months ended June 30, 2015 were not significant. See Note 5, "Debt." (b) Liabilities to Time Warner relate to tax and stock compensation expense recharges in connection with the Tax Matters Agreement and Employee Matters Agreement. See Note 13, "Relationship Between Time Inc. and Time Warner After the Spin-Off." (c) Other income consists primarily of reimbursements for Restructuring and severance costs from American Express Company in connection with the acquisition of Affluent Media Group in the fourth quarter of 2013.

Description of Business and B22

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	Basis of Presentation The accompanying consolidated financial statements, which are referred to herein as the “Financial Statements,” have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments necessary for a fair presentation have been reflected in these Financial Statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . The preparation of the Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Financial Statements and accompanying disclosures. Actual results could differ from those estimates. Intercompany transactions and balances have been eliminated. Equity investments in which we exercise significant influence but do not exercise control and are not the primary beneficiary are accounted for using the equity method. Investments in which we are not able to exercise significant influence over the investee are designated as available-for-sale if readily determinable fair values are available. If an investment’s fair value is not readily determinable, we account for our investment under the cost method. The financial position and operating results of our foreign operations are consolidated using the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange as of the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Translation gains or losses on assets and liabilities are included as a component of Accumulated other comprehensive loss, net. The consolidated statements of operations are referred to as the “Statements of Operations” herein. The consolidated statements of comprehensive income (loss) are referred to as the "Statements of Comprehensive Income (Loss)" herein. The consolidated balance sheets are referred to as the “Balance Sheets” herein. The consolidated statements of cash flows are referred to as the “Statements of Cash Flows” herein. The accompanying Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission (“SEC”) on February 26, 2015 (the “2014 Form 10-K”).
Recent Accounting Guidance	Accounting Guidance Adopted in 2015 In April 2014, guidance was issued that raises the threshold for disposals to qualify as discontinued operations. Under this guidance, a discontinued operation is (1) a component of an entity or group of components that has been disposed of or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity's operations and financial results or (2) an acquired business that is classified as held for sale on the acquisition date. This guidance also requires expanded or new disclosures for discontinued operations, individually material disposals that do not meet the definition of a discontinued operation, an entity's continuing involvement with a discontinued operation following disposal, and retained equity method investments in a discontinued operation. This guidance became effective on a prospective basis for us on January 1, 2015 and has not had a significant impact on our Financial Statements upon adoption. In January 2015, guidance was issued which eliminates from GAAP the concept of extraordinary items. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The guidance may be applied prospectively or retrospectively and early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We adopted this guidance on January 1, 2015 and it has not had an impact on our Financial Statements upon adoption.
Short-Term Investments	Our Short-term investments consist of term deposits with original maturities greater than three months and remaining maturities of less than one year. Our term deposits are carried at amortized cost on the accompanying Balance Sheets as held-to-maturity securities.
Cost Method Investments	We use available qualitative and quantitative information to evaluate all cost-method investments for impairment at least quarterly.
Fair Value Measurements	The fair value of equity securities is determined based on quoted market prices at the end of the reporting period. The fair value of debt securities is determined based on net asset values at the end of the reporting period. The fair value was derived using a probability weighted present value of expected future payouts approach, which is considered a Level 3 measurement. Adjustments to fair value of such obligations are included as a component of Selling, general and administrative expenses in the Statements of Operations. Such contingent consideration is primarily based on financial targets and other metrics. Our other liabilities included within Other noncurrent liabilities on the accompanying Balance Sheets consist primarily of a put option liability related to an equity method investment, the fair value of which was derived using a lattice model which is considered a Level 3 measurement. Adjustments to fair value of this obligation are included as a component of Other expense, net in the Statements of Operations. 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 distinguishes 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 us to use present value and other valuation techniques in the determination of fair value (Level 3). The fair value of equity securities is determined based on quoted market prices at the end of the reporting period. The fair value of debt securities is determined based on net asset values at the end of the reporting period. We primarily apply the market approach for determining recurring fair value measurements. During the three and six months ended June 30, 2015 and the year ended December 31, 2014 , there were no transfers of securities between levels. We primarily apply the market approach for determining recurring fair value measurements. During the three and six months ended June 30, 2015 and the year ended December 31, 2014 , there were no transfers of securities between levels. The carrying value for the majority of our other financial instruments, including our term deposits, approximates fair value due to the short-term nature of the financial instrument. For the remainder of our other financial instruments, differences between carrying value and fair value were not significant as of June 30, 2015 and December 31, 2014 . The fair value of financial instruments is generally determined by reference to the market value of the instrument as quoted on a national securities exchange or an over-the-counter market. In case a quoted market value is not available, fair value is based on an estimate using present value or other valuation techniques. The fair value of this obligation, as included within Accounts payable and accrued liabilities and Other noncurrent liabilities on the accompanying Balance Sheets was derived using a Black-Scholes model and is considered a Level 3 measurement. Adjustments to fair value of this obligation are included as a component of Other expense, net in the Statements of Operations.
Fair Value of Financial and Non-Financial Instruments	The majority of our 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) a non-financial instrument is required to be evaluated for impairment. If we were to determine that the non-financial instrument were impaired, we would be required to write down the non-financial instrument to its fair value.
Earnings (Loss) Per Common Share	Basic net income (loss) per common share is calculated by dividing Net income (loss) attributable to Time Inc. common shareholders by the weighted average number of shares of common stock outstanding. Diluted net income (loss) per common share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of common shares issuable under equity-based compensation plans in accordance with the treasury stock method, except where the inclusion of such common shares would have an anti-dilutive impact. The determination and reporting of net income (loss) per common share requires the inclusion of certain of our time-based restricted stock units ("RSUs") where such securities have the right to share in dividends, if declared, equally with common stockholders. During periods in which we generate net income, such participating securities have the effect of diluting both basic and diluted net income per share. During periods of net loss, no effect is given to participating securities, since they do not share in the losses of the Company. For the three and six months ended June 30, 2014 , such participating securities had no impact on our basic and dilutive net income (loss) per common share calculation as we were in a net loss position.
Equity-Based Compensation	Generally, stock options are granted with exercise prices equal to the fair market value on the date of grant, vest in four equal annual installments, and expire ten years from the date of grant. RSUs granted under the Time Inc. 2014 Omnibus Incentive Compensation Plan generally vest in four equal annual installments. Upon the exercise of a stock option award, vesting of an RSU or grant of restricted stock, shares of Time Inc. common stock may be issued from authorized but unissued shares or treasury stock, if applicable. As of June 30, 2015 , we did not have any treasury stock. There were no Time Inc. stock options exercised during the six months ended June 30, 2015 and 2014 .
Accrued Liability	We establish an accrued liability for specific matters, such as a legal claim, when we determine both that a loss is 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.
Income Taxes	At the end of each interim period, we estimate the annual effective income tax rate and apply that rate to our ordinary year-to-date earnings. The income tax expense or benefit related to significant or unusual items that are separately reported, or reported net of their respective tax impact, are individually computed and recognized in the period in which they occur. The effect of changes in enacted tax laws, tax rates or tax status is recognized in the period in which such changes occur.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Schedule of investments	Our investments included within Short-term investments and Other assets on the accompanying Balance Sheets consist primarily of equity-method investments, investments in marketable securities, Short-term investments and cost-method investments. Our investments, by category, consisted of the following (in millions): June 30, December 31, Equity-method investments: 120 Sports (a) $ 5 $ 13 Other (b) 4 7 Investments in marketable securities: Deferred compensation investments, recorded at fair value (c) 1 2 Short-term investments (d) 60 — Cost-method investments (e) 3 3 Total $ 73 $ 25 _______________________ (a) We acquired a 20% interest in 120 Sports during the second quarter of 2014. We recorded $4 million and $7 million of equity losses related to this investment for the three and six months ended June 30, 2015 , respectively. There were no equity gains (losses) on this investment during the three and six months ended June 30, 2014 . (b) Other primarily consists of equity-method investments in joint ventures. Equity gains (losses) and foreign currency movements on these investments for the three and six months ended June 30, 2015 and 2014 were not significant. In April 2015, we acquired the remaining 50% interest in a U.K. joint venture to establish Look magazine as a consolidated business of our Time Inc. UK operations. This transaction resulted in a gain of $2 million included within Other expense (income), net on the accompanying Statements of Operations for the three and six months ended June 30, 2015 . Simultaneously, we sold our remaining 50% interest in another joint venture based in France. The loss on disposal for the three and six months ended June 30, 2015 was insignificant. (c) Includes investments in a Rabbi Trust as part of a deferred compensation plan. Assets in the trust consist of debt and equity securities and offset the liability of the deferred compensation plan. As of June 30, 2015 and 2014 , gains and losses on such trading securities were not significant. (d) Our Short-term investments consist of term deposits with original maturities greater than three months and remaining maturities of less than one year. Our term deposits are carried at amortized cost on the accompanying Balance Sheets as held-to-maturity securities. (e) We use available qualitative and quantitative information to evaluate all cost-method investments for impairment at least quarterly.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Asset and Liabilities Measured on Recurring Basis	The following table presents information about assets and liabilities required to be carried at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 , respectively (in millions): June 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents - Money market funds $ 120 $ — $ — $ 120 $ 210 $ — $ — $ 210 Trading securities (a) : Diversified debt securities — 1 — 1 — 1 — 1 Diversified equity securities — — — — 1 — — 1 Liabilities: Deferred compensation obligation (b) — — (2 ) (2 ) — — (5 ) (5 ) Contingent consideration (c) — — (5 ) (5 ) — — — — Other - liabilities (d) — — (4 ) (4 ) — — (4 ) (4 ) Total (e) $ 120 $ 1 $ (11 ) $ 110 $ 211 $ 1 $ (9 ) $ 203 _______________________ (a) Consists of investments related to deferred compensation. The fair value of equity securities is determined based on quoted market prices at the end of the reporting period. The fair value of debt securities is determined based on net asset values at the end of the reporting period. (b) In connection with the Employee Matters Agreement with Time Warner Inc. ("Time Warner"), we are required to indemnify Time Warner for international equity awards in connection with our employees' exercises of stock compensation awards granted by Time Warner. The fair value of this obligation, as included within Accounts payable and accrued liabilities and Other noncurrent liabilities on the accompanying Balance Sheets was derived using a Black-Scholes model and is considered a Level 3 measurement. Adjustments to fair value of this obligation are included as a component of Other expense, net in the Statements of Operations. (c) Contingent consideration, of which $1 million is included in Accounts payable and accrued liabilities and $4 million in Other noncurrent liabilities on the accompanying Balance Sheets, consists of earnout liabilities in connection with acquisitions made during the first half of 2015. The fair value was derived using a probability weighted present value of expected future payouts approach, which is considered a Level 3 measurement. Adjustments to fair value of such obligations are included as a component of Selling, general and administrative expenses in the Statements of Operations. Such contingent consideration is primarily based on financial targets and other metrics. (d) Our other liabilities included within Other noncurrent liabilities on the accompanying Balance Sheets consist primarily of a put option liability related to an equity method investment, the fair value of which was derived using a lattice model which is considered a Level 3 measurement. Adjustments to fair value of this obligation are included as a component of Other expense, net in the Statements of Operations. (e) We primarily apply the market approach for determining recurring fair value measurements. During the three and six months ended June 30, 2015 and the year ended December 31, 2014 , there were no transfers of securities between levels.
Schedule of Derivative Liabilities at Fair Value	The following table reconciles the beginning and ending balance of our liabilities classified as Level 3 (in millions): June 30, 2015 2014 Balance as of the beginning of the period $ 9 $ — Settlements (3 ) (9 ) Issuances 5 16 Transfers in and/or out of Level 3 — — Balance as of the end of the period $ 11 $ 7
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	However, the following table summarizes the fair value of each of our significant debt instruments based on quoted market prices for similar issues or on the current rates offered to us for instruments of the same remaining maturities (in millions): June 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Debt instruments: Term Loan $ 681 $ 693 $ 684 $ 691 5.75% Senior Notes 691 672 691 676 $ 1,372 $ 1,365 $ 1,375 $ 1,367

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	Our debt obligations consisted of the following (in millions): June 30, December 31, 5.75% Senior Notes $ 700 $ 700 Senior Credit Facilities: Term Loan B 693 696 Revolving Credit Facility — — Unamortized discount (21 ) (21 ) Total debt obligations 1,372 1,375 Less: Current portion of long-term debt 7 7 Noncurrent debt obligations $ 1,365 $ 1,368

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Activity within Other Comprehensive Income (Loss)	The following summary sets forth the activity within Other comprehensive income (loss) for the three and six months ended June 30, 2015 and 2014 (in millions): Three Months Ended Six Months Ended Pretax Tax Net of Tax Pretax Tax Net of Tax Unrealized foreign currency translation gains $ 55 $ — $ 55 $ 8 $ — $ 8 Reclassification adjustment for losses on foreign currency realized in net income (loss) (a) 1 — 1 1 — 1 Unrealized (losses) gains on benefit obligations (10 ) 2 (8 ) (2 ) 1 (1 ) Reclassification adjustment for losses (gains) on benefit obligations realized in net income (loss) (a) — — — 2 (1 ) 1 Other comprehensive income (loss) $ 46 $ 2 $ 48 $ 9 $ — $ 9 Three Months Ended Six Months Ended Pretax Tax Net of Tax Pretax Tax Net of Tax Unrealized foreign currency translation gains $ 17 $ — $ 17 $ 45 $ — $ 45 Unrealized gains (losses) on benefit obligations 1 — 1 (14 ) 4 (10 ) Reclassification adjustment for losses (gains) on benefit obligations realized in net income (loss) (a) 3 (1 ) 2 4 (1 ) 3 Other comprehensive income (loss) $ 21 $ (1 ) $ 20 $ 35 $ 3 $ 38 __________________________ (a) Included in Selling, general and administrative expenses

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Estimated Basic and Diluted Earnings (Loss) Per Share	The following table presents a reconciliation of basic and diluted net income (loss) per common share for the three and six months ended June 30, 2015 and 2014 , respectively (in millions, except per share amou
Antidilutive Equity Awards	The computation of diluted net income (loss) per common share for the three and six months ended June 30, 2015 and 2014 excludes certain equity awards because they are anti-dilutive. Such equity awards are as set forth below (in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 Anti-dilutive equity awards: 3 5 2 5

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of shares granted under award plans	The following table sets forth the number of Time Inc. stock options and RSUs granted (in millions): Six Months Ended 2015 2014 Stock options 1 1 RSUs 1 4
Schedule of assumptions used in stock option valuation	The table below summarizes the weighted-average assumptions used to value Time Inc. stock options at their grant date and the weighted-average grant date fair value per option: Six Months Ended 2015 2014 Expected volatility 27.18 % 28.27 % Expected term to exercise from grant date (in years) 5.27 5.28 Risk-free rate 1.67 % 1.88 % Expected dividend yield 3.11 % 3.00 % Weighted average grant date fair value per option $ 4.59 $ 4.68
Schedule of weighted average grant date fair value	The following table sets forth the weighted average grant date fair value of Time Inc. RSUs: Six Months Ended 2015 2014 RSUs $ 22.28 $ 22.07
Schedule of compensation expense recognized for equity-based awards	Compensation expense recognized for equity-based awards is as follows (in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 RSUs $ 7 $ 5 $ 17 $ 7 Stock options 1 3 3 3 Total impact on Operating income (loss) $ 8 $ 8 $ 20 $ 10 Income tax benefit recognized $ — $ — $ 4 $ —

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Costs	Components of net periodic benefit income for the three and six months ended June 30, 2015 and 2014 were as follows (in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 Interest cost $ 6 $ 7 $ 13 $ 14 Expected return on plan assets (12 ) (11 ) (23 ) (22 ) Amortization of net loss — 1 1 2 Net periodic benefit income $ (6 ) $ (3 ) $ (9 ) $ (6 )

Restructuring and Severance C30

Restructuring and Severance Costs (Tables)	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring and related costs	Restructuring and severance expense for the three and six months ended June 30, 2015 and 2014 were as follows (in millions): Three Months Ended Six Months Ended 2015 2014 2015 2014 Restructuring and severance costs $ 12 $ 55 $ 14 $ 170
Selected information relating to restructuring and severance costs	Selected information relating to Restructuring and severance costs is as follows (in millions): Employee Terminations Other Total Remaining liability as of December 31, 2014 $ 95 $ 7 $ 102 Net accruals 3 11 14 Noncash adjustments (a) (1 ) 1 — Cash paid (44 ) — (44 ) Remaining liability as of June 30, 2015 $ 53 $ 19 $ 72 __________________________ (a) Noncash adjustments to employee terminations relate to the settlement of certain employee-related liabilities with equity instruments. Noncash adjustments to other exit costs relate primarily to bankruptcy claim distributions and adjustments for deferred rent liabilities.

Additional Financial Informat31

Additional Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Additional Financial Information [Abstract]
Accounts payable and accrued liabilities	June 30, December 31, Accounts payable and accrued liabilities: Accounts payable $ 220 $ 246 Accrued compensation 118 154 Distribution expenses 32 38 Rebates and allowances 37 25 Restructuring and severance 55 76 Accrued other taxes 21 37 Accrued interest (a) 11 11 Other current liabilities 30 34 Total accounts payable and accrued liabilities $ 524 $ 621
Other noncurrent liabilities	June 30, December 31, Other noncurrent liabilities: Noncurrent pension and postretirement liabilities $ 11 $ 12 Restructuring and severance 17 26 Noncurrent tax reserves and interest 39 42 Noncurrent deferred compensation 25 29 Liability to Time Warner (b) 25 25 Other noncurrent liabilities 51 34 Total other noncurrent liabilities $ 168 $ 168
Receivables allowance	June 30, December 31, Receivables allowance: Allowance for doubtful accounts $ 71 $ 75 Allowance for sales returns 160 180 Total receivables allowance $ 231 $ 255
Components of inventories	June 30, December 31, Inventories: Raw material - paper $ 37 $ 36 Finished goods 5 12 Total inventories $ 42 $ 48
Other expense, net	Three Months Ended Six Months Ended 2015 2014 2015 2014 Other expense (income), net: Investment (gains) losses, net $ (1 ) $ — $ (1 ) $ 1 Loss on equity method investees 4 1 7 3 Other income (c) (1 ) — (1 ) (8 ) Total other expense (income), net $ 2 $ 1 $ 5 $ (4 )
Supplemental schedule of cash flows	Six Months Ended 2015 2014 Cash Flows: Cash payments made for income taxes $ 32 $ 2 Income tax refunds received — (1 ) Cash tax payments, net $ 32 $ 1 Cash payments made for interest (a) $ 36 $ — Interest income received — — Cash interest payments, net $ 36 $ — __________________________ (a) Our Senior Notes, maturing in April 2022, bear interest at the rate of 5.75% per annum payable on April 15 and October 15 of each year. We made a semi-annual interest payment on the Senior Notes of $20 million in April 2015. Our Term Loan, maturing in April 2021, bears interest at a variable rate payable quarterly. We made an interest payment on our Term Loan of $15 million during the six months ended June 30, 2015 . Commitment fees paid on our Revolving Credit Facility for the six months ended June 30, 2015 were not significant. See Note 5, "Debt." (b) Liabilities to Time Warner relate to tax and stock compensation expense recharges in connection with the Tax Matters Agreement and Employee Matters Agreement. See Note 13, "Relationship Between Time Inc. and Time Warner After the Spin-Off." (c) Other income consists primarily of reimbursements for Restructuring and severance costs from American Express Company in connection with the acquisition of Affluent Media Group in the fourth quarter of 2013.

Description of Business and B32

Description of Business and Basis of Presentation (Details) - Jun. 30, 2015 visitor in Millions, consumers in Millions	magazinewebsiteconsumersvisitor
Description of Business and Basis of Presentation [Line Items]
Number of consumers reached | consumers	120
Number of average monthly unique visitors | visitor	140
Number of websites operated | website	60
Number of people in attendance at live media events	Hundreds of thousands
Outside the United States
Description of Business and Basis of Presentation [Line Items]
Number of U.K. magazine titles	50

Acquisitions and Dispositions (

Acquisitions and Dispositions (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)website	Jun. 30, 2014USD ($)magazinewebsite	Jun. 30, 2015USD ($)website	Jun. 30, 2014USD ($)magazinewebsite	Aug. 01, 2014USD ($)
Dispositions and Acquisitions [Abstract]
Acquisition consideration			$ 49
Dispositions [Line Items]
Goodwill impairment	$ 0	$ 26	$ 0	$ 26
Number of websites operated | website	60		60
GEX
Dispositions [Line Items]
Disposition consideration					$ 41
Goodwill impairment		$ 26
Number of magazines published | magazine		11		11
Number of websites operated | website		10		10
Percent of revenues		2.00%

Investments (Details)

Investments (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Investments [Line Items]
Short-term Investments		$ 60		$ 60		$ 0
Total investments		73		73		25
(Gain) loss on equity method investments		(4)	$ (1)	(7)	$ (3)
Writedown on investments		0	$ 0	0	$ 0
Deferred compensation investments, recorded at fair value
Investments [Line Items]
Fair-value and other investments	[1]	1		1		2
Held-to-maturity Securities
Investments [Line Items]
Short-term Investments	[2]	60		60		0
Cost-method investments
Investments [Line Items]
Cost-method investments	[3]	3		3		3
120 Sports
Investments [Line Items]
Equity-method investments	[4]	5		5		13
Equity method investment, ownership percentage	[4]		20.00%		20.00%
(Gain) loss on equity method investments	[4]	4	$ 0	7	$ 0
Other
Investments [Line Items]
Equity-method investments	[5]	$ 4		4		$ 7
Look Magazine
Investments [Line Items]
(Gain) loss on equity method investments	[5]			$ (2)
Ownership percentage acquired	[5]	0.50		0.50
Gain on acquisition of investment	[5]	$ 2
France Joint Venture
Investments [Line Items]
Ownership percentage sold	[5]	0.50		0.50
[1]	Includes investments in a Rabbi Trust as part of a deferred compensation plan. Assets in the trust consist of debt and equity securities and offset the liability of the deferred compensation plan. As of June 30, 2015 and 2014, gains and losses on such trading securities were not significant.
[2]	Our Short-term investments consist of term deposits with original maturities greater than three months and remaining maturities of less than one year. Our term deposits are carried at amortized cost on the accompanying Balance Sheets as held-to-maturity securities
[3]	We use available qualitative and quantitative information to evaluate all cost-method investments for impairment at least quarterly.
[4]	We acquired a 20% interest in 120 Sports during the second quarter of 2014. We recorded $4 million and $7 million of equity losses related to this investment for the three and six months ended June 30, 2015, respectively. There were no equity gains (losses) on this investment during the three and six months ended June 30, 2014.
[5]	Other primarily consists of equity-method investments in joint ventures. Equity gains (losses) and foreign currency movements on these investments for the three and six months ended June 30, 2015 and 2014 were not significant. In April 2015, we acquired the remaining 50% interest in a U.K. joint venture to establish Look magazine as a consolidated business of our Time Inc. UK operations. This transaction resulted in a gain of $2 million included within Other expense (income), net on the accompanying Statements of Operations for the three and six months ended June 30, 2015. Simultaneously, we sold our remaining 50% interest in another joint venture based in France. The loss on disposal for the three and six months ended June 30, 2015 was insignificant.

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2014	Apr. 24, 2014
Building
Fair Value Measurements [Line Items]
Asset impairments		$ 20
5.75% Senior Notes
Fair Value Measurements [Line Items]
Stated interest rate percentage	[1]		5.75%
Original discount			$ 10
Term Loan B
Fair Value Measurements [Line Items]
Original discount			$ 13
[1]	Our Senior Notes, maturing in April 2022, bear interest at the rate of 5.75% per annum payable on April 15 and October 15 of each year. We made a semi-annual interest payment on the Senior Notes of $20 million in April 2015. Our Term Loan, maturing in April 2021, bears interest at a variable rate payable quarterly. We made an interest payment on our Term Loan of $15 million during the six months ended June 30, 2015. Commitment fees paid on our Revolving Credit Facility for the six months ended June 30, 2015 were not significant. See Note 5, "Debt."

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities) (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended	12 Months Ended
		Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation obligation		$ 25	$ 25	$ 29
Transfer of securities between levels	[1]	0	0	0
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	[1]	110	110	203
Recurring basis | Deferred compensation obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation obligation	[2]	(2)	(2)	(5)
Recurring basis | Contingent Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	[3]	(5)	(5)	0
Recurring basis | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other - liabilities	[4]	(4)	(4)	(4)
Recurring basis | Diversified debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities debt	[5]	1	1	1
Recurring basis | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities equity	[5]	0	0	1
Recurring basis | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		120	120	210
Recurring basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	[1]	120	120	211
Recurring basis | Level 1 | Deferred compensation obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation obligation	[2]	0	0	0
Recurring basis | Level 1 | Contingent Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	[3]	0	0	0
Recurring basis | Level 1 | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other - liabilities	[4]	0	0	0
Recurring basis | Level 1 | Diversified debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities debt	[5]	0	0	0
Recurring basis | Level 1 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities equity	[5]	0	0	1
Recurring basis | Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		120	120	210
Recurring basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	[1]	1	1	1
Recurring basis | Level 2 | Deferred compensation obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation obligation	[2]	0	0	0
Recurring basis | Level 2 | Contingent Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	[3]	0	0	0
Recurring basis | Level 2 | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other - liabilities	[4]	0	0	0
Recurring basis | Level 2 | Diversified debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities debt	[5]	1	1	1
Recurring basis | Level 2 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities equity	[5]	0	0	0
Recurring basis | Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0	0	0
Recurring basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	[1]	(11)	(11)	(9)
Recurring basis | Level 3 | Deferred compensation obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation obligation	[2]	(2)	(2)	(5)
Recurring basis | Level 3 | Contingent Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	[3]	(5)	(5)	0
Recurring basis | Level 3 | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other - liabilities	[4]	(4)	(4)	(4)
Recurring basis | Level 3 | Diversified debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities debt	[5]	0	0	0
Recurring basis | Level 3 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities equity	[5]	0	0	0
Recurring basis | Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		0	0	$ 0
Accounts Payable and Accrued Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	[3]	1	1
Other Noncurrent Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	[3]	$ 4	$ 4
[1]	We primarily apply the market approach for determining recurring fair value measurements. During the three and six months ended June 30, 2015 and the year ended December 31, 2014, there were no transfers of securities between levels.
[2]	In connection with the Employee Matters Agreement with Time Warner Inc. ("Time Warner"), we are required to indemnify Time Warner for international equity awards in connection with our employees' exercises of stock compensation awards granted by Time Warner. The fair value of this obligation, as included within Accounts payable and accrued liabilities and Other noncurrent liabilities on the accompanying Balance Sheets was derived using a Black-Scholes model and is considered a Level 3 measurement. Adjustments to fair value of this obligation are included as a component of Other expense, net in the Statements of Operations.
[3]	Contingent consideration, of which $1 million is included in Accounts payable and accrued liabilities and $4 million in Other noncurrent liabilities on the accompanying Balance Sheets, consists of earnout liabilities in connection with acquisitions made during the first half of 2015. The fair value was derived using a probability weighted present value of expected future payouts approach, which is considered a Level 3 measurement. Adjustments to fair value of such obligations are included as a component of Selling, general and administrative expenses in the Statements of Operations. Such contingent consideration is primarily based on financial targets and other metrics.
[4]	Our other liabilities included within Other noncurrent liabilities on the accompanying Balance Sheets consist primarily of a put option liability related to an equity method investment, the fair value of which was derived using a lattice model which is considered a Level 3 measurement. Adjustments to fair value of this obligation are included as a component of Other expense, net in the Statements of Operations.
[5]	Consists of investments related to deferred compensation. The fair value of equity securities is determined based on quoted market prices at the end of the reporting period. The fair value of debt securities is determined based on net asset values at the end of the reporting period.

Fair Value Measurements (Deriva

Fair Value Measurements (Derivative Liabilities) (Details) - Derivative liabilities - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of the beginning of the period	$ 9	$ 0
Settlements	(3)	(9)
Issuances	5	16
Transfers in and/or out of Level 3	0	0
Balance as of the end of the period	$ 11	$ 7

Fair Value Measurements (Other

Fair Value Measurements (Other Financial Instruments) (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 1,372	$ 1,375
Carrying Amount | Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	681	684
Carrying Amount | 5.75% Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	691	691
Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	1,365	1,367
Estimated Fair Value | Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	693	691
Estimated Fair Value | 5.75% Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 672	$ 676

Debt (Debt Obligations) (Detail

Debt (Debt Obligations) (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Unamortized discount	$ (21)	$ (21)
Total debt obligations	1,372	1,375
Less: Current portion of long-term debt	7	7
Noncurrent debt obligations	1,365	1,368
5.75% Senior Notes
Debt Instrument [Line Items]
Long-term debt	700	700
Term Loan B
Debt Instrument [Line Items]
Long-term debt	693	696
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0

Debt (Senior Notes and Senior C

Debt (Senior Notes and Senior Credit Facilities) (Details) - USD ($)		Apr. 15, 2015	Apr. 24, 2014	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Apr. 29, 2014
Debt Instrument [Line Items]
Interest Payable	[1]			$ 11,000,000	$ 11,000,000		$ 11,000,000
Interest paid	[1]				36,000,000	$ 0
Financing costs								$ 13,000,000
Amortization of deferred financing costs and discounts on indebtedness				1,000,000	2,000,000	$ 0
Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 100,000,000
Letters of credit, amount utilized				2,000,000	2,000,000
5.75% Senior Notes
Debt Instrument [Line Items]
Aggregate principal debt amount								$ 700,000,000
Interest Payable				8,000,000	8,000,000		8,000,000
Semi-annual interest payment	[1]	$ 20,000,000
Original discount			10,000,000
Term Loan B
Debt Instrument [Line Items]
Aggregate principal debt amount			$ 700,000,000
Interest Payable				$ 3,000,000	3,000,000		$ 3,000,000
Semi-annual interest payment	[1]				15,000,000
Maturity (in years)			7 years
Repayments of long-term debt (as a percent)				0.25%
Repayment of principal					4,000,000
Interest paid					$ 15,000,000
Original discount			$ 13,000,000
Revolving credit facility
Debt Instrument [Line Items]
Maturity (in years)			5 years
Maximum borrowing capacity			$ 500,000,000
[1]	Our Senior Notes, maturing in April 2022, bear interest at the rate of 5.75% per annum payable on April 15 and October 15 of each year. We made a semi-annual interest payment on the Senior Notes of $20 million in April 2015. Our Term Loan, maturing in April 2021, bears interest at a variable rate payable quarterly. We made an interest payment on our Term Loan of $15 million during the six months ended June 30, 2015. Commitment fees paid on our Revolving Credit Facility for the six months ended June 30, 2015 were not significant. See Note 5, "Debt."

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 15	$ (1)	$ 7	$ (43)
Effective income tax rate	38.00%	3.00%	32.00%	29.00%

Stockholders' Equity (Additiona

Stockholders' Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 04, 2015	Jun. 15, 2015	May. 07, 2015	Mar. 13, 2015	Feb. 12, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity [Abstract]
Dividends paid		$ 21		$ 21				$ 42
Subsequent Event [Line Items]
Dividends declared (usd per share)			$ 0.19		$ 0.19	$ 0.19	$ 0	$ 0.38	$ 0
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (usd per share)	$ 0.19

Stockholders' Equity (Activity

Stockholders' Equity (Activity within Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Pretax
Unrealized foreign currency translation gains		$ 55		$ 17	$ 8		$ 45
Reclassification adjustment for losses on foreign currency realized in net income (loss)	[1]	1			1
Unrealized gains (losses) on benefit obligations		(10)		1	(2)		(14)
Reclassification adjustment for (gains) losses on benefit obligations realized in net income (loss)	[1]	0		3	2		4
Other comprehensive income (loss)		46		21	9		35
Tax (Provision) Benefit
Unrealized foreign currency translation gains (losses)		0		0	0		0
Reclassification adjustment for losses on foreign currency realized in net income (loss)	[1]	0			0
Unrealized gains (losses) on benefit obligation		2		0	1		4
Reclassification adjustment for (gains) losses on benefit obligations realized in net income (loss)	[1]	0		(1)	(1)		(1)
Other comprehensive income (loss)		2		(1)	0		3
Net of Tax
Unrealized foreign currency translation gains		55		17	8		45
Reclassification adjustment for losses on foreign currency realized in net income (loss)		1	[1]	0	1	[1]	0
Unrealized gains (losses) on benefit obligation		(8)		1	(1)		(10)
Reclassification adjustment for (gains) losses on benefit obligations realized in net income (loss)	[1]	0		2	1		3
Other comprehensive income		$ 48		$ 20	$ 9		$ 38
[1]	Included in Selling, general and administrative expenses.

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic Net Income (Loss) per Common Share:
Net Income Loss, Extended Precision	$ 23,990	$ (32,320)	$ 15,110	$ (106,320)
Less net income associated with participating securities	(170)	0	(360)	0
Basic net income (loss) per common share, Net income	$ 23,820	$ (32,320)	$ 14,750	$ (106,320)
Basic net income (loss) per common share, Shares	109,780	108,970	109,670	108,970
Basic net income (loss) per common share (in dollars per share)	$ 0.22	$ (0.30)	$ 0.13	$ (0.98)
Diluted Net Income (Loss) per Common Share:
Net Income Loss, Extended Precision	$ 23,990	$ (32,320)	$ 15,110	$ (106,320)
Less net income associated with participating securities	(170)	0	(360)	0
Effect of dilutive securities, Net income	0	0	0	0
Diluted net income (loss) per common share, Net income	$ 23,820	$ (32,320)	$ 14,750	$ (106,320)
Effect of dilutive securities, Shares	400	0	390	0
Diluted net income (loss) per common share, Shares	110,180	108,970	110,060	108,970
Diluted net income (loss) per common share (in dollars per share)	$ 0.22	$ (0.30)	$ 0.13	$ (0.98)
Anti-dilutive equity awards [Member]
Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share [Line Items]
Anti-dilutive equity awards (in shares)	3,000	5,000	2,000	5,000

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)installmentshares	Jun. 30, 2014shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock | shares	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized	$ 56
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized, period for recognition	2 years
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized, period for recognition	3 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised | shares	0	0
Compensation cost not yet recognized	$ 7
Stock options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized, period for recognition	2 years
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized, period for recognition	3 years
Omnibus Incentive Plan: New Equity Awards | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in installments) | installment	4
Omnibus Incentive Plan: New Equity Awards | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in installments) | installment	4
Expiration period	10 years

Equity-Based Compensation (Shar

Equity-Based Compensation (Shares Granted by Award Type) (Details) - shares shares in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options (number of shares)	1	1
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs (number of shares)	1	4

Equity-Based Compensation (Assu

Equity-Based Compensation (Assumptions Used in Valuing Stock Options) (Details) - Stock options - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	27.18%	28.27%
Expected term to exercise from grant date	5 years 3 months 8 days	5 years 3 months 11 days
Risk-free rate	1.67%	1.88%
Expected dividend yield	3.11%	3.00%
Weighted average grant date fair value per option (in Dollars per share)	$ 4.59	$ 4.68

Equity-Based Compensation (Weig

Equity-Based Compensation (Weighted-Average Grant Date Fair Value) (Details) - $ / shares	Jun. 30, 2015	Jun. 30, 2014
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of RSUs	$ 22.28	$ 22.07

Equity-Based Compensation (Comp

Equity-Based Compensation (Compensation Expense by Award Type) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total impact on Operating income (loss)	$ 8	$ 8	$ 20	$ 10
Income tax benefit recognized	0	0	4	0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total impact on Operating income (loss)	7	5	17	7
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total impact on Operating income (loss)	$ 1	$ 3	$ 3	$ 3

Benefit Plans (Components of Ne

Benefit Plans (Components of Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 6	$ 7	$ 13	$ 14
Expected return on plan assets	(12)	(11)	(23)	(22)
Amortization of net loss	0	1	1	2
Net periodic benefit income	(6)	$ (3)	(9)	$ (6)
International
Defined Benefit Plan Disclosure [Line Items]
Contributions to international defined benefit pension plans	4		9
Accounts Payable and Accrued Liabilities [Member] | Domestic Excess Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Settlement obligation	$ 20		$ 20

Restructuring and Severance C51

Restructuring and Severance Costs (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance				$ 102
Net accruals		$ 12	$ 55	14	$ 170
Noncash adjustments	[1]			0
Cash paid				(44)
Remaining liability, ending balance		72		72
Remaining liability classified as current liability		55		55		$ 76
Remaining liability classified as long-term liability		17		17		$ 26
Restructuring reserve accrual adjustment		2		4
Employee Terminations
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance				95
Net accruals				3
Noncash adjustments	[1]			(1)
Cash paid				(44)
Remaining liability, ending balance		53		53
Other Exit Costs
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance				7
Net accruals				11
Noncash adjustments	[1]			1
Cash paid				0
Remaining liability, ending balance		$ 19		$ 19
[1]	Noncash adjustments to employee terminations relate to the settlement of certain employee-related liabilities with equity instruments. Noncash adjustments to other exit costs relate primarily to bankruptcy claim distributions and adjustments for deferred rent liabilities.

Commitments and Contingencies (

Commitments and Contingencies (Legal Proceedings) (Details) CAD in Millions	Sep. 13, 2013CAD	Nov. 14, 2011USD ($)	Oct. 26, 2010CAD	Jun. 30, 2015CAD
Loss Contingencies [Line Items]
Damages sought to be avoided or recovered against defendant (in excess of) | $		$ 70,000,000
Foreign Tax Authority [Member] | Canada Revenue Agency [Member]
Loss Contingencies [Line Items]
Tax reassessments	CAD 26.9		CAD 52	CAD 89.8

Relationship Between Time Inc53

Relationship Between Time Inc. and Time Warner After the Spin-Off (Details) - Jun. 06, 2014 - shares	Total
Related Party Transaction [Line Items]
Distribution ratio Parent	1
Distribution ratio Investment	8
Ownership percentage by parent after spinoff transaction	100.00%
Time Warner | Affiliated Entity
Related Party Transaction [Line Items]
Months to complete transition of services	24 months
Tax-free period	2 years

Additional Financial Informat54

Additional Financial Information (Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014
Accounts payable and accrued liabilities:
Accounts payable		$ 220	$ 246
Accrued compensation		118	154
Distribution expenses		32	38
Rebates and allowances		37	25
Restructuring and severance		55	76
Accrued other taxes		21	37
Accrued interest	[1]	11	11
Other current liabilities		30	34
Total accounts payable and accrued liabilities		$ 524	$ 621
[1]	Our Senior Notes, maturing in April 2022, bear interest at the rate of 5.75% per annum payable on April 15 and October 15 of each year. We made a semi-annual interest payment on the Senior Notes of $20 million in April 2015. Our Term Loan, maturing in April 2021, bears interest at a variable rate payable quarterly. We made an interest payment on our Term Loan of $15 million during the six months ended June 30, 2015. Commitment fees paid on our Revolving Credit Facility for the six months ended June 30, 2015 were not significant. See Note 5, "Debt."

Additional Financial Informat55

Additional Financial Information (Other Noncurrent Liabilities) (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014
Other noncurrent liabilities:
Noncurrent pension and postretirement liabilities		$ 11	$ 12
Restructuring and severance		17	26
Noncurrent tax reserves and interest		39	42
Noncurrent deferred compensation		25	29
Liability to Time Warner	[1]	25	25
Other noncurrent liabilities		51	34
Total other noncurrent liabilities		$ 168	$ 168
[1]	Liabilities to Time Warner relate to tax and stock compensation expense recharges in connection with the Tax Matters Agreement and Employee Matters Agreement. See Note 13, "Relationship Between Time Inc. and Time Warner After the Spin-Off."

Additional Financial Informat56

Additional Financial Information (Receivables Allowance) (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Allowance for doubtful accounts	$ 71	$ 75
Allowance for sales returns	160	180
Total receivables allowance	$ 231	$ 255

Additional Financial Informat57

Additional Financial Information (Inventories) (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw material - paper	$ 37	$ 36
Finished goods	5	12
Total inventories	$ 42	$ 48

Additional Financial Informat58

Additional Financial Information (Other Expense, Net) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Additional Financial Information [Abstract]
(Gain) Loss on Investments		$ (1)	$ 0	$ (1)	$ 1
Loss on equity method investees		4	1	7	3
Other Nonoperating Income	[1]	(1)	0	(1)	(8)
Total other expense (income), net		$ 2	$ 1	$ 5	$ (4)
[1]	Other income consists primarily of reimbursements for Restructuring and severance costs from American Express Company in connection with the acquisition of Affluent Media Group in the fourth quarter of 2013.

Additional Financial Informat59

Additional Financial Information (Cash Flows) (Details) - USD ($) $ in Millions		Apr. 15, 2015	Jun. 30, 2015	Jun. 30, 2014	Apr. 24, 2014
Cash Flow Statements [Line Items]
Cash payments made for income taxes			$ 32	$ 2
Income tax refunds received			0	(1)
Cash tax payments, net			32	1
Interest paid	[1]		36	0
Interest income received			0	0
Cash interest payments, net			36	$ 0
5.75% Senior Notes
Cash Flow Statements [Line Items]
Stated interest rate percentage	[1]				5.75%
Interest payment	[1]	$ 20
Term Loan B
Cash Flow Statements [Line Items]
Interest paid			15
Interest payment	[1]		$ 15
[1]	Our Senior Notes, maturing in April 2022, bear interest at the rate of 5.75% per annum payable on April 15 and October 15 of each year. We made a semi-annual interest payment on the Senior Notes of $20 million in April 2015. Our Term Loan, maturing in April 2021, bears interest at a variable rate payable quarterly. We made an interest payment on our Term Loan of $15 million during the six months ended June 30, 2015. Commitment fees paid on our Revolving Credit Facility for the six months ended June 30, 2015 were not significant. See Note 5, "Debt."